Latest Business News Wires - Business Headlines


  • *UK could use public interest powers, Business Secretary says. *Lawmakers summon Pfizer, AstraZeneca bosses over takeover bid. LONDON, May 6- Britain could use its public interest powers to intervene in U.S. drugmaker Pfizer's $106- billion takeover bid for British pharmaceutical firm AstraZeneca, Business Secretary Vince Cable said on Tuesday.

  • May 6- Merck& Co Chief Executive Kenneth Frazier said he does not expect a wave of giant mergers in the drug industry despite a spate of recent activity, adding that Merck will seek out promising medicines rather than lower taxes in any future deals.

  • WASHINGTON, May 6- Congress has slashed billions in Pentagon spending but is fighting reforms needed to implement the cuts, Defense Secretary Chuck Hagel said on Tuesday as his top generals went to Capitol Hill to urge lawmakers to slow the rising cost of military pay.

  • UPDATE 1-China's Alibaba embarks on U.S. IPO journey Tuesday, 6 May 2014 | 5:07 PM ET

    SAN FRANCISCO, May 6- Alibaba Holdings Inc will seek to raise $1 billion in what could become the largest technology debut in history, the Chinese e-commerce and payments giant said on Tuesday in a filing for its eagerly anticipated Initial Public Offering.

  • May 6- Allstate Corp, the largest listed U.S. home and auto insurer, reported a better-than-expected quarterly profit as it earned higher insurance premiums across its businesses. Premiums earned at the Allstate's property-liability division rose 4 percent to $7.1 billion.

  • TOKYO, May 7- A lawyer for Japan's Universal Entertainment Corp offered to pay a former Universal employee if he retracted a claim that the company had given bribes to advance a Philippine casino project and stopped cooperating with investigators, according to a copy of the proposal seen by Reuters.

  • URUMQI, China, May 7- Hundreds of migrant workers from distant corners of China pour daily into the Urumqi South railway station, their first waypoint on a journey carrying them to lucrative work in other parts of the far western Xinjiang region.

  • *Corn follows wheat up; slow U.S. planting pace lends support. Corn followed wheat higher but soybeans fell for a second straight session as large South American soy harvests eased concerns about tightening supplies of old-crop U.S. soybeans. At the Chicago Board of Trade, most-active July wheat settled up 10 cents at $7.39 a bushel.

  • May 6- Whole Foods Market Inc on Tuesday cut its 2014 same-store sales and earnings forecast for the third time amid rising competition in the natural and organic grocery sector that it dominates and shares tumbled more than 12 percent.

  • May 6- Cybersecurity company FireEye Inc reported higher-than-expected quarterly revenue but said it expects a bigger loss in 2014 as it spends more on developing new products. Shares of FireEye, which went public last September, fell as much as 8 percent in extended trading.

  • DETROIT, May 6- Fiat Chrysler said on Tuesday it expects to increase its net profit fivefold by 2018 to around 5 billion euros, boosted by a major increase in sales of its Jeep SUVs and an overhaul of its sporty Alfa Romeo brand.

  • May 6- Media company Walt Disney Co on Tuesday reported higher profit that beat Wall Street expectations for the quarter that ended in March, boosted by the continued strength of its blockbuster animated film "Frozen."


  • The original injunction, issued on Wednesday, stemmed from a lawsuit by rival Space Exploration Technologies, or SpaceX, in protest of the U.S. Air Force's award of a multibillion-dollar, non-compete contract for 36 core rocket boosters to Lockheed and Boeing's United Launch Alliance partnership.

  • Radian posts profit on fewer home loan defaults Tuesday, 6 May 2014 | 4:37 PM ET

    The company's net income was $202.8 million, or 94 cents per share, for the first quarter ended March 31, compared with a loss of $187.5 million, or $1.30 per share, a year earlier.

  • NEW YORK, May 6- U.S. stocks fell broadly on Tuesday, closing at session lows, with AIG pulling financial shares lower after disappointing earnings and as a slide in Twitter took down other names in the technology and internet space.

  • Siemens unveils overhaul, confirms Rolls-Royce buy Tuesday, 6 May 2014 | 4:33 PM ET

    BERLIN, May 6- German conglomerate Siemens announced a corporate overhaul on Tuesday which will streamline the structure of the company into nine divisions, see its healthcare business managed separately, and its audiology activities publicly listed.

  • The news comes two weeks after three smaller U.S. cable operators became the first to carry Netflix on set-top boxes provided by TiVo, including RCN. Suddenlink said that starting this summer it will have Netflix on the cable boxes that it provides to customers through an agreement with TiVO.

  • MILAN, May 6- Automaker Fiat Chrysler ended the first quarter of the year with a net loss, hit by one-off charges linked to a deal to fully acquire its U.S. operations and by currency fluctuations, the company said on Tuesday. In a statement, Fiat Chrysler said it posted a net loss of 319 million euros compared with a net profit of 31 million euros a year earlier.

  • CHICAGO, May 6- A lethal pig virus sweeping across farms in the United States could cut pork production as much as 7 percent this year, a far steeper decline than the government has forecast, according to agribusiness research firm Rabobank.