IBT Staff Reporter

Southern African leaders were Monday expected to suspend Madagascar from the SADC regional grouping, after its president was forced from office earlier this month.

Five people suspected of planning to join protests against the G20 summit in London on Thursday have been arrested after weapons were found during a raid on a house in southwest England, police said on Monday.

The following are President Obama's prepared comments on the Auto Industry and the outlook for General Motors Corp and Chrysler LLC as provided by the White House.

Arena Pharmaceuticals said its experimental obesity drug helped patients shed only about 10 pounds more than those taking placebos, sending its shares down 27 percent.

The Italian luxury goods sector expects a 21 percent drop in EBITDA this year as the global crisis cuts into sales, fashion industry foundation Altagamma said on Monday

Goldman Sachs Group Inc last year paid a combined $58 million to Co-President Jon Winkelried and General Counsel Gregory Palm, buying out two top executives suffering from a severe cash crunch.

Skype announced a new iPhone application set to be rolled out on Tuesday that will allow users with an iPhone make free Skype-to-Skype calls over Wi-Fi to other Skype users worldwide.

President Barack Obama seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's chief executive, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.

The Obama Administration says it will work with General Motors Inc to see the automaker eventually get a fresh start, promising more aggressive attempts to improve the business and leaving the door open for bankruptcy.

Leading and emerging nations will commit this week to pursuing responsible economic policies that do not hurt each other's prospects with protectionism or currency devaluations, according to a draft G20 statement.

China Construction Bank (CCB), the world's second-largest lender by market value, said on Monday it would be reasonable for major shareholder Bank of America to reduce its stake to 10 percent.

Stocks fell sharply on Monday as the Obama administration raised the specter of bankruptcy for U.S. automakers General Motors and Chrysler and Spain had to rescue regional savings bank CCM.

Fujitsu Ltd reaffirmed the company's commitment to its high-end computer server franchise, even though its partner in that business faces an uncertain future.

Google Inc on Monday launched free downloads of licensed songs in China, while sharing advertising revenue with major music labels in a market rife with online piracy.

The U.S. task force overseeing the restructuring of the auto industry on Monday said the plans submitted by General Motors Corp and Chrysler failed to show how they could be viable.

U.S. stock index futures pointed to a sharply lower open on Monday as the Obama administration threatened bankruptcy for two major U.S. automakers and Spain had to rescue regional savings bank CCM.

U.S. President Barack Obama's administration promised to push for a new United Nations climate treaty on Sunday but said Washington had no magic wand and that all countries had to help.

A plan by Spain to grant interest rate subsidies for green cars has won approval from the European Commission, the European Union executive said on Monday.

PepsiCo Inc is testing greener vending machines, a move that helps the soft drink maker reduce its environmental footprint and gives businesses a little relief on their electric bills.

The regulator of U.S. government-controlled Fannie Mae and Freddie Mac is looking at ways the two firms might help finance small mortgage banks hobbled by a dearth of credit, the Wall Street Journal reported.

General Motors Corp Chief Executive Rick Wagoner will resign from the company, a government official and another person briefed on the matter said on Sunday, a day before the government is expected to announce if it will extend more aid to GM.

The Obama administration seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's CEO, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.

The global economic crisis will hit jobs hard, with unemployment set to reach double digits in many developing and advanced countries, the Organization for Economic Cooperation and Development (OECD) said on Sunday.

Shares in UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz)(UBS.N: Quote, Profile, Research, Stock Buzz) were down 7 percent in early trading on Monday amid expectations the bank could announce more writedowns and job cuts as early as this week.

American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) has cut or delayed payments to some of its real-estate ventures, potentially leaving the developers and their bankers in the lurch, the Wall Street Journal reported.

President Barack Obama said on Sunday he told the chiefs of the biggest U.S. banks that bonuses are not acceptable while many Americans struggle to meet basic expenses in the midst of a severe recession.

Skype, the Internet telephone unit of eBay Inc, is planning to launch its service for iPhone users on Tuesday and for BlackBerry in May as part of its effort to expand beyond desktop computers.

General Motors Corp, whose chief executive was forced out by the Obama administration on Sunday, and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release on Monday.

BHP Billiton, the world's biggest miner, has gained support from top investors to get back on the acquisition trail following last year's failed bid for rival Rio Tinto, a newspaper report said on Sunday.