Latest Business News Wires - Business Headlines


  • At the heart of the problem is the fact that Sandy has devastated the energy industry's ability to move fuel into and around the New York City region, particularly the harbor, by any of the three means that normally supply the area: tanker imports from abroad; pipeline shipments from the U.S. Gulf Coast; or refinery production from the mid- New Jersey area.

  • WASHINGTON, Nov 1- The federal government will cover 100 percent of emergency power and public transportation costs through Nov. 9 for the areas of New York and New Jersey that were hit hard by superstorm Sandy, according to the U.S. senators of the two states.

  • CALGARY, Alberta, Nov 1- Suncor Energy Inc said on Thursday that rising light oil production threatens the profitability of a massive new upgrading facility planned by Canada's dominant oil sands producer as it delayed plans to expand output from the world's third-largest oil reserve.

  • Nov 1- Disaster modeling company Eqecat now estimates that monster storm Sandy caused up to $20 billion in insured losses and $50 billion in economic losses in the United States, the company said on Thursday.

  • *Public anger in Greece at tax evasion by wealthy. ATHENS, Nov 1- A journalist on trial for publishing the names of more than 2,000 Greeks with Swiss bank accounts accused politicians on Thursday of hiding the truth and protecting an ``untouchable'' wealthy elite.

  • *PM, on Nov 3-11 Asian trip, will say Canada open for business. OTTAWA, Nov 1- Prime Minister Stephen Harper will promote Canada as open for business during a Nov. 3-11 trip to Asia, although he is not likely to unveil long-awaited guidelines for foreign takeovers of Canadian firms, an aide said on Thursday.

  • NEW YORK, Nov 1- Brent crude oil edged lower on Thursday on the restarting of North Sea production and euro zone economic concerns, while U.S. gasoline seesawed as support from supply shortages after super storm Sandy was countered by bearish news of rising inventories.

  • BUSINESS-NEWS-SCHEDULE AT 1830 GMT / 2.30 PM ET Thursday, 1 Nov 2012 | 6:32 PM ET

    NEW YORK- Huge logistical problems from power failures and navigational hazards roil the massive New York Harbor oil hub in the wake of Hurricane Sandy, threatening widespread delays in fuel deliveries off the New York Mercantile Exchange's futures contracts (STORM-SANDY/CME-DELIVERIES, moving shortly, 800 words).

  • UPDATE 2-Hillshire Brands Q1 earnings beat estimates Thursday, 1 Nov 2012 | 6:31 PM ET

    *Q1 EPS of $0.51 tops Wall St view of $0.33 a share. Nov 1- Hillshire Brands Co reported a first-quarter net profit on Thursday that exceeded Wall Street estimates by a wide margin, helped by strength in its retail business, and its shares rose 4.3 percent.

  • UPDATE 4-BCE profit falls on taxes, shares slip Thursday, 1 Nov 2012 | 6:29 PM ET

    *Q3 EPS C $0.74 vs C $0.83 a year earlier. Nov 1- BCE Inc, Canada's biggest telecom provider, said on Thursday its quarterly profit fell from a year earlier, when lower tax expenses boosted results, and its shares dropped despite strong wireless and media results.

  • Hospitals sue U.S. gov't over private Medicare audits Thursday, 1 Nov 2012 | 6:02 PM ET

    WASHINGTON, Nov 1- A coalition of hospitals sued the U.S. government on Thursday, claiming that private auditors hired to crack down on improper Medicare payments are denying hospitals hundreds of millions of dollars in legal payments for necessary care.

  • COLUMN-Sandy and the One Percent-Chrystia Freeland Thursday, 1 Nov 2012 | 6:02 PM ET

    NEW YORK, Nov 1- For Amartya Sen, a Nobel Prize recipient and Harvard economist and philosopher, a formative life experience was the Bengal famine of 1943, which he had observed as a child living in Santiniketan, in West Bengal, a state in eastern India.

  • World Bank approves new aid for Myanmar Thursday, 1 Nov 2012 | 6:01 PM ET

    WASHINGTON-- The World Bank has approved $80 million in grant aid for Myanmar's rural poor and plans to lend it $165 million more in the coming 18 months. The Washington- based bank is re-engaging with Myanmar after a gap of two decades as its government undertakes economic and political reforms.

  • *Q3 sales $13.98 billion vs forecast of $14.64 billion. Nov 1- Pfizer Inc on Thursday posted quarterly revenue well below Wall Street expectations, as sales of the pharmaceutical company's Prevnar pediatric vaccine disappointed and emerging market revenue dropped sharply.

  • United may upgrade some A350 jet orders - sources Thursday, 1 Nov 2012 | 6:00 PM ET

    Nov 1- United Airlines is mulling upgrading some of its Airbus A350 orders to the largest member of the European aircraft family in a possible setback for Boeing Co's 777 mini-jumbo, industry sources said.

  • Global accounting body battles to assert its authority Thursday, 1 Nov 2012 | 5:58 PM ET

    LONDON, Nov 1- The world's top accounting rulesetter unveiled plans on Thursday aimed at buttressing its authority and independence in the face of calls from European groups for a greater say in how new standards are shaped.

  • Nov 1- New York power company Consolidated Edison Inc said Thursday the vast majority of its New York City and Westchester County, New York, customers will have power back by the weekend of Nov. 10-11, following the destruction by Hurricane Sandy. The company said it expects to restore power in lower- and mid- Manhattan by Saturday, Nov. 3.

  • *U.S. government to pay New Jersey emergency power costs. Nov 1- Rescuers searched flooded streets and swamped houses for survivors, drivers lined up for hours to get scarce gasoline and millions remained without power on Thursday as New York City and nearby coastal towns struggled to recover from one of the biggest storms ever to hit the United States.

  • *Costco, Nordstrom, Rite Aid say storm may affect November sales. Costco Wholesale Corp, Nordstrom Inc and Rite Aid Corp all said on Thursday that November sales would suffer because of store closures due to Sandy, one of the largest storms to hit the United States. Costco, however, said the effects would be minimal.

  • *Cuts focused on Europe; Visteon to close Philippines plant. Nov 1- Auto parts suppliers Visteon Corp and Delphi Automotive Plc said they were accelerating cost cutting as carmakers slash production in the face of slowing demand, especially in Europe.