IBT Staff Reporter

Offshore tax havens used by rich Americans in Switzerland, the Cayman Islands and other nations are targeted for shutdown by bills offered on Monday by Democrats in both chambers of the Congress.

Chrysler vice-chairman Jim Press said on Tuesday the auto maker was hopeful the automaker had all the criteria necessary to receive additional U.S. government loans.

The Obama administration is not interested in escalating a dispute with Switzerland over bank secrecy laws, Switzerland's top justice official said on Monday after meeting with her U.S. counterparts.

Oil hovered above $40 a barrel on Tuesday, after slumping 10 percent overnight as the deepening global recession threatened to crimp energy demand further, outweighing OPEC's strong compliance with supply curbs.

Intel Corp will develop its low-cost chips for ultra-small laptops with Taiwan's TSMC for a range of electronic devices, helping both firms expand into new markets amid a deepening global recession.

The Obama administration's plan to begin the flow of credit in the financial system among certain types of assets by creating multiple investment funds to purchase them , people familiar with the matter told the Wall Street Journal on Monday.

Barney Frank, the chairman of the House Financial services Committee, said Monday that while some functions of mortgage finance will remain with the banks, some will remain with a public entity, according to the New York Times

HSBC Holdings Plc, the largest European bank, on Monday announced it would initiate a rights offering to raise 12.85 billion pounds ($17.7 billion) as it copes with heavy losses in the United States.

Former American International Group Chairman Hank Green Berg sued the company on Tuesday.

A bill proposed in the U.S. Senate on Monday would shut down some offshore tax haven opportunities.

Microsoft Corp is testing a new version of its online search service internally under the name of Kumo.com, a spokesman for the software company said on Monday.

Microsoft announced at the CeBIT trade show in Hanover on Monday that it's rolling out its Surface computer to 12 new markets in Europe, the Middle East and Africa.

Thomson Reuters Corp will launch a video news service in June for financial professionals who use its terminals, part of a $1 billion plan to appeal to a new generation of customers.

Tom Skidmore has been out of work only since December. But when his former employer filed bankruptcy in January and his severance evaporated, Skidmore knew he didn't have much time. As the sole breadwinner for his family of five, he had to find work fast.

Intel Corp will develop and make its low-cost Atom-based chips with Taiwan's TSMC for a range of electronic devices, marking a shift in Intel's strategy while helping both companies expand into new markets amid a deepening global recession.

Sykes Enterprises Inc., which provides outsourced customer services, on Monday, said its fourth-quarter profit fell 19%, due to higher taxes and a negative German tax court ruling, the associated press reported.

Netbook web surfers beware. That low-cost netbook you're using could be a high-speed gateway into your life, bank accounts, passwords and other personal data.

On Monday the U.S. Navy handed over nine suspected pirates to authorities in northern Somalia after determining there was not enough evidence to put them on trial.

Seoul shares are set to fall on Tuesday after big overnight losses on Wall Street on worseningfears about U.S. financials after insurer AIG posted a record quarterly loss, with eyes also on the sliding won.

On Monday, Cuba's President Raul Castro unexpectedly showed the exit door to some of its most powerful officials.

The U.S. recession presents a strong headwind to the travel industry, especially for business travel, which is declining more rapidly than leisure, the chief executives of two online travel agencies said on Monday.

The Linux based open source hardware announced to launch a Linux based tablet/netbook with Touch Book OS.

Emergency credit market support from the Federal Reserve has sidestepped Congress and could expose the U.S. central bank to political pressure that hurts its independence, a top Fed policy-maker said on Monday.

Toyota Motor Corp said on Monday it aimed to boost its market share in Europe to 6% in 2009 from 5.3% last year, although it expects industry-wide sales in the region to decline by nearly 30% to 15 million vehicles.

On Monday, California Governor Arnold Schwarzenegger together with Chancellor Angela Merkel opened the major technology fair in Germany.

President Baraka Obama announced changes to the healthcare system on Monday, appointing two key officials, including a new Health and Human Services secretary.

On Monday a Ukrainian business man secured the release of 20 crewmen held on their ship by Somali pirates for five months, according to reports from his office, Reuters reported.

A Belgian court fined Internet search engine Yahoo €55,000 ($69,300) on Monday for failing to hand over personal account information of users suspected of committing fraud online.

U.S. stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system.