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Latest Business News Wires - Business Headlines


  • SAN FRANCISCO, Oct 24- Billionaire hedge fund manager Tom Steyer says he will focus on pushing California toward an alternative energy future when he steps down from the company he founded, Farallon Capital.

  • UNITED NATIONS, Oct 24- Russia slammed leaks to the media from a closed-door Security Council briefing on Syria on Wednesday, saying diplomats and journalists involved should be stripped of U.N. accreditation fo r the release of confidential information.

  • Oct 24- Retailer Best Buy Co Inc on Wednesday warned earnings and same-store sales would fall for its fiscal third quarter, and said the head of its U.S. business unit will leave as it restructures its U.S. business into physical and online units.

  • Crude oil stocks in the United States jumped 5.9 million barrels last week, the U.S. Energy Information Administration said in a weekly report, well above the increase of 1.9 million barrels in a Reuters survey of analysts.

  • SAN FRANCISCO, Oct 24- Zynga Inc raised the lower end of its 2012 earnings outlook on Wednesday as the company reported a slight uptick in revenue that beat Wall Street's rock-bottom expectations. Shares of Zynga jumped 16 percent to $2.47 in after-hours trade. The news was a bright spot after Zynga slashed its 2012 outlook earlier this month.

  • HK dollar peg under strain, but seen likely to stay Wednesday, 24 Oct 2012 | 8:59 PM ET

    The third round of quantitative easing in the United States enacted in September, combined with increased optimism about China's economic prospects, has translated into fresh enthusiasm for Hong Kong dollars in October, forcing the Hong Kong Monetary Authority to repeatedly intervene to keep the currency within its permitted trading band.

  • Dominance of U.S. corn in Asia shaken by drought, price Wednesday, 24 Oct 2012 | 8:57 PM ET

    *Brazil, Argentina grab US market share. Major importers in Asia, including South Korea, Taiwan and top buyer Japan, have turned away from the United States as U.S. corn prices soared to record highs this summer, buying feed from South America and producers in the Black Sea region.

  • *Dow down 0.2 pct, S&P 500 off 0.3 pct, Nasdaq off 0.3 pct. *Boeing dips after results, but Dow Chemical jumps on job-cut plans. The S&P 500 has lost 3.6 percent over the past five sessions, hurt by weak earnings outlooks and top-line revenue misses from large multinational companies.

  • China's ZTE to post first loss as margins bleed Wednesday, 24 Oct 2012 | 8:54 PM ET

    HONG KONG, Oct 25- ZTE Corp, a major Chinese telecommunications equipment manufacturer and the world's No.4 maker of mobile phones, will on Thursday report its first quarterly loss since listing its shares in Hong Kong in 2004, as weak sales have shredded margins to record lows.

  • FOREX-Dollar holds gains vs euro as Fed stays the course Wednesday, 24 Oct 2012 | 8:53 PM ET

    NEW YORK, Oct 24- The dollar held gains against the euro on Wednesday after the Federal Reserve delivered no surprises at its policy meeting, sticking to its stimulus plan to boost a still sluggish U.S. economy and keeping rates low for some time.

  • Boston, Oct 24- Symantec Corp, the top maker of computer security software, reported results ahead of Street expectations as its new chief executive began a turnaround effort following the firing of his predecessor in July.

  • China ends nuke plant ban set after Japan disaster Wednesday, 24 Oct 2012 | 8:50 PM ET

    BEIJING-- China has decided to approve new nuclear power plants as part of plans to reduce reliance on oil and coal, ending the moratorium it imposed to review safety in the wake of Japan's Fukushima disaster last year.

  • *Dow down 0.2 pct, S&P 500 off 0.3 pct, Nasdaq off 0.3 pct. *Boeing dips after results, but Dow Chemical jumps on job-cut plans. The S&P 500 has lost 3.6 percent over the past five sessions, hurt by weak earnings outlooks and top-line revenue misses from large multinational companies.

  • SEOUL, Oct 25- Hyundai Motor Co drove up sales in France by 40 percent last month and had a record September in the United States, but it has since had nearly $7 billion wiped off its market value as investors query the South Korean automaker's go-slow on expanding capacity.

  • *Fed continues with $40 billion/ month bond buying. WASHINGTON, Oct 24- The Federal Reserve on Wednesday stuck to its plan to keep stimulating U.S. growth until the job market improves even as it acknowledged some parts of the economy were looking a bit better.

  • NEW YORK, Oct 24- Global shares fell on Wednesday as investors soured on another round of underwhelming corporate results, while the euro slipped on signs that the euro zone is heading toward a deeper recession than previously feared.

  • MADRID, Oct 24- Spain is ready to start funding itself for 2013, including the needs of its indebted regions, after having nearly completed its debt issuance plan for this year, the head of the Spanish Treasury said on Wednesday.

  • Equifax posts higher profit, revenue for 3Q Wednesday, 24 Oct 2012 | 8:39 PM ET

    ATLANTA-- Equifax Inc., which collects and sells consumer credit information, said Wednesday that its profit grew 17 percent in the third quarter, aided by stronger revenue in its consumer-information business. Excluding the impact of acquisition-related expenses, Equifax's earnings amounted to 75 cents per share.

  • *US says bank sold toxic loans to Fannie Mae, Freddie Mac. NEW YORK, Oct 24- The United States filed a fraud lawsuit against Bank of America Corp, accusing it of causing taxpayers more than $1 billion of losses by selling thousands of toxic mortgage loans to Fannie Mae and Freddie Mac.

  • NEW YORK, Oct 24- Gold fell on Wednesday to just above $1,700 an ounce, after the U.S. The metal, which briefly dropped below $1,700 an ounce earlier in the session, has been pressured by worries about a U.S. economic slowdown which also slammed equities and commodities this week.