Latest Business News Wires - Business Headlines


  • SINGAPORE, Oct 24- The Monetary Authority of Singapore said on Thursday it has been in touch with foreign regulators looking into the alleged manipulation of foreign exchange rates, and was ready to assist in investigations.

  • Mining stocks and oil gained on the data though shares in China ended lower as domestic investors worried that a spike in short-term money rates engineered by the central bank could hurt growth going forward. "What we're seeing is not much more than a stabilisation of growth expectations in China.

  • *Credit Suisse Q3 net 454 mln Sfr vs 705 mln Sfr poll avg. *Ups cost-cutting target by 100 mln Sfr to 4.5 bln Sfr. ZURICH, Oct 24- Credit Suisse will shrink interest rate trading after revenue and profit at its investment bank slid in the third quarter, it said on Thursday, further scaling back an area squeezed by strict new regulation and feeble activity.

  • LONDON, Oct 24- The euro was steady against the dollar on Thursday after disappointing euro zone data pulled it away from a two-year high struck earlier in the session.

  • LONDON, Oct 24- WPP, the world's largest advertising company, posted third-quarter organic revenue well ahead of expectations on Thursday, snapping up new work as its two biggest rivals focus on merging their businesses.

  • *Calls on other chains supplied by Rana Plaza to follow suit. BERLIN, Oct 24- Primark will make another compensation payment to victims of the Rana Plaza factory disaster in Bangladesh, the discount clothing chain said on Thursday, calling on other international brands to follow suit.

  • *McKesson makes 23 eur/ shr public tender offer for Celesio. FRANKFURT, Oct 24- McKesson agreed to buy German peer Celesio on Thursday for $8.3 billion, including debt, forging a global market leader in drugs distribution to boost its purchasing power with pharma majors.

  • LONDON, Oct 24- Miners led a rebound in European shares early on Thursday driven by better-than-expected manufacturing data from China, the world's largest consumer of raw materials. Mining shares rose 0.9 percent after the flash Markit/HSBC Purchasing Managers Index for China hit a seven-month high.

  • HONG KONG, Oct 24- Hong Kong shares sank to their lowest close since early September on Thursday, with Chinese growth-sensitive counters rattled by tightening fears after short-term money rates again spiked.

  • Oct 24- RR Donnelley& Sons Co said it will buy Consolidated Graphics Inc for about $620 million in a cash-and-stock deal, to expand its footprint in the commercial printing market. As per the deal, Consolidated Graphics shareholders will receive $34.44 in cash and 1.651 of RR Donnelley shares for each outstanding share of Consolidated Graphics they own.

  • Japan's fourth largest private life insurer with total assets of 26.5 trillion yen has started to remove currency hedging on its foreign bond investments this financial year and plans to keep doing so further, the official said.

  • *China's AgBank does not have big presence outside China. Oct 23- Singapore's Oversea-Chinese Banking Corp Ltd has joined other suitors in weighing a bid for Wing Hang Bank Ltd, one of four Hong Kong family-run lenders well positioned as a gateway between mainland China and the wider world.

  • *POSCO shares end up 0.5 pct prior to earnings announcement. SEOUL, Oct 24- South Korea's POSCO cut its 2013 sales target by 3 percent on Thursday as the world's fifth largest steelmaker struggles to win orders away from Asian rivals also scrambling in an oversupplied market.

  • SINGAPORE, Oct 24- Brent crude futures climbed above $108 a barrel on Thursday after positive economic news from China, the world's second-largest oil consumer, helped offset another rise in U.S. crude stockpiles that had depressed prices overnight.

  • BEIJING/ SHANGHAI, Oct 24- China's central bank added fuel to fears on Thursday it was clamping down on inflation risks as it allowed cash to drain from the financial system for a second straight week, sparking a jump in short-term rates.

  • Reduced yen bonds by Y200 bln in Apr-Sept. By Hideyuki Sano and Tomo Uetake. TOKYO, Oct 24- Japan's Meiji Yasuda Life Insurance may buy around 700 billion yen in domestic bonds between now and March-- but only if the yields are right.

  • European shares rebound on China data, DNB gains Thursday, 24 Oct 2013 | 3:09 AM ET

    LONDON, Oct 24- European shares bounced back towards five-year highs in early trading on Thursday, with a survey showing a pick-up in manufacturing activity in China cheering investors.

  • HONG KONG, Oct 24- China shares finished at their lowest since late September on Thursday, led by financials on tightening fears as short-term money rates again spiked.

  • WRAPUP 1-Weak global growth to prolong Asian slowdown Thursday, 24 Oct 2013 | 2:59 AM ET

    BANGALORE, Oct 24- The slowdown in Asian economies will likely persist for the rest of this year as weak global growth and reforms under way in many countries hinder activity, Reuters polls showed on Thursday.

  • *For full poll results for China, click on. BEIJING, Oct 24- China's economy is set to grow 7.6 percent in 2013, beating the government's 7.5 percent target, before losing some steam next year as the government forges ahead with structural reforms, a Reuters poll showed.

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