Amid a maturing Chinese market, Xiaomi is trying to rely on direct online sales to venture overseas, says Melissa Chau, senior research manager, Client Devices at IDC.» Read More
*Marathon to purchase refinery for $598 million. Oct 8- Marathon Petroleum Corp struck a deal to buy BP's Texas City refinery and related infrastructure for up to $2.5 billion, a purchase that would make Marathon the fourth-largest refiner in the United States.
VAN NUYS, Calif.-- Electro Rent Corp., which rents and sells computers and other electronic equipment, said Monday that revenue for the fiscal first quarter held steady but net income plunged largely because last year's results included gains from buying another company.
*World Bank says China economic slowdown could get worse. The World Bank on Monday cut its economic growth forecasts for East Asia and the Pacific region, home to two of the world's largest oil consumers, and said there was a risk the slowdown in China could be deeper and more prolonged than expected.
NEW YORK-- A strong warning from the World Bank that growth in Asia may slow further dragged the price of oil Monday to its lowest close in two months. The World Bank signaled the possibility of a "more pronounced slowdown" in China, the world's second largest economy after the United States.
"They're seeing the writing on the wall and want to say that it's corporate responsibility," said Mike Jacobson, executive director of the Center for Science in the Public Interest, which advocates for food safety and nutrition.
NEW YORK, Oct 8- Goldman Sachs Group Inc unit Goldman Sachs Asset Management has hired Andrew "Buddy" Donohue, a former head of the division of investment management at the U.S. Securities and Exchange Commission, as deputy general counsel, according to an internal memo obtained by Reuters on Monday.
Agriculture Secretary Tom Vilsack plans to attend the first workshop on Tuesday in Omaha, Neb. The other three workshops are being planned in Pueblo, Colo., Pine Bluff, Ark., and an undetermined town in Ohio.
*Coal retirement/retrofits to cost up to $144 billion. Oct 8- More U.S. coal-fired power plants could retire due to environmental regulations and weaker-than-expected electric demand, costing the industry up to $144 billion, economists at consultancy Brattle Group said.
BRUSSELS, Oct 8- The European Union accused the United States of breaching confidentiality surrounding the filing of economically sensitive documents on the funding of the Airbus A350 in the latest twist to a long-running aircraft subsidy dispute.
LISLE, Ill.-- Heading off a proxy war, heavy truck and engine company Navistar is adding a colleague of activist investor Carl Icahn and a former protege of his to its board. Shares of Navistar added $1.60, or 7.5 percent, to close at $22.81 Monday. Navistar International Corp. said Monday that Mark Rachesky and Vincent Intrieri are now board members.
SIOUX FALLS, S.D.-- South Dakota entrepreneur Brian Gramm was tailgating outside a college football game one sunny day when he wondered why he couldn't use that energy to plug in a radio.
**GREEN DOT CORP, $10.31, down 19.8 pct. **NETSPEND HOLDINGS INC, $10.00, down 6.98 pct. **WAL-MART STORES INC, $75.47, down 0.45 pct.
NEW YORK, Oct 8- U.S. natural gas futures lost ground early on Monday, pressured by milder mid-month weather forecasts for the Northeast and Midwest despite chilly temperatures this week that should stir early heating demand.
NEW YORK, Oct 8- U.S. stocks fell on Monday after the World Bank cut its growth forecasts for East Asia, underscoring concerns about the global economic climate and corporate profits on the cusp of the kickoff of the quarterly earnings season. The Nasdaq Composite Index was down 16.92 points, or 0.54 percent, at 3,119.27.
*Marathon to purchase refinery for $598 million* Inventory worth around $1.2 billion* Marathon could pay up to another $700 mln over 6 years. Marathon Petroleum's shares rose to $56.38 in pre-market trading, after closing on Friday on the New York Stock Exchange at $54.87.
NEW YORK-- BP has finally found a buyer for its Texas City refinery, one of the largest and most complex in the U.S. Marathon Petroleum Corp. will pay only $598 million for the refinery itself and other nearby pipelines and fuel terminals. The Texas City refinery has a troubled history.
NEW YORK-- As criticism over sugary sodas intensifies, the beverage industry is rolling new vending machines that display just how many calories are in its drinks. The vending machines will launch in Chicago and San Antonio municipal buildings in 2013 before rolling out nationally.
DETROIT-- General Motors plans to hire up to 1,500 workers to staff a new computer technology center outside Detroit. Last month the company announced it would hire 500 people for a center in Austin, Texas. But spokeswoman Julie Huston-Rough said most carmakers strike a balance between doing computer work in the company and hiring outside firms.
Oct 8- Wal-Mart Stores Inc and American Express Co have teamed up to provide financial services to customers who often do not have traditional bank accounts by offering a prepaid Bluebird card.
*Oil dips below $112 as World Bank cuts Asian growth outlook. LONDON, Oct 8- Stocks and oil prices fell on Monday after the World Bank cut its growth forecast for China, adding to concerns about the outlook for the global economy and corporate earnings.