IBT Staff Reporter

The number of consumers expecting to cut holiday spending is at its highest level in recent years, with most citing high gasoline and home heating costs, according to an industry survey released on Monday. But fewer consumers are saying they are concerned about making monthly payments on mortgage and consumer loans, despite a widespread subprime mortgage crisis that has resulted in a credit crunch.

Three major Chinese banks revealed have unofficially looked into acquiring a stake in UK-based Standard Chartered Bank, approaching Singapore's state investment agency for discussions about acquiring its 17 percent stake in the bank, according to a report.

Goldman Sachs analysts downgraded Citigroup shares on Monday to 'sell' citing potential write-downs of up to $15 billion in the coming two quarters.

Hewlett-Packard, the world's largest personal computer maker, on Monday reported a better-than-expected 28 percent rise in quarterly profit as notebook PC sales increased. The company also said its board authorized an $8 billion additional share buyback program. Net income was $2.16 billion, or 81 cents per share, for its fiscal fourth quarter ended October 31, compared with $1.7 billion, or 60 cents per share, a year earlier.

France's foreign minister blamed unnamed parties on Monday for blocking a deal between feuding Lebanese leaders to agree on a compromise candidate for president, two days before a key parliamentary vote.

Rescue teams battled smoke and high temperatures on Monday as they pressed on with the task of tracking down 20 missing miners in a Ukrainian coal mine after a methane explosion killed at least 80 others.

Retailer Lowe's Cos Inc said on Monday its third-quarter profit fell 10 percent and it cut its full-year forecast as the U.S. housing slump hurt sales, sending its shares down more than 5 percent. Results at home improvement retailers have weakened as slowing home sales, lower home prices and tightening of credit standards hurt consumer spending on big-ticket projects such as kitchen renovations.

Oil rose on Monday on the weakening U.S. dollar and concerns over whether OPEC will ramp up production next month to ease supply worries. U.S. crude traded 10 cents higher at $93.94 by 1:49 p.m. EST, after striking $95.15 earlier. London Brent crude rose 12 cents to $91.74.

Online retailer Amazon.com said on Monday it will begin selling an electronic book reader with wireless access, the latest attempt to build consumer interest in portable reading devices.

Venezuelan President Hugo Chavez said on Monday the empire of the dollar is crashing, a day after his country and anti-U.S. ally Iran advocated action over the weakening U.S. currency during an OPEC summit in Riyadh.

U.S. President George W. Bush's White House adviser on counterterrorism and homeland security has resigned, he announced on Monday, the latest in an exodus of top aides with 14 months left of his presidency.

Four days after super cyclone Sidr killed more than 3,000 people in Bangladesh, rescuers struggled on Monday to reach isolated areas along the country's devastated coast to give aid to millions of survivors.

Stocks slid on Monday as a brokerage downgrade of Citigroup Inc sparked a sell-off in financial services companies on concerns about credit losses and the housing slump. Goldman Sachs cut Citigroup to sell and said the bank may have to write off $15 billion over the next two quarters as mortgage losses reduce earnings.

Oil handed back early gains to stand below $94 a barrel on Monday as investors took profits, but concerns over the dollar's weakness and uncertainties about OPEC's moves to boost output continued to provide support.

Ferrari's sales could suffer next year if the U.S. economy slows down as a result of the recent turbulence in financial markets, the general manager of the Italian luxury sports car maker said on Monday.

Forget Paris, New York and Rome. The real home of gourmet dining is Tokyo, according to the new Michelin restaurant guide unveiled on Monday.

Union-backed critics of Wal-Mart Stores Inc plan to start their largest ad campaign in a bid to criticize the company during the holiday shopping season, the Wall Street Journal reported Monday in its online edition.

Steel king Lakshmi Mittal beats Ambani brothers to retain Steel tycoon Lakshmi N. Mittal, owner of the world’s largest steel group, ArcelorMittal, has topped the Indian rich list for the fourth year in a row, beating the Reliance brothers - Mukesh and Anil Ambani - with a fortune worth $51 billion, popular business and lifestyle magazine Forbes said.

AT&T expanded its online push on Monday, announcing it acquired advertising technology firm Ingenio.

Amazon.com unveiled a hand held digital reader on Monday that it hopes will boost sales by helping its customers download books, newspapers and other media.

Oil edged higher to stand above $94 a barrel on Monday, supported by a weak dollar and after some OPEC members pushed for action to stem their declining purchasing power.

Gold rose on Monday with oil prices, but the dollar's slight rally against the euro sapped momentum and capped gains below the $800 mark.

Stocks fell on Monday as a downgrade of Citigroup, the No. 1 U.S. bank, fueled a sell-off in shares of financial services companies on renewed worry about mounting credit losses.

China Railway Group, the world's third-largest construction contractor by revenue, plans to raise up to $5.5 billion from its Hong Kong and Shanghai initial public offering amid booming railway investment in China, sources familiar with the deal said on Monday.

Toyota Motor Corp said on Monday it aimed to sell 700,000 vehicles in China next year, up 46 percent from the year before, after raising its China sales target for 2007 by nearly 12 percent, buoyed by hot-selling models.

Japan's Olympus Corp has agreed to buy British keyhole surgery specialist Gyrus Group Plc for 935 million pounds ($1.92 billion) in cash to bolster its position in the medical tools market.

A Chinese anti-virus company has warned against free downloads of Ang Lee's steamy spy thriller, Lust, Caution, saying several hundred sites offering the service were embedded with viruses.

Sumitomo Mitsui Financial Group, Japan's third-largest bank, posted a 30 percent drop in April-September profit, hit by falls in the share price of consumer loan affiliates and losses on subprime investments, but it kept its full-year forecast unchanged.

Temasek, the Singapore state investment agency, has rebuffed an approach from China's three leading banks for its 17 percent stake in UK-based Standard Chartered, a report said on Monday, sending shares in Standard Chartered more than 5 percent higher.