IBT Staff Reporter

The world's biggest casino opens in Macau on Tuesday, the most ambitious throw of the dice yet in a $24 billion effort to build a Las Vegas-style neon alley in this once-sleazy Chinese gambling enclave.

U.S. stocks fell on Monday after data showed the number of unsold homes reached its highest level in more than 15 years in July, adding to concerns about the housing market and consumer spending. Bank shares fell on nagging credit worries after Goldman Sachs slashed its earnings forcast on Lehman Brothers, Bear Stearns and Morgan Stanley.

Investor confidence in the economy deteriorated in August to its lowest level in a year, as the growing housing turmoil compounded worries over high energy prices, a survey showed on Monday.

Wal-Mart Stores Inc is hiring middle-management level executives to help evaluate the type of stores that it operates ahead of the arrival of British grocery Tesco to the United States.

French President Nicolas Sarkozy urged European Union nations on Monday to accept a greater share of defense spending to cope with escalating global threats.

The dollar rose against the euro, but fell against the yen on Monday, as investors attempted to minimize exposure to risky assets amid lingering fears of a global credit crisis.

A key backer of central bank independence won an important role in Japan's new cabinet on Monday, perhaps making it easier for the Bank of Japan to raise interest rates, analysts said.

German Chancellor Angela Merkel urged China on Monday to do more to halt climate change, prompting the response that the developed West has been polluting the skies for much longer than the newly developing Chinese.

Removing Zimbabwe President Robert Mugabe would not automatically deliver democracy to the troubled African nation, said opposition leader Morgan Tsvangirai.

The pace of sales of pre-owned homes fell slightly in July but the inventory of unsold properties soared to the highest level in over 15 years as troubles in the subprime mortgage market continued to wreak havoc on the housing sector. Home sales slid 0.2 percent in July to a seasonally adjusted 5.75 million unit annual rate, according to the National Association of Realtors.

Yahoo Inc said on Sunday it was giving its e-mail users more ways to reach friends and online contacts by allowing them to trade messages with mobile phone users.

Former U.S. Securities and Exchange Commission Chairman Richard Breeden, who is seeking three seats on H&R Block Inc's board of directors, said on Monday three more shareholder advisory firms have backed his slate of candidates.

Thousands of Greeks threatened by towering walls of fire fled their homes on Monday as strong winds fanned blazes that have devastated the country and killed 63 people in four days.

Shares of Countrywide Financial Corp dropped as much as 7 percent on Monday after analysts slashed earnings estimates for the largest U.S. mortgage lender and a report showed existing home sales fell.

Bhaviesh and Varsha Shah bought their dream home in a new development east of Los Angeles two years ago, planted flowers around an emerald lawn and picked out wicker furniture for sitting outside on cool afternoons.

Musicians marched a silent second line through the French Quarter on Sunday to protest the state of New Orleans' famed music scene nearly two years after Hurricane Katrina devastated the city.

After recently gaining one of the biggest teen audiences ever on television, 'High School Musical 2' won the top honor for best TV movie.

Sprint Nextel Corp, which recently said it would spend up to $5 billion on a mobile high-speed wireless standard by 2010, said it had awarded the New York WiMax market to Samsung Electronics Co. Ltd.

The global airlines body IATA said on Monday it had placed its last order for paper tickets, clearing the way for air travel to be based entirely on electronic ticketing from June 1 next year.

Home Depot Inc agreed to cut the price in its supply division sale to buyout firms by $1.8 billion, sources said on Sunday, as a housing market drop and a credit crunch forced all sides to renegotiate.

Attorney General Alberto Gonzales, whose tenure has been marked by controversy over civil liberties and the firings of prosecutors, has resigned, a senior U.S. official said on Monday. Following are some facts about Gonzales.

Attorney General Alberto Gonzales resigned from office on Monday, ending a controversial tenure as chief law enforcement officer that blemished the administration of President George W. Bush.

Samsung Electronics Co. Ltd., the world's third-biggest mobile phone maker, said on Monday it expected to sell more than 40 million mobile handsets in the third quarter.

Private equity firm Francisco Partners has pulled out of the bidding for Sanyo Electric Co. Ltd.'s chip unit as the auction draws to a close, sources familiar with the situation said.

India's Dr Reddy's Laboratories and Ranbaxy Laboratories said on Monday they are seeking acquisitions, and analysts said both drug makers could target U.S.-based Bradley Pharmaceuticals.

Bayer and Onyx Pharmaceuticals said they were stopping a late clinical liver cancer trial with Nexavar in the Asia-Pacific region so patients can get the drug sooner after encouraging results.

Goldman Sachs is to buy upscale jeweler Tiffany & Co's flagship store in Tokyo for about 37 billion yen ($318 million), a sign that Japan's hot property market is shrugging off global credit concerns.

Tsingtao Brewery Co Ltd, China's best known beer brand, posted a 63.4 percent increase in first-half profit as rising Chinese incomes boosted demand for beer and a taste for more expensive brews.

China Life Insurance Co, the country's top life insurer, said on Monday its first-half profit more than doubled, topping forecasts, thanks to investment gains in a strong stock market and rising premiums in the fast-growing Chinese economy.