Global group of regulators to work on financial crisis

Regulators to work together

An international group of securities regulators, including the U.S. Securities and Exchange Commission, agreed to begin work on a coordinated response to several aspects of the global financial crisis.

The International Organization of Securities Commissions has formed three task forces that will focus on short selling, unregulated financial products such as derivatives, and unregulated financial entities such as hedge funds, the SEC said.

The Madrid-based organization's work is in response to recent calls by world leaders, meeting in Washington this month, to better coordinate financial regulation.

ENERGY

Firms to develop Oman gas fields

Occidental Petroleum Corp. and Mubadala Development Co. will invest $500 million over the next four years to explore for natural gas in Oman.

The companies will develop four existing gas fields and explore for new fields in a 1,410-mile area known as Habiba, or Block 62, in northern Oman under a 20-year agreement, they said.

Occidental said it would be the operator and hold a 48% interest, while Mubadala would own 32% and Oman Oil Co. 20%.

INSURANCE

AIG auto unit to change name

American International Group Inc., the insurer bailed out by the government, will remove AIG from the name of a U.S. auto unit and cut 6.6% of jobs there to boost chances of finding a buyer for the business.

AIG will start calling its Aigdirect.com unit 21st Century Insurance in January, reverting to the brand of a California-based car insurer acquired last year, a spokesman said. The company will also close offices in 12 cities, AIG said. The unit had about 5,500 employees as of September 2007.

RETAIL

Wal-Mart settles price error claims

Wal-Mart Stores Inc. reached a settlement with the state of California over allegations of price-scanning errors for some products.

As part of the agreement, Wal-Mart will give customers $3 back when pricing errors are found at the cash register, state Atty. Gen. Jerry Brown said.

EARNINGS

Campbell profit declines 3.7%

Campbell Soup Co. says its first-quarter profit fell 3.7%, but its sales rose as people bought more condensed soup.

The company said it earned $260 million, or 71 cents a share, in the quarter ended Nov. 2. That compares with $270 million, or 70 cents, a year earlier. The Camden, N.J., soup maker says its sales rose 3% to $2.25 billion.