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Latest Business News Wires - Business Headlines

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  • *Corn, soy bounce as recent declines attract export demand. *Gains limited as ideal weather boosts U.S. yield prospects. *Wheat firms on bargain hunting in wake of four-year low.

  • FACTBOX-Alibaba gets high valuations from Wall Street Wednesday, 16 Jul 2014 | 12:38 PM ET

    July 16- Alibaba Group Holding Ltd, which powers 80 percent of all online commerce in China, is expected to raise more than $15 billion when it lists on the New York Stock Exchange later this year. While Alibaba valued itself at $130 billion in a recent regulatory filing, some Wall Street analysts estimate the company could be worth more than $200 billion.

  • **September 2012: Agrees to pay $2.43 billion to settle claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch& Co at the height of the financial crisis.

  • FED'S YELLEN SAYS CENTRAL BANK "ABSOLUTELY INTENDS" TO PUT LIMITS ON USE OF REVERSE REPOS IN ORDER TO CONTROL FINANCIAL STABILITY RISKS.

  • *Strike has forced Toyota, GM, Ford to halt production. CAPE TOWN, July 16- South Africa's main manufacturing union, NUMSA, said it has agreed a plan of action to intensify a three-week strike over pay that has hit car makers and construction companies.

  • FARNBOROUGH, England, July 16- Planemaker Airbus is testing out improvements to the doors on its A380 superjumbo after incidents mainly involving noise during flights, and expects the upgrade to be approved in the autumn, a spokesman said on Wednesday.

  • July 16- Apple Inc has agreed to pay $450 million to resolve U.S. state and consumer claims the iPad manufacturer conspired with five major publishers to fix e-book prices, according to court records filed Wednesday.

  • Tesla names small car to be launched in 2017 'Model 3' Wednesday, 16 Jul 2014 | 12:19 PM ET

    DETROIT, July 16- Tesla Motors Inc said on Wednesday it will name its planned small car, intended to move the electric car maker into a broader consumer segment, the Model 3.. The vehicle will go on sale in 2017 and compete with BMW's 3 Series sedans. Musk has also said the new vehicle will be about the same size as the BMW 3 Series.

  • Hedge fund manager Cooperman says market gains will slow Wednesday, 16 Jul 2014 | 12:19 PM ET

    NEW YORK, July 16- Hedge fund manager Leon Cooperman, who has forecast that the Standard& Poor's 500 stock index will hit 2000 this year, cautioned on Wednesday that gains will be slower as the market is more fairly valued now.

  • HOUSTON, July 16- Plains All American may build new pipelines dedicated solely to a very light form of crude oil known as condensate in parts of the Permian Basin in West Texas as output increases, an executive of the U.S. company said this week.

  • BUENOS AIRES, July 16- Argentina is running out of time to broker a deal with "holdout" bondholder investors and stave off another painful debt default, lobbyists acting for the New York hedge funds suing the country said in a media ad on Wednesday.

  • Portuguese yields fall as market calmer about BES Wednesday, 16 Jul 2014 | 12:03 PM ET

    *Investors see limited fallout from Espirito Santo problems. LONDON, July 16- Portuguese bond yields fell on Wednesday, with investors more optimistic that the country's largest listed bank can deal with the financial troubles faced by its founding family, although uncertainty remained high.

  • Treasury Secretary Jacob Lew urged Congress on Wednesday to take steps quickly to discourage U.S. companies from moving their tax domiciles abroad to avoid federal taxes. "Congress should enact legislation immediately," Lew told a business conference in New York hosted by cable television channel CNBC.

  • *Gold fixing company launches request for proposals. LONDON, July 16- London Gold Market Fixing Ltd, the company operating the century-old global price benchmark known as the "fix", said it is seeking a third party to take over administration of the process, possibly signalling a move to an electronic platform.

  • *Three ex-GSK staff seek labour arbitration in Shanghai. BEIJING/ SHANGHAI, July 16- Three former Chinese employees of GlaxoSmithKline PLC, which is embroiled in a long-running corruption probe in China, are seeking compensation for illegal dismissal from their jobs, a lawyer representing them told Reuters.

  • *Manufacturing output rises at 6.7 percent pace in Q2. WASHINGTON, July 16- U.S. manufacturing output rose at its fastest pace in more than two years in the second quarter, suggesting the economy was regaining enough momentum to lift growth throughout the year.

  • GAZA/ JERUSALEM, July 16- Israeli shelling killed four boys on a Gaza beach on Wednesday, a local health official said, and Palestinian militants fired a further 70 rockets into Israel after a failed Egyptian attempt to halt more than a week of warfare.

  • Roche Alzheimer's drug fails main goals in mid-stage study Wednesday, 16 Jul 2014 | 11:30 AM ET

    ZURICH, July 16- Roche said its experimental Alzheimer's drug failed to meet its main goals in a mid-stage study, a result likely to bolster the belief that drugs need to be given in earlier stages of the disease to slow patients' decline.

  • July 16- Bank of America Corp said second-quarter profit fell 43 percent, a bigger decline than analysts had expected, after the bank posted $4 billion of litigation expenses linked to mortgage disputes following the financial crisis.

  • U.S. senators urge Treasury to fix money fund tax concerns Wednesday, 16 Jul 2014 | 11:28 AM ET

    In a series of three letters dated July 15 and seen by Reuters, Democratic Senators Bob Menendez of New Jersey and Mark Warner of Virginia and Republicans Pat Toomey of Pennsylvania and Mike Crapo of Idaho said the Treasury needs to issue quickly guidance because it will help inform both the public and the SEC.