IBT Staff Reporter

Finance officials bit their nails and nervously watched the clock. There were 30 minutes left in a bond auction aimed at funding the deficit and there was not a single bid.

Hony Capital, one of China's most successful private equity funds, aims to raise up to $2.6 billion in a new fund, two sources said on Monday, in what is set to be the biggest ever dollar fundraising for a China-based firm.

Jay Cutler, quarterback for the Chicago Bears, broke his thumb yesterday and will possibly miss the rest of what has been a solid season for him and the Bears.

Country sensation Taylor Swift came up the big winner at the American Music Awards on Sunday, claiming three trophies including the top honor, artist of the year.

A worsening economy will hurt Ontario's chances of meeting already long-term plans to balance its budget as it prepares for a fiscal update on Wednesday.

Cairo police fought protesters demanding an end to army rule for a third day on Monday and morgue officials said the death toll had risen to 33, making it the worst spasm of violence since the uprising that toppled President Hosni Mubarak.

Gilead Sciences Inc struck a deal to buy Pharmasset Inc for about $11 billion in a huge bet on hepatitis C treatments to diversify its portfolio.

U.S. stocks dropped about 2 percent on Monday, putting the S&P on track for its fourth straight day of losses as concerns about heavy debt loads both domestically and abroad added uncertainty to a troubled market.

Mitt Romney secured two important endorsements in New Hampshire over the weekend, bolstering his presidential campaign in response to a surge by Newt Gingrich. Sen. Kelly Ayotte, a conservative Republican, announced her endorsement on Sunday, followed by U.S. Rep. Charlie Bass, a moderate Republican, on Monday.

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Gilead Sciences Inc struck a deal to buy Pharmasset Inc for about $11 billion in a huge bet on hepatitis C treatments to diversify its portfolio.

Stock index futures pointed to a drop of about 1 percent on Monday as growing concerns about heavy debt loads both domestically and abroad added more uncertainty to a troubled market.

Satellite broadcaster BSkyB, part owned by Rupert Murdoch's News Corp, has appointed external lawyers to review the emails of some of its most successful journalists to check there were no signs of illegal newsgathering.

U.S. stock index futures were sharply lower on Monday, extending the previous week's losses as a congressional super committee was expected to concede defeat in its bid to lower the deficit.

Secretive North Korea is expected to register the 1 millionth cellphone user on its new 3G network by the end of the year, barely four years after people were thrown into prison camps, or possibly even executed, for owning one.

When some bankers arrived late for work at Bank of America-Merrill Lynch's Asia headquarters in Hong Kong earlier this year, they found a Post-It note on their computer screens.

A rise in interest rates on French government debt and weaker growth prospects could be negative for the outlook on France's credit rating, Moody's warned in a report on Monday, adding to pressure on European debt markets.

Chinese Vice-Premier Wang Qishan warned on Monday the global economy is in a grim state and the visiting U.S. commerce secretary said China would spend $1.7 trillion on strategic sectors as Beijing seeks to bolster waning growth.

Car sales growth in China will remain stagnant next year in the absence of incentives for buyers and China's tight credit control, raising pressure on car makers to cut prices and improve after-sales services, industry executives and analysts said on Monday.

Japan's Olympus Corp said on Monday that a third-party panel appointed by the company to look into an accounting scandal has, so far, found no evidence that funds from its M&A deals went to organised crime syndicates or that yakuza gangsters were involved.

LA Galaxy defeated Houston Dynamo 1-0 in the MLS Cup final on Sunday at the Home Depot Center, clinching their third all-time MLS Cup.

Worries about out-of-control government debt on both sides of the Atlantic swept across financial markets again on Monday, knocking stocks sharply lower and pushing up prices of bonds deemed to be safe havens.

Worries about out-of-control government debt on both sides of the Atlantic swept across financial markets again on Monday, knocking stocks sharply lower and pushing up prices of bonds deemed to be safe havens.

When some bankers arrived late for work at Bank of America-Merrill Lynch's Asia headquarters in Hong Kong earlier this year, they found a Post-It note on their computer screens.

Billionaire investor Warren Buffett said on Monday that his view on Japanese industry has not changed following the March earthquake and that he was looking for opportunities in the country.

Liverpool heaped pressure on Chelsea boss Andre Villas-Boas with a 2-1 win at Stamford Bridge thanks to Glen Johnson's late goal.

Alleghany Corp is nearing a deal to buy reinsurer Transatlantic Holdings Inc for about $3.4 billion, a source familiar with the matter said.

Finance officials bit their nails and nervously watched the clock. There were 30 minutes left in a bond auction aimed at funding the deficit and there was not a single bid.

Australia's plan to impose a new tax on major coal and iron ore miners moved a step closer Monday after key independent MPs said they would back the legislation in return for stronger oversight of coal seam gas projects and a higher threshold where the tax kicks in.