Cash for Clunkers expected to boost auto sales
Auto sales for July which will be announced on Monday are expected to be boosted by the government's cash-for-clunkers program. The program boosted industry wide deliveries of new vehicles to the highest levels of this year.
UBS shares soar following favorable tax deal
Shares in UBS soared on Monday after reports said the Swiss bank would not be liable to pay a fine and that the bank would also pass on fewer client names than expected in a settlement of U.S. tax litigation. The case is expected to be finalized later this week.
HSBC earnings plunge by 57 percent
HSBC Holdings Plc, reported a 57 percent fall in earnings for the first six months of 2009, the plunge was blamed on surging losses from bad loans. The banks reported first-half net profit was $3.35 billion compared to $7.7 billion in the first half of 2008.