IBT Staff Reporter

Recession is set to cause the sharpest fall in world greenhouse gas emissions in 40 years, according to an estimate on Monday as world leaders gathered in New York to try to break deadlock on a new climate treaty.

U.S. off-price retailer TJX Cos Inc said on Monday that its board approved a buyback of up to $1 billion of its common stock.

Danish shipping and oil company A.P. Moller-Maersk has appointed Trond Westlie from Norwegian telecom group Telenor as chief financial officer.

Europe's biggest airline, Air France-KLM, plans to reduce seating capacity on its flights by 2 percent during the winter season to lessen the impact of falling demand.

Canadian grain handler Viterra Inc said on Monday it will pay shareholders of ABB Grain A$751.7 million ($652.5 million) in cash, plus shares in Viterra, to complete its takeover of the Australian company.

GM Europe is forming a group to discuss the future of Opel's plant in Antwerp, Belgium and will give details on its restructuring plan after talks are concluded, it said on Monday.

Caterpillar Inc said on Monday that dealer sales of its heavy equipment fell 48 percent in August, with the sharpest declines in the U.S. blue-chip industrial's truck and bus and industrial segments.

An index measuring the U.S. economy's prospects rose for a fifth straight month in August to a 1-1/2 year high as stock market prices surged on views a recovery had started.

U.S. artists Lady Gaga and Kings of Leon led the nominations for November's MTV Europe Music Awards with five apiece, one ahead of compatriot Beyonce.

Oil prices fell by almost 3.5 percent toward $69 a barrel on Monday as further signs of weak fuel demand raised expectations that prices may have raced ahead of the nascent economic recovery.

A congressman accused Bank of America Corp of meeting his requests for information with volumes of irrelevant documents and has set a Monday deadline for more information, according to a letter obtained by Reuters.

The Dow and S&P 500 fell on Monday as a stronger U.S. dollar hurt energy and materials stocks, but the Nasdaq gained on strength in biotech share.

China's President Hu Jintao may lay down a carbon intensity target for his country at a top level United Nations summit on Tuesday, experts said, as he seeks to show Beijing's commitment to fighting climate change.

Former President Valery Giscard d'Estaing has written a novel about a secret love affair between a French head of state and an unhappy British princess, who bears a striking resemblance to Lady Diana.

High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc credit bureau showed on Monday.

The Nasdaq turned positive on Monday as shares of biotechnology companies advanced, but the drag from retreating commodity prices kept both the Dow and the S&P 500 in negative territory.

Finland's IT services market is expected to remain flat at 2.8 billion euros ($4.1 billion) in 2009 year-on-year as companies postpone investment, but grow around 2 percent in 2010, a research report said on Monday.

South Africa's Treasury and banking officials are to meet government officials in India to discuss foreign exchange control implications of the planned tie-up between MTN and India's Bharti Airtel.

HBO again dominated the Primetime Emmys on Sunday, but the premium cable channel had to share some of the glory with lowly broadcast network NBC and public broadcaster PBS.

Targeted online advertising firm Phorm Inc posted a narrower pretax loss for the first half, helped by cost cuts, and said it remained confident about its future.

It could be a rough holiday season for shareholders of Palm Inc as they wait to see if new smartphones can compete with the likes of Apple's iPhone, Motorola's new Cliq and the Blackberry.

Modine Manufacturing Co, a maker of heating and cooling systems for vehicles, said it has started a public offering of 9 million common shares.

First Busey Corp expects to breach two of its financial covenants, and to report a third-quarter net loss due to higher provisions for bad loans, sending its shares down 7 percent.

Biogen Idec Inc launched a hostile $355 million takeover bid for Facet Biotech Corp on Monday, two weeks after Facet's board rejected an identical offer.

Vodafone has signed a deal with Warner Music Group which will allow the world's largest mobile phone firm by revenue to offer music without anti-piracy software from all four major labels.

U.S. Federal Communications Commission Chairman Julius Genachowski proposed on Monday new rules aimed at ensuring that network operators treat the flow of Internet content without discrimination.

U.S. stocks fell on Monday as a resurgent U.S. dollar took a toll on commodity prices and investors paused to gauge if the outlook for corporate profits justified the market's recent run to 11-month highs.

Metallurgical Corp of China, the firm that helped build Beijing's Bird's Nest Olympic stadium, made a modest debut in Shanghai on Monday, in a sign that a flood of new equity is weighing on market sentiment.

Julius Baer has looked at the private banking assets Dutch bank ING is putting up for sale and is open to discussing a deal, the bank said, clarifying a press report that said Bear was no longer interested.