In brief: Ford offers deal to cut workers

Ford Motor Co. has offered buyout or retirement incentive packages to all of its 41,000 U.S. hourly workers as it tries to further reduce its factory work force.

Under the terms of a new contract with the United Auto Workers union, the employees get most of their pay for a year depending on seniority, and a portion of their wages for another year before they are removed from the company payroll.

The buyout package, offered to workers with at least a year of service, includes $50,000 cash and the choice of a $25,000 voucher to buy a vehicle or $20,000 more in cash. The deal also includes basic health care coverage for six months, Ford said. Retirement-eligible workers can take the buyout but must wait up to 18 months before retiring.

In other auto news:

•General Motors Co. has hired the chief financial officer of Microsoft Corp. to take over the troubled automaker’s books, tapping a cost-cutter who is now widely seen as a potential candidate to be GM’s next CEO. Chris Liddell will become GM’s finance chief starting next year and report directly to interim CEO Ed Whitacre Jr.

•Spyker Cars, a niche automaker based in the Netherlands, is giving General Motors Co. more time to consider selling it the Saab brand. Spyker had previously given GM until 5 p.m. EST Monday to consider its latest offer.

Associated Press

OPEC hints at no change

The world’s biggest oil producers seem content with the price of oil and consumers may be just as satisfied, at least for now, with the prices they are paying at the pump.

OPEC prepared to meet in Angola, with oil ministers hinting Monday that they would leave supply levels where they are rather than tightening quotas again in an attempt to boost prices.

Retail gas prices have flattened in the U.S. below $2.60, a lot more than motorists were paying last year during a worsening economic crises, but still well below prices two years ago.

Associated Press

Pay request OK’d for AIG exec

WASHINGTON – 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 executive has decided to remain with the company.

Kenneth Feinberg, the Obama administration’s pay czar, approved an AIG request to grant the executive a long-term compensation package on top of the executive’s 2009 base salary of $450,000.

In a letter, Feinberg said the package would be comparable to those already granted to AIG’s other top 25 executives. The executive’s name was not disclosed. Associated Press