IBT Staff Reporter

China on Monday proposed a sweeping overhaul of the global monetary system, outlining how the dollar could eventually be replaced as the world's main reserve currency by the International Monetary Fund's Special Drawing Right.

Goldman Sachs Group may sell part of its 4.9 percent stake in Industrial and Commercial Bank of China , the Wall Street Journal reported on Monday, citing people familiar with the matter.

Stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.

Sony Ericsson's struggling handset company is undergoing an executive shake up in its U.S. branch.

Despite the recent wave of unconventional moves to help stabilize the U.S. economy, the Federal Reserve must not get sidetracked from its primary focus on monetary policy and should avoid actions that help specific economic sectors, the Fed and the Treasury said in an unusual joint statement on Monday.

Stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.

Intel Corp is seeking permission from its shareholders to revalue worthless employee stock options, a controversial move that the world's biggest chipmaker says is needed to retain critical staff.

Today, Hewlett-Packard Co. has released a free tool called SWFScan to check for security holes in web Flash applications.

Pimco will participate in the U.S. government’s newly unveiled public-private plan to remove toxic assets from bank balance sheets.

Moody's Investor Service cut General Electric Co's top-tier credit rating by two notches -- deeper than rival Standard & Poor's downgrade -- and said its outlook on the biggest U.S. conglomerate is now stable.

Stocks jumped on Monday, with the Dow industrials and S&P 500 indexes gaining more than 6 percent after the U.S. government released long-awaited details of a plan to clean out distressed assets from banks' balance sheets

The International Space Station and the Space Shuttle Discovery which is currently attached to it were forced on Sunday to change orbit in order to avoid being hit by 10-year-old debris from a Chinese satellite launch.

The Treasury, along with the Federal Deposit Insurance Corporation and the Federal Reserve, announced a Public-Private Investment program as one more step in the government bid to restore confidence in the U.S. financial system.

All is not lost for Wall Streeters deprived of their mega-salaries and lavish lifestyles following the financial tsunami that has wiped out so many jobs.

The Obama administration on Monday offered a raft of incentives for private investors to help rid banks of up to $1 trillion in toxic assets that have plunged the world economy into crisis.

Oil prices hit their highest level in nearly three months on Monday as a U.S. plan to purge banks of toxic assets triggered a rally on Wall Street and brightened the outlook for flagging energy demand.

Stocks climbed on Monday after the Obama administration revealed details of a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and lifting financial shares.

Stocks rallied on Monday, with the Dow industrials and S&P 500 indexes gaining 5 percent after the U.S. government released long-awaited details of a plan to clean out toxic assets from banks' balance sheets

The U.S. Treasury Department on Monday rolled out detailed plans for persuading private investors to help rid banks of up to $1 trillion in toxic assets that are seen as a roadblock to economic recovery.

Activision said it named Dan Rosensweig, Yahoo former chief operating officer, to run the unit that develops the video game software maker's unit popular Guitar Hero franchise.

Communications holding company, AT&T, said on Monday it plans to invest in 3G wireless expansions as part of 2009 growth programs.

Gannett Co Inc will force employees to take a new round of furloughs in April, May and June to save money as newspaper advertising revenue slides, according to a memo obtained by Reuters.

Oracle Corp. announced that it has agreed to acquire Irvine-based Relsys International Inc., a developer of drug safety and risk management software for the health care industry, which will become part of its Health Sciences Global Business Unit.

The videogame sector is looking for a resurgence this year through casual users and programs for mobile phones, themes that will be underscored this week at one of the industry's most closely watched events.

The state of Connecticut is analyzing the details of bonuses paid by American International Group to see whether they violated state law and what possible remedies might be pursued, the Commissioner of Consumer Protection said on Monday.

Phone companies faced off against consumer groups on Monday, in a debate over whether $7.2 billion in federal broadband spending should come with a mandate that Internet networks remain open to all traffic.

U.S. stocks jumped more than 4 percent on Monday after long-awaited details from the Obama administration on its plan to remove distressed assets from bank balance sheets fueled optimism it will spark a revival in lending, driving up financial shares.

Investment bank JPMorgan Chase & Co said on Monday it had no plans to purchase new corporate jets or build an airport hangar until it has repaid the funds it got through the U.S. governments Troubled Asset Relief Program .

Intel is seeking permission from its shareholders to revalue worthless employee stock options, a controversial move that the world's biggest chipmaker says is needed to retain critical staff.