IBT Staff Reporter

Stock index futures pointed to a sharply higher open on Monday after the U.S. government released details of a plan to clean up toxic assets from banks' balance sheets, a crucial component of efforts to stabilize the recession-hit economy.

Tiffany & Co posted a higher-than-expected quarterly profit on Monday but was stung in the period by lower sales and said it has not seen any signs of a turnaround.

General Growth Properties Inc remained in talks on Sunday with bondholders it was trying to persuade to accept reduced terms, The Wall Street Journal reported.

UBS , the world's biggest wealth manager, has laid off a team of six private bankers in Singapore who were managing wealth for Turkish clients, sources told Reuters on Monday.

The United States offered on Monday financing for private investors to help cleanse banks of up to $1 trillion in toxic assets that are blocking lending and worsening a deep U.S. recession.

It may have been a fashion first, but supermodel Naomi Campbell has nothing to fear.

Asian stocks rose to a two-month high on Monday and high-yielding currencies advanced on the yen after details of a U.S. plan to rid banks of up to $1 trillion in toxic assets bolstered confidence in risk taking.

Dutch financial group ING is asking some company managers to give back their bonus payments for 2008, its chief executive said in an interview with a Dutch newspaper on Monday.

Suncor Energy Inc, Canada's No.2 oil company, agreed to buy rival Petro-Canada for about C$18.43 billion ($14.86 billion) to expand its oil sand reserves and create the country's biggest energy group.

Asian stocks rose to a two-month high on Monday and high-yielding currencies advanced on the yen after details on a U.S. plan to rid banks of up to $1 trillion of toxic assets improved confidence about risk taking.

EBay unit Skype on Monday plans to announce a version of its Internet calling software that connects to corporate phone systems, the Wall Street Journal said.

Wall Street's attempt to recover further from 12-year lows faces its biggest test yet this week in the Treasury's long-delayed bank rescue plan.

The United States on Monday offered generous financing for private investors to help cleanse banks of up to $1 trillion in toxic assets that are blocking lending and worsening a deep U.S. recession.

Several options are on the table about what to do after the government seized the nation’s largest U.S. corporate credit union, which had taken on an unacceptably high set of risky investments.

President Barack Obama said he believes systemic risks are still to be found in the financial system as he discussed an upcoming plan to be issued by his administration to take “toxic assets” off the balance sheets of financial companies in an interview.

The U.S. government will create an entity called Public Investment Corp. that will draw upon the resources of government agencies and private investors to buy risky loans and other assets which investors have shied away from purchasing, according to a report.

Some of American International Group Inc's biggest rivals have urged U.S. Federal Reserve Chairman Ben Bernanke to prevent the insurance giant from using the government rescue to win an advantage, particularly by cutting prices, The Wall Street Journal reported.

Mitsubishi UFJ Financial Group , Japan's biggest bank, said on Monday it plans to close 50 more outlets and cut 1,000 jobs to continue slimming down its operations after its merger, as a tumbling stock market depletes its earnings.

European Central Bank President Jean-Claude Trichet said on Monday the bank can cut interest rates further but that its deposit rate was already at very low levels, and added it could use more non-conventional measures to help the troubled banking system.

European Central Bank President Jean-Claude Trichet said on Monday the bank could interest rates further but that its deposit rate was already at very low levels, and added it could use more non-conventional tools to help the troubled banking system.

U.S. Treasury Secretary Timothy Geithner said on Sunday that help from the private sector was critical to get toxic assets off banks' balance sheets and help resolve a credit crisis.

Daimler will raise 1.95 billion euros ($2.67 billion) in fresh capital through the sale of a 9.1 percent stake to Abu Dhabi's Aabar Investments PJSC , the two companies said on Sunday.

S&P 500 stock index futures rose in electronic trading on Sunday after media reports detailed the U.S. Treasury's three-pronged bid to cleanse the financial system of toxic assets clogging banks' balance sheets.

U.S. Treasury Secretary Timothy Geithner will announce details on Monday of the Obama administration's plans for removing so-called toxic assets from the banking system by enlisting private investors in the effort, the Treasury Department said on Sunday.

S&P 500 stock index futures rose at the start of electronic trading on Sunday after media reports detailed the U.S. Treasury's three-pronged bid to cleanse the financial system of toxic assets clogging banks' balance sheets.

The U.S. Treasury Department is planning to give private capital groups more details on Sunday about incentives the government will provide to ensure their participation in a plan to buy up banks' troubled assets, a source familiar with the matter said.

Bondholders holding some $27 billion of General Motors Corp debt on Sunday sent a letter raising urgent concerns about GM's stalled debt restructuring talks to the White House task force overseeing federal funding for the automaker's turnaround effort.

Wall Street's attempt to recover further from 12-year lows faces its biggest test yet this week in the Treasury's long-delayed bank rescue plan.

Workmen rolled up their sleeves at American International Group Inc this weekend to take down the most prominent sign at the downtown Manhattan offices of the embattled insurer that has become the scorn of America.