Latest Business News Wires - Business Headlines


  • *Metals brokerage business to stay with JPMorgan, source says. NEW YORK, March 19- JPMorgan is selling its physical commodities business to Mercuria for $3.5 billion, the U.S. investment bank said on Wednesday, sweeping the fast-growing Swiss trading house into the top league of commodities traders.

  • OTTAWA, March 19- Joe Oliver, Canada's former energy minister and champion of the controversial Keystone XL pipeline, was appointed the country's new finance minister on Wednesday, signaling a stay-the-course approach to fiscal and economic policy.

  • March 19- Shares of Paylocity Holding Corp rose as much as 80 percent in their market debut, valuing the online payroll services provider at about $1.55 billion. The Illinois- based company raised about $120 million after its initial public offering was priced at $17 per share, slightly above the expected pricing range of $14- $16.

  • LONDON, March 19- British finance minister George Osborne on Wednesday promised tax relief for households, a cap on welfare, help for savers and manufacturers, and lower costs for bingo and beer as the government prepares for next year's elections.

  • March 19- U.S. investment bank JPMorgan Chase& Co. has sold its physical commodities arm to Mercuria for $3.5 billion in cash, catapulting the Swiss trade house into the top tier of commodities traders.

  • OTTAWA, March 19- Canadian Prime Minister Stephen Harper named Natural Resources Minister and veteran banker Joe Oliver as finance minister on Wednesday and pledged that he would balance the federal budget in 2015 as outgoing minister Jim Flaherty had promised.

  • METALS-Copper hits 3-1/2 yr low on credit worries in China Wednesday, 19 Mar 2014 | 10:08 AM ET

    *Investors nervous about more company default in China. LONDON, March 19- Copper hit its lowest level in more than 3-1/ 2 years on Wednesday on worries about growth and tighter credit in China, while aluminium sank as market data highlighted copper's chronic oversupply.

  • *Fed widely expected to pare bond purchases by $10 bln. NEW YORK, March 19- U.S. government debt prices were little changed on Wednesday as investors waited for the Federal Reserve to possibly change its guidelines on the timing of raising interest rates as job growth remains sluggish and inflation stays stuck below its target.

  • Toyota faces hundreds of lawsuits over acceleration problems that gained public attention after the deaths of a California highway patrolman and his family, which were reportedly caused by the unintended acceleration of his Toyota- made Lexus.

  • HONG KONG, March 19- After a year of waiting, the man running what could be the biggest-ever technology IPO finally lost patience with Hong Kong. Joe Tsai, the Alibaba Group Holding executive in charge of plans for the highly anticipated deal, only abandoned hope of a Hong Kong listing in the last few weeks, according to people familiar with the matter.

  • *Biden warns Russia is on "dark path" to isolation. *Russia says OSCE has exhausted military inspections. The dramatic seizure came as Russia and the West dug in for a long confrontation over Moscow's annexation of Crimea, with the United States and Europe groping for ways to increase pressure on a defiant Russian President Vladimir Putin.

  • NEW YORK, March 19- U.S. stocks edged modestly lower at the open on Wednesday, following two days of gains, as investors awaited comments from Federal Reserve Chair Janet Yellen at the conclusion of a two-day Fed policy meeting.

  • SOFTS-Arabica coffee firms, cocoa below 2-1/2-year peak Wednesday, 19 Mar 2014 | 9:35 AM ET

    LONDON, March 19- Arabica coffee futures on ICE edged higher on Wednesday having slipped from last week's highs partly due to expectations that the weather in Brazil could improve in the coming weeks, while raw sugar held steady.


  • Google won't face email privacy class action Wednesday, 19 Mar 2014 | 9:32 AM ET

    March 19- Google Inc won a significant legal victory as a U.S. judge decided not to combine several lawsuits that accuse the Internet search company of violating the privacy rights of hundreds of millions of email users into a single class action.

  • FRANKFURT/ PARIS March 19- France's big banks are embracing an unlikely challenge- to prise away some of Germany's mighty Mittelstand of small and medium-sized enterprises from their local banking partners.

  • March 19- Dow Chemical Co said it aims sell a further $1.5 billion to $2.0 billion worth of assets as it looks to narrow its focus to electronics, agriculture and packaging.

  • French court of appeal upholds Kerviel conviction Wednesday, 19 Mar 2014 | 9:16 AM ET

    PARIS, March 19- France's highest court of appeal upheld former Societe Generale trader Jerome Kerviel's criminal conviction and three-year jail sentence over massive market bets that brought the French bank to the brink of collapse in 2008..

  • March 19- KB Home, the fifth-largest U.S. homebuilder, reported a quarterly profit compared with a year-earlier loss as it closed deals at higher prices, sending its shares up 7.5 percent in premarket trading.

  • *FedEx and Oracle fall after results, Adobe higher. *The S&P 500 looked to open near record levels despite sour notes sounded by weak results from FedEx Corp, an economic bellwether, and Oracle Corp.. *FedEx posted third-quarter results that were below expectations and gave a weak full-year profit forecast, saying it had been significantly hurt by winter storms.