IBT Staff Reporter

With one budget fight behind him, President Barack Obama will offer a long-term plan for deficit reduction this week in preparation for bigger U.S. spending battles ahead, the White House said on Sunday.

Iceland faces more economic uncertainty and a drawn-out European court case after its voters rejected for a second time a plan to repay $5 billion to Britain and the Netherlands from a bank crash.

Sebastian Vettel grabbed his second win in two races in an action-packed Malaysian Grand Prix, while Jenson Button and Nick Heidfeld followed behind in second and third.

Officials from the European Commission, the European Central Bank and the International Monetary Fund will discuss the technical details of Portugal's bailout aid next week, the European Commission said on Sunday.

New bank capital rules should be about 30 percent higher than agreed, to prevent a repeat of the last financial crisis, the incoming head of the world's biggest accounting standard setter said on Sunday.

Commodities giant Glencore is expected to kick off a much-anticipated $10 billion listing this week, with the publication of an Intention to Float document that will confirm its plans after months of speculation.

Petrofac chairman Rodney Chase, ex-Corus chairman Jim Leng and former Enterprise Oil chairman Graham Hearne are expected to be asked to join the board of a new energy investment fund being set-up by Tony Hayward, the Sunday Times said.

The upcoming earnings season may not be the time for investors to buy aggressively, because this year's winners already reflect earnings optimism.

Icelanders rejected for a second time a plan to repay $5 billion to Britain and the Netherlands from a bank crash, results showed on Sunday, and Iceland's prime minister warned of economic and political chaos.

Real Madrid kept their title hopes alive with a comprehensive 3-0 victory over Athletic Bilbao at San Mames to keep the gap with leaders Barcelona to eight points.

Barcelona secured a 3-1 win comeback win over bottom-of-the-pile Almeria, sustaining their eight-point lead over Real Madrid at the top of the table.

Manchester United surged into a ten point lead at the top of the table with a fairly easy win over Fulham in the English Premier League.

China recorded a rare trade deficit in the first quarter of the year on the back of domestic economic strength and rising global commodity prices, the customs administration said on Sunday.

Voters in Iceland rejected a second plan to repay debts to Britain and the Netherlands from a bank crash, partial referendum results showed Sunday, and the prime minister said economic and political chaos could follow.

China recorded a rare trade deficit over the past three months on the back of domestic economic strength and rising global commodity prices, the customs administration said on Sunday.

President Barack Obama signed a short-term spending bill on Saturday that averted a government shutdown, formalizing a compromise deal with Republicans that paves the way for more -- and bigger -- deficit-reduction fights to come.

Senate Minority leader Mitch McConnell made historical allusions to the 1995 budget shutdowns on Friday as the current Congress avoided a shutdown of its own by reaching a deal to fund the federal government for the rest of the fiscal year.

Public interest groups are keeping the option of lawsuits against the Federal Communications Commission on the table to fight for stronger Internet neutrality rules, an executive at a public interest law firm said on Saturday.

Rupert Murdoch's British news arm faces a rush of fresh compensation claims and could be exposed to criminal prosecution after admitting its role in a long-running phone hacking scandal, lawyers said on Saturday.

The U.S. economy is still not strong enough for the Federal Reserve to start reversing its extremely accommodative monetary policy, a top Fed official said on Saturday.

President Barack Obama signed a short-term spending bill on Saturday that averted a government shutdown, formalizing a compromise deal with Republicans that paves the way for more -- and bigger -- deficit-reduction fights to come.

President Barack Obama signed a short-term spending bill on Saturday that averted a government shutdown, formalizing a compromise deal with Republicans that paves the way for more -- and bigger -- deficit-reduction fights to come.

A debt ceiling vote and the 2012 budget will be the next major fiscal battles facing the U.S. throughout the rest of 2011, as Washington looks ahead after lawmakers in the House and Senate averted a shutdown in a last hour deal to fund the government for the next six months.

The unidentified co-conspirator who funneled tips and cash between a lawyer and trader accused of running a 17-year scheme to trade on corporate merger secrets was a former colleague of both defendants, the New York Times reported.

The last-minute budget deal President Barack Obama and congressional leaders struck to avert a government shutdown paves the way for what Republicans promised on Saturday will be more spending fights to come.

Emerging markets are likely to be increasingly prone to asset price bubbles in coming years due to capital inflows from advanced economies and strong domestic saving, a top Bank of England official said on Saturday.

Red Bull's World champion Sebastian Vettel took his second pole of the season for the Malaysian Grand Prix after finishing ahead of McLaren's Lewis Hamilton in a closely contested qualifying session at Sepang.

A restructuring of Greek debt is out of the question, Economic and Monetary Affairs Commissioner Olli Rehn said on Saturday.