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Latest Business News Wires - Business Headlines

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  • BRUSSELS, March 11- Russia's seizure of the Crimea region of Ukraine is spurring the European Union to renew efforts to end decades of dependence on Russian gas by developing its own energy supplies and pushing for greater access to abundant U.S. resources.

  • Fischer to put textbook work on ice while in Fed job Tuesday, 11 Mar 2014 | 1:18 PM ET

    March 11- Stanley Fischer wrote the book on macroeconomics. Federal Reserve- a Senate committee holds a hearing on his nomination on Thursday- he's made a promise that may disappoint anyone who hoped he might be able to pepper the text with insights gleaned at the Fed.

  • *Traders eye China economic data for selling opportunities. SYDNEY/ LONDON, March 11- China's first domestic bond default has brought to the fore investors' fears that financing deals that have locked up vast quantities of copper could unravel and erode one of the market's main underpinnings.

  • MILAN, March 11- UniCredit posted a record 14 billion-euro loss on Tuesday due to huge writedowns on bad loans and past acquisitions as it moved to clean up its balance sheet ahead of an industry-wide health check by European regulators.

  • CARACAS, March 11- Venezuela on Tuesday published rules for an imminent new foreign exchange platform designed to ease dollar shortages and combat black market trading through a market-based mechanism.

  • March 11- One of the top executives of Twenty-First Century Fox Inc has raised questions about Comcast's potential dominance of the U.S. broadband Internet market if regulators allow its $45.2 billion merger with Time Warner Cable to be completed.

  • March 11- Men's Wearhouse Inc said it would acquire rival Jos. A. Bank Clothiers Inc for about $1.8 billion, ending a five-month saga that started with Jos. A. Bank offered to buy Men's Wearhouse for about $2.3 billion.

  • FRANKFURT, March 11- The European Central Bank will press banks to revalue their assets and take a more realistic view on likely losses when it probes their balance sheets in coming months, signalling a new, more aggressive era of banking supervision in the bloc.

  • FACTBOX-How the ECB test results will affect banks Tuesday, 11 Mar 2014 | 12:46 PM ET

    March 11- Among the most crucial elements of the European Central Bank guidelines released on Tuesday for this year' asset quality review of euro zone lenders is how the results will flow through to the way banks present themselves to markets and investors.

  • March 11- Teva Pharmaceutical Industries Ltd agreed to pay $27.6 million to settle charges that it paid kickbacks to a Chicago psychiatrist to induce him to prescribe an anti-schizophrenia drug to patients, resulting in more than 100,000 false Medicaid and Medicare claims.

  • FACTBOX-ECB guidelines for euro zone banking review Tuesday, 11 Mar 2014 | 12:44 PM ET

    March 11- The European Central Bank on Tuesday released the guidelines for its review of balance sheets at the euro zone's 128 largest banks, which it plans to complete in October. The exercise will cover 3.72 trillion euros of risk-weighted assets.

  • *Western powers worry Libya will slide into chaos. TRIPOLI/ ES SIDER, Libya, March 11- Libya's parliament voted Prime Minister Ali Zeidan out of office on Tuesday after a tanker loaded with oil from a rebel-held port escaped the navy, officials said.

  • GRAINS-Wheat, corn bounce on bargain buying Tuesday, 11 Mar 2014 | 12:23 PM ET

    *Wheat, corn rebound after drop following USDA report. *Wheat also supported by U.S. crop concerns. USDA's weekly state crop reports issued late on Monday showed wheat condition ratings improved in Kansas and Texas but declined in Oklahoma.

  • March 11- Senomyx Inc said the U.S. Food and Drug Administration had declared that its Sweetmyx food flavoring was safe, paving the way for customers such as PepsiCo Inc to add it to drinks to reduce the use of sugar and sugar substitutes.

  • U.S. Senate seeks hearings on GM recalls -aide Tuesday, 11 Mar 2014 | 12:21 PM ET

    WASHINGTON, March 11- U.S. Senate Commerce Committee Chairman John Rockefeller is seeking hearings on General Motors' automobile recalls related to ignition switch problems, a Senate aide said on Tuesday.

  • Wider market sentiment was still undermined by the crisis in Ukraine, where confrontation between Kiev and Moscow showed no sign of easing. The DAX had fallen 2.9 percent in the previous two sessions, dragged down by worries about Ukraine and by disappointing Chinese trade data.

  • March 11- Men's Wearhouse Inc said it would acquire rival Jos. A. Bank Clothiers Inc for about $1.8 billion, ending a five-month merger saga that started with Jos. A. Bank offering to buy its larger menswear rival. The increased offer price of $65 per share represents a premium of 1.3 percent to Jos.

  • *Says expects 1st- qtr earnings/share $0.00 vs est $0.13. March 11- Teen apparel retailer American Eagle Outfitters Inc forecast current-quarter earnings below analysts' estimates as it struggles to attract shoppers amid intense competition from "fast fashion" chains.

  • BP denies inappropriate currency trading by its dealers Tuesday, 11 Mar 2014 | 11:58 AM ET

    LONDON, March 11- British oil company BP said none of its currency traders had engaged in inappropriate trading activity, after a media report alleged one of them had received information from a dealer at Lloyds Banking Group.

  • WASHINGTON, March 11- The leaders of the U.S. Senate Banking Committee on Tuesday outlined plans for legislation to wind down government-owned mortgage financiers Fannie Mae and Freddie Mac that they said would continue to provide access to long-term, fixed-rate mortgages.