CIT in talks with regulators, shares plunge

CIT Group Incorporated officials spent the weekend trying to work out a plan assure clients and investors it can work its way out of a deepening liquidity crunch. The firm's shares plunged Monday despite U.S. Treasury Secretary Timothy Geithner's indication of possible help for the ailing company. Shares fell 23 percent on Monday.

Massive solar project Desertec for North Africa outlined

A consortium of 12 companies including Siemens AG, RWE AG and E.ON AG, Munich Re AG, Deutsche Bank G outlined a massive solar project in North Africa called Desertec which aims to provide 15 percent of the energy needed in Europe by 2050. The project is estimated to cost about $559 billion, according to the German Aerospace Center, the Associated Press reported.

Microsoft to roll out free web-based Office version

Microsoft Corp. said Monday it will offer a free Web-based version of Office as it moves to compete with Internet-based software from Google Inc. and increased competition from open source products.

Portion of Facebook employee stock to be sold for $100 million

Facebook employees are able to get $14.77 per share which will value the company at $6.5 billion. Russian Investment firm, Digital Sky Technologies, will but approximately $100 million facebook stock according to reports from Bloomberg.

Microsoft pitches Razorfish sale to 5 big ad companies

Microsoft Corp is in the process of pitching to five of the world's biggest advertising companies a deal to buy Razorfish, its digital ad agency.

Suntech in deal for 3 solar power plants in China

Chinese Suntech Power Holdings Co. Ltd said today it reached agreements to develop four solar power facilities in China with a total generation capacity of 1.8 Gigawatts. The company said permits from the National Development and Reform Commission are needed to continue as well as financing and investing.

Philips profit down 94 Pct

Netherlands-based Philips Electronics NV posted a 94 percent drop in second-quarter net profit and said it plans to increase methods to cut costs. The company also said it received cartel charges from the European Commission in May citing alleged price-fixing by one of its former units, LG Philips LCD Co.

NASA to attempt again to launch Endeavour

NASA is preparing to make a fifth attempt to launch the space shuttle Endeavour, which was delayed on Saturday following bad weather. The seven-member crew boarded the spacecraft even though meteorologists are only giving a 40 percent chance of favorable weather conditions at Cape Canaveral, Florida.

Madoff on his way to serve 150-year prison sentence  cell
Jailed author of the biggest Ponzi scheme in U.S. history is on his way to the prison where he will serve his 150-year jail sentence a U.S. prison official said. Madoff was sentenced on June 29 for orchestrating a $65 billion worldwide fraud.

U.S. Gasoline prices slump

A survey of 5,000 gasoline filling stations across the United States by Trilby Lundberg found the average price of gasoline fell to $2.5573 a gallon, down from a record high of $4.1124 on July last year as crude oil prices declined given weak demand.