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Latest Business News Wires - Business Headlines

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  • LONDON, Oct 30- European shares and the euro rose on Tuesday as the initial damage inflicted by a powerful storm on the U.S. east coast looked to have been less severe than many had expected. London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX were all in positive territory having finished Monday on the back foot.

  • EURO GOVT-Italian bonds stable before debt auction Tuesday, 30 Oct 2012 | 9:16 AM ET

    *Italy plans to sell 5- 7 billion euros of bonds. That swung investors' attention back to Italy as uncertainty over the timing of a Spanish aid request lingered.

  • *Q3 net profit 62.44 bln yuan vs 59.9 bln yuan view. HONG KONG, Oct 30- Industrial and Commercial Bank of China Ltd, the world's biggest bank, reported a 15 percent rise in quarterly net profit, beating estimates, as interest margins widened due to increased demand for credit.

  • UPDATE 1-Spain stays in recession as inflation bites Tuesday, 30 Oct 2012 | 9:10 AM ET

    MADRID, Oct 30- Spain's recession extended into the third quarter while inflation stayed high in October, data showed, indicating a government austerity programme to cut the public deficit is also pushing up living costs.

  • *Bayer offers $34 per share vs $23.19 Friday closing price. FRANKFURT, Oct 30- Germany's Bayer is to buy U.S. vitamins maker Schiff Nutrition International for an agreed $1.2 billion as it seeks stable sources of growth to complement its more volatile prescription drugs business.

  • *One miner injured; workers want wage rises to match Lonmin. RUSTENBURG, South Africa, Oct 30- South African police fired rubber bullets and teargas on Tuesday at striking Amplats miners who were protesting against a union-brokered deal to end a six-week wildcat walkout at the top platinum producer.

  • *StanChart shares down 0.6 pct in London. HONG KONG/ LONDON, Oct 30- Standard Chartered said it was aiming for a wider year-end settlement with U.S. authorities investigating its Iran- linked transactions.

  • DUBAI, Oct 30- Dana Gas, the United Arab Emirates' largest listed natural gas firm, will not repay a $920 million convertible Islamic bond when it matures on Wednesday and has reached a standstill agreement with bondholders, three sources familiar with the matter told Reuters.

  • UPDATE 2-BP hikes dividend, looks beyond 2014 Tuesday, 30 Oct 2012 | 8:49 AM ET

    LONDON, Oct 30- British oil company BP Plc raised its dividend on Tuesday and signaled a more upstream-focused future beyond 2014 along with stronger than expected quarterly profits. Chief Executive Bob Dudley also outlined the British group's preparedness for a court battle with U.S. authorities over its 2010 U.S.

  • China's ICBC Q3 profit rises 15 pct, beats forecasts Tuesday, 30 Oct 2012 | 8:38 AM ET

    HONG KONG, Oct 30- Industrial and Commercial Bank of China Ltd, the world's biggest lender by market value, posted a 15 pe rcent ri se in third-quarter net profit, bea ting estimates, h elped by wider interest margins due to increased demand for credit. Net profit rose to 62.44 billion yuan in July-September from 54.4 billion yuan a year earlier, ICBC said on Tuesday.

  • Telefonica Germany starts trading above offer price Tuesday, 30 Oct 2012 | 8:32 AM ET

    FRANKFURT, Oct 30- Shares in Telefonica's O2-branded German unit started trading above their initial public offering price on Tuesday, in Europe's largest new listing in more than a year. On Monday, Telefonica priced the sale of Telefonica Deutschland shares at 5.60 euros apiece, in the lower half of its indicative range, raising as much as 1.45 billion euros.

  • HONG KONG, Oct 30- Hong Kong shares sank to their lowest in almost two weeks on Tuesday, with most local developers slipping further in the wake of fresh curbs on real estate purchases in the territory. Investors also took profits on Chinese banks, recent outperformers after strong third-quarter earnings from three of China's ``Big Four'' banks.

  • MILAN, Oct 29- Italy will probably have to accept higher borrowing costs on the new five-year bond it is offering later on Tuesday because growing fears of domestic political instability are making investors edgy.

  • European shares led higher by UBS, BP after updates Tuesday, 30 Oct 2012 | 8:13 AM ET

    PARIS, Oct 30- European stocks rose on Tuesday, led by Swiss bank UBS after it confirmed cost-cutting plans and UK energy firm BP after it raised its dividend. Trade was expected to remain thin, however, as the impact from a massive storm hitting the United States is set to keep Wall Street closed for a second day.

  • HONG KONG, Oct 30- Hong Kong shares sank to their lowest in almost two weeks on Tuesday, with local developers extending losses in the wake of fresh curbs on real estate purchases in the territory. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.8 percent.

  • *Storm forces two-thirds of U.S. East Coast refineries to shut. SINGAPORE, Oct 30- Brent crude hovered above $109 a barrel on Tuesday as investors watched for any impact on markets from huge storm Sandy, which crashed ashore on the U.S. East Coast, closing refineries, roads and airports.

  • UPDATE 1-BP hikes dividend as Q3 beats forecasts Tuesday, 30 Oct 2012 | 8:01 AM ET

    LONDON, Oct 30- International oil company BP Plc raised its dividend on Tuesday as it delivered a stronger than expected third quarter result and prepared for a court battle with U.S. authorities over its 2010 U.S.

  • SINGAPORE, Oct 30- Iron ore prices may drop nearly 10 percent over the next three years as top consumer China's economic growth shifts to a slower gear, threatening to squeeze profits at global miners Vale, Rio Tinto and BHP Billiton, a Reuters poll showed.

  • SINGAPORE, Oct 30- London copper rebounded on Tuesday from a near two-month low hit in the prior session, with lower prices spurring some buying, but global growth worries could cap gains in trade dampened by one of the biggest storms ever to hit the United States.