IBT Staff Reporter

DUESSELDORF, Germany/LONDON - - Germany lowered expectations on Monday of a breakthrough in the euro zone's sovereign debt crisis, saying a weekend summit of EU leaders would not produce a definitive solution, in comments that pushed down the euro and European stocks.

Manchester United manager Sir Alex Ferguson has dropped defender Rio Ferdinand from the Champions League tie against Otelul Galati.

Philips Electronics has all but abandoned hope of selling its TV business by the end of the year, leaving a question mark over how quickly it can divest its loss-making problem child.

U.S. stock index futures were little changed on Monday after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming European summit would not yield a definitive solution to the region's debt crisis as many investors had hoped.

BP has accepted a $4 billion payment from partner Anadarko Petroleum toward the Gulf of Mexico oil spill clean-up, far less than it might have won in court, but a deal that could reduce the overall cost of the disaster for the British group.

DUESSELDORF, Germany/LONDON - - Germany lowered expectations of a breakthrough in the euro zone's sovereign debt crisis next weekend, saying Sunday's EU summit will not produce a final solution, and kept up pressure on banks to accept bigger writedowns on Greek debt.

Sixteen-time grand slam winner Roger Federer has been ousted from third spot in the world rankings after Andy Murray claimed a third title in as many weeks in Shanghai.

A cloud of gloom hangs over Brussels ahead of yet another summit to thrash out yet another comprehensive strategy to tackle a sovereign debt crisis that Europe has failed for two years to stem, and that now threatens the world economy.

The chairman of the world's most valuable bank was once a good communist, learning from the peasants in a collectivist commune in Jiangxi province and working to raise coal production as a teenage miner in Henan during the tumult of Mao Zedong's Cultural Revolution.

Shares in Olympus Corp plunged by a quarter on Monday after media reports quoted its ousted chief executive of accusing the board of firing him for probing allegations of improper payments related to acquisitions.

Google Voice has been removed from Apple’s App Store, keeping in mind the application’s propensity to crash, when used on Apple's new operating system - the iOS 5.

BP Plc has accepted a $4 billion payment from Anadarko Petroleum toward the Gulf of Mexico oil spill clean-up, far less than it might have won in court, but a deal that locks its main partner into its share of the blame and any future fines.

LONDON - - Oil giant BP and Anadarko, its partner in the well which caused the Gulf of Mexico oil spill, have agreed a settlement on cleanup costs whereby Andarko will pay BP $4 billion -- less than half the amount it may have been forced to pay in court.

A new mobile app enables travelers to plan trips with a little help from their friends.

The head of Wal-Mart Stores Inc.'s China business has resigned citing personal reasons, after the world's largest retailer ran into trouble with Chinese authorities leading to store closures and employee detentions.

Stock futures pointed to a higher open for equities on Wall Street on Monday after strong gains in the previous session, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.7 to 0.9 percent.

Apple’s iPhone 4S, which released on Friday instead of an iPhone 5 nudged away most of the speculations developed around it for a while.

IndyCar racing witnessed one of the most tragic events in the sport's history when a crash involving 15 drivers resulted in the death of British driver Dan Wheldon at the Las Vegas Indy 300.

World stocks hit a 1-1/2 month high while the euro held near a one-month high on Monday after France and Germany said over the weekend they were making good progress on a plan to resolve the euro zone's debt crisis and recapitalize the region's banks.

Robin Van Persie quashed links to Manchester City with a committed performance for Arsenal, scoring both goals in their 2-1 win over Sunderland on Sunday.

Philips Electronics said it was considering its options should the sale of its TV business collapse as it reported plummeting third-quarter profits and little hope of a material improvement in the near term.

A cloud of gloom hangs over Brussels ahead of yet another summit to thrash out yet another comprehensive strategy to tackle a sovereign debt crisis that Europe has failed for two years to stem, and that now threatens the world economy.

Two executives of Wal-Mart Stores Inc's China operation, including its head, have resigned for personal reasons, the company said on Monday, the latest setback for the world's largest retailer in China where it has faced store closures and employee detentions.

European stock index futures rose 1 percent and the euro held near a 1-month high Monday after France and Germany said over the weekend they were making good progress on a plan to resolve the euro zone's debt crisis and recapitalize its banks.

A cloud of gloom hangs over Brussels ahead of yet another summit to thrash out yet another comprehensive strategy to tackle a sovereign debt crisis that Europe has failed for two years to stem, and that now threatens the world economy.

When Diane McEachern ventured out onto the foggy western Alaska tundra a week ago to show solidarity with the Occupy Wall Street movement, she had no idea her tiny demonstration would go viral.

Occasional adversaries Bill O'Reilly and David Letterman found something to agree on during O'Reilly's Late Show appearance Thursday -- and even agreed to high-five.

AMSTERDAM, Oct 17 - Philips Electronics said it will cut 4,500 jobs as it reported an 85 percent slump in third-quarter net profit on higher restructuring and raw material costs.

Dan Wheldon, who was killed in a fiery crash in Las Vegas Sunday, was one of Britain's most successful race car drivers and one of the rare few foreign drivers who made it big in the United States.