Latest Business News Wires - Business Headlines


  • *Michael Kors stock soars after results. *J.C. Penney shares slide after bearish comments. *Yum Brands Inc reaffirms 2014 profit outlook, shares jump.

  • FOREX-Hawkish policy stance lifts Australian dollar Tuesday, 4 Feb 2014 | 4:47 PM ET

    NEW YORK, Feb 4- The Australian dollar rose more than 2 percent on Tuesday after the country's central bank dropped its easing bias toward interest rates and toned down its long-term call for the currency to weaken.

  • NEW YORK, Feb 4- U.S. prosecutors unveiled a new charge on Tuesday against the man they accuse of creating the underground online drugs marketplace known as Silk Road, potentially adding years of prison time if he were convicted.

  • Feb 4- Research services provider Covance Inc reported a better-than-expected 19 percent jump in quarterly adjusted profit as it gained from higher investments in later stages of drug development by pharma companies. Net income rose to $45.8 million, or 80 cents per share, in the fourth quarter ended Dec. 31, from $33.9 million, or 61 cents per share, a year earlier.

  • *Cushing stocks expected to fall over 1 mln bbls- sources. U.S. oil rose by as much as $1.28 as traders expected oil inventory data later on Tuesday to show that supplies were beginning to drain in earnest from Cushing, Oklahoma, after the start-up of TransCanada's Keystone south pipeline.

  • Feb 4- Standard& Poor's on Tuesday cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory's debt to junk-bond status on concerns about its ability to access capital markets.

  • HOUSTON, Feb 4- Royal Dutch Shell said on Tuesday it is ramping up production at its newest Gulf of Mexico oil and gas platform, the first to start up after BP Plc's 2010 Macondo oil spill fouled the basin and stopped drilling for months.

  • Front-month natural gas futures on the New York Mercantile Exchange rose 41.2 cents, or 8.4 percent, to $5.317 per million British thermal units by 3:34 p.m. EST.

  • NEW YORK, Feb 4- U.S. stocks ended higher on Tuesday, buoyed by encouraging earnings, as the market attempted to stabilize in the wake of its largest selloff in months a day earlier. Based on the latest available data, the Dow Jones industrial average rose 72.44 points or 0.47 percent, to end unofficially at 15,445.24.

  • SINGAPORE/ SYDNEY, Feb 5- A drought in Australia has forced ranchers in the world's third-biggest beef exporter to cull cows, stoking fears of a global beef shortage in coming years with the U.S. herd at its lowest in six decades.

  • SHANGHAI, Feb 5- In China, where higher prices mean prestige, luxury U.S. electric carmaker Tesla is taking a bold step to win over clients and cachet by curbing the markup to just half of what some of its rivals can command. In an unusual blog post last month, the firm detailed the lower-than-expected 734,000 yuan China price tag for its high-end Model S electric car.

  • TOKYO/ JAKARTA, Feb 5- Asia's central bankers are being forced to juggle their day jobs with what their governments have failed to do- steeling their economies for the hard times. India and Indonesia were first in the firing line of investors last year when the Fed's plans to scale back its $85 billion in monthly cash injections started to take shape.

  • WASHINGTON, Feb 4- Life Partners Holdings Inc and its executives were cleared by a jury late Monday on eight of 12 civil securities violations, including some fraud charges, dealing U.S. regulators another mixed ruling as they step up efforts to take cases to trial.

  • S&P cuts Puerto Rico debt to junk status Tuesday, 4 Feb 2014 | 3:48 PM ET

    Feb 4- Standard& Poor's on Tuesday cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory's debt to junk-bond status on concern about its ability to access capital markets. S&P, which had placed Puerto Rico's rating on notice for a downgrade last month, said it now rates the Caribbean commonwealth at "BB+," one level below investment grade.

  • WASHINGTON, Feb 4- President Barack Obama on Tuesday praised a $956 billion farm bill passed by the U.S. Senate that trims food stamps for the poor, expands federal crop insurance and ends direct payments to farmers as a good compromise.

  • WASHINGTON, Feb 4- U.S. retailers speaking to a U.S. Senate panel on Tuesday bemoaned the sophistication of. In a relatively collegial hearing before the Senate Judiciary Committee, executives of retailers Target and Neiman Marcus said hackers had found ways to penetrate their best security practices.

  • WASHINGTON, Feb 4- U.S. financial regulators have formed a working group to coordinate implementation of the Volcker rule, which bans banks from proprietary trading, top regulatory officials plan to tell lawmakers on Wednesday.

  • WASHINGTON, Feb 4- A bipartisan group of U.S. lawmakers voiced support on Tuesday for the Keystone XL crude oil pipeline, and did not rule out using legislation to force the White House to approve the Canada- to- Texas project.

  • RIO DE JANEIRO/ LONDON, Feb 4- Emerging market stocks and currencies rebounded on Tuesday as investors hunted for bargains after a recent selloff, but concern about growth prospects for China and the United States will probably keep the market under pressure over the next few days.

  • FACTBOX-Some provisions of U.S. farm bill Tuesday, 4 Feb 2014 | 3:13 PM ET

    Feb 4- A U.S. farm bill was passed by the U.S. Senate on Tuesday and sent to President Barack Obama for his expected signature. The legislation, which was approved by the House of Representatives last week, will cost an estimated $956 billion over 10 years, a savings of about $16.6 billion compared with current funding, according to the Congressional Budget Office.