IBT Staff Reporter

Like prodigal sons, China's exporters are returning home to sell their products as global economic gloom takes a toll on their overseas orders.

Bank of America Corp , denying a media report, said it had no plans to raise $10 billion in common equity, while another report said Citigroup Inc was looking to raise capital from private investors.

The European Commission said Monday both the 27-nation EU and the 16 countries that use the euro currency will shrink by 4% this year, more than twice as it had predicted at the start of this year.

Corrects 2nd para to show US regulators asked Wells Fargo to raise capital

Billionaire Warren Buffett on Sunday criticized some life insurers for taking on crazy financial risks by selling variable annuities, or retirement products that promised unrealistic guarantees to buyers.

Corrects to remove reference to Genworth Financial being badly burned by variable annuities, as this business is a relatively small part of its overall operations

Liberty Media Corp

General Motors on Monday said it will proceed to sell its Saturn unit, in a secured agreement with a specific buyer later this year, which has 400 retailer locations in the U.S. and Canada.

Australian Dollar: The Aussie dollar shrugged off some woeful local economic data yesterday to continue its recent surge higher.

Last month in a Boston foreclosure sale, John Hancock Tower Lenders Took, a 65% Haircut In 3 Years . Boston is back in the news today with another foreclosure auction. This time it's condo related, with Chorus Bank in the thick of things.

Amazon.com is expected to unveil later this week a version of its Kindle digital eBook reader that has a larger display screen that is better fitted for presentation the presentation newspapers, magazines and textbooks in a more traditional format, according to reports.

U.S. stocks rallied on Monday, driving the S&P 500 into positive territory for the year as investors bet banks' capital shortfalls may be manageable and housing data fueled hopes the recession is easing.

President Barack Obama's administration will face a big test on fighting climate change when it seeks to determine if ethanol, the top U.S. alternative motor fuel, cuts greenhouse gas emissions.

The largest U.S. banks made the case to regulators on Monday that they have the financial firepower to withstand a deeper recession, as Bank of America denied a report it was trying to raise capital of $10 billion.

Pepsi Bottling Group Inc said on Monday its board has rejected a proposal by PepsiCo to buy the remaining stake in the bottler, citing the offer as grossly inadequate.

Chrysler asked the U.S. Bankruptcy Court on Monday for a swift hearing into its planned sale to Italy's Fiat SpA , eliciting immediate objections from some secured lenders.

China increased its goal for wind power generation capacity by the year 2020 to as much as 100 000 megawatts, from 30 000 megawatts that the Chinese government had set 18 months ago, Chinese newspaper China Daily reported on Monday.

Democrats in the U.S. House of Representatives will seek passage in coming weeks of $94.2 billion in emergency money for the wars in Iraq and Afghanistan and other programs, including $2 billion more to prepare for an influenza pandemic.

U.S. stocks rallied on Monday, driving the S&P 500 into positive territory for the year as investors bet banks' capital shortfalls may be manageable and housing data fueled hopes the recession is easing.

America's premier drugstore, Walgreen Co on Monday said its April sales rose 11.1 percent to $5.3 billion from $4.8 billion same period a year earlier, however shares fell to 0.29 percent.

U.S. stocks rallied on Monday, driving the S&P 500 into positive territory for the year as investors bet banks' capital shortfalls may be manageable and housing data fueled hopes the recession is easing.

Research in Motion Ltd's BlackBerry Curve moved past Apple Inc's iPhone in the first quarter to become the best-selling consumer smartphone in the U.S., research group NPD said on Monday.

The U.S. Centers for Disease Control and Prevention (CDC) said Monday on its website there are 36 states and 286 cases which have been laboratory confirmed hit by the new flu. The H1N1 new flu virus appears to be widespread in the United States and seems to be hitting mostly younger people.

The Obama Administration on Monday detailed its plan of raising more than $200 billion over the next 10 years by curbing what it says are corporate loopholes that allow companies investing overseas to gain an unfair advantage over companies that invest in the U.S., mainly by deferring taxes on profits earned overseas.

On Monday, Research in Motion (RIM) launches the new BlackBerry Enterprise Server 5.0 designed to adopt large-scale enterprises workforce.

Research in Motion Ltd's BlackBerry Curve moved past Apple Inc's iPhone in the first quarter to become the best-selling consumer smartphone in the U.S., research group NPD said on Monday.

Warren Buffet is the largest shareholder in Wells Fargo. He claims it is a Fabulous Bank and would like to buy it all. Is he serious or is he just talking up his shares?

Stocks rose on Monday, pushing the benchmark S&P 500 above 900 for the first time since early January, on bets that banks won't have to raise as much capital as previously thought, and housing data fueled hopes that the recession is ebbing.

The Supreme Court is ordering a federal appeals court to re-examine its ruling in favor of CBS Corp. over Janet Jackson's wardrobe malfunction at the 2004 Super Bowl.