IBT Staff Reporter

Britain's Prudential said it would buy AIG's Asian life insurance arm for $35.5 billion, in a deal set to make the insurer the undisputed leader in one of the world's fastest-growing financial services markets.

German fashion house Tom Tailor aims for a listing on Frankfurt's stock market by June, it said on Monday, just weeks after British fashion retailer New Look gave up similar plans due to turbulent financial markets.

AstraZeneca Said on Monday it was exercising an option with Merck & Co to take back full rights to certain drugs marketed in the United States and would pay the U.S. group $647 million in April.

China should build the world's strongest military and move swiftly to topple the United States as the global champion, a senior Chinese PLA officer says in a new book reflecting swelling nationalist ambitions.

Global miner Anglo American said Monday it had restarted operations at Los Bronces and El Soldado copper mines in Chile after a massive earthquake cut supply to the deposits.

Toyota Motor Corp President Akio Toyoda on Monday offered a sincere apology to Chinese consumers over its massive global recall, which has had limited impact in the Chinese market.

Bipartisan agreement in the Senate on financial reform hit a snag on how much power to give a consumer watchdog office being proposed by Democrats, with marathon talks resuming on Sunday.

HSBC Holdings missed expectations with a $7 billion annual profit after bad debts rose and risked a public backlash by paying three investment bankers over 9 million pounds ($13.7 million) each.

Toyota Motor Corp President Akio Toyoda apologized to Chinese consumers on Monday over the company's massive global recall, seeking to ease quality concerns in the world's biggest auto market.

Britain's Prudential confirmed it is in advanced talks to buy the Asian arm of AIG in a deal that would make the insurer the undisputed leader in one of the world's fastest-growing financial services markets.

Europe's largest entertainment group Vivendi posted better-than-expected sales and operating profit for 2009, boosted by a buoyant performance at its games and telecoms divisions.

HSBC Holdings missed expectations with a $7.1 billion annual pretax profit as accounting losses masked record investment bank earnings and a late year slowdown in bad debts at its troubled U.S. business.

Factory activity in Asia's main economies expanded last month, with India and South Korea growing at their fastest pace in around two years although China showed some signs of weakening.

The global financial system is radically flawed and radical solutions are needed, so regulators must resist attempts to dilute proposed reforms, a top European watchdog said on Monday.

American International Group Inc agreed to sell its Asian life insurance unit to Britain's Prudential Plc for about $35.5 billion, in a deal that would help the U.S. government get back billions of its bailout money, sources familiar with the matter said.

Shanda Interactive Entertainment , China's No. 2 online game company, said on Sunday its fourth-quarter profit rose 13 percent, as revenue rose to a record in China's booming online game market.

Shanda Games, China's No. 2 online game company, said on Sunday its fourth-quarter profit rose 44 percent, as revenue jumped to a record high in China's booming online game market.

The United States and Japan are expected to see the biggest rise in distressed property sales in the first quarter, as the fallout from the global property downturn intensifies, the results of a survey showed on Monday.

(Corrects headline, first paragraph to show that results are for Shanda Games, not for parent company Shanda Interactive Entertainment. Removes reference in second paragraph to weakest result in three quarters.)

Britain's Prudential Plc plans to do a rights offering of about $20 billion to finance a $35.5 billion purchase of American International Group's Asian life insurance unit, a source familiar with the situation said on Sunday.

Shanda Interactive Entertainment , China's No. 2 online game company, said on Sunday its fourth-quarter profit rose 44 percent, as revenue jumped to a record high in China's booming online game market.

Snowstorms have repeatedly battered parts of the United States this winter, making it more difficult to discern returning weakness in the economy from

American International Group Inc's board approved the sale of its Asian life insurance business to Britain's Prudential Plc for $35.5 billion, a source familiar with the matter said on Sunday.

Payrolls could give the U.S. stock market some direction this week as investors comb through the key report on one of the economy's weakest areas.

The chief executives of HSBC Holdings , Europe's biggest bank, and Asia-focused rival Standard Chartered are set to give their bonuses to charity, newspapers reported on Sunday, following a high-profile row over the sums paid to bankers.

Calpers, the biggest U.S. public pension fund, will review its assumed actuarial rate of return of 7.75 percent and will make a recommendation to its board whether to lower it in December, a spokesman said on Sunday.

Friday's private sector credit data out of Australia gave the Aussie dollar a boost from 0.8880 to send it above the 89 cent level heading into the European session.

Icelandic negotiators may return home on Monday from London if no new meetings are called with British officials over the Icesave debt crisis, Icelandic Radio quoted a finance ministry spokesman as saying.

Greece may soon announce new steps to cut its budget deficit, a government minister said on Sunday, amid signs that Athens might be nearing a deal with European Union governments to ease the Greek debt crisis.