UNITED STATES

Belgian drugs, chemicals and plastics maker Solvay said on Monday it would sell its drugs unit to U.S. partner Abbott Laboratories for 4.5 billion euros ($6.5 billion) in cash and reinvest in chemicals and plastics.

The yen surged to an eight-month high against the dollar on Monday as Japanese officials waved off any plans to stem the currency's rise, driving the Nikkei down more than 2 percent and sparking a broad retreat in risky assets.

World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.

Equities' Exam; Tax Evaders Pressured; Kraft's Hostile Bid

U.S. drugmaker Abbott Laboratories plans to buy Solvay SA's pharmaceuticals unit for $6.6 billion (4.5 billion euros), two sources familiar with the situation said on Sunday, with an announcement expected on Monday.

Epic swindler Bernard Madoff's two sons, his brother and a niece will be sued this week for $198 million, the trustee winding down the Madoff firm told CBS News' 60 Minutes broadcast on Sunday.

New York City Mayor Michael Bloomberg, along with other leaders representing the region say additional federal funds are needed to improve the city's security against nuclear devices and “dirty” bombs.

U.S. drugmaker Abbott Laboratories is planning to buy Solvay SA's pharmaceuticals unit for $6.6 billion (4.5 billion euros) in cash, with an announcement expected in the next 24 hours, a source familiar with the situation said on Sunday.

The Australian Dollar opens marginally higher on Monday at 0.8675. The Aussie hit a high of 0.8713 during European trade on Friday night but moved lower after weak U.S. economic data raised concerns over the strength of the global recovery.

Like all animals, Wolfmother faced two choices: evolve or die.

World Bank President Robert Zoellick said the United States should not take the dollar's status as the world's key reserve currency for granted because other options are emerging.

Director Roman Polanski, whose turbulent life has on occasion come close to resembling the violent, perverse world of his movies, was arrested in Zurich on a 1978 U.S. arrest warrant for sex with a 13-year-old.

The rally in U.S. stocks, which stumbled in recent days on worries about the economic recovery and continued government stimulus, will be tested this week by crucial data on growth and jobs.

The Group of 20 rich and developing nations must tackle global economic imbalances in its new role as the key international policy forum, European Central Bank President Jean-Claude Trichet said in comments released on Sunday.

The Philippines appealed for international aid to help tens of thousands marooned by flashfloods, and apologized for the delays in rescue efforts to avoid potential political fallout from the crisis.

Iran test-fired missiles on Sunday to show it was prepared to head off any military threat, four days before the Islamic Republic is due to hold rare talks with world powers worried about its nuclear ambitions.

Kraft Foods Inc is poised to launch a hostile bid for Cadbury Plc valuing the British confectionery business at around 11 billion pounds ($17.6 billion), a report in The Observer newspaper said.

Twenty-four years ago, major nations called for depreciation of the dollar to rebalance the global economy. Now, as another effort at rebalancing looms, the dollar will again bear the brunt — though officials will try to ensure its fall is less dramatic this time.

European Central Bank President Jean-Claude Trichet said U.S. commitment to a strong dollar is important in keeping currency markets and the global economy stable.

The Group of 20 rich and developing nations must tackle global economic imbalances in its new role as the key international policy forum, European Central Bank President Jean-Claude Trichet said in comments released on Sunday.

Time Warner Inc will eventually sell the Time Inc magazine unit and could buy holdings in its core entertainment category, Gordon Crawford, managing director of its largest shareholder, said during a presentation this week.