Business News


  • News Summary: Alcoa posts $143 million loss in 3Q Tuesday, 9 Oct 2012 | 6:50 PM ET

    BY THE NUMBERS: Alcoa reported a third-quarter loss of $143 million, or 13 cents per share, largely on one-time charges. WHY IT MATTERS: Alcoa produces aluminum for a wide range of businesses. ECONOMIC EFFECT: Alcoa lowered its 2012 forecast for growth in global aluminum demand to 6 percent from 7 percent, citing China's economic slowdown.

  • *Wells Fargo, the No. 4 U.S. bank, denies allegations. Oct 9- The U.S. government filed a civil mortgage fraud lawsuit on Tuesday against Wells Fargo& Co, the latest legal volley against big banks for their lending during the housing boom.

  • Oct 10- Kimberley Rare Earths:. *Withdrawal from Cummins range joint venture. *Kimberley rare earths-reached agreement with Navigator Resources to transfer.

  • Alcoa cuts demand outlook, posts $143M loss Tuesday, 9 Oct 2012 | 6:48 PM ET

    Alcoa Inc. has slightly lowered its aluminum demand expectations for the rest of the year largely because of China's economic slowdown. Alcoa, which makes aluminum for a wide range of businesses, predicted aluminum demand would grow 6 percent this year, down from 7 percent in the previous quarter.

  • BRIEF-Horizon Oil says oil discovered offshore China Tuesday, 9 Oct 2012 | 6:48 PM ET

    Oct 10- Horizon Oil Ltd:. *Announces discovery in beibu gulf offshore China; well has confirmed 59 mtrs. of net oil pay in gross sand thickness of 79 mtrs.

  • Oct 10- GR Engineering Services Ltd:. *Reached agreement with unit of St Barbara Ltd to settle arbitration. *St barbara's unit will pay $2.65 million; settlement will result in a further.

  • Lawmakers seek more regulation of compounded drugs Tuesday, 9 Oct 2012 | 6:45 PM ET

    WASHINGTON-- Two Democratic lawmakers on Tuesday called for stricter federal oversight of compounding pharmacies in the wake a deadly meningitis outbreak linked to contaminated injections made by a Massachusetts specialty pharmacy.

  • OTTAWA, Oct 9- Canada indicated strongly on Tuesday it would exclude Chinese telecom equipment giant Huawei Technologies Co Ltd from helping to build a secure Canadian government communications network because of possible security risks.

  • UPDATE 5-Germany seen ready to block EADS-BAE merger Tuesday, 9 Oct 2012 | 6:38 PM ET

    *Britain, France had proposed state shareholding cap. *Germany demands parity with France, key headquarters. PARIS/ BERLIN, Oct 9- Plans for a $45- billion merger between EADS and BAE Systems veered towards collapse late on Tuesday as Germany appeared ready to block the deal in a row over national stakeholdings.

  • News Summary: Wal-Mart unveils same-day delivery Tuesday, 9 Oct 2012 | 6:37 PM ET

    WAL-MART'S SAME-DAY DELIVERY SERVICE: Wal-Mart is testing a same-day delivery service in select markets for customers who buy popular items online during the holiday shopping season. THE DETAILS: Wal-Mart's tests started this month in northern Virginia and Philadelphia.

  • *Agrees to acquire First Capital Bancshares Inc. *Says transaction is valued at approximately $19.6 million. *Source text* Further company coverage ().

  • Australia shares seen down, index back below 4,500 Tuesday, 9 Oct 2012 | 6:35 PM ET

    MELBOURNE, Oct 10- Australian shares may ease from 14- month highs on Wednesday after U.S. stocks fell on concerns over third-quarter earnings, although energy companies may be boosted by a sharp rise in oil prices. *Energy companies such as Woodside Petroleum.

  • Oct 9- Robbins& Myers Inc:. *Robbins& Myers and National Oilwell Varco receive second request under. *Robbins& Myers- go request for additional information and documents from the U.S.

  • Oct 10- Strike Resources Ltd:. *Now expects announcement providing update on "shootout" related to co's 50%. jv holding in Apurimac Ferrum SA on October 17.

  • *Richmond outage cut Chevron's 3rd quarter 2012 output. HOUSTON, Oct 9- Chevron Corp said on Tuesday the central crude oil refining unit at its 245,000 barrel-per-day Richmond, California, refinery would remain shut for the rest of the year.

  • Oct 9- Best Buy Co Inc's chief financial officer, James Muehlbauer, is leaving the embattled retailer after more than a decade, the company said on Tuesday. Best Buy, which appointed a new chief executive in late August, said it was looking for a replacement.

  • Judge approves $71.5 mln Dewey settlement Tuesday, 9 Oct 2012 | 6:26 PM ET

    Bankruptcy Judge Martin Glenn approved on Tuesday a $71.5 million settlement between former partners of Dewey& LeBoeuf and the bankrupt law firm's estate. The settlement requires former Dewey partners to pay portions of their compensation, ranging between $5,000 and $3.5 million individually, in exchange for a release from potential clawback claims.

  • Oct 10- PMI Gold Corp:.

  • Oct 10- Moody's assigns Landmark Aviation's LBO transaction a B3 CFR.

  • UPDATE 3-Planes, autos help Alcoa profit Tuesday, 9 Oct 2012 | 6:24 PM ET

    Oct 9- Stronger demand for aluminum products from airplane and automobile producers helped Alcoa Inc's third-quarter profit beat Wall Street's expectations, offsetting weak aluminum prices and worries about China's slumping economy.

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