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CNBC Utilities Page Latest Business News Wires - Business Headlines


  • DETROIT, Oct 31- General Motors Co is targeting $500 million in fixed-cost savings between 2013 and 2015 and plans to make further job cuts in Europe as it seeks to break-even in the region by mid-decade, GM said on Wednesday. The Detroit- based automaker posted a surprisingly strong quarterly profit and said it was targeting breaking even in Europe in mid-decade.

  • *GM expects much bigger loss in Europe this year. *Still sees Europe economy flat to slightly deteriorating. ``We still have a lot of work to do, especially in Europe,'' GM Chief Financial Officer Dan Ammann said in a statement.

  • TORONTO, Oct 31- Potash Corp of Saskatchewan acknowledged on Wednesday that it has held talks with Israeli government officials around potentially increasing its ownership stake in Israel Chemical Ltd.

  • *U.S. stocks higher as Wall Street reopens after 2- day closure. LONDON, Oct 31- World shares and the euro edged up on Wednesday as a storm-hit Wall Street began trading after its two-day closure and investors looked ahead to economic data later in the week.

  • US STOCKS-Wall St edge higher after historic closure Wednesday, 31 Oct 2012 | 2:06 PM ET

    *Ford, Home Depot among the biggest gainers. Among the biggest gainers of the day were Ford Motor Co, which reported strong results during the market closure, and Home Depot, which rallied as people bought supplies to repair storm damage.

  • BUENOS AIRES, Oct 31- Telecom Argentina SA, one of Argentina's top telecommunications companies, reported on Wednesday that its third-quarter net profit rose 2.1 percent from a year before, thanks to hefty sales.

  • Shell ends 2012 Arctic Ocean drilling off Alaska Wednesday, 31 Oct 2012 | 2:01 PM ET

    ANCHORAGE, Alaska-- Royal Dutch Shell PLC has concluded drilling for the season in the Arctic Ocean off Alaska's northwest and north coast. Shell Alaska spokesman Curtis Smith says the company completed one top hole in both the Chukchi and Beaufort seas. Top holes are the foundation of an exploratory well.

  • Reuters World News Highlights at 1400 GMT, Oct 31 Wednesday, 31 Oct 2012 | 2:00 PM ET

    KETTERING, Ohio- President Barack Obama and Republican Mitt Romney briefly put aside their fierce battle for the White House on Tuesday, avoiding politics to focus on relief efforts after mammoth storm Sandy left millions of Americans struggling to recover.

  • Sudan dreams big with new airports despite crashes Wednesday, 31 Oct 2012 | 2:00 PM ET

    KHARTOUM, Oct 31- After a Sudanese plane crashed at Khartoum's international airport last year, authorities didn't slow plans to build new airports and add more routes. They used the incident to shoot a video showing how safe flying in Sudan is, thanks to its skillful pilots.

  • CHICAGO, Oct 31- Business activity in the U.S. Midwest contracted for a second month in October, a report showed on Wednesday, although the forward-looking measure for new orders rose. The Institute for Supply Management-Chicago business barometer rose slightly to 49.9, from 49.7 in September.

  • UPDATE 1-Facebook shares fall as lock-up period expires Wednesday, 31 Oct 2012 | 1:55 PM ET

    Oct 31- Facebook Inc shares fell 4 percent to $21.07 in busy early trade on Wednesday morning on the company's approval to let employees sell some stock. As a result, Facebook staffers were able to sell their vested shares on Oct. 29.

  • *OPEC crude oil output rises slightly in October- survey. LONDON, Oct 31- Brent crude rose above $109 a barrel on Wednesday as the U.S. East Coast began to pick itself up from a massive storm, but gains were capped by concerns over the demand impact on the world's largest oil consumer.

  • *Bank of Canada seen on hold for longer. OTTAWA, Oct 31- The Canadian economy unexpectedly shrank by 0.1 percent in August from July, pointing to slower growth in the third quarter than in the first half of the year and supporting a Bank of Canada message that interest rate hikes are less imminent.

  • UPDATE 1-JPMorgan sues former London Whale boss Wednesday, 31 Oct 2012 | 1:48 PM ET

    LONDON, Oct 31- JPMorgan Chase& Co has filed a9519reuff. LONDON, Oct 31- JPMorgan Chase& Co has filed a suit in a British court against the former boss of Bruno Iksil, the trader known as the London Whale, for the outsized derivatives positions he took that cost the bank $6.2 billion in losses this year.

  • DETROIT, Oct 31- Around 12,600 white-collar retirees of General Motors Co have agreed to accept lump-sum payments in lieu of monthly pension checks from the largest U.S. automaker.

  • German solar power boom continues despite tariff cuts Wednesday, 31 Oct 2012 | 1:45 PM ET

    FRANKFURT, Oct 31- Germany's solar power systems market continued to grow strongly in September, putting Europe's biggest economy on track for a new installation record this year and increasing pressure on the ruling coalition to curb the spiralling costs to consumers.

  • SOFTS-Arabica coffee steady, producer selling caps upside Wednesday, 31 Oct 2012 | 1:44 PM ET

    *Arabica market under pressure from Brazil producer selling. *Brazil dry weather could see sugar output revised higher. LONDON, Oct 31- Arabica coffee futures were steady on Wednesday as selling from top producer Brazil weighed and dealers monitored weather conditions in the U.S. after exchange stocks on the east coast were unscathed by stormy weather.

  • *Market awaits China's official PMI on Thursday. LONDON, Oct 31- London copper rose more than 1 percent as the dollar weakened against the euro on Wednesday, but the metal was still on track for a monthly loss on uncertainty about demand from top consumer China.

  • Oct 31- Nu Skin Enterprises Inc's quarterly results handily beat Wall Street expectations on strong performance of its anti-ageing and nutritional supplement businesses in China, prompting the company to raise its full-year forecast for the sixth time.

  • NEW YORK, Oct 31- The Dow and S&P opened higher on Wednesday as equity markets reopened following a two-day market closure prompted by a damaging storm in the U.S. The Dow Jones industrial average was up 80.02 points, or 0.61 percent, at 13,187.23. The Standard& Poor's 500 Index was up 5.81 points, or 0.41 percent, at 1,417.75.