IBT Staff Reporter

U.S. tax authorities may be forgoing $1.4 billion of revenue annually because they fail to thoroughly compare mortgage interest statements submitted by banks against individual tax returns, according to a government report released on Monday.

Oil prices fell nearly $3 to below $70 a barrel on Monday as fear of a curb in Chinese bank lending dented optimism about the pace of economic recovery and a potential rebound in global energy demand.

NEW YORK - Crexus Investment Corp estimates its planned initial public offering will yield $500 million, according to an updated prospectus filed on Monday with the U.S. Securities and Exchange Commission. Crexus, which filed for its IPO in June, said it expected its 33.3 million shares to price at $15 apiece.

Oilfield services company Baker Hughes Inc said on Monday it would buy smaller peer BJ Services Co for $4.9 billion to create a one-stop shopping destination for its oil and gas producing customers and better take on the industry's leaders.

The International Brotherhood of Teamsters union urged shareholders of FedEx Corp on Monday to back its effort to separate the positions of chairman and chief executive at the U.S. package delivery giant.

Disney characters (L-R) Minnie Mouse, Mickey Mouse, Goofy and Donald Duck pose for photographers after their arrival at the airport in Mumbai January 4, 2006.

Disney's Marvel; One Stop Oil Shop; Apple's China Adventure

Stocks fell on Monday as concerns about the global economy's health weighed on Wall Street, following a hefty sell-off in Chinese equities.

Citigroup Inc said on Monday it sold three credit card portfolios representing $1.3 billion in managed assets, as part of a plan to unload weak businesses and troubled assets that caused huge losses.

Ford Motor Cowill report a U.S. auto sales increase in August and the industry may post its first monthly year-over-year sales rise since October 2007, the automaker's chief sales analyst said on Monday.

Apple confirmed Monday that its hosting a special, invitation-only event for September 9, 2009, confirming rumors that have circulated for the past couple of weeks.

The Arctic Monkeys scored their third successive No. 1 album on British charts with their latest release

NEW YORK - Oilfield services company Baker Hughes Inc said on Monday it would buy smaller peer BJ Services Co for $4.9 billion to create a one-stop shopping destination for its oil and gas producing customers and better take on the industry's leaders.

U.S. copper futures sank to a one-week low below $2.80 a lb on Monday, after a sharp plunge in Chinese equity markets raised doubts about the strength of global economic recovery.

WASHINGTON - Democrats leading the U.S. House of Representatives Energy and Commerce Committee widened their probe of the health insurance industry on Monday, seeking information on companies' policies for small businesses.

Oil prices fell nearly $3 to below $70 a barrel on Monday as a big drop in China's key stock index dented optimism about the pace of economic recovery and a potential rebound in global energy demand.

Fox is teaming with Twitter to give repeats a 21st century twist.

German election officials said on Monday they were investigating whether exit poll data were made public on Twitter before polls closed on Sunday and there might be an appeal against the result if laws had been broken.

Walt Disney Co agreed buy Marvel Entertainment Inc for $4 billion in a deal that would add characters such as Iron Man, Spider-Man and the Fantastic Four to its entertainment empire.

Allen Stanford, the Texas financier accused of a $7 billion fraud, is still hospitalized and will undergo tests to determine if there is blockage of veins or arteries in his heart, his lawyer's office, said on Monday.

British television chat show host and radio disc jockey Simon Dee has died of bone cancer at the age of 74, his daughter told the BBC.

U.S. Defense Secretary Robert Gates on Monday said he was encouraged by Lockheed Martin Corp's efforts to address issues with the F-35 fighter, and said company officials clearly understood the importance of keeping the program on cost and on schedule.

Host Vanessa Williams performs with actor Gilles Marini during the 36th Annual Daytime Emmy Awards at the Orpheum Theatre in Los Angeles, August 30, 2009.

FORT WORTH - U.S. Defense Secretary Robert Gates on Monday cited consensus among lawmakers, the Pentagon and the White House on the need to reform the defense acquisition process, especially given the current economic situation.

Banks that were deemed

In many of the Sun Belt cities, growth from 2002 to 2006 was tied to real estate and construction. Now, the economies and foreclosures in those places are worse than in other regions.

Selling a home and helping the buyer finance may be a good option to getting a house sold, experts say. Yet it is imperative that the seller thoroughly investigate the buyer's finances before agreeing to the deal.

Property auctions are likely to heat up this fall as winter nears and foreclosure moratoriums expire.

Shares of Citigroup Inc fell as much as 7.5 percent on Monday amid a broad slide in financial stocks, after rallying over the last week.