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Latest Business News Wires - Business Headlines


  • Nov 2- More than 1.3 million homes and businesses in New York and 1.4 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.

  • Too soon to estimate insured losses from Sandy -RMS Friday, 2 Nov 2012 | 1:35 PM ET

    Nov 2- The damage from the powerful storm Sandy is so widespread that it is too soon to estimate losses, a leading disaster assessment firm, RMS, said on Friday, in contrast to rivals projecting possible insured losses of $7 billion to $20 billion.

  • LONDON, Nov 2- Copper fell on Friday, on course for the fourth weekly drop, pressured by concerns about demand from top consumer China and as the dollar rose following better-than-expected labour market data from the United States.

  • NEW YORK, Nov 2- U.S. stocks opened higher on Friday as U.S. employers stepped up hiring in October, with a stronger-than-expected payroll report serving as a hopeful sign for a lackluster economy. The Dow Jones industrial average was up 51.22 points, or 0.39 percent, at 13,283.84. The Nasdaq Composite Index was up 9.21 points, or 0.31 percent, at 3,029.27.

  • *Raised exposure to US, Japan, Mexico, South Korea, Russia. OSLO, Nov 2- Norway's $660 billion sovereign wealth fund continued its long-term plan to cut investments in Europe in the third quarter, slashing its holdings of Spanish and French debt just as those countries try to recover investors' trust.

  • Nov 2- South Korean automakers Hyundai Motor Co and Kia Motors Corp overstated the gasoline mileage for a majority of their 2012 and 2013 models, the U.S. Environmental Protection Agency said on Friday.

  • Nov 2- Thomson Reuters Corp reported on Friday a 15 percent fall in operating profit because of declining revenue and higher costs at its division that serves the financial industry.

  • *Economy adds 1,800 net new jobs; forecast was for 5,000. OTTAWA, Nov 2- Canada's job market stalled in October after two months of strong hiring, Statistics Canada data showed on Friday, confirming expectations employment gains would ease to reflect sluggish economic growth.

  • BOGOTA, Nov 2- Colombia's regulator said on Friday that it was taking administrative control of the country's biggest stock brokerage, Interbolsa, over a liquidity problem. Colombia's stock market opens at 0830 local time.

  • ITT's 3Q numbers underscore benefits of spin-off Friday, 2 Nov 2012 | 1:19 PM ET

    WHITE PLAINS, N.Y.-- ITT Corp. fared better in the third quarter than analysts anticipated, providing further validation for a spin-off that streamlined the company's operations last year. A little over a year ago, ITT spun off its water-management business into Xylem Inc. and its defense segment into Exelis Inc..

  • UPDATE 5-Strong payrolls data pushes Brent higher Friday, 2 Nov 2012 | 1:18 PM ET

    *North Sea supply expected to return, Angolan force majeure. LONDON, Nov 2- Brent crude oil gained on Friday, snapping a four-day losing streak as U.S. jobs data surpassed expectations, easing fears on the outlook for demand. Brent crude for December was up 56 cents to $108.73 a barrel by 1259 GMT, while U.S. crude for December was down 18 cents at $86.91.

  • Nov 2- Chevron Corp posted a 33 percent drop in quarterly earnings as maintenance exacerbated a steady decline in output from oil and natural gas wells over the past year and as a huge fire at one of the company's California plants hit the refining business.

  • Nov 2- American International Group Inc will focus on managing its debt coverage ratio rather than share buybacks now that the Federal Reserve has become the company's primary regulator, Chief Executive Bob Benmosche said on Friday.

  • WASHINGTON, Nov 2- U.S. employers stepped up hiring in October, a hopeful sign for the economic recovery and potentially an 11th hour boost for President Barack Obama's bid for re-election, even though the unemployment rate rose from near four-year lows.

  • WASHINGTON, Nov 2- U.S. employers stepped up hiring in October and the jobless rate ticked higher as more workers restarted job hunts, a hopeful sign for a lackluster economy that has been a drag on President Barack Obama's reelection chances. Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday.

  • Sector Snap: Online Travel Friday, 2 Nov 2012 | 1:11 PM ET

    NEW YORK-- Shares of online travel companies soared Friday after both Priceline.com and TripAdvisor reported better-than-expected quarterly results. Priceline.com Inc.' s profit jumped 27 percent as customers made more travel bookings on its website.

  • SYDNEY, Nov 2- Apple fans lined up in several Asian and European cities to buy the iPad mini on Friday, but the device, priced above rival gadgets, drew smaller crowds than previous launches. Apple Inc's global gadget rollouts are typically high-energy affairs attracting droves of buyers who stand in line for hours.

  • Nov 2- Verizon Communications Inc said it expected fourth-quarter results to be hurt significantly due to superstorm Sandy and that it could not estimate the impact at this time.

  • Orthofix paying $30M to settle kickbacks case Friday, 2 Nov 2012 | 1:09 PM ET

    The Justice Department announced Friday that Orthofix International NV agreed to resolve claims that Blackstone Medical Inc., provided surgeons with travel and entertainment and sham consulting, royalty and research deals.

  • Corporate Europe in pain as Q3 warnings pour in Friday, 2 Nov 2012 | 1:09 PM ET

    LONDON/ FRANKFURT, Nov 2- From advertising and luxury goods to cars and heavy engineering, European industry is retrenching and abandoning its already modest growth targets, a worrying sign for investors who bought into the summer stock market rally.