Yahoo! Inc, responding to Microsoft Corp's weekend threat of a proxy fight that could result in a lower takeover price, said the current $44.6 billion offer must be raised before any merger can take place.
Billionaire George Soros called the current financial crisis the worst since the Great Depression and said markets will fall more this year after a brief rebound.
Rice climbed to a record and corn traded near its highest ever on speculation the 3 percent annual increase in global demand for cereals will outstrip supply as governments curb exports to prevent protests.
Bayerische Landesbank reported 4.3 billion euros in writedowns from the subprime-market collapse, double its previous estimate and the biggest of any German state bank.
Federal Reserve Chairman Ben Bernanke's testimony before Congress shows the central bank, and by extension the US government, will only go so far to provide investors with transparency.
US Treasury Secretary Henry Paulson indicated the Bush administration is willing to consider congressional plans to stem foreclosures by expanding government guarantees for mortgages.
Stocks rose in Europe and Asia, led by banks and insurers, as investors speculated financial firms will weather credit-market losses. US index futures advanced.
Personal borrowing in the United Kingdom soared by its highest amount in more than five years in February, figures showed yesterday, as consumers rushed to raise what funds they can in the wake of the credit crisis.
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