IBT Staff Reporter

The rate of U.S. credit card defaults showed signs of stabilizing last month, an indication that American consumers are in better financial shape than feared despite job losses and the housing slump.

More signs the U.S. economy was exiting its worst recession in 70 years emerged on Monday with reports showing confidence rising among homebuilders, factory activity perking up in New York state and credit card defaults slowing.

U.S. stocks suffered their worst loss in seven weeks on Monday as weak data from Japan and a disappointing outlook from retailer Lowe's Cos dampened hopes about the economy's growth.

Sony Ericsson on Monday entrusted the head of Ericsson's U.S. technology division with the task of leading the struggling cell phone maker back to profit and reversing a sharp decline in market share.

Dell Inc is developing mobile devices for China Mobile Ltd, according to spokesmen for the computer maker, which has long been rumored to have ambitions in the smartphone market.

The rate of U.S. credit card defaults showed signs of stabilizing last month, an indication that American consumers are in better financial shape than feared despite job losses and the housing slump.

Oil slipped 1 percent to below $67 a barrel on Monday as investors became more cautious about the pace of global economic recovery and a potential revival in energy demand.

Entrepreneurs don't retire, they just find a new project.

(Corrects third paragraph to show defaults fell to 13.81 percent, not 13.82 percent)

U.S. authorities announced what they believed to be the largest hacking and identity theft case ever prosecuted on Monday in a scheme in which more than 130 million credit and debit card numbers were stolen.

Lowe's Cos , the No. 2 U.S. home improvement chain, curbed its expansion plans and forecast worse-than-expected results in the third quarter as recession-weary consumers put off big renovations, sending its shares down more than 11 percent.

Months supply is one of the most insightful statistics used to describe the housing market. It gives a concise assessment of a market's condition as of that point in time.

The rate of U.S. credit card defaults showed signs of stabilizing last month, an indication that American consumers are in better financial shape than feared despite job losses and the housing slump.

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U.S. loan demand fell in the second quarter for every major category except prime residential mortgages, while banks tightened credit standards at a less-intense pace than in the first quarter, the Federal Reserve said on Monday.

Lowe's Cos, the No. 2 U.S. home improvement chain, curbed its expansion plans and forecast worse-than-expected results in the third quarter as recession-weary consumers put off big renovations, sending its shares down more than 11 percent.

Oil fell 2 percent toward $66 a barrel on Monday as investors became more cautious about the pace of global economic recovery and a potential revival in energy demand.

Consumers, the cornerstone of U.S. economic activity, are still in disarray, data and central bank measures signaled on Monday, as households struggle amid the worst recession since the Great Depression.

More countries are seeing a rise in distressed sales of commercial properties in the second quarter, with South Africa, the United States and New Zealand faring worst as the market downturn worsens, a report showed.

U.S. homebuilder sentiment in August rose to its highest level in over a year, a private survey showed on Monday, adding to mounting evidence that the housing market and economic recession were leveling out.

Reader's Digest Association Inc, publisher of the widely-read Reader's Digest magazine, said on Monday it would likely file for Chapter 11 bankruptcy for its U.S. businesses to cut its debt load.

The U.S. green technology sector, which suffered a drop in funding early this year, is seeing renewed interest with venture dollars flowing in once again to promising startups and some companies looking to resurrect public offerings that had been set aside.

A U.S. regulator has extended a deadline to bid on Guaranty Financial Group assets to Tuesday, while bids for another troubled, lender Corus Bankshares Inc, are due Sept. 3, sources familiar with the situation said on Monday.

Stocks fell on Monday, putting major indexes on track for their worst day in seven weeks, as weak data from Japan and a disappointing outlook from retailer Lowe's Cos dampened hopes about the economy's growth.

U.S. navigation device maker Garmin Ltd is in early talks to buy Britain's Raymarine Plc in a bid to gain market share in Europe.

Reader's Digest Association Inc, publisher of the widely-read Reader's Digest magazine, said on Monday it would likely file for Chapter 11 bankruptcy for its U.S. businesses to cut its debt load.

Hurricane Bill was centered about 1,100 miles east of the Lesser Antilles on Monday morning and was moving West-Northwest at a speed of about 22 mph. Experts predicted that the Hurricane Bill is likely to make landfall.

NYSE Euronext Inc sees encouraging signs for U.S. initial public offerings in 2010 as investors venture back into equities, top executives at the parent of the New York Stock Exchange said on Monday.

ABC has released the names of celebrities set to appear on season nine of