Latest Business News Wires - Business Headlines


  • LAGOS, July 15- Nigeria forecasts its economy will grow by at least 6.2 percent this year following a solid first-quarter performance, the statistics office said on Tuesday. Nigeria overtook South Africa as Africa's largest economy in April, after a rebasing of its calculation almost doubled its gross domestic product to more than $500 billion.

  • WASHINGTON, July 15- The U.S. House of Representatives voted on Tuesday to ban permanently taxes on Internet access, a prohibition that is now temporary and is set to expire in 16 weeks. The approval came on a voice vote, sending the legislation next to the Senate, where it also has bipartisan support.

  • NEW YORK, July 15- Retirement payouts for 19.3 million U.S. state and local government workers in coming years are not likely to look much different from the iron-clad pensions that former teachers and police now get.

  • July 15- Royal Dutch Shell Plc said on Tuesday it had found roughly 100 million barrels of oil equivalent in the Gulf of Mexico' s Norphlet formation, its third discovery there. The company, the gulf's largest operator, found the oil near its Rydberg well, roughly 75 miles off the Louisiana coast.

  • FORTALEZA, Brazil, July 15- Russian Foreign Minister Sergei Lavrov said on Tuesday that the BRICS bloc stood against one-sided economic and political measures by third countries, but that the emerging nations were not seeking confrontation with the West.

  • NEW YORK, July 15- Late last year, Goldman Sachs reached an important milestone: its investment management business surpassed $1 trillion in client money under supervision.

  • *Brent crude down 2 pct to April low as Libya supply rises. "This fits in well with our theory that commodity markets peaked out in 2011, and they are all unraveling- crude is following what has happened in gold, copper and more recently the grains," said Anuraag Shah, portfolio manager at Tusker Capital, a hedge fund in Marina Del Rey, California.

  • The impasse reflected the difficulties that Brazil, Russia, India, China and South Africa face in working together to build an alternative to Western-run multilateral institutions that have shaped world finances since the end of World War Two.

  • NEW YORK, July 15- U.S. food manufacturers and sugar users have urged top U.S. government officials to reject pressure to negotiate a trade deal with Mexico to end a months-long dispute over allegations of cheap sweetener imports from across the border.

  • FORTALEZA, Brazil, July 15- The group of five BRICS emerging market countries is considering starting a joint infrastructure fund with initial capital of around $10 billion, a source close to the discussions told Reuters on Tuesday.

  • SANTIAGO, July 15- Chile's state oil company ENAP said on Tuesday it would start using U.S. shale gas during the first half of 2016 via an ongoing supply contract with Britain's BG Group Plc.

  • NEW YORK/ LONDON, July 15- Reynolds American Inc had no choice but to sell Lorillard Inc's top-selling blu electronic cigarettes brand after Britain's Imperial Tobacco Group Plc insisted it be part of a wider portfolio of assets it is buying, a source familiar with the transaction said.

  • FARNBOROUGH, England, July 15- The founder and head of Asian low-cost airline AirAsia said German carrier Lufthansa's potential expansion into budget long-haul flights was risky and the airline would perhaps be better off not doing so.

  • Leaders of the BRICS group- Brazil, Russia, India, China and South Africa- are meeting in Brazil this week to launch a development bank and emergency reserves fund that would loosen the stranglehold that Western-run multilaterals have had over global finances since the end of World War Two. >China pushes for developing world rights at BRICS summit.

  • The planned transformation of EBS, owned by the world's largest interdealer broker ICAP, comes as the sector faces greater regulatory scrutiny after alleged manipulation of foreign exchange benchmarks used to price trillions of dollars of investments and company deals.

  • *Libya output rises to 580,000 bpd. World oil prices have rapidly erased a geopolitical risk premium that had been pushing prices up since April, and selling has accelerated in recent days as traders shift their focus from violence in Iraq and Libya to weak global fundamentals.

  • WASHINGTON, July 15- A federal appeals court on Tuesday issued a surprising rebuke to U.S. President Barack Obama and said he deprived a small Chinese-owned firm of its right to due process when he squashed its bid to build wind farms close to a U.S. naval training site.

  • The unusual comments from the Fed's monetary policy report- the first time in 14 years that the Fed has commented specifically on valuation of a particular equity sector- that accompanied Fed Chair Janet Yellen's semi-annual testimony to Congress, hit stocks in riskier sectors of the market.

  • *Portugal jitters seen as sign of things to come. LONDON, July 15- Investors are bracing for more "mini-crises" in the euro area's periphery- like that triggered by Portugal's biggest listed bank last week- after a two-year rally that has left stocks and bonds looking pricey.

  • STRASBOURG, France, July 15- Jean-Claude Juncker won a wide endorsement from the European Parliament on Tuesday to be the next head of the executive European Commission after setting out a "grand coalition" investment programme to help revive Europe's economy.