IBT Staff Reporter

China was Grinch-like in raising interest rates on Christmas Day, but in fact investors have good reasons to be grateful.

U.S. stocks slipped on Monday as a surprise interest rate hike from China's central bank over the weekend prompted investors, worried about demand, to sell equities.

Former oil tycoon Mikhail Khodorkovsky and his business partner Platon Lebedev were declared guilty of fraud by the Moscow's Khamovniki court on Monday. Both men were accused of embezzling 218 tons of oil via their oil company Yukos and laundering over $97.5 million (3 billion rubles) in revenues.

China's central bank raised one-year lending and deposit interest rates for the second time in 2010 on Saturday, leading Chinese stocks to rise sharply on Monday before falling.

Google displayed a gigantic 42-inch, fully functional Nexus S handset at a Best Buy store in San Carlos, California to give customers a first-hand view into the recently launched Android 2.3 Gingerbread.

Wall Street was set for a lower open on Monday as shares fell globally following a surprise interest rate increase from China's central bank.

A consortium of Apax Partners and iGate are close to buying 63 percent of Patni Computer, a source with direct knowledge of the matter told Reuters on Monday, in a deal valued at about $915 million.

A blizzard pummeled the northeastern United States on Monday, dumping up to 29 inches of snow, disrupting air, rail and bus travel and forcing motorists to deal with blowing snow and icy roads at the end of the busy Christmas weekend.

Bank of Japan's board is concerned about the U.S. Federal Reserve's quantitative easing, as Japan continues to bank on the global economic recovery for its own economic growth, minutes from the policy meeting showed.

Kia Motors announced that it will unveil its KV7 concept car at the 2011 Detroit Auto Show on Jan. 10.

U.S. stock index futures were lower on Monday as shares fell globally following a surprise interest rate increase from China's central bank.

Global banking supervisors tackling issues like bonuses, which drew ire during the economic crisis, said banks should disclose how an individual's pay is linked to the firm's performance, including longer-term profitability.

A winter blizzard moved across the northeastern United States on Monday, disrupting air and rail travel and forcing motorists to deal with blowing snow and icy roads at the end of the busy Christmas weekend.

School-leavers may apply to universities only with earned A-level scores

Iran's OPEC governor said that that the oil market is balanced and is likely touch $100 per barrel , the Oil Ministry's website SHANA said in a statement

Shanghai Automotive Industry Corp, a partner of Volkswagen AG and General Motors, signed a memorandum of understanding with the city government of Nanjing, capital of Jiangsu province, pledging to invest 10 billion yuan (1.5 billion U.S. dollars) for the expanded production.

Teena Marie, the first white to sing for Motown, and R&B singer dies in her sleep

It was a hot Christmas for Angelina Joile and Brad Pitt in Namibia

Ivory Coast's incumbent President has yet again reiterated that despite domestic and international pressure, he would not abdicate. Observers fear that a renewed civil war in the country is almost inevitable.

Fresh religious clashes that broke out in the city of Jos in Central Nigeria on Sunday reportedly killed at least one person while several other have been injured. Many buildings and cars were set ablaze in the violence between Muslim and Christian groups. Police and military units have been deployed to prevent further hostilities by the mobs. The clashes came just a day after three blasts rocked the city killing 32 people. Tensions are escalating as unconfirmed reports are also suggesting that ...

Eight Americans were killed and 21 others injured after a tour bus collided with a truck on a desert road near the city of Aswan in Southern Egypt. Local media reported that the bus was carrying 37 tourists from the United States who were on their way to the 3000-year-old historic Abu Simbel temple.

Taiwan's Hon Hai Precision Industry Co will buy a majority stake in a Hitachi Ltd display unit for about $1.2 billion, making it the world's top ranked maker of small and medium sized LCDs, the Nikkei newspaper said on Monday.

Chinese shares slid and European stocks followed suit on Monday as the impact of China's Christmas Day interest rate rise sunk in to thin markets.

Russia's competition watchdog sees no major issues with PepsiCo's plan to buy juice and dairy company Wimm-Bill-Dann , Interfax news agency reported on Monday.

Asian shares edged up while the Australian dollar and commodities pared early losses as investors bet China's latest interest rate hike would not change the optimistic outlook for the global economy in 2011.

Stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 0.45 percent, Dow Jones futures down 0.44 percent and Nasdaq 100 futures down 0.16 percent at 0850 GMT (3:50 a.m. ET).

Sony Corp will invest $1.2 billion in the next financial year to double its output of image sensors, taking advantage of brisk demand for digital cameras and smartphones.

China made fresh assurances that it will keep inflation in check, saying it will improve efforts to stabilize prices and ensure an abundant supply of essential commodities ahead of the Chinese New Year.

Singapore-listed ECS Holdings , which recently clinched nation-wide distribution rights for Apple's iPad and iPhone in China, hopes to raise gross proceeds of around $50 million from the listing of its Taiwan Depository Receipts.