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Latest Business News Wires - Business Headlines


  • *Euro zone ministers confer on how to keep Greece afloat. *Greece slashes forecast of 2013 primary budget surplus.

  • NEW YORK, Oct 31- U.S gasoline futures surged nearly 6 percent on Wednesday as the market braced for potentially long-term fuel supply disruptions at the East Coast's second-biggest refinery following Sandy, the massive storm that devastated the Jersey shore.

  • *U.S. stocks flat to lower as Wall Street reopens after 2- day closure. NEW YORK, Oct 31- Wall Street began trading on Wednesday after monster storm Sandy forced a two-day closure, with shares trading lower and crude oil rising even though most refineries emerged unscathed.

  • Oct 31- GT Advanced Technologies will slash about 25 percent of its global workforce, the Solar and LED equipment maker said, adding that third-quarter revenue is likely to be at the low end of its forecast because of weak demand in Asia.

  • Swiss to expand team helping track foreign tax cheats Wednesday, 31 Oct 2012 | 3:23 PM ET

    The government said on Wednesday it had granted permission for the finance department to add eight new staff to a group created in 2011, after Switzerland promised to relax its traditional bank secrecy and do more to help stop tax evasion.

  • *First-quarter profit $1.01/ share tops Street view $0.95. *Still expects FY 2013 profit $4.20- $4.35/ share. Oct 31- Clorox Co posted a higher quarterly profit and maintained its forecast for the fiscal year, buoyed by price increases, cost cuts and a lower-than-anticipated tax rate, which helped mitigate the impact of a drop in volume.

  • LONDON, Oct 31- OPEC oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya offset a further decline in Iran to its lowest in two decades and disruptions in Nigeria, a Reuters survey found on Wednesday.

  • On Tuesday, outages climbed to 32,045 megawatts, the highest since the refueling and maintenance season in May 2011, following the Fukushima nuclear disaster in Japan in March that year.

  • UPDATE 4-PVH to buy Warnaco for Calvin Klein control Wednesday, 31 Oct 2012 | 3:16 PM ET

    *Expects deal to add $1 a share to earnings in third year. Oct 31- PVH Corp will buy rival Warnaco Group Inc for about $2.8 billion in a deal that will give the company more control of the Calvin Klein clothing brand and boost profits immediately, sending PVH shares up as much as 23 percent.

  • *Bank of Canada seen on hold for longer. OTTAWA, Oct 31- The Canadian economy shrank unexpectedly in August, pointing to a sharp third-quarter slowdown in growth from the first half and reinforcing the Bank of Canada's message that interest rate hikes are less imminent.

  • The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, was down 4.8 percent in the week ended Oct 26.

  • *ICL, Israel Corp shares jump. JERUSALEM, Oct 31- Potash Corp, the world's largest fertiliser maker, is ramping up efforts to acquire smaller rival Israel Chemicals and has appealed directly to Israel's prime minister to back a deal.

  • *Home Depot reopens 33 stores. At Home Depot, one of the biggest challenges during the height of the storm was constantly rerouting trucks filled with supplies as local officials ordered roads closed, said Doug Spiron, Emergency Response Captain at the No. 1 home improvement chain's command center. At the peak on Monday, 44 Home Depot stores were closed.

  • On Tuesday, outages climbed to 32,045 megawatts, the highest since the refueling and maintenance season in May 2011, following the Fukushima nuclear disaster in Japan in March that year.

  • Ally pays back $2.9 billion in FDIC-backed debt Wednesday, 31 Oct 2012 | 2:59 PM ET

    Oct 31- Ally Financial Inc, the U.S. auto lender 74 percent owned by the U.S. government, on Wednesday said it has repaid $2.9 billion in debt issued under a financial-crisis-era program designed to bolster confidence in the banking system.

  • US STOCKS-Dow, S&P rise after reopening, volume low Wednesday, 31 Oct 2012 | 2:58 PM ET

    *Ford, Home Depot among the biggest gainers. *Apple shares fall, weighing on Nasdaq index. Ford Motor Co rallied 5 percent to $10.83 as the most-traded stock on the New York Stock Exchange after reporting strong results during the market closure.

  • DETROIT, Oct 31- General Motors Co is targeting $500 million in fixed-cost savings between 2013 and 2015, and it plans to make further job cuts in Europe as it seeks to break even in the region by mid-decade, the automaker said on Wednesday.

  • *Appeal aimed at G20 meeting in Mexico this week. GENEVA, Oct 31- The world's leading economies must revitalise both global trade and investment in developing countries to counter a new slowdown in economic growth, three key international organisations said on Wednesday.

  • U.S. jobs report to be released on Friday as scheduled Wednesday, 31 Oct 2012 | 2:53 PM ET

    WASHINGTON, Oct 31- The U.S. government's report on employment in October will be released on Friday as scheduled, the Labor Department's statistical arm said on Wednesday in a statement on its website.

  • OTTAWA, Oct 31- The Canadian government's review of the $15.1 billion bid by China's CNOOC Ltd for Canadian oil firm Nexen Inc is unlikely to be finished by next week's deadline, two sources close to the transaction said on Wednesday.