Dutch chemicals group Akzo Nobel, which earlier this year bought Imperial Chemical Industries (ICI), said on Monday it would cut 3,500 jobs and expected at least 100 million euros in cost savings.

Microsoft said Monday it would raise its dividend and buy back an additional $40 billion worth of stock.

CME Group, parent company of the world's largest derivatives exchange, said its board has authorized a $1.1 billion share buyback and a special dividend of $5 per share.

Companies in the Standard & Poor's 500 index bought a record $589 billion of their own stock in 2007 as they looked for ways to spend their cash hoards, S&P said Monday.