Latest Business News Wires - Business Headlines


  • UPDATE 1-Sub-Saharan Africa to grow 6 pct next year - IMF Thursday, 31 Oct 2013 | 10:33 AM ET

    ABUJA/ LAGOS, Oct 31- Sub-Saharan Africa's economic growth is expected to increase to 6 percent in 2014, from 5 percent this year, supported by investment in infrastructure and production capacity, the International Monetary Fund said on Thursday.

  • *Sony cuts full-year profit forecast after Q2 net loss. *Weak numbers stir doubts over Sony CEO Hirai's strategy. TOKYO, Oct 31- Sony Corp CEO Kazuo Hirai's determination to stick to the consumer electronics that made the company's fame will be put to the test in the months ahead as domestic rivals step up a shift to more profitable industrial technology.

  • LONDON, Oct 31- Harvard's decision to keep buying into the fossil fuel industry through its $32.7 billion investment fund- the world's biggest- is a blow to a divestment campaign also navigating legal uncertainty among performance-driven fund managers. Harvard's rejection of the campaign on additional grounds undermines momentum in the short term.

  • OTTAWA, Oct 31- Canada's thriving oil and gas industry helped the economy grow by 0.3 percent in August from July, confirming modest growth that is expected to keep the Bank of Canada's key interest rate on hold for more than a year.

  • US STOCKS-Wall St edges lower, but Exxon gains on results Thursday, 31 Oct 2013 | 10:20 AM ET

    *Facebook volatile after results, Exxon shares higher. Expedia also advanced following its results, topping the S&P 500 percentage gainers, while Facebook Inc fluctuated between steep gains and losses.

  • *EPS $1.79 v Street view $1.77. Oct 31- Exxon Mobil Corp, the world's largest publicly traded oil company, reported higher-than-expected quarterly results on Thursday as output rose for the first time in more than two years, but refining weakness hurt earnings.

  • Oct 31- More than a dozen brokerages increased their price targets on Facebook Inc shares on Thursday. Facebook's shares fell 3 percent to $47.45 at the opening, resuming the roller-coaster ride they have been on since the No. 1 social network released results on Wednesday.

  • WASHINGTON, Oct 31- The Obama administration on Thursday called on Congress to engage it on tax reform, saying plans currently considered by lawmakers "share much in common" with the White House's approach to the issue.

  • U.S. to allow expanded electronic device use on flights Thursday, 31 Oct 2013 | 10:10 AM ET

    WASHINGTON, Oct 31- The U.S. Federal Aviation Administration said on Thursday it will allow airlines to expand the use of portable electronic devices in flight. "Passengers will eventually be able to read e-books, play games, and watch videos on their devices during all phases of flight, with very limited exceptions," the FAA said.

  • *CEO Michel Combes says trying to save Alcatel. PARIS, Oct 31- Telecom equipment maker Alcatel-Lucent posted higher revenues and a narrower loss in the third quarter helped by double-digit growth in the highly profitable U.S. market as it raced to cut costs to survive.

  • *South Africa and Ghana ratings downgraded this year. JOHANNESBURG, Oct 31- One is considered a rising African star, the other has been stuck in the economic doldrums since the global financial crisis- for Ghana and South Africa, investor perceptions could not be more different.

  • OTTAWA, Oct 30- Consumers may join a class action lawsuit against Microsoft Corp over alleged unfair pricing, the Supreme Court of Canada ruled on Thursday. The Supreme Court, in its decision on Microsoft, certified a class action suit against the company. Microsoft Corp et al. and Sun-Rype Products Ltd et al. v.

  • Oct 31- NII Holdings Inc, which provides telecom services under the Nextel brand in Latin America, said it will miss its full-year adjusted operating profit forecast, largely due to subscribers losses and higher investments.

  • UPDATE 1-New York Times revenue rises on subscriptions Thursday, 31 Oct 2013 | 9:59 AM ET

    Oct 31- New York Times Co reported higher third-quarter revenue on Thursday after more readers paid for its flagship newspaper and its digital products. Shares of New York Times Co rose 2 percent to $14.02 in morning trade.

  • WRAPUP 1-Shareholder power dominates big oil results Thursday, 31 Oct 2013 | 9:52 AM ET

    LONDON/ HOUSTON, Oct 31- Oil industry shareholders sick of poor returns and worried that company bosses will waste cash on costly projects are getting their message across, third quarter results from the industry's top players showed this week.

  • SAO PAULO, Oct 31- OGX Petróleo e Gas Participações SA, the beleaguered Brazilian oil company controlled by former billionaire Eike Batista, said on Thursday it expects to end up in arbitration over a deal struck with Malaysian state oil company Petronas.

  • NEW YORK, Oct 31- The dollar on Thursday rose for a fifth straight session against a basket of major world currencies to hit a two-week high, buoyed by the Federal Reserve's latest outlook which was perceived as less dovish than expected.

  • LONDON, Oct 31- Citigroup has put its head of European spot currency trading in London, Rohan Ramchandani, on leave, as a global investigation into possible manipulation of foreign exchange rates gathers steam, a source familiar with the matter said on Thursday.

  • Oct 31- U.S. refining company Marathon Petroleum Corp on Thursday said its third-quarter profit fell sharply, hurt by shrinking crude discounts and weakness in products markets. For the quarter, Marathon posted net income of $168 million, or 54 cents per share, compared with $1.22 billion, or $3.59 per share, in the year-ago quarter.

  • *Commercial Bank of Syria now seeking barter account with the bank. U.S. sanctions aimed at forcing Assad to end the violence in Syria's two-and-a-half-year civil war forbid its own banks from dealing with Syria's central bank and the Commercial Bank of Syria.

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