Latest Business News Wires - Business Headlines


  • US suit alleges 'brazen' fraud at Countrywide Wednesday, 24 Oct 2012 | 3:33 PM ET

    The suit, filed Wednesday by the top federal prosecutor in Manhattan, also underscored how Bank of America's purchase of Countrywide in July 2008, just before the financial crisis, backfired severely. He also charged that Bank of America has resisted buying back soured mortgages from Fannie Mae and Freddie Mac, which bought loans from Countrywide.

  • OTTAWA, Oct 24- The Bank of Canada halved its forecast for third-quarter economic growth in Canada to 1.0 percent, annualized, on Wednesday and said the degree of slack in the economy has widened, suggesting rate hikes could come later than thought.

  • Level 3 3Q misses analyst expectations Wednesday, 24 Oct 2012 | 3:31 PM ET

    BROOMFIELD, Colo.-- Shares in Level 3 Communication shares slipped Wednesday after the Internet services company reported a deep third-quarter loss and less revenue than Wall Street expected. The Broomfield, Colo., company said it lost $166 million, or 76 cents per share, on about $1.59 billion in revenue.

  • NEW YORK, Oct 24- The euro slipped against the dollar and yen on Wednesday on signs of further decline in the economy of regional powerhouse Germany, but global shares rebounded slightly after Tuesday's hefty fall. Boeing Co reported stronger-than-expected earnings and raised its full-year 2012 outlook, supporting the Dow.

  • Oct 24- Eli Lilly and Co and Bristol-Myers Squibb Co posted lower-than-expected profit as their former top medicines were pounded by cheaper generics and sales of other products disappointed, sending their shares lower. Lilly earned $1.33 billion, or $1.18 per share, in the third quarter. That compared with $1.24 billion or $1.11 per share a year earlier.

  • UPDATE 1-Air Canada, United settle with Canada on routes Wednesday, 24 Oct 2012 | 3:30 PM ET

    TORONTO, Oct 24- Canada's Competition Bureau said on Wednesday it had reached an agreement with Air Canada and United Continental Holdings that prohibits them from coordinating on 14 transborder routes but clears the way for a joint venture that excludes those routes.

  • Pfizer lung cancer drug gets conditional EU approval Wednesday, 24 Oct 2012 | 3:30 PM ET

    Oct 24- European health regulators granted conditional approval to Pfizer Inc's Xalkori to treat advanced non-small cell lung cancer in patients with a specific genetic mutation, the company said on Wednesday.

  • UPDATE 1-iPad mini won't upset low-end market - analysts Wednesday, 24 Oct 2012 | 3:29 PM ET

    *Barclays cuts target to $800 from $810. Oct 24- Apple Inc's ``iPad mini'' will attract new customers but the higher-than-expected price is unlikely to make it a threat to low-cost tablets such as Amazon.com Inc's Kindle, analysts said, in a muted reaction to the new tablet.

  • News Summary: More pain ahead for EU carmakers Wednesday, 24 Oct 2012 | 3:29 PM ET

    BILL COMES DUE: After an extended decline, the state of the automobile industry in Europe, which has been wracked by a broadening recession, became abundantly clear Wednesday. France was forced to throw a lifeline to the continent's No. 2 carmaker, Peugeot Citroen, and Ford announced it would close its massive factory in Belgium, costing 9,500 jobs.

  • SAO PAULO, Oct 24- Brazil will raise the required amount of ethanol blended into gasoline to 25 percent from the current 20 percent by the end of June next year, the country's oil regulator said on Wednesday. Brazil had lowered the amount of ethanol in gasoline to 20 percent in October 2011 due to a shortage of the biofuel and an increase in its price.

  • Report: Unemployment drops in Wis. cities Wednesday, 24 Oct 2012 | 3:22 PM ET

    MADISON, Wis.-- Unemployment rates are dropping across Wisconsin. Racine had the highest unemployment rate of any city at 10.7 percent followed by Beloit at 9.9 percent. Rates ranged from a low of 4.3 percent in Pierce County to a high of 13.7 percent in Menominee County.

  • UPDATE 7-Oil falls below $108 on US crude stock build Wednesday, 24 Oct 2012 | 3:21 PM ET

    LONDON, Oct 24- Brent crude oil fell for a seventh consecutive session on Wednesday after U.S. crude stocks rose last week, offsetting earlier strength prompted by signs that Chinese demand could stage a recovery. Brent crude was down 42 cents at $107.83 a barrel by 1455 GMT and looked on track for its lowest close since early August. U.S. oil fell $1 cents to $85.67.

  • UPDATE 3-Boeing profit beats expectations, defense strong Wednesday, 24 Oct 2012 | 3:21 PM ET

    Oct 24- Boeing Co posted stronger-than-expected results for the third quarter on Wednesday as its defense business improved and commercial aircraft deliveries surged, and the company raised its full-year forecast for the third time this year.

  • Vt. AG accuses company of mislabeled mints Wednesday, 24 Oct 2012 | 3:20 PM ET

    BURLINGTON, Vt.-- The state Attorney General's office has sued a company called VerMints, saying it has mislabeled its tins of mints as Vermont products. It says from 2006 to 2010, the company sold over 1.3 million tins prominently labeled " Vermont's All Natural Mints," or " Vermont's All Natural Pastilles."

  • New Corvette's engine to gain power, efficiency Wednesday, 24 Oct 2012 | 3:18 PM ET

    General Motors, which owns the Chevrolet brand, unveiled the new 6.2- liter V-8 on Wednesday. The new version of the Corvette will be unveiled at January's North American International Auto Show in Detroit. The sleek sports car has been an icon of Detroit muscle since its debut in 1953..

  • Gilead Sciences rises on 3Q results, new outlook Wednesday, 24 Oct 2012 | 3:18 PM ET

    NEW YORK-- Shares of Gilead Sciences Inc. rose Wednesday after the HIV drug maker reported strong third-quarter results and projected greater sales in 2012.. Stribild, which combines four medications into a single pill, was approved by the Food and Drug Administration in August.

  • On the Call: Delta Air Lines CEO Richard Anderson Wednesday, 24 Oct 2012 | 3:17 PM ET

    Jet fuel is the bane of an airline's existence. It has become the single biggest expense at Delta Air Lines Inc. and other airlines, and its volatility has made airline planning difficult.

  • Oct 24- Marathon Oil Corp said on Wednesday it is in negotiations to sell a portion of its 20 percent stake in the Athabasca Oil Sands Project in Canada as part of a strategy to shed less profitable assets. No sale of the non-operated Athabasca interest can be assured, Houston- based Marathon said.

  • Ally mortgage servicing unit OKs $3B buyout offer Wednesday, 24 Oct 2012 | 3:15 PM ET

    NEW YORK-- Ally Financial Inc.' s mortgage lending and servicing subsidiary has given preliminary approval to a $3 billion buyout offer from a unit of Ocwen Financial Corp..

  • Sandy forms into category 1 hurricane - NHC Wednesday, 24 Oct 2012 | 3:14 PM ET

    Oct 24- Sandy formed into a category 1 hurricane on Wednesday, and was located about 65 miles south of Kingston, Jamaica, and about 235 miles south-southwest of Guantanamo, Cuba, the U.S. National Hurricane Center said in its latest bulletin. ``The center of Sandy is expected to move near or over eastern Jamaica this afternoon and this evening, move over eastern Cuba tonight and Thursday morning, and approach the central Bahamas on Thursday,'' the NHC said.