Latest Business News Wires - Business Headlines


  • *Inflation exceeds Bank of Canada's forecast and target. OTTAWA, June 20- Costlier energy unexpectedly pushed Canada's annual inflation rate to a 27- month high of 2.3 percent in May from 2.0 percent in April, while a rise in core inflation also defied the Bank of Canada's low-inflation forecasts.

  • FDA asks for wider warning on testosterone products Friday, 20 Jun 2014 | 8:31 AM ET

    The FDA said that while testosterone products already carry a warning about the risk of clots related to a condition that sometimes occurs with testosterone treatment, the latest reports of clots were unrelated to that condition, called polycythemia.

  • AMSTERDAM, June 20- Philips Electronics NV said on Friday it had won a patent infringement cases against Nintendo in the United Kingdom, the first of four lawsuits filed against the Japanese gaming company. Philips spokesman Bjorn Teuwsen said the patent related to motion and gesture tracking systems used in the Wii game console.

  • *Shire rejects AbbVie offer valued at 46.26 pounds a share. LONDON, June 20- British drugmaker Shire has rejected a 27 billion-pound takeover offer from AbbVie, the latest attempt by a U.S. healthcare firm to tap into lower tax rates abroad via an acquisition.

  • LONDON, June 20- Global crude steel production rose at an annual 2.2 percent rate in May as output in China hit new record levels and North American and European mills cranked up production, industry data showed, pressuring prices the world over.

  • June 20- Darden Restaurants Inc reported a much-lower-than-expected quarterly profit as costs soared and sales at its flagship Olive Garden restaurant chain fell.

  • EU eyes simpler fiscal rules in year-end review Friday, 20 Jun 2014 | 8:16 AM ET

    LUXEMBOURG, June 20- The European Union will review its fiscal rules at the end of this year to see if they can be made simpler and tweaked to encourage growth and jobs after years of budget consolidation. The European Commission, which has to complete the review by Dec. 14, can propose changes to the laws in reports sent to EU governments and the European Parliament.

  • *$25.5 bln project to give S.Sudan, Ethiopia sea access. LAMU, Kenya, June 20- The latest in a string of militant attacks on Kenya's coast has dealt a fresh blow to the economy, but the threat this time goes beyond the tourist trade to an ambitious $25.5 billion port and transport scheme next to the historic town of Lamu.

  • LONDON, June 20- The pan-European FTSEurofirst 300 index reached a 6 1/ 2- year high on Friday as the drugmaker Shire rallied on a takeover offer, putting the index on track for a 10th straight week of gains. Shire climbed 11.4 percent to 41.65 pounds after AbbVie confirmed it had made an offer to acquire it.

  • SOFIA, June 20- Adverse media reports triggered a run on Bulgaria's Corporate Commercial Bank this week, the central bank governor said on Friday, appealing to depositors at the country's fourth-largest lender to keep calm.

  • TORONTO, June 20- The Canadian government plans to cap the number of low-wage temporary foreign workers that employers can bring to Canada as part of sweeping policy reforms that will be announced later on Friday, according to reports in Canadian media outlets.

  • US STOCKS-Futures flat after five-day winning streak Friday, 20 Jun 2014 | 7:50 AM ET

    *Oracle slumps in premarket after results. NEW YORK, June 20- U.S. stock index futures were little changed on Friday, on the heels of a five-day rally in the S&P 500 that sent the benchmark index to its latest record high, putting it on track for its fourth weekly gain in the last five.

  • *Sterling firm on more signs of UK economic strength. LONDON, June 20- The dollar inched up on Friday, helped by gains against the safe-haven yen, but it was still headed for its worst week since early May against a basket of currencies after the Federal Reserve's surprisingly dovish policy outlook.

  • LONDON, June 20- Investors are seeking new defenses against possible falls in European stocks as indexes plateau near multi-year highs and traditional hedges prove ineffective in a market anesthetized by near-zero interest rates.

  • *Gold near two-month high after short-covering rally. LONDON, June 20- Oil traded at close to nine-month highs on Friday, on course for a second week of gains, as violence in Iraq raised worries over supplies.

  • MADRID, June 20- Spain will propose tax cuts for workers and companies as part of a fiscal reform due to be unveiled on Friday aimed at boosting the nascent economic recovery, according to a source close to the Treasury Ministry.

  • JAKARTA, June 20- Indonesia is drafting a new mining export tax that would more than halve the base rate to be paid by miners but doubts remain whether it would be accepted by major copper miners and end a five-month-old dispute that has halted concentrate exports.

  • BRUSSELS, June 20- A European Central Bank policy maker has floated the idea of widening the ECB's new policing of big banks to other financial players, providing a rare glimpse of its ambition to extend the reach of banking union.

  • PARIS/ FRANKFURT, June 20- Siemens and Mitsubishi Heavy Industries added a billion euros to their offer for Alstom's energy business on Friday, hoping to see off a revamped bid by General Electric ahead of Monday's deadline for a decision on the struggling company's fate.

  • TBILISI, June 20- Ukraine must take brave measures to transform an economy hooked on cheap Russian gas, huge state spending and corruption into an investment destination able to bolster a weak state, an economic adviser to the government said. "It's a' to be or not to be' question for Ukraine right now," Bendukidze said.