By Corrie Driebusch Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- International companies trading in New York closed lower Tuesday in light trading as with solar companies dragging down the index. The Bank of New York index of ADRs lost 0.3% to 119.58 with shares of solar companies posting some of the biggest declines. The Wall Street Journal reported early Tuesday that bankruptcies, plummeting stock prices and crushing debt loads are calling into question the viability of the solar power industry. Suntech Power Holdings Co. (STP, K3ND.SG) fell 6.1% to $2.17, LDK Solar Co. (LDK) closed down 1.8% at $4.85 and ReneSola Ltd. (SOL) tumbled 10% to $1.50. The Asian index shed 0.7% to 112.80. For the first time, the average price of a 47-inch flat-panel television is less than $1,000, good news for consumers but the latest sign of tough times for the TV industry. Shares of LCD panel maker LG Display Co. (LPL, 034220.SE) lost 1.8% to $10.11. The European index fell 0.1% to 111.98 as financials declined. In an interview with Italian newspaper Il Sole 24-Ore over the weekend, Maria Cannata, director of public debt for Italy, said the government would need to auction around EUR450 billion ($588.42 billion) in debt for 2012. Shares of French banks Societe Generale SA (SCGLY, GLE.FR) declined 3.4% to $4.33 and Credit Agricole SA (CRARY, ACA.FR) fell 3.5% to $2.75. The Latin American index declined 0.4% to 333.80. Airline stocks declined Tuesday as the price of oil rose above $100 a barrel. TAM SA (TAM, TAMM4.BR) fell 2.3% to $19.63, Gol Linhas Aereas Inteligentes (GOL, GOLL4.BR) dropped 2.2% to $6.78 and LAN Airlines SA (LFL, LAN.SN) shed 1.8% to $23.37. The emerging markets index fell 0.4% to 275.51. Tata Motors Ltd. (TTM, 500570.BY) said Tuesday it is replacing the starter motor in 115,000 Nano minicars, produced until the middle of September. Shares of the carmaker lost 3.2% to $16.88. Offsetting those losses was Rostelecom (RTKM.RS, ROSYY), which said it would be paying dividends on its ordinary shares in the amount of 20% of the company's net income. Shares of the Russian state-owned telecommunications company rose 2.7% to $29.60. -By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com
