Latest Business News Wires - Business Headlines


  • *Traffic on Manhattan bridges, tunnels down 48 pct vs normal. NEW YORK, Nov 2- The lines of New York area motorists scrambling for gasoline lengthened on Friday, as a third day of ``panic buying'' intensified and tempers flared even as pipelines and oil tankers resumed limited shipments. Two New Jersey refineries were still shut, with reports of severe damage at one.

  • Nov 2- More than 1.2 million homes and businesses in New York and 1.5 million in New Jersey were still without power on Friday, four days after Hurricane Sandy slammed into the U.S. East Coast, the states' power companies said.

  • NEW YORK, Nov 2- Looking for gas in places that have been hit hard by Sandy? Instead of waiting in line, go online. ``As soon as someone gives us a lead, they follow it and get there, and there's not always gas,'' says Michael Sandler, a lawyer who started the znjgas Twitter account earlier this year to monitor gas prices in his area.

  • NEW YORK, Nov 2- Gold slid 2 percent in heavy trade on Friday, breaking below $1,690 an ounce for the first time in about two months as an encouraging U.S. nonfarm payrolls report lowered expectations for economic stimulus provided by global central banks.

  • NEW YORK, Nov 2- A ``wage scar'' caused by workers accepting lower pay could slow the pace of U.S. economic recovery for years to come, the chief executive of global staffing services company ManpowerGroup said on Fri day. ``You make a compromise and you're now making $25,000 and you used to make $30,000,'' Joerres said. ``That kind of follows you... throughout your career.

  • *Greece returns to the forefront of investors' minds. Nov 2- German Bund futures rose on Friday but failed to break out of a recent range as many investors shied away from taking large positions before next week's U.S. vote and with Greece again facing crisis.

  • Nov 2- Verizon Communications Inc said on Friday it expects annual labor savings of up to $500 million from new contracts beginning in 2013 but warned that its current quarter results would be hurt by mega-storm Sandy.

  • Nov 2- Och-Ziff Capital Management, one of only a handful of publicly traded hedge fund firms, on Friday reported quarterly earnings that beat Wall Street's forecasts, fueled by higher performance fees and lower taxes.

  • Nov 2- Warren Buffett's Berkshire Hathaway Inc said it would buy Oriental Trading Co, a toy and party supplies company that is partially owned by private equity firm KKR& Co LP, for an undisclosed sum.

  • Nov 2- Bank of America Corp could already be above capital requirements issued Thursday by global regulators, the bank's chief financial officer said. At the end of the third quarter, Bank of America reported a Tier 1 common capital ratio of 8.97 percent under so-called Basel III rules that are to be phased in starting next year through January 2019.

  • WASHINGTON, Nov 2- U.S. employers stepped up hiring in October and a small increase in the jobless rate was due to more workers restarting their job hunts, a hopeful sign for a lackluster economy that has been a drag on President Barack Obama's re-election bid. Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday.

  • *New York restoration lags, 1.2 million still without power. New York power companies, meanwhile, still seem to be lagging behind on outage restoration with 800,000 back in service, while over 1.2 million continue to wait without it.

  • *Starbucks raises outlook, U.S. sales beat expectation. *Dow down 0.3 pct, S&P 500 off 0.2 pct, Nasdaq down 0.2 pct.

  • Strategic Hotels CEO steps down Friday, 2 Nov 2012 | 4:55 PM ET

    Geller, 64, had been CEO of Strategic Hotels since it was founded in 1997. He said that with the company's recent accomplishments and his second novel set to be published this month, it seemed to be an excellent time to hand over leadership to focus on a "myriad of other activities" in his life.

  • Cox sued for linking vending machine image, pot Friday, 2 Nov 2012 | 4:54 PM ET

    LITTLE ROCK, Ark.-- A company that makes medical vending machines sued a conservative lobbying group on Friday, claiming it was defamed when the group used an image of a machine during a news conference in opposition of Arkansas' medical marijuana ballot initiative.

  • Fierce finish: Romney, Obama sharpen closing lines Friday, 2 Nov 2012 | 4:52 PM ET

    PATASKALA, Ohio-- Down to a fierce finish, President Barack Obama accused Mitt Romney of scaring voters with lies on Friday, while the Republican challenger warned grimly of political paralysis and another recession if Obama reclaims the White House. Obama backers shouted as the president campaigned in Ohio.

  • NEW YORK/ LONDON, Nov 2- Cocoa futures climbed on Friday, passing above technical support levels and bucking weakness in other commodities, as some exports were blocked and purchases in the main West African growing region were slow.

  • *U.S. grants Jones Act waivers to ease East Coast crunch. NEW YORK, Nov 2- Oil and gasoline futures fell on Friday on signs that disruptions to U.S. East Coast fuel supplies caused by super storm Sandy would ease soon, and on uncertainty about the upcoming U.S. election.

  • IRS extends deadlines for those hit by Sandy Friday, 2 Nov 2012 | 4:49 PM ET

    WASHINGTON-- The IRS is extending filing and payment deadlines for taxpayers living in areas of Connecticut, New York and New Jersey affected by Superstorm Sandy.

  • Ala. utility crew returns home Friday, 2 Nov 2012 | 4:47 PM ET

    DECATUR, Ala.-- An Alabama utility crew heading to New Jersey has returned home, claiming it had to affiliate with a union to help with the recovery effort after Superstorm Sandy. But union officials, a New Jersey utility company and the governor say they were are mistaken.