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Business

Tuesday business briefs

Ford offers buyout, retirement

incentives to all its workers

Ford Motor Co. says it is offering buyout and early retirement incentives to all of its 41,000 U.S. hourly workers to further reduce its factory workforce. Company spokesman Mark Truby says Ford still has too many factory workers for its current sales levels. He would not say how many workers the company wants to leave but said Ford is working that out with the United Auto Workers union. The buyout offer includes $50,000 cash plus a $25,000 car voucher or $20,000 more in cash. The retirement package includes $40,000 cash for skilled trades and $20,000 for production workers.

Not guilty plea entered

in securities fraud case

Hedge fund operator Raj Rajaratnam and a co-defendant pleaded not guilty Monday to charges they were major players in a scheme that used inside information to make stock trades that generated millions of dollars in profits. Rajaratnam and Danielle Chiesi entered their pleas before U.S. District Judge Richard Holwell in Manhattan to an indictment returned last week in a $52-million insider trading case that has resulted in charges against 21 people.

Panasonic completes bid

for majority control of Sanyo

Panasonic Corp. said Monday it had taken majority control of Sanyo Electric Co., officially forming one of the world's largest electronics makers. The acquisition gives Panasonic access to Sanyo's advanced solar-panel and rechargeable-battery technology. Panasonic has said it will retain the well-known Sanyo brand and keep its shares listed on the Tokyo Stock Exchange.

All major indexes rise

on corporate deal-making news

A wave of corporate deal making stoked investors' confidence in the economy and carried stocks sharply higher Monday. Major indexes closed off their highs of the day but still rose about 1 percent. The Dow Jones industrial average rose 85.25 points, or 0.8 percent, to 10,414.14. The Standard & Poor's 500 index rose 11.58, or 1.1 percent, to 1,114.05, while the Nasdaq composite index rose 25.97, or 1.2 percent, at 2,237.66.

White House pay adviser OKs

$4.3M increase for AIG exec

A top executive of American International Group Inc. has been granted a $4.3-million pay-package bump by the troubled insurance giant's majority owner - the U.S. government - because the unidentified executive has decided to remain with the company. Kenneth Feinberg, the Obama administration's pay adviser, approved an AIG request to grant the executive a long-term compensation package that includes stock options with a current value of $3.26 million and an additional incentive award of up to $1 million, according to a letter released Monday. The package comes on top of the executive's 2009 base salary of $450,000.

From wire reports

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