Latest Business News Wires - Business Headlines


  • Loehmann's department store in the Chelsea neighborhood of New York.

    Loehmann's, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators.

  • WASHINGTON, Dec 16- Gannett Co Inc can move ahead with its purchase of Belo Corp as long as the deal does not include KMOV-TV, a St. Louis television station, antitrust enforcers at the U.S. Justice Department said on Monday. Gannett agreed to buy Belo for $1.5 billion in June in a move that will nearly double Gannett's broadcast holdings to 43 stations.

  • According to filings in the U.S. Bankruptcy Court in Manhattan, Loehmann's Holdings Inc. tried last month to sell its businesses as a going concern. SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners LLC, which have handled retailer liquidations, agreed to make an initial bid that includes $19 million in cash and other sums, a court filing shows.

  • *Avago to buy LSI for $6.6 bln; AIG to sell unit for $5.4 bln. NEW YORK, Dec 16- U.S. stocks gained on Monday, rebounding from their worst week in months as large deals boosted optimism but investors remained cautious ahead of an upcoming Federal Reserve policy meeting.

  • *European Banking Authority releases data on top EU banks. But the European Banking Authority, the European Union's banking watchdog, said on Monday the share of bonds issued by sovereigns under stress held by their domestic banks had "increased markedly" between December 2010 and June 2013.

  • "This past weekend, the Northeast was a mess with snow starting on Saturday and continuing into Sunday, perhaps encouraging shoppers to postpone shopping to the coming week, buy more online, or just wait for Super Saturday weekend," Topeka Capital Markets analyst Dorothy Lakner wrote in a note.

  • FORT LAUDERDALE, Fla., Dec 16- A Florida judge ordered Raoul Weil, a former high-ranking UBS banker charged with tax fraud by U.S. authorities, freed on $9 million bond, on Monday in federal court in Fort Lauderdale. Weil did not enter a plea and his arraignment was postponed until Jan 7.

  • GM CEO Akerson defends tenure as his exit nears Monday, 16 Dec 2013 | 1:15 PM ET

    WASHINGTON, Dec 16- Dan Akerson, General Motors Co's outgoing chief executive, on Monday defended his tenure leading the No. 1 U.S. automaker and said his successor will have to build on the turnaround that he guided.

  • Dec 16- Flash storage provider Violin Memory Inc's board fired its CEO in the wake of a sour IPO and deeper-than-expected quarterly losses, sending its shares sharply higher. In its stock market debut in September, Violin Memory's shares dropped about 22 percent due to concerns about competition.

  • WASHINGTON, Dec 16- Gannett Co Inc can move ahead with its purchase of Belo Corp as long as the deal does not include KMOV-TV, a television station in St. Louis, antitrust enforcers at the U.S. Justice Department said on Monday.

  • *Avago offers $11.15 per share, a premium of 41 percent. *Avago shares rise 11 percent; LSI soars 39 percent. Dec 16- Avago Technologies Ltd on Monday said it would buy LSI Corp for $6.6 billion in one of the semiconductor industry's largest deals this year as it turns to the fast-growing storage chip market to counter volatility in its main wireless business.

  • NEW YORK, Dec 16- U.S. crude oil production will rise faster than expected to a near historic high by 2016, according to the Energy Information Administration, which sharply raised its annual output forecasts on Monday due to the breakneck speed of shale oil development.

  • TORONTO, Dec 16- Canada's Competition Bureau has filed a legal motion against Google Inc alleging that the company is abusing its dominant position in online search, joining U.S. and European anti-trust authorities in challenging the practices of the web giant.

  • *Empire State manufacturing index creeps up in December. WASHINGTON, Dec 16- U.S. manufacturing output rose for a fourth straight month in November as production increased almost across the board, the latest suggestion the economy is gaining steam.

  • Ford prices key Lincoln MKC crossover below rivals Monday, 16 Dec 2013 | 1:01 PM ET

    DETROIT, Dec 16- Ford Motor Co said on Monday that its upcoming Lincoln MKC crossover will start at $33,995, thousands of dollars cheaper than competing models as the No. 2 U.S. automaker attempts to shore up its flagging premium brand. Rivals include the Acura RDX, made by Honda Motor Co, which starts at $34,520, excluding taxes and a $895 delivery and handling charge.

  • LONDON, Dec 16- Copper hit its highest in nearly two months on Monday before closing up half a percent, with investors focused on tightness in nearby supply and falling metal inventories. Copper was the latest daily London Metal Exchange data showing that stocks fell 3,825 tonnes to total 389,175 tonnes- their lowest since early February.

  • Venezuela says revamping currency control system Monday, 16 Dec 2013 | 12:57 PM ET

    CARACAS, Dec 16- Venezuela is boosting the use of the foreign exchange system known as Sicad to increase the amount of local currency it receives from oil revenue, tourism and gold sales, the country's oil minister Rafael Ramirez said on Monday. Though the government has not made the Sicad rate public, participants have said it has ranged between 12 and 14 bolivars.

  • DUBLIN, Dec 16- Ireland, the first euro zone member to successfully exit its bailout, will return to debt markets with an issue of 10- year paper in early 2014 and may have space to ease austerity in its next budget, its finance minister said.

  • LONDON, Dec 16- European shares rebounded on Monday from a four-day losing streak, led by a rise in German equities that helped offset concerns over future U.S. monetary policy.

  • COLUMN-Burn Notice: Watch out for leveraged ETFs Monday, 16 Dec 2013 | 12:40 PM ET

    CHICAGO, Dec 16- If you buy insurance on your home, you know that most of your losses would be covered in a catastrophe. There are now more than 700 short or leveraged ETFs, topping $50 billion in assets, up from under 300 products and $28 billion in 2008, according to Boost, an independent exchange-traded product provider based in Britain.

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