IBT Staff Reporter

Stanford Financial Group's Chief Financial Officer James Davis, accused with the company's founder Allen Stanford of carrying out a $8 billion Ponzi scheme, has refused to cooperate in the investigation.

Shares of Sony Corp outperformed those of its rivals in a sliding market on Monday, as CEO Howard Stringer's move to directly oversee the electronics arm at the center of the firm's problems raised investor hopes for speedier restructuring.

Insurer AIG is set to take a $30 billion lifeline from the U.S. government and HSBC plans to raise up to $18 billion to counter a crisis that is punishing companies and crippling international trade.

HSBC will be cutting back its US consumer finance operations, the U.K. bank will announce on Monday, according to a report.

Insurer AIG is set to report a $60 billion (42 billion pound) fourth quarter loss and take a $30 billion lifeline from the U.S. government to survive a crisis threatening some of the world's largest companies and crippling international trade.

The $8 billion fraud allegations against Stanford Financial Group will have to be cleared up without the cooperation of the firm's chief financial officer, after he asserted his rights to not incriminate himself, according to a report.

SSG Capital Management, based in Hong-Kong, is seeking up to $500 million for a fund that would invest in distressed Asian assets, according to Bloomberg.

Abu Dhabi is assessing it's $7.5 billion investment in troubled U.S. banking giant Citigroup through convertible bonds that pay 11 percent interest but nothing has changed from its perspective, a source told Reuters on Sunday.

American International Group's board of directors has accepted a rescue package worth $30 billion, its third government bailout, according to media reports.

The U.S. government will commit another $30 billion to prop up American International Group Inc as the embattled insurer prepares to report the biggest loss in history and struggles to sell assets.

Shares of Sony Corp rose on Monday after the electronics maker said CEO Howard Stringer would double up as president and directly oversee the electronics division at the center of its problems.

The U.S. government will commit another $30 billion to prop up American International Group Inc as the embattled insurer prepares to report the biggest loss in history and struggles to sell assets.

The U.S. government will commit another $30 billion or so into American International Group Inc as the embattled insurer prepares to report the biggest loss in history and struggles to sell assets.

The U.S. government will pour another $30 billion or so into American International Group Inc as the embattled insurer prepares to report the biggest loss in history and struggles to sell assets.

American International Group Inc's board approved the latest overhaul of a U.S. government rescue on Sunday that includes $30 billion in new equity and other measures aimed at bolstering the struggling insurer, according to a source familiar with the matter.

The board of American International Group Inc was set to vote Sunday on a revised rescue package for the giant insurer that is expected to include an additional $30 billion commitment from the U.S. government, according to a source and media reports.

Only one Italian bank has so far expressed interest in a government-sponsored bond purchase scheme to boost banks' capital, Prime Minister Silvio Berlusconi said on Sunday, without naming the bank.

European and Southeast Asian leaders on Sunday rejected protectionism to safeguard their national interests against a global financial crisis, spelling out their blocs' commitments to coordinate policies.

Wall Street is unlikely to get a reprieve this week as relentless worries about U.S. banks and the economy could embolden bears to drive the market below the 12-year lows hit on Friday.

Amazon's share of the electronic book reader market just got smaller with new e-readers from the Netherlands, China, Korea and also from the U.S.

Hearst Corp., one of the largest media conglomerates in the world, says its rolling out an electronic reader for its newspapers and magazines, similar to Amazon's new kindle e-book reader. The company also said it will hold back from putting all its content online for free as advertising continues to slow.

In spite of bleak economic times, an iPhone with a hefty $2.5 million price tag has been rolled out, making it the most expensive cell phone in the world.

Abu Dhabi is assessing its $7.5 billion investment in Citigroup as the bank's problems deepen and consequences of a possible nationalization become clearer, according to sources close to the Abu Dhabi Investment Authority.

Abu Dhabi is assessing its $7.5 billion investment in Citigroup as the bank's problems deepen and consequences of a possible nationalization become clearer, according to sources close to the Abu Dhabi Investment Authority .

Europe's biggest technology fair CeBit aims to entice cash-conscious business customers with software aimed at coping with the recession while itself continuing to experience a hemorrhage of trade-exhibitors.

Berkshire Hathaway Inc , Warren Buffett's insurance and investment company, barely broke even in the fourth quarter because of losses on derivatives contracts tied to the stock market.

Southeast Asian leaders said on Sunday they would coordinate policies and take joint actions to deal with a worsening global financial crisis battering their export-dependent economies.

Southeast Asian leaders called on Sunday for coordinated policies and joint actions at the regional level to deal with a worsening global financial crisis that is battering their export-dependent economies, but did not spell out any specific actions the group would take.

Southeast Asian leaders were expected to endorse easier monetary policies and make a stand against protectionism on Sunday as they conclude a summit overshadowed by the worst financial crisis in decades.