IBT Staff Reporter

Two of the largest U.S. banking companies said on Monday that tough credit market conditions may cause higher losses related to lending.

Mortgage finance giants Fannie Mae and Freddie Mac are abiding by rules that require them to avoid buying risky subprime loans, the companies' regulator said on Monday.

Toyota Motor Corp. should hit its target of 5-percent U.S. sales growth this year despite a recent slowdown and building concerns about the knock-on effect of the subprime mortgage crisis, the automaker's chief financial officer said on Monday.

Stocks fell on Monday as bank shares declined on fears of bigger-than-expected loan losses related to housing, while a drop in crude oil prices hurt energy shares.

Egypt's ancient city of Luxor has become the latest spot to offer super high-speed WiMax wireless Internet technology, encouraging visitors to stay connected while they tour the city's Pharaonic temples.

Having a huge network of online buddies does not mean you have any more close friends than the rest of us, a British researcher said on Monday.

A European Union court will decide next Monday on Microsoft's challenge to a 2004 landmark European Commission decision imposing fines and sanctions on the software giant over antitrust violations.

Eudora, a pioneering e-mail program named after author Eudora Welty, is rising from a technical grave as an open source program after owner Qualcomm Inc quit selling the product in May.

L'Oreal, the world's largest cosmetics group, has launched legal action against eBay, alleging the online auctioneer does not do enough to combat the sale of counterfeits, the company said on Monday.

China's product safety chief has urged his officials not to be discouraged by current global concern about Chinese goods, but warned them in the same pep talk their jobs may be at risk if they don't perform up to scratch.

Bank Citigroup will list its shares in Tokyo as early as November as part of the financial giant's push into the world's second-largest economy, sources familiar with said.

The weak U.S. housing sector warrants close attention to assess the economic outlook as well as its recent disruptive effects on financial markets, Philadelphia Federal Reserve Bank President Charles Plosser said on Saturday.

Kohlberg Kravis Roberts & Co. is close to making a concession to the banks financing its $26 billion leveraged buyout of payment processor First Data Corp, a source said on Monday.

Blackstone Group has agreed to buy 20 percent of chemical maker China National BlueStar (Group) Corp for up to $600 million, the private equity groups said on Monday, marking its first major investment in the fast-growing market.

Joseph C. Lewis, who became a billionaire trading currencies, has taken a 7 percent stake in Bear Stearns Cos Inc, snapping up about $860 million worth of the investment bank's stock over the past two months. He became one of the company's biggest shareholders, if not the largest. Shares shot up more than 3 percent.

Gen. David Petraeus, the top U.S. military commander in Iraq, is due to assess on Monday whether President Bush's move to add 30,000 troops in Iraq this year has succeeded - and what troop levels are needed going forward.

Walt Disney Co. has announced that it will start its own testing of toys featuring Disney characters in the wake of recalls of millions of Mattel Inc. toys that were found to have unsafe levels of lead paint.

The dollar slid to a 15-year low against a basket of currencies on Monday after data showing U.S. employers cut jobs for the first time in four years stoked expectations for a hefty Federal Reserve rate cut this month.

A major overhaul at Yahoo Inc appears unlikely as a result of a strategic review being undertaken by the company. New Chief Executive Jerry Yang said in July he would deliver a new strategic plan for the company within 100 days to help the company respond to rapid changes in consumer behavior on the Web and competition from rival Google Inc.

In the apparently pure Arctic air, a research station on a Norwegian island mountain ridge finds tiny chemical traces from factories in Russia, pesticides in Israel or China's coal-fired power plants.

To the chagrin of green groups, APEC members signed a voluntary non-binding agreement to cut greenhouse gases.

President George W. Bush's homeland security adviser said on Sunday al Qaeda leader Osama bin Laden is virtually impotent and can do little more than send videotaped messages.

A second spell of floods in less than a month has spread across parts of Bangladesh, killing seven people and leaving thousands stranded, officials said on Monday.

In a report considered crucial to U.S. strategy in the highly unpopular war in Iraq, the top U.S. commander there is expected to tell Congress on Monday that U.S. troop levels should not be cut deeply.

Former Pakistani prime minister Nawaz Sharif was arrested and deported to Saudi Arabia on Monday within hours of arriving home from exile, vowing to end the rule of President Pervez Musharraf.

With a dash of charity and some posthumous help from Elvis Presley, smash hit American Idol clinched its first Emmy in six years on Saturday to avoid becoming the biggest loser in the history of U.S. television's highest honors.

The designer who helped create a classic American style celebrated with a collection of his trademark looks.

One of India's premier fashion events may be bigger and better than ever before but the decision to conduct it the same week as the prestigious New York Fashion Week seemed to have ruffled a few feathers.

In the dim confines of the time-worn Wing Woo grocery, a short hop from Hong Kong's gleaming financial towers, Kwan Moon-chiu, 73, quietly arranges supplies of salted-fish and eggs, knowing his store's days are numbered.