IBT Staff Reporter

Nortel Networks said on Monday its chief executive would step down immediately and its board would shrink from nine directors to just three as the bankrupt telecom equipment maker sheds its major assets.

Insolvent telecom equipment maker Nortel Networks posted a bigger quarterly loss on Monday as reorganization costs and plunging sales dented the company's results.

The ethanol industry called for requirements that all vehicles sold in the United States accept the renewable gasoline substitute as part of a push to slow global warming and provide jobs at home.

As makers from Tesla to Nissan Motor Co (7201.T) jockey to dominate the next generation electric-powered cars, a fight on which companies will control the lucrative market to fuel them is just getting started.

The worst U.S. recession since the Great Depression will probably end in the third quarter, but there is uncertainty over the speed and duration of the economic recovery, according to the most recent survey of private economists.

Dish Network Corp , the second largest U.S. satellite TV operator, on Monday posted a fall in quarterly profit, hurt in part by expenses tied to a litigation with TiVo Inc .

Dynegy Inc said it was selling some of its power plants to LS Power for $1.0 billion in cash as the U.S. power producer seeks to pay back debt and improve its liquidity position.

Stocks were poised for a lower open on Monday as investors looked set to book profits, ahead of a Federal Reserve Board meeting and earnings from some of the nation's largest retailers later this week.

Shares in global miner Rio Tinto Ltd fell more than 3 percent on Monday after a Chinese magazine published additional spying allegations against the company.

Leaders of the United States, Mexico and Canada gather on Monday to present a united front to try to limit the spread of the H1N1 swine flu, but there is less unity on simmering trade issues.

U.S. stock index futures dipped on Monday as investors paused for profit-taking after a sharp run-up, ahead of key indicators on consumer spending due later this week.

Britain's MGT Power Ltd plans to build a second major biomass power generator in northern England, scheduled to start powering around 600,000 homes from 2014, the company said on Monday.

The ethanol industry called for requirements that all vehicles sold in the United States accept the renewable gasoline substitute as part of a push to slow global warming and provide jobs at home.

Stock index futures dipped on Monday as investors paused for profit-taking after a sharp run-up, ahead of key indicators on consumer spending due later this week.

Stock index futures slipped on Monday as investors paused to book profits after a sharp four-week run-up.

The dollar retained most of its gains against a basket of currencies on Monday but lost ground to the yen as Japanese exporters and short-term speculators took advantage of its jump the previous session on U.S. jobs data.

U.S. power producer Dynegy Inc will sell nine U.S. power plants to its one-time development partner LS Power Associates L.P, the Wall Street Journal said on Monday.

Oil prices dipped below $71 a barrel on Monday, losing momentum after last week's rally as traders focused on swollen inventories and prospects for a stronger dollar.

The Swiss government held a special session on Monday to discuss the U.S. tax evasion case hanging over Swiss bank UBS as negotiations to settle the issue dragged on.

Rising July sales at TSMC and UMC , the world's two biggest contract chip makers, provided further evidence of reviving demand for computers and other consumer gadgets.

Japan's Toshiba Corp said on Monday that it will join the Blu-ray Disc Association -- its former enemy in a bitter format war -- to make blu-ray players by year-end to tap demand for high-definition home movies.

Stock index futures pointed to a lower open on Wall Street on Monday, as investors look set to book profits after a sharp four-week rally.

Stock index futures pointed to a lower open on Wall Street on Monday, as investors look set to book profits after a sharp four-week rally.

Shares in UBS opened lower on Monday as the Swiss bank faced more tense negotiations to settle a tax evasion case in the U.S. that challenges Switzerland's bank secrecy laws.

Oil prices slipped below $71 a barrel on Monday, as the dollar's strength and worries about high oil inventories helped counter earlier gains on the back of rising Asian stocks amid hopes for an economic recovery.

Banks in the United States are poised to make $38.5 billion in customer overdraft fees this year, the Financial Times said, citing research by Moebs Services.

Oil prices were little changed at $71 a barrel on Monday, paring earlier losses as rising Asian stocks bolstered sentiment over an economic recovery while the dollar dipped, lending support to the commodities complex.

Fed Treads Carefully, Old Ads Meet New, Details Stall Tax Deal

China's National Bureau of Statistics will issue all its monthly economic data for July at a news conference on Tuesday.