Latest Business News Wires - Business Headlines


  • ECB rate cut sends euro zone shares to 5-yr high Thursday, 7 Nov 2013 | 8:26 AM ET

    LONDON, Nov 7- A surprise rate cut by the European Central Bank sent euro zone shares to a five-year high on Thursday as traders bet a weaker euro and easier lending conditions would help revive the region's economy and boost demand for stocks.

  • Nov 7- Agenus Inc said a trial of its experimental genital herpes vaccine reduced the rate at which patients released the virus, reducing the likelihood of infecting others, sending its shares up 32 percent in premarket trading. Of them, 70 received the vaccine and 10 received placebo, Agenus said in a statement.

  • LUANDA, Nov 7- Angola plans to speed up oil exploration from 2014 by licensing up to 15 new blocks every two years, testing more wells in the promising pre-salt layer and developing its operations in Iraq, the country's oil minister told Reuters on Thursday.

  • NEW YORK, Nov 7- U.S. stock index futures climbed on Thursday, after an interest rate cut by the European Central Bank reinforced expectations that global central banks will continue to take actions to support struggling economies worldwide.

  • Nov 7- Costco Wholesale Corp and Victoria's Secret parent L Brands Inc were among the major U.S. retailers to report same-store sales gains for October, but the outlook remained downbeat heading into the holiday season. Costco on Thursday reported a slightly bigger-than-expected 3 percent gain in sales at stores open at least a year.

  • FOREX-Euro tumbles on surprise ECB rate cut Thursday, 7 Nov 2013 | 8:15 AM ET

    *Draghi news conference awaited at 1330 GMT. LONDON, Nov 7- The euro fell to a seven-week low against the dollar on Thursday after the European Central Bank unexpectedly cut interest rates to 0.25 percent following a sharp drop in inflation. Focus shifted to ECB President Mario Draghi's news conference at 1330 GMT.

  • Apache quarterly profit up and oil output grows Thursday, 7 Nov 2013 | 8:14 AM ET

    Nov 7- Apache Corp on Thursday reported a higher quarterly profit, helped by record oil production from its wells in the Permian Basin in West Texas. Profit in the quarter was $300 million, or 75 cents per share, compared with $161 million, or 41 cents per share in the 2012 third quarter.

  • Wendy's sales miss estimates, shares fall Thursday, 7 Nov 2013 | 8:12 AM ET

    Nov 7- Wendy's Co, the second-largest U.S. hamburger chain, reported lower-than-expected quarterly revenue, sending its shares down 9 percent in premarket trading. The company's third-quarter revenue rose about 1 percent to $640.8 million but missed the average analyst estimate of $643.4 million, according to Thomson Reuters I/B/E/S.

  • DETROIT, Nov 7- Tesla Motor Inc's Model S electric car has suffered its third fire in six weeks. The Tesla Motors Club website is running pictures and a story about another fire involving a Model S on Wednesday afternoon that a company spokeswoman confirmed.

  • Nov 7- J.C. Penney Co Inc on Thursday reported its first monthly same-store sales gain in nearly two years, as comparable sales rose 0.9 percent in October. Penney, which has started offering deep discounts to win back shoppers after a failed attempt to go upmarket in 2012 led to a massive sales loss, also said e-commerce sales rose 37.6 percent last month.

  • Nov 7- BCE Inc, Canada's biggest telecom company, posted a 35 percent slump in quarterly profit, hurt by costs related to its $3 billion acquisition of Astral Media earlier this year. BCE's net earnings fell to C $343 million, or 44 Canadian cents per share, in the third quarter ended Sept. 30 from C $527 million, or 68 Canadian cents per share, a year earlier.

  • *Equatorial Guinea pushing new gas supply deals across Africa. *BG currently selling Equatorial Guinea's LNG in Asia. ABIDJAN, Nov 7- Equatorial Guinea may seek to revise some aspects of a controversial deal with BG Group as it moves to export more gas to Africa, its oil minister said.

  • LONDON, Nov 7- A surprise cut in rates by the European Central Bank sent the euro sharply lower on Thursday, boosted government bond prices and saw the region's equity markets hit fresh five-year highs. "They want the double whammy of a lower euro on growth and inflation," said David Bloom, global head of FX strategy at HSBC.

  • LUANDA, Nov 7- Angola plans to speed up oil exploration from 2014 by licensing up to 15 new blocks every two years, testing more wells in the promising pre-salt layer and developing its operations in Iraq, the country's oil minister told Reuters on Thursday.

  • WASHINGTON, Nov 7- Government-run Fannie Mae, the largest provider of U.S. residential mortgage funding, will pay the U.S. Since being seized by the government in 2008 as mortgage losses mounted, Fannie Mae and its smaller sibling, Freddie Mac, have drawn $187.5 billion in taxpayer aid from the U.S.

  • UPDATE 1-Visteon raises forecast as auto sales improve Thursday, 7 Nov 2013 | 8:03 AM ET

    Nov 7- Auto parts maker Visteon Corp raised its full-year earnings forecast after third-quarter profit nearly tripled due to cost cutting and higher sales of climate control systems. Visteon and peers BorgWarner Inc and Lear Corp are benefiting from strong vehicles sales in the United States.

  • NEW YORK, Nov 7- Prices for U.S. Treasuries moved higher on Thursday as the European Central Bank surprised markets with an interest rate cut and investors looked ahead to growth data in the United States. "This move was unexpected and is behind the bid for Treasuries this morning," said Ian Lyngen, senior government bond strategist at CRT Capital Group.

  • Canadian Tire profit rises 11 pct, dividend increased Thursday, 7 Nov 2013 | 8:01 AM ET

    Nov 7- Canadian Tire Corp, best known for its automotive and homeware stores, reported an 11 percent rise in quarterly profit as higher sales in all of its retail chains helped to fatten gross margins. The company also raised its annual dividend to $1.75 per share from $1.40.

  • LONDON, Nov 7- The body that reviews British law has sought to remove all doubt that investors can target more-sustainable companies, but is less clear-cut over an environmental campaign against fossil fuel investment. In a significant step last month, Britain's Law Commission proposed to clarify how fiduciary duty should apply to asset managers.

  • UPDATE 1-China Sunergy's shipments fall in 3rd quarter Thursday, 7 Nov 2013 | 7:57 AM ET

    Nov 7- Solar panel maker China Sunergy Co Ltd said its shipments fell in the third quarter, compared with the second quarter, due to tight credit in China that hurt its ability to procure materials for production. China Sunergy shares fell 13 percent before the bell after closing at $9.49 on Wednesday.

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