Greece has until Friday to produce a new reform plan, before all EU leaders meet on Sunday to decide whether to accept the proposal.» Read More
LAGOS, Nigeria-- Royal Dutch Shell PLC warned Tuesday that it won't be able to make its estimated production for two types of oil pumped from Nigeria, largely blaming attacks on its pipelines by thieves wanting to steal crude.
HELSINKI-- Nokia Corp. is planning to raise 750 million via an issue of bonds as part of an effort to build up its reserves ahead of next month's launch of phones running Microsoft's new Windows 8 software. Last week, Nokia posted a third-quarter net loss of 969 million as sales dwindled 20 percent to 7.2 billion.
LONDON-- The director general of the BBC is set to face a lawmaker committee to explain why the broadcaster pulled an expose unmasking one of its most popular entertainers as a pedophile. George Entwistle will face lawmakers on the Culture Media and Sport Select Committee on Tuesday.
ST. PETERSBURG, Russia-- It was intended as a friendly guide to Russia for labor migrants from Central Asia, but instead it turned into an insult. The government of Tajikistan formally urged Russian authorities to remove the book from circulation, and representatives of the Uzbek community voiced their outrage.
Weak or cautious forecasts this week from major manufacturers including 3 M Co., Korean steel maker Posco and heavy equipment manufacturer Caterpillar contributed to concern about global economic growth. Exxon Mobil Corp. fell $1.94, or 2.1 percent, to $90.25; and ConocoPhillips fell $1.12, or 2 percent, at $55.92;.
Other global companies, including Caterpillar on Monday, cited slower-than-expected growth in the U.S., China, and noted the broadening recession in Europe. South Korean steel maker Posco said that it expected growth in steel demand to range between 2 percent and 3 percent by 2013 because of slower demand globally in both developed and emerging countries.
Benchmark oil dropped $2.32, or 2.6 percent, to $86.29 in afternoon trading in New York. The national average for a gallon of regular gasoline dropped 2 cents overnight to $3.65. That's why gasoline futures have plunged 12 percent in less than two weeks, including a 6- cent drop Tuesday to $2.59 per gallon.
NEW YORK-- Nobody was expecting this earnings season to be great. Stocks plunged Tuesday, making it one of the worst days on Wall Street so far this year and sending the major indexes to their lowest levels since early September. That was June 1, the day the government released an ominously weak jobs report.
GLENVIEW, Ill.-- Security products distributor Anixter International said Tuesday that its net income dropped 53 percent in the third quarter mostly because of impairment and inventory charges. The Glenview, Ill., company earned $20.5 million, or 61 cents per share, compared with $43.5 million, or $1.26 per share, a year earlier.
LONDON-- Manchester United will open an office in the United States to target commercial sponsors. Vice chairman Ed Woodward said Tuesday the record 19- time English champions will open the office on the East Coast as they look to raise more cash to reduce the club's debt.
Perhaps that's why famous pals Katie Holmes and Julianna Margulies joined Narciso Rodriguez as he launched a limited-edition collection with a more affordable national retailer. Holmes walked the red carpet at the launch party Monday in New York for Rodriguez's line for Kohl's Corp..
LONDON-- Stocks suffered one of their worst sessions in weeks on Tuesday following another batch of weak U.S. corporate earnings and uncertainty over the outcome of the race for the White House. Downbeat updates on Tuesday from chemical company DuPont and manufacturer 3 M added to the uncertainty.
ROMNEY on Syria: "What I'm afraid of is we've watched over the past year or so, first the president saying, `Well, we'll let the U.N. deal with it.' And Assad _ excuse me, Kofi Annan _ came in and said we're going to try to have a cease-fire.
ATHENS, Greece-- Greek Prime Minister Antonis Samaras says a deputy from his center-right party who has expressed opposition to new austerity measures is no longer part of the parliamentary group and asks that he be stripped of his party membership as well.
Unions, anti-war campaigners, left-wing leaders, community groups and other activists poured down London's streets in a demonstration against reductions to public sector spending which officials are pushing through in order to rein in the Britain's debt, which stands at more than 1 trillion pounds.
Brendan Barber, whose Trades Union Congress helped organize the march, said that the message of Saturday's protest was that "austerity is simply failing."
SEOUL, South Korea-- South Korea says it has been chosen to host a new U.N. climate fund that aims to channel $100 billion a year in aid to developing nations. Seoul's Finance Ministry says the decision was made Saturday in a vote by the fund's 24- member board in Songdo, South Korea.
The deal would value American Greetings at around $581 million. American Greetings' shares fell 7 cents to close at $16.99 Friday. American Greetings' brands include Carlton Cards, Recycled Paper Greetings and Papyrus.
IRVINE, Calif.-- Edwards Lifesciences Corp. lowered its annual net income guidance on Friday, as it announced third-quarter results, citing disappointing sales of its Sapien heart valve.
FEELING THE CRUNCH: The country's largest organic peanut processing plant is scrubbing its facilities top to bottom and hopes to get back in production soon after a massive recall of scores of products linked to a salmonella outbreak.