IBT Staff Reporter

Standard and Poor's cut its unsolicited ratings on Italy by one notch on Monday, warning of a deteriorating growth outlook and damaging political uncertainty, in a move that took markets by surprise and added to pressure on the debt-stressed euro zone.

Greece hopes to clinch a deal with its lenders on Tuesday for continued aid funding, an official said, after it pledged to take on as much austerity as needed to avoid a default that could trigger deeper turmoil on already shaky global markets.

Australia's Qantas Airways canceled or delayed more than 50 flights on Tuesday after around 4,000 ground staff walked off the job as an industrial dispute over pay and the airline's plans to expand in Asia escalated.

Top video rental company Netflix Inc split off its DVD service to a separate website called Qwikster, setting off another round of complaints from customers already angry at a price increase and sending its shares down 7 percent.

It's difficult to remember, harder to spell and may go down as one of the biggest brand blunders in recent memory -- meet Qwikster.

Bank of America Merrill Lynch has recruited a former Morgan Stanley Smith Barney broker who brought in $1.8 million in revenue last year.

Jefferies Group Inc sued Nasdaq OMX Group Inc to recover tens of millions of dollars of alleged losses from being fraudulently induced to enter interest rate swap futures contracts.

Options for treating prostate cancer are expanding with the advent of novel, and more expensive, medicines, with key data expected soon for what could be one of the biggest new drugs.

Boston has something for everyone from the history buff to the sports fanatic.

U.S. conglomerate Tyco International plans to split into three publicly traded companies, positioning itself for expected consolidation in its diverse businesses and potentially making it easier for its operations to be acquired.

UBS AG is under pressure for failing to monitor an equity trader suspected of causing a $2.3 billion loss for the Swiss bank, but its exposure to U.S. class-action litigation over the scandal may be limited.

Fidelity Investments added five low-cost equity index funds to its lineup on Monday, its latest move to catch the thrifty, back-to-basics mood of investors.

The head of the World Bank on Monday said a drop in investor confidence was already feeding through to developing nations from a growing debt crisis in advanced economies and urged cooperative action.

Top video rental company Netflix Inc will rename its DVD-by-mail business and split it off to a separate website, sparking a new round of customer complaints and concern by some analysts that customers might drop the service.

International lenders told Greece on Monday it must shrink its public sector and improve tax collection to avoid running out of money within weeks as investors spooked by political setbacks in Europe dumped risky euro zone assets.

Treasury Secretary Timothy Geithner said on Monday he believes that European leaders will incorporate some lessons and methods employed by the United States during the financial crisis as they work to quell their sovereign debt woes.

Boxing looks worse in light of the recent Mayweather-Ortiz fight.

Greece pledged to take on as much austerity as needed to secure further aid and launched talks on Monday with its international lenders that may determine if it can avoid a default.

Stocks fell on Monday but staged a late comeback after fears of a looming Greek debt default diminished on news of a possible deal to advance new bailout funds to Greece.

The European Union will call on China this week to boost domestic demand and on the United States and Japan to tackle their public deficits as part of global efforts to rebalance growth, an EU document showed.

Top video rental company Netflix Inc will rename its DVD-by-mail business and split it off to a separate website, sparking a new round of customer complaints and concern by some analysts that customers might drop the service.

To occupy Wall Street is one thing, but to stay is another. Occupy Wall Street protesters on Monday are expressing their funding and sheltering needs, as well as requests for ponchos and tents for the coming rainy days.

Best Buy Co is likely to abandon its British megastores next year, retreating from an overseas expansion plan that has been stymied by a global recession and cultural differences in how people like to shop.

More than a million packages of birth control pills have been recalled as of Saturday, Sept. 17. What does that mean? Women taking them could potentially become pregnant.

Sarah N. LynchFinancial firms would be restricted from betting against the bundled financial products they create and sell to investors, under a proposal issued by U.S. securities regulators on Monday.

Fannie Mae and Freddie Mac, the country's two largest mortgage finance providers, are expected to gradually increase the fees they charge lenders in the next year, their federal regulator said on Monday.

The world's largest beer festival, Oktoberfest, kicked off in Munich, Germany Saturday and will last until October 3.

Samsung, the South Korean electronics giant, is planning to take strong legal actions to ban iPhone 5, expected sometime in October, in Korean market, according to a new report.

Underwriters or sponsors of asset-backed securities would be banned for one year from taking positions to profit from investors' losses under a plan proposed by U.S. securities regulators on Monday.