American International Group, now supported by a federal bailout, has agreed to freeze millions of dollars in compensation and bonuses for former executives, including stopping payments under former chief executive Martin Sullivan's $19-million pay package. AIG also confirmed in a letter to New York Attorney General Andrew Cuomo that no payments will be made from the $600-million compensation and bonus pools of its Financial Products subsidiary.
Toyota Motor Corp. will post its first decline in annual global sales in a decade this year, Japanese newspaper Nikkei Daily said Wednesday. Japan's largest automaker will likely sell 8.3-million units in 2008 on the parent level, down from 8.43-million units in 2007, the newspaper said. Demand has been weak in the United States, Europe and Japan amid the global financial crisis and worries over an international economic slowdown.
Bank of America said John Thain, Merrill Lynch's current chairman and chief executive, will be president of the global banking, securities and wealth management businesses once Bank of America's acquisition of Merrill is complete. A number of Thain's top lieutenants at Merrill will move along with him, including president and chief operating officer Greg Fleming and global wealth management head Bob McCann.
"If such a cartel was created, the commission may review its energy policy."
Ferran Tarradellas Espuny, European Union spokesman, on plans by Russia, Iran and Qatar to form an OPEC-style cartel for natural gas
$923M Allstate's third-quarter loss, which the insurer blamed on hefty hurricane-related losses and the ongoing global financial crisis, after posting a profit of $978-million a year ago
THE BOTTOM LINE:McDonald's third-quarter profit jumps 11 percent, beating estimates ...Brazil's Ibovespa stock index plummeted 10 percent, triggering an automatic suspension of trading ...AT&T's earnings rise 5.5 percent in third quarter, below expectations ...Amazon.com's third-quarter profit rises 48 percent