IBT Staff Reporter

Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain, on fears of a global flu pandemic after an outbreak of swine flu in Mexico.

The United Auto Workers said on Sunday the union had reached agreement with Chrysler LLC, Italian automaker Fiat SpA and the U.S. government on concessions to its 2007 contract and healthcare trust.

Oil prices retreated below $51 a barrel on Monday, giving back some of the previous session's near 4 percent gain, on risk aversion following a deadly swine flu pandemic emerging from Mexico.

There has been some progress in U.S. government-driven negotiations to save Chrysler LLC, according to a senior White House official, who on Sunday also did not rule out an attempt to complete the company's restructuring in bankruptcy.

The current global crisis is an obstacle in the fight against poverty and is threatening to reverse any gains on the fight against poverty.

U.S. stocks may run into some turbulence this week as the impending release of bank stress test results, a Federal Reserve meeting and a flood of earnings will give investors some reasons for caution.

The Obama administration has assured Switzerland that it understands the importance of resolving Swiss concerns over a legal case involving Swiss bank UBS, a U.S. Treasury official said on the weekend.

With just days to go for Chrysler LLC to reach agreements to cut labor and debt costs or face bankruptcy, members of Michigan's Democratic congressional delegation said on Saturday the onus was now on the U.S. automaker's creditors to make concessions.

Several potential bidders are interested in buying Harbinger Capital Partners's 20 percent stake in The New York Times Co, The Wall Street Journal reported on Saturday.

Switzerland, under pressure to join a global crackdown on tax fraud, asked the United States Saturday to drop a legal case involving UBS bank in return for a new tax accord the two countries are about to negotiate.

The United Auto Workers union is holding weekend negotiations with Chrysler LLC as the struggling U.S. automaker races toward a month-end deadline to clinch concessionary deals with its union and creditors.

Citigroup Inc plans to sell Nikko Asset Management Co separately, not bundled with Nikko Cordial Securities Inc as previously speculated, the Nikkei financial daily reported.

The Emir of Qatar plans to buy a stake in Porsche, possibly shoring up the German sports-car maker's strained finances, a German magazine reported.

Swiss President Hans-Rudolf Merz asked U.S. Treasury Secretary Timothy Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord the two countries are about to negotiate.

Yahoo Inc's communications head Brad Williams has left the company, the Wall Street Journal reported on Saturday, citing sources familiar with the matter.

President Barack Obama unveiled new steps on Saturday to restore U.S. fiscal discipline, including support for legislation that would require Congress to pay for any new programs by raising taxes or cutting other expenditures.

German Economy Minister Karl-Theodor zu Guttenberg said on Saturday Austrian-Canadian auto parts supplier Magna is a potential investor in General Motors' struggling German unit Opel.

Forget the goody bags. Many shareholders accustomed to grabbing free food and gifts at U.S. corporate annual meetings are going home empty-handed.

But several signposts suggest America's love of driving is stalling and may stay weak for a long while.

U.S. authorities, as well as defense attorneys, need to ramp up their understanding of complex financial instruments as populist anger puts pressure on the government to bring more business fraud cases, a top U.S. defense lawyer said on Friday.

President Barack Obama on Friday called for the government to stop backing private loans to college students and replace them with direct government loans to young people.

On Friday the government laid out higher standards for the 19 distressed banks, after taking the stress tests, requiring them to raise more cash and meet stricter standards.

Microsoft Corp said on Friday a version of its long awaited Windows 7 operating system will be made available from next week.

Chrysler won a round of concessions from its Canadian union on Friday while General Motors Corp soaked up $2 billion more in U.S. government aid and Ford Motor Co posted a narrower-than-expected loss that sent its shares soaring.

Finance chiefs from the G7 powers said on Friday the global economy may be past the worst phase of a recession although recovery was not yet assured, and they pledged to make sure that big financial firms are sound.

The Swine Flu virus is a virus that has brought with it a lot of confusion and even scientists are unsure of its exact origin.

North Korea will stay away from international nuclear disarmament talks, Russia's foreign minister said on Friday after visiting the secretive state and pressing Pyongyang to return to the sputtering discussions.

If Texas billionaire Allen Stanford ever wanted to make a low-profile departure from the inner sanctum within his lavish Houston headquarters, there was a private exit through his personal bathroom.

Bank regulators in Michigan closed Michigan Heritage Bank on Friday, the 27th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.