If a tornado like the one that ravaged Moore in 2013 struck the Chicago area, potential damage could exceed $20 billion, reinsurer Swiss Re said.» Read More
NEW YORK, July 12- Shire Plc is seeking a higher takeover offer from U.S. drugmaker AbbVie Inc that would value the company at about 31 billion pounds, according to people familiar with the matter.
United Airlines, the airport's primary carrier, said in an email Friday to the Port Authority of New York and New Jersey, the airport's operator, that it still questions whether the agency has the legal power to impose a wage hike.
CHICAGO— United Airlines is the latest carrier to say it will reduce flights to Venezuela over a dispute about money trapped by tight currency controls in the South American country. American Airlines Group Inc., Delta Air Lines Inc. and several foreign airlines have previously announced cutbacks.
NEW YORK, July 11- Major global equities markets edged higher and the yen stabilized against the U.S. dollar on Friday as worries about Portugal's biggest bank ebbed, while oil prices dropped on easing concern about supply losses in the Middle East.
LONDON, July 11- A group of armed individuals has occupied a Cargill Inc sunflower-seed crushing plant in Ukraine's eastern Donetsk region after it was closed due to the increased tensions in the area, the company said on Friday.
WASHINGTON, July 11- The United States government forecast on Friday abundant U.S. and world grain, soybean and cotton supplies in the coming year, consistent with the recent steep decline in prices. Corn also fell to the lowest on an active-month basis since August 2010 before finding support near the $4 per bushel level and turning slightly higher.
WASHINGTON, July 11- The United States government on Friday forecast abundant U.S. and world grain, soybean and cotton supplies in the coming year, consistent with the recent steep decline in prices. Corn was down about 0.7 percent, but on an active-month basis corn futures are at their lowest since August 2010.
CHICAGO, July 11- The Illinois Supreme Court's ruling extending constitutional protection to public sector retiree health care is a negative credit factor for Illinois, Chicago and local governments seeking to alter pension benefits, Moody's Investors Service said on Friday. Illinois already has the lowest credit rating among states, with Moody's at A3.
CHICAGO— Grain futures were lower Friday on the Chicago Board of Trade. Wheat for Sept delivery fell 22.50 cents to $5.26 a bushel; Sept corn was 8 cents lower at 3.7825 a bushel; Dec oats were 4.75 cents lower at $3.2650 a bushel; while Nov soybeans declined 18 cents to $10.75 a bushel.
Corn and wheat have fallen more than 5 percent this week, while soybeans have lost nearly 4 percent amid market expectations that the U.S. Department of Agriculture will raise its estimates for production and stockpiles.
LISBON, Portugal— The specter of Europe's financial crisis is back to haunt investors. The tensions center on Espirito Santo International, a holding company that is the largest shareholder in a group of Espirito Santo family companies, including the parent of Portugal's largest bank, Banco Espirito Santo.
*Wall Street lower on Portugal bank worry, losses pared. After surging abruptly in early June, prices fell more than 5 percent over the past three weeks as easing geopolitical tensions in Iraq and Libya soothed worries over oil supplies.
Gold for August delivery rose $14.90, or 1.1 percent, to settle at $1,339.20 an ounce Thursday. Silver for September jumped 44 cents, or 2.1 percent, to $21.51. Phil Streible, senior commodity broker at RJ O'Brien& Associates in Chicago, said traders often move into gold in anticipation of a crisis.
CHICAGO— Lawyers for the billionaire creator of Beanie Babies say a federal judge didn't let him off too easily by giving him probation and no prison time for hiding at least $25 million from U.S. tax authorities in Swiss banks.
MINNEAPOLIS— Delays in railroad shipping have cost Minnesota corn, soybean and wheat farmers nearly $100 million and cut deeply into the value of grain still in storage at farms across the state, according to a University of Minnesota report released at an agricultural freight conference Thursday.
CHICAGO— Grain futures were mixed Thursday in early trading on the Chicago Board of Trade. Wheat for Sept delivery was unchanged at $5.5125 a bushel; Sept corn was 3 cents lower at $3.8825 a bushel; Dec oats were unchanged at $3.2975 a bushel; while Nov soybeans was 2.25 cents higher at $11.06 a bushel.
The Australian Bureau of Meteorology this week said Pacific Ocean surface temperatures are at levels associated with a weak El Nino, but the threshold for the weather event has not yet been breached. El Nino could bring dry weather to Australia, which is already struggling with a drought, and it could also curb its wheat, sugar and cotton production.
That's up from Boeing's forecast last year that global airlines would need 35,280 jets worth $4.8 trillion over the next 20 years. "There's no question the market is converging to this size, where network flexibility and cost efficiency meet," said Randy Tinseth, Boeing's commercial airplanes marketing vice president.
A top holding in the $710 million Ivy Emerging Markets Equity Fund, the best performing diversified emerging market fund over the last five years, is Las Vegas Sands Corp, the U.S.-based casino operator that generates most of its revenue in Macao.
CHICAGO— Bad reactions to psychiatric drugs result in nearly 90,000 emergency room visits each year by U.S. adults, with anti-anxiety medicines and sedatives among the most common culprits, a study suggests.