Ford reports a 2.3 percent increase in monthly sales, the first since 2007
Ford Motor Co. on Monday reported an increase of 2.3 percent to 165,279 vehicles in July monthly sales, its first monthly gain since 2007. The automaker said that it benefitted from the federal Cash for Clunkers new-car incentive program.

Benmosche named AIG's new CEO
Robert Benmosche, the former chairman and chief executive of MetLife Inc., has been selected to be the new CEO of American International Group Inc., according to people familiar with the matter, the Wall Street Journal reported. According to the report, the selection was approved on Monday morning and Benmosche would succeed outgoing CEO Edward Liddy.

About 6,000 GM hourly workers leave automaker
More than 6,000 U.S. hourly workers have left General Motors Co on August 1 under the automaker's latest buyout program in a bid to trim costs. The departing workers will receive cash payments of $20,000 to $115,000 as well as $25,000 vehicle vouchers.