Latest Business News Wires - Business Headlines


  • BERLIN, July 31- Adidas, the world's second-biggest sportswear firm, cut its revenue and profit targets for this year and scrapped them for next, blaming a plunge in sales at its golf business and its exposure to a weak Russian market.

  • July 31- Marathon Petroleum Corp, the third-largest standalone U.S. refining company, said its quarterly profit rose 44 percent, helped by higher crude refining margins on the Gulf of Mexico coast.

  • July 31- Asset manager Legg Mason Inc's net income rose 51 pct in the first quarter, driven by increased assets under management and lower operating expenses. Legg Mason's total operating revenue rose 3.5 percent to $693.9 million in the quarter, while operating expenses fell 2 percent to $574.3 million.

  • *Waters Corp has acquired technology. Hungarian chemist Zoltan Takats started to work on the technology in 2002 in the United States and from 2004 onwards at the Budapest Semmelweis Medical University in cooperation with the Imperial College London, where he works now.

  • BUENOS AIRES, July 31- Argentina's Cabinet chief, Jorge Capitanich, said on Thursday that if a third party bought the debt held by holdout investors there would be no breach of a legal clause that was seen as a major obstacle in their failed debt negotiations.

  • UPDATE 1-Allergan-bidder Valeant cuts 2014 outlook Thursday, 31 Jul 2014 | 7:54 AM ET

    July 31- Canada's Valeant Pharmaceuticals International Inc, embroiled in a bitter battle to take over Botox-maker Allergan Inc, cut its full-year profit and revenue forecasts to reflect the sale of its rights to several skincare products.

  • July 31- Specialty healthcare company Endo International Plc reported a better-than-expected quarterly profit, helped by a 60 percent surge in U.S. generic sales, and raised its full-year forecast for the second time this year.

  • BNY confirms still holding Argentina bond monies Thursday, 31 Jul 2014 | 7:54 AM ET

    NEW YORK, July 31- Bank of New York Mellon sent a formal letter Thursday to holders of Argentina's exchange bonds essentially confirming that the sovereign had defaulted. That order came from Judge Thomas Griesa, who ordered Argentina to pay holdout creditors in full when it made its next payment to holders of the exchange, or restructured, bonds.

  • July 31- Asset manager Legg Mason Inc's quarterly profit rose 51 percent, driven by increased assets under management and lower operating expenses. Net income attributable to the company rose to $72.2 million, or 61 cents per share, in the first quarter ended June 30, from $47.8 million, or 38 cents per share, a year earlier.

  • July 31- ConocoPhillips, the largest U.S. independent oil and gas company, on Thursday reported a quarterly profit that just beat Wall Street expectations, helped by an increase in oil and gas production. Income in the second quarter totaled $2.08 billion, or $1.67 per share, compared with $2.05 billion, or $1.65 per share in the year-ago period.

  • BERLIN, July 31- German fashion house Hugo Boss on Thursday reported second-quarter sales rose 5 percent, helped by its strategy of running more of its own stores. Best known for its men's suits, Hugo Boss is banking on investment in womenswear to drive future growth.

  • Timken quarterly profit falls 24 pct Thursday, 31 Jul 2014 | 7:46 AM ET

    July 30- Timken Co reported a 24 percent drop in quarterly profit, partly hurt by lower demand for its ball bearings and power transmission components from the automotive and mining industry. Net income attributable to Timken fell to $62.7 million, or 68 cents per share, for the second quarter ended June 30 from $82.8 million, or 86 cents per share, a year earlier.

  • *Lukoil sees limited access to funds. MOSCOW, July 31- The head of Russia's second largest oil producer Lukoil said on Thursday that Western sanctions on Russia would force the company to reduce its investment programme due to limited access to funds.

  • LONDON, July 31- The euro hovered near a nine-month trough against the dollar on Thursday after data showed euro zone inflation falling to its lowest since the height of the financial crisis five years ago.

  • BUENOS AIRES, July 31- Argentina defaulted for the second time in 12 years after last-ditch talks with what it called "vulture" creditors failed, though debt insurance prices on Thursday suggested investors believed a deal could eventually be reached.

  • Poland cuts estimate for shale gas exploration wells Thursday, 31 Jul 2014 | 7:40 AM ET

    *80 shale wells to have been drilled by late 2014. WARSAW, July 31- Poland is seeing less exploratory drilling for shale gas than expected, environment minister Maciej Grabowski told Reuters, dealing a setback to the country's efforts to find a cheap alternative to the natural gas it imports from Russia.

  • BUENOS AIRES, July 31- Argentina's Cabinet chief, Jorge Capitanich, insisted on Thursday the country was not in default and that holders of its performing debt should demand their money from the U.S. judge who blocked a June 30 interest payment.

  • European shares hit 2-week low, Adidas slumps Thursday, 31 Jul 2014 | 7:39 AM ET

    *Adidas, Banco Espirito Santo shares slump. LONDON/ PARIS, July 31- Europe's FTSEurofirst 300 index of top shares slipped to a two-week low on Thursday, led lower by Adidas after the group warned about business in Russia, while Argentina's default also rattled investors.


  • CME Group earnings drop on weak trading volumes Thursday, 31 Jul 2014 | 7:27 AM ET

    CHICAGO, July 31- CME Group Inc, the world's largest futures market operator, on Thursday reported lower-than-expected second-quarter earnings due to weak trading volumes. Net profit fell to $263.8 million, or 79 cents a share, from $311.2 million, or 93 cents a share, a year earlier.