IBT Staff Reporter

OPEC ministers agreed on Sunday to leave existing output targets unchanged, but promised to enforce those curbs more strictly and said they would meet again at the end of May to review progress.

U.S. Treasury Secretary Timothy Geithner said the U.S. “will soon outline” its plan to partner with private companies to rid banks of products which they can’t sell amid the current credit crisis in financial markets.

Apple has been sued by a mother in Cincinnati after her son's 16GB iPod exploded in his pocket, according to Apple Insider.

Facebook has announced Facebook Connect for the iPhone, which allows users to take their Facebook friends, identity and privacy with them on Apple's mobile phones wherever they go.

Swiss bank UBS will cut 5,000 senior and management jobs in the next few weeks, according to a report.

OPEC ministers agreed on Sunday to leave existing output targets unchanged, but promised to enforce those curbs more strictly and said they would meet again at the end of May.

Giant insurer AIG is still paying $165 million on Sunday to retain certain employees due to contract obligations, despite initial opposition earlier this week from the Obama Administration.

U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said on Sunday the government needs to determine if millions in employee bonuses at American International Group Inc can be recovered.

Shareholders in Rio Tinto Ltd/Plc are trying to overturn a controversial $19.5 billion investment in the mining group planned by Chinese state-owned Chinalco, a report said on Sunday.

German Economy Minister Karl-Theodor zu Guttenberg said on Sunday he hoped General Motors and the U.S. government would help answer remaining questions on a plan to save German unit Opel.

Switzerland's biggest bank UBS plans to cut up to 5,000 senior and management jobs in the next few weeks, Swiss weekly SonntagsZeitung said on Sunday.

OPEC ministers began talks on Sunday to decide whether to set new output targets or stick to existing curbs against a backdrop of swelling oil inventories and a shattered world economy.

OPEC ministers weighed the options of tighter compliance with existing output curbs or agreeing to new cuts as they prepared to meet Sunday against a backdrop of high oil stocks and a damaged world economy.

Pioneer Corp is in talks with Mitsubishi Electric Corp , Alpine Electronics Inc and Clarion Co Ltd on a possible tie-up in car navigation and other auto equipment operations, the Nikkei business daily reported on Sunday.

WASHINGTON - U.S. business leaders urged lawmakers on Thursday to act quickly on healthcare reform, saying American companies were losing out to other countries with cheaper healthcare and healthier workers.

G20 finance ministers promised rescue money for troubled emerging market economies on Saturday and said they would use their full fiscal and monetary firepower to combat the worst downturn since the 1930s.

OPEC ministers will on Sunday debate whether their best policy is strict compliance with existing output curbs or a new set of cuts as they balance the issues of bulging oil stocks and a bruised world economy.

The Treasury will offer more details in the coming week about how proposed public-private partnerships to take bad assets off banks' books will work, a senior department official said on Saturday.

China's Geely Automobile Holdings, considered a potential buyer of assets from struggling global auto giants, said foreign acquisitions would allow it to secure technology and new markets but it remains cautious about possible deals.

Following the close call the International Space Station had on Thursday by being hit with space junk, NASA released an audio recording of the communications between the astronauts and ground crews.

China warned the West not to put its fingers into Tibet as the anniversary on Saturday of riots in Lhasa passed with heavy security to prevent any challenge to Beijing's rule.

MGM Mirage , which has warned it could breach its credit agreements this year if the economy doesn't rebound, may break itself up to lure potential buyers as it races to raise the more than $1.5 billion it owes in bond payments and interest this year, the Wall Street Journal reported on Saturday.

OPEC ministers in Vienna this weekend will debate whether the best policy is strict compliance with existing curbs or a new set of output cuts as they balance the issues of bulging oil stocks and a bruised world economy.

OPEC ministers in Vienna this weekend will debate whether the best policy is strict compliance with existing curbs or a new set of output cuts as they balance the issues of bulging oil stocks and a bruised world economy.

U.S. municipalities, strapped for cash as the recession decimates revenues, are stepping up sales of everything from old police cars, helicopters and bicycles to confiscated jewelry and slot machines in an effort to reduce swollen deficits.

Bank of America Chairman and Chief Executive Officer Ken Lewis said his bank was profitable in the first two months of the year and called possible nationalization of the bank a “nightmare.”

Freddie Mac, the second largest mortgage finance company in the U.S., urged lenders to limit fees for borrowers so they could benefit from President Barack Obama’s housing stimulus plan.test

U.S. officials tried to reassure Chinese premier Wen Jiabao about his country’s investment $2 trillion investment in U.S. Treasuries after he expressed worries in the light of the current financial crisis.

Bernard Madoff and his wife’s net worth is between $823 million and $826 million according to a court filing