Latest Business News Wires - Business Headlines


  • *Siemens says won't be forced into bid for Alstom assets. BERLIN, May 7- German engineering giant Siemens unveiled a long-awaited restructuring on Wednesday in a bid to catch up with more profitable rivals and said it would not be forced into making an offer for the energy assets of French rival Alstom.


  • *Customers like new Pimco leadership structure- Allianz CEO. MUNICH, May 7- Europe's biggest insurer Allianz defended its U.S. asset management business Pimco on Wednesday as it came under fire for failing to stem the flow of heavy investor withdrawals.

  • *Maijoor cautions how tax was "devastating" for Sweden. LONDON, May 7- A tax on stock, bond and derivatives transactions in fewer than half of European Union member states would "not be good" for the bloc's securities market, a top EU regulator said on Wednesday.

  • *Repsol sells 11.86 percent of YPF to Morgan Stanley. MADRID, May 7- Spanish oil major Repsol bid farewell to 15 years of business in Argentina with the sale of a stake in energy firm YPF to Morgan Stanley for $1.26 billion on Wednesday.

  • Cognizant's quarterly revenue rises 20 pct Wednesday, 7 May 2014 | 6:12 AM ET

    May 7- Technology services provider Cognizant Technology Solutions Corp posted a 20 percent rise in quarterly revenue as its customers in North America and Europe raised their IT spending. The company's net income rose to $348.9 million, or 57 cents per share, in the first quarter ended March 31 from $284.2 million, or 47 cents per share, a year earlier.

  • PARIS, May 7- French factories produced much less than expected in March while the country's trade deficit worsened, casting doubt on President Francois Hollande's latest predictions that the economy is finally turning around.

  • LONDON, May 7- A tax on financial transactions in fewer than half of European Union member states would "not be good" for the bloc's securities market, a top EU regulator said on Wednesday.

  • BERLIN, May 7- The head of German conglomerate Siemens expressed regret on Wednesday for referring to the West's showdown with Russia over Ukraine as "short-term turbulences" when he held a controversial meeting with Russian President Vladimir Putin in late March.


  • Shareholder blasts Allianz over Pimco worries Wednesday, 7 May 2014 | 5:00 AM ET

    MUNICH, May 7- Union Investment, a major investor in Allianz, blasted the German insurer on Wednesday over its handling of problems at its fund manager Pimco, saying the fund's poor performance was denting the Allianz share price.

  • "Jack Ma is a big traitor," wrote another user on Tencent Weibo, a major Twitter- like Chinese microblogging site. In its IPO prospectus, Alibaba detailed ties with its two principal shareholders- Japanese telecoms firm SoftBank Corp, which owns a 34.4 percent stake, and Yahoo Inc with a 22.6 percent stake.

  • OSAKA, May 7- Japan's Nintendo Co Ltd ended the last business year by booking its third straight loss, but said a series of new video games such as " Mario Kart 8" would revive sales and return it to profit.

  • *China palm oil imports seen falling on credit curbs. Commodities have been commonly used for financing in China, where traders or investors borrow against a product with the aim of investing the money in high-return areas such as real estate.

  • PARIS, May 7- French telecoms group Orange said around 1.3 million users of its online portal fell victim to a theft of personal data, including telephone numbers, dates of birth and email addresses, last month.

  • *Increased risk of Ukraine civil war supports oil prices. LONDON, May 7- Brent crude edged further above $107 a barrel on Wednesday, underpinned by rising tensions in Ukraine, though its premium over U.S. prices narrowed after an industry report showed a sharp draw in inventories in the world's largest oil consumer.

  • Ukraine crisis, slide in tech stocks weigh on markets. *MSCI index of Asia-Pacific shares ex Japan hit 1- mth low. LONDON, May 7- European and Asian shares retreated and the dollar fell against the safe-haven yen on Wednesday as an overnight drop in U.S. tech stocks and the deepening Ukraine crisis hurt global market sentiment.

  • MILAN, May 7- Shares in Fiat Chrysler dropped in early Wednesday trading, handing back some of their recent gains, as analysts expressed scepticism over a new business plan aimed at boosting sales 60 percent by 2018 and almost wiping out debt.

  • TOKYO, May 7- Japan's SoftBank Corp said it would not sell any of its shares in Chinese online commerce company Alibaba Group Holding Ltd, which is preparing for what could be the largest market debut by a technology company in history.

  • U.S. tech rout, earnings drag down European shares Wednesday, 7 May 2014 | 4:11 AM ET

    *Results from SocGen, Carlsberg show Ukraine crisis has started to hit. LONDON, May 7- European stocks edged lower on Wednesday, as a selloff on Wall Street unsettled investors and results from brewer Carlsberg and bank Societe Generale showed the Ukraine crisis was starting to hurt large western companies.