Latest Business News Wires - Business Headlines


  • WASHINGTON/ NEW YORK, March 26- The Federal Reserve on Wednesday rejected Citigroup Inc's plans to buy back $6.4 billion of shares and boost dividends, saying the bank is not sufficiently prepared to handle a potential financial crisis.

  • NOVO-OGARYOVO, Russia/ BERLIN- The chief executive of engineering conglomerate Siemens gave a rare sign of German support to Russian President Vladimir Putin at the height of an economic standoff with the West over Ukraine, saying his firm supported a "trusting relationship" with Russian companies.

  • WASHINGTON, March 26- Bank of America agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, helping the bank to end one of the largest legal headaches it still faced from the financial crisis.

  • The SEC is still actively eyeing a plan that would force prime institutional money market funds to abandon their stable $1 per-share net asset value and float their share price.

  • U.S. FCC still eyeing caps for 2015 spectrum auction Wednesday, 26 Mar 2014 | 6:31 PM ET

    In April 2013, the U.S. Justice Department urged the FCC to devise an auction that would help ensure smaller carriers obtained a fair share of that spectrum. The so-called incentive auction will give TV stations that currently own the valuable frequencies the opportunity to voluntarily give up their frequencies to the FCC.

  • Merck, Glaxo end co-pay assistance for Obamacare plans Wednesday, 26 Mar 2014 | 6:26 PM ET

    March 26- Merck and Co Inc and GlaxoSmithKline Plc are not reimbursing drug co-payments for patients who purchase their health insurance through state and federal exchanges set up under the Obamacare program.

  • NEW YORK, March 26- Kenneth Lewis, who turned Bank of America Corp into the nation's largest bank but also saddled it with enormous losses tied to mortgages, has settled a lawsuit accusing him of deceiving investors about one of his biggest acquisitions: Merrill Lynch& Co..

  • In a court filing on Tuesday, the McGraw Hill Financial Inc unit proposed holding a trial in two phases, with the first focusing on just the 17 securities where Citigroup Inc is alleged to have suffered losses.

  • March 26- Texas power generator Energy Future Holdings Corp is in last-minute talks with creditors to reach a debt-restructuring deal and may consider delaying the filing of its annual report, two sources told Reuters. EFH, formerly TXU Corp, was the largest generator in Texas before a $45 billion buyout in 2007..

  • ABIDJAN, March 26- Ivory Coast awarded 294 billion CFA francs worth of public procurement, nearly 43 percent last year's total by value, via no-bid contracts according to government figures, despite growing donor concern and public suspicion of graft.

  • SPRINGFIELD, Ill., March 26- In an effort to keep the state budget afloat, Illinois Governor Pat Quinn on Wednesday proposed making permanent a once-temporary hike in the state's income tax, a key issue in the 2014 gubernatorial election campaign,.

  • *Facebook to buy Oculus for $2 billion; shares fall nearly 7 pct. NEW YORK, March 26- U.S. stocks fell on Wednesday, led by losses in the technology and materials sectors, as geopolitical concerns rose after the United States and the European Union agreed to work together on tougher sanctions on Russia.

  • *Coast Guard stretches shipping cutoff to midnight from 6 p.m.; to resume at daylight. On Tuesday, when both inbound and outbound traffic resumed, the Coast Guard stopped movement at about 6 p.m. CDT to limit the spread of fuel oil floating in Galveston Bay.

  • Ex-MP3tunes chief hit with $41 million copyright verdict Wednesday, 26 Mar 2014 | 5:40 PM ET

    NEW YORK, March 26- The former chief executive of defunct online music storage firm MP3tunes was ordered to pay an estimated $41 million on Wednesday after being found liable for infringing copyrights owned by record companies and music publishers once part of EMI Group Ltd..

  • *Dow, S&P 500 and Nasdaq all down on Russia tensions. NEW YORK, March 26- U.S. stocks fell on Wednesday, led by fresh selling in technology shares after the West agreed to prepare possibly tougher sanctions to punish Russia over Ukraine, while the dollar pared gains made on strong U.S. economic data.

  • WASHINGTON/ SAN FRANCISCO, March 26- Snapchat is known for an app that enables users to send photo messages that can vanish within seconds of being viewed.

  • SANTIAGO, March 26- U.S. planemaker Boeing is positive that it can reach a market share in Latin America of least 50 percent of orders in coming years, a senior regional executive told Reuters on Wednesday.

  • S&P wants to split up $5 billion U.S. ratings lawsuit Wednesday, 26 Mar 2014 | 5:19 PM ET

    March 26- Standard& Poor's asked a federal judge to split up the U.S. government's $5 billion civil fraud lawsuit accusing it of lying about its credit ratings, saying it would be unfair to have to defend against a case of such "unmanageable scope" all at once.

  • UPDATE 2-IMF wraps up talks on aid for Ukraine -source Wednesday, 26 Mar 2014 | 5:16 PM ET

    KIEV, March 26- The International Monetary Fund concluded talks with Ukrainian officials on Wednesday, suggesting an imminent announcement of an aid deal for Kiev to help plug the government's budget gap and put its economy on a growth track.

  • March 26- Some bottles of Alli, GlaxoSmithKline Plc's weight-loss drug sold over the counter in the United States, have been tampered with, and the Food and Drug Administration was investigating, the company said on Wednesday.