Latest Business News Wires - Business Headlines


  • More refinery closures on the cards for 2014 -IEA Wednesday, 11 Dec 2013 | 6:32 AM ET

    *New refineries in China will start to have effect in 2014. LONDON, Dec 11- An increase in new oil refining capacity and a rise in production of fuel not processed at refineries will lead to more plant closures in 2014, the International Energy Agency said in its latest monthly report.

  • MILAN, Dec 11- Italy's one-year borrowing costs inched higher at an auction on Wednesday from the record low they hit a month ago, as banks step up repayment of longer-term European Central Bank loans and reduce excess liquidity on money markets. On Wednesday, Italy sold the planned 5.5 billion euros in bills, meeting requests for 1.6 times that amount.

  • Joy Global profit slumps as mining equipment orders fall Wednesday, 11 Dec 2013 | 6:21 AM ET

    Dec 11- Mining equipment maker Joy Global Inc reported an 87 percent fall in quarterly profit as it took a big charge and coal miners cut spending due to a supply glut and weak prices. Joy Global derives about two-thirds of its revenue from sales to coal miners. Excluding these items, Joy Global earned $1.11 per share.

  • TRIPOLI, Dec 11- Libya's oil security force expects an eastern autonomy movement to reopen seized export ports this weekend as promised, the force's commander said on Wednesday. Such seizures have slashed Libya's oil output to 250,000 bpd, from 1.4 million bpd in July, and added to chaos in the North African country two years after the fall of Muammar Gaddafi.

  • *Ukraine wants 20 billion euros in aid from EU. KIEV, Dec 11- Ukraine wants 20 billion euros in aid from the European Union in return for signing an agreement on trade and cooperation, Prime Minister Mykola Azarov said on Wednesday.

  • SHANGHAI, Dec 11- China is seeing a resurgence of "hot money" seeking to cash in on the rallying yuan and record-high interest rates, contributing to distortions in its trade data as speculators move money through regulatory loopholes. The return of distorted trade figures is unlikely to be welcomed by the People's Bank of China, although it is facing a dilemma.

  • UPDATE 3-Oil steady above $109, market eyes U.S. data Wednesday, 11 Dec 2013 | 5:50 AM ET

    *Two new pipelines set to drain oil from Cushing. LONDON, Dec 11- Oil held steady above $109 a barrel on Wednesday, shrugging off predictions from the West's energy watchdog of rising global demand as the market awaited U.S. data that is expected to show a drop in crude stockpiles.

  • European refiners, desperate for markets, look to Asia Wednesday, 11 Dec 2013 | 5:50 AM ET

    LONDON, Dec 11- Embattled European refiners are looking east in the scramble for customers, delivering what could be record volumes of naphtha to Asia in January and seeking Asian buyers for gasoline as their traditional U.S. market dries up.

  • Sterling slips from 2-year highs vs dollar, lags euro Wednesday, 11 Dec 2013 | 5:35 AM ET

    LONDON, Dec 11- Sterling fell against the dollar for the first time this week on Wednesday, as investors and speculators trimmed bets in favour of the currency while they await more evidence of a durable recovery in the UK economy.

  • GLOBAL MARKETS-U.S. budget deal gets cautious thumbs-up Wednesday, 11 Dec 2013 | 5:23 AM ET

    *European shares, dollar flat after Asia, Wall Street slip. LONDON, Dec 11- Financial markets gave a cautious thumbs-up on Wednesday to a provisional budget deal that could prevent the U.S. government from shutting down in the coming months. News that U.S. budget negotiators had reached a two-year agreement couldn't overcome the year-end blues in Asia.

  • *Copper, zinc flip into backwardation. LONDON, Dec 11- Copper was steady on Wednesday near a one-month high hit the previous day, stabilising after three sessions of gains on the back of solid demand from top metals consumer China.

  • Italy's one-year debt costs inch up as liquidity shrinks Wednesday, 11 Dec 2013 | 5:15 AM ET

    MILAN, Dec 11- Italy's one-year borrowing costs edged up to 0.707 percent at auction on Wednesday from a month earlier, pushed higher by reduced liquidity on money markets as euro zone banks move to repay longer-term loans by the European Central Bank.

  • HONG KONG, Dec 11- Shares in China Cinda Asset Management Co Ltd jumped as much as 17.3 percent in gray market trading on Wednesday, as retail investors who missed out on this year's biggest Asia Pacific IPO bought the stock on the eve of its listing.

  • *Alibaba still hoping to list in Hong Kong. HONG KONG, Dec 11- Alibaba Group Holding Ltd said on Wednesday it is seeking to extend the draw-down period of an $8 billion loan from January next year, a move people familiar with the e-commerce company's plans said would buy it more time to launch an IPO.

  • COLUMN-BoE's Carney is more Canute than Scrooge: Kemp Wednesday, 11 Dec 2013 | 4:59 AM ET

    LONDON, Dec 11- Speaking to the Economic Club of New York on Monday about Britain's economic recovery, Bank of England Governor Mark Carney drew inspiration from Charles Dickens' nineteenth-century parable about miserliness contained in his celebrated novel "A Christmas Carol".

  • SHANGHAI, Dec 11- The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China's capital controls.

  • KIEV, Dec 11- Scores of Ukrainian riot police withdrew on Wednesday morning from a protest camp after moving against protesters overnight in the authorities' biggest attempt yet to disburse weeks of protests against President Viktor Yanukovich.

  • *India cenbank gov says tackling inflation a priority. NEW DELHI, Dec 11- Tackling inflation will be a key priority, India's finance minister and central bank governor said on Wednesday, after high consumer prices contributed to painful losses for the ruling Congress Party in recent state elections.

  • *Taiwan, Singapore beat out Hong Kong due to space constraints. CHANGHUA, Taiwan, Dec 11- Google Inc opened its first two data centres in Asia on Wednesday to cater to the world's fastest growing consumer technology markets, but the company has no plans to open one in China or India.

  • European shares steady, RBS drops Wednesday, 11 Dec 2013 | 4:21 AM ET

    LONDON, Dec 11- European shares steadied on Wednesday after falling in the previous session, with RBS a big loser on the departure of its finance chief, as uncertainty over the outlook for U.S. monetary policy looked set to cap any broader gains.

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