Latest Business News Wires - Business Headlines


  • Loss of exclusive drug dents AstraZeneca's Q3 Thursday, 25 Oct 2012 | 2:56 AM ET

    LONDON-- Anglo-Swedish pharmaceutical company AstraZeneca has reported a 56 percent drop in net income in the third quarter as it suffered from the loss of exclusivity on a big-selling drug. For the three months ending Sept. 30, AstraZeneca said Thursday that net profit fell to $1.5 billion compared to $3.5 billion a year earlier.

  • Texas troubles weigh on chemicals firm BASF in Q3 Thursday, 25 Oct 2012 | 2:52 AM ET

    FRANKFURT, Germany-- BASF SE saw third-quarter profits fall 21 percent as its chemicals business suffered from lower demand, as well as from troubles at a key Texas facility. However, stronger oil sales helped soften the blow, now that the company's facilities in Libya are working again after being shut down last year during the civil war.

  • S&P indicates it may upgrade Rosneft after BP deal Thursday, 25 Oct 2012 | 2:41 AM ET

    MOSCOW-- Ratings agency Standard and Poor's has indicated it may upgrade its rating on Rosneft following the Russian oil company's agreement to buy a joint venture between BP and a group of Russian billionaires. Rosneft on Monday agreed to buy TNK-BP, Russia's third-largest oil producer.

  • Developing markets give Unilever a Q3 sales boost Thursday, 25 Oct 2012 | 2:37 AM ET

    AMSTERDAM-- Consumer goods maker Unilever PLC says strong growth in developing markets helped its sales rise a better-than-expected 10.3 percent to 13.4 billion in the third quarter, despite falling prices in Europe.

  • Ex-Goldman exec's 2-year sentence draws scrutiny Thursday, 25 Oct 2012 | 2:36 AM ET

    Judge Jed Rakoff described the sentence and $5 million fine given to former Goldman Sachs and Procter& Gamble Co. board member Rajat Gupta, 63, on Wednesday as sufficient to deter others and properly punish the Westport, Conn., resident.

  • *Pension fund says San Bernardino has no plan. Oct 24- America's biggest public pension system filed a formal objection on Wednesday to a quest by San Bernardino to seek bankruptcy protection, citing the ``disarray'' in the Californian city's finances. San Bernardino, a city of 210,000 people 60 miles east of Los Angeles, declared bankruptcy on Aug. 1.

  • France's Pernod Ricard says sales up strongly Thursday, 25 Oct 2012 | 2:13 AM ET

    PARIS-- French beverage company Pernod Ricard says sales for the most recent quarter grew 11 percent, driven by slowing but still strong demand in emerging markets. Sales in its home market of France continued to decline and Europe was flat, but Asia and the Americas picked up the slack.

  • BASF sees profit fall 21 pct, holds on to outlook Thursday, 25 Oct 2012 | 2:01 AM ET

    FRANKFURT, Germany-- Chemicals and oil company BASF SE says profits fell 21 percent in the third quarter as its chemicals business suffered from lower demand and troubles at a key Texas facility. Stronger oil sales helped soften the blow now that now that the company's facilities in Libya are working again after being shut down by fighting last year.

  • NEW YORK, Oct 24- Chile is trying to weaken its currency to close a recent spate of monthly trade deficits but accommodative monetary policies in the developed world have made the mission difficult, Chilean Finance Minister Felipe Larrain said on Wednesday.

  • *Sees strong performance at Meadowbank mine in Canada. Oct 24- Canada's Agnico-Eagle Mines Ltd reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5 percent.

  • Novartis posts 3Q profits in line with a year ago Thursday, 25 Oct 2012 | 1:25 AM ET

    GENEVA-- Swiss pharmaceutical giant Novartis AG has posted third-quarter profits virtually unchanged from the comparable period a year ago. The Basel- based company says it had profits of 2.48 billion Swiss francs between July and September, compared with $2.49 billion in the third quarter of 2011..

  • Strikes dent Hyundai Motor's 3Q profit Thursday, 25 Oct 2012 | 1:20 AM ET

    "Hyundai is set to recover its lost output during the third quarter with increased capacity in China, Brazil and the United States as well as in South Korea.

  • Oil rises after 7 percent fall in past week Thursday, 25 Oct 2012 | 1:11 AM ET

    Benchmark crude for December delivery was up 24 cents to $85.97 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 94 cents, or about 1 percent, to finish at $85.73 per barrel.

  • Credit Suisse posts 63 percent drop in 3Q profits Thursday, 25 Oct 2012 | 1:08 AM ET

    GENEVA-- Credit Suisse Group said Thursday its third-quarter net profit dropped by more than half from a year ago, hit by an accounting charge from the bank's own debt.

  • Korean Air returns to profit, passengers increase Thursday, 25 Oct 2012 | 1:02 AM ET

    SEOUL, South Korea-- South Korea's flagship carrier Korean Air said Thursday it returned to profit after two straight quarters of losses as increased international passengers and a favorable exchange rate offset lower cargo shipments.

  • Retail gasoline prices tumble 12 cents in Texas Thursday, 25 Oct 2012 | 12:59 AM ET

    HOUSTON-- Retail gasoline prices have taken a tumble this week across Texas. AAA Texas on Thursday reported the statewide average price fell 12 cents to settle at $3.39 per gallon. The association survey found El Paso has the most expensive gasoline in Texas at $3.49 per gallon.

  • Researcher warns of online gambling luring kids Thursday, 25 Oct 2012 | 12:58 AM ET

    Mark Griffiths, professor of gambling studies at Nottingham Trent University, told a few hundred participants at a conference sponsored by the Connecticut Council on Problem Gambling that technology will make gambling more accessible as gamblers turn to online sites and avoid casinos.

  • 3D Systems 3Q net income doubles, lifts outlooks Thursday, 25 Oct 2012 | 12:58 AM ET

    ROCK HILL, S.C.-- 3 D Systems Corp. said Thursday that its third-quarter net income doubled as printer sales soared. 3 D Systems earned $13.5 million, or 24 cents per share, for the period ended Sept. 30. That compares with $7.2 million, or 14 cents per share, a year ago.

  • Jobless rates fall in most Ky. counties in Sept. Thursday, 25 Oct 2012 | 12:57 AM ET

    FRANKFORT, Ky.-- A new report on unemployment is showing continued improvement in most Kentucky counties. Calloway, Fayette, Franklin, Jessamine, Madison, Oldham, Scott, Shelby and Warren counties were between 6 percent and 6.4 percent. The coalfield counties of Bell, Harlan, Jackson, Leslie, Letcher, Knott, Perry and Wolfe all were between 12.3 percent and 13.7 percent.

  • Wright Express changes name to WEX Inc. Thursday, 25 Oct 2012 | 12:56 AM ET

    SOUTH PORTLAND, Maine-- One of the Maine's largest publicly traded companies is changing its name. Wright Express Corp. announced Thursday that its new name is WEX Inc.. The company will continue to be listed under the symbol WXS on the New York Stock Exchange.