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Economy
Paul Krugman wins the Nobel economics prize

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AP

Mel Evans/the associated press

STOCKHOLM, Sweden - American Paul Krugman, left, won the Nobel economics prize on Monday for his analysis of trade patterns and location of economic activity. Krugman, born in 1953, and a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said. Krugman was the lone of winner of the 10 million kronor (US$1.4 million) award.

Business

Japanese bank invests $9B in Morgan Stanley

NEW YORK - Morgan Stanley got a much-needed cash infusion Monday, raising US$9 billion by selling preferred shares to the Japanese bank Mitsubishi UFJ Financial Group Inc. The deal gives Mitsubishi a 21 per cent stake in Morgan Stanley. Shares of Morgan Stanley surged $3.97, or 41 per cent, to $13.65 in Monday trading on the New York Stock Exchange after reaching $16.10 earlier in the session. Its shares had traded as high as $68.39 over the past year.

Finance

Iceland suspends equity trading again

REYKJAVIK, Iceland - Iceland has suspended trading on its stock exchange for the third consecutive trading day, citing "unusual market conditions." Monday's decision follows a turbulent week in Iceland, where government took control of the country's three major banks. Nasdaq OMX Iceland says trading will resume Tuesday. The exchange's fixed income market remains open. Iceland has been hard hit by the global credit squeeze because of its heavyweight banking sector.