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Net first-quarter earnings were $308 million, or 27 cents per share, compared with a net loss of $201 million, or 20 cents per share in the same quarter of 2010, the Pittsburgh-based company said.

Income from continuing operations, excluding a negative impact for special items, was 28 cents per share.

Revenue rose 22 percent to $6.00 billion, with double-digit increases in packaging, automotive, transportation and industrial products, Alcoa said.

The price of aluminum has risen more than 30 percent in the past year, from around $1,990 per ton during the first quarter of 2010 to around $2,600 currently.

(Reporting by Steve James, editing by Bernard Orr)

"A credible strategy to stabilize public debt in the medium term and a down payment on fiscal consolidation in 2011 are urgently needed," the IMF said in its World Economic Outlook.

The issue of how to ratchet down the U.S. debt is at near fever-pitch politically, with opposition Republicans in Congress trying to compel the Obama administration to deeper spending cuts.

A government shutdown was narrowly averted at the weekend when negotiators for the Republicans and Democrats reached a final-hour compromise, only to pivot toward a new budget battle that will hinge on the sensitive issue of a fast-approaching deadline for raising the legal U.S. borrowing limit.

In a sign of market nervousness about U.S. indebtedness, the world's largest bond fund PIMCO started betting against U.S. government debt last month, a statement on its holdings indicated.

IMF SEES SLUGGISH RECOVERY

The IMF noted that the U.S. budget deficit in 2011 is expected to hit 10.75 percent of national output, the highest among the developed economies.

"The United States remains committed to meeting the G20 target of halving the deficit between 2010 and 2013, but the high deficit this year may make this difficult," it said.

In response, the U.S. Treasury reaffirmed that it plans to push ahead in efforts to cut gaping deficits.

"We will meet our commitments to the G20 in Toronto and look forward to working with Congress to establish a credible, multiyear path to ensure our fiscal sustainability while delivering strong economic growth," a spokeswoman said.

U.S. President Barack Obama on Wednesday will lay out a long-term plan for deficit reduction. The administration has been wary of tightening the budget too precipitously for fear of undermining the economy's recovery.

The IMF said the economy should expand 2.8 percent in 2011 and 2.9 percent in 2012. The 2011 forecast was revised down from 3 percent growth the IMF forecast in January, but 2012's forecast was revised up from a previous 2.7 percent.

It stressed that risks to its forecast abounded, including a spike in oil and commodity prices, Middle East and North African political unrest, debt problems in Europe and the persistent downward pressure on U.S. home prices.

The IMF noted there still was substantial slack in the economy. It said that suggested inflation would stay subdued and it called for keeping interest rates low.

"The right policy mix for the United States is one of continued monetary accommodation alongside moves to put fiscal balances on a stronger footing," the IMF said.

* Aluminum maker Alcoa (AA.N) will unofficially kick off the U.S. earnings season on Monday. The company is expected to report quarterly earnings of 27 cents per share on revenue of $6.07 billion, according to Thomson Reuters estimates.

* Deutsche Boerse (DB1Gn.DE) said on Sunday its planned acquisition of NYSE Euronext (NYX.N) was on track after NYSE's board of directors unanimously rejected a counter offer by Nasdaq (NDAQ.O) and ICE (ICE.N).

* U.S. President Barack Obama will lay out his approach for long-term U.S. deficit reduction later this week, his senior adviser David Plouffe said on Sunday.

Obama will look at the Medicare and Medicaid government healthcare programs for the elderly and the poor to "see what kind of savings" are possible, Plouffe told NBC's "Meet the Press" program, without giving details.

* Britain's top banks should shield their retail operations from riskier investment banking activities and hold more capital to protect taxpayers in the event of another financial crisis, a report said.

* Resource-related stocks will be in focus as copper prices advanced on a weaker dollar and encouraging China trade data. Gold hit a record high, while silver climbed to its highest in more than three decades.

* China recorded a rare trade deficit in the first quarter of the year on the back of domestic economic strength and rising global commodity prices, the customs administration said on Sunday.

* Brent crude fell toward $126 a barrel, while U.S. crude futures slipped after touching a 2-1/2-year high as the African Union said Muammar Gaddafi had accepted a roadmap to end the civil war in Libya.

* The Union said Gaddafi has accepted an immediate ceasefire and added that the issue of his stepping down had also been discussed. Rebels have said they will accept nothing less than an end to Gaddafi's four decades in power, but Libyan officials say he will not quit.

* Japan's Nikkei average .N225 fell on Monday after Citigroup slashed ratings on major automakers to "sell." European stocks dropped 0.3 percent ahead of the earnings season and prompted investors to book recent gains.

* On Friday, the Dow Jones industrial average .DJI was down 29.59 points, or 0.24 percent, at 12,379.90. The Standard & Poor's 500 Index .SPX was down 5.36 points, or 0.40 percent, at 1,328.15. The Nasdaq Composite Index .IXIC was down 15.73 points, or 0.56 percent, at 2,780.41.

(Reporting by Atul Prakash; Editing by Erica Billingham)

Murray, who lives and works in Hong Kong, has spent 45 years in Asia and has served on the boards of several major companies. The UK born businessman has experience investing in the mining industry, he said, speaking in an exclusive interview with Reuters from the 36th floor office his private equity firm holds in Hong Kong's Cheung Kong Center.

He confirmed a Sunday Times report that he was among the candidates for the non-executive chair role.

"This is very exciting, but you are talking to someone who has been chased by a leopard. You are talking to someone who has been shot at with a machine gun and missed," Murray told Reuters. "As Mr. Churchill once said, the most exhilarating experience in life is to be shot at without result."

Murray added that he was keeping his excitement at bay as there had been no final decision on who would become chairman of the company. He said there were three candidates on the short list, including himself.

"It's premature to say anything; it will be the board's decision. They may feel I am a bit young for this," the 71-year-old joked.

Baar, Switzerland-based Glencore is expected to release its intention to float document in London this week, which will set the ball rolling for its initial public offering. The deal would be London's largest ever and has seized the market's interest in the last several months given the massive company's nearly four decades as a private company.

Glencore aims to select a chairman before it's roadshow with IPO investors.

Glencore's current chairman, Willy Strothotte, is leaving in part from his dual-chairmanship of Xstrata, of which Glencore owns 34.5 percent.

Murray, wearing a navy blue jacket, collared shirt and no tie, said as Chairman, he'd "be on the phone with Ivan at least once a week," referring to CEO Ivan Glasenberg.

"I've met Ivan, I like Ivan. Apart from anything else, he gave me a very, very long lift to the airport, which was very nice of him. Saved me the taxi money."

(Reporting by Denny Thomas and Elzio Barreto; Editing by Michael Flaherty and Chris Lewis)