IBT Staff Reporter

President Barack Obama's aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually.

The recession in emerging Europe will be more severe than elsewhere due to large imbalances, and will put the financial strength ratings of local banks and their western parents under pressure, Moody's said on Tuesday.

Government pressure is taking hold in the midst of crisis at another major bank, as RBS announced today it reached a deal with the UK, its majority shareholder, to cut the total bonus pay by 90 percent to 175 million pounds ($247.5 million).

Consumer demand for data services on mobile phones, such as accessing email or browsing the Web on the go, is rising despite the global economic downturn, a survey released Monday found.

Before the first biker ever tattooed a Harley-Davidson logo on his arm, before Apple ever inspired the first MacHead to swear she would never -- ever -- marry a Windows user, Deere & Co was creating one of the enduring corporate cults.

As cash-strapped U.S. consumers think twice before buying a coffee or a newspaper, and banks fight for survival, Visa Inc and MasterCard Inc are cutting costs to sustain earnings.

Merrill Lynch is shifting a majority of its contracts from troubled Indian software firm Satyam Computer Services Ltd to rival Tata Consultancy Services, the Economic Times reported on Monday.

Japan sank deeper into recession with its worst quarterly contraction in 35 years, data showed on Monday, its reliance on exports and soft domestic demand dragging down the world's second-largest economy.

In 1997/98, Asia fell into the economic abyss because of a dependence on inflows of foreign capital, which suddenly turned tail.

A group of Sirius XM Radio Inc creditors will seek to remove Chief Executive Mel Karmazin if the company chooses a bankruptcy filing over a deal with an investor that would let it stay solvent, the Wall Street Journal said.

President Barack Obama has decided to launch a government task force for restructuring the struggling U.S. auto industry instead of naming a car czar with sweeping powers, a senior administration official said on Sunday.

Russian Finance Minister Alexei Kudrin may have felt it as a sign of the times that he was among the last at Rome's Excelsior hotel to see the closing statement from this weekend's meeting of global policymakers.

CHICAGO - President Barack Obama has decided to form a government task force to oversee the restructuring of the struggling U.S. auto industry instead of naming a car czar with sweeping powers, a senior administration official said on Sunday. Obama is appointing Treasury Secretary Timothy Geithner as his designee for overseeing auto bailout loans and as co-head of the new high-level pane...

Venezuela's President Hugo Chavez promised to use a referendum victory that allows his re-election to fight crime and corruption and consolidate socialism in a nation whose oil income has fallen abruptly.

three times the fall in gross domestic product in the same quarter in the United States, at the epicenter of the current global crisis. With exporters cutting production and laying off staff and many retailers reporting sharp falls in sales, economists saw little hope of a bounce back for Japan. The data showed a severe picture of the Japanese economy and highlighted the weakness in exports,...

SEOUL - LG Electronics Inc, the world's No.3 mobile phone maker, aims to increase its global market share to at least 10 percent this year and boost low-cost phone sales, the head of its handset business said. As shrinking consumer demand hits the mobile industry, LG expects deteriorating profits this year, but still targets a high single-digit percent profit margin on mobiles, against 11 perce...

SEOUL - LG Electronics Inc, the world's No.3 mobile phone maker, aims to increase its global market share to at least 10 percent this year and boost low-cost phone sales, the head of its handset business said. As shrinking consumer demand hits the mobile industry, LG expects deteriorating profits this year, but still targets a high single-digit percent profit margin on mobiles, against 11 perce...

On Sunday Venezuela president Hugo Chavez won a referendum to eliminate presidential term limits Sunday and vowed to remain in power for at least another decade to complete his socialist revolution.

DETROIT - Talks between General Motors Corp and the United Auto Workers resumed on Sunday, just two days before a deadline for the struggling automaker to submit a new restructuring plan to the U.S. government. Union negotiators in Detroit walked away from the bargaining table on Friday over differences with GM over the central issue of how to fund retiree health-care costs. Negotiating teams m...

On Monday most Asian stock market indicators slumped as new figures revealed Japan's economy contracted the most in 35 years and Group of Seven finance ministers warned the global decline is likely to continue through most of the year.

SEOUL - LG Electronics Inc , the world's No. 3 mobile phone maker, aims to increase its global market share to 10 percent or higher this year and boost low-cost phone sales, the head of its handset business said. As shrinking consumer demand hits the cellphone industry, LG expects deteriorating profits this year but is still targeting a high-single-digit percent profit margin o...

Bank of Japan http://www.boj.or.jp/

Australian Dollar: The Australian Dollar opens the week at 0.6534, largely unchanged from this time on Friday.

An American student on trial for the murder of her British roommate had a scratch on her neck hours after the killing, a witness testified Saturday at the murder trial in Italy, the Associated Press reported.

Residents in South Carolina can receive a rose for their sweeties from the police by turning in a gun.

U.S. lawmakers have passed a $787 billion stimulus package aimed at boosting the economy which President Barack Obama had wanted the Congress to approve and has said he will sign into law.

Chocolatiers have been concerned about the impact the recession would have on their business but a sweet tooth, even in hard times, has kept them going.

The average American is spending 40 percent less a day in stores, restaurants, gas stations, or online in the two weeks ahead of Valentines Day, compared to a year ago as consumers continue to feel the effects of weaker economy.

The International Monetary Fund and the world's big development banks warned on Friday that emerging and developing countries that lack deep pockets to protect themselves against the crushing impact of a global financial crisis may need help soon.