IBT Staff Reporter

Two of Pakistan's biggest banks, Habib Bank Ltd (HBL) and MCB Bank (MCB), are competing to bid for Royal Bank of Scotland's local assets, which the market values at $266 million.

South Korean engine maker STX Enpaco Co Ltd may raise up to 29.9 billion won ($22.37 million) in a Seoul initial public offering, and shares will be listed and start trading on the main KOSPI index .KS11 on May 15.

The value of Japanese investment trust funds rose nearly 3 percent in March, up for the second straight month, amid a recovery in global share prices and a weaker yen, a fund industry body said on Monday.

South Korea on Monday expressed its concern about China's rise as a global economic power in a rare note that said the ascent of its powerful neighbor could harm its own economic growth.

EBay Inc has agreed to buy a controlling stake in South Korean online retailer Gmarket Inc for $413 million, at a 32.5 percent premium, news service eDaily reported on Monday.

U.S. congressman Donald Payne flew into Mogadishu flanked by six bodyguards on Monday, making what is believed to be the first visit to the Somali capital by a senior American politician since 1994.

Oil fell to around $51 a barrel on Monday after the International Energy Agency cut deeply its forecast for oil demand, offsetting the impact of data showing Chinese crude imports rose to their second highest ever.

Islamic banks will face a crisis scenario by the end of September that could include forced consolidation if liquidity does not return to the financial sector, a leading banker said on Monday.

Europe's largest bank, HSBC Holdings , confirmed on Monday it was considering selling three of its major office buildings and said it had received interest from potential buyers.

Thai troops fired at crowds of anti-government protesters in central Bangkok on Monday and demonstrators fought back with firebombs and rocks, propelling Thailand deeper into political crisis.

U.S. Navy special forces freed an American ship's captain and killed three Somali pirates holding him hostage in a lifeboat, ending a five-day standoff but drawing vows of revenge from pirates.

Oil fell to around $51 a barrel on Monday after the International Energy Agency cut deeply its forecast for oil demand, offsetting the impact of data showing Chinese crude imports rose to their second highest ever.

Asian stocks rose on Monday on hopes for the global economy, with Taiwan shares hitting a near 7-month closing high, while oil prices slipped below $52 after a dramatic oil demand downgrade by the International Energy Agency.

(Corrects in paragraph 8 KOSPI's closing level to 1,338.26, not 1338.16)

The Ethisphere Institute on Monday named 99 companies it says are the world's most ethical, its third annual listing designed to encourage ethical practices within the global business community.

Oil fell to around $51 a barrel on Monday after the International Energy Agency cut its forecast for oil demand, overshadowing data showing Chinese crude imports rose to their second highest ever.

UBS , the world's biggest wealth manager, said on Monday it expects growth in its Taiwan client assets to pick up in the second quarter as improved ties with China help boost investor confidence.

India's Tech Mahindra won a bidding auction for fraud-hit Satyam Computer Services on Monday, in a deal that could lift the mid-sized outsourcer into the top tier of local software services firms.

China's economy is showing some signs of improvement, but a big fall in wholesale prices in Japan suggested the world's second-largest economy was sliding back toward deflation.

Express Scripts Inc has agreed to buy WellPoint Inc's NextRx subsidiaries for $4.68 billion, the companies said in a statement.

U.S. banks that received money under the Troubled Asset Relief Program are facing a probe over increases in rates and fees, the Wall Street Journal said. The Congressional Oversight Panel, the body named by Congress to oversee the federal bailout, is working on a report examining instances of potentially inappropriate lending by banks that got taxpayer capital, according to the paper.

The controversy surrounding American International Group Inc's bonuses to employees could make the process of winding down the insurer's financial products unit more costly for taxpayers, the Wall Street Journal cited the unit head Gerry Pasciucco as saying.

Satyam Computer Services Ltd , the company snared in India's biggest corporate scandal, is set to announce a winning bidder for a controlling stake, and its shares jumped to a two-month high in anticipation on Monday.

WASHINGTON, April 12 - The U.S. Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times reported on Sunday.

WASHINGTON, April 12 - The U.S. Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times reported on Sunday.

Anheuser-Busch InBev , the world's largest brewer, is considering selling its Rolling Rock brand, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

Credit-card company American Express Co has ample liquidity and less credit risk than its rivals, and its shares could double, Barron's said in its April 13 edition.

If Wells Fargo's strong first-quarter preliminary performance is any sign, stocks could rally further this week on any reassuring news when three other big banks post quarterly results.

Shares of Wells Fargo & Co, which rose by about a third last week, could head even higher as the bank's acquisition of Wachovia begins to pan out, Barron's said in its April 13 edition.