IBT Staff Reporter

Governments, not the European Central Bank, have to solve the sovereign debt crisis, one of the bank's top policymakers Juergen Stark was quoted as saying on Saturday.

President Barack Obama will host a summit of corporate chief executives on Wednesday as his administration steps up efforts to mend relations with big business and win their support for his economic policies.

Dutch police arrested a 19-year-old man on Saturday on suspicion of joint responsibility for a cyber attack on the website of the public prosecution office.

After Google’s payment platform “Checkout” now Rovio, the maker of Angry Birds has launched an in-app carrier-billing payment system.

OPEC agreed to maintain current oil production levels at its meeting on Saturday while Saudi Arabia reiterated that $70-$80 a barrel was its favored price for crude.

US fraudster Bernard Madoff's son has been found dead at his Manhattan apartment in New York, according to US media reports. Police suspect that forty six-year-old Mark Madoff, could have committed suicide.

Iraq's top Kurdish leader Massud Barzani, on Saturday, has called for the 'right to self-determination' of the northern Iraqi region. The move could reinforce the demand for total independence to Kurdistan, which has already been accorded autonomy.

The Vatican refused to help investigators looking into the child sex abuse by Catholic priests in Ireland, US diplomats told Washington. Leaked diplomatic cables maintained that Vatican refused its officials to testify before the commission.

Delegates at the UN climate change conference in Cancun have agreed on a deal to curb climate change and fund developing countries on Saturday. Bolivia however, raised objections to the proposals drawn up the host Mexico. The draft comes as respite as the last summit in Copenhagen failed to agree on the best way to cut emissions.

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Nissan Motors will deliver the first all electric car Nissan Leaf to a San Francisco bay area resident.

Ford Motors will debut its midsized compact car at the Detroit auto show in January.

The trustee seeking to recoup money from Bernard Madoff's Ponzi scheme is suing hundreds of individuals, banks and funds around the world that he asserts benefited improperly from the epic fraud.

A unit of Goldman Sachs Group Inc has won the auction for UK-based Paternoster , the specialist pensions business, for an undisclosed sum.

European Union leaders will agree next week to insert two sentences into the EU treaty to pave the way for the creation of the European Stability Mechanism from 2013, draft conclusions of the summit showed.

Saudi Arabia said on Saturday that it still favored a $70-$80 range for oil, a restatement of a two-year-old policy that will relieve consumer nations worried that Riyadh might let oil prices get out of control and slow global economic recovery.

Saudi Arabia said on Saturday that it still favored a $70-$80 range for oil, a restatement of a two-year-old policy that will relieve consumer nations worried that Riyadh might let oil prices get out of control and slow global economic recovery.

Airbus parent EADS threw its backing behind Airbus sales chief John Leahy and other current or former executives caught up in a long-running insider trading investigation, saying it was sure they would be cleared.

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OPEC on Saturday readied an agreement to leave oil production restraints in place, despite a recent surge in crude prices to $90 a barrel.

Europe's single currency is here to stay and those who bet against its survival are making a mistake, German Finance Minister Wolfgang Schaeuble said.

The December rally may be reaching its climax, with just two weeks to go before Santa Claus makes his midnight run. Dwindling volume, excess optimism, and history all point to a stock market that could be running out of steam.

UniCredit unit Bank Austria plans to contest vigorously a U.S. lawsuit linking it to Bernard Madoff's multibillion dollar financial fraud, the Austrian bank said on Saturday.

Dutch bank ABN AMRO said on Saturday a $270 million claim filed against it by a trustee seeking to recoup money for victims of Bernard Madoff related to operations now owned by British bank RBS .

The Supreme Court said on Friday that it would decide whether generic drug companies could be sued under state law over allegations they failed to provide adequate label warnings about potential side effects.

A loose grouping of cyber activists supporting WikiLeaks has abandoned its strategy of online attacks on organizations seen as hostile to the site in favor of spreading the leaked documents far and wide online.

TNT announced it is ending 'The Closer' series after Kyra Sedgwick's contract with them ends in 2011.

The Indian unit of Japan based leading car maker Nissan Motors has launched the diesel variant of its compact hatchback Micra in the Indian market. The new model has been put in the price bracket of Rs 5.59 lakh to Rs 6.05 lakh (ex-showroom Delhi).

TNT announced it is ending The closer series after Kyra Sedgwick's contract ends with them in 2011