BUSINESS

European stocks plunged Monday as fears that Greece will leave the euro zone turned into a virtual consensus about the debt-choked nation's departure. The downdraft also hammered U.S. stocks, which opened sharply lower.

No unity government can emerge, Kouvelis told Greek television.

The world's youngest billionaire has turned 28, and his birthday has come as a landmark moment for his company, as Facebook Inc is all set to start trading.

Shares of Yahoo Inc. (Nasdaq: YHOO), the No. 3 search engine, rose nearly 3 percent in Monday trading after dissident shareholder Daniel Loeb knocked out the CEO and took control of the company.

U.S. stock index futures pointed to a lower open on Wall Street on Monday, with S&P 500 futures down 1 percent and contracts for the Dow Jones and Nasdaq 100 down 0.9 percent.

JPMorgan will move to limit the fallout from a shock trading loss that could reach $3 billion or more by parting company with three top executives involved in its costly failed hedging strategy, sources close to the matter said.

Bombay Stock Exchange's Sensex lost more than 100 points Monday afternoon trade as the slump in European markets and a worse-than-expected inflation for April hit the markets hard.

Trade relations between China and Philippines are likely to go downhill unless territorial dispute between the two governments over the South China Sea is resolved, believe experts. The standoff has apparently extended to economic crisis, with fruit trade and tourism sectors already taken a hit, the China Daily reported. Unless bilateral tensions ease over disputed ownership of Huangyan Island, the problem may likely worsen with economic sanctions imposed.

The companies whose shares are moving in pre-market trade Monday are: Acadia Pharmaceuticals, Avon Products, Chesapeake Energy Corp, Micron Technology, Ancestry.com, Herbalife Ltd, Schlumberger, Symantec Corp, JPMorgan Chase and Alcoa Inc.

Asian markets fell Monday as concerns surrounding Greece exiting the euro zone and German Chancellor Angela Merkel's party losing the state election dampened sentiments.

India's inflation rose unexpectedly in April compared to last year denting prospects further loosening the monetary policy to regain the economic growth momentum.

MetaQuotes Software Corp, a developer of software applications for financial markets, Monday announced the integration of its MetaTrader 5 Forex Trading Platform with Integral Development Corp's FX Grid.

Asian stock markets advanced on Monday after People's Bank of China announced a second cut this year in the reserve ratio to boost economic growth.

Concho Resources Inc. (NYSE: CXO) has agreed to acquire all the crude-oil and natural-gas assets of the Three Rivers Operating Co. and certain affiliated entities for $1 billion in cash, Concho announced Sunday.

Financial-market participants around the world have reasons for both optimism and pessimism at the dawn of this trading week. But nobody appears to care, really. Unless the reason centers on Greece -- and, by implication, the future of the euro zone.

The estimate of California's budget deficit in its next fiscal year has ballooned to $16 billion from $9 billion, state Gov. Jerry Brown divulged in a YouTube video posted this weekend. Brown said the widening gap was caused by changing conditions on both the revenue and the cost sides of the ledger.

First JPMorgan Chase & Co. lost an estimated $2 billion in derivatives trading, and now it has lost one of CEO Jamie Dimon's top lieutenants: Ina R. Drew, JPMorgan Chase's chief investment officer and a bank employee for three decades, will step down on Monday. Matt Zames will take over for Drew, Bloomberg News reported.

Yahoo Inc. CEO Scott Thompson resigned, succumbing to growing pressure over a fraudulent resume entry that has haunted the embattled executive since early this month. Thompson will be replaced on an interim basis by Yahoo's global media head Ross Levinsohn

Ally Financial Inc's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said on Sunday, in a move that could help the taxpayer-owned auto lender to shed its troubled mortgage business but also spur drawn-out legal fights.

Ally Financial Inc's Residential Capital unit is nearing a bankruptcy filing, sources familiar with the situation said on Sunday, in a move that could help the taxpayer-owned auto lender shed its troubled mortgage business but also spur drawn-out legal fights.

Scott Thompson is stepping down after a controversy over a fake computer science college degree on his biography, a source familiar with the situation said on Sunday.

The GOP touts itself as the party of job creation. But the party of which president - Democratic or Republican - creates more jobs per year, on average?

JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon offered a mea culpa on NBC's Meet The Press Sunday, saying the mammoth money-center bank was dead wrong to dismiss concerns over a series of hedges that ended up costing the company $2 billion.

For months, Yahoo has been in crisis. Market share fell. CEO Carol Bartz was fired. A Chinese tycoon said he?d buy the company.

JPMorgan Chase & Co CEO Jamie Dimon said his bank reacted badly to warning flags last month that it had large trading losses in complex financial derivatives, according to a transcript of an interview broadcast on Sunday on NBC's Meet the Press television program.

Greece's president met with party leaders on Sunday in a final bid to form a coalition and avert a new election, but the talks immediately appeared doomed because of deep splits over the EU/IMF rescue plan.

Samsung Galaxy S3 was unveiled at the Earls Court press event in London May 3 and the new smartphone has received compliments for its enhanced battery and processor capabilities.

Tens of thousands of Spaniards protesting against the economic crisis and the austerity measures marched on the streets of different cities in the country Saturday to mark the first anniversary of the Indignados movement that ignited similar protests worldwide.

Thousands of demonstrators took to the streets of several Spanish cities late Saturday in what is described as a massive social movement against the economic atrocities the nation is coerced into.