IBT Staff Reporter

Oil prices dropped nearly 10 percent on Monday as a deteriorating world economy threatened to cut further into fuel consumption, outweighing OPEC's strong compliance with supply curbs.

Mar 02, 2009

On March 2, African Union top executive, Jean Ping, condemned the assassination of Guinea-Bissau's President Joao Bernardo Vieira by soldiers as a criminal act

Mar 02, 2009

On Monday, Samsung Digital Imaging breaks silence when it unwraps the NX series camera at the PMA 2009 in Las Vegas.

Mar 02, 2009

Wendy's/Arby's Group Inc., the third largest U.S. fast-food chain, said Monday it posted a quarterly loss of nearly $400 million due to recent negative trends in operating performance, the downturn in the economy and adverse stock market conditions.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009

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.

Mar 02, 2009