IBT Staff Reporter

Stocks retreated on Monday and the S&P briefly fell more than 1 percent as financials relinquished earlier gains fueled by reports Citigroup is in talks to give the U.S. government a larger stake.

Pope Benedict named the 59-year-old archbishop of Milwaukee as the next archbishop of New York, the highest profile post in the U.S. Catholic Church, the Vatican said on Monday.

Prime Minister Ehud Olmert will replace Israel's lead envoy to Egyptian-brokered truce talks with Hamas after he publicly criticized the government's negotiating strategy, officials said on Monday.

Abu Dhabi state-owned International Petroleum Investment Co launched a $500-million takeover bid for Nova Chemicals Corp on Monday, a friendly deal to rescue the raw plastics maker from severe financial pressure due to its high debt. Under the deal, IPIC is offering $6 a share for all of the outstanding shares of Nova Chemicals, which is based in Canada but has its executive office...

Stocks retreated on Monday and the Nasdaq fell more than 1 percent as a sell-off in technology shares overshadowed gains in banks after reports that Washington could end up with a big stake in Citigroup common stock. Large-cap technology companies led the Nasdaq lower, including Apple , which fell more than 2 percent. The declines reversed an earlier bounce fueled by gai...

Ford Motor Co has reached a tentative deal with the United Auto Workers union on changes to retiree health care, becoming the first Detroit automaker to secure union concessions on the key issue. Ford's shares surged 17 percent following the news of the deal. Shares of larger rival General Motors Corp were up 6 percent. The union did not reveal the changes made to the V...

The Dow and the S&P 500 stock indexes rose on Monday as investors took reports that Washington could convert its holding in Citigroup to a larger stake as a sign that it is ready to forestall further paralysis of the financial system. But with investors snapping up beaten-down financial shares, money moved out of the technology sector, causing the Nasdaq to drift into negative ter...

Stocks trimmed gains shortly after the open on Monday as declines in technology shares offset a bounce in financials on reports that Washington could end up with a big stake in Citigroup common stock. Citigroup Inc is in talks to give the U.S. government a larger stake, a person familiar with the matter said, while The Wall Street Journal said Washington may end up holding as much as ...

Stocks rose on Monday on reports that Washington could end up with a big stake in Citigroup's common stock as the surest sign yet that it is ready to avert further paralysis of the financial system. A report in the Wall Street Journal said the U.S. government may end up holding as much as 40 percent of Citigroup's common stock. The Dow Jones industrial average rose 57....

Just in time for Baselworld 2009, Glashütte Original presents the next model in its successful line of pilot’s watches: the Senator Navigator Perpetual Calendar.

Stocks headed for higher open on Monday as investors took reports that Washington could take a bigger stake in Citigroup as the surest sign yet that it is ready to avert further paralysis of the financial system. A report in the Wall Street Journal said the U.S. government may end up holding as much as 40 percent of Citigroup's common stock. Last week shares of Citigroup and Bank of...

Stocks headed for higher open on Monday as investors took reports that Washington could take a bigger stake in Citigroup as the surest sign yet that is ready to avert further paralysis of the financial system. A report in the Wall Street Journal said the U.S. government may end up holding as much as 40 percent of Citigroup's common stock. Last week shares of Citigroup and Bank of A...

Citigroup Inc is in talks to give the U.S. government a larger stake, a person familiar with the matter said, which could provide the government with a far greater say in the affairs of the ailing banking giant.

Oil rose above $40 a barrel on Monday, recovering from earlier losses, after sentiment was lifted by a report the U.S. government was in talks on increasing its stake in Citigroup.

The publisher of The Philadelphia Inquirer and Daily News said on Sunday it filed for Chapter 11 bankruptcy protection, marking the latest milestone in a crumbling of the U.S. newspaper business. In a statement, Philadelphia Newspapers LLC blamed its filing on a rare trifecta of a dramatic decline in revenue, the worst economic crisis since the Great Depression and a debt structure out of line ...

Stock index futures rose on Monday as investors took reports that the U.S. government could take a bigger stake in Citigroup as signaling it is ready to avert further paralysis of the financial system. A report in the Wall Street Journal said the government may end up holding as much as 40 percent of Citigroup's common stock. Last week shares of Citigroup and Bank of America

Judging small, rich island nations purely on their wealth and emissions is unfair in climate change negotiations, Singapore's climate envoy said on Saturday, as pressure builds on more countries to curb carbon pollution.

Investors queuing to pour cash into discounted corporate debt are in for a risky ride as hedge funds continue to dump assets on the market and default rates have yet to peak.

Debt-laden miner Rio Tinto may try to persuade irate shareholders to back a $19.5 billion tie-up with Chinalco by offering them bonds on the same terms as the Chinese company, according to a newspaper article on Monday. Rio declined to comment on the article by commentator Michael West on the Sydney Morning Herald's Web site (www.smh.com.au), which gave no source for...

Shares in Switzerland's largest bank, UBS, fell to a new all-time low on Monday after the lender's top executives met with a barrage of criticism for the way they handled a U.S. probe into tax fraud.

Citigroup Inc is in talks that could see the U.S. government take a bigger stake, a source said, sparking a recovery in the battered share price of what was once the country's most valuable bank.

Chinese automaker Beijing Automotive Industry Co said on Monday it has not had talks with Chrysler LLC about buying assets or technology from the U.S. company, denying a domestic media report. The Chinese Business News, citing an unnamed executive at Beijing Auto, reported on Monday that it had initial talks with Chrysler on buying assets and technology as it seeks to expand globally via acquisit...

Stock index futures pointed to a higher open on Wall Street on Monday, as stocks bounced back from last week's steep losses on easing worries that Washington would have to nationalize embattled banks.

Oil rose above $40 a barrel on Monday, recovering from earlier losses after sentiment was lifted by a report that the U.S. government could end up owning as much as 40 percent of Citigroup.

The U.S. economy is set to contract sharply in the first quarter, with the current cyclical downturn on track to rival the 1973-75 slump as soaring unemployment depresses demand, a survey showed.

slightly less than the 3.1 percent during the early '70s, the NABE said. The survey forecast the unemployment rate peaking at 9.0 percent in the fourth quarter, before edging lower from the second quarter of 2010. The U.S. jobless rate is currently at 7.6 percent, a 16-year high. Job losses are expected to persist through 2009, though steadily diminishing over the course of the year. Aver...

Outside advisers to the Treasury are lining up contingency financing options for General Motors Corp and Chrysler LLC as part of a review of restructuring options for the auto makers, a Treasury official said on Monday. The official commented to Reuters after the Wall Street Journal reported that outside advisers to the Treasury were talking with lenders about financing of at least $40 billion fo...

U.S. oil rose above $40 a barrel on Monday, recovering from earlier losses, after a report that said the U.S. government could end up owning as much as 40 percent of Citigroup sparked relief among investors and lifted sentiment. But persistent worries about the health of the global economy and its impact on world energy demand continued to rank high on investors' concerns, keeping oil prices ran...

to also convert their preferred shares into common stock, the Journal reported. Until most of the news is known, there will be a lot of volatility and probably a downward trend in the equity market because we don't know how much pain for investors government measures will induce, said Dariusz Kowalczyk, chief investment strategist with SJS Markets in Hong Kong. By which I mean, will curr...