IBT Staff Reporter

The euro fell broadly on Monday, pulling back from gains last week, after the Spanish central bank's takeover of a savings bank added to jitters about debt problems in some of the weak euro zone countries.

East African Community, a five-nation trade bloc that aims to have a monetary union in 2012, said on Monday that problems in the euro area will serve as a lesson but will not discourage its move to a single currency. East African Community (EAC) comprises Uganda, Kenya, Tanzania, Uganda and Burundi. It already has a customs union, and a common market is due to take effect in July. After the monetary union, it eventually aims to have a political federation.

British Airways Plc cabin crew began a five-day strike on Monday after talks broke down in a dispute over wages, jobs and working conditions and BA said no further negotiations were imminent.

International Business Machines Corp said on Monday it has agreed to buy business software integration services company Sterling Commerce from AT&T Inc for about $1.4 billion in cash.

Stock index futures pointed to a fall of more than 1 percent at the open on Monday as a Spanish government bailout of a local bank refocused attention on a European debt crisis, which investors fear could derail the global economy.

The Bank of Spain said on Saturday it had taken over the running of Spanish savings bank CajaSur after its planned merger with another of the country's small lenders failed.

Stock index futures fell on Monday as a Spanish government bailout of a local bank refocused attention on Europe's debt crisis, which investors fear could derail the global economy.

Just days after unveiling a Sony-branded Internet TV with Google, Sony's chief executive is set to meet rival Samsung Electronics, for possible alliances, as the Japanese consumer electronics maker aims to turn its TV business profitable with aggressive sales targets.

The United States suggested Europe's debt crisis would have minimal impact on global growth, but China took a more pessimistic view, warning it would impact demand for its exports and other regions would suffer too.

China struck a conciliatory note in talks with the United States on Monday by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy.

A Senate subcommittee is set to examine the proposed airline deal between United Airlines and Continental Airlines on Thursday that will study the implications for airline consumers.

Campbell Soup Co posted higher sales in its key U.S. soup market, helped by increased promotional spending.

U.S. crude oil fell back below $70 a barrel on Monday, giving up an earlier gain on persistent worries that Europe's debt crisis would slow the global economic recovery.

U.S. crude rose above $70 a barrel on Monday, recouping some of last week's losses, but analysts said sentiment remained fragile and prices could again be hit by macroeconomic pessimism.

World stocks recovered some composure on Monday with emerging markets leading the way after a late Friday rally in banking shares on Wall Street ended what was otherwise a dismal week for equities investors.

China struck a conciliatory note at the opening of talks with the United States on Monday by vowing to spur domestic demand and keeping a guarded opening to exchange rate reform, which the Obama administration says is needed to rebalance the global economy.

Oil snapped three straight sessions of declines and rose more than 1 percent toward $71 a barrel on Monday, but analysts said sentiment remains fragile and prices could again be hit by macroeconomic pessimism.

The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asian stocks recouped ground from last week's eight-month lows on fears the euro zone debt crisis will hit world economic growth.

World oil prices advanced above $70 a barrel in Asian trade Monday but remained highly volatile, analysts said. Light sweet crude for July delivery was seen trading at $70.35 a barrel at 11.00 a.m Singapore time while Brent crude eased to $71.21 a barrel at the same time in London.

The IMF said Sunday it expects to record a profit of $ 5.1 billion from the sale of gold in the financial year ended April 30, 2010. In a statement, the International Monetary Fund, which sold gold to member countries including India last year, said gold sales is a part of the multilateral lending agency's new income model, mainly aimed at increasing its resources to lend to low-income countries.

Gold prices moved up in Asian trade Monday as investors remained confident on yellow metals status as a safe haven asset in troubles. Gold for immediate delivery was seen trading at $ 1184.51 an ounce at 11.30 a.m Singapore time while gold futures for June delivery was at $US1185.10 an ounce at the same time. Analysts said, Long-term investors maintained their affinity for the precious metal despite the recent rise in volatility in other markets, including stocks.

The euro struggled to hold on to gains on Monday as investors sold into its latest bounce, while Asia stocks fell to hover just above eight-month lows hit on Friday on fears the euro-area debt crisis will hit world growth.

China will stick to gradual reform of its yuan currency, President Hu Jintao told the United States at the start of high-level talks on Monday in which North Korea emerged as a point of potential contention.

China urged the United States to lift restrictions on exports to China as early as possible, Commerce Minister Chen Deming said ahead of talks between the two countries in Beijing.

Global miner Rio Tinto described Australia as its top sovereign risk on Monday and said it was reviewing all investments there as its raised pressure on Canberra to overhaul its planned new mining tax.

HSBC has no plans to change its management structure, the investment bank's Chief Executive Michael Geoghegan told CNBC television on Monday.

Treasury Secretary Timothy Geithner said on Monday the United States and China need to work together to reduce trade barriers and develop a more balanced global economy.

Australian mothers-to-be may be facing too much pressure on becoming yummy mummy or rather looking good whilst pregnant, researchers say.

Researchers discovered that eating more fruits and vegetables could be a way to a perfect tan rather than baking in the sun.