Hartford Financial names ex-BofA exec as new CEO

Hartford Financial Services Group Inc <HIG.N> named a former Bank of America Corp <BAC.N> executive to be its new CEO, and he already has plans to introduce enhanced risk management after record losses at the 199-year-old insurer.

Apple begins to end iPhone exclusivity

Apple begins to end its iPhone exclusivity as Vodafone on Tuesday announced it will join France Telecom's Orange and Telefonica's O2 in selling the phone in Britain.

Toyota plans huge US recall for dangerous floormats

Toyota Motor Corp said on Tuesday it will recall some 3.8 million vehicles in the United States because of the risk that a loose floormat could force down the accelerator, a problem suspected of causing crashes that have killed five people.

Saab may not get full EIB loan - paper

Ailing Swedish car firm Saab, being sold by General Motors, may not get the full 4.3 billion Swedish crown ($612 million) loan it has asked for from the European Investment Bank (EIB), daily Dagens Industri wrote on Tuesday, quoting an unnamed source.

UBS hires Morgan Stanley insurance banker Ostow

UBS AG said on Tuesday it hired a Morgan Stanley investment banker to head its insurance practice in North America, months after it lost two senior insurance bankers to Greenhill & Co.

Boston Sci to pay J&J $716 million to settle suits

Boston Scientific Corp <BSX.N> will pay Johnson & Johnson <JNJ.N> $716 million to settle more than a dozen patent dispute lawsuits involving coronary stents and other heart devices, the companies said on Tuesday.

Hartford Financial names ex-BofA exec as CEO

Hartford Financial Services Group Inc <HIG.N> named a former Bank of America Corp <BAC.N> executive to replace its chairman and CEO, Ramani Ayer, who had announced plans to retire in June after the 199-year-old insurer struggled with record losses.

NATO chief assures Obama on Afghan war support

NATO's chief assured President Barack Obama on Tuesday of the alliance's commitment to the Afghan war as the U.S. administration weighs sending more troops to try to turn the tide on a resurgent Taliban.

Fed's Plosser: Policy shift may need to be aggressive

The Federal Reserve will have to act quickly, and "perhaps aggressively" when the time comes to pull back its extraordinary support for markets in order to avoid stoking inflation, the president of the Federal Reserve Bank of Philadelphia said on Tuesday.

Micron Q4 beats Street, investors take profits

U.S. chipmaker Micron Technology Inc <MU.N> posted a narrower-than-expected quarterly loss as improving demand boosted sales and prices, but its shares gave up initial gains as investors locked in profits.

Toyota plans recall of 3.8 million vehicles

Toyota Motor Corp said on Tuesday it will recall some 3.8 million vehicles in the United States because of the risk that a loose floormat could force down the accelerator, a problem suspected of causing crashes that have killed five people.

CIT near rescue plan to turn over co to bondholders: report

CIT Group Inc is nearing a plan that likely would hand the struggling commercial lender over to its bondholders, the Wall Street Journal reported Tuesday.

CIT in talks for loan of up to $10 billion: sources

CIT Group Inc <CIT.N> is negotiating a new credit facility of up to $10 billion that could help the finance company pay off maturing debt and stave off bankruptcy, people familiar with the situation said.

CIT near plan to turn over co to bondholders: report

CIT Group Inc <CIT.N> is nearing a plan that likely would hand the struggling commercial lender over to its bondholders, the Wall Street Journal reported Tuesday.

Despite boom, IPO market not a 'free-for-all'-NYSE

The current boom in U.S. initial public offerings does not signal a "free-for-all" for prospective companies, which are closely watching the mixed performance of IPOs this week and last, the head of listings at the New York Stock Exchange parent company said on Tuesday.