Latest Business News Wires - Business Headlines


  • UPDATE 3-U.S. gov't poised to hit debt limit before 2013 Wednesday, 31 Oct 2012 | 9:01 PM ET

    WASHINGTON, Oct 31- The Obama administration said on Wednesday that the nation would hit the legal limit on its debt near the year's end, although it can tap emergency measures to stave off a default and keep the government running into early 2013..

  • *Phillips 66: Power back at Bayway refinery in Linden, New Jersey. NEW YORK, Oct 31- U.S. gasoline futures prices rose on Wednesday on concerns about East Coast supply shortages as the energy sector struggled to restore operations disrupted by massive storm Sandy.

  • *Plaintiffs filed lawsuits in Canada and Brazil this year. QUITO/ BUENOS AIRES, Oct 31- Ecuadorean plaintiffs plan to sue Chevron in Argentina and Colombia to collect a $19 billion award for pollution in the Amazon that has become one of the world's most high-profile environmental cases against an oil company.

  • Changing channels; Sony, Sharp in turnaround battle Wednesday, 31 Oct 2012 | 8:54 PM ET

    TOKYO, Nov 1- Sony Corp is likely to say it returned to an operating profit for July-September after it sold a chemicals business, but investors still aren't sure a consumer electronics revamp will deliver the profit growth the group seeks.

  • *Archer Daniels Midland bid $2.8 bln for GrainCorp. MOSCOW, Oct 31- Russian investment and trading group Summa has asked the state development bank Vnesheconombank to fund a possible acquisition of Australia's GrainCorp, sources told Reuters on Wednesday.

  • Oct 31- Home and auto insurer Allstate Corp reported a larger profit for the third quarter on a decline in disaster losses and improving margins, as its chief executive said storm Sandy would not materially affect results this quarter.

  • NEW YORK, Oct 31- The first piece of post-storm advice after a major weather event like Sandy is always to call your insurance company. But what if your phone isn't working or you don't have Internet service? State Farm says as of Tuesday evening, it had logged 6,000 homeowners policy claims, and 900 car claims.

  • TORONTO, Oct 31- Research In Motion said on Wednesday it has begun carrier testing of its new line of BlackBerry 10 devices, a crucial step ahead of next year's launch of the make-or-break line of smartphones.

  • Wall St ends flat, tech shares dip after Sandy shutdown Wednesday, 31 Oct 2012 | 8:42 PM ET

    *Dow off 0.1 pct, S&P 500 up 0.02 pct, Nasdaq off 0.4 pct. The Dow and the S&P 500 closed little changed while the Nasdaq Composite edged lower in a session with slightly less than average volume.

  • Oct 31- Visa Inc's fourth-quarter profit rose 89 percent, beating analyst estimates, and the world's largest credit and debit-card network authorized a new $1.5 billion share repurchase program.

  • *Case tested Google liability for sponsored links. Oct 31- Language-software maker Rosetta Stone Inc has agreed to drop its trademark infringement lawsuit against Google Inc over the search engine company's advertising practices.

  • NEW YORK, Oct 31- The euro drifted higher against the dollar and yen on Wednesday and posted its third straight month of gains, but uncertainty about the heavily indebted euro-zone economies could limit further strength.

  • WASHINGTON, Oct 31- Applications for U.S. home mortgages fell last week as demand for refinancing tumbled for the fourth week in a row, an industry group said on Wednesday, although other recent data has indicated the housing market is improving.

  • *Lumber futures rise the $10 daily limit. *Home Depot shares rise on expected rebuilding. Trade sources said the home-rebuilding process in the northeastern United States, which bore the brunt of Sandy, could stretch well into 2013, keeping demand for lumber robust.

  • *No crowds in lower Manhattan after storm. *Businesses try to cope without power. NEW YORK, Oct 31- The residents and business owners of lower Manhattan who have lost their electricity this week are beginning to adjust to life in an unfamiliar place: ``Blackout City.''.

  • Cirrus Logic's revenue soars on iPhone Wednesday, 31 Oct 2012 | 8:27 PM ET

    Oct 31- Audio chipmaker Cirrus Logic Inc, whose chips were used in Apple Inc's iPhone 5, reported a 91 percent jump in second-quarter sales and its forecast for current-quarter revenue crushed analysts' estimates. Net income rose to $35.4 million, or 51 cents per share, for the second quarter, from $11.2 million, or 17 cents per share, a year earlier.

  • *U.S. stocks trade flat as Wall Street reopens after 2- day closure. *Oil settles below $109 a barrel in face of potential supply rupture.

  • UPDATE 1-Allstate beats expectations, no mention of Sandy Wednesday, 31 Oct 2012 | 8:23 PM ET

    Oct 31- Home and auto insurer Allstate Corp reported a larger profit for the third quarter on a decline in disaster losses and improving margins, but made no mention of potential impacts from the devastating Hurricane Sandy.

  • WASHINGTON, Oct 31- It is no surprise that as the baby boom approaches its Social Security years, it is turning the decision about when to start collecting benefits from an automatic move into a major planning and research opportunity.

  • Visa authorizes $1.5 bln buyback, profit rises 89 percent Wednesday, 31 Oct 2012 | 8:21 PM ET

    Oct 31- Visa Inc's fourth-quarter profit rose 89 percent and the world's largest credit and debit-card network authorized a new $1.5 billion share repurchase program and raised its dividend by 50 percent. Profit rose to $1.7 billion, or $2.47 per Class A share, from $880 million, or $1.28 per Class A share, a year earlier.