Latest Business News Wires - Business Headlines


  • Ahead of the Bell: New Home Sales Wednesday, 24 Oct 2012 | 6:18 AM ET

    WASHINGTON-- U.S. sales of new homes likely rose at a steady pace in September after a slight dip the previous month, further evidence that the housing market is steadily improving. Economists forecast that sales of new homes increased 2.4 percent to a seasonally adjusted annual rate of 382,000 last month, according to a survey by FactSet.

  • Yuan softens as c.bank signals desire for stability Wednesday, 24 Oct 2012 | 6:16 AM ET

    *Yuan eases slightly to 6.2510/ dollar. *Traders wary of hitting strong side of trading band. SHANGHAI, Oct 24- China's yuan eased on Wednesday, responding to a slightly weaker central bank midpoint, but still hovered near recent record levels, as traders say corporate yuan demand remains robust.

  • Nikkei snaps 7-day winning run on U.S. earnings gloom Wednesday, 24 Oct 2012 | 6:08 AM ET

    TOKYO, Oct 24- Japan's Nikkei average snapped a seven-session winning streak on Wednesday as poor U.S. earnings prompted investors to pocket gains on export-focused firms, although better-than-expected Chinese manufacturing data helped limit losses.

  • VW net profit rises 58 pct on accounting gain Wednesday, 24 Oct 2012 | 5:07 AM ET

    FRANKFURT, Germany-- German automaker Volkswagen AG says net profit rose 58 percent in the third quarter because of an accounting boost from its takeover of Porsche. Volkswagen said it was sticking to its earnings forecast despite what it called "growing headwinds" in the business environment.

  • HONG KONG, Oct 24- Mainland Chinese shares rose on Wednesday, outperforming most Asian peers and lifting the Hong Kong market to just short of a year-high after a survey of purchasing managers showed China's economy making a steady recovery. The China Enterprises Index of the top Chinese listings in Hong Kong was down 0.4 percent.

  • *Vegas less powerful in casino world after Macau boom. With no full-time staff in Asia and a mission that includes nurturing an industry increasingly dependent on China- controlled Macau, the granddaddy of U.S. gambling regulators may ultimately prove powerless to police a global business of which Las Vegas is no longer the capital, industry veterans said.

  • Moody's places on downgrade watch Rosneft, TNK-BP Wednesday, 24 Oct 2012 | 4:55 AM ET

    MOSCOW-- Ratings agency Moody's has placed Rosneft and TNK-BP on review for downgrade following Rosneft's agreement to by the joint venture between BP and a group of Russian oligarchs. State-owned Rosneft on Monday unveiled a deal to buy TNK-BP, Russia's third-largest oil producer.

  • Profits soar for Sweden's Nordea in Q3 Wednesday, 24 Oct 2012 | 4:51 AM ET

    STOCKHOLM-- Nordea AB, the largest banking group in the Nordics, has posted a near 70 percent increase in third-quarter profits mainly thanks to higher household lending and a tighter rein on costs, but said loan losses keep growing, especially within shipping and the Danish housing market.

  • Ford poised to announce plans to close Belgian plant Wednesday, 24 Oct 2012 | 4:30 AM ET

    GENK, Belgium, Oct 24- Ford Motor Co is poised to tell unions on Wednesday that it will close its factory in the Belgian town of Genk, which employs 4,300 workers, as it tries to stem losses in Europe and match capacity to tumbling demand.

  • MELBOURNE, Oct 24- Deutsche Bank has built a 5.2 percent stake in Australian takeover target GrainCorp in recent months, a move that could pay off handsomely as the target's shares have soared and could climb even higher if rival bids appear.

  • *Report: Greece to be given 2 more years Wednesday, 24 Oct 2012 | 3:53 AM ET
  • Q3 profits plunge for Swedish truck maker Volvo Wednesday, 24 Oct 2012 | 3:50 AM ET

    STOCKHOLM-- Swedish truck maker AB Volvo has reported a sharp drop in profits for the third quarter, blaming it on an overall slowdown in demand, warning more cuts in its production rates are possible.

  • BEIJING, Oct 24- China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signalled on Thursday, with new orders and output at their highest in months.

  • Union: Ford to close Belgian plant in 2014 Wednesday, 24 Oct 2012 | 3:38 AM ET

    BRUSSELS-- A union leader said Wednesday Ford Motor Co. has decided to close one of its main factories in eastern Belgium by the end of 2014 in a move that will result in 4,500 direct job losses and 5,000 more among subcontractors.

  • Nikkei falls, set to snap 7-day winning streak Wednesday, 24 Oct 2012 | 3:21 AM ET

    *Gree and DeNa up after Facebook surprises with mobile revenue. Japanese social gaming sites DeNa and Gree also gained in heavy trade after Facebook Inc said mobile advertising revenue had roughly tripled in the third quarter, reassuring investors who had feared revenues of web-based firms would be hit by the shift to smartphones from personal computers.

  • Huawei executive urges Australia to avoid US lead Wednesday, 24 Oct 2012 | 3:14 AM ET

    CANBERRA, Australia-- The head of the Australian subsidiary of Huawei Technologies Ltd. has urged Australia not to be swayed by report from the U.S. Congress that referred to the Chinese telecommunications giant as a potential security risk.

  • UPDATE 4-Dow cutting jobs, closing plants as growth slows Wednesday, 24 Oct 2012 | 3:14 AM ET

    *Dow Chemical to cut 2,400 jobs, close 20 plants. NEW YORK, Oct 23- Dow Chemical Co, the largest chemical maker in the United States, said on Tuesday it plans to cut 5 percent of its workforce and shutter 20 plants as part of a restructuring program aimed at countering a slowing global economy.

  • SEOUL, Oct 24- South Korea's SK Hynix Inc booked a smaller-than-expected quarterly operating loss on a jump in demand for chips used in mobile devices like Apple Inc's iPad and iPhone, sending its shares up 4 percent. Those new devices will include Apple's iPad mini, a new version of the iPad and Microsoft's new Windows-based smartphones and tablets.

  • *HSBC Oct flash China manufacturing PMI signal recovery. TOKYO, Oct 24- Data suggesting a gathering economic recovery in China helped trim declines in Asian shares on Wednesday, though investors stayed risk averse due to weak corporate earnings results worldwide and enduring worries over economic slowdown.

  • SINGAPORE, Oct 24- Brent crude futures climbed towards $109 a barrel on Wednesday, snapping a six-day losing streak after economic data from China suggested a strengthening recovery in the world's No. 2 oil consumer. Brent crude had risen 46 cents to $108.71 a barrel by 0239 GMT.