Latest Business News Wires - Business Headlines


  • NEW YORK, May 20- U.S. stocks fell in a broad selloff on Tuesday, with major indexes hitting session lows in the afternoon, led by losses in the retail sector after disappointing results from Staples and TJX Companies.

  • *Libya output at 210,000 bpd; western oilfields shut. NEW YORK, May 20- Brent rose modestly on Tuesday supported by instability in Libya, pulling U.S. oil for July delivery higher in spite of expectations for an increase in domestic stockpiles.

  • NEW YORK, May 20- The Federal Reserve should be able to raise interest rates slowly when it eventually tightens monetary policy given that slack in the U.S. economy is restraining inflation, a top official at the central bank said on Tuesday.

  • HONG KONG, May 20- Demand to pull out money from hedge funds rose to five month high in May as investors looked to adjust their portfolios ahead of the mid-year point. The bulk of the activity in May represented typical semi-annual requests, Bill Stone, chairman and chief executive of SS&C Technologies, said in a statement.

  • CARACAS, May 20- Mediators from the Union of South American States urged Venezuela's government and opposition back to the negotiating table on Tuesday after failing to revive talks to stem months of protests in the polarized nation.

  • *Credit Suisse will not hand over client data to U.S. WASHINGTON/ NEW YORK/ ZURICH, May 20- Credit Suisse saw little immediate impact on Tuesday after it became the largest bank in decades to plead guilty to a U.S. criminal charge and will pay more than $2.5 billion in penalties for helping Americans evade taxes.

  • NEW YORK, May 20- The dollar fell against the yen on Tuesday for a fifth straight session, undermined by a persistent drop in U.S. The greenback could decline further against the yen if the Bank of Japan does not expand its asset purchase program.

  • WASHINGTON, May 20- The U.S. House of Representatives will vote this week on a bill to make it easier for the Department of Veterans Affairs to fire or demote senior executives, officials said on Tuesday, following accusations that veterans' healthcare delays have led to preventable deaths.

  • *Wall Street off as retail earnings disappoint. Retailers such as TJX Companies, which posted lower-than-expected quarterly revenue, were among the biggest drags on U.S. stocks, along with Caterpillar, which said retail statistics for the three months to April were down 13 percent.

  • *Target replaces Canadian president with 15- year U.S. veteran. *Target to announce 1st- qtr financial results on Wednesday. Some analysts said that Target needs to look beyond its ranks to address profound problems in Canada, which lost $941 million before interest and taxes last year, while generating $1.3 billion in sales.


  • U.S. equipment and software providers such as IBM Corp and Cisco Systems Inc have already seen their China sales drop after last year's revelations by former National Security Agency contractor Edward Snowden of U.S. spying. IBM's China sales have fallen by a fifth or more for three straight quarters, the firm reported in April.

  • Five brokerages start auto-lender Ally with top rating Tuesday, 20 May 2014 | 3:13 PM ET

    May 20- Eleven of the 19 brokerages, which underwrote Ally Financial Inc's $2.38 billion initial public offering, began coverage of the auto lender's stock on Tuesday, with five of them giving their top rating. The average price target for the stock is $27.80, with lead underwriters JP Morgan Securities and Morgan Stanley setting the highest price target of $30.

  • *Schroders urges AstraZeneca to restart talks with Pfizer. LONDON, May 20- Schroders, AstraZeneca's 12th- biggest shareholder, urged the drugmaker to restart takeover talks with Pfizer as rival Fidelity Worldwide Investment, ranking 18th, backed the British company's stance.

  • SEATTLE, May 20- Flight attendants at Virgin America airlines are seeking a vote on whether to unionize, according to an official at the Transport Workers Union, in a move that could pave the way for organized labor's latest victory in the airline industry.

  • May 20- Investor enthusiasm for new Indian Prime Minister-to-be Narendra Modi and for activist investment may spring from a common underlying cause: the reality of lower, less explosive growth.


  • LONDON, May 20- Bankers advising pharmaceuticals companies Pfizer and Britain's AstraZeneca are likely to miss out on $260- 340 million in fees after the U.S. company's final takeover bid was rejected on Monday.

  • NEW YORK, May 20- Microsoft Corp unveiled a larger but lighter version of its Surface Pro tablet on Tuesday, hoping that the company's expertise in business software will help it take on Apple Inc in mobile devices.

  • LONDON, May 20- Low levels of volatility in financial markets are "eerily reminiscent" of the run-up to the financial crisis, even as central banks face the challenge of unwinding their huge stimulus programmes, a Bank of England policymaker said.