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Latest Business News Wires - Business Headlines

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  • DETROIT, Feb 25- General Motors Co, the biggest U.S. automaker, wants to avoid the recall of more than 200,000 of its new full-size Chevrolet and GMC pickup trucks, asking U.S. safety regulators to declare an electronic glitch as "inconsequential" to safety.

  • LONDON, Feb 25- U.S. railroad operators have agreed new safety procedures to reduce the number of fiery derailments involving crude-carrying trains and cut the risk of a catastrophic explosion in a densely populated urban centre.

  • Feb 25- Fifth& Pacific Cos Inc's revenue jumped 22 percent in the holiday quarter as its trendy kate spade handbags proved a hit with shoppers. Shares of Fifth& Pacific, which said earlier that it would change its name to Kate Spade& Co, will trade under the new "KATE" symbol from Wednesday on the New York Stock Exchange.

  • FDA approves Bristol-Myers' drug for rare fat disorder Tuesday, 25 Feb 2014 | 9:07 AM ET

    Feb 25- Bristol-Myers Squibb Co said the U.S. Food and Drug Administration had approved its drug to treat rare and potentially fatal disorders involving loss of body fat. The condition, known as generalized lipodystrophy, involves fat buildup in the blood and organs such as liver and muscle and can lead to diabetes, pancreatitis and fatty liver disease.

  • Code named Jakarta, it will go on sale in April in Indonesia, where BlackBerry's BBM messaging service is proving very popular, said John Chen, the group's new chief executive who took over late last year.

  • JPMorgan announces cuts to profit target, jobs Tuesday, 25 Feb 2014 | 8:48 AM ET

    Feb 25- JPMorgan Chase& Co, the largest U.S. bank, is reducing both its profit target and headcount in 2014, according to a Tuesday presentation. JPMorgan also said it expected total headcount to fall by 5,000 to 260,000 in 2014.. Shares of JPMorgan were down 0.3 percent at $57.85 in trading before the market opened.

  • *Germany set for 1.8 percent jump- three times that of Italy. BRUSSELS, Feb 25- Germany is set to accelerate away from France and Italy in 2014 as the fragmented euro zone economy gradually recovers from its worst crisis, the European Commission said on Tuesday. It was powered chiefly by an expected 1.8 percent jump in the euro zone's biggest economy Germany.

  • UPDATE 1-Macy's says quarter is off to a slow start Tuesday, 25 Feb 2014 | 8:41 AM ET

    Feb 25- Macy's Inc on Tuesday said sales in its new fiscal year were off to a slow start, coming on the heels of a dip in January, and the department store operator's shares fell nearly 2 percent.

  • LONDON, Feb 25- China imported record amounts of iron ore, nickel ore and bauxite in January. Imports of refined copper were the second-highest on record, while those of refined zinc were the fourth-highest.

  • Foreign investors in Turkey face squeeze Tuesday, 25 Feb 2014 | 8:29 AM ET

    LONDON/ VIENNA, Feb 25- Foreign investors in Turkey are beginning to feel the effects of a sagging currency, rising inflation and a growing political power struggle, adding to fears the country may not be the source of future growth that some companies had hoped. Like other developing economies, Turkey has been battered in recent months by U.S.

  • KIEV, Feb 25- Ukraine's parliament voted on Tuesday to send fugitive President Viktor Yanukovich to be tried by the International Criminal Court for "serious crimes" committed during violent anti-government protests in which scores were killed.

  • Feb 25- InterMune Inc's experimental drug, in a late-stage trial, reduced the progression of a disease that leads to loss of lung function, taking the treatment closer to U.S. marketing approval. The health regulator had asked InterMune to conduct a new trial and the late-stage study, named Ascend, was drawn up to support the drug's U.S. marketing clearance.

  • *London prices to bounce 9.2 pct in 2014. LONDON, Feb 25- British house prices are expected to surge this year as a supply shortage and strong demand from overseas investors drive up the already-high prices of the London property market, a Reuters poll showed.

  • Feb 25- Visteon Corp, the auto parts maker, on Tuesday posted a stronger-than-expected quarterly profit and reaffirmed its 2014 financial projections. Net income surged to $513 million, or $10.32 a share, in the fourth quarter, compared with $39 million, or 74 cents a share, in the year earlier period.

  • LONDON, Feb 25- The Australian dollar slipped on Tuesday as a fall in China's yuan deepened, reflecting concern over growth and moves by the People's Bank of China to prod the currency lower. The Aussie is the nearest developed world currency to a proxy for growth in China, which takes much of Australia's commodities output.

  • Feb 25- Macy's Inc on Tuesday reported a higher quarterly profit as the department store chain had one of the best sales performances among retailers during the holiday season. Macy's reported net income of $811 million, or $2.16 a share, for the fourth quarter ended Feb. 1, compared with $730 million, or $1.83 per share, a year earlier.

  • The No.4 U.S. mobile provider said it raised its 2014 capital spending to between $4.3 billion and $4.6 billion, from $4.2 billion last year, to upgrade its network.

  • LOS ANGELES, Feb 25- Walt Disney Co has launched Disney Movies Anywhere, a service for consumers to buy and watch Disney, Pixar and Marvel films online and store them in the cloud, in the latest bid by a Hollywood studio to encourage digital movie purchases.

  • Feb 25- Office supply retailer Office Depot Inc reported a surprise quarterly loss as same-store retail sales fell 4 percent in North America, sending its shares reeling. Office Depot shares fell about 15 percent in premarket trading on Tuesday, while those of rival Staples Inc dropped 2.5 percent.

  • ANKARA, Feb 25- Turkish riot police fired tear gas and water cannon to disperse several hundred people protesting against the government at an Ankara university on Tuesday ahead of the opening of a highway in the city.