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Latest Business News Wires - Business Headlines

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  • RIYADH/ KHOBAR, Saudi Arabia, Feb 2- Several of Saudi Arabia's largest listed companies said on Monday they would pay out hundreds of millions of dollars in bonuses, days after the new king ordered a handout to Saudi state employees to mark his accession. Saudi Arabia has sold minority stakes in big state firms and listed them on its bourse partly to expose them to...

  • Feb 2- Imperial Oil Ltd, Canada's second-largest integrated oil producer and refiner, posted a 36.5 percent fall in quarterly profit, hurt by lower crude prices as well as weaker refining and marketing margins. Imperial Oil joins a list of Canadian and U.S. oil and gas producers who have scaled back capital spending plans for 2015, following a sharp decline in oil...

  • LONDON, Feb 2- The value of merger and acquisition deals worldwide soared 28 percent in January compared with the same month last year, with the Asia-Pacific region enjoying its best start to a year on record, according to Thomson Reuters data. Deals in the Asia-Pacific accounted for 43 percent of the total, up from 20 percent last January, beating both Europe and...

  • Feb 2- The U.S. Food and Drug Administration approved a drug developed by Eli Lilly and Co and Boehringer Ingelheim Pharmaceuticals Inc to improve blood sugar control in type-2 diabetes patients, the companies said. "Half of people with type-2 diabetes do not achieve recommended blood sugar control, making new treatment options more important than ever," Eli...

  • LONDON, Feb 2- Russian debt insurance costs and yield spreads on sovereign dollar bonds are near six-year highs, surpassing those of countries such as Pakistan whose credit ratings are several notches lower. Russia is rated Baa3 by Moody's and BBB- by Fitch, their lowest investment-grade ratings, while Standard& Poor's cut its rating to a "junk" grade BB+ last week.

  • NICOSIA/ LONDON, Feb 2- Greek Prime Minister Alexis Tsipras ruled out seeking aid from Russia and said on Monday he would pursue negotiations for a new debt agreement with European partners, but saw little sign of compromise from Germany. Tsipras and his finance minister Yanis Varoufakis are touring European capitals this week in a diplomatic offensive to...

  • DETROIT, Feb 2- The number of eligible claims for deaths and injuries linked to the defective General Motors Co ignition switch that led to the recall of 2.6 million older cars should rise, an official responsible for administering the victim compensation fund said on Monday. The number of deaths deemed eligible for compensation under the program established...

  • Feb 2- Canadian yogawear chain Lululemon Athletica Inc's founder Chip Wilson said that he was stepping down from the company's board of directors. "I believe that now is the right time to step away from the board," Wilson said in a statement on Monday. Wilson stepped down as Lululemon's chief innovation and branding officer in 2012, but returned to its board in the...

  • WASHINGTON, Feb 2- U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline, which could support future consumption. The Commerce Department said on Monday consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 0.3 percent after a...

  • Feb 2- Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent as weak oil prices took a toll, but results topped Wall Street expectations due to tax benefits and a favorable arbitration ruling. Profit in the fourth quarter fell to $6.57 billion, or $1.56 per share, from $8.35 billion, or $1.91 per share in the same quarter a year earlier.

  • Feb 2- The U.S. Food and Drug Administration approved a drug developed by Eli Lilly and Co and privately held Boehringer Ingelheim Pharmaceuticals Inc to improve blood sugar control in type-2 diabetes patients, the companies said.

  • US STOCKS-Futures point to modest gains at the open Monday, 2 Feb 2015 | 8:51 AM ET

    *Dow, S&P 500 coming off worst month since Jan 2014. NEW YORK, Feb 2- U.S. stock index futures pointed to slight gains at the open on Monday, suggesting a modest rebound following a decline last week, though a disappointing reading on consumer spending added to recent concerns over economic strength. Exxon Mobil Corp on Monday reported a profit drop of 21 percent,...

  • Feb 2- Ardelyx Inc said its experimental drug "significantly" decreased phosphate levels in chronic kidney disease patients who were on dialysis. Ardelyx licensed the drug to AstraZeneca in October 2012. Under the terms of the agreement, AstraZeneca handles the development costs for tenapanor, while Ardelyx runs the trials.

  • Feb 2- Demand for the European Central Bank's next offering of cheap four-year loans for banks will not be boosted by cutting the cost of borrowing to match the ECB's main interest rate of 0.05 percent, a Reuters poll found on Monday. The new leftist government has promised to abandon austerity imposed under Greece's 240 billion euro bailout and seek to...

  • LONDON, Feb 2- Oil prices surged 8 percent on Friday as the market digested news another 94 rigs previously drilling for oil in the United States had been idled over the previous week. Continental Resources, one of the largest drillers in North Dakota's Bakken shale, promised late last year it would cut the number of rigs it employs by 30 percent by the end of the...

  • WASHINGTON, Feb 2- U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline, which could support future consumption. The Commerce Department said on Monday consumer spending dropped 0.3 percent after a downwardly revised 0.5 percent increase in November.

  • LONDON, Feb 2- European shares stalled and core bond yields held near lows on Monday following disappointing data from China, while Greek markets were volatile as the government pursued efforts to reach a compromise with its creditors. Some Greek bank stocks rebounded as much as 18 percent and yields fell as Greece's leftist government began its drive to...

  • Feb 2- Food distributor Sysco Corp said it would sell 11 distribution centers run by takeover target US Foods Inc to Performance Food Group to satisfy antitrust concerns. Sysco's $3.5 billion offer for US Foods is awaiting approval from the Federal Trade Commission as the deal would combine the two largest U.S. food distributors. Sysco and US Foods are the only...

  • Exxon Mobil quarterly profit down 21 percent Monday, 2 Feb 2015 | 8:11 AM ET

    Feb 2- Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent, as low crude prices took a toll on results for the world's largest publicly traded oil company. Profit in the fourth quarter totaled $6.57 billion, or $1.56 per share, compared with $8.35 billion, or $1.91 per share in the same quarter a year earlier. Oil and natural gas production fell 3.8...

  • Imperial Oil profit slumps as oil prices plunge Monday, 2 Feb 2015 | 8:11 AM ET

    Feb 2- Imperial Oil Ltd, Canada's second-largest integrated oil producer and refiner, posted a 36.5 percent fall in quarterly profit, hurt by lower crude prices and weaker refining margins. The company's net income fell to C $671 million, or 79 Canadian cents per share, in the quarter ended Dec. 31 from C $1.06 billion, or C $1.24 per share, a year earlier.