IBT Staff Reporter

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China audits local government finances in debt clean-up

China released a comprehensive review of the massive debt of its local governments on Monday and curtailed their future borrowing, taking its first major step to prevent widespread defaults from destabilizing its vast economy.

Wall St futures point to gains for equities

Stock index futures signaled a stronger start for equities on Wall Street on Monday, with futures for the S&P 500, for the Dow Jones and for the Nasdaq up 0.1 to 0.2 percent by 0854 GMT.

Futures up after streak of losses

Stock index futures rose on Monday, putting Wall Street on track to rebound after three days of losses, although investors remained cautious about Greece's fiscal future.

Sarkozy says banks accept Greek debt rollover

French banks have agreed to roll over holdings of Greek debt for 30 years, President Nicolas Sarkozy said on Monday, as the Greek government fought to persuade backbench rebels to back a crucial austerity plan to avert bankruptcy.

Futures up after 3 days of losses

Stock index futures rose on Monday, putting a Wall Street rebound on track after three days of losses, although investors remained cautious about Greece's fiscal future.

China shows off latest high-speed train

With its fully reclining airline-style business class seats, a strict no-smoking policy and designed top speed of 350 km (220 miles) per hour, the new Beijing-Shanghai express embodies China's race to the future.

Facebook overtakes Microsoft in UK: UKOM/Nielsen

Facebook overtook Microsoft websites in Britain for the first time last month, becoming the UK's second-most popular after Google as people aged over 50 flocked to social networks, online measurement body UKOM/Nielsen said.

Nokia sees multiple options for NSN

Nokia said there were multiple options for its joint venture with Siemens AG, Nokia Siemens Networks, despite a report that talks to sell a controlling stake in the venture were failing.

Tweet away, IOC tells London athletes

Athletes at next year's London Olympics can blog and post comments on Twitter as long as it is not done for commercial purposes, the International Olympic Committee has said.

Greece to debate austerity package under EU pressure

A Greek minister warned on Monday of catastrophe if parliament blocked a 28 billion-euro ($40 billion) package of tax increases and spending cuts after signs of revolt by some deputies in the ruling PASOK party.

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