Santander Nears Sovereign Deal

Banco Santander of Spain is in advanced talks to take full control of Sovereign Bancorp, a big thrift holding company hurt by sour loans.

Philips Posts 7.8% Rise in Net

Philips Electronics reported a 7.8% rise in net profit, mainly on a special gain, as the electronics giant launched a restructuring program.

EU Writes Menu of Options

The euro zone's biggest economies prepared to unveil plans to spend tens of billions of euros in state funds to prop up their banking systems.

IMF Nations Vow to Prevent New Failures

The IMF chief said member nations agreed to do what is necessary to prevent another major financial institution from failing, although he didn't specify any measures.

• Video Analysis: Remarks From IMF Director
• Global Action Needed, Says World Bank

Severstal to Slash October Output

Russian steelmaker Severstal said it is cutting October production by as much as 30% and may lower its earnings forecast for the year.

TUI to Sell Stake in Hapag-Lloyd

Germany's TUI AG agreed to sell a majority stake in its maritime shipping unit Hapag-Lloyd to a Hamburg-based consortium for about $3.29 billion.

Aerospace Sector to Feel Squeeze

Aerospace companies won't escape the effects of the continuing credit crisis, even though the industry entered the crisis in robust condition.

Funds of Hedge Funds Feel Heat

Experts are giving funds of hedge funds a less-than-glowing prognosis after a year in which funds have on average declined in value by 11%.

Former Barclays CEO Joins DTZ

The former CEO of Barclays has emerged, three months after leaving the U.K. bank, at the helm of U.K. property consultant DTZ.

Sun Promises Faster Servers

Europe's Insurers Face Pressure

Rusal Pushes Norilsk Nickel Board