IBT Staff Reporter

Private equity firms TPG and Carlyle won a bidding war for Australian hospital owner Healthscope Ltd , agreeing to pay $1.73 billion in the country's largest buyout deal since 2007.

Moody's downgraded Ireland's sovereign bond rating by one notch to Aa2 on Monday, citing weaker growth prospects and the high costs of rebuilding the country's crisis-hit banking system.

Middle Eastern buyers were ready to place some of the largest orders at Farnborough as the global aviation industry's biggest airshow opened in the sleepy southern England town on Monday.

The global aviation industry descended en masse on this sleepy southern England town on Monday for its largest airshow, with Middle Eastern buyers poised to make another massive splash.

Global stocks slipped on Monday and investors briefly shunned the euro after Moody's cut the credit rating of Ireland, slightly unsettling markets already worried about a slowdown in the pace of U.S. economic recovery.

Oil prices steadied near $76 a barrel on Monday, pausing from the previous session's decline, as investors weighed the sharp drop in U.S. consumer sentiment against early signs of improved underlying oil demand. Analysts said the marginal slide in oil prices shows that crude was receiving ample support above $74 a barrel, thanks to bullish inventory reports that showed large drawdowns in U.S. crude stocks over the past three weeks.

The euro stayed below two-month highs versus the dollar on Monday, dented by a downgrade of Ireland and the suspension of talks between Hungary and the IMF, but steadied as traders awaited results of bank stress tests. Moody's Investors Service downgraded Ireland's sovereign bond ratings rating to Aa2 with a stable outlook from Aa1.

An unexpectedly sharp drop in a key consumer confidence index sent stocks plummeting on Friday and drove down prices for crude oil futures so that the benchmark contract finished the week virtually unchanged from last Friday.

The euro extended losses on Monday, pulling further away from two-month highs, after Moody's cut Ireland's credit rating, highlighting the fragility of Europe's fiscal health.

Europe may be hoping its long-awaited bank stress tests are anti-climactic, judging from the confident comments coming from officials. Jean-Claude Juncker, chairman of the euro zone finance ministers, doesn't expect any big catastrophes when results from the tests of 91 European banks are released on Friday.

LOS ANGELES - The co-founder of E! is launching a celebrity-focused online network complete with several programs in the hope of establishing a new brand in the entertainment programing space.

Bailed-out insurer American International Group Inc named former Prudential plc Chief Executive Mark Tucker as head of its Asia life insurance business, AIA, replacing existing boss Mark Wilson.

Oil prices fell below $76 a barrel on Monday, extending the previous session's decline, on concern about the U.S. economic outlook after data showed consumer sentiment fell to a near one-year low. News that the IMF and European Union has suspended a review of Hungary's funding program at the weekend has also ignited fresh eurozone jitters, as the country will not have access to remaining funds in its $25.1 billion loan package set up in 2008 until the review is concluded.

Gold steadied in Asia on Monday after early selling on low inflation signals gave way to fresh concerns over Hungary's ability to pay its debts prompted safe haven buying. But longer term, the firmness in bullion is not supported by technical analysis, which suggests gold is ready to ease further to lows last seen in late May of $1,175 per ounce.

The euro pulled back from two-month highs on Monday, as investors booked profits on its rally while lingering concerns about Europe's sovereign debt problems looked likely to keep a lid on future gains. High-yielding currencies like the Australian and New Zealand dollars were also under pressure as subdued U.S. data and falling equities .SPX led investors to shun risky trades.

The Dubai Gold & Commodities Exchange today announced that its total volume for 2010 surpassed the one million contracts mark on July 13, 2010 the earliest it has exceeded this milestone in any year since inception.

With open interest in cardamom futures surging, rumors of a ban on the contract also started circulating until Forward Markets Commission clarified that there would be no ban on cardamom futures.

China's exports are expected to grow about 16.3 percent year-on-year in the second half, with full year growth estimated at around 24.5 percent, the China Securities Journal said on Monday, citing the country's State Information Center.

(Corrects time period to H2 in headline)

South Korea's LG Electronics Inc said on Monday it aimed to raise shipments of 3D notebook computers by 30 percent in 2011, as it makes a huge bet on booming sales of 3D products led by televisions.

China's exports are expected to grow about 16.3 percent year-on-year in the second half, with full year growth estimated at around 24.5 percent, the China Securities Journal said on Monday, citing the country's State Information Center.

Australia's Healthscope Ltd on Monday recommended a $1.73 billion takeover offer from private equity firms TPG and Carlyle following a bidding war for the nation's second-largest hospital owner.

China should cut its holdings of U.S. Treasury securities when market demand is strong, a prominent economist said in remarks published on Monday.

Leading media buyer ZenithOptimedia raised its 2010 global advertising growth forecast for the third time following a faster-than-expected recovery in the United States and Western Europe.

The International Monetary Fund wants to boost its lending resources to $1 trillion from $750 billion in order to prevent future financial crises, the Financial Times said on Monday.

The Aussie dollar held onto support around 0.8750 in early offshore trade rallying back above the 88 cent handle on the back of gains in EUR/USD.

The Australian Dollar once again retreated during Friday evening's trade as concerns about the global economic recovery emerged and equity markets headed down in Europe and the US.

American International Group Inc is expected to name former Prudential Plc Chief Executive Mark Tucker as head of AIA, as it prepares the Asian life insurance unit for an initial public offering, a source familiar with the matter said on Sunday.

Motorola Inc is close to selling most of its wireless-network equipment business to Nokia Siemens Networks for $1.2 billion, a source familiar with the matter said on Sunday.