CIT, emerging from bankruptcy, hires Thain as CEO

NEW YORK (Reuters) – CIT Group Inc <CIT.N> has hired former Merrill Lynch CEO John Thain as its new chief executive, the commercial lender said late on Sunday, wagering that the well-traveled executive can guide its post-bankruptcy turnaround. Thain, 54, immediately replaces interim CEO Peter Tobin, who will remain a director. Former CIT chief Jeff Peek, another past Merrill executive, retired on January 15.

Toyota readies global Prius recall

TOKYO (Reuters) – Toyota Motor Corp is preparing a recall of its new Prius hybrid car in Japan as early as Tuesday, followed by similar steps in the United States, Europe and other markets, a source familiar with its plans said. Toyota, which has earned a reputation as the green-vehicle front-runner with the fuel-sipping Prius, has said it is discussing with safety authorities worldwide how to fix a software glitch that delays braking on the model in certain road conditions.

Xstrata reinstates dividend, upbeat on outlook

LONDON (Reuters) – Mining group Xstrata <XTA.L> reinstated dividends on Monday citing an encouraging outlook for commodities demand in the medium term after posting an expected 41 percent fall in 2009 profit on weaker metals prices. “Robust economic growth and demand for commodities from industrializing nations is likely to continue,” Chief Executive Mick Davis said in a statement, adding that Asia would be the main driver of metals demand as the pace of recovery in rich nations was uncertain.

Alongside gags, Super Bowl ads plumb male psyche

NEW YORK (Reuters) – Sidestepping the usual slapstick comedy and animal tricks, a number of advertisers tried to score during Sunday’s Super Bowl with commercials that tapped into men’s ambivalence with their everyday lives. In the battle among advertisers, Unilever‘s <ULVR.L> Dove, Chrysler LLC’s <FIA.MI> Dodge and Flo TV created early buzz with spots that clearly targeted men feeling overwhelmed by responsibility and commitment.

IBM begins Power server upgrade to battle HP, Sun

NEW YORK (Reuters) – IBM <IBM.N> is beginning a long-awaited upgrade to a range of servers and other hardware to make them more energy-efficient and competitive than rival products by Hewlett-Packard and Sun Microsystems Inc <JAVA.O>. International Business Machines Corp said on Monday its new POWER7 system, including new microprocessors, storage and middleware, will be able to process more data than its predecessor POWER6, making them useful for utilities with electrical grids or banks conducting electronic trading.

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