Latest Business News Wires - Business Headlines


  • Turbulence hits batch of U.S. stocks near the close Tuesday, 13 May 2014 | 5:16 PM ET

    The flurry of activity occurred at 3:49 p.m. EDT, with most of the affected stocks listed on the New York Stock Exchange, owned by IntercontinentalExchange Group Inc. The volatility caused moves of up to about 5 percent in certain stocks, such as Nabors Industries Ltd..

  • David Burton, a tax lawyer with Akin Gump Strauss Hauer& Feld LLP, said the IRS proposal would open REIT status only to a small number of solar projects. " The IRS proposal coincided with a speech given by President Barack Obama on Friday promoting renewable energy investments as a way to address climate change.

  • CHICAGO, May 13- Smoke at an Illinois flight control center halted air traffic at Chicago airports for about three hours on Tuesday and forced hundreds of flights to be canceled, officials said.

  • UPDATE 1-Fossil profit forecast misses estimates Tuesday, 13 May 2014 | 5:00 PM ET

    May 13- Fashion accessory maker and retailer Fossil Group Inc forecast a weaker-than-expected profit for this quarter after reporting the third straight decline in comparable sales in North America.

  • SEOUL, May 14- Unassuming, media-shy and, as yet, unproven, Jay Y. Lee is the unofficial heir-apparent to lead Samsung Electronics Co Ltd, as the world's biggest technology group by sales approaches a crossroads after years of explosive growth.

  • AHMEDABAD, May 14- A low-cost housing project in Boisar, a satellite town outside Mumbai, offers a taste of how hard it will be for Narendra Modi to fulfil a pledge to provide affordable homes for every Indian family if, as expected, his party wins India's election.

  • Senator Marco Rubio, a likely Republican candidate for the White House, on Tuesday unveiled plans to give more Americans a way to save for retirement while raising the retirement age for younger workers.

  • *Cisco falls 1 percent, weighs on the Nasdaq. NEW YORK, May 13- The Dow and the S&P 500 eked out record closing highs again on Tuesday, while the Nasdaq resumed its recent slide, dragged down by shares of Cisco.

  • *S&P sets new record despite soft data. *Key Europe index closes at 6- year high, buoyed by results. NEW YORK, May 13- U.S. stocks ended flat on Tuesday as the benchmark S&P 500 retreated after climbing over the 1,900 mark, while an index of European shares ended at a six-year high on solid corporate earnings and bets of more European Central Bank stimulus.

  • LAC-MEGANTIC, Quebec, May 13- Three railway workers charged with criminal negligence in a Canadian train disaster that killed 47 people in Lac-Megantic, Quebec last July were released on bail on Tuesday after a brief court appearance.

  • DETROIT, May 13- Detroit's three automakers are mulling a request by the city's art museum to help it raise money for a key component of Detroit's plan to restructure its debt and exit bankruptcy, representatives of the companies said on Tuesday.

  • May 13- Fashion accessory maker and retailer Fossil Group Inc reported an 8 percent fall in quarterly profit, as operating costs shot up. Operating expense rose to $338.5 million in the first quarter ended April 5 from $284.2 million a year earlier. Net income fell to $66.3 million, or $1.22 per share, from $72.2 million, or $1.21 per share, a year ago.

  • NEW YORK, May 13- The Dow and the S&P 500 closed at record highs again on Tuesday, while the Nasdaq slipped, weighed down by Cisco and Comcast. The Dow Jones industrial average rose 19.97 points, or 0.12 percent, to end unofficially at 16,715.44. The S&P 500 gained just 0.8 of a point, or 0.04 percent, to finish unofficially at 1,897.45.

  • WASHINGTON, May 13- The next round of hearings in the U.S. Senate to probe General Motors' delayed recalls of vehicles plagued by ignition-switch defects will come after the company completes its own internal probe, a Senate aide said on Tuesday.

  • *Euro extends losses on greenback to fresh 1- month low. NEW YORK, May 13- The euro slumped to a one-month low against the dollar on Tuesday with selling pressure building in fits and starts over the course of the session, spurred initially by a sharp decline in German investor morale.

  • *Libya says reopening western oilfields, but output unchanged. Stocks of U.S. crude oil at Cushing dropped to their lowest levels since 2008 in the week to May 2, and analysts said they expect supplies were drawn down further last week as the United States nears the start of its summer driving season when fuel demand usually rises.

  • EXCLUSIVE-TPG prepares American Tire for IPO -sources Tuesday, 13 May 2014 | 3:49 PM ET

    It may also evaluate an outright sale of American Tire to another company in a so-called dual track process, some of the people said.

  • "We want to make sure that in evaluating these markets, that the information is readily available to all market participants," Vince McGonagle, who heads the CFTC's division of market oversight, said at Senate panel hearing.

  • On Tuesday, the regulator of government-controlled Fannie Mae and Freddie Mac announced a pilot program that will begin in coming weeks in Detroit to keep families in their current homes through loan modifications, match distressed properties with non-profit organizations for resales and assist in building demolition.

  • NEW YORK, May 13- BWAY Corp, one of the largest makers of rigid metal and plastic containers in North America, is considering a sale that could fetch around $2 billion, less than two years after it changed private equity ownership, people familiar with the matter said on Tuesday.