COMPANIES

UBS AGwarned it may face more writedowns on its fixed income portfolio but said, just a day before reporting results, that its third-quarter pretax loss would be no worse than already predicted.

The anticipated departure of Merrill Lynch & Co Inc Chief Executive Stan O'Neal would mark a surprising flameout in a career that had been impressive in its ascent.

Mitsubishi Electric Corp on Monday posted a better-than-expected 38 percent rise in first-half operating profit, helped by strong sales of power systems and elevators to emerging nations, and it raised its full-year outlook by 17 percent.

Oil refiner Tesoro Corp. said it would review an unsolicited proposal by Kirk Kerkorian's Tracinda Corp. to buy a minority stake in the company for about $1.4 billion, but urged shareholders to take no action on the offer.

General Motors Corp, one of the world's top two automakers, said it had yet to regain a competitive edge in the United States while future growth would come increasingly from markets such as China and Brazil. GM lost more than $12 billion in the past two years, and is in the midst of a sweeping restructuring that includes cutting more than 34,000 jobs and closing 12 plants in North America.

Mexico's state-owned oil company Pemex was shutting down about one-fifth of its daily output on Sunday due to bad weather, but said it expects to quickly resume output within days.

French conglomerate Safran said it had received a 383 million euro ($550 million) offer from U.S private equity firm the Gores Group for its Sagem Communications arm.

Merck & Co. Inc.shares could rise to $70 by 2010 if the drugmaker continues to deliver on its promise of double-digit earnings growth, Barron's said in its October 29 edition.

Workers represented by the United Auto Workers ratified a four-year contract with automaker Chrysler LLC, the union said on Saturday, capping a close-fought battle that had threatened to scuttle the labor pact.

Shares of Nissan Motor Co surged 12 percent on Monday, poised to post their biggest one-day rise in 7 years after Japan's No. 3 automaker posted a surprise gain in quarterly profit on a pick-up in global sales.

As Merrill Lynch & Co Inc's board deliberates the fate of Chairman and Chief Executive Stan O'Neal, a leading contender for the job on Sunday said he is not aware of being a candidate.

Workers represented by the United Auto Workers voted to ratify a four-year contract with automaker Chrysler LLC, the union announced on Saturday, capping a close-fought ratification battle that had threatened to scuttle the labor pact.

Credit crunch or not, the allure of stellar growth and profits remains for investors.

Investors in Countrywide Financial Corp. breathed a sigh of relief on Friday after the biggest U.S. after the biggest U.S. mortgage lender predicted it would regain profitability in the coming quarter and in 2008 after posting its first quarterly loss in 25 years.

Merrill Lynch, the world’s largest brokerage, saw its stock price soar on Friday amid speculation that its Chairman and Chief Executive Stan O’Neal would be forced out and that the company could be acquired.

Today in the UK, Delta Two, the Qatar based investment firm trying to takeover supermarket chain J Sainsbury’s, was given a deadline of 8th November 2007 to make a bid.The deadline was set by the Takeover Panel Executive at the request of both Sainsbury’s and Delta Two who both “agree that it is in the best interests of shareholders and colleagues to bring this process to a conclusion as soon as practicable”, according to a joint statement.Delta Two has made a 600p per share offer for Sainsbury’s, however in order to follow through with the offer, the company still needs an addition £500 million of extra equity.In a statement today the two parties said that Delta Two was trying to secure the extra funding from the Qatar Investment Authority and that as a result, “there can be no certainty that such funding will be forthcoming and, therefore, no certainty that an offer will be made.”Delta Two originally approached Sainsbury’s in July with an offer, however following the credit crunch the Sainsbury family, who own 18% of the shares were concerned that the offer had too much debt.Sainsbury’s is the third largest supermarket chain in the UK.

Airbus A380 showcased its interior cabin in the Shanghai Pudong International Airport yesterday and carried nearly 150 guests for the one hour's demonstration flight.

Insurer Coventry Health Care Inc on Friday posted a 14 percent increase in third-quarter profit, in line with forecasts, but shares fell on a slightly lower-than-expected 2008 profit forecast.

Daiichi Sankyo Co Ltd said its first-half net profit would beat its initial estimate by 36 percent aided by strong drug sales overseas, but it only nudged its annual outlook higher as it will likely spend more to buy rights to new drug candidates.

Nissan Motor Co posted a surprise gain of 12 percent in quarterly operating profit on Friday as a pickup in its global car sales outweighed rising commodity prices, and it kept its full-year forecasts unchanged.

Insurer Pearl made a 4.9 billion pound ($10.1 billion) cash offer for rival Resolution on Friday, in a dramatic move aimed at thwarting a deal between Resolution and Standard Life agreed just hours earlier.

Merrill Lynch & Co Inc Chairman and Chief Executive Stan O'Neal has told friends he expects to be ousted by the end of the weekend, CNBC television reported on Friday.

Countrywide Financial Corp posted a $1.2 billion third-quarter loss on Friday as the housing market slumped, but its shares soared after the largest U.S. mortgage lender projected a return to profit this quarter as it slashes jobs and regains its footing. Shares of Countrywide rose $2.87, or 22 percent, to $15.94 in pre-market trading. Stock futures also moved higher.

Merrill Lynch & Co. Chief Executive Stan O'Neal broached the idea of merging with Wachovia Corp. without first getting board approval, angering some members so much they considered replacements for O'Neal, the New York Times reported on Friday.

Insurer Standard Life has agreed to buy rival Resolution for 4.9 billion pounds ($10.1 billion), topping a competing offer and breaking up Resolution's planned merger with Friends Provident.

British oil giant BP agreed to pay $373 million in fines and penalties on Thursday to settle charges related to manipulating U.S. energy markets, a Texas refinery explosion and a pipeline spill in Alaska, according to U.S. prosecutors.

New's Corp's proposed $5 billion acquisition of Dow Jones is coming under fire as the federal communications regulator said the deal raises competitive issues and may not be in the best interest of the public.

Japan's largest language school franchise filed for court protection from creditors as its debt swelled to nearly 50 billion yen.

Merrill Lynch & Co Inc. may look to sell its 20 percent stake in Bloomberg LP to raise capital after writing down $8.4 billion of assets last quarter, some investors have said.