CNBC Utilities Page Latest Business News Wires - Business Headlines

More

  • Russia is under pressure to find spending cuts as the international oil price has plunged towards $30 per barrel, a major problem for the federal budget that relies on oil and gas taxes for almost half its revenues.

  • STOCKHOLM, Jan 12- A Swedish prosecutor said on Tuesday he had opened a preliminary fraud investigation into Volkswagen over the German carmaker's emissions test cheating scandal which has affected up to 11 million vehicles worldwide. Volkswagen, having admitted to using software to conceal the level of toxic emissions from some of its diesel vehicles in...

  • BEIJING, Jan 12- China's cabinet has named Pan Gongsheng, a deputy governor of the country's central bank, as its new top foreign exchange regulator to manage the country's currency reserves and steer yuan reforms. Pan will replace Yi Gang as head of China's State Administration of Foreign Exchange, the cabinet said on Tuesday. Analysts don't expect the...

  • A student walks to the main building of the University of Phoenix, part of Apollo Group Inc., in Phoenix, Arizona.

    Apollo Global Management is in advanced talks to buy for-profit education provider Apollo Education, a source familiar with the matter said on Monday.

  • The Accent would be the first Hyundai car to be made in Mexico, giving the automaker access to the country's cheap labour that along with its proximity to the North American and South American markets has attracted so many of its rivals. "As labour costs in Mexico are just one fifth of that in Korea, Hyundai will be able to save a lot in small car production and better...

  • Senator and Democratic Vice-Presidential candidate John Edwards. Edwards, who was a trial lawyer in North Carolina before his political career was felled by a sex scandal, sent a letter to U.S. District Judge Charles Breyer of San Francisco last Friday, asking to be appointed to the powerful plaintiffs' steering committee.

  • LONDON, Jan 12- Gold steadied on Tuesday after two days of losses, but remained under pressure as the dollar edged higher against a currency basket and a firmer tone to stock markets undermined the metal's appeal as a haven from risk. Spot gold was at $1,094.20 an ounce at 1031 GMT, little changed from late on Monday, while U.S. gold futures for February delivery were...

  • PARIS, Jan 12- European planemaker Airbus beat Boeing in the race for new business last year, swelling its total order book to a record $1 trillion, but remained behind on deliveries as Boeing extended its lead as the world's largest jetmaker. The planemaking division of Airbus Group grabbed 1,036 net plane orders after cancellations, it said on Tuesday, down 29...

  • LONDON, Jan 12- Crude oil slipped towards $30 per barrel to a near 12- year low on Tuesday as heavy oversupply showed no sign of easing, while analysts scrambled to cut their price forecasts and traders bet on further declines. International benchmark Brent crude fell to a low of $30.43 per barrel, a level last seen in April 2004, before recovering to $31.43, down 12...

  • LONDON, Jan 12- After decades of generous subsidies from Brussels, some British farmers are starting to think the unthinkable-- that they might be better off outside the European Union. But now, with Prime Minister David Cameron preparing to call an "in or out" referendum on Britain's EU membership possibly as early as June, some farmers feel the benefits of...

  • *EU already looking into McDonald's tax deal with Luxembourg. BRUSSELS, Jan 12- Three Italian consumer organisations have urged EU antitrust regulators to investigate McDonald's franchise system in Europe, a month after the opening of an EU inquiry into the U.S. fast food company's tax deals with Luxembourg. Codacons, Movimento Difesa del Cittadino and...

  • PARIS, Jan 12- The trend for inflation in Japan is improving, helped by a strengthening of the country's labor market, but the Bank of Japan is only halfway to its target of 2 percent inflation, its governor said on Tuesday. Haruhiko Kuroda also said in remarks he had been due to give in Paris that he believed monetary policy in Japan and the euro zone would succeed "in...

  • LONDON, Jan 12- Media mogul Rupert Murdoch announced his engagement to former supermodel Jerry Hall on Tuesday and gave details of plans for his fourth marriage in a classified advert in one of his British newspapers. Published in the Births, Marriages and Deaths section of the Times newspaper, the advert read: "Mr Rupert Murdoch, father of Prudence, Elisabeth,...

  • ZURICH, Jan 12- Ratings agency Moody's has downgraded Credit Suisse's debt rating while raising that of cross-town rival UBS, highlighting the contrasting stages of the two big Swiss banks' restructuring drives. Under Credit Suisse Chief Executive Tidjane Thiam, Switzerland's second biggest-bank is in the early phase of its largest revamp in almost a decade.

  • BEIJING, Jan 12- China's cabinet is taking a key first step toward tighter control of its financial regulatory apparatus, a source told Reuters, after repeated regulatory missteps have dented confidence as the world's second-largest economy struggles. The source said the group would be headed by Xiao Jie, a former vice finance minister and tax chief now...

  • BEIJING, Jan 12- China's natural gas demand may rise 6.5 percent in 2016, up from last year's tepid growth, as a cut in government-set prices and efforts to promote gas usage will lift demand for the fuel, said an official at a Chinese industry association. China's gas demand- hit by a slowing economy and an inflexible pricing mechanism- grew at less than 4 percent in...

  • Earlier, the People's Bank of China forced up overnight deposit rates in Hong Kong to 66.8 percent to ease the heavy downward pressure on the yuan, analysts said, an indication of the drastic measures required to cool Chinese market volatility. As oil slid closer to falling below $30 a barrel for the first time in 12 years, deflation-wary investors in Asia shunned...

  • *Q4 GDP data due on Jan. 19, at 0200 GMT. BEIJING, Jan 12- China is expected to post its weakest economic growth since the global financial crisis in the fourth quarter, adding pressure on policymakers to take more steps to ward off a sharper slowdown that could jolt global markets. A renewed plunge in China's stock markets and the yuan have stoked concerns among global...

  • LONDON, Jan 12- The pan-European FTSEurofirst 300 index bounced back on Tuesday as shares of retailers rallied, after earlier dropping to its lowest level in more than three months. Shares in Metro rose 3 percent after the retailer said it had a "very good Christmas business" in Germany, with like-for-like sales up 2.1 percent in December. Morrisons, Britain's...

  • PARIS, Jan 12- European planemaker Airbus beat Boeing in the race for new business last year, but remained behind on deliveries as Boeing extended its lead as the world's largest jetmaker. The planemaking division of Airbus Group grabbed 1,036 net plane orders after cancellations, it said on Tuesday, down 29 percent from 2014, compared with Boeing's tally of...