Latest Busines News

WASHINGTON — The U.S. pay czar, now preparing to vet the compensation at businesses receiving major federal aid, will push to renegotiate contracts that he views as excessive or seek other ways to reduce overall outlays, said people familiar with the matter. The role of the government in setting pay is reaching a pivotal moment. Seven banks and industrial companies that received significant bailouts must submit proposals for their compensation packages by Aug. 13.: Citigroup Inc., Bank of America ..read more

(Reuters) - Stock index futures pointed to a slightly higher open on Wall Street on Monday, mirroring gains in Asia and Europe, on mounting optimism over a recovery in corporate profits that has fueled a sharp two-week rally on stock markets worldwide. At 5 a.m. ET, futures for the S&P 500, for the Dow Jones and for the Nasdaq 100 were up between 0.04 percent and 0.13 percent. Oil rose for a third session on Monday to hit its highest ..read more

Sanofi-Aventis on Monday reaches a pact to buy a 78% stake of Shantha Biotechnics for 550 million euros ($783 million). [Read more...]

By Kevin Plumberg HONG KONG (Reuters) - Asian stocks rose for the ninth day in 10 on Monday, with investors still focused on upward momentum in corporate earnings and moving money into riskier, higher-yielding assets. Oil prices also climbed on optimism about global growth, with U.S. light crude aiming for a ninth straight session of rises, heading to $69 a barrel. In addition to a steady flow of companies reporting results this week, including Exxon Mobil Corp (XOM.N) and Honda ..read more

Federal Reserve Board Chairman Ben Bernanke discusses the economy with average Americans, saying the current financial crisis could be even more virulent than the Great Depression. [Read more...]

As its hedge-fund and private-equity industries worry about new rules, the U.S. is quietly lobbying Europe to change the terms of proposed financial regulation that could place strict new rules on any U.S. hedge- or private-equity fund doing business in the region, according to a senior Treasury official. The move wades the U.S. into a fierce battle between the U.K. and other parts of Europe over how tough regulation should be. Some nations, led by Germany and France, are calling ..read more

ONCE THE POSTER CHILD FOR AN EXUBERANT real-estate market — and exuberant real-estate stocks — AvalonBay Communities has had its comeuppance. The real-estate investment trust’s shares have fallen 61% in the past two-and-a-half years, as higher financing costs, lower rental income and leverage combined to devastating effect. But there is some good news: At a recent 56, Avalon’s shares (ticker: AVB) reflect these challenges, and the deeply depressed state of the apartment-rental market generally. The stock is trading near the ..read more

HONG KONG — UBS AG hired Keith Magnus from Merrill Lynch to run the Swiss bank’s Singapore and Malaysia investment banking team, according to a person familiar with the situation, the latest blow to Bank of America Corp.’s efforts to keep its Asia investment banking team intact. Singapore is a key market for investment banks in Asia. The city-state is home to two of the world’s most important state-owned investment firms, Temasek Holdings Pte. Ltd. and Government of Singapore Investment ..read more

Sarkozy hospitalized after becoming ill while jogging [Read more...]

By Angela Moon NEW YORK (Reuters) - Wall Street may take a breather this week after an earnings-driven rally lifted the major U.S. stock indexes to their highest levels in months. The blue-chip Dow Jones industrial average .DJI climbed back above the 9,000 mark last week for the first time since January. And the Standard and Poor’s 500 Index .SPX ended Friday at 979.26 — up 44.7 percent from the 12-year closing low hit on March 9 — after a ..read more