IBT Staff Reporter

A powerful earthquake struck a huge swath of central Italy as residents slept on Monday morning, killing more than 50 people and making up to 50,000 homeless.

Stocks futures pointed to a lower open on Monday, as bank shares fell after an analyst initiated coverage on several large banks with an underperform or sell rating, sapping recent investor optimism on the financial sector.

Standard Chartered on Monday offered to buy back or exchange more than $1.6 billion of subordinated Tier 2 bonds following similar offers from Royal Bank of Scotland and Lloyds Banking Group .

Wireless carrier T-Mobile is planning an aggressive push into the home with a variety of communication devices that will use Google's new Android operating software, the New York Times said.

HSBC shares jumped over 5 percent on Monday after its massive 12.9 billion pound ($18.9 billion) rights issue received a robust response from investors, with leftover shares sold quickly.

World stocks rose for a fifth straight session on Monday as investors sought bargains against a background of increasing optimism about the global economy.

Shares of Sun Microsystems Inc dropped on Monday after a source with knowledge of the matter told Reuters that IBM's talks to acquire its smaller rival broke down.

Oil prices rose toward $53 per barrel on Monday, buoyed by expectations that rich nations' efforts to stimulate their economies may help end the global downturn sooner than expected.

A Swedish local court on Monday granted General Motors' loss-making unit Saab an extension of the period it is protected from creditors, giving it further time to restructure.

Shares of Sun Microsystems Inc dropped on Monday after a source with knowledge of the matter told Reuters that IBM's talks to acquire its smaller rival broke down.

Bankruptcy is not inevitable for General Motors Corp, said the automaker's new chief executive on Sunday, who is under White House orders to win more concessions from bondholders and unionized workers.

Oil prices rose above $53 per barrel on Monday, buoyed by expectations that rich nations' efforts to stimulate their economies may help end the global downturn sooner than expected.

Shares of Sun Microsystems Inc dropped on Monday after a source with knowledge of the matter told Reuters that IBM's talks to acquire its smaller rival broke down.

Shares of Sun Microsystems Inc dropped on Monday after a source with knowledge of the matter told Reuters that IBM's talks to acquire its smaller rival broke down.

HSBC shares rose over 4 percent on Monday after its massive 12.9 billion pound ($18.9 billion) rights issue received a robust response from investors.

Wireless carrier T-Mobile is planning an aggressive push into the home with a variety of communication devices that will use Google's new Android operating software, the New York Times said.

Asian shares climbed to a six-month high on Monday, as hopes that the global economic downturn is nearing its bottom spur demand for riskier assets while hitting the yen and safe-haven government bonds.

The court-appointed administrator of GM's Saab said on Monday the carmaker was seeking to write off about three quarters of its non-prioritized debt to help it reach a positive cash flow in 2011.

Shares of HSBC jumped more than 4 percent on Monday to five-week highs after its massive rights issue received a robust response from investors.

Sony Corp's PlayStation 3 outsold Nintendo Co Ltd's Wii in March for the first time in 16 months in Japan thanks to hot new PS3 titles from Sega Sammy and Capcom , a game magazine publisher said.

Revolution Money, an online payment firm backed by AOL co-founder Steve Case, said on Monday it has received funding of $42 million from a group that includes a Goldman Sachs affiliate and earlier investors Citigroup and Morgan Stanley .

Shares of HSBC jumped more than 4 percent on Monday to five-week highs after its massive rights issue received a robust response from investors.

U.S. crude oil futures on Monday gained more than $1 from the previous close as weak U.S. jobs data did little to dampen investors' improved appetite for risk and their expectation of a global economic recovery.

IBM's talks to acquire smaller computer and software rival Sun Microsystems Inc broke down on Sunday after Sun rejected IBM's $7 billion offer, a source with knowledge of the matter said.

Asian shares climbed to a six-month high on Monday, as hopes that the global economic downturn is nearing its bottom spur demand for riskier assets while hitting the yen and safe-haven government bonds.

Mining giant Rio Tinto has drawn up contingency plans to raise $8 billion in a rights issue underwritten by JP Morgan Cazenove and Credit Suisse, the Sunday Times reported without citing sources.

The chief executive of spain’s largest bank, Banco Santander SA said it has no need to buy mid-sized banks in the country, according to a report.

HSBC investors jumped at the chance to put more money into the UK-based bank, buying most of the 5 billion shares the bank put on the market.