LONDON— Britain's unemployment rate has fallen below 7 percent for the first time in five years, with earnings growth narrowly outstripping inflation. The Office for National Statistics said Wednesday that 2.24 million people were unemployed in the three months to February, a rate of 6.9 percent.» Read More
JACKSON, Miss.-- An Oklahoma Indian tribe is moving forward with buying the DiamondJacks casinos in Bossier City, La., and Vicksburg, Miss.. Wilmington Trust, a Delaware institution, leads a syndicate holding $181 million in secured debt with the first claim on Legends assets.
STOCK SURGE: Facebook's stock gained the most in a single day since its May IPO, closing up 19 percent, or $3.73, at $23.23 Wednesday. MOBILE RELIEF: Several analysts upgraded the social network after its third-quarter results were posted Tuesday, which detailed for the first time how much money it makes from mobile ads.
SALT LAKE CITY-- Utah gave its final approval Wednesday for the first commercial tar sands project in the U.S., handing a victory to a Canadian company that aims to start producing 2,000 barrels of oil next year in the start of what could grow into a larger operation.
RAMPING UP: A survey by HSBC found that China's manufacturing improved this month. the data showed strong gains from September, and adds to signs a recovery might be happening after a sharp slump. It adds to data last week that showed retail sales and investment picking up.
The market began to fade after 2 p.m., when the Federal Reserve repeated its assessment that the U.S. economy still needed help to increase growth and lower unemployment. The S&P 500 is down 24.44 points, or 1.7 percent. The S&P 500 is up 151.15 points, or 12 percent.
BERLIN-- German automaker Daimler AG lowered its full-year earnings target Wednesday after its third quarter net profit declined 11 percent to 1.20 billion from 1.36 billion a year ago.
PITTSBURGH-- Mine Safety Appliances Co. said Wednesday that its net income fell 4 percent in the third quarter after it sold off two businesses. Mine Safety said its net income declined to $19.2 million, or 51 cents per share, from $20 million, or 54 cents per share. Shares of Mine Safety Appliances rose 28 cents to $36.98 in trading Wednesday.
WINSTON-SALEM, N.C.-- Shares of clothing maker Hanesbrands Inc. fell Wednesday as investors digested a conservative profit outlook that was below what analysts had expected. During a conference call with investors late Tuesday, Rich Noll CEO said that Penney was a "big drag" on sales, particularly in bras and other underwear.
MOBERLY, Mo.-- An auction of assets left over from Moberly's failed artificial sweetener factory drew curious onlookers and piecemeal bidders Wednesday but no large company swooping in to replace a project once cast as the small city's economic salvation.
Speaking at a news conference Wednesday announcing the New York Islanders' move from Nassau Coliseum to Brooklyn's Barclays Center in 2015, Bettman seemed resigned to looking at a shortened season with the NHL and the players' association still at odds after months of negotiations.
*Germany sells 3.3 bln euros of 10- yr bonds, demand good. Businesses in the region suffered their worst month in October since the bloc emerged from its last recession more than three years ago, surveys showed, while Germany's Ifo economic research institute said the country's business climate worsened in October.
Boeing shares up 1 pct, General Dynamics up 3.7 pct. Lockheed Martin Corp, Boeing Co's defense division and Northrop Grumman Corp reported higher earnings and strong margins despite weakening sales, driving their shares higher on the New York Stock Exchange.
*Carney says new language means rate hike less imminent. *Third quarter growth forecast cut to 1.0 percent from 2.0. OTTAWA, Oct 24- The Bank of Canada is likely to raise interest rates later than it once thought, Governor Mark Carney said on Wednesday, citing weak third-quarter growth and more slack in the economy.
DISTRESSING DISCOVERY: An investigation into a Massachusetts pharmacy at the center of a deadly meningitis outbreak has found conditions including leaky boilers, dirty floor mats and drugs shipped out without sterility tests.
Oct 24- The United States on Wednesday filed a civil mortgage fraud lawsuit against Bank of America Corp, accusing it of deliberately generating and then selling thousands of toxic home loans that later defaulted to Fannie Mae and Freddie Mac.
PARIS/ GENK, Belgium, Oct 24- Car makers suffered a day of reckoning on Thursday when Ford announced Europe's third plant closure this year, Peugeot accepted state aid and even Volkswagen reported a big drop in profits.
Oct 24- Chemical company PolyOne Corp struck a $246 million deal to buy plastic products maker Spartech Corp, a maker of bulletproof barriers and aircraft cabin windows, to enter new markets. PolyOne stock rose as much as 9 percent to an all-time high of $18.32 on the New York Stock Exchange while Spartech shares lept 65 percent to a 20- month high of $8.48.
NEW YORK-- A former Goldman Sachs and Procter& Gamble Co. board member was sentenced to two years in prison Wednesday, culminating a spectacular fall from grace for a man whose good deeds worldwide brought him leniency after he was convicted of feeding inside information about board dealings to a billionaire hedge fund owner who was his friend.
The market began to fade after 2 p.m., when the Federal Reserve repeated its assessment that the U.S. economy still needed help to increase growth and lower unemployment. Netflix plunged 12 percent after slashing its target for full-year subscriber growth. About four stocks fell for every three that rose on the New York Stock Exchange.