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Latest Business News Wires - Business Headlines


  • *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.

  • European bourses buoyed by banks and BP Tuesday, 30 Oct 2012 | 5:53 PM ET

    LONDON, Oct 30- Reassuring business updates from oil major BP and several major banks lifted European shares on Tuesday, with a key European equity index reaching its highest in more than a week.

  • Locked-out UBS traders head to the pub Tuesday, 30 Oct 2012 | 5:50 PM ET

    LONDON, Oct 30- Dozens of UBS traders spent their day in the pub rather than at the Swiss bank's London headquarters after they found out that their security passes no longer worked. As more turned up for work queues began to form at the bank's doors until some took refuge instead in the Railway Tavern pub nearby.

  • DETROIT, Oct 30- Chrysler Group LLC Chief Executive Sergio Marchionne reaffirmed on Tuesday that the company is not moving Jeep vehicle production out of the United States to China after it became an issue in the U.S. presidential campaign.

  • *Brazil's top bookseller may sell online business-sources. *Deal could boost retailer Amazon on arrival in Brazil. SAO PAULO, Oct 30- Brazil's biggest bookstore chain, Saraiva, is trying to sell its online business, a move that could pave the way for Amazon's debut in Latin America's fastest growing e-commerce market, industry sources said.

  • *Sandy leaves New York City, eastern U.S. crippled. NEW YORK, Oct 30- U.S. gasoline and heating oil futures pulled back on Tuesday on the expected enormous hit to demand for fuel after Hurricane Sandy cut a destructive path across the East Coast of the United States.

  • Oct 30- General Motors Co's vehicle sales in the northeast United States will be hurt by Hurricane Sandy, while the company's Maryland transmission plant was closed on Tuesday, the No. 1 U.S. automaker said.

  • Oct 30- General Motors Co's vehicle sales in the northeast United States will be hurt by Hurricane Sandy, while the company's Maryland transmission plant was closed on Tuesday, the No. 1 U.S. automaker said.

  • PRAGUE, Oct 30- The Czech Republic's ruling coalition postponed on Tuesday a vote on a law to raise taxes that will double as a vote of confidence in the government, hoping extra time will allow them to prevent a lawmakers' rebellion. Prime Minister Petr Necas' cabinet will resign if the 22 billion crowns mainly in additional value-added and income tax is rejected.

  • ATHENS, Oct 30- The Greek prime minister's appeal for a united front to push through more austerity fell on deaf ears on Tuesday, with one ally promising to vote against reforms and another scolding him for prematurely saying talks had ended.

  • UPDATE 4-Fiat slashes targets as Europe gloom persists Tuesday, 30 Oct 2012 | 5:09 PM ET

    MILAN, Oct 30- Fiat cut its group targets for 2013 and 2014 on Tuesday, saying that as sales languish in austerity-hit Europe trading profit in 2014 may be a third lower than a target it set a couple of years ago. It cut its 2014 revenue target to 94- 98 billion euros from a previous forecast of 104 billion and also sees higher debt.

  • *Exelon declares alert at NJ Oyster Creek reactor. *Exelon says no threat to public health or safety. Exelon Corp's 43- year-old Oyster Creek plant in New Jersey remains on ``alert'' status, the U.S. Nuclear Regulatory Commission said early Tuesday.

  • *Philadelphia's 330,000- bpd refinery restarting. *Hess 70,000- bpd NJ refinery, Imperial plant suffer outages. NEW YORK, Oct 30- The second-largest refinery on the U.S. East Coast has suffered ``some'' flooding and a power outage from Hurricane Sandy, while two smaller plants also lost power, as glitches threaten to slow the recovery in fuel supplies.

  • Oct 30- Citigroup Inc said on Tuesday that a Manhattan building where investment bankers work sustained minor flooding from Hurricane Sandy and had no power. It also houses staff for Citigroup's transaction services unit, which caters to corporations and governments around the world.

  • LONDON, Oct 30- Britain is edging closer to its vision of low-carbon energy based on large-scale nuclear power and fossil fuels with carbon capture, which contrasts with small-scale renewable energy which many of its European neighbours favour.

  • DETROIT, Oct 30- Ford Motor Co posted on Tuesday a third-quarter profit that trounced Wall Street forecasts, driven by higher vehicle prices and record profit margins of 12 percent in North America. Half that jump came from North America, where Ford has earned more than $2 billion and posted margins over 10 percent for three quarters in a row.