Latest Business News Wires - Business Headlines


  • Texas electric prices cap to double over 3 years Friday, 26 Oct 2012 | 10:49 AM ET

    The maximum wholesale rate will rise from $4,500 a megawatt hour now to $5,000 in June 2013, $7,000 in June 2014 and $9,000 in June 2015. State officials have warned that higher prices are needed to encourage companies to build more power plants as the Texas population grows.

  • PRECIOUS-Gold falls with equities before U.S. GDP data Friday, 26 Oct 2012 | 10:48 AM ET

    LONDON, Oct 26- Gold fell on Friday, edging closer to seven-week lows touched earlier this week as equities came under pressure from disappointing earnings results, with the focus on U.S. third-quarter growth data due later in the day.

  • Bank VP pleads guilty to $600K embezzlement Friday, 26 Oct 2012 | 10:41 AM ET

    BALTIMORE-- A bank vice president has pleaded guilty to embezzling more than $600,000 from the institution. Fifty-six-year-old Wanda Henderson of Westover, Md. entered the plea on Thursday. According to her plea agreement, Henderson was vice president and executive assistant to the president of Hebron Savings Bank.

  • Federal judge throws out Entergy tax challenge Friday, 26 Oct 2012 | 10:40 AM ET

    U.S. District Court Judge Christina Reiss rejected the argument made by New Orleans- based plant owner Entergy Corp. that the payment is not a tax and said federal court lacked jurisdiction over the case. Reiss granted the state's motion to dismiss the case saying, Entergy's challenge "could be brought directly in Vermont's state courts."

  • Settlement reached in Miss. mill blast lawsuit Friday, 26 Oct 2012 | 10:37 AM ET

    JACKSON, Miss.-- A settlement has been reached in a federal lawsuit brought by a man who was injured in a deadly explosion at an International Paper Co. mill in Mississippi in 2008.. Jeb D. Slade settled his lawsuit after a hearing Thursday in U.S. District Court in Natchez.

  • Weak demand for Uggs weighs on Deckers Friday, 26 Oct 2012 | 10:33 AM ET

    NEW YORK-- No love for Uggs: Shares of the sheepskin boots maker, Deckers Outdoor Corp., tumbled 16 percent Friday to a three-year low because consumers have turned away just before the start of the holiday shopping season. The Goleta, Calif., company had previously predicted that profit would jump 22 percent in those months.

  • Oct 26- Consumer products maker Newell Rubbermaid Inc said it would cut about 2,000 jobs or slightly more than 10 percent of its staff, over the next 2 1/ 2 years, joining a slew of U.S. companies trying to counter slowing sales by reducing costs.

  • LONDON, Oct 24- Accused UBS ``rogue trader'' Kweku Adoboli said on Friday he did not believe his behaviour had been fraudulent and it was unfair to suggest that his previous jobs in the UBS back office had given him the knowledge and skills to commit fraud.

  • Weak earnings reports weigh on the stock market Friday, 26 Oct 2012 | 10:25 AM ET

    Stock indexes are moving between small gains and losses on Wall Street Friday after Goodyear Tire& Rubber and other companies turned in weak earnings reports. Goodyear's stock sank 7 percent after the company said that a steep dropoff in sales in Europe delivered a blow to the company's earnings.

  • Chance of full NHL season lost as deadline passes Friday, 26 Oct 2012 | 10:21 AM ET

    Seven years ago that was a resounding `no' when a lockout forced the cancellation of the entire NHL season as owners held out for a salary cap. The NHL didn't make any formal announcement on the 40th day of the lockout. "No contact," NHL deputy commissioner Bill Daly told The Associated Press in an email Thursday.

  • Italy court convicts Berlusconi of tax evasion Friday, 26 Oct 2012 | 10:19 AM ET

    MILAN-- A court in Milan Friday convicted former Premier Silvio Berlusconi of tax fraud and sentenced the media mogul to four years in prison, his first prison sentence in years of criminal probes. In Italy, cases must pass two levels of appeal before the verdicts are final.

  • Legg Mason beats forecasts on revenue, profit Friday, 26 Oct 2012 | 10:15 AM ET

    BALTIMORE-- Legg Mason, the money management firm in the middle of a rocky CEO transition, on Friday reported results that beat Wall Street estimates even as revenue slipped. For the fiscal second quarter, which covered July through September, Legg Mason earned $80.8 million, or 60 cents per share, up 42 percent from $56.7 million, or 39 cents per share, a year ago.

  • Obama urges end to NHL lockout on 'Tonight Show' Friday, 26 Oct 2012 | 10:15 AM ET

    LOS ANGELES-- President Barack Obama is urging the end to another sports labor dispute. While taking questions from viewers on NBC's "Tonight Show" with Jay Leno on Wednesday, he was asked if he could pull any strings to end the NHL lockout. The president sent a tweet last month urging the NFL and its officials to end their labor dispute.

  • NC gives Duke Energy more time on secrecy claims Friday, 26 Oct 2012 | 10:12 AM ET

    RALEIGH, N.C.-- North Carolina utilities regulators are giving Duke Energy Corp. another week to produce internal emails and other documents involving its merger with Progress Energy which the company wrongly claimed it could keep secret.

  • NJ gears up as Hurricane Sandy remains a threat Friday, 26 Oct 2012 | 10:09 AM ET

    TRENTON, N.J.-- Emergency officials in New Jersey are warning residents to prepare for a scary pre- Halloween storm. Morris County's Office of Emergency Management has sent a letter to towns urging them to review their emergency plans, and to make sure there is adequate space in shelters if residents need to be evacuated.

  • ANALYSIS-Hamas brinkmanship masks quiet confidence Friday, 26 Oct 2012 | 10:09 AM ET

    *Arab Spring puts Hamas on broader Islamist path. *Hamas aims to lead Palestinian national movement.

  • Pa. utilities, road crews keep eye on Sandy Friday, 26 Oct 2012 | 10:04 AM ET

    HARRISBURG, Pa.-- Utilities, road crews, and emergency management personnel throughout Pennsylvania are girding for a potentially damaging storm early next week.

  • Md. officials and utilities prep for big storm Friday, 26 Oct 2012 | 10:03 AM ET

    HAGERSTOWN, Md.-- Maryland utility companies and emergency management officials say they're preparing for large-scale power outages, flooding and other damage from a storm that could arrive as early as Sunday. Exelon Corp.' s Baltimore Gas and Electric Co. said Thursday that it's planning for hundreds of thousands of potential outages.

  • Oshkosh rejects Icahn buyout offer Friday, 26 Oct 2012 | 10:02 AM ET

    OSHKOSH, Wis.-- Oshkosh rejected a buyout offer from billionaire investor Carl Icahn Friday. Shares in Oshkosh Corp. rose 18 cents to close at $29.92 Friday. Oshkosh also reported Friday that its fiscal fourth-quarter net income more than doubled to $78.9 million, or 86 cents per share, compared with $37.5 million, or 41 cents per share, a year earlier.

  • Expedia shares jump on 3Q results Friday, 26 Oct 2012 | 10:02 AM ET

    NEW YORK-- A boom in hotel bookings drove Expedia's third-quarter results past Wall Street's expectations, lifting shares Friday. THE SPARK: Expedia Inc.' s third-quarter net income fell 18 percent, the online travel agency said late Thursday, but its results excluding one-time costs and 17 percent revenue growth impressed investors.