IBT Staff Reporter

Asian shares fell on Monday as concerns about slumping corporate profits and the still-uncertain outlook for the global economy fueled a retreat from recent highs, keeping the safe-haven yen broadly higher.

Volkswagen, Europe's largest carmaker, has halted tie-up talks with Porsche as it said its smaller peer and major shareholder was not ready for a merger.

Japan's Nikkei stock average lost 2.9 percent on Monday, briefly touching its lowest point since May 1, as Sony Corp and other exporters fell in the wake of an advancing yen.

President Barack Obama urged both sides in the abortion debate on Sunday to pursue a fair-minded discussion as he sought to quell a firestorm over his invitation to speak at Notre Dame, a premier U.S. Catholic university.

Hundreds of firefighters, police and medical personnel descended on lower Manhattan on Sunday near the site of the September 11 attacks for an emergency response drill simulating an explosion on a commuter train in a tunnel between New York and New Jersey.

American Idol reaches its climax this week, still ruling the roost on U.S. television after eight seasons, but the battle of the songsters faces declining audiences and limits to its viewer-driven format.

Forget about bells and whistles. Asians have gone back to basics in the economic slowdown and are opting for no-frills, lower-priced products rather than brand names and items with fancy features that rarely get used.

Space shuttle Atlantis astronauts on Sunday repaired a failed instrument on the Hubble Space Telescope used to discover black holes and other galactic phenomena following a tedious spacewalk mired by equipment glitches.

American International Group Inc said on Sunday it would accelerate plans to separate its Asian subsidiary through an initial public offering.

Wal-Mart Stores Inc is revamping the electronics departments in its stores to attract customers who previously shopped at the now defunct Circuit City Stores Inc, according to The Wall Street Journal.

Japan's Nikkei stock average fell 2.5 percent on Monday as exporters such as Sony Corp were hit by a stronger yen, while Panasonic Corp tumbled in the wake of a gloomy earnings forecast. Panasonic lost 7 percent after it forecast a bigger-than-expected annual loss following a record quarter of red ink battered by weak demand, price falls and restructuring costs.

Oil hovered little changed above $56 a barrel on Monday, pausing from the previous session's near 4 percent loss, as the market awaited further economic data and movements in equities markets for directions.

Stocks are likely to hit more speed bumps this week as investors become more wary of Wall Street's ability to rally further and housing starts, jobless claims and other indicators are in the spotlight.

The Obama administration's budget chief said on Sunday there are signs that the free-fall in the economy seems to have halted.

Medtronic is armed with cash, ambition, a desire to acquire and a commitment to buy back stock and pay dividends, moves that could drive the medical device maker's shares up 25 percent to 30 percent in the next 12 months, Barron's reported on Sunday.

Shares of Cerner Corp look a little pricey, but there may be upside yet because of gaping holes in healthcare information technology that are starting to get filled, Barron's reported on Sunday.

Onyx Pharmaceuticals Inc said on Sunday it sued Bayer AG over its rights to an anti-cancer compound that it says it discovered during joint research with the German drugmaker.

Executives of China's top Internet search company Baidu Inc talked this weekend with striking workers who are angry about salary cuts and new sales commission policies that they say could force them out of their jobs, The Wall Street Journal reported on Sunday.

Central banks might need more power to oversee banks if they are to play a larger role in maintaining financial stability in the post-crisis world, a Bank for International Settlements report said on Sunday.

Investors might have underestimated Wal-Mart Stores Inc's prospects once economic recovery begins, but the retailer's management is buying the stock because it knows it is trading at a bargain, Barron's reported on Sunday.

U.S. shopping center and mall owners can expect to see a lot of vultures circling this year's International Council of Shopping Centers convention in Las Vegas.

The Obama administration's budget chief said on Sunday there are signs that the free-fall in the economy seems to have halted.

The bad economy has forced many Americans to cut down or even give up on buying fresh foods, healthy activities have also been cut such as exercising regularly.

Volkswagen, Europe's largest carmaker, has halted tie-up talks with Porsche as it said its smaller peer and major shareholder was not ready for a merger.

U.S. stocks are likely to hit more speed bumps this week as investors become more wary of Wall Street's ability to rally further and housing starts, jobless claims and other indicators are in the spotlight.

General Motors' Opel unit might make cars for other manufacturers if car parts maker Magna becomes its partner, German paper Welt am Sonntag reported, citing unidentified sources close to Magna.

UBS , has hiked the salaries of some investment bankers to guard against staff poaching by competitors, Switzerland's largest bank said on Sunday.

More and more celebrities are embracing social networks; Britney recently joined new the new social content site MyStudiyo.com to promote her Circus Tour.

Anokimobi Limited has designed the world’s first solar powered, Electro Luminescent (EL) signage.