CNBC Utilities Page Latest Business News Wires - Business Headlines

More

  • SAO PAULO, Jan 22- Online retailer Cnova, a subsidiary of France's Casino Guichard Perrachon SA, said Emmanuel Grenier would temporarily expand his role to take over as chief executive officer of the unit's Brazilian operations after the resignation of German Quiroga. News of the shuffle in management in Brazil was released in a filing on Friday by Grupo Pao de...

  • *Cuts Brent, WTI price forecast to $33/ bbl in 2016. LONDON, Jan 22- Moody's has placed 175 oil, gas and mining companies on review for a downgrade due to a prolonged rout in global commodities prices that it says could remain depressed for some time. It said it was likely to conclude the review by the end of the first quarter which could include multiple-notch...

  • LONDON, Jan 22- Sterling could face more pain after falling to a seven-year low against the dollar this week if speculators add to bets against the currency as uncertainty grows about the economy and Britain's future in the European Union. In the past few weeks, a wave of bets in the derivatives markets have been placed by investors seeking protection against...

  • *IGC cuts global corn output forecast on S. Africa, India. PARIS/ SINGAPORE, Jan 22- U.S. corn edged higher on Friday to stay on course for a second straight weekly gain, supported by forecasts for weather-reduced corn output in India and South Africa and a sharp rebound in oil and equity markets. Soybeans were also higher, as ongoing concerns about weather in Brazil and...

  • *China copper premiums hit highest since late October. In China, copper premiums have risen to $95- $100 this week, the highest since late October as Chinese stockpiling picked up ahead of next month's Lunar New Year. "There's been some China stimulus... the state grid plans for the next 5 years, stocks are not very high, but really the bottom line is oil is guiding...

  • ZURICH, Jan 22- Swiss luxury group Richemont has bought the 40 percent of high-end watchmaker Roger Dubuis it did not already own, with analysts forecasting more small manufacturers will be snapped up by bigger rivals in an industry struggling with weaker demand. "We now own 100 percent of Roger Dubuis," Richemont spokeswoman Sophie Cagnard said on Friday,...

  • *UK retail sales slid in December. LONDON, Jan 22- European businesses had a much poorer start to 2016 than had been expected as deeper price cutting failed to drive a meaningful rise in demand in the euro zone, while many British shoppers stayed home in December, data showed on Friday. Weakening demand from overseas for the goods produced by Europe's factories...

  • The company, which has been cutting back on its financial services operations, said its industrial segment operating profit fell to $5.52 billion in the fourth quarter ended Dec. 31, from $5.99 billion, a year earlier. Total profit rose to $6.28 billion, or 64 cents per share, from $5.15 billion, or 51 cents per share. Total revenue rose 1.4 percent to $33.89 billion.

  • *Noble to hold EGM on Jan. 28. HONG KONG, Jan 22- Noble Group, Asia's biggest commodities trader, expects to ride out the market downturn and recover from recent accounting-related allegations by being nimbler and asset-light, its founder and chairman Richard Elman told Reuters in an interview on Friday. Noble was thrust into the spotlight a year ago when Iceberg...

  • *Q4 operating earnings per share $0.31. *Q4 revenue $33.89 billion versus $33.41 billion last year. *Q4 earnings per share view $0.49, revenue view $35.96 billion-- Thomson Reuters I/B/E/S.

  • Jan 22- Alcoa Inc, responding to a Moody's warning of a possible downgrade to its debt rating, said it remained focused on strengthening its upstream and value-add businesses to help them succeed as standalone companies. Earlier on Friday, Moody's placed the ratings of dozens of mining companies across the world on review for a downgrade as commodity prices...

  • BENCHMARK BRENT CRUDE OIL FUTURES RISE $2 ON THE DAY TO $31.25/ BBL.

  • Jan 22- Moody's placed dozens of mining firms around the world on review for a credit downgrade on Friday as companies battle a slump in commodity prices due to oversupply and slowing growth in China. Moody's said it would review the credit ratings of 12 mining companies in Europe, Middle East and Africa and 11 firms in the United States to "recalibrate the ratings...

  • DAVOS, Switzerland, Jan 22- The Philippines cannot escape some impact from China's slowdown but is less exposed than many emerging markets and has a good chance of growing its economy by 7 percent in 2016, the country's finance minister said on Friday. When China sneezes, lots of countries get a cold, "Finance Secretary Cesar Purisima told Reuters on the sidelines...

  • NEW YORK, Jan 22- The lowest fuel prices for more than a decade are proving to be a double-edged sword for U.S. airlines. Southwest Airlines Co said on Thursday its outstanding hedges represented a loss of $1.8 billion through 2018, at Jan. 15 prices. However, it still expects a fuel bill that is more than 30 cents per gallon lower this year compared to 2015, or a roughly...

  • *Cuts Brent, WTI price forecast to $33/ bbl in 2016. LONDON, Jan 22- Moody's placed scores of oil and gas companies on review for downgrade, warning of a "substantial risk" for a slow recovery in oil prices that would compound the stress on firms already pummelled by a 75 percent drop in prices since June 2014. The ratings agency said on Friday it was likely to conclude the...

  • LONDON, Jan 22- Gold fell on Friday as hints of more monetary stimulus from the European Central Bank weighed on the euro and pushed European shares up 2.5 percent, denting appetite for alternative assets, while oil rebounded. Spot gold was down 0.5 percent at $1,096.20 an ounce at 1030 GMT, while U.S. gold futures for February delivery were down 60 cents an ounce at...

  • MOSCOW, Jan 22- Russia raised its natural gas exports to Germany via the Nord Stream twin pipelines that cross the Baltic Sea by 10 percent in 2015, its operator said on Friday. Late that year Russia shelved plans for a pipeline across the Black Sea to Bulgaria after EU opposition to the project which was designed to bypass Ukraine. Europe relies on Russia for about...

  • LONDON, Jan 22- Online retailer Amazon plans to create several thousand jobs in Europe in 2016, more than 2,500 of which will be in Britain, stepping up its expansion in the region, it said on Friday. The jobs form part of an investment by the U.S.-based company to expand its warehouses and delivery network in Europe, its research and development capability, and...

  • JAKARTA, Jan 22- Indonesian agriculture officials routinely inflate rice harvest data to present a rosy picture to the government and keep farm subsidies flowing, but their latest phoney numbers could lead to a severe shortage of the staple in coming months, officials say. If the data had been correct, Indonesia would be awash with rice supplies and the...