Jennifer J Meints

The International Monetary Fund has signaled to Brussels it will no longer partake in financial aid for Greece, meaning the country could run out of money as early as September, according to an article published the Der Spiegel website Sunday, citing a high-ranking representative of European Union

Granting a two-year extension of Greece's deficit-cutting program would cost the country's European and international creditors as much as €40 billion euros extra, a Greek newspaper reports Sunday, twice the amount of previous government estimates.

Australian supermarket giant Woolworths Ltd. (WOW.AU) said Monday fourth quarter sales rose 5.1% on year to 12.90 billion Australian dollars (US$13.33 billion) as it grew customer numbers, market share and items sold.

Pay-TV operator Sky Deutschland (SKYD.XE) expects to post an operating profit in the second quarter, Chief Executive Officer Brian Sullivan told Frankfurter Allgemeine Zeitung in an interview published Sunday, confirming a report earlier this month.

Australian shares declined Monday amid renewed concerns about Europe's debt problems, with the benchmark S&P/ASX 200 index falling 0.9% to 4,160.80 in early trading.

Andy Haste, the former chief executive of RSA Insurance Group PLC (RSA.LN), is leading a private-equity consortium looking to bid for Direct Line Group, the insurance business being sold by Royal Bank of Scotland Group PLC (RBS.LN), the Sunday Telegraph reported.

Japanese stocks moved sharply lower in early Monday trade, as news of a possible cut-off of Greek aid and a consequently weaker euro hit shares, along with losses Friday in the U.S. The Nikkei Stock Average lost 1% to 8,584.38, while the Topix fell 0.9%.

China Merchants Bank Co. (3968.HK) said Monday it proposes to extend the validity period of its planned 35 billion yuan ($5.5 billion) worth of rights issue plan by twelve months.

Japan's top steel producers JFE Holdings Inc. and Nippon Steel Corp. are set to post heavy drops for their group pretax quarterly profits, the Nikkei business daily reported Sunday.

U.K. oil company BP PLC has proposed that its Russian joint venture TNK-BP pay shareholders a $1 billion interim dividend, TNK-BP said in a statement.