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CNBC Utilities Page Latest Business News Wires - Business Headlines


  • News Summary: Citi shedding units, courting Fed Monday, 15 Oct 2012 | 1:09 PM ET

    BYE-BYE, BROKERAGE: Citigroup negotiated last month to sell its remaining stake of its retail brokerage to Morgan Stanley. But Citi didn't get as much money as it was hoping for, and it had to take a $4.7 billion charge to third-quarter earnings.

  • News Summary: Abbott Labs hepatitis C drug study Monday, 15 Oct 2012 | 1:08 PM ET

    THE JUMP: Shares of Abbott Laboratories Inc. rose Monday after the company said an experimental five-drug regimen cured 99 percent of patients in a 12- week mid-stage clinical trial. THE DATA: The North Chicago, Ill., company said the regimen worked on patients with the most common and hardest-to-treat type of the disease.

  • Study: Privatized Medicare would raise premiums Monday, 15 Oct 2012 | 1:07 PM ET

    WASHINGTON-- Nearly six in 10 Medicare recipients would pay higher premiums under a hypothetical privatized system along the lines of what Republican presidential candidate Mitt Romney has proposed, according to a study released Monday.

  • Big tobacco says corrective statements go too far Monday, 15 Oct 2012 | 1:07 PM ET

    WASHINGTON-- Tobacco companies are urging a federal judge to reject the government's proposed industry-financed corrective statements, calling them "forced public confessions." The Justice Department countered that the statements need to be strong enough to protect people from future false statements made by cigarette makers.

  • Hulk Hogan to file lawsuits over sex tape Monday, 15 Oct 2012 | 1:00 PM ET

    TAMPA, Fla.-- Reality TV star and former pro wrestler Hulk Hogan is suing a Tampa Bay- based disc jockey, the DJ's ex-wife and a New York media group over a sex tape. According to a news release from Hogan's publicist, two lawsuits will be discussed during a news conference Monday afternoon near the federal courthouse in Tampa.

  • Stocks head higher after retail sales improve Monday, 15 Oct 2012 | 11:55 AM ET

    The Commerce Department said retail sales rose 1.1 percent last month after a 1.2 percent increase in August. Citigroup stock rose after the bank beat Wall Street's earnings estimates. The stock was up $1.60 at $36.35.

  • Lithuanians deal blow to austerity, nuclear plans Monday, 15 Oct 2012 | 11:50 AM ET

    "Promises that the new government will stop saving and start spending big-time are unrealistic," said Nerijus Maciulis, analyst at Swedbank. " Otherwise Lithuania will soon find itself in a situation similar to Greece. "

  • Company expands SC operations, adds 50 jobs Monday, 15 Oct 2012 | 11:49 AM ET

    ABBEVILLE, S.C.-- A company that does screen printing and embroidery for promotional products is adding 50 new jobs at its facility in South Carolina's Abbeville County. Company president Kevin Nord says the company needs to expand to meet increasing customer demand.

  • RI gas prices drop 2 cents Monday, 15 Oct 2012 | 11:48 AM ET

    PROVIDENCE, R.I.-- Gasoline prices in Rhode Island have dropped by two cents in the past week. Costs for fuel in Rhode Island have dropped four cents in the past month. A year ago, gas cost $3.55 a gallon in Rhode Island.

  • Abbott Labs rises on hepatitis C drug data Monday, 15 Oct 2012 | 11:48 AM ET

    NEW YORK-- Abbott Laboratories said Monday that its experimental hepatitis C drug regimen cured 99 percent of patients in a midstage study with the most common and hardest-to-treat type of the disease. Abbott shares rose $2.77, or 4 percent, to close at $72.05 Monday.

  • Gas prices fall 5 cents in Massachusetts Monday, 15 Oct 2012 | 11:47 AM ET

    BOSTON-- Gas prices have dropped five cents per gallon in Massachusetts in the past week. AAA Southern New England reported Monday that a gallon of self-serve, regular is selling for an average of $3.83. The prices in the latest survey ranged from a low of $3.66 to a high of $3.99.

  • RI collects $4.1M through tax amnesty program Monday, 15 Oct 2012 | 11:46 AM ET

    PROVIDENCE, R.I.-- A tax amnesty program in Rhode Island has generated more than $4.1 million in payments from people behind on their taxes. The state Division of Taxation said Monday that it has received 1,933 applications since the amnesty period began Sept. 2.

  • Mortgage comeback? Citigroup isn't so sure Monday, 15 Oct 2012 | 11:39 AM ET

    NEW YORK-- Citigroup isn't as enthusiastic as its peers about a comeback in the housing market. On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner.

  • Scots move closer to vote on independence from UK Monday, 15 Oct 2012 | 11:29 AM ET

    EDINBURGH, Scotland-- Scotland moved a step closer Monday to a vote on independence after Scottish and British leaders signed a deal laying the groundwork for a popular referendum that could radically alter the shape of the United Kingdom.

  • News Summary: Morgan Stanley faces lawsuit Monday, 15 Oct 2012 | 11:24 AM ET

    NEW YORK-- THE LAWSUIT: Morgan Stanley is being accused of discriminating against black homeowners and violating federal civil rights laws by providing strong incentives to a subprime lender to originate mortgages that were likely not to be repaid. Morgan Stanley says the allegations are without merit and that it will defend itself against the accusations.

  • News Summary: Kindle customers may get credit Monday, 15 Oct 2012 | 11:23 AM ET

    NEW YORK-- GIVE ME CREDIT: Amazon.com Inc. has informed its Kindle customers that they may receive a credit on previous electronic book purchases as part of settlements between some major e-book publishers and the government.

  • Lilly shares rise after report on cancer treatment Monday, 15 Oct 2012 | 11:21 AM ET

    Shares of Eli Lilly and Co. started the week strong after the drug developer said Monday a potential stomach cancer treatment met goals for improved patient survival and progression-free survival in a late-stage study that compared it to a dummy treatment.

  • 3M launches tender offer for Ceradyne deal Monday, 15 Oct 2012 | 11:11 AM ET

    ST. PAUL, Minn.-- A 3 M Co. subsidiary launched a tender offer Monday for all outstanding shares of common stock of Ceradyne Inc. as part of the office supply company's plan to buy the ceramic components maker. 3 M, which makes Post-It notes and other products, announced in September that it was buying Ceradyne for $847 million.

  • Manufacturers launch program to hire more veterans Monday, 15 Oct 2012 | 11:08 AM ET

    General Electric and Military Families at Syracuse University are developing a reference guide that employers can use to help them more effectively recruit and mentor veterans.

  • NJ Transit ending freebies for some Monday, 15 Oct 2012 | 11:08 AM ET

    NEWARK, N.J.-- New Jersey Transit will stop providing free rides for some employees and retirees. NJ Transit says the move could bring in an additional $1.6 million annually. Similar measures have been approved by the New Jersey Turnpike Authority, Delaware River Port Authority and Port Authority of New York and New Jersey.