Prudential, AIG Race to Rescue Asia Deal

U.K. insurer Prudential continued talks to restructure its troubled purchase of AIG's Asian life-insurance unit, but the huge deal, crucial to both insurers' future, still hangs in the balance.

Greek Minister Defends Austerity Steps

Greece's finance minister said the country has no plans to restructure its giant public debt and has no need to adopt new austerity measures to meet its budget targets.

Hon Hai Repercussions Grow

The top Communist Party official of Guangdong called for companies to improve conditions for workers after a spate of suicides by employees of Hon Hai in the southern Chinese province.

Spanish Banks in Merger Mode

In a tumultuous seven days, 12 of Spain's 45 savings banks have begun merger talks and a 13th has been rescued by the central bank. The pace of deal-making is only likely to increase.

Japan Manufacturing Rises

Japanese industrial output rose a seasonally adjusted 1.3% in April from a month earlier as demand from China prompted general machinery companies to produce more goods.

Asia Mixed; Ssangyong Surges

Asian stock markets were mixed Monday after Spain's ratings downgrade. The Nikkei was down 0.1%, while Ssangyong Motor rose on interest from several bidders.

Lone IPO Faces Lackluster Climate

New Chinese stocks like Nobao Renewable Energy Holdings haven't attracted the uniformly strong investor interest in the U.S. that they once commanded.

Europe's Steel Prices Set to Fall

Analysts are turning gloomy on the European steel industry, saying Europe's economic problems and a slowdown in buying will cut into demand and push down prices.

U.K. Recovery Vulnerable to Crisis

The U.K. economic recovery is underway, but the country faces heightened threats from the worsening crisis in the euro zone and upheaval in global financial markets.

Healthscope Gets New Bids

Healthscope said it received two new offers, valuing the company at $1.56 billion, as the battle for the Australian hospitals group intensifies.

Bank Contagion Spreads to Northwest

Six banks in Washington have failed this year, while about one-fourth of the banks and savings institutions based in the state are operating under toughened regulatory scrutiny.

Mack's Pay Is More Than Doubled

Morgan Stanley Chairman John Mack got a raise Friday after the Wall Street firm's board more than doubled his base salary to $2 million a year, according to a regulatory filing.