Latest Business News Wires - Business Headlines


  • Oil retreats below $86 per barrel Friday, 26 Oct 2012 | 1:50 AM ET

    Benchmark oil for December delivery was down 86 cents to $85.18 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 32 cents to finish at $86.05 a barrel in New York on Thursday, the only day this week that oil prices have risen. Brent crude fell $1.04 cents to $107.45 a barrel in London.

  • South Korea's growth hits 3-year low Friday, 26 Oct 2012 | 1:34 AM ET

    SEOUL, South Korea-- South Korea's economic growth slowed to a three-year low last quarter as private investment fell sharply, outweighing an increase in spending by the government and households. The Bank of Korea said Friday that Asia's fourth-largest economy expanded 1.6 percent over a year earlier in the three months ended Sept. 30.

  • TOKYO, Oct 26- Japan's cabinet approved a 422.6 billion yen economic stimulus package of subsidies and tax grants on Friday that will tap budget reserves to avoid selling new debt.

  • Toyota global vehicle sales up 28 pct in Jan-Sept Friday, 26 Oct 2012 | 1:26 AM ET

    TOKYO-- Toyota sold 7.4 million vehicles around the world in the first nine months of the year, up 28 percent from a year earlier, but its strong growth faces headwinds from a sales plunge in China that could unseat it as the world's top automaker.

  • Study: Flood of money leaving China Friday, 26 Oct 2012 | 1:17 AM ET

    BEIJING-- Chinese investors evaded government controls to move more than $600 billion out of the country last year and the outflow is increasing, fueling economic and political risks as communist leaders prepare for a handover of power, a Washington- based monitoring group says.

  • Chubb 3Q results top analysts' expectations Friday, 26 Oct 2012 | 12:59 AM ET

    WARREN, N.J.-- Property and casualty insurer Chubb's third-quarter net income more than doubled, benefiting from fewer losses from catastrophes, rate increases and a strong underwriting performance. Chubb reported $17 million in catastrophe losses during the quarter.

  • Oppenheimer says 3Q revenue hurt by economic news Friday, 26 Oct 2012 | 12:59 AM ET

    NEW YORK-- Oppenheimer Holdings Inc. reported Friday that its third-quarter net income rose 10 percent, as lower expenses helped make the best of flat revenue. Albert Lowenthal, CEO of the New York investment firm, said that while the economy remains uncertain, the U.S. equity markets have continued to perform remarkably well.

  • BP spill trial delayed for Mardi Gras, Super Bowl Friday, 26 Oct 2012 | 12:52 AM ET

    NEW ORLEANS-- To avoid disruptions from the Super Bowl and Mardi Gras, a federal judge in New Orleans has postponed a trial for claims spawned by BP's massive 2010 oil spill in the Gulf of Mexico. U.S. District Court Judge Carl Barbier announced during a hearing Friday that he is moving the start of the trial from Jan. 14 to Feb. 25.

  • Magellan Health 3Q net income doubles on tax gain Friday, 26 Oct 2012 | 12:49 AM ET

    AVON, Conn.-- Magellan Health Services Inc., which helps health plans, employers and government agencies manage health benefits, said Friday that its net income more than doubled in the third quarter on a large one-time tax benefit. Magellan said its net income rose to $66.3 million, or $2.36 per share, from $31.4 million, or $1.03 per share.

  • SINGAPORE, Oct 26- Gold was little changed on Friday, heading for its third week of decline after shares inched lower in Asia, the U.S. dollar firmed, and fears about the health of the global economy lingered. *Gold was steady at $1,712.18 an ounce by 0034 GMT.

  • Stamps.com climbs on 3Q income and higher outlook Friday, 26 Oct 2012 | 12:41 AM ET

    NEW YORK-- Shares of Stamps.com jumped Friday after posting strong third-quarter results and raised its guidance for 2012.. Net income far surpassed Wall Street estimates, and Stamps.com raised its net income and revenue forecasts for the full year.

  • *Shares down 1.3 pct in early Seoul trade. SEOUL, Oct 26- South Korean technology powerhouse Samsung Electronics Co posted a fourth straight record quarterly profit- of $7.4 billion- with strong sales of its Galaxy range of phones masking sharply lower memory chip sales.

  • Wal-Mart completes deal with Chinese company Friday, 26 Oct 2012 | 12:37 AM ET

    NEW YORK-- Wal-Mart Stores Inc. announced the completion of its increased investment in a fast-growing Chinese company, as the world's largest retailer looks to broaden its access to a rapidly growing customer base.

  • *Rockwell Collins profit disappoints, cutting jobs Friday, 26 Oct 2012 | 12:33 AM ET
  • BJ's Restaurants falls as 3Q results miss Street Friday, 26 Oct 2012 | 12:31 AM ET

    NEW YORK-- Shares of BJ's Restaurants fell to their lowest point in two years Friday and two industry analysts downgraded the chain after its third-quarter results fell short of expectations. THE SPARK: BJ's Restaurants Inc. reported Thursday that it earned 24 cents per share for the period ended Oct. 2.

  • DeVry rises as 1Q results top Wall Street's view Friday, 26 Oct 2012 | 12:30 AM ET

    NEW YORK-- Enrollments are still dropping at DeVry, but at a slower pace, helping the for-profit education company top analyst expectations in its latest quarter and driving up its shares Friday. THE SPARK: DeVry Inc. said late Thursday that fiscal first-quarter earnings came to 49 cents per share on revenue of $482.7 million.

  • United Bankshares says 3Q income down 3.5 percent Friday, 26 Oct 2012 | 12:28 AM ET

    United Bank's parent company says it earned $19.3 million, or 38 cents per share, in the quarter ending Sept. 30. The 2012 results include an accrual of $3.3 million pertaining to a settlement of claims stemming from class actions against United Bank Inc. of West Virginia, and a noncash, pretax impairment charge of $2.3 million on investment securities.

  • Ark. AG says deal with drug company to net $489K Friday, 26 Oct 2012 | 12:26 AM ET

    LITTLE ROCK, Ark.-- Arkansas will receive nearly $490,000 under a settlement reached with a pharmaceutical company over allegations it paid kickbacks and improperly marketed drugs. The money will go to the state Medicaid program. The firm was accused of unlawfully marketing drugs for non- FDA- approved illnesses, which led to false Medicaid claims.

  • Roger Williams University to freeze tuition Friday, 26 Oct 2012 | 12:24 AM ET

    BRISTOL, R.I.-- Roger Williams University is freezing tuition for current undergraduate students and guaranteeing no hike over this year's cost for those who enroll in the next school year.

  • On the Call: Goodyear CEO Richard Kramer Friday, 26 Oct 2012 | 12:23 AM ET

    When reporting third-quarter results on Friday, Goodyear Tire& Rubber Co. said it expects tire sales volume to be down 3 percent to 5 percent in the fourth quarter, compared with a year earlier. Chairman and CEO Richard J. Kramer was asked about the forecast on a conference call with analysts. Our OE business in North America continues to stay robust.