Latest Business News Wires - Business Headlines


  • June 3- The Michigan Senate on Tuesday passed a package of bills that includes state money to aid Detroit retirees, a key element in the city's plan to adjust its debt and exit the biggest municipal bankruptcy in U.S. history.

  • RIO DE JANEIRO, June 3- A majority of creditors of Brazil's Oleo e Gas Participacoes SA approved the terms of restructuring plan for the bankrupt oil and gas exploration and production company, its lawyers said Tuesday.

  • Federal Reserve's Philadelphia branch on Tuesday named internal policy advisor Michael Dotsey as its director of research, effectively the No. 2 position after Philadelphia Fed President Charles Plosser.

  • CALGARY, Alberta, June 3- Plains All-American Pipelines LP's Canadian unit has pleaded guilty to three charges related to pipeline spills in 2011 and 2012, local media reported on Tuesday, and will pay C $1.4 million in fines.

  • UPDATE 2-U.S. Senate votes to confirm Bowen to CFTC Tuesday, 3 Jun 2014 | 5:16 PM ET

    WASHINGTON, June 3- The U.S. Senate voted on Tuesday to confirm New York lawyer Sharon Bowen as a member of the U.S. Commodity Futures Trading Commission. Treasury official Timothy Massad and Chris Giancarlo, a senior official at derivatives broker GFI in New York, were approved by a Senate panel but have not yet been considered by the full body.

  • The EPA rules would put the United States on a course to reduce overall U.S. power plant emissions 30 percent below 2005 levels by 2030, but each state will have its own target. States, which can comply with individually set goals using a range of actions, must submit their plans to the EPA by June 2016.

  • MADRID, June 3- Mexico's national oil company Pemex will sell a 7.86 percent stake in Spanish oil firm Repsol, worth about 2.2 billion euros, Citigroup and Deutsche Bank said on Tuesday.

  • CHICAGO, June 3- AstraZeneca Plc, in the headlines for spurning buyout offers from Pfizer Inc, aims to regain prominence in oncology with compelling trial results and a splashy exhibit booth at the world's largest meeting of cancer doctors.

  • *U.S., China data fuels hope economy is stabilizing. NEW YORK, June 3- Brent crude steadied and U.S. crude erased earlier losses to push higher on Tuesday as economic data from the United States and China supported prices that have been under pressure recently because of increasing global oil production.

  • WASHINGTON, June 3- U.S. dairy farmers and milk processors on Wednesday threatened to oppose a Pacific trade deal if Japan and Canada do not agree to accept substantially more dairy imports.

  • LONDON, June 3- Hutchison Whampoa has resumed talks with Russian telecoms group Vimpelcom over merging their Italian mobile firms, encouraged by Hutchison's 3 getting the go-ahead last week for an acquisition in Ireland, according to several people familiar with the situation.

  • A 12.1 percent surge in truck demand helped lift May vehicle sales by 5.7 percent to 195,571 vehicles, said Dennis DesRosiers of DesRosiers Automotive Consultants, offsetting a 1.7 percent drop in car sales.

  • DETROIT, June 3- The United Auto Workers union raised its membership dues for the first time since 1967 on Tuesday, hiking them 25 percent to replenish a depleted fund to support workers who go out on strike.

  • Detroit moves closer to bankruptcy exit Tuesday, 3 Jun 2014 | 5:06 PM ET

    The Michigan Senate on Tuesday gave final approval to legislation allocating nearly $195 million in state money for Detroit's plan to exit bankruptcy.

  • The U.S. arm of German solar manufacturer SolarWorld AG had complained that Chinese manufacturers are sidestepping duties imposed in 2012 by shifting production of the cells used to make their panels to Taiwan and continuing to flood the U.S. market with cheap products.

  • HONG KONG, June 4- Global investors are paring their bets on stocks geared to Macau, the world's casino capital, after a raft of regulatory curbs sparked concerns about slowing revenue growth in the next few months.

  • WASHINGTON, June 3- Cracking down on corporate tax avoidance sounds like a winner, and officials are working on it, but the practical challenges are formidable and they dominated discussion at an Organisation for Economic Co-operation and Development conference on Tuesday.

  • *Japan home to 110 active volcanoes. TOKYO, June 4- In the three years since the Fukushima disaster, Japan's utilities have pledged $15 billion to harden their nuclear plants against earthquakes, tsunamis, tornadoes and terrorist attacks.

  • CANADA STOCKS-China data helps drive TSX higher Tuesday, 3 Jun 2014 | 4:53 PM ET

    *B2Gold drops after plan to acquire Australia's Papillon. TORONTO, June 3- Canada's benchmark stock index rose for a third straight session on Tuesday, driven by gains in the share prices of energy producers and financial companies, as positive economic data from China boosted sentiment.

  • *Semiconductors rally; Skyworks lifts outlook. *CBOE VIX ends up but well below historical average. NEW YORK, June 3- U.S. stocks dipped in thin volume on Tuesday, with the Dow and the S&P 500 retreating from Monday's record closing levels as traders found few reasons to buy following a string of gains.