Latest Business News Wires - Business Headlines


  • OTTAWA, Aug 5- Canada and the European Union have finalized the text of a proposed free trade deal after months of disagreements, but implementation is still about two years away, Canadian officials said on Tuesday. The deal would make Canada the world's only major economy with preferential access to the world's two largest economies, the EU and the United States.

  • WASHINGTON, Aug 5- The Obama administration said on Tuesday it was considering administrative actions to discourage U.S. companies from moving to other countries to reduce their tax bills, given the failure of Congress to address the issue.

  • *Fox rallies, Time Warner falls as Fox withdraws merger bid. NEW YORK, Aug 5- U.S. stocks ended down on Tuesday, nose-diving in the afternoon as concerns mounted over escalating tensions in Ukraine. Markets were weak for most of the session, but selling accelerated in the afternoon on reports that Russian troops were massing near the Ukraine border.

  • Aug 5- Media company Walt Disney Co reported higher quarterly profit that beat Wall Street expectations, helped by strong results from its movie studio, theme parks and consumer products division. Diluted earnings per share reached $1.28, beating the average forecast of $1.17 by analysts surveyed by Thomson Reuters I/B/E/S.

  • Obama: U.S. seeks to be long-term partner to Africa Tuesday, 5 Aug 2014 | 4:41 PM ET

    WASHINGTON, Aug 5- President Barack Obama on Tuesday pledged to step up U.S. efforts to promote long-term economic growth in Africa, saying the United States aims to be an equal partner interested in the continent's long-term prospects, not just its natural resources. "The United States is determined to be a partner in Africa's success," the president said.

  • Aug 5- Rupert Murdoch's Twenty-First Century Fox decided to pull its offer to buy Time Warner Inc on Tuesday, abandoning plans to create one of the world's largest media conglomerates. Murdoch, who is Fox's chairman and CEO, cited Time Warner's management and its board's refusal to engage with Fox as one reason for the stunning turn-about.

  • New York, Aug 5- U.S. stocks and bond yields fell on Tuesday after a report indicating escalating tensions in Ukraine sparked fresh concern about the region. Wall Street stocks extended losses after a Bloomberg report that cited comments from the Polish foreign minister, Radoslaw Sikorski, who said Russian units were set to pressure or invade Ukraine.

  • WASHINGTON, Aug 5- U.S. retailer Walgreen Co on Tuesday appeared to back away from a plan to reincorporate abroad to reduce its U.S. taxes, while politicians again urged the White House to curb deals that shift tax domiciles.

  • WASHINGTON, Aug 5- U.S. regulators on Tuesday told banks to come up with better plans to avoid taxpayer bailouts during a future crisis, inching a step closer to taking action if they still found the so-called living wills deficient next year.

  • Aug 5- Walt Disney Co reported a 7.7 percent rise in quarterly revenue, helped by strong results from its movie studio and consumer products division. Net income attributable to Walt Disney rose to $2.25 billion, or $1.28 per share in third quarter ended June 28, from $1.85 billion, or $1.01 a share, a year earlier. Revenue rose to $12.47 billion from $11.58 billion.

  • Aug 5- Cerner Corp, a U.S. provider of healthcare information technology services, said it will buy the assets of Siemens AG's healthcare division for $1.3 billion. The acquisition is expected to close in the first quarter of 2015 and will be financed with cash on hand, Cerner said.

  • BOSTON, Aug 5- Money market funds run by Fidelity and American Beacon are relying on an unlikely source to juice up their returns: beat-up bonds issued by cash-strapped Puerto Rico.

  • Aug 5- Twenty-First Century Fox Inc said on Tuesday it had withdrawn its proposal to buy Time Warner Inc. "Time Warner management and its board refused to engage with us to explore an offer which was highly compelling," Chief Executive Rupert Murdoch said in a statement. The company also said its board had authorized a $6 billion share buyback program.

  • NEW YORK, Aug 5- The U.S. dollar extended a broad-based rally on Tuesday after stronger-than-expected economic data, including an 8-1/ 2- year high in the pace of services sector growth and a bigger-than-expected increase in factory orders.

  • First Solar profit falls on project delays Tuesday, 5 Aug 2014 | 4:16 PM ET

    Aug 5- First Solar Inc, the biggest solar panel maker in the United States, reported an 86 percent fall in quarterly profit, largely due to project delays. Net income fell to $4.5 million, or 4 cents per share, in the second quarter ended June 30, from $33.6 million, or 37 cents per share, a year earlier.

  • NEW YORK, Aug 5- U.S. stocks ended sharply lower on Tuesday on increased concern about possible escalation of military action in eastern Ukraine.

  • Treasuries' prices jumped on Tuesday as Wall Street equities sold off and growing worries over Ukraine and other issues spurred safe-haven buying of American debt.

  • **Drug retailer's shares down 5.7 pct at $68 in late afternoon trading. **Sky News reports that the pharmacy chain will remain headquartered in the United States, spurning the chance of a so-called tax-inversion deal, after it buys the rest of European drug chain Alliance Boots.

  • *Russia to pressure Ukraine or invade- Polish minister. NEW YORK/ LONDON, Aug 5- Gold prices rose on Tuesday as a tumble in U.S. equities and worries about escalation of military action in eastern Ukraine helped bullion recover earlier losses driven by bullish U.S. economic data.

  • Aug 5- U.S. pharmacy chain Walgreen Co will remain headquartered in the United States, spurning the chance of a so-called tax-inversion, after it buys the rest of European drug chain Alliance Boots, Sky News reported on Tuesday.