IBT Staff Reporter

Philips is hiving off its once leading television business, the first step by new chief executive Frans van Houten to boost flagging profit at Europe's biggest consumer electronics maker.

A supernova remnant may be evidence that a star visible in daylight coincided with the birth of King Charles II of England.

Citigroup Inc's first-quarter profit fell 32 percent, slightly beating expectations, as the bank lost less money on bad loans. The third-largest U.S. bank said it earned $3.0 billion, or 10 cents per share, down from $4.4 billion, or 15 cents per share, a year earlier. Analysts on average had expected 9 cents per share, according to Thomson Reuters I/B/E/S.

Standard & Poor's on Monday downgraded the outlook for the United States to negative, saying it believes there's a risk U.S. policymakers may not reach agreement on how to address the country's long-term fiscal pressures.

Oilfield service company Halliburton Co's quarterly profit topped Wall Street forecasts as a surge in its North American business overshadowed a hit to its Libyan operations.

Lukewarm sales of the 3DS, released Feb. 26 in Japan, have fueled speculation that Nintendo's latest handheld may not see the success enjoyed by its predecessor.

U.S. homebuilder sentiment slipped a notch in April as home prices continued to fall in most areas of the country amid widespread foreclosures, a survey released on Monday showed.

Treasury Secretary Timothy Geithner's statements on Sunday that Congress will raise the U.S. debt ceiling in the coming months are in line with separate recently-proposed long-term plans by the Democratic and Republican leadership in Congress and the White House to increase the debt by trillions of dollars in the next decade.

U.S. stocks tumbled on Monday as Standard & Poor's downgraded the credit outlook of the United States, adding to worries about the global economy after China curbed liquidity.

Citigroup Inc's first-quarter profit fell 32 percent as bond trading revenue plunged and operating expenses jumped.

Boeing Co said on Monday that it had gotten approval from regulators in several countries for flight training campuses for its 787 Dreamliner, which is due for first delivery this year.

The United States Attorney for the District of Connecticut announced that John Bryk, 61, of Trumbull, has waived his right to indictment and pleaded guilty before United States District Judge Janet C. Hall in Bridgeport to one count of conspiracy to make a false statement in a Department of Housing and Urban Development transaction.

CVS Pharmacy Inc., the retail pharmacy division of CVS Caremark Corporation that operates more than 7,000 retail pharmacies in 41 states and the District of Columbia, has agreed to pay the United States and 10 states $17.5 million to resolve False Claims Act allegations, the Justice Department said.

Two former Washington D.C. tax preparers have been indicted on tax charges, the Justice Department and Internal Revenue Service (IRS) has announced.

The Justice Department has filed a lawsuit in federal court in San Juan, Puerto Rico, charging the Puerto Rico Department of Justice (PRDOJ) with employment discrimination for failing to provide a reasonable accommodation to an employee with a disability, as required by the Americans with Disabilities Act (ADA).

Oil fell more than $2 on Monday after ratings agency S&P cut its U.S. credit outlook to negative, adding to losses sparked by top exporter Saudi Arabia saying weak demand had forced it to reduce crude output.

Nicolas Cage was arrested and charged for domestic abuse and disturbing the peace in New Orleans over the weekend.

Despite claiming his seventh straight Monte Carlo Masters title, world number one Rafael Nadal said he must keep at improving his game.

The Supreme Court hears the Microsoft v. i4i patent case today, and a ruling for Microsoft could alter decades of patent law.

U.S. asset managers are expected to report higher profits for the March quarter after investors looking to take more risk poured money into stock and bond funds.

Community Health Systems Inc is converting its $3.3 billion bid for Tenet Healthcare Corp to all cash, the hospital operator said, sweetening the offer after questions about its billing practices hit its shares.

As the Libyan inferno continues to elicit China's muted response punctuated by its anti-NATO stand, it has, however, evoked multiple questions about its underlying motivation.

The United Arab Emirates reportedly plans to stop individuals and small businesses from using certain BlackBerry messaging services, but the government says that no customers will be affected.

Oil prices fell more than $2 a barrel on Monday to under $122 a barrel after OPEC ministers said high oil prices could place a major strain on consumer countries, and S&P revised its U.S. outlook to negative.

Barcelona skipper Carles Puyol admitted that he could be out of the Copa Del Rey final against Real Madrid after sustaining a hamstring injury in Saturday's El Classico.

LG Display, the world's No.2 flat-screen maker, is starting to see signs of recovery in depressed TV panel prices as it forecast a return to profitability in the current quarter after reporting its second consecutive quarterly loss.

Sarah Lance, the dance double for Natalie Portman in the Academy Award winning film Black Swan was interviewed on 20/20.

Athens reiterated on Monday it has no plans to restructure its government debt, a move its central bank chief said would be catastrophic, while markets speculated that some form of debt rescheduling was on the cards.

The True Finns, the anti-euro party voted into a powerful role in the Helsinki parliament at the weekend, expect the European Union to change plans for a bailout of Portugal, its leader said on Monday.