Latest Business News Wires - Business Headlines


  • Farm bill removes subsidies for biofuel blender pumps Wednesday, 29 Jan 2014 | 6:13 PM ET

    Jan 29- Lobbyists opposed to mixing more ethanol in gasoline scored another victory on Wednesday after the U.S. House of Representatives passed a farm bill with a provision removing subsidies for biofuel blending pumps in rural areas.

  • Starbucks strengthens tech brew with exec shift Wednesday, 29 Jan 2014 | 6:12 PM ET

    Starbucks CEO Howard Schultz on Wednesday said he was promoting Chief Financial Officer Troy Alstead to the new position of chief operating officer.

  • NEW YORK/ SAN FRANCISCO, Jan 29- Lenovo Group said on Wednesday it agreed to buy Google Inc's Motorola handset division for $2.91 billion, in what is China's largest-ever tech deal as Lenovo buys its way into a heavily competitive U.S. handset market dominated by Apple Inc. Lenovo last week said it would buy IBM's low-end server business for $2.3 billion.

  • KaloBios Pharma pulls plug on asthma drug, shares plunge Wednesday, 29 Jan 2014 | 6:03 PM ET

    Jan 29- Shares of KaloBios Pharmaceuticals Inc fell nearly 50 percent in extended trade after the company said it would stop developing an asthma drug that failed in a mid-stage study.

  • UPDATE 1-Weak PC shipments hit Symantec revenue Wednesday, 29 Jan 2014 | 5:59 PM ET

    Jan 29- Symantec Corp reported a 5 percent fall in quarterly revenue as a decline in sales of personal computers hurt demand for its security software. Symantec's revenue fell to $1.71 billion in the third quarter from $1.79 billion a year earlier.

  • *Emerging markets fall anew despite rate hikes in Turkey, South Africa. Most Asian markets had rallied on Wednesday on hopes that aggressive rate hikes by Turkey would shore up its currency and ease the risk of capital flight.

  • The intervention by intelligence chiefs came as Attorney General Eric Holder confirmed that the Justice Department was investigating the massive hacking of consumer data from No. 3 U.S. retailer Target Corp during the holiday shopping season late last year.

  • BOSTON, Jan 29- Target Corp said on Wednesday that the cyber criminals who breached its system used credentials they stole from one of the retailer's vendors. "The ongoing forensic investigation has indicated that the intruder stole a vendor's credentials, which were used to access our system," Target spokeswoman Molly Snyder said in a statement.

  • Jan 29- Contract electronics maker Flextronics International Ltd forecast current-quarter revenue largely above Wall Street estimates and said it planned to reduce its workforce and undertake other cost cuts. Shares of Flextronics, which said its third-quarter net profit more than tripled, rose 15 percent in extended trading.

  • WASHINGTON, Jan 28- U.S. women's paychecks will not catch up to men's for another 40 years at the current rate of improvement, experts say, a situation U.S. president Barack Obama highlighted in his State of the Union address, calling for policy changes he hopes will close the gap sooner.

  • *Fed to reduce stimulus by another $10 billion per month. *Boeing, Yahoo shares fall after results; Facebook up late. NEW YORK, Jan 29- U.S. stocks dropped more than 1 percent on Wednesday, hitting session lows after the Federal Reserve stuck with its plan to scale back stimulus even in the midst of emerging market turmoil.

  • Jan 29- Detroit's creditors got their first look Wednesday at the city's proposed plan to adjust its debt and emerge from bankruptcy, though no details were immediately available.

  • *Adjusted earnings per share C $1.91 vs estimated C $1.95. TORONTO, Jan 29- Canadian Pacific Railway, the country's second largest railroad, reported record quarterly results on Wednesday despite taking a hit from extreme winter weather in December.

  • *Reduces monthly bond purchases by $10 billion, as expected. WASHINGTON, Jan 29- The Federal Reserve on Wednesday decided to trim its bond purchases by another $10 billion as it stuck to a plan to wind down its extraordinary economic stimulus despite recent turmoil in emerging markets.

  • UPDATE 2-YOUR MONEY-Is myRA for me? Wednesday, 29 Jan 2014 | 5:10 PM ET

    NEW YORK, Jan 29- President Obama' s proposal for myRA, a new retirement savings vehicle, took up only a few moments of Tuesday's State of the Union address, prompting more questions than answers. After an individual accumulates $15,000, the account would roll over into a traditional individual retirement account.

  • SAN FRANCISCO, Jan 29- Facebook Inc's fourth-quarter revenue jumped 63 percent, beating Wall Street targets, as the Internet company's mobile ad sales continued to accelerate. Shares of Facebook surged 10 percent to $58.90 in after-hours trading on Wednesday.

  • SAN FRANCISCO, Jan 29- Leading mobile chipmaker Qualcomm Inc posted higher fiscal first-quarter revenue that slightly missed expectations as smartphone growth shifted to China but it bumped up its full-year earnings outlook on the strong start to 2014..

  • WASHINGTON, Jan 29- The emerging market countries taking tough action on reforms and managing their economies well are having an easier ride in the current market selloff, U.S.

  • NEW YORK, Jan 29- China's Lenovo Group is nearing a deal to buy Google Inc's Motorola handset division for close to $3 billion, people familiar with the matter told Reuters on Wednesday, buying its way into a heavily competitive U.S. handset market dominated by Apple Inc..

  • NEW YORK, Jan 29- U.S. The Fed announced a further $10 billion cut in its monthly bond purchases in a statement after its two-day policy meeting, reducing its monthly bond-buying to $65 billion per month starting in February.