IBT Staff Reporter

China's annual investment on railway construction could fall to about 500 billion yuan ($78.7 billion) a year, retreating from ambitious heights mapped out in a plan for the sector that has struggled with high debts, an official Chinese newspaper said on Tuesday.

Scandal-hit Olympus said on Tuesday it had found that funds related to its acquisition of British medical equipment maker Gyrus and of three domestic firms were used to cover losses on securities investments dating back to the 1990s.

Morgan Stanley said a group of investors had accused it of selling defective mortgage bonds contained in more than $6 billion of trusts, signaling that it may face litigation over its involvement.

Scandal-hit Olympus said on Tuesday it has discovered that funds related to its acquisition of British medical equipment maker Gyrus in 2008 and of three domestic firms were used to cover losses on securities investments dating back to the 1990s.

Italian government bond yields soared to near 15-year highs, putting the euro zone's third largest economy front and center of the region's debt crisis, despite scrambling efforts by policymakers to stem the growing contagion.

On Sunday night, there were over 120 beauty contestants who were vying for the Miss World 2011 title but the crown ultimately went to a person who was beautlful inside as well as outside - Miss Venezuela Ivian Sarcos.

A software flaw in Apple Inc's iPhones and iPads may allow hackers to build apps that secretly install programs to steal data, send text messages or destroy information, according to an expert on Apple device security.

Michael Jackson's doctor Conrad Murray was found guilty by a jury of 12 on Monday, concluding the 23-day involuntary manslaughter trial.

Michael Jackson's doctor Conrad Murray was found guilty by a jury of 12 on Monday, concluding the 23-day involuntary manslaughter trial.

Eastman Kodak said it sold its Image Sensor Solutions business to Platinum Equity for an undisclosed sum in a move that will provide it with much needed capital as it grapples with a dwindling cash pile.

Five months after its initial launch, social network Google+ launched Pages, its answer to Facebook Fan pages - public profiles linked to brands and organizations. Previously, Google+ refused to allow companies to set up such profiles on the grounds that it had not yet established ground rules for doing so.

Pennsylvania State University (PSU) has been rocked by the biggest sex scandal in its history - the university's ex-football coach Jerry Sandusky, 67, has been charged with sexually abusing eight young boys over a 15-year period even as two school officials have stepped down amid accusations of covering up the scandal.

Morgan Stanley said a group of investors believes the bank may have sold defective mortgage bonds contained in more than $6 billion of trusts, signaling that it may face litigation over its involvement.

Google Inc's YouTube and Walt Disney Co's interactive arm have formed a partnership to bring videos geared toward families to the Web.

Verizon Wireless is aiming to sell more of its fastest wireless phones with a holiday promotion that allows twice as many data downloads for the same price, potentially putting pressure on AT&T Inc to follow suit.

European clients of failed brokerage MF Global on Monday grew increasingly frustrated at the slow transfer to new brokers a week after filing for bankruptcy protection.

The Pentagon's advanced research arm said Monday it is boosting efforts to build offensive cyber arms for possible keyboard-launched U.S. military attacks against enemy targets.

Euro zone finance ministers and officials met on Monday to discuss the crisis in the euro zone, including speeding up work on their EFSF bailout fund and the situation in Greece and Italy.

Lindsay Lohan is out of jail Monday morning, probably before most people even knew she'd gone in.

Shares in Dreamworks Animation leapt more than 10 percent after Puss in Boots nabbed its second weekly box office crown with a surprisingly strong $48 million in global ticket sales.

The Weinstein Company is singing a Song for Marion.

Waldo is heading to MGM.

Tower Heist director and Oscar producer Brett Ratner apologized on Monday for using a gay slur Friday night at a public screening of his new film.

Gladiator groupies can brace themselves for more gore in the arena.

Breathe easy, Sons of Anarchy fans; Jax, and the rest of the SAMCRO crew will have a little bonus mayhem for you this season.

Emmy-winning Glee star Chris Colfer says he expects TV watchdog groups will have a problem with Tuesday night's episode of the show, which features two teen couples having sex for the first time.

Justin Bieber will take a paternity test to counter claims that he fathered a baby boy with a young California woman after a brief backstage encounter last year, a source close to the singer said on Monday.

Michael Jackson's personal doctor was found guilty on Monday of involuntary manslaughter in the singer's death following a six-week trial that captivated Jackson fans around the world.

A new diet rankings was released by US News and World Report, in which the DASH Diet (which stands for Dietary Approaches to Stop Hypertension) tops as 2011’s healthiest diet on the market.