Latest Business News Wires - Business Headlines


  • NEW HAVEN, Conn., Feb 25- Jesse Litvak, a former trader at Jefferies Group Inc, made extra commissions and profits by defrauding big Wall Street firms such as JPMorgan Chase& Co and AllianceBernstein Holding LP on bond trades, a U.S. Treasury Department agent testified at Litvak's fraud trial.

  • WASHINGTON, Feb 25- Joking that he would blast off in an "Iron Man" suit, President Barack Obama on Tuesday announced that two new manufacturing institutes aimed at creating quality jobs would be located in the Midwest cities of Chicago and Detroit.

  • Discover Financial faces US probe over student lending Tuesday, 25 Feb 2014 | 5:47 PM ET

    The Consumer Financial Protection Bureau has issued a civil investigative demand to Discover Bank seeking information regarding certain student loan servicing practices, Discover said in its annual filing on Tuesday.

  • TRENTON, N.J. Feb 25- New Jersey Governor Chris Christie called for a new round of public pension reform in his fifth state budget proposal on Tuesday but provided no details, while opposition Democrats rejected the idea.

  • Feb 25- Anika Therapeutics Inc said the U.S. Food and Drug Administration approved its drug to treat pain and improve joint mobility in patients with osteoarthritis of the knee, more than four years after it first filed for approval.

  • Feb 25- Chipmaker Avago Technologies Limited said it expects current-quarter sales to decline 3-6 percent from the first quarter as it lost revenue from a smartphone maker, which analysts said could be Apple Inc.

  • Endurance's revenue rises 17 pct on higher subscribers Tuesday, 25 Feb 2014 | 5:27 PM ET

    Feb 25- Endurance International Group Holdings Inc, which provides Internet domain names, reported a 17 percent rise in quarterly revenue, helped by an increase in subscribers. Net loss attributable to Endurance fell to $67.5 million, or 57 cents per share, in the fourth quarter from $72.6 million, or 75 cents per share, a year earlier.

  • WASHINGTON, Feb 25- Boeing Co has been awarded a contract valued at $2.1 billion to build 16 P-8A Poseidon long-range maritime spy planes for the U.S. Navy, the Pentagon announced on Tuesday. The deal marks the first full-rate production contract for Boeing for the new planes, and follows a decision by Australia last week to buy eight P-8A planes for A $4 billion.

  • Persistent production outages in Libya and South Sudan capped losses in Brent while U.S. oil was pressured by sinking gasoline futures prices in the face of lessening demand for the fuel. U.S. weekly crude stocks rose by a less-than-expected 822,000 barrels in the week to Feb. 21, according to data from the American Petroleum Institute released Tuesday.

  • WASHINGTON, Feb 25- Shippers moving crude oil by rail out of North Dakota's Bakken energy patch must test the fuel for dangerous volatility before loading it onto the tracks, the U.S. Department of Transportation said on Tuesday.

  • Last month, the FDA issued an alert and said it was investigating the risk of stroke, heart attack and death in men taking testosterone drugs based on the recent publication of two studies that suggested increased cardiac risk. But the FDA said it had not concluded that testosterone does, in fact, increase heart problems.

  • SAN FRANCISCO, Feb 25- The U.S. National Security Agency blurred its spying and cybersecurity missions, and that led to a broad collapse in trust between the private security industry, its customers and the government, the head of security pioneer RSA said on Tuesday.

  • Feb 25- U.S. solar company First Solar Inc reported a lower-than-expected quarterly profit and forecast weak first-quarter earnings, hit by irregular revenue from its solar projects. "First Solar's earnings are hyper-choppy due to project revenue recognition," Raymond James analyst Pavel Molchanov said on Tuesday.

  • MADRID/ BUENOS AIRES, Feb 25- Spanish oil major Repsol said on Tuesday its board of directors approved a $5 billion settlement with the government of Argentina, ending a two-year dispute over the seizure of the company's operations in the country.

  • *Home Depot and Macy's rally after results. NEW YORK, Feb 25- U.S. stocks edged lower on Tuesday, easing back from record territory a day earlier as weak economic data offset gains in Home Depot and other retail shares.

  • NEW YORK, Feb 25- Morgan Stanley said on Tuesday it has reached a preliminary agreement to pay $275 million to resolve an investigation by a top U.S. regulator into subprime mortgage bond trades from 2007..

  • *Cotton down 2 pct after hitting 6- month high Monday. NEW YORK, Feb 25- Natural gas futures slumped for a second straight session on Tuesday, slashing year-to-date gains, while cotton prices also fell in a broad commodities selloff sparked by profit-taking. Corn, a base for animal feed, also rose, reversing early losses.

  • Last week it listed the first Exchange Traded Fund, or ETF, outside China that tracks the onshore bond market. Otherwise, the HKEx stands to lose ground as China moves towards its goal of full convertibility of the yuan, which would allow foreign investors to trade on mainland exchanges in Shanghai and Shenzhen, unfettered by quotas or other constraints.

  • Chaired by Democrat Carl Levin, the panel issued a report alleging misdeeds by Credit Suisse, Switzerland's second-largest bank. The report said Credit Suisse opened Swiss accounts for more than 22,000 U.S. customers with combined assets of as much as $12 billion.

  • Veterans healthcare bill advances in U.S. Senate Tuesday, 25 Feb 2014 | 4:43 PM ET

    WASHINGTON, Feb 25- An expansion of healthcare and education programs for veterans of the wars in Iraq and Afghanistan cleared its first procedural hurdle on Tuesday, as Democrats in the U.S. Senate attempted to win passage of the legislation this week.