IBT Staff Reporter

The Bank of England announced an unprecedented $100 billion ( £50 billion) plan to allow banks to swap mortgage-backed securities for British Treasury bills in a bid to bail out Britain's ailing banking system.

Gold futures closed with a subtle gain on Monday, as a drop in the dollar revived demand for the precious metal as a hedge against losses in the U.S. currency.

The first South Korean astronaut and other two space crew members are safe after a tough return to the earth and very rough landing.

India's fourth largest IT services provider Satyam Computer Services on Monday reported a 18.6 percent surge in net profit for the quarter ended March 31, 2008, but failed to beat market forecast.

AT&T and network equipment maker Cisco Systems Inc will start selling a high-tech video conferencing system together later this year aiming at boosting their sales to multinational corporate clients.

National City Corp. said it will raise $7 billion in capital on Monday, following the lead of other major lenders, after reporting a first quarter miss due primarily to provisions for future losses in the falling housing market.

Crude oil prices slid after hitting their highest record ever on Monday at $117.40 a barrel in New York, on worries that demand will continue to increase and OPEC's comments saying there is no shortage of oil in the market.

Gannett Co Inc., the largest U.S. newspaper publisher said Monday that its quarterly profit fell 9 percent on weaker advertising sales.

Microsoft and Novell revealed their plans capture the Chinese market by taking their patent-protected and open-source programs business to the region.

The Bombay Stock Exchange (BSE) Sensex remained bullish on Monday, gaining 1.57 percent or 258 points, riding on strong market sentiments as investors looked forward to a robust earning season.

By Jon NadlerA mild recovery in prices on the back of $117+ oil and a once again declining dollar overnight helped bring gold back to the $920 area after last Friday's rout.

Bank of America Corp., the second largest U.S. bank, reported a steep 77 percent drop in profits on Monday, missing Wall Street expectations and sending shares plummeting.

U.S. stocks declined for the first time in five days on Monday after Bank of America Corp. and National City Corp. reported earnings that fell short of expectations and added to concern that banks are being hard hit by the subprime mortgage crisis.

Dollar rose against the Euro on Friday after Citigroup's results sparked hope that the worst of the credit crisis has passed.

Sterling recovered against the dollar on short covering and due to speculation that the plan to ease mortgage market conditions would limit the scope of UK rate cuts.

ROME: Oil prices, which topped a record $117 per barrel last week, are unlikely to fall back below $90, the Venezulan oil minister Rafael Ramirez said on the sidelines of the International Energy Forum here on Monday, reports Economic Times .

MUMBAI: India's gold futures were higher on Monday as overseas markets rebounded after a sharp sell off on Friday, but analysts had mixed views about the trend for the day, reports Reuters .

By Andrew K BurgerMore than 700 known prospects have been identified on the Zacualpan and recently acquired Mamatla properties and more than 15,000 metres of surface and underground drilling is planned

Ford Motor Co. unveiled the new Ford Fiesta at the Auto China 2008 event at the New China International Exhibition Centre in Beijing on Saturday.As part of its plan to roll out models globally in a...

Blackstone Group LP replied on Saturday to a lawsuit filed against the firm by Alliance Data Systems Corp. for $170 million saying it will defend itself vigorously and does not intent to settle.The...

Northwest Airlines Corp. and Delta Airlines Inc., already in an agreement to merger since Monday, would need to pay the other $165 million to stop the process under certain conditions, according to a...

Royal Bank of Scotland Group Plc, the second largest U.K. lender, may sell up to up to 10 billion pounds ($20 Billion) of stock to current shareholders to rebuild its capital reserves, the Financial ...

InterContinental Hotels Group(IHG) plans to set up more than 200 hotels in China by 2010, as Chinese people become more richer said Peter Gowers, CEO of IHG's Asia Pacific region.The group w...

As the food prices are rising, China promulgated a plan to increase egg production to prevent possible social unrest.The demand of eggs, poultry and meat are growing in China as recent economic ref...

China's stock slipped to a nearly 13-months closing low on Friday.PetroChina breaks its initial public offer (IPO) price for the first time since the stock issued in Shanghai last October.Th...

GFI group Inc. said on Friday that the now-former head of the firm's North American Product brokerage resigned and the company acknowledges more desertions are pending GFI said.GFI believes t...

Standard & Poor's stated on Friday that it could lower its ratings on Harley-Davidson Inc. due to a weak motorcycle market outlook in the United States.S&P has an A corporate credit r...

Sonic Corp., the nation's largest chain of drive-in restaurants, named a new president and chief operating officer which will allow its CEO to focus on system expansion and brand development str...

Tyson Foods Inc. announced late Friday it will shut down its meat processing plant in York, Neb. as part of its plan to merge some of its ready-made foods business.The closure of the facility will ...