Business News


  • Sandy leaves Bahamas after killing 40 in Caribbean Friday, 26 Oct 2012 | 5:37 PM ET

    NASSAU, Bahamas-- Hurricane Sandy spun away from the Bahamas late Friday after causing 40 deaths across the Caribbean, churning northward toward the U.S. East Coast, where it threatens to join with winter weather fronts to create a super storm.

  • NEW YORK, Oct 26- Virginia declared a state of emergency on Friday, neighboring states readied utility crews and New York City said it may shut down mass transit as authorities along the U.S. East Coast prepared for a potential pounding from Hurricane Sandy.

  • Global Geophysical names White president, CEO Friday, 26 Oct 2012 | 5:33 PM ET

    HOUSTON-- Global Geophysical Services Inc. on Friday named Richard White its new president and chief executive officer. He replaces Richard Degner as president and CEO; Degner will continue as non-executive chairman of Global Geophysical and as president of Autoseis Inc., a subsidiary. Global Geophysical shares fell 15 cents, or 3 percent, to close at $4.88.

  • NEW YORK, Oct 26- Virginia declared a state of emergency on Friday, neighboring states readied utility crews and New York City said it may shut down mass transit as authorities along the U.S. East Coast pr e pared for a p otential pounding from Hurr icane Sandy.

  • Asked if struggling Spain should seek financial aid, he said it was up to countries to take their own decisions but that in general, firewalls had to be used for them to be effective. Spain is under pressure to seek a bailout as it struggles to cope with high government debt and the cost of recapitalizing its banks.

  • Texas regulators OK NRG Energy's takeover of GenOn Friday, 26 Oct 2012 | 5:29 PM ET

    HOUSTON-- The Public Utility Commission of Texas has approved NRG Energy Inc.' s proposed all-stock acquisition of GenOn Energy Inc., the companies said Friday. The deal must still receive the approval of state regulators in New York, the Federal Energy Regulatory Commission and the two companies' shareholders before it can go forward.

  • LONDON, Oct 26- Former UBS trader Kweku Adoboli wept on Friday as he told a jury that his ``off-book'' trading was done for the benefit of the bank that meant everything to him.

  • Oct 26- U.S. auto parts supplier American Axle and Manufacturing Holdings Inc reported disappointing quarterly results on Friday, hurt by restructuring and debt refinancing costs and by higher-than-expected costs from new-product launches. Debt refinancing and redemption costs reduced third-quarter results by $10.1 million, or 14 cents per share.

  • Buyouts reduce layoffs at American Airlines Friday, 26 Oct 2012 | 5:23 PM ET

    FORT WORTH, Texas-- So many mechanics at American Airlines are taking buyouts that the company expects it will need to lay off only a small fraction of the number it had originally planned.

  • Oct 26- Bankrupt battery maker A123 Systems Inc. plans to ask for court approval for a loan from auto parts maker Wanxiang Group Corp, which could give the Chinese company an advantage over a U.S. rival in a takeover battle for A123. A123, which filed for bankruptcy earlier this month, has an interim bankruptcy loan with Johnson Controls.

  • How US drought damaged economy as well as crops Friday, 26 Oct 2012 | 5:15 PM ET

    WASHINGTON-- The worst drought in decades didn't just shrivel corn and soybeans. It shrank economic growth too. That means normal weather would have lifted economic growth to 2.4 percent for the quarter, the Commerce Department said.

  • K12 Inc. appoints Engler to board of directors Friday, 26 Oct 2012 | 5:15 PM ET

    HERNDON, Va.-- Educational software company K12 Inc. said Friday that it has appointed former Michigan Gov. He was governor of Michigan from 1991 to 2003. He currently serves on the boards of directors of Universal Forest Products Inc. and Munder Capital Management. Shares of the company, based in Herndon, Va., fell 11 cents to close at $21.46.

  • Airlines ask fliers to reschedule due to hurricane Friday, 26 Oct 2012 | 5:09 PM ET

    The offers cover passengers flying in or out of just about any airport from Latin America to New Hampshire. The airlines have only canceled a handful of flights so far, nearly all of them in and out of Florida and the Caribbean. Hurricane Sandy killed at least 20 people in the Caribbean, and left Bahamas this afternoon.

  • Endeavour gets new exploration areas Friday, 26 Oct 2012 | 5:08 PM ET

    HOUSTON-- Oil and gas company Endeavour International Corp. said Friday it was given 7 new licenses to explore areas in the U.K. North Sea. The licenses were awarded by the Department of Energy and Climate Change. Houston- based Endeavour focuses on acquiring, exploring and developing energy reserves in the North Sea and U.S.

  • US senators call on FDA to act on energy drinks Friday, 26 Oct 2012 | 5:08 PM ET

    The FDA noted that the allegations, which date back to 2004, don't necessarily prove the drinks are linked to the deaths. The FDA caps the amount of caffeine in soda to 0.02 percent, but there is no such limit for energy drinks. Durbin and Blumenthal asked the FDA to look into the interactions between caffeine and the additives that are often found in energy drinks.

  • News Summary: Commodities continue weeklong slide Friday, 26 Oct 2012 | 5:05 PM ET

    MORE DECLINES: Commodities prices were broadly lower on the latest weak signals for the U.S. economy: more poor earnings reports from major companies like Goodyear, and only tepid growth in GDP in the third quarter. METALS SLIDE: Gold fell $1.10 to settle at $1,711.90 an ounce, silver fell 4.20 cents to $32.036 an ounce and palladium fell $9.10 to $595.40 an ounce.

  • Goodyear, DeVry, Deckers are market movers Friday, 26 Oct 2012 | 5:04 PM ET

    NEW YORK-- Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:. Arch Coal Inc., up 78 cents at $8.09. Goodyear Tire& Rubber Co., down $1.28 at $11.02.

  • Halftime report: Is fear of a weak 3Q overblown? Friday, 26 Oct 2012 | 4:59 PM ET

    WASHINGTON-- It's halftime for the season of corporate earnings reports, and investors are in desperate need of a locker-room pep talk.

  • *Wall St hit by earnings; Apple shares off more than 2 pct. Although data showed a pick-up in U.S. economic growth in the third quarter, gloomy earnings and outlook statements from major global companies such as Apple and Amazon, South Korea's Samsung and Renault and Ericsson in Europe corroded hopes of a recovery in the global economy.

  • BP spill trial delayed until February 2013 Friday, 26 Oct 2012 | 4:57 PM ET

    HOUSTON, Oct 26- A federal judge on Friday delayed until February 2013 the start of a massive trial to determine liability from the 2010 Deepwater Horizon oil spill, citing tourist events that will keep New Orleans' hotels booked.