Industries

Phillips-Van Heusen to Buy Tommy Hilfiger for $3 Billion From Apax Funds Phillips-Van Heusen Corp. agreed to buy clothing maker Tommy Hilfiger BV from private-equity firm Apax Partners LP for 2.2 billion euros ($3 billion), adding the brand to its Calvin Klein and Izod lines. Phillips-Van Heusen shares jumped in New York trading.

PepsiCo Plans $15 Billion Share Buyback Over Three Years, Boosts Dividend PepsiCo Inc., the world’s biggest maker of snack food, said it plans to buy back as much as $15 billion in common stock over three years and increased its annual dividend to return cash to investors.

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Al-Naimi `Very Happy' With Oil Price, Sees No Need to Change OPEC Output Saudi Arabia, the biggest and most influential member of the Organization of Petroleum Exporting Countries, said oil prices are in the right range and there’s no need to change production policy.

OPEC Expands Oil Rigs Most in Three Years as Quota Promises Prove Illusory OPEC is increasing oil drilling at the fastest rate in 2 1/2 years, even as production exceeds its quotas by the equivalent of a supertanker of crude a day and delegates prepare to pledge no increase in output.

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Dodd Plan Will Let Fed Break Up Banks in Most Sweeping Overhaul Since '30s Senator Christopher Dodd unveiled legislation that empowers regulators to break up large financial firms, ban proprietary trading, and oversee hedge funds and derivatives, aiming to enact the most sweeping rules overhaul since the 1930s.

Citigroup Bolsters Proprietary Trading Arm as Volcker Rule Spurs Defectors Citigroup Inc., the bank 27 percent owned by the U.S., is bolstering a unit that trades stocks with the bank’s own money after a proposed government ban of so- called proprietary trading helped spur eight of its 22 employees to defect, people with direct knowledge of the matter said.

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Lilly Buys Rights From Acrux to Hormone Lotion for Men With Low Sex Drive Eli Lilly & Co., the maker of the impotence pill Cialis, bought exclusive rights from Acrux Ltd. to an underarm testosterone lotion called Axiron for men with limited sex drive due to low levels of the hormone.

Amylin, Alkermes Gain After Regulators Say No More Byetta Data Is Needed Amylin Pharmaceuticals Inc. and Alkermes Inc. reached their highest levels in 18 months in Nasdaq trading after U.S. regulators said they didn’t need more studies for a once-weekly version of the diabetes drug Byetta.

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Fairholme's Berkowitz Invests in AIG, Says Insurer `Still a Good Company' Bruce Berkowitz, the head of Fairholme Capital Management who was named Morningstar Inc.’s domestic stock mutual fund manager of the decade, said today that he bought “significant” stakes in American International Group Inc. shares, convertible debt and bonds.

MetLife CFO Says Alico Earnings to Climb Above $1.5 Billion After Purchase MetLife Inc., the biggest U.S. life insurer, said it will invest in advertising and technology to expand operating income beyond the 2009 total of $1.5 billion at the unit it is buying from American International Group Inc.

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Real-Estate Recovery Signaled by Homebuilders' Surge as Fed Unwinds Credit The U.S. housing market is poised to withstand the removal of government and Federal Reserve stimulus programs and rebound later in the year, contributing to annual economic growth for the first time since 2006.

Citigroup to Finance 20,000 Low-Cost Housing Units in New York, Bank Says Citigroup Inc. will provide $576 million in loans and cash to help New York City build or renovate more than 20,000 low-income housing units during the next four years, its chief of community development banking said.

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Google Clients Urged to Defect as Shutting China Site Seen as `Inevitable' Google Inc. advertisers in China are being advised to switch to rivals such as Baidu Inc., and business partners are exploring alternatives as speculation grows the U.S. company will shut its Web site in the country.

Baidu Gains on Speculation Google Will Soon Shut Down Its China Web Site Baidu Inc., operator of China’s biggest Internet search engine, rose in U.S. trading on speculation that rival Google Inc. will shut down its Web site and exit the country.

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Disney Backs High-Speed Rail as Japan, China Trainmakers Seek U.S. Sales Walt Disney World in Florida may be the next stop for bullet-train makers in Japan and China.

Renault, Daimler Said to Be Unable to Resolve Valuation in Possible Tie-Up Renault SA and Daimler AG have been unable to resolve differences over valuations as the carmakers explore a share swap that would bring Daimler into the Renault- Nissan alliance, two people familiar with the matter said.

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