IBT Staff Reporter

Oil rose more than $3 on Monday after renewed buying on speculation OPEC may cut output again at its Sunday meeting as the United States market came into play.

North Korea on Monday said it had put its armed forces on full combat readiness in response to the start of annual military exercises by U.S. and South Korean troops, raising tension on the divided peninsula.

The European Union was set to back an International Monetary Fund call for $500 billion to fight the financial crisis on Monday as world stocks sank toward 14 year lows in a broad-based sell-off.

McDonald's Corp posted a 1.4 percent rise in February sales at restaurants open at least 13 months as strength in the United States helped offset the impact of the stronger dollar.

Nokia Oyj is betting a wider and more tailored offering of media and software for its phones will prove attractive when its Ovi online store opens in May and goes head-to-head with Apple Inc's App Store.

Stocks were set to hit fresh 12-year lows at Monday's open as a lack of confidence in steps to shore up ailing banks persisted, offsetting Merck's proposed $41 billion takeover of Schering-Plough .

China Mobile, the world's largest mobile carrier, is in talks with Taiwan's three major mobile phone network operators to cooperate on roaming services, chairman Wang Jianzhou said on Monday.

Oil fell slightly on Monday, wiping out an early 1 percent spike over $47 on speculation OPEC may agree to cut output further at a March 15 meeting.

Warren Buffett said on Monday the U.S. economy had fallen off a cliff but would eventually recover, although a rebound could kindle inflation worse than that experienced in the late 1970s.

Stock futures signaled Wall Street could hit fresh 12-year lows at the open on Monday as a lack of confidence in steps to shore up ailing banks persists, offsetting news of a $41 billion drug sector takeover.

Biofuels could be used to fly commercial airlines within the next decade as a viable alternative to kerosene, although costs and concerns over environmental impact remain big barriers.

Merck & Co Inc said on Monday that it would acquire Schering-Plough Corp for $41.1 billion, uniting the makers of cholesterol drugs Zetia and Vytorin in the second megadeal for Big Pharma in weeks.

Warren Buffett said on Monday that the U.S. economy had fallen off a cliff and eventually would recover, although a rebound could rekindle inflation worse than experienced in the late 1970s.

Roche Holding AG looks likely to seal a deal to buy out U.S. biotech group Genentech Inc , analysts said on Monday, after the Swiss drugmaker upped its offer to $45.7 billion.

World stocks sank toward 14-year lows in a broad-based sell-off on Monday, dragged lower by economic gloom in Europe and Asia, where Japan recorded its largest current account deficit on record.

The European Union is set to back an International Monetary Fund call for $500 billion to fight the global financial crisis, a document showed on Monday as Japan posted its first current account deficit in 13 years.

Lloyds Banking Group said Britain's requirement for banks to hold enough capital to withstand a severe downturn was key to its decision to insure 260 billion pounds ($370 billion) of risky assets with the UK government.

Britain should cast aside its hesitation and press ahead with carbon capture and storage (CCS) projects, especially as it needs to replace many coal-fired generators, a government advisor told Reuters.

An ethanol trade group submitted a formal request to the U.S. Environmental Protection Agency on Friday to boost the allowed ethanol-to-gasoline blend rate as high as 15 percent from the current cap of 10 percent.

The U.S. government, fearing the loss of up to $10 billion in old drilling royalties from oil companies, may take a dispute with Anadarko Petroleum Corp to the U.S. Supreme Court, Interior Secretary Ken Salazar said on Friday.

The global financial crisis slashed the value of financial assets worldwide by $50 trillion last year, a study commissioned by the Asian Development Bank (ADB) said on Monday.

World stocks sank toward 14-year lows in a broad-based sell off on Monday, dragged lower by economic gloom in Europe and Asia, where Japan recorded its largest current account deficit on record.

Virgin Group will return to the mortgage market and obtain a license to operate a high street bank, the group's billionaire founder Richard Branson told the Times newspaper.

While accused hedge fund swindler Arthur Nadel sits in a Manhattan jail, Burton Wiand is busy seizing control of his assets -- a 453-acre mountainside tract of land in North Carolina, several airplane hangars and a jumble of bank accounts.

American International Group Inc had warned of turmoil around the globe if the government allowed the insurer to fail when it appealed to U.S. regulators for its latest rescue, Bloomberg said citing an AIG presentation dated February 26.

Lloyds Banking Group starts meeting investors on Monday to garner support for its plan to insure 260 billion pounds ($370 billion) of risky assets with the UK government, which further dilutes shareholders and sent its shares tumbling.

Japan's Nikkei average struck a 26-year low on Monday and other Asian markets slipped on worries about the fate of General Motors and U.S. banks, while the yen edged up in a slight reversal of its broad slide.

European Union finance ministers are set to back a call from the International Monetary Fund to double its funds to $500 billion to fight the global financial crisis, a document showed on Monday.

India's Satyam Computer Services said it was commencing a competitive bidding process to select an investor to acquire 51 percent stake.