IBT Staff Reporter

Tech Mahindra, an Indian telecommunications outsourcing firm won a bid to buy Satyam Computer Services for $351 million.

The Obama administration is expected to name Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, a source familiar with the matter said on Monday.

On Monday President Barack Obama said he believes his economic stimulus plan is beginning show fruits and more than 2000 transportation infrastructure projects have received approval.

On Monday the US Treasury Department told General Motors to make all necessary preparations for a possible bankruptcy filing by June 1, even though the troubled automaker insists it can restructure its business on its own, The New York Times reported.

Niklas Zennstrom and Janus Friis, the founders and creators of Skype, a free application allowing users to place free telephone calls over the Internet, are seeking a private equity firm to help them buy back the company from eBay Inc.

President Barack Obama is expected to tap Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion financial rescue program, The Wall Street Journal reported, citing people familiar with the matter.

A proposed buyout of eBay Inc's Skype led by private equity, including Warburg Pincus and Kohlberg Kravis Roberts, and the Web telephone company's co-founders is unlikely to be completed, the Wall Street Journal cited sources as saying on its blog on Monday.

On Monday Goldman Sachs showed yet another sign proving the recovery of banks after it beat Wall Street expectations with its $1.66 billion profit for the first quarter of 2009.

Amazon.com apologized Monday for an embarrassing and ham-fisted cataloging error that led to the sales ranking being removed from tens of thousands of books after being flooded with angry online comments, particularly on Twitter.com.

Former Qwest International Inc Chief Executive and convicted insider trader Joseph Nacchio appears headed for prison on Tuesday after a years-long legal battle marked by a litany of appeals and verdict reversals.

Goldman Sachs Group Inc posted much higher-than-expected first-quarter profit as it took more trading risk, and said it plans a $5 billion common share sale to help pay back government funds.

The eBay and StumbleUpon union stumbled on Monday after the social networking site's founders, Garrett Camp and Geoff Smith, said they bought back the company with a group of investors, including Accel Partners and August Capital.

On Monday Citigroup Inc's and Bank of America Corp's shares saw a very positive rise and both banks expect to report first quarter profits in the same line as what was forecast last week by Wells Fargo & Co.

Palm and Sprint are now hoping to launch the new Pre handset in May, according to a media report.

An estimated half billion loss at YouTube was predicted by an analyst with Credit Suise because it can't generate worthwhile income from advertising will be cleared next week as Google plans to hold a quarterly conference.

Iran has given Royal Dutch Shell (RDSa.L) and Repsol (REP.MC) until May 20 to clarify their involvement in a major gas project in the Gulf, a senior oil official was quoted as saying on Monday.

The eBay and StumbleUpon union came to an end on Monday after the social networking sites founders bought back the company, two years after being ebay bought them for $75 million.

President Barack Obama's energy czarina Carol Browner urged on Monday during an energy conference at the Massachusetts Institute of Technology, for Congress to pass an energy bill stating that the U.S. needs to become the world's leader in clean energy production and delay the rate of climate change.

General Motors Corp shares plunged 16 percent on Monday as traders shed positions out of fear the U.S. government will push the automaker into a bankruptcy that could wipe out existing equity.

U.S. Secretary of State Hillary Clinton visits Haiti on Thursday to talk about how to promote stability in the Western hemisphere's poorest nation despite its long history of violence and political unrest.

General Electric Co. was a leader provider of wind turbines to such energy market in 2008 in the United States with a big margin, followed by Vestas Wind Systems, Siemens and Suzlon and Gamesa far behind, the American Wind Energy Association reported.

Apple has reportedly ordered 4 million iPhone units for the second quarter, according to a report by the China Times.

The sale of the Chicago Cubs baseball team could drag on past May as the Ricketts family arranges financing for its $900 million bid and works for Major League Baseball's approval.

Goldman Sachs Group Inc posted higher-than-expected first-quarter profit as it took more trading risk and said it planned to raise $5 billion of common shares to help pay back government funds.

President Barack Obama's move to allow U.S. telecommunications companies to apply for licenses in Cuba is aimed at increasing the flow of information to the communist-ruled island, the White House said on Monday.

NetSuite Inc has developed programs targeted at large corporations, a person familiar with the strategy said, in an effort to move the software maker beyond the small- to mid-sized business market.

MetLife , the largest U.S. life insurer, on Monday said it will not take money from the government's $700 billion Troubled Asset Relief Program, saying it already has sufficient capital.

The S&P 500 and Nasdaq rose on Monday as bets that major banks will post reassuring quarterly results fueled a run-up in financials, offsetting uneasiness about the fate of General Motors .

Many U.S. hotel chains like to offer USA Today, The Wall Street Journal or their local newspaper as a courtesy to guests. Marriott International Inc will offer a different courtesy: no paper at all.