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AIG to buy reinsurer Validus for $5.56 billion

American International Group Inc on Monday said it would buy reinsurer Validus Holdings Ltd for $5.56 billion (3.98 billion pounds) in cash, ending a long period of retrenchment for AIG as new Chief Executive Brian Duperreault plots an expansionist path.

Recent Business News

Eurogroup chief opens two-year race for top ECB jobs

BRUSSELS The chairman of euro zone finance ministers Mario Centeno called on Monday for candidates to replace European Central Bank Vice President Vitor Constancio, whose term expires in May, kicking off two years of flux at the top of the ECB.

7:38pm GMT

Ocado seals new international tie-up with Sobeys in Canada

LONDON/TORONTO Britain's Ocado has sealed a deal to allow Canada's second largest food supermarket group Sobeys to use its e-commerce platform, sending the British online retailer's shares up 28 percent on its latest international tie-up.

8:02pm GMT

British bookmaker shares plunge on report of looming low stake limit

Shares in bookmakers William Hill and Ladbrokes Coral plunged on Monday on a report that Britain will slash the top stake on high-street betting terminals to just 2 pounds.

3:21pm GMT

UK watchdog proposes wider access to bank complaints scheme

LONDON More companies should be allowed to complain to the Financial Ombudsman Service to seek redress if they feel they have been treated badly by their banks, Britain's markets watchdog said on Monday.

3:04pm GMT

Tesco UK to cut net 800 jobs in cost-cutting drive

LONDON Britain's biggest retailer Tesco said on Monday it will cut a net 800 jobs from its UK business in its latest move to simplify operations and achieve targeted cost savings.

3:37pm GMT
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