IBT Staff Reporter

Nissan Motor Co. said Tuesday that it will shift some production of its Dualis sport utility vehicle from Japan to the U.K by the end of the year, Japanese daily Nikkei said Tuesday.

Nissan Motor Co., Japan's third-largest carmaker said net profit was down 16 percent in the latest quarter due to higher raw material costs and taxes.

Stocks tumbled on Tuesday, with the three major indexes posting their worst single day performance since March 13, as disappointing results from DuPont Co. and Countrywide Financial Corp. heightened concerns about the housing market.

Countrywide Financial Corp. Chief Executive Angelo Mozilo said the U.S. housing market is unlikely to recover before 2009, as lenders and homeowners work through oversupply, stagnating home prices, and the excesses of recent lax lending standards in much of the mortgage industry.

Sales of Sony's PlayStation 3 (PS3) game console rose by 21 percent in the month of June, but it was still outsold by rival Xbox360 from Microsoft and Wii from Nintendo, according to a market research firm.

Nokia, the world's largest cell phone maker, said today that it acquired the media sharing website Twango for an undisclosed price.

Kimberly-Clark Corp. said on Tuesday that quarterly profit jumped 22 percent as savings from its restructuring plan helped offset increased fiber costs, and the company raised its full-year earnings forecast.

DuPont Co., the No. 2 U.S. chemical company, on Tuesday reported lower-than-expected second-quarter profit as weak U.S. housing and auto markets slowed demand and overshadowed growth in other regions.

TiVo Inc. introduced a trimmed-down, less expensive version of its digital video recorder for high-definition televisions on Tuesday, hoping to spur mainstream demand 10 months after a pricey first foray was received coolly.

While young people embrace the Web with real or virtual friends and their cell phone is never far away, relatively few like technology and those that do tend to be in Brazil, India and China, according to a survey.

Those digital screens in office building elevators that run advertisements, weather updates and entertainment news will soon appear in the lobbies and atriums of suburban office parks.

European auto stocks have powered ahead this year thanks to the performance of sector heavyweight DaimlerChrysler and talk of industry restructuring, but the brakes are set to come on.

The dollar fell to a 15-year low against a basket of major currencies and a record low against the euro on Tuesday, hurt by fears of worsening credit woes and housing market weakness.

AT&T Inc. on Tuesday posted higher-than-expected quarterly profit on strong wireless subscriber growth, but results of the first two days of iPhone sales fell short of forecasts.

A rebel investor in Vodafone Group Plc said on Tuesday it expected the mobile phone giant to address criticism of its 45-percent stake in U.S. joint venture Verizon Wireless over the next 12 months.

Shares of Apple Inc fell 4 percent on Tuesday after AT&T Inc issued initial subscriber numbers for customers of Apple's iPhone that were below analyst estimates.

AT&T (NYSE: T) said Tuesday its second-quarter net income rose 61 percent to $2.9 billion, up from $1.81 billion a year ago, due in part to the acquisition of BellSouth.

The regulatory arm of the New York Stock Exchange has censured and fined Citigroup Inc.'s Smith Barney unit $50 million for improper trading practices, including deceptive market timing by its brokers.

Apple Inc. said in April it expected to announce earnings of 66 cents per share for its quarterly report due on Wednesday but Wall Street analysts are anticipating a significantly higher result.

Countrywide Financial Corp., the largest U.S. mortgage lender, on Tuesday said quarterly profit slid 33 percent and slashed its full-year earnings outlook, hurt by rising defaults as the housing market slumps.

Despite failing to pass immigration reform, it's clear that the U.S. farm industry needs its neighbors to the south.

J.K. Rowling said on Tuesday that she will miss being able to retreat into the fictional world of Harry Potter after finishing the seventh and final volume on the teen-age wizard.

Presidents from both nations want to move the stalled global trade talks forward in the coming weeks.

Oil fell more than $1 towards $75 a barrel on Tuesday after further assurances from OPEC that it would pump more crude if needed and expectations of higher U.S. fuel stockpiles.

Lockheed Martin Corp., the world's No. 1 defense contractor, on Tuesday reported a greater-than-expected 34 percent rise in second-quarter profit, helped by higher revenue from its combat aircraft and electronic systems units and lower pension costs.

McDonald's Corp., the world's biggest restaurant company, on Tuesday posted a quarterly net loss after taking a big charge for the sale of its outlets in Latin America. The company's second-quarter net loss was $711.7 million, or 60 cents per share, compared with a net profit of $834.1 million, or 67 cents, a year ago.

A nonprofit group that designs low-cost computers for poor children may start selling $350 laptops on the commercial market by Christmas, an executive said on Monday.

PepsiCo Inc. posted a greater-than-expected quarterly profit on Tuesday on a lower tax rate and higher sales of Frito-Lay snacks.

Troubles are surfacing with loans made to better-off U.S. homebuyers in a worrying trend that indicates what's been termed 'The subprime crisis' may need to be rebadged 'The housing crisis' and eventually maybe just 'The crisis.'