IBT Staff Reporter

Oil prices dropped more than 10 percent on Monday as a deteriorating world economy threatened to cut further into fuel consumption and made OPEC's tight compliance with supply curbs look insufficient.

HSBC launched Britain's biggest rights issue, raising 12.85 billion pounds ($18.1 billion) on Monday to help it overcome big losses in the United States and exploit the woes of weaker rivals.

International donors pledged $4.481 billion on Monday to help the Palestinian economy and rebuild Gaza after Israel's three-week offensive, insisting their funds bypass the territory's Hamas rulers.

The Nokia's XpressMusic 5800 which was on sale in the US market last week was halted by the company.

Stocks slid on Monday in a broad sell-off as a record $61.7 billion quarterly loss at embattled insurer American International Group fueled fears that the global financial crisis is spiraling widely.

The global financial crisis is the worst economic downturn in living memory and the EU is providing a lot of aid to those new European Union members who have been hit particularly hard, EU officials said on Monday.

Auto sales likely hovered around 27-year lows in February as consumers mostly stayed away from buying big-ticket items, spooked by job losses, the deep recession and tight credit.

The court-appointed receiver in control of the assets and operations of Stanford Group Co and two other firms controlled by Texan billionaire Allen Stanford told a federal court on Monday that Stanford Group faces a dire financial squeeze.

Ailing telecom equipment maker Nortel Networks Corp , now operating in bankruptcy protection, said on Monday its quarterly loss more than doubled as it booked over $2 billion in noncash writedowns and saw its sales plunge.

Auto sales likely hovered around 27-year lows in February as consumers mostly stayed away from buying big-ticket items, spooked by job losses, the deep recession and tight credit.

Wyeth has won approval to sell its top-selling pneumococcal vaccine Prevenar in Russia and expects to launch the product there later this year, the U.S. drugmaker said on Monday.

Bank Hapoalim, Israel's largest bank in terms of assets, reassured investors on Monday they would receive interest payments on deferred capital notes that had been downgraded by the Standard & Poor's Maalot ratings agency.

Vivendi is betting on its Guitar Hero and World of Warcraft games to boost profits this year, despite the global economic slump.

Brazil's benchmark stock index plunged 3%in early afternoon trade on Monday, tracking a sell-off in global markets on concerns the financial crisis is deepening after insurer American International Group posted a record quarterly loss.

International Paper Co. slashed its quarterly dividend by 90 percent to 2.5 cents on Monday to save about $100 million a year and use the extra cash to pay the debt.

The U.S. recession will be a strong headwind for the travel industry for the foreseeable future, with business travel especially feeling the pinch, the chief executive of online travel agency Priceline.com said on Monday.

Stocks slid on Monday in a broad sell-off as a record $61.7 billion quarterly loss at embattled insurer American International Group fueled fears that the global financial crisis is spiraling widely.

Stocks slid on Monday as news of a record $61.7 billion quarterly loss at embattled insurer American International Group fueled worries the already deep financial crisis is worsening.

Ailing telecom equipment maker Nortel Networks Corp, now operating in bankruptcy protection, said on Monday its quarterly loss more than doubled as it booked over $2 billion in noncash writedowns and saw its sales plunge.

American International Group Inc posted a record $61.7 billion quarterly loss on Monday and got a new but not necessarily final government bailout after officials concluded again that letting the insurer fail would threaten the world financial system.

Oil fell below $41 Monday as a deteriorating world economy threatened to cut further into fuel consumption and made OPEC's tight compliance with supply curbs look insufficient.

Manufacturing contracted at a less severe pace last month, while consumer spending rebounded in January, according to reports on Monday that provided little cheer for an economy mired recession.

Stocks briefly cut losses on Monday following a report that showed U.S. factory activity contracted again in February, but at a less severe rate.

Ailing telecom equipment maker Nortel Networks Corp , now operating in bankruptcy protection, said on Monday its quarterly loss more than doubled as it booked over $2 billion in noncash writedowns and saw its sales plunge.

German twenty-somethings would ditch their spouses and do without a car in a heartbeat if they had to choose between having them or Internet access or a mobile phone, according to an industry study.

Stocks slid on Monday as news of a record $61.7 billion quarterly loss at embattled insurer American International Group fueled worries the already deep financial crisis is worsening.

Telecom equipment maker Nortel Networks Corp , now operating in bankruptcy protection, said on Monday its quarterly loss more than doubled as it booked over $2 billion in noncash writedowns and saw its revenues plunge.

Oil fell more than $3 a barrel to below $42 on Monday as a deteriorating world economy threatened to cut further into fuel consumption and made OPEC's tight compliance with supply curbs look insufficient.

Stocks headed for a lower open on Monday as news of a record $61.7 billion loss at embattled insurer American International Group fueled worries the already deep financial crisis is worsening.