IBT Staff Reporter

Nokia and STMicroelectronics today announced an agreement to deepen their collaboration on the licensing and supply of integrated circuit designs and modem technologies for 3G and its evolution.

U.S. stocks fell on Monday amid continuing uncertainty over the health of the financial markets, brought into greater doubt with Citigroup’s huge write-down on losses related to mortgage-backed securities. Citi said Monday it could post as much as $11 billion in additional write-downs losses, without reassuring investors that more write-downs are on the way.

Gold retraced early losses to hit a 28-year high on Monday on flight-to-quality demand due to credit-market jitters, offsetting lower crude prices and a stronger dollar.

Service sector activity continued to expand but at a slower pace in October, due to more moderate growth in sales, said a monthly report from the Australian Industry Group.

AGL Energy Limited on Monday announced to build another wind farm at South Australia costing $166 million.

Nufarm said on Monday that it has received an acquisition proposal from China National Chemical Corporation (ChemChina) for $2.75 billion.

Banks were more tight-fisted when lending money to businesses and households during the last three months as demand for loans dropped, according to a new survey.

Tokyo-Citigroup Inc. on Monday debuted on the first section of the Tokyo Stock Exchange opening at 4,580 yen, 250 yen higher than the value calculated from closing price from the New York Stock Exchange.

EADS, parent company of European aircraft maker Airbus, expects further costs of around 1.4 billion euros and a delay of at least 6 months.

AT&T announced on Friday the completion of the acquisition of Interwise, a leading global provider of Internet Protocol (IP) based voice, web and video conferencing services.

Web giant Google today unveiled software that will become the operating system for a variety of future mobile phone handsets.

Federal Reserve Governor Frederic Mishkin argued on Monday that his decisions to vote for recent cuts in the Fed's key benchmark lending rate were meant to help the overall economy, not a bail out of financial markets.

PetroChina Co. shares more than doubled in their Shanghai debut Monday, giving the oil giant a $1 trillion market capitalization and easily surpassing Exxon Mobil as the world's largest company.

Stocks fell on Monday after Citigroup's warning of billions more in loan losses compounded fears that the credit crunch could get worse. The news sparked a sell-off in shares of other financial companies as investors questioned which among them would be the next to reveal damage from the meltdown in the U.S. housing and subprime mortgage markets.

As global banks report larger and larger losses it's becoming apparent the the subprime mess will be around longer than expected.

Time Warner Inc said on Monday Chief Executive Richard Parsons will step down on January 1 and be replaced by Chief Operating Officer Jeffrey Bewkes, stoking expectations that big changes lie ahead for the world's largest media company.

U.S. service industries, representing about 80 percent of the nation’s economy, grew faster than expected in October, with increasing numbers of orders, according to a survey of purchasing and supply executives.

Google Inc on Monday spelled out long-rumored plans to enter the mobile phone market in 2008 by building software that could help the industry make the Internet run more easily on phones.

The South Africa government on Friday suspended the team that was representing the Information and Communication Technology (ICT) sector in the planning process for the 2010 soccer world cup.

The Pakistani government said on Monday it would hold a national election by mid-January, as it came under pressure from the United States for imposing emergency rule and detaining lawyers and opposition politicians.

Salvatore Lo Piccolo, who magistrates believe is the Sicilian Mafia's new boss of bosses, was arrested on Monday after nearly a quarter of a century on the run, police said.

ESPN has signed a deal to bring full-length games and TV shows to Xbox Live, the online entertainment network for Microsoft's Xbox 360.

California faces a double-digit fall in housing prices over the next year and a half, a major builder, a lender and the state treasurer said on Monday in a discussion of how long the subprime mortgage crisis would drag on the Golden State.

Global hoteliers are riding a building boom in Asia, and using plush new hotels as giant, living advertisements to lure newly rich Chinese and Indians to their U.S. and European properties.

A Qatari fund has ditched plans for a 10.6 billion-pound ($22 billion) bid for British retailer J Sainsbury, blaming worsening credit markets and the cost of winning support from the firm's pension trustees.

Fear and mistrust gripped Wall Street on Monday after Citigroup's CEO quit in the wake of mounting credit losses and an influential money manager called the subprime mortgage market a $1 trillion problem.

Floods have killed at least 46 people in central Vietnam in the last 10 days and a typhoon making its way across the South China Sea is forecast to dump more rain this week, reports said on Monday.

Britain and France rushed to offer reassurance on Monday that their economies and banking systems would ride out global credit turmoil after Citigroup said it could write off $11 billion of subprime mortgage losses.

U.S. Secretary of State Condoleezza Rice said on Sunday the United States would review billions of dollars in financial aid to ally Pakistan after President Pervez Musharraf declared emergency rule.