Latest Business News Wires - Business Headlines


  • NEW YORK, Nov 6- U.S. stocks extended gains on Tuesday, with both the Dow and the S&P 500 up more than 1 percent, as voters chose the next president. The Dow Jones industrial average was up 169.58 points, or 1.29 percent, at 13,282.02. The Nasdaq Composite Index was up 21.82 points, or 0.73 percent, at 3,021.48.

  • LONDON, Nov 6- Gold rose for a second day on Tuesday, largely tracking equities, as the market watched the U.S. presidential election in which a win for President Barack Obama could boost bullion by raising expectations for Federal Reserve stimulus.

  • Opinion polls showed incumbent Barack Obama and Republican challenger Mitt Romney in a dead heat, although the president has a slight advantage in several swing states. If Congress cannot agree new arrangements, about $600 billion in government spending cuts and higher taxes will kick in early next year, all of which could hurt U.S. economic growth.

  • Kazakh bank BTA poised to seize oligarch's assets Tuesday, 6 Nov 2012 | 5:09 PM ET

    *UK gave him political asylum. LONDON, Nov 6- Mukhtar Ablyazov, a fugitive oligarch accused of embezzling more than $5 billion, was labelled ``devious'' and ``cynical'' by judges on Tuesday as his former Kazakh bank BTA prepared to pounce on his assets.

  • *Vacancies also dropping in Europe, Asia- study. LONDON, Nov 6- London's financial sector will lay off 13,000 staff in 2013, cutting employment in a key UK economic sector to a 20- year low, as job vacancies also drop in Europe and even Asia, studies showed.

  • U.S. gasoline futures pushed higher as the effort to restart the New York Harbor energy network after Hurricane Sandy hit a bump on Monday when Phillips 66 said its Bayway refinery in Linden, New Jersey, will take two to three weeks to resume operations.

  • NEW YORK, Nov 6- U.S. stocks gained steam on Tuesday, with the Dow climbing 1 percent and the S&P 500 on track for a second straight advance, as voters chose the next president. Polls showed President Barack Obama and Republican challenger Mitt Romney neck-and-neck, with a handful of battleground states expected to decide the winner.

  • CHICAGO, Nov 6- U.S. wheat futures rose for the second day in a row o n T uesday amid concerns over the poor condition of the just-planted winter crop in the United States, and weather trouble in major exporters Australia and Argentina.

  • Nov 6- Power was restored to about 377,000 eastern U.S. homes and businesses from Monday afternoon through 9 a.m. EST on Tuesday, after damage from Hurricane Sandy, U.S. Department of Energy data showed.

  • NEW YORK, Nov 6- U.S. stocks added to gains and the Dow rose more than 1 percent on Tuesday as the prospect of a winner in the U.S. presidential election removed a major uncertainty that has been dogging investors. The Dow Jones industrial average was up 141.84 points, or 1.08 percent, at 13,254.28.

  • PARIS, Nov 6- Pernod Ricard plans to tap Africa's thirst for whisky, vodka and cognac at a time when China is slowing and bets the continent will become a key growth area for the French spirits group within 10 years.

  • Christos Bagios, formerly employed by Swiss financial giants UBS AG and Credit Suisse Group AG, changed his earlier plea from not guilty in the U.S. District Court for Southern Florida. A Greek citizen and Swiss resident, Bagios was sentenced by Judge Kenneth Marra to time already served, including 37 days in prison and nearly 19 months under house arrest in Miami.

  • News Summary: Commodities higher on Election Day Tuesday, 6 Nov 2012 | 4:37 PM ET

    GOLDEN GAINS: Gold rose 2 percent to finish at $1,715 per ounce as voters cast ballots in the presidential election. Other commodities also rose, including copper, oil, grains and soybeans. ELECTION WATCHERS: Many traders were waiting for the results of the hard-fought race between President Barack Obama and Mitt Romney.

  • HOUSTON, Nov 6- EOG Resources Inc plans to spend less on ``money-losing'' natural gas drilling next year, which will result in lower capital expenditures, the company's chief executive said Tuesday. EOG is drilling for pricier crude oil in basins including the Eagle Ford in south Texas and the Bakken in North Dakota while slowing natural gas drilling.

  • World economy slows heading into year-end -PMIs Tuesday, 6 Nov 2012 | 4:36 PM ET

    JPMorgan's Global All-Industry Output Index fell in October to 51.3 from September's 52.4, although it stayed above the 50 mark dividing growth from contraction. ``The start of the final quarter has seen global economic growth continue to track at a below long-run trend pace,'' said David Hensley, director of global economics coordination at JPMorgan.

  • Nov 6- Credit agency Moody's Investors Service said on Tuesday that superstorm Sandy will slash revenue and earnings at New Jersey's Atlantic City casinos and benefit home repair and discount retailers but will have limited impact on other sectors.

  • NEW YORK, Nov 6- U.S.

  • NYSE said on Tuesday it was ahead of schedule in a $250 million cost-cutting plan launched earlier this year, although savings had yet to show through on the bottom line as revenue fell faster than costs.

  • SARAJEVO, Nov 6- The Western Balkans is facing a double-dip recession this year led by a 2.5 percent contraction in Serbia, and recovery in 2013 will be ``very slow'', the World Bank warned on Tuesday.

  • *Nucor, Encana reach gas supply agreement. *Nucor shares rise 1.3 pct, Encana. CALGARY, Alberta, Nov 6- Nucor Corp said on Tuesday it has signed a deal to develop natural gas wells with Canada's Encana Corp it hopes will guarantee supply more than 20 years for its steel mills and other facilities in the United States.