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CNBC Utilities Page Latest Business News Wires - Business Headlines

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  • Oct 30- U.S. Steel Corp, the top steel producer in the United States by volume, warned that its current quarter would be hurt by the global slowdown, joining rivals Nucor Inc and AK Steel Holding Corp in forecasting weak results.

  • NEW YORK, Oct 30- Residents of lower Manhattan faced up to four days without power on Tuesday as Consolidated Edison, New York City's power provider, scrambled to repair the damage wrought by Hurricane Sandy.

  • DETROIT, Oct 30- Sergio Marchionne, chief executive of both Fiat SpA and Chrysler Group LLC, said he wants to bring ``unification'' of the two automakers by 2015.. ``The objective has always been to try and bring unification by 2014 or 2015,'' Marchionne said on a conference call on Tuesday. ``I'd still like to see that done.''.

  • HERZLIYA, Israel, Oct 30- Lockheed Martin Corp said on Tuesday that it was making progress on resolving technical issues facing the cutting-edge helmet being developed for use by F-35 fighter pilots, and it cited positive initial reports from night flight tests of the system.

  • *Denies report of Opel talks. MILAN, Oct 30- Fiat sharply cut its group targets for the next two years on Tuesday, saying languishing sales in austerity-hit Europe may mean its trading profit in 2014 is a third lower than it targeted two years ago.

  • NEW YORK, Oct 30- U.S. gasoline and heating oil futures slid on Tuesday, pulling back from pre-Hurricane Sandy gains as several key East Coast refineries and pipelines restored operations and traders bet on an enormous hit to demand for fuel.

  • *Saks, Macy's hope to open in New York City on Wednesday. *Wal-Mart says holiday plans intact. Luxury department store Saks Inc said it would reopen on Tuesday three of the stores that it had to close because of Sandy, including stores in greater Washington and Philadelphia.

  • Oct 30- DineEquity Inc, the owner of Applebee's and IHOP restaurant brands, on Tuesday reported third-quarter earnings that beat Wall Street expectations, helped by a gain on the sale of restaurants to franchisees. In recent weeks, chains such as McDonald's Corp, Chipotle Mexican Grill Inc and Buffalo Wild Wings Inc have posted disappointing results.

  • UPDATE 1-Argentina vows never to pay "vulture funds" Tuesday, 30 Oct 2012 | 6:57 PM ET

    *Argentina to fight judicial decision. BUENOS AIRES, Oct 30- Argentina's economy minister blasted a U.S. court ruling that would force the country to repay creditors who have sued to collect on defaulted Argentine bonds, saying the country will never pay the ``vulture funds.''.

  • WASHINGTON, Oct 30- Fannie Mae and Freddie Mac on Tuesday extended their disaster-relief policies to borrowers whose homes were damaged by Hurricane Sandy.

  • BERLIN, Oct 30- Global economic recovery remains uncertain, making budget and structural reform necessary to revive growth, Germany said in a joint statement with the IMF and OECD on Tuesday.

  • *Fourth-quarter charge of $900 million to $1.1 billion. Oct 30- Dow Chemical Co will take a fourth-quarter charge of as much as $1.1 billion related to last week's announcement that it will close 20 plants, write down the value of its lithium ion battery business and lay off thousands of workers.

  • UPDATE 4-US stock markets to reopen Wednesday Tuesday, 30 Oct 2012 | 6:32 PM ET

    *NYSE, Nasdaq OMX testing trading systems on Tuesday. NYSE Euronext said the New York Stock Exchange would open, although it would switch to fully electronic trading if necessary. Lower Manhattan, where Wall Street and the NYSE are located, lost power on Monday after being buffeted by Sandy, the worst storm to hit New York since at least 1938..

  • LONDON, Oct 30- Imperial Tobacco has taken a 1.2 billion-pound writedown on its Spanish business as the impoverished country's smokers turn to cheaper black market cigarettes.

  • *Camden International says its 9 cocoa warehouses not damaged by storm. NEW YORK/ LONDON, Oct 30- Arabica coffee futures turned lower on Tuesday, giving back the previous session's gains, as many traders believed exchange stocks in U.S. East Coast warehouses were unscathed by Hurricane Sandy, one of the biggest storms ever to hit the region.

  • *European Commission conducting parallel investigation. WASHINGTON, Oct 30- Japanese auto parts maker Tokai Rika Co Ltd has agreed to plead guilty to conspiring to fix the prices of auto heating components and to pay a fine of $17.7 million, the U.S. Justice Department said on Tuesday.

  • NEW YORK, Oct 30- The euro rallied against against the dollar and yen on Tuesday after data showed the Spanish economy contracted slightly less than expected in the third quarter and Italy's borrowing costs fell at a sale of five- and ten-year debt.

  • Rival banks face hard decisions after UBS retreat Tuesday, 30 Oct 2012 | 6:00 PM ET

    LONDON, Oct 30- UBS's retreat from lucrative fixed income markets around the world is unlikely to be followed by its rivals, although rising costs and tougher regulations make more deep cuts at other banks inevitable.

  • *Adoboli says trading losses made him catatonic. LONDON, Oct 30- Former UBS trader Kweku Adoboli told a London court on Tuesday he ``lost control'' in the summer of 2011 but insisted he never acted dishonestly in the frantic weeks that resulted in losses of $2.3 billion.

  • NEW YORK, Oct 30- The U.S. stock market was closed for a second straight day on Tuesday as cash equity trading was canceled in the wake of Hurricane Sandy. NYSE Euronext said the New York Stock Exchange would open, although it will switch to fully electronic trading if necessary.