IBT Staff Reporter

Great Lakes Hydro Income Fund will pay C$945 million ($815 million) for its biggest shareholder's Canadian power operations in a deal aimed at positioning itself for a conversion into a corporation by 2011, it said on Monday.

U.S. tax authorities have discovered far fewer than the 52,000 accounts with Swiss bank UBS AG suspected of being used by Americans to avoid taxes, the U.S. government said in a court filing on Monday.

An international food safety body has set rules to cut levels of cancer-causing chemicals and bacteria in foodstuffs ranging from French fries to baby food, the U.N. Food and Agriculture Organization said on Monday.

Discover Financial Services said on Monday it will offer $500 million of common stock and use the proceeds to help repay $1.2 billion the credit card issuer received in government bailout funds.

Bank of America Corp has promoted two senior mergers and acquisitions bankers as it reorganizes following its acquisition of Merrill Lynch & Co and looks to benefit from a possible pickup in deal flow.

Facebook will likely be posting billions of dollars in revenue in five years, up from about $500 million this year, according to Silicon Valley entrepreneur Mark Andreessen who sits on Facebook's board.

Less profitable skies as airlines report dropping June traffic, Judge approves sale to New GM, Rio Tinto sells food packaging division for $1.2 billion

Standard & Poor's on Monday boosted its expectations for losses on risky loans backing U.S. mortgage securities to as much as 40 percent, suggesting a darkened outlook for the troubled housing market.

Japan's Nomura Holdings plans to launch a global prime brokerage business by September as the financial crisis has created room for new players to serve hedge funds, a senior executive said on Monday.

The New York-New Jersey Port Authority on Monday said the World Trade Center developer, Larry Silverstein, had stopped negotiating over his demand for the agency to guarantee his loans for two office towers.

China has erupted into the deadliest ethnic riots Sunday since the 1989 military crackdown on the Tiananmen pro-democracy demonstrations.

The survey is designed to provide REALTOR® members with an overview of the market performance, sales and rental transactions, current economic challenges and future expectations.

Michael Jackson will be buried on Tuesday at the Forest Lawn Memorial Park in Hollywood Hills following a private family ceremony hours ahead of the public memorial which will be held at the Staples Center.

Visiting President Barack Obama and Kremlin leader Dmitry Medvedev agreed a target for cuts in nuclear arms and a deal to let U.S. troops fly across Russia at the start of a trip intended to mend strained ties.

A former Goldman Sachs Group Inc computer programer accused of stealing secret trading codes from the financial firm has been released from federal custody after posting bail, authorities said on Monday.

Michael Jackson crossed swords with a lot of people when he was alive, but perhaps none more important than Jacqueline Kennedy Onassis.

The leading auction website EBay said Monday that it is cracking down on those trying to sell tickets for Michael Jackson's memorial service.

Maurice Hank Greenberg, former chief executive of American International Group Inc , fabricated documents and lied under oath in a bid to rewrite history and cloud who is the rightful beneficiary of a valuable block of AIG stock, AIG lawyer Ted Wells told a federal jury on Monday.

The United States on Monday condemned violence against protesters in Honduras and called for President Manuel Zelaya's reinstatement as the Central American country faced growing isolation over last week's coup.

Audi AG, a German subsidiary of Volkswagen AG, said on Monday it sold 67,000 cars in the January-June period, the best first-half result ever in the country.

U.S. tax authorities have discovered far fewer than the 52,000 accounts with Swiss bank UBS AG suspected of being used by Americans to avoid taxes, the U.S. government said in a court filing on Monday.

The Treasury Department is warning the financial services industry that it will not back down from its proposal to create a new consumer protection agency, even while lobbyists build a warchest and strategy to defeat the plan.

Two Chinese writers slaved for 48 hours straight to produce an instant biography of late singer Michael Jackson, despite having never met him, a state-run newspaper said on Monday.

National Semiconductor Corp on Monday introduced its Powerwise LMX2541 chip, equipped with integrated VCO, the industry's fully integrated lowest –noise frequency synthesizer.

Exiled Uighur businesswoman and activist Rebiya Kadeer rejected on Monday Chinese allegations that she was behind rioting in China's northwestern Xinjiang region that left at least 156 people dead.

The Ricketts family has reached a deal to buy the storied Chicago Cubs baseball team from bankrupt media company Tribune Co for slightly less than the original $900 million bid, a source familiar with the deal said on Monday.

More mortgage losses expected Standard & Poor's Monday boosted its expectations for losses on risky loans backing U.S. mortgage securities to as much as 40 percent, suggesting a darkened outlook for the troubled housing market. According to a S&P report the more dire assessment is likely to significantly impact bonds originally carrying AAA ratings.

The American Institute of Architects recently released a study, AIA Home Design Trends Survey, showing there is a growing demand away from McMansions and towards homes that are smaller.

Singers Mariah Carey, Usher and Stevie Wonder are among those scheduled to participate on Michael Jackson's memorial service on Tuesday, according to CNN, citing a statement from the Jackson family.