Pfizer, the world?s largest drug maker, agreed to acquire a smaller rival, according to people involved in the talks.

Richard S. Fuld Jr., former chairman and chief executive of Lehman Brothers, sold his $13.3 million mansion to his wife for $10 last November.

Reuters - Toyota Motor (7203.T) expects to produce 6.5 million vehicles globally on a parent company basis this year, down more than 20 percent from an estimated 8.2 million last year, the Chunichi newspaper reported.

The transaction between Richard S. Fuld Jr. and his wife, Kathleen, is likely to raise eyebrows for reasons other than the price.

Union leaders at steelmaker Corus are seeking urgent talks with company bosses ahead of the expected announcement of 3,500 job cuts.

Electronics giant Philips makes a loss of 1.5bn euros in the fourth quarter as a result of the 'softening economy' in 2008.

Troubled Dutch banking giant ING reports says it is to cut 7,000 jobs and that its chief executive is standing down.

The bosses of Barclays write an open letter to reassure investors of the bank's health, despite revealing £8bn of bad debts.

Prominent Republicans threaten to vote against US President Barack Obama's $825bn economic stimulus plan.

President Barack Obama says Congress is on target to approve his $825bn economic stimulus package by 16 February.

AP - ING Group NV, the Dutch bank and insurer, has struck a deal to have the government of the Netherlands assume most of the risk on euro27.7 billion in U.S. mortgage-backed securities.

The Dutch financial services company said that it would cut 7,000 jobs and that its chief executive would step down as it seeks government guarantees for toxic mortgage debt.

Members of the oil cartel have slashed their output by more than three million barrels a day in recent months, temporarily stopping the slide in oil prices.

Mr. Olson was a former union vice president who played a major role in expanding the nation?s largest health care workers? local.

Steelmaker Corus confirms that it is cutting 3,500 jobs, including 2,500 in the UK, as it responds to falling global demand and prices.

US drugmaker Pfizer is close to a $68bn (£50bn) acquisition of rival Wyeth and may announce the deal in the coming hours, US media report.

Port operator Dubai Ports World is reviewing expansion plans, cutting costs and freezing recruitment.

The economic crisis should be treated as 'the difficult birth-pangs of a new global order', Gordon Brown says.

The number of new mortgages for house buyers approved by the UK's banks fell last year by 52%.

More than 700 jobs are to be lost at the Ulster Bank in Northern Ireland and the Republic as part of a cost-cutting plan.

Shares in Wolseley fall 16% after the building materials firm reports a big fall in profits and increase in its debts.

Reuters - Pfizer Inc , the No.1 drugmaker, was close to a $68 billion purchase of U.S. rival Wyeth in a move to diversify its revenue base, sources familiar with the situation said.

Reuters - Barclays is not seeking capital from private investors or the state as it remains profitable and can absorb a 2008 writedown of 8 billion pounds, the British bank said on Monday, sending its shares soaring.

Reuters - Dutch financial group ING will take a 2008 loss of 1 billion euros ($1.3 billion) and will tap into 22 billion euros of Dutch state loan guarantees for its troubled loan portfolio, it said on Monday.

AP - Bank and insurer ING Group NV said Monday it will book a large fourth quarter loss, cut 7,000 job cuts and change its CEO. It also said the Dutch government will take ownership of most of euro27.7 billion ($35.8 billion) in troubled U.S. mortgage-backed securities.

The deal creating a pharmaceutical behemoth is the first big merger backed by Wall Street in months.

The heavy equipment maker also said that it also planned to closely examine all of its costs and spending as the economy continues to slow.

US drugmaker Pfizer is to buy rival Wyeth in a deal worth $68bn (£50bn), the two companies announce.

The French finance ministry is set to provide 5bn euros in credit guarantees to encourage lending to the airline industry.

French bank BNP Paribas expects a 1.4bn euro ($1.8bn, £1.5bn) net loss in the fourth quarter of 2008.

Shares in Barclays jump more than 60% after its bosses write an open letter to reassure investors of the bank's health.

Veteran actress Zsa Zsa Gabor is said to have lost at least $7m in the alleged multi-billion fraud by US trader Bernard Madoff.

More than 700 jobs are to be lost at the Ulster Bank in Northern Ireland and the Republic as part of a cost-cutting plan.

Reuters - Writedowns of more than 1 billion euros pushed Philips Electronics deep into the red in the fourth quarter, and it will cut 6,000 jobs to cope with a steep downturn that has hurt its consumer business.

Reuters - Shares of Wyeth rose 5.2 percent to $46.00 before the opening bell on Monday after rival Pfizer said it would buy the company for about $68 billion.

Reuters - Jim Rogers, one of the world's best known investors, said on Monday the pound could fall near parity with the dollar in coming years given Britain's increasing debt and lack of economic growth drivers.

Reuters - Crisis-hit European banks announced losses and job cuts on Monday, including a shake-up at Dutch financial group ING and a worse-than-expected final quarter from top French bank BNP Paribas.

AP - Bank and insurer ING Group NV said Monday it will book a large fourth quarter loss, cut 7,000 jobs and change its CEO. It also said the Dutch government will assume the risk for most of euro27.7 billion ($35.8 billion) in troubled U.S. mortgage-backed securities ING owns.

Rohm & Haas said that Dow Chemical does not intend to close their $15.3 billion merger by Tuesday, potentially setting the scene for a courtroom battle.

The job cuts at the wireless provider, which represent about 14 percent of its work force, are aimed at cutting annual costs by $1.2 billion.

The home improvement retailer said that it would cut 7,000 jobs and close its Expo chain as the recession continues to batter the nation?s housing market.

European markets rose after an upbeat trading report by Barclays sent its shares up 65 percent and bolstered investors? confidence in the ailing banking sector.

The fast-food chain reported a 23 percent drop in fourth-quarter profit because of a year-ago tax benefit, but strong same-store sales helped the company beat Wall Street expectations.

US construction and mining equipment maker Caterpillar has taken steps to cut around 20,000 jobs, it says.

Icelandic PM Geir Haarde announces the resignation of his government in the wake of the country's economic crisis.

Lessons from the Satyam corporate scandal.

High Street shoe shop chains Barratts and PriceLess have gone into administration, it has been announced.

A further 36 Adams Childrenswear stores are to close across the UK and Republic of Ireland, with the loss of 267 jobs, says the firm's administrators.

Reuters - Stocks edged up on Monday as a multi-billion dollar takeover in the drug industry buoyed sentiment but gains were capped by worries about the economy, fueled by a decline in Caterpillar shares after the heavy equipment maker posted a slide in quarterly profit.

Reuters - Home Depot Inc said it will cut 7,000 jobs, or about 2 percent of its workforce, as it shuts its Expo home design centers business and cuts down on corporate support staff.

The deal creating a pharmaceutical giant is the first big merger backed by Wall Street in months.

Investors were buoyed by news that the drug maker Pfizer will acquire Wyeth, as well as better-than-expected home sales data.

December sales of existing homes beat expectations but also closed out the worst year for the real estate market in more than a decade.

The cuts included 20,000 jobs at Caterpillar; 8,000 at Sprint Nextel, 7,000 at Home Depot and 8,000 from the expected merger of Pfizer and Wyeth.

Rohm & Haas said that Dow Chemical does not intend to close their $15.3 billion merger by Tuesday, potentially setting the scene for a courtroom battle.

In a memo, Mr. Thain offered to reimburse Bank of America for an expensive renovation of his office suite that included a $35,000 commode and other high-priced items.

The oilfield services provider said that its fourth-quarter profit fell 32 percent from a year ago, diminished by a potential settlement of corruption charges. But the results topped forecasts.

The maker of Huggies diapers and Kleenex tissues said that its fourth-quarter profit fell 8 percent as the dollar strengthened and consumers spent less.

Fast-food group McDonald's says it is to spend $2.1bn on opening new restaurants and upgrading existing outlets.

British Airways warns it expects to make an operating loss of about £150m, blaming the fall in sterling and economic weakness.

US President Barack Obama calls for US energy independence, saying global warming and relying on foreign oil posed threats.

Port operator Dubai Ports World is reviewing expansion plans, cutting costs and freezing recruitment.

Reuters - Stocks rose on Monday as investors took news of a major takeover in the drug industry as a sign that stock valuations were attractive while reassurances from Barclays fueled a rebound in financial stocks.

AP - The owner of the Barratts and PriceLess shoe chains in Britain filed for a form of bankruptcy for the two businesses Monday in an attempt to save itself from collapse.

In the United States, companies including Caterpillar, Sprint Nextel, and Home Depot announced that they would slash a total of 45,000 jobs.

Shares of the British banking giant rose more than 70 percent after it reported a profit of $7.3 billion for the year and said it would not need government assistance despite another write-down.

President Obama directed regulators to move swiftly on an application by 14 states to set strict emissions and fuel-economy rules.

Automakers said that rapid installation of stricter emissions standards could force them to drastically cut production of larger, more profitable vehicles in a time of severe financial duress.

Higher gold and copper sales volumes lifted fourth-quarter results at the mining company, sending shares up more than 14 percent.

The meat producer announced a $112 million loss for its first quarter, but said the prices it pays for feed are receding and the company could return to profitability within two quarters.

Struggling US carmaker General Motors says it will shed 2,0000 jobs at plants in Michigan and Ohio.

Oilfield services provider Halliburton unveils a 32% drop in quarterly net profit, hit by a potential payout to settle corruption charges.

Flanders: Is Britain in danger of going bust?

Consumer electronics giant Philips reports a fourth quarter loss and says it will cut 6,000 jobs.

Reuters - U.S. stocks rose on Monday after an unexpected rise in home sales and a $68 billion takeover in the drug industry sparked investor optimism following three straight weekly losses.

Reuters - Former Merrill Lynch Chief Executive John Thain defended the acquisition of the brokerage by Bank of America Corp and said the bank knew of Merrill's losses and bonuses before the merger closed.

Reuters - Senators were expected to set aside their misgivings about Timothy Geithner's past income tax errors and confirm the 47-year-old New York Federal Reserve Bank chief as Treasury secretary on Monday night.

In the United States, companies including Caterpillar, Sprint Nextel, and Home Depot announced that they would slash a total of 45,000 jobs.

Pfizer?s acquisition of Wyeth is a validation of Wyeth?s decision to reduce its reliance on small-molecule drugs.

Stocks wavered after early optimism over the news of a drug company merger and better-than-expected home sales.

Large anti-government demonstrations in Iceland have been mirrored elsewhere in Europe, but the largest economies have been spared.

Occupancy rates at luxury hotels are down more than 24 percent.

Reuters - Stocks clung to modest gains on Monday, but backed off session highs as bank shares reversed course on persistent worries over the sector's health, offsetting optimism over a $68 billion takeover in the drug industry.

Reuters - Former Merrill Lynch Chief Executive John Thain defended the acquisition of the brokerage by Bank of America Corp and said the bank knew of Merrill's losses and bonuses before the merger closed.

With little public debate, Medicare has expanded its coverage of drugs for cancer treatments not approved by the F.D.A.

Pfizer?s planned acquisition of Wyeth is a validation of Wyeth?s decision to reduce its reliance on small-molecule drugs.

President Obama directed regulators to move swiftly on an application by 14 states to set stricter emissions rules.

Texas Instruments, which makes chips for cellphones and other gadgets, said that it would will cut 3,400 jobs because demand has slackened amid a slowing economy.

Net income dropped to $172 million at the credit card company as card members cut back on their spending amid the harsh economy.

Several big corporations announce more than 70,000 layoffs worldwide, highlighting the depth of the downturn.

World leaders descend on Davos to discuss crisis

Inexperience and hubris cost Iceland its government

Reuters - American Express Co said on Monday its fourth-quarter earnings tumbled 72 percent due to higher loan losses, lower customer spending and a strengthening U.S. dollar, but results beat expectations as it slashed costs.

Reuters - Texas Instruments posted a smaller-than-expected drop in quarterly profit on Monday, sending shares of the chip maker up 5 percent after-hours, but the chip maker said it would cut 12 percent of its workforce.

Reuters - Stocks rose in choppy trade on Monday, lifted by optimism over a $68 billion takeover in the drug industry that offset a grim warning about the year ahead from Caterpillar and worries over the state of the financial sector.

AP - Mortgage finance company Fannie Mae said Monday that it likely needs up to $16 billion from the government as conditions in the U.S. housing market continue to deteriorate.

AP - Clothing manufacturer Woolrich is suing Eddie Bauer over the retailer's slogan.

Timothy F. Geithner was confirmed by the Senate in a 60-34 vote, despite concerns about disclosures of delinquent tax payments.

Stocks wavered after early optimism over the news of a drug company merger and better-than-expected home sales.

After investors punished its stock last week, Barclays attempted to restore trust in its earnings, saying it did not need fresh capital.

A single sentence printed below Mr. Kristol?s weekly column in the Monday issue broke the news: ?This is William Kristol?s last column.?

Timothy Geithner is sworn in as US Treasury Secretary little more than an hour after the Senate approves his nomination.

Can Obama create green jobs in the auto industry?

A beginners' guide to the World Economic Forum

Reuters - Timothy Geithner won confirmation as U.S. Treasury secretary on Monday as the U.S. Senate set aside misgivings about his past income tax problems in light of his experience battling the financial crisis.

AFP - US government-controlled mortgage finance giant Fannie Mae said late Monday it would ask the US Treasury for 11 to 16 billion dollars to prevent its collapse.

Reuters - Fannie Mae and Freddie Mac could tap the government for up to $51 billion in coming weeks, exceeding some Wall Street estimates, so they can continue to operate as the largest providers of funding for U.S. residential mortgages.

Timothy F. Geithner was sworn in as Treasury secretary after a 60-34 Senate vote.

The engineer of the New Deal skillfully calmed Americans but had difficulty creating jobs.

Automakers said that rapid installation of stricter emissions standards could force them to drastically cut production of larger, more profitable vehicles in a time of severe financial duress.

In a parting memo to Merrill employees, the former chief executive, John A. Thain, said the $1.2 million office renovation was a mistake.

Digital harassment has gotten to be such a problem that it?s now the focus of a campaign from the Advertising Council.

The party isn?t over for the Super Bowl this Sunday, but let?s just say they?re keeping it down.

Bank of America?s board should show its chief executive the door, and opinion on the Dow Chemical?s acquisition of Rohm and Haas.

The Senate voted to delay next month?s transition to June 12 because some viewers would not be ready for the switch.

Texas Instruments, which makes chips for cellphones and other gadgets, said that it would will cut 3,400 jobs because demand has slackened amid a slowing economy.

Net income dropped to $172 million at the credit card company as card members cut back on their spending amid the harsh economy.

Reuters - Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.

The deep cuts suggest that employers expect a long downturn.

Layoffs, falling stock and slim dividends leave Pfizer little to cheer about one day after the $68 billion megamerger with Wyeth.

Pfizer?s move to buy Wyeth dims the hopes of struggling small biotechnology companies that wanted to sell themselves or their products to larger businesses.

To House Republicans, the $825 billion economic package personifies Representative David R. Obey, the prickly Wisconsin Democrat who has spent 40 years as a champion of federal spending.

As investigators seek a clearer picture of Satyam?s accounting, many wonder whether its executives had help.

Democrats from industry-dependent states are expected to clash with other lawmakers over climate legislation.

Members of the Screen Actors Guild forced the firing of Doug Allen in a bid to restart long-stalled negotiations.

The Masters of the Universe are still worth millions, but the pile is shrinking.

Reuters - Chrysler Chief Executive Bob Nardelli on Monday said the struggling automaker had begun talks with the United Auto Workers and was working to win concessions from the union, key suppliers and creditors.

Reuters - The Democratic stimulus package the U.S. Congress will weigh on Wednesday falls billions of dollars short of President Barack Obama's goal to pump most of the money into the economy quickly, a report released on Monday showed.