US ADMINISTRATION TELLS CONGRESS IN LETTER THAT IT DOES NOT PLAN TO FINALIZE CONTROVERSIAL CHANGES TO MEDICARE PART D PROGRAM GIVEN "THE COMPLEXITIES OF THESE ISSUES".» Read More
Athens needs the lenders to approve a proposed package of spending cuts and tax hikes to receive the next installment of emergency loans intended to keep Greece from defaulting on its massive debts. Britain's FTSE 100 rose 1 percent to 5,801.13. In Asia, markets in China, Hong Kong and South Korea were closed for public holidays.
JOHANNESBURG-- South Africa's National Union of Mineworkers says one of its officials was seriously injured in a petrol-bomb attack on his house amid ongoing unrest in the country's vital mining industry.
HELSINKI-- Finnish utility TVO is claiming 1.8 billion in compensation from nuclear supplier Areva-Siemens for a five-year delay in the construction of the Olkiluoto 3 nuclear power plant.
BRUSSELS-- Official data show that unemployment in the 17 countries that use the euro remained at its record high of 11.4 percent in August. While European leaders have managed to calm financial markets in recent months with promises to cut spending and build a tighter union, they have been unable to halt the rising tide of joblessness.
BERLIN-- The chief executives of BAE Systems PLC and EADS NV sought to drum up support Monday for the merger of their two aeronautics and defense companies in the face of growing criticism to the deal, saying in a joint newspaper article an agreement would help both organizations grow.
ST. LOUIS-- Bacon lovers can relax. "Use of the word `shortage' caused visions of gasoline lines in a lot of people's heads, and that's not the case," said Steve Meyer, president of Iowa- based Paragon Economics and a consultant to the National Pork Producers Council and National Pork Board.
MADRID-- Investors are giving a lukewarm welcome to Spain's new austerity measures and bank stress test results aimed at convincing Europe Union authorities that Madrid is serious about managing its finances. The interest rate for benchmark 10- year-bonds edged down 0.16 percentage points to 5. 83 percent Monday while Madrid's IBEX index was up 0.7 percent.
BERLIN-- The outlook for the airline industry is improving, with profits expected to reach $4.1 billion this year and $7.5 billion in 2013, the International Air Transport Association said Monday. Tyler blamed Europe's economic crisis, oil prices averaging $110 a barrel, weak cargo demand and low business confidence for the slowdown.
As of Monday, Medicare will start fining hospitals that have too many patients readmitted within 30 days of discharge due to complications. About two-thirds of the hospitals serving Medicare patients, or some 2,200 facilities, will be hit with penalties averaging around $125,000 per facility this coming year, according to government estimates.
WASHINGTON-- The U.S. Chamber of Commerce, which has spent tens of millions of dollars on television ads to help boost Republican congressional candidates, launched an extensive effort on Monday to mobilize voters. It also will include information on House and Senate races and a comparison of the candidates on the issues.
ATHENS, Greece-- Greece's finance minister will submit the 2013 draft budget to Parliament on Monday, as the government resumed negotiations with international creditors over a two-year additional austerity package.
LONDON-- The board of Anglo-Swiss mining company Xstrata PLC said Monday it is recommending shareholders accept merger terms with Swiss commodities trader Glencore PLC _ a deal that would create an industry behemoth with revenues of around $175 billion. Xstrata said in a statement it was supporting the offer of 3.05 Glencore shares for each Xstrata share.
ATHENS, Greece-- Greece's Alpha Bank said Monday it is in talks with France's Credit Agricole to buy its Greek unit Emporiki Bank.
BERLIN-- The airline industry has raised its projected profits to $4.1 billion this year from its previous estimate of $3 billion. The International Air Transport Association blames Europe's economic crisis, high oil prices and low business confidence for the drop from an industry profit of $8.4 billion in 2011..
TOKYO-- Japan's largest steelmaker, Nippon Steel Corp., has joined with Sumitomo Metal Corp. to form the world's second-biggest steel maker.
Benchmark oil for November delivery was down 12 cents to $92.07 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. Brent crude was down 21 cents to $112.18 on the ICE Futures exchange in London.
BANGKOK-- Japan's benchmark Nikkei 225 index fell Monday after a closely watched survey showed confidence in the economy weakening. Toyota Motor Corp. lost 2.3 percent and Nishimatsu Construction Co. slid 4.2 percent. Stan Shamu of IG Markets in Melbourne, Australia said that investors are still concerned about Spain's financial health.
NEW YORK-- American Airlines says a Boston to Miami flight had to make an emergency landing at JFK airport over the weekend due to a row of dislodged seats. The unit of AMR Corp. said in a statement that passengers in the affected row were moved to three other seats. Passengers aboard the flight were placed on another aircraft for the trip to Miami.