Latest Business News Wires - Business Headlines


  • WASHINGTON, July 7- Two U.S. congressmen introduced a bill on Monday aimed at adding further scrutiny to the actions of the Federal Reserve. Bill Huizenga, a Republican from Michigan, and New Jersey Republican Scott Garrett introduced H.R. 5018, the Federal Reserve Accountability and Transparency Act, according to a memo obtained by Reuters.

  • WASHINGTON, July 7- AT&T Inc said on Monday it will be the first U.S. wireless carrier to sell LG Electronics' smartwatch, a wrist watch that connects to Android phones and answers voice commands, and goes on sale on July 11. Juniper Research estimates the value of the wearable device market this year at $1.5 billion, up from $800 million in 2013..

  • "Until now, we just couldn't take the plunge," said Takashi Nanki, director and general manager at Shima Seiki Mfg Ltd, whose knitting machines make sweaters and knitwear for the likes of Gucci, Prada and Benetton. As a result, corporate Japan sits on a cash pile of some 232 trillion yen, according to Bank of Japan data.

  • Medical technology group Medtronic Inc said last month that it plans to buy Covidien Plc, a rival based in low-tax Ireland. The research service said other inversions have been done in the past decade by Mallinckrodt Pharmaceuticals, Perrigo Co Plc, Actavis Plc and other companies, many of them rebasing for tax purposes to Ireland.

  • NEW YORK, July 7- A lawyer for Rengan Rajaratnam on Monday compared the government's insider trading case against the younger brother of Galleon Group founder Raj Rajaratnam to a jigsaw puzzle where the pieces had been wrongly jammed together. Nor was there proof Rengan Rajaratnam entered into a conspiracy to engage in insider trading, he said.

  • July 7- Boeing Co said there would be no delay in shipments from supplier Spirit Aerosystems Holdings Inc, following the derailment of a train last week en route to the planemaker's factories in Washington state. Wichita, Kansas- based Spirit Aerosystems builds all of Boeing's 737 fuselages.

  • *Focus turns to earnings season. NEW YORK, July 7- U.S. stocks dipped on Monday, retreating from last week's record levels as investors hesitated to make big bets before the start of earnings season. The Russell 2000 fell 1.8 percent, its biggest percentage drop since April 25.

  • NEW YORK, July 7- The dollar eased and global equity markets fell on Monday after a surprise drop in German industrial output cooled a rally that sent various stock indexes to record highs last week and as investors turned to corporate earnings for the second quarter.

  • *Libya lifts force majeure on oil exports from two ports. NEW YORK, July 7- Brent and U.S. crude oil futures fell on Monday to the lowest levels in a month as Libya prepared to resume oil exports from two ports closed nearly a year, and as supply from Iraq remained unaffected by violence sweeping the OPEC country.

  • Pershing Square offers slate for Allergan board Monday, 7 Jul 2014 | 3:49 PM ET

    July 7- William Ackman's Pershing Square Capital Management proposed on Monday a slate of six directors for the board of Allergan Inc as the hedge fund presses forward with its $53 billion takeover bid with Valeant Pharmaceuticals International Inc for the Botox maker.

  • NEW YORK, July 7- Longer-dated U.S. While Thursday's government payrolls report showed a robust 288,000 increase in hiring in June and the jobless rate fell to a six-year low at 6.1 percent, some traders were not convinced the labor market is strong enough for Fed Chair Janet Yellen and other policymakers to tighten policy sooner.

  • The planned talks would follow weeks of debate to try to solve a row over how much Russia charges Ukraine for its gas, which has led Russian gas company Gazprom to cut off supplies to Ukraine.

  • U.S. arrests Russian in hacking of retail systems Monday, 7 Jul 2014 | 3:35 PM ET

    WASHINGTON, July 7- U.S. authorities have arrested a Russian man accused of hacking into American retailers' computer systems to steal credit card data from 2009 to 2011, officials said on Monday. The Secret Service arrested Roman Valerevich Seleznev, 30, on Saturday, according to the Department of Homeland Security.

  • TORONTO, July 7- WestJet Airlines Ltd, Canada's No. 2 carrier, said on Monday it planned to fly its own wide-body planes as early as the autumn of 2015 and was in advanced stages of sourcing the long-haul aircraft, a move that may heat up competition with larger rival Air Canada.

  • WASHINGTON, July 7- The United States on Monday urged China to give ground on a deal to eliminate duties on billions of dollars of technology products and said it would use talks in Beijing later this week to push to restart negotiations.

  • NEW YORK, July 7- The dollar weakened against the yen and the euro on Monday, in line with strengthening Treasuries, as investors continued to digest last week's strong U.S. employment report and speculated about when the Federal Reserve is likely to begin raising U.S. interest rates.

  • SAN FRANCISCO, July 7- Box Inc, the online storage startup that filed to go public months ago, has raised $150 million in funding from private-equity firm TPG and hedge fund Coatue Management, the Wall Street Journal on Monday cited two people familiar with the matter as saying.

  • NEW YORK, July 7- Technology may finally be solving the thorny problem of buying clothing online- that you cannot try things on. One virtual try-on system is made by FaceCake, based near Los Angeles. Called Swivel HD, it works with Microsoft's Kinect 2 to project clothing onto users as though they are looking in a mirror.

  • Soros Fund sued by former portfolio manager Monday, 7 Jul 2014 | 2:40 PM ET

    NEW YORK, July 7- A former portfolio manager at Soros Fund Management sued the hedge fund firm founded by billionaire George Soros for nearly $20 million, accusing it of reneging on promises to pay him performance and other fees.

  • NEW YORK, June 27- Each month, 42- year-old Abdirizak Alibos shows up at a money transfer business in the heart of Minneapolis to send $500 to his three children in war-torn Somalia.