IBT Staff Reporter

President Barack Obama will challenge government agencies to cut $100 million in spending when he holds his first Cabinet meeting on Monday, an administration official said.

The chairmen of two Senate committees drafting legislation to overhaul healthcare told President Barack Obama on Monday they were working together to have bills ready by early June.

A speech by Iranian President Mahmoud Ahmadinejad calling Israel a racist state was vile and fed racial hatred but did not preclude U.S.-Iranian diplomatic contacts, the United States said on Monday.

Oil slid over 8 percent to under $46 a barrel on Monday, depressed by a rising U.S. dollar and growing caution about the pace of any economic recovery and its impact on oil demand.

Stocks slid on Monday on concerns over the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans.

General Motors Corp said on Monday it is telling about 1,600 salaried U.S. employees this week to leave by May 1 as it scrambles to reduce costs under a restructuring mandated by the U.S. government.

Eli Lilly & Co reported higher-than-expected quarterly profit on Monday as it controlled costs and revalued overseas inventory because of the stronger dollar.

Stocks slid on Monday on concerns over the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans. Wall Street's tumble follows a six-week winning streak, the longest for the S&P 500 since 2007, with the Dow scoring its biggest gain over the period since 1938.

Fannie Mae , the government-controlled U.S. home funding company, on Monday named Michael Williams as president and chief executive officer.

The parents of the American journalist jailed in Iran visited their daughter for the first time since she was sentenced to prison, saying that she remained in good condition.

Swiss banking UBS AG said Monday it plans to sell its Brazilian unit for £1.7 billion or $2.5 billion to BTG investments to boost up its capital in the current economic crisis.

The U.S. Treasury said on Monday there was no basis for a report that said its stress tests on the health of the nation's 19 top banks showed several were technically insolvent.

Oil slid over 7 percent to $46 a barrel on Monday, depressed by a rising U.S. dollar and growing caution about the pace of any economic recovery and its impact on oil demand.

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Oil slid nearly 8 percent to $46 a barrel on Monday, depressed by a rising U.S. dollar and growing caution about the pace of any economic recovery and its impact on oil demand.

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American International Group Inc , which has received more than $150 billion in taxpayer support since last September, has closed a deal to access nearly $30 billion in additional federal funds.

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Stocks slid on Monday on worries about the sustainability of recent better-than-expected results from banks following Bank of America Corp's report of a big increase in troubled loans.

PepsiCo Inc offered $6 billion to buy the remaining stakes in its two largest bottlers, Pepsi Bottling Group and PepsiAmericas Inc, as it seeks to secure more control of its distribution and cut costs.

A surge in troubled loans overshadowed better-than-expected earnings at Bank of America Corp, and the largest U.S. bank expects the credit situation to worsen, driving its shares down 17 percent.

About one in 10 videogame players show signs of addictive behavior that could have negative effects on their family, friends and school work, according to a new study.

Hasbro Inc , the maker of Transformers action figures and Tonka trucks, posted a lower quarterly profit on Monday but said the worst may be behind it.

Stocks tumbled on Monday on worries about the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans.

Oil slid more than 8 percent to around $46 a barrel on Monday, depressed by a rising U.S. dollar and growing caution about the pace of any economic recovery and its impact on oil demand.

Billionaire investor Carl Icahn wants to engineer a sale of biotechnology company Amylin Pharmaceuticals Inc to its diabetes partner Eli Lilly and Co , according to Amylin.

Oracle Corp plans to buy Sun Microsystems Inc for more than $7 billion, after the high-end computer server and software maker's talks with IBM fell apart.

Sri Lanka Monday gave the Tamil Tigers 24 hours to surrender or die after troops breached a huge earthen defense and unleashed an exodus of tens of thousands of civilians held there by the rebels, the military said.

Canadian oil and gas company Terra Energy Corp. said it will buy privately held Tecton Energy Canada ULC for C$8 million ($6.55 million) in cash and stock to further solidify its position in the Fort St. John area of British Columbia.