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Latest Business News Wires - Business Headlines

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  • *Bank of America falls in premarket after results. *Best Buy down in premarket after holiday sales. *Swiss stocks traded in the U.S. moved higher in premarket trading, including UBS, up 7 percent at $17.45, Credit Suisse, up 3.9 percent at $23.70 and Novartis, up 7 percent to $103.63.

  • LONDON, Jan 15- Frantic foreign exchange trading after the Swiss National Bank scrapped its euro cap on the franc took $100 billion off the value of Switzerland's blue-chips on Thursday, putting them on track for their biggest one-day fall in at least 25 years. The Swiss SMI index slumped 10 percent, with stocks including Swatch, luxury-goods firm Richemont and...

  • LONDON, Jan 15- Oil majors BP and ConocoPhillips will cut over 500 jobs in the North Sea following similar moves by rivals to reduce costs in one of the world's most expensive exploration areas as oil prices tumble. BP employs 4,000 people in the North Sea and another 11,000 across the UK. Fellow North Sea oil producer ConocoPhillips is cutting 230 jobs in Britain,...

  • BRUSSELS, Jan 15- European Union antitrust regulators will publish details on Friday of their investigation into online retailer Amazon's tax-minimising arrangements with Luxembourg. The investigation focuses on whether Luxembourg broke EU state aid rules by agreeing a deal which allows Amazon to operate almost tax-free in Europe.

  • Jan 15- Citigroup Inc, in the midst of a pullback from consumer banking in several international markets, eeked out a slim fourth-quarter profit after taking charges of $3.5 billion to settle legal claims and overhaul its operations. Adjusted net income fell to $346 million, or 6 cents per share, from $2.60 billion, or 82 cents per share, a year earlier, the...

  • CHICAGO, Jan 15- My home state of Illinois is not the first place that comes to mind for innovative approaches to retirement savings. But Illinois just became the first U.S. state to adopt a promising new approach to a big problem in the nation's retirement saving system: the lack of workplace saving options for low-income workers. The new law puts Illinois at the...

  • YOUR MONEY-Crowdfunding for a cause gets cheaper Thursday, 15 Jan 2015 | 8:00 AM ET

    Jan 15- The week before Christmas, a fire gutted the Beverly, Massachusetts home shared by Kevin Wagner, his fiancée, and their four young children. For the $25,000 Wagner's friends raised on DreamFund, that amounts to $2,000, and another $800 went to GoFundMe and its credit card processors for the $10,000 raised on that platform. More than 2,000 crowdfunding...

  • Libya's recognized government, which has been driven out of the capital, is locked in escalating conflit with a self-declared government of a faction known as Libya Dawn that seized Tripoli last summer. The United Nations on Thursday held a second day of talks aimed at ending Libya's crisis, forming a unity government and halting hostilities.

  • Lennar profit beats on strong home sales Thursday, 15 Jan 2015 | 7:51 AM ET
    A sign advertising available homes is posted at a housing development in Dublin, California.

    Lennar reported a better-than-expected 50 percent jump in quarterly profit as it sold more homes at higher prices.

  • BERLIN, Jan 15- Consumers and foreign trade fuelled a 1.5 percent expansion in the German economy in 2014, its best performance in three years, which will prop up the euro zone reading but masks weakness in the final three quarters of the year. Foreign trade, a traditional driver of Germany's economy that has lost steam in recent years and dragged on growth in 2013,...

  • TORONTO, Jan 15- Bombardier Inc said on Thursday that it had suspended its Learjet 85 aircraft program and was laying off about 1,000 employees due to weak demand for the business jet. Bombardier said the pause would result in a pretax charge of about $1.4 billion for the fourth quarter, mainly for the impairment of the Learjet 85 development costs.

  • Jan 15- Bank of America Corp, the second-largest U.S. bank by assets, reported a 14 percent fall in quarterly profit as revenue from fixed-income trading and mortgage banking fell. JPMorgan Chase& Co reported on Wednesday a decline of 14 percent in bond trading revenue. Net income attributable to common shareholders fell to $2.74 billion, or 25 cents per share, in...

  • *OPEC cuts 2015 demand forecast for its crude. LONDON, Jan 15- Oil prices steadied on Thursday, firming as the dollar weakened, despite OPEC forecasts of lower demand for its oil this year and another cut in oil price forecasts by a major U.S. bank. Brent crude was up 65 cents a barrel at $49.34 a barrel by 1240 GMT, at a small premium to U.S. crude, which was trading at $49.25 a...

  • *Bank of America falls in premarket after results. NEW YORK, Jan 15- U.S. stock index futures edged higher in choppy trading on Thursday, fluctuating between gains and losses, after the Swiss National Bank scrapped its three-year euro cap on the franc. *Bank of America lost 2.1 percent to $15.71 before the opening bell after the second-largest U.S. bank by assets...

  • BlackRock's earnings beat Wall Street estimates Thursday, 15 Jan 2015 | 7:44 AM ET
    Larry Fink, Chairman and CEO of BlackRock.

    BlackRock, the world's largest money manager, reported a higher-than-expected fourth-quarter profit as assets under management increased.

  • FOREX-Swiss franc up 15 percent after SNB abandons cap Thursday, 15 Jan 2015 | 7:31 AM ET

    LONDON, Jan 15- Switzerland's franc soared by 15 percent on Thursday after the Swiss National Bank abandoned its three-year-old cap against the euro, sending a shockwave through major currency markets. One of London's slew of retail trading platforms, Forex.com, ceased briefly to quote the franc and the main venue for interbank trading of the Swiss currency,...

  • *New Tesco boss brings in experts he knows from Unilever. *BBH produced high profile ads for Levis, Audi, Lynx. Bartle Bogle Hegarty is an award-winning British agency owned by France's Publicis which has worked for consumer brands including Audi, Levi Strauss, British Airways and Johnnie Walker.

  • LONDON, Jan 15- The collapse in oil prices is starting to slow growth in U.S. output, OPEC said on Thursday, although the slowdown will not prevent demand for the exporter group's oil falling in 2015 to its lowest in a decade. Oil prices have fallen almost 60 percent since June, partly because OPEC in November decided against cutting output to retain market share...

  • Jan 15- BlackRock Inc, the world's largest money manager, reported a higher-than-expected fourth-quarter profit as assets under management increased. Of the $87.8 billion that investors poured into BlackRock's long-term funds during the quarter, half went into the iShares exchange-traded fund business, which ended the quarter with $1 trillion.

  • Best Buy expects no same-store sales growth in Q1, Q2 Thursday, 15 Jan 2015 | 7:22 AM ET

    Jan 15- Electronics retailer Best Buy Co Inc said it expects same-store sales growth to be flat to negative in the first two quarters of its fiscal year starting February. Best Buy's shares fell 7 percent in premarket trading on Thursday. The company said revenue rose 2 percent to $11.36 billion in the nine weeks ended Jan. 3, while same-store sales increased 2.5...