MARKETS / FINANCE

British insurer Prudential launched its long-awaited $21 billion cash call and a delayed offensive to woo wary shareholders to back its takeover of rival AIG's Asian unit.

U.S. stocks futures pointed to a flat open on Monday after data showed manufacturing activity in New York State grew at a slower pace than expected, offsetting optimism on the back of a flurry of mergers.

Britain's Prudential Plc is planning to launch its delayed $21 billion rights issue on Monday, the Financial Times reported, citing a person close to the situation.

A gauge of manufacturing in New York State continued to grow in May but at a slower pace, although the jobs gauge reached its highest level in about six years, the New York Federal Reserve said in a report on Monday.

The euro hit a four-year low on Monday on fears that austerity measures would stifle recovery, as European finance ministers prepared to discuss tighter regulation a week after launching a $1 trillion rescue plan.

British bank Standard Chartered is replacing the BlackBerry, currently its standard corporate communications device, with the iPhone, a move that could eventually result in thousands of bankers switching to the Apple device for business communication on the go.

American Express Co has teamed up with UK private equity firm Permira to bid for Royal Bank of Scotland's $4 billion payment processing arm, people familiar with the matter said on Monday.

British insurer Prudential launched its long-awaited $21 billion cash call and a delayed offensive to woo wary shareholders to back its takeover of rival AIG's Asian unit.

BY Chuck MikolajczakU.S. stocks futures rose on Monday as a fresh wave of mergers and acquisitions helped dissipate worries over the impact of heavy euro-zone debt loads on a global recovery.

Global gold demand is set to fall in 2010 if the sales of the yellow metals on Akshay Tritiya were any indication. Most of the buyers stayed home instead of visiting jewellery shops on Akshay Tritiya, an auspicious day for Indians to buy gold. Most of the jewellery showrooms wore a deserted look on Akshay Tritiya (May 16) even though the price of gold eased from a record high Rs 18,508 on Friday to Rs 18,397 per 10 gm.

Stock futures were higher on Monday as a fresh wave of mergers and acquisitions helped dissipate worries over the impact of heavy euro-zone debt loads on a global recovery.

A leading Chinese economic indicator showed that growth may have already peaked in the world's third-largest economy with the stock market falling on investor worries about the government's campaign to rein in property prices.

Stocks fell and the euro slumped to a four-year low on Monday as Asian markets caught up with Friday's sell-off in the West, shrugging off encouraging data and remaining fixated on troubles in the euro zone.

Britain's Prudential launched its $21 billion rights issue on Monday, finally allowing the insurer to push ahead with its acquisition of AIG's Asian insurance business.

Global oil prices continued losses in Asian trade Monday and dropped below $70 a barrel for the first time in three months. Light sweet crude for June delivery was seen trading at $ 70.09 a barrel at 11.30 a.m Singapore time after hitting as low as $69.82 a barrel earlier. In London, Brent crude was seen at $76.53 a barrel at the same time.

World's two largest gold consumers, India and China, have different figures to offer as afar as gold sale is concerned last week. Global leader in gold consumption, India witnessed not so impressive figures last week as traditional gold buying festival 'Akshaya Trithiya' fails to boost sales. The festival, which is more popular in south India, is the second-largest gold buying day in the world's largest market for gold.

Britain's Prudential laid out the case for its $21 billion rights issue on Monday, finally allowing the insurer to push ahead with its planned acquisition of AIG's Asian insurance business.

U.S. stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 0.46 percent, Dow Jones futures down 0.51 percent and Nasdaq 100 futures down 0.21 percent at 3:55 a.m. ET.

China's Internet firewall is a trade barrier and needs to be tackled within the framework of the World Trade Organization, Neelie Kroes, vice-president of the European Commission, told reporters in Shanghai on Monday.

Private equity firm Apollo Global Management is in talks to buy U.S. packaging maker Pactiv Corp in a leveraged deal, the Wall Street Journal said, citing people familiar with the situation.

U.S. equipment rental company Neff Rental Inc filed for a prearranged Chapter 11 bankruptcy protection late Sunday in order to shrink its balance sheet and eliminate more than $400 million of debt.

Gold prices moved up smoothly in Asian trade Monday and inching towards a new record as the euro tumbled to a 4 year low against the dollar. Gold for immediate delivery was seen trading at $1239.97 an ounce at 11.30 a.m Singapore time while U.S. gold futures for June delivery was at $1241.03 an ounce at the same time.

The yuan has risen strongly against the euro and this appreciation will harm Chinese exporters, a Commerce Ministry official said on Monday. Pegged to a rising dollar, the yuan has appreciated against a trade-weighted basket of currencies in recent months, which many analysts believe could constrain the scope for a possible revaluation of the Chinese currency.

National Australia Bank , the country's top lender, has returned about A$3.5 million ($3.10 million) to 16,000 customers for overcharging them, due to a system error, and interest compensation.

Britain's Prudential Plc is planning to launch its delayed $21 billion rights issue on Monday, the Financial Times reported, citing a person close to the situation.

Venezuela's President Hugo Chavez on Sunday signed a new foreign exchange law intended to strengthen the bolivar currency, but critics say it will backfire and hurt the economy.

The Australian dollar has opened weaker this morning trading at US$0.8850 following another risk aversion sell of in the markets.

American Express Co has teamed up with UK private equity firm Permira to bid for Royal Bank of Scotland's payment-processing arm, the Financial Times reported in its Monday edition.

After holding up relatively well for the majority of the week compared to other major currencies the Aussie dollar finally gave way to a barrage of selling on Friday night falling below the 89 cent handle to a low near 0.8850 against the Greenback