Latest Business News Wires - Business Headlines


  • Archer Daniels Midland CEO gives up title of president Tuesday, 25 Feb 2014 | 11:02 AM ET

    CHICAGO, Feb 25- Archer Daniels Midland Co on Tuesday said its chief executive officer will give up the title of president to the agribusiness company's chief operating officer, effective immediately.

  • Feb 25- InterMune Inc's lead drug reduced the progression of a fatal lung disease in a late stage trial, inching closer to U.S. approval and almost tripling the company's shares. The latest trial data brings the world's biggest drugs market closer for InterMune's pirfenidone, a medicine already in use in Europe, Canada and Asia.

  • *Initially valued at $500- 600 mln, but the value has fallen. LONDON, Feb 25- Brazilian mining firm B&A Mineração has pulled out of talks to buy BHP Billiton's stake in the Mount Nimba iron ore deposit in Guinea, bank and industry sources said, in the latest sign that projects in riskier countries have become a tough sell.

  • *STOXX Europe 600 Basic Resources index down 2.3 pct. *UK's FTSE 100 among the worst hit national indexes. By 1516 GMT, the sector was down 2.3 percent, led by UK- listed Rio Tinto, Anglo American and BHP Billiton, all down between 2.2 and 3.8 percent to ensure the UK's FTSE 100 was Europe's index laggard.

  • Feb 25- Prominent bitcoin exchange Mt. Gox posted an update on its website on Tuesday, saying a "decision was taken to close all transactions for the time being," citing "recent news reports and the potential repercussions on MtGox's operations." The website went dark on Tuesday and its chief executive told Reuters that the business was "at a turning point.


  • Syria aid still stalled after UN resolution Tuesday, 25 Feb 2014 | 10:40 AM ET

    BEIRUT, Feb 25- World powers have passed a landmark Security Council resolution demanding an end to restrictions on humanitarian operations in Syria, but aid workers doubt it has the punch to make Damascus grant access and let stuck convoys deliver vital supplies.

  • Feb 25- Macy's Inc's sales this year were weak until Valentine's Day, the department store operator said on Tuesday, but it stuck to its full-year forecast because it expects business to return to normal when the weather improves.

  • Feb 25- Bristol-Myers Squibb Co said the U.S. Food and Drug Administration approved its drug to treat rare and potentially fatal disorders involving loss of body fat. Bristol-Myers said the FDA had asked it to conduct seven post-marketing studies on Myalept. The drugmaker had co-developed the drug with AstraZeneca.

  • Western Union faces probe for fraudulent transfers Tuesday, 25 Feb 2014 | 10:32 AM ET

    Money-transfer company Western Union is being probed by the FTC and a U.S. district court over fraud-induced money transfers, the company said in a regulatory filing.

  • *Home Depot and Macy's rally after results. Both Home Depot Inc and Macy's Inc rallied following their results, but the strength in retail stocks was not enough for traders to continue pushing shares higher.

  • Feb 25- JPMorgan Chase& Co, the largest U.S. bank, is reducing both its target for profitability and its headcount in 2014, according to a Tuesday presentation. At the conference, Chief Financial Officer Marianne Lake said the bank could potentially post an annual profit of $27 billion once interest rates normalize.

  • TOKYO/ ST LOUIS, Feb 25- Mt. Gox, once the world's biggest bitcoin exchange, went dark on Tuesday, with its website down, its Tokyo office empty, and a cryptic comment from its chief executive that the business was at "a turning point."

  • Falling reinsurance prices point to sector shake-out Tuesday, 25 Feb 2014 | 9:58 AM ET

    FRANKFURT, Feb 25- A slump in reinsurance prices is playing to the strengths of the biggest global reinsurers, while piling pressure on smaller competitors to diversify or consolidate.

  • Feb 25- Toll Brothers Inc, the largest U.S. luxury homebuilder, reported a fall in quarterly orders for the first time in three years as a severe winter deterred buyers.

  • LONDON, Feb 25- The repatriation of investors' cash into developed markets was underscored on Tuesday as Wall Street opened at an all-time high after China's yuan suffered its worst day in over three years.

  • TORONTO, Feb 25- Many of the small Canadian-listed mineral explorers that supply global major miners with new projects are considering merging with peers, according to a Reuters survey, but for most it may be tough to close deals.

  • India ready to pay $1.5 bln to Iran -oil official Tuesday, 25 Feb 2014 | 9:50 AM ET

    *Official confirmation by India that Iran seeking payment. NEW DELHI, Feb 25- India is ready to pay $1.5 billion to Iran to clear part of a backlog of payments for shipments of oil following the partial easing of western sanctions on Tehran, Oil Secretary Vivek Rae said on Tuesday.

  • Feb 25- Visteon Corp, the auto parts maker, posted a stronger-than-expected quarterly profit on Tuesday and reaffirmed its forecasts for 2014, sending its shares up in morning trading. 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.

  • *Telekom Austria shares up 0.7 pct. VIENNA, Feb 25- Carlos Slim's America Movil and the Austrian government are moving towards a deal to pool their stakes in Telekom Austria, which would lead to a takeover offer and mark a further step in the Mexican tycoon's expansion in Europe.