Latest Business News Wires - Business Headlines


  • *Swiss structure not challenged by IRS- Caterpillar. WASHINGTON, April 1- Caterpillar Inc defended itself on Tuesday against accusations of offshore tax-dodging, telling a U.S. Senate panel that a low-tax unit the company set up years ago in Switzerland has not been challenged by U.S. tax authorities.

  • Ryan's budget has no chance of passing the Democratic-controlled Senate. Ryan, the chairman of the House of Representatives Budget Committee, is calling for spending cuts totaling $5.1 trillion over a decade to reach a balanced budget by 2024 with no new tax revenue.

  • Highlights included a 100- year bond by Massachusetts Institute of Technology and a USD2.5bn offering of 10 and 30- year securities by Saudi Electricity that saw almost USD13bn of orders. Strong demand also followed Union Electric d/b/a Ameren Missouri, which saw some USD2bn of orders at the peak for just USD350m of 10- year notes.

  • On Monday, the FBI confirmed it has been conducting a wide-ranging probe into high-speed trading for months, an outgrowth from the years-long crackdown on insider-trading.

  • April 1- General Motors Co said on Tuesday it has hired Kenneth Feinberg, a lawyer widely known for administering funds to compensate victims of high-profile disasters and accidents, to help assess its options for dealing with victims harmed by recalled vehicles.

  • *CFO had planned to quit Zurich in months before death. ZURICH, April 1- Seven months after the suicide of Zurich Insurance finance chief Pierre Wauthier, his widow is set to confront the company over its handling of the tragedy, reopening a scandal that unsettled investors.

  • Spain's Abengoa makes U.S. unit's IPO plans public Tuesday, 1 Apr 2014 | 6:01 PM ET

    April 1- Spanish renewable energy and engineering firm Abengoa SA made public its U.S. subsidiary's plans to raise up to $600 million in an initial public offering of ordinary shares. Abengoa in March filed confidentially with the U.S regulators for the proposed IPO of its yieldco vehicle.

  • TRIPOLI, April 1- A rebel group in eastern Libya has agreed with the government to end its seizure of vital oil export ports within days, a senior leader told Reuters on Tuesday, raising hopes to end an eight-month stalemate drying up state income and fuelling chaos.

  • FDA advisers back MannKind's inhaled diabetes drug Tuesday, 1 Apr 2014 | 5:47 PM ET

    U.S. health advisers recommended approval of MannKind's inhaled diabetes drug, and said the treatment could help those wary of needles.`

  • NEW YORK, April 1- U.S. retail investors have raced to scoop up the government's newly launched platinum coins, data shows, as industrial metals prices outperformed bullion, a long-time favorite among collectors. Platinum held by the world's major exchange-traded funds was currently at their highest level in at least four years, Reuters data showed.

  • SAO PAULO/ RIO DE JANEIRO, April 1- Brazil's securities industry watchdog CVM on Tuesday lifted a suspension on Grupo Oi SA's 6 billion real share offering, paving the way for the Brazilian telecommunications company's merger with Portugal Telecom SGPS SA.

  • NEW YORK, April 1- The Pimco Total Return Fund, the world's largest bond fund, posted $3.1 billion in outflows in March, extending the fund's record outflow streak to 11 straight months, data from Morningstar showed on Tuesday.

  • WASHINGTON, April 1- General Motors Co CEO Mary Barra on Tuesday called her company's slow response to at least 13 deaths linked to faulty ignition switches "unacceptable," but could not give U.S. lawmakers many answers as to what went wrong as she pointed to an ongoing internal investigation.

  • Bankruptcy Judge Stacey Jernigan on Tuesday ordered Karpeles to appear on April 17 in Dallas at the offices of Baker& McKenzie, the law firm that represents Mt. Last month, Karpeles asked a Dallas court to grant Mt. Gox Chapter 15 bankruptcy protection, in part to put a stop to a class action that had been filed by U.S. customers in Chicago federal court.

  • In the Senate, the new chairman of the tax-writing Finance Committee unveiled legislation that would modestly trim the list of about 55 laws known as the "tax extenders" because they expire every year or two and need to be regularly extended.

  • April 1- Wells Fargo& Co on Tuesday named a new chief financial officer and wholesale banking leader, in a shake-up of its top ranks. Dave Hoyt, Wells Fargo's current head of wholesale banking, will leave the bank at the end of June after a 32- year career.

  • WASHINGTON, April 1- The U.S. military is working closely with Lockheed Martin Corp and other suppliers to lower the per-plane cost of the F-35 fighter jet and improve its reliability, the chief weapons buyer for the U.S. Air Force said in interview on Monday.

  • April 1- Apollo Education Group, the owner of the University of Phoenix, reported lower-than-expected quarterly revenue as new enrollments declined 16.5 percent, sending its shares down more than 4 percent in extended trading.

  • NEW YORK, April 1- Bitcoin derivatives trading platform BTC.sx has secured funding from Seedcoin Fund, BTC.sx Chief Operating Officer George Samman told Reuters on Tuesday. Samman has provided BTC.sx around $250,000 in funding, which he said was the largest investment by Seedcoin so far.

  • *Japan's nuclear reliance could be as low as 10 pct. TOKYO, April 2- Three years after the Fukushima disaster prompted the closure of all Japan's nuclear reactors, Prime Minister Shinzo Abe is moving to revive nuclear power as a core part of the energy mix, but many of those idled reactors will never come back online.