Latest Business News Wires - Business Headlines


  • Oct 31- MasterCard Inc reported a quarterly profit that handily topped market estimates as more people, particularly in Asia, opted to use credit and debit cards instead of cash. MasterCard has been boosting its presence outside the United States, cashing in on higher-growth markets in Asia and the Nordic countries.

  • *Dow off 0.2 pct, S&P 500 down 0.2 pct, Nasdaq off 0.5 pct. Traders made it through the darkened streets of downtown Manhattan before sunrise to the New York Stock Exchange at 11 Wall Street, one of the only buildings with any electricity in that area after Sandy crippled power supply and disrupted mass transit throughout the New York metropolitan region.

  • UPDATE 3-Facebook shares fall as lock-up period expires Wednesday, 31 Oct 2012 | 5:38 PM ET

    Oct 31- Facebook Inc shares fell nearly 4 percent in busy trade on Wednesday as the company allowed employees to start selling roughly 230 million shares less than six months after its rocky market debut.

  • *Wheat jumps on 300,000 tonnes Egypt purchase. LONDON, Oct 31- Commodities edged higher on Wednesday as investors dipped back into risky assets, but the sector was on track for its worst monthly loss since May as worries resurfaced about demand for raw materials.

  • WRAPUP 1-Veto threats fly in EU budget fight Wednesday, 31 Oct 2012 | 5:32 PM ET

    *France objects to proposed farm subsidy cuts. BRUSSELS, Oct 31- France joined a growing list of European Union governments threatening to veto the bloc's next long-term budget, turning up the heat at the start of divisive bargaining over a 1 trillion euro spending plan.

  • *To cut 20 pct of U.S. workforce, 30 pct of Asia- CEO. Oct 31- GT Advanced Technologies, a solar and LED equipment maker, said it would slash about 25 percent of its workforce and would l i kely report third-quarter revenue at the low end of its forecast due to weak demand in its main market, Asia.

  • Oct 31- New York power company Consolidated Edison Inc said Wednesday about 786,000 homes and businesses in New York City and Westchester County were still without power due to the devastation wrought by the massive storm, Sandy.

  • UPDATE 2-U.S. poised to hit debt limit before 2013 Wednesday, 31 Oct 2012 | 5:27 PM ET

    WASHINGTON, Oct 31- The Obama administration said on Wednesday that the nation would hit the legal limit on its debt near the year's end, although it can tap emergency measures to stave off a default and keep the government running into early 2013..

  • *Latin America offers Spaniards hope for work. MEXICO CITY/ MADRID Oct 31- After joining the euro in 1999, Spain's economic boom made it the land of opportunity for millions of Latin American migrant workers.

  • UPDATE 4-Canada economy shrinks in August, clouds outlook Wednesday, 31 Oct 2012 | 5:24 PM ET

    *Bank of Canada seen on hold for longer. OTTAWA, Oct 31- The Canadian economy shrank in August for the first time in six months, an unexpected contraction that pointed to a sharp slowdown in third-quarter growth and reinforced the Bank of Canada's message that interest rate hikes are less imminent.

  • OTTAWA, Oct 31- Canada is likely to extend its review of the $15.1 billion bid by China's CNOOC Ltd for oil producer Nexen Inc beyond next week's deadline to allow more time for the government to formulate a broad framework on foreign investment, two sources close to the matter said on Wednesday.

  • Amtrak plans to restore some NYC service on Friday Wednesday, 31 Oct 2012 | 5:23 PM ET

    WASHINGTON-- Amtrak says it plans to restore some service on Friday to and from New York City, which has been without intercity train service since it was walloped by superstorm Sandy.

  • Firm linked to US meningitis outbreak recalls all drugs Wednesday, 31 Oct 2012 | 5:20 PM ET

    BOSTON, Oct 31- Ameridose, the sister company to the U.S. pharmacy linked to a national outbreak of meningitis that has killed 28 people, on Wednesday announced it was recalling all its products, in a move to cooperate with U.S. and state regulators.

  • NEW YORK, Oct 31- U.S.

  • *Plaintiffs filed lawsuits in Canada and Brazil this year. QUITO, Oct 31- Ecuadorean plaintiffs plan to file a lawsuit against Chevron in Argentina, their third legal attempt outside the Andean country to enforce a $19 billion ruling against the U.S. oil company for pollution in the Amazon, a source with direct knowledge of the case said.

  • *GM expects much bigger loss in Europe this year. *Still sees Europe economy flat to slightly deteriorating. Shares of the automaker rose nearly 9 percent in afternoon trading even as it said it expected to lose as much as $1.8 billion in Europe this year.

  • LONDON, Oct 31- Flagging growth prospects for the euro zone's biggest economies will prompt the European Central Bank to ease monetary policy more early next year, according to a slim majority of economists polled by Reuters.

  • CHICAGO, Oct 31- One of five policymakers on the U.S. Commodity Futures Trading Commission said on Wednesday that the CFTC fell down on the job earlier this month as it imposed, and then suspended, a key rule governing energy derivatives.

  • *Supply rises by 60,000 bpd, led by Iraq, Angola, Libya. LONDON, Oct 31- OPEC oil output has risen slightly in October as extra supplies from Iraq, Angola and Libya have offset disruptions in Nigeria and a further decline in Iran to its lowest in two decades, a Reuters survey found on Wednesday.

  • UPDATE 2-JPMorgan sues former London Whale boss Wednesday, 31 Oct 2012 | 5:00 PM ET

    LONDON, Oct 31- JPMorgan Chase& Co is suing the former boss of Bruno Iksil, the trader known as the London Whale, for the outsized derivatives positions he took that cost the bank $6.2 billion. He added that JPMorgan has so far failed to provide details of the evidence to support its allegations, which would enable Martin-Artajo to begin the process of his defence.