Latest Business News Wires - Business Headlines


  • Aug 13- Canadian Solar Inc said it expected its more profitable business of building solar power plants to help blunt the impact of a fall in margins in the United States due to the imposition of duties on solar products made in China and Taiwan.

  • DETROIT, Aug 13- General Motors Co will start construction this fall on a $174 million stamping plant in Lansing, Michigan, that will make components for the nearby Lansing Grand River assembly plant, the company said on Wednesday. The ATS and CTS are built at the Lansing Grand River assembly plant.

  • BEIJING, Aug 13- Tencent Holdings Ltd, China's biggest listed tech firm, posted its second quarter of year-on-year profit gain of more than 50 percent as smartphone gaming revenue continued to grow at a breakneck pace. Net income rose 59 percent to 5.84 billion yuan in the three months to end-June compared with a year earlier, Tencent said on Wednesday.

  • BEIJING, Aug 13- A Chinese academic who sat on a government anti-monopoly advisory committee has been sacked, official news agency Xinhua reported on Wednesday, saying he had taken payments from U.S. chipmaker Qualcomm Inc..

  • Gains at E.ON and Swiss Life steady European equities Wednesday, 13 Aug 2014 | 10:53 AM ET

    *Nagging worries over Ukraine crisis limit gains. LONDON, Aug 13- European stock markets were steady on Wednesday, supported by gains in the shares of utility E.ON and reinsurer Swiss Life after forecast-beating results.

  • UPDATE 2-Rigel eye drug fails mid-stage study, shares fall Wednesday, 13 Aug 2014 | 10:48 AM ET

    Aug 13- Rigel Pharmaceuticals Inc said it would stop testing its drug for some patients with dry eye disease after the treatment failed a mid-stage study. British drugmaker AstraZeneca Plc scrapped its licensing deal for Rigel's rheumatoid arthritis treatment in June 2013.

  • US STOCKS-Wall St edges up, Dow again positive for 2014 Wednesday, 13 Aug 2014 | 10:47 AM ET

    *Amazon introduces card device, shares rally. NEW YORK, Aug 13- U.S. stocks rose on Wednesday, with the Dow turning positive for the year as investors sought bargains amid signs of easing tensions in Ukraine and Iraq, which overshadowed some weak reads on the retail sector.

  • LONDON, Aug 13- Brent crude oil bounced off a 13- month low on Wednesday, paring early losses to trade near $103 a barrel as traders with one eye on potential supply disruptions in Iraq started buying. Brent for September delivery was down 7 cents at $102.95 a barrel by 1442 GMT. The Brent contract for October delivery was down 6 cents at $103.83 per barrel.

  • PRECIOUS-Gold prices rise after U.S. retail sales data Wednesday, 13 Aug 2014 | 10:37 AM ET

    *Gold- backed funds see inflows but physical demand weak. LONDON, Aug 13- Gold rose on Wednesday after soft retail sales implied some loss of momentum in the U.S. economy, putting pressure on the dollar and curbing speculation that the Federal Reserve may raise interest rates sooner than expected.


  • LONDON, Aug 13- The Bank of England dented expectations of a first interest rate hike this year, slashing its forecast for wage growth and saying higher borrowing costs hinged largely on an improved outlook for pay.

  • WASHINGTON, Aug 13- U.S. retail sales unexpectedly stalled in July, pointing to some loss of momentum in the economy early in the third quarter. The Commerce Department said on Wednesday retail sales, which had increased 0.2 percent in June, were in part held back by a second straight month of declines in receipts at auto dealers.

  • To achieve annual sales above pre-recession levels of about 17 million new vehicles, "the automakers are going to have to increase incentives more," said Larry Dominique, executive vice president of research firm TrueCar Inc..

  • MOSCOW, Aug 13- Russia's food safety watchdog said on Wednesday it is banning imports of certain types of alcohol from Ukraine, in a move that threatened to further escalate a crisis in relations between the two countries over a pro-Russian uprising in eastern Ukraine.

  • FOREX -Dollar trips as U.S. retail sales disappoint Wednesday, 13 Aug 2014 | 10:16 AM ET

    *Yen subdued after Japan Q2 GDP contraction. NEW YORK, Aug 13- The dollar slid against most currencies on Wednesday after data showed U.S. retail sales were flat in July after gains the previous month, reflecting an uneven recovery for the world's largest economy.

  • BOGOTA, Aug 13- Some members of Colombia's central bank board voted to hold the benchmark interest rate steady at 4 percent last month due to risks to the economy from lower oil revenue and a bigger current account deficit, Cesar Vallejo, a bank director, said in an interview.

  • *Safe-haven bids persist on tension in Gaza, Iraq and Ukraine. The decline in bond yields was limited ahead of a $24 billion auction in 10- year notes at 1 p.m. and Thursday's $16 billion sale of 30- year bonds, which some traders reckon might not fetch strong demand due to their low yields.

  • NEW YORK, Aug 13- When benefits enrollment season arrives this fall, employees around the country can expect to see the impact of corporate cost-cutting on their finances.

  • U.S. business inventories, sales rise in June Wednesday, 13 Aug 2014 | 10:00 AM ET

    WASHINGTON, Aug 13- U.S. business inventories rose in June, but a modest gain in stocks at non-automobile retailers suggested that the growth estimate for the second quarter could be revised a bit lower. The Commerce Department said on Wednesday inventories increased 0.4 percent after rising 0.5 percent in May.

  • BUENOS AIRES, Aug 13- Argentina came out swinging on Wednesday against the U.S. judge overseeing its debt default case, in defiance of a threatened contempt order, and disappointed market hopes it might soon restart talks with the hedge funds suing the country.