Latest Business News Wires - Business Headlines


  • Algae biofuel not sustainable now-U.S. research council Wednesday, 24 Oct 2012 | 10:45 PM ET

    WASHINGTON, Oct 24- Biofuels made from algae, promoted by President Barack Obama as a possible way to help wean Americans off foreign oil, cannot be made now on a large scale without using unsustainable amounts of energy, water and fertilizer, the U.S. National Research Council reported on Wednesday.

  • American plans to hire 2,500 pilots Wednesday, 24 Oct 2012 | 10:42 PM ET

    DALLAS-- The CEO of American Airlines said the company expects to hire 2,500 pilots over the next five years as it ramps up international flights.

  • NEW YORK, Oct 24- The European Central Bank and the U.S. The two powerful central banks are ``all in'' as they act to give lawmakers more time to resolve problems in Europe and the United States, Mohamed El-Erian, who is also co-chief investment officer of Pacific Investment Management Co, said at a conference hosted by The Economist magazine.

  • FOREX-USD off highs after Fed, NZD up on RBNZ Wednesday, 24 Oct 2012 | 10:22 PM ET

    SYDNEY, Oct 25- The dollar drifted off a two-week peak against a basket of major currencies on Thursday after the Federal Reserve stuck to its stimulus progamme, while a less-dovish-than-expected New Zealand central bank gave the kiwi dollar a boost. As a result, the euro climb off a near two-week low of $1.2921 to $1.2970.

  • As investors bet on election, odd trading crops up Wednesday, 24 Oct 2012 | 10:14 PM ET

    NEW YORK, Oct 24- Money managers across the United States are avidly watching the Nov. 6 presidential election, gaming out investing strategies in the event of a second term for Barack Obama or a first one for Mitt Romney.

  • Oct 24- Producing more airplanes and cutting costs in its defense business helped Boeing Co post stronger-than-expected profit for the third quarter, and the company notched up its earnings forecast for the third time this 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.

  • RIO DE JANEIRO, Oct 24- Brazil's Vale SA, the world's No. 2 mining company, said on Wednesday that third-quarter profit fell 66 percent compared with a year earlier after the price of iron ore dropped to three-year lows. Net income in the three months ending Sept. 30 was $1.67 billion, compared with $4.94 billion a year earlier, Vale said in a statement.

  • UPDATE 3-Best Buy warns on profit; U.S. unit head to leave Wednesday, 24 Oct 2012 | 10:05 PM ET

    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 will leave as it starts to restructure under a new chief executive. Best Buy shares fell 6.8 percent in after-hours trading.

  • Reuters World News Highlights 2200 GMT Oct 24 Wednesday, 24 Oct 2012 | 10:00 PM ET

    BEIRUT/ CAIRO- Syria said on Wednesday its military command was still studying a proposal for a holiday ceasefire with rebels- contradicting international mediator Lakhdar Brahimi's announcement that Damascus had agreed to a truce.

  • *CEO Steve Bennett takes control of sales force. BOSTON, Oct 24- Symantec Corp reported results ahead of Wall Street expectations as its new chief executive took direct control of the company's sales force as part of an effort to turn around the maker of security software. You have a new CEO who is off to a good start,'' said Daniel Ives, analyst with FBR Capital Markets.

  • WASHINGTON, Oct 24- South Korea's Samsung Electronics, the world's top maker of smartphones, infringed Apple patents to make its smartphones and tablets, a U.S. trade panel judge said in a preliminary decision issued on W edn esday. The full International Trade Commission will decide in February whether to uphold or reject the judge's decision.

  • *Sees EBIT at 8 bln eur in 2012, no longer 9 bln. *Mercedes plans to cut costs by 2.0 bln eur by end-2014. FRANKFURT, Oct 24- Germany's Daimler warned on Wednesday that it would miss its earnings forecast this year by about 1 billion euros and would not improve profit margins next year as expected, blaming ``significantly more difficult market conditions.''.

  • LONDON, Oct 24- Incoming New York Times chief Mark Thompson told Reuters on Wednesday that his U.S. employer had given him full support since a sexual abuse scandal erupted at Britain's BBC where he had been in charge until last month.

  • NZ coal mine boss pleads not guilty over explosion Wednesday, 24 Oct 2012 | 9:46 PM ET

    WELLINGTON, New Zealand-- A former New Zealand coal mine boss pleaded not guilty Thursday to 12 labor law violations involving the underground explosion nearly two years ago that killed 29 miners.

  • Higher prices drive Mexico's Gruma profit up 73 percent Wednesday, 24 Oct 2012 | 9:46 PM ET

    MEXICO CITY, Oct 24- Mexican corn miller and tortilla maker Gruma said on Wednesday its third-quarter profit rose 73 percent from the year earlier period, boosted by higher prices. Third-quarter profit rose to 267 million pesos from 154 million pesos a year earlier, when foreign exchange losses hurt earnings.

  • *Net revenue down 6 pct to $409 mln vs Street's $411.9 mln. Oct 24- Nasdaq OMX Group Inc's profit fell nearly 20 percent in the third quarter due to a steep drop in trading volumes of U.S. and European equities, the exchange operator said on Wednesday.

  • Oct 24- Nobel Prize-winning economist Joseph Stiglitz chided U.S. President Barack Obama and Republican presidential candidate Mitt Romney for not seriously addressing the troubled U.S. housing market during the recent series of presidential debates.

  • SAN FRANCISCO, Oct 24- Zynga Inc raised the lower end of its 2012 earnings outlook after quarterly revenue beat Wall Street's rock-bottom expectations, driving its shares 12 percent higher. The news proved a rare bright spot for Zynga, which is trying to stave off user losses that prompted it to slash its 2012 outlook twice in recent months.

  • 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 will leave as it starts to restructure under a new chief executive. Best Buy shares fell 6 percent in after-hours trading.