IBT Staff Reporter

Toxic real estate mortgages are holding the global economy to ransom and the banking sector will not return to health without a purge of its distressed property assets, the CEO of Citigroup Property Investors said.

Downtown Manhattan is poised for a powerful rebound in coming years despite Wall Street's downsizing and millions of square feet of new commercial real estate expected to come to market, a top Manhattan commercial real estate broker said on Monday.

Stocks fell on Monday as a sharp drop in oil prices prompted investors to sell some energy companies' shares, while a global forecast fueled worries about the sustainability of an economic recovery.

Anglo American rejected rival mining group Xstrata's merger of equals proposal on Monday, knocking a no-premium marriage and a combination with what it regards as Xstrata's inferior mines.

The Brazilian authorities said on Sunday that no signals from the black box have been detected by the search team.

China's top legislature reviewed for the first time a draft revision to the Law on Guarding State Secrets, underlining the cutoff of Internet or other public network access to the country's confidential information, the country's official news agency Xinhua reported on Monday.

China's Gome Electrical Appliances said on Monday it will raise at least HK$3.24 billion (US$417 million) through an investment from Bain Capital and a share sell.

Worldwide mobile services revenue will grow gradually by 2014 despite its 0.5 percent loss over the current market conditions according to research on Monday.

Kodachrome, the film brand touted as the stuff of memories, is about to become a memory itself as Eastman Kodak stops production due to overwhelming competition from digital cameras.

Ah, the pleasures of Palm Springs – sitting poolside, soaking up the sun and sipping on a cool drink. That’s the pampered Palm Springs that most Western New York vacationers think about when they hear the name of this Southern California desert oasis.

A quarter of U.S. employers have eliminated matching contributions to employee 401(k) retirement plans since September to save money amid the economy's downturn, according to research released on Monday.

Stocks fell on Monday as a sharp drop in oil prices weighed on energy company shares, while a global forecast fueled worries about an economic recovery.

A quarter of U.S. employers have eliminated or plan to cut matching contributions to employee 401 retirement plans to save money amid the economy's downturn, according to research released on Monday.

Changes headline, first 3 paragraphs to clarify that numbers also reflect companies planning changes to 401 plans

Nokia Siemens Networks said on Monday it hopes to close its $650 million acquisition of Nortel Networks' advanced wireless technology business by the third quarter of this year.

Nokia Siemens Networks said on Monday it hopes to close its $650 million acquisition of Nortel Networks' advanced wireless technology business by the third quarter of this year.

General Electric Co opposes any regulation that would force it to split off its hefty finance business, the conglomerate's chief executive said in a memo to staff on Monday.

Stocks fell further on Monday as investors fretted about the potential strength of an economic recovery, and falling commodity prices hit shares of energy and other natural resource companies.

Walgreen Co posted a steeper-than-expected drop in quarterly profit on Monday as it wrote down the value of items being taken off its shelves as part of store makeover aimed at winning over shoppers.

U.S. stocks slid on Monday as investors fretted about the strength of an economic recovery, and falling commodity prices hit shares of energy and other natural resource companies.

Swedish telecom equipment maker Ericsson has signed its first license agreements for LTE technology patents, allowing other companies to use the technology, an Ericsson official said on Monday.

The world’s first commercially successful color film, which made its debut in 1935, will conclude its run this year due to limited demand.

Growing worries over budget deficits and government intervention could jeopardize President Barack Obama's proposed healthcare overhaul in Congress as lawmakers bicker over costs and strategies for covering the uninsured.

Apple Inc said it had sold more than 1 million of its newest iPhone in the first three days of launch, beating analysts' expectations for the 3GS smartphone's debut.

Top shareholders in Anglo American brushed off rival Xstrata's plan for a merger of equals on Monday and pressed for a big premium to create a giant to compete in a consolidating mining sector.

Apple Inc. sold more than a million units of its latest iPhone model in the first three days, the company said Monday, making it the most successful model yet.

The H1N1 influenza virus cost Delta Air Lines $250 million in revenue, and the world's largest airline has cut capacity during the second quarter in response to the reduced demand, its chief executive said at the company's annual shareholders meeting on Monday.

Russian oil company Tatneft said its net profit rose 25 percent year-on-year in the first quarter as lower costs and taxes helped offset a 32.6 percent fall in revenues.

Canada's Verenex Energy Inc said on Monday that Libyan authorities have not yet approved the C$499 million ($434 million) sale of the company to China National Petroleum Corp, putting the deal at risk.