Latest Business News Wires - Business Headlines


  • May 8- Vermont on Thursday became the first U.S. state to mandate labeling of foods made with genetically modified organisms as Governor Peter Shumlin signed a law that is expected to be challenged in court by some food and agriculture companies.

  • May 8- A few years ago, famed financial engineer Andrew Lo built a computer model that allowed one of the biggest U.S. banks to figure out which customers were most likely to fall behind on credit-card payments.

  • May 8- Rocket Fuel Inc, which provides technology for Web-based video advertising, forecast current-quarter revenue far below analysts' expectations, sending its shares down 28 percent in extended trade. The company said it expects second-quarter revenue to be between $88 million and $92 million.

  • NEW YORK, May 8- A jury began deliberations on Thursday in the trial of Texas tycoon Samuel Wyly and his late brother, Charles Wyly, whom the U.S. Securities and Exchange Commission accuses of engaging in a $550 million civil fraud.

  • SHANGHAI, May 9- China's efforts to cool its property sector look to have been more effective than intended, as a sharp drop in construction activity and falling prices threaten what had been one of few firing engines of the world's second-largest economy.

  • *Japan to shut three naphtha crackers from 2014 to 2016. SINGAPORE/ TOKYO, May 9- A series of Japanese petrochemical plant closures starting this month will crimp demand for naphtha in the world's No.3 economy, dragging on regional markets for the plastic-making ingredient just as supplies are increasing.

  • *Private banks beefing up Greater China, Singapore teams. SINGAPORE/ HONG KONG, May 9- Alibaba Group Holding Ltd's planned IPO is set to create a long list of multi-millionaires just from its partners in the company- music to the ears of private bankers seeking to cash in on the wealth created by China's tech sector boom.

  • *Australia's reliance on Chinese resource demand is a major risk. But Australia's reliance on that growth has become a major risk as Prime Minister Tony Abbott and his treasurer, Joe Hockey, prepare for their first budget next week.

  • BANGKOK, May 9- Thailand's auto sector, Southeast Asia's biggest, has fired more than 30,000 subcontracted workers this year and slashed production, as sales plunge after months of political unrest that threatens to drive some manufacturers offshore.

  • NEW YORK, May 8- Investors in U.S.-based funds pulled $7 billion out of stock funds in the week ended May 7, more than the two previous weeks' worth of net inflows, data from Thomson Reuters' Lipper service showed on Thursday. Investors pulled $8.6 billion out of stock exchange-traded funds while committing $1.6 billion to stock mutual funds.

  • May 8- CBS Corp, owner of the most watched U.S. television network, reported lower-than-expected revenue as advertising fell 12 percent, sending its shares down 3 percent in extended trading.

  • A number of large U.S. retailers, including Costco Wholesale Corp and Victoria's Secret parent L Brands Inc, reported April comparable sales above expectations, helped in part by a later Easter that pushed sales from March, and the end of a harsh winter that had kept many shoppers at home.

  • May 8- Security software maker Symantec Corp posted a better-than-expected quarterly profit, helped by cost cutting, and forecast current quarter and full-year revenue above Wall Street expectations. Symantec said it expects first-quarter adjusted profit of 41- 43 cents per share on revenue of $1.65- $1.69 billion.

  • TORONTO, May 8- Target Stores Inc's problems in Canada may have started with its first step: deciding to occupy the premises of a failed discount chain that didn't have the panache Canadians anticipated they would find in a retailer renowned for its "cheap chic."

  • *Utilities, energy stocks sell off as investors book profits. NEW YORK, May 8- U.S. stocks mostly fell on Thursday with the S&P 500 and the Nasdaq closing lower, led by losses in the energy and utility sectors.

  • WASHINGTON, May 8- Lawmakers expressed concern about combining the top two U.S. cable operators at a congressional hearing Thursday to discuss Comcast's plan to merge with Time Warner Cable Inc..

  • May 8- GrubHub Inc's quarterly profit more than tripled as more people used the online food-delivery service to order takeout meals. Shares of GrubHub, which bought rival Seamless last year, rose as much as 8 percent in extended trading.

  • SAN FRANCISCO, May 8- Atomico Partners, a London- based venture firm founded by Skype co-founder Niklas Zennstrom, is suing a former employee and consultant for secretly diverting potential Atomico investments to a venture firm that the two were building.

  • May 8- Nuance Communications Inc reported a 6 percent rise in quarterly revenue, helped by increased sales of its voice-assisted documentation software to healthcare companies. The company's net loss grew to $39.2 million, or 12 cents per share, in the second quarter ended March 31, from a loss of $25.8 million, or 8 cents per share, a year earlier.

  • *Separatists ignore Putin calls to postpone Ukraine secession vote. European shares climbed 1.1 percent after European Central Bank President Mario Draghi was seen as opening the door to more stimulus measures in June.