Latest Business News Wires - Business Headlines


  • Nov 6- A former banker at giant Swiss financial institutions UBS AG and Credit Suisse Group AG pleaded guilty on Tuesday to helping wealthy Americans hide millions of dollars from U.S. tax authorities during his time at UBS. In a key case in a U.S. government crackdown on offshore tax evasion, Christos Bagios changed his plea to guilty in a court in Florida.

  • Azeri oil fund to help finance TANAP gas pipeline Tuesday, 6 Nov 2012 | 2:57 PM ET

    BAKU, Nov 6- Azerbaijan's $33- billion state oil fund is to help finance the $8 billion Trans-Anatolian natural gas pipeline project to take Azeri gas to Turkey and to markets in Europe, the head of the fund said on Tuesday. Turkey has a 20 percent stake in TANAP, while Azerbaijan's state oil company SOCAR holds 80 percent.

  • BRUSSELS, Nov 6- Ratings agency Moody's cut ArcelorMittal's long-term debt to junk status, saying the steelmaker's debt-cutting efforts had been modest and its market would likely get worse before it got better. Moody's downgraded the world's largest steelmaker's senior unsecured notes to Baa3 from Ba1 on Tuesday and maintained a negative outlook.

  • *New York, New Jersey move to help voters cast ballots. ROCKAWAY PARK, N.Y./ BELMAR, N.J., Nov 6- Already exhausted from a massive cleanup and nightmarish commutes to work, thousands of U.S. voters in storm-struck New York and New Jersey encountered confusion and long lines as they tried to cast ballots in a cliffhanger presidential election.

  • LONDON, Nov 6- British microprocessing firm Imagination Technologies is to buy the operating business of MIPS Technologies for $60 million in a bid to step up its challenge to an increasingly dominant ARM Holdings.

  • UPDATE 5-Oil up above $109 as U.S. votes Tuesday, 6 Nov 2012 | 2:44 PM ET

    *Greece funding deal unlikely next week- source. LONDON, Nov 6- Brent crude rose above $109 per barrel on Tuesday, tracking a rise in equity markets, while uncertainty over the U.S. election outcome and worries about euro zone crisis remained in focus.

  • BRUSSELS, Nov 6- A Hungarian law forcing judges to retire earlier violates EU law and must be repealed, the highest EU court has ruled, condemning a flagship reform of Prime Minister Viktor Orban's that Brussels sees as a sign of creeping authoritarianism.

  • NEW YORK, Nov 6- U.S. stocks rose on Tuesday, putting the S&P 500 on track for a second straight advance as Americans went to the polls to elect the country's president. The Dow Jones industrial average was up 40.29 points, or 0.31 percent, at 13,152.73. The Nasdaq Composite Index was up 3.02 points, or 0.10 percent, at 3,002.68.

  • FRANKFURT, Nov 5- When the European Parliament turned Yves Mersch down for a top central banking post, it wasn't because he lacked the expertise or experience; they rejected him because he is a man. Mersch, a Luxembourger who is highly regarded by his peers, had been expected to get the job on the European Central Bank's all-male board anyway.

  • PARIS, Nov 6- France will offer tax credits from 2013 that should permanently ease companies' labour costs by 6 percent a year, in a tougher-than-expected response to business heads' demands for measures to reverse industrial decline.

  • Nov 6- Freddie Mac reported a third-quarter profit on Tuesday, driven by a U.S. housing market on the mend, and said it was not requesting additional funds from the U.S. Freddie Mac had net earnings of $2.9 billion in the quarter that ended Sept. 30, contrasting a $4.4 billion loss a year earlier.

  • The company has been working on keeping customers who switched to its stores during an impasse between larger drugstore rival Walgreen Co and pharmacy benefits manager competitor Express Scripts Holding Co.. Walgreen did not fill Express Scripts prescriptions from the beginning of the year until mid-September.

  • PARIS, Nov 6- France is to grant 20 billion euros in annual tax credits to companies as a way of lowering labour costs, in a tougher-than-expected response to calls from business heads to reverse decades of industrial decline.

  • December crude was up $1 at $86.65 a barrel at 9:13 a.m. EST, having traded from $85.42 to $86.80.

  • NEW YORK, Nov 6- U.S. stock index futures pointed to a higher open on Tuesday, putting the S&P 500 on track for a second straight advance as Americans went to the polls to elect the country's president.

  • Nov 6- Marathon Oil Corp on Tuesday reported an 11 percent increase in quarterly profit as oil and gas production rose. Profit in the third quarter was $450 million, or 63 cents per share, compared with $405 million, or 57 cents per share, in the same quarter a year earlier.

  • UPDATE 2-AOL ad sales boost third quarter profits Tuesday, 6 Nov 2012 | 2:09 PM ET

    *Third-qtr EPS of 22 cents beats Wall Street view of 17 cents. Nov 6- AOL Inc reported higher-than-expected revenue and profit on the strongest advertising growth the company has seen in seven years.

  • *Office Depot, OfficeMax top Wall Street's profit estimates. NEW YORK, Nov 6- Tight cost controls helped U.S. office supply retailers Office Depot Inc and OfficeMax Inc offset weaker-than-expected sales in the third quarter. Same-store sales at Office Depot's 1,090 North American stores fell 4 percent for the third quarter.

  • CORRECTED-Marathon Oil quarterly profit rises Tuesday, 6 Nov 2012 | 2:00 PM ET

    Profit in the third quarter was $450 million, or 63 cents per share, compared with $405 million, or 57 cents per share, in the same quarter a year earlier.

  • *Anger, resignation on streets of Athens. The strike, called by Greece's two biggest labour unions representing half of the four million-strong workforce, brought public transport to a virtual standstill and shuttered schools, banks and local government offices.