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Latest Business News Wires - Business Headlines


  • STORY REMOVED: BC-EU--Italy-Berlusconi Friday, 19 Oct 2012 | 7:53 AM ET

    MILAN-- The Associated Press has withdrawn its story about Italy's Silvio Berlusconi in a Milan court today. Background in the story erroneously stated that former Egyptian President Hosni Mubarak was dead. Another Italy-Berlusconi story will be filed.

  • *BBC jamming coming from Syria: satellite company Friday, 19 Oct 2012 | 7:53 AM ET
  • In court, Berlusconi denies sex with Moroccan teen Friday, 19 Oct 2012 | 7:26 AM ET

    MILAN-- Silvio Berlusconi made a rare court appearance Friday to deny some of the more salacious accusations at the center of a sex scandal in Italy that has muddied his reputation. Berlusconi's declaration was spontaneous, a practice that Italy allows defendants and which does not have the weight of testimony.

  • *MeadWestvaco buying India's Ruby Macons Friday, 19 Oct 2012 | 7:03 AM ET
  • GE earnings rise 49 pct in 3Q; revenue up 3 pct. Friday, 19 Oct 2012 | 6:58 AM ET

    NEW YORK-- GE's net income rose 49 percent in the third quarter to $3.49 billion as its recovery from the 2008 financial crisis continues. When adjusted to remove the effect of restructuring costs and a gain from the sale of NBC, the company posted earnings of 36 cents per share, which is what financial analysts expected, on average, according to FactSet.

  • Baker Hughes 3Q net income drops, revenue falls Friday, 19 Oct 2012 | 6:58 AM ET

    HOUSTON-- Weak activity in North America and the falling number of operating rigs in the worldwide drove third-quarter net income down by 61 percent at Baker Hughes. "Activity was less than planned in several key geomarkets for Baker Hughes, resulting in an unfavorable mix," said CEO Martin Craighead. "

  • Ahead of the Bell: September US Home Sales Friday, 19 Oct 2012 | 6:37 AM ET

    WASHINGTON-- Sales of previously occupied U.S. homes likely slipped last month from a two-year high reached in August, the latest sign that the recovery in housing is slow and uneven. The National Association of Realtors will release the report at 10 a.m. Eastern time Friday.

  • UK fines Bank of Scotland for faulty mortgage data Friday, 19 Oct 2012 | 6:28 AM ET

    LONDON-- Britain's financial regulator has imposed a fine of 4.2 million pounds on a unit of Lloyds Banking Group for having inaccurate mortgage records for 250,000 customers.

  • Euro banking deal fails to impress markets Friday, 19 Oct 2012 | 6:10 AM ET

    Microsoft also disappointed with its latest update, contributing to a broad retreat in technology stocks, as did McDonald's and General Electric. By the time markets closed in Europe, Germany's DAX was down 0.8 percent at 7,380 while the CAC-40 in France fell 0.9 percent to 3,504. The FTSE 100 index of leading British shares was 0.3 percent lower at 5,896..

  • Starbucks opens first India store in Mumbai Friday, 19 Oct 2012 | 6:09 AM ET

    MUMBAI, India-- Starbucks inaugurated its first store in India Friday in a historic building in southern Mumbai as the Seattle- based coffee giant seeks growth in a market long associated with tea drinkers. After over six years of studying the local market, Starbucks is making a rapid-fire entry into Asia's third-largest economy.

  • Starbucks opens first India outlet in Mumbai Friday, 19 Oct 2012 | 6:00 AM ET

    MUMBAI, India-- Starbucks has opened its first store in India in an historic building in south Mumbai as the Seattle- based coffee giant seeks growth in a market long associated with tea drinkers. Chief executive Howard Schultz says India, along with China, are "at the core" of the company's growth strategy.

  • Sony to close factory, cut workforce by 2,000 Friday, 19 Oct 2012 | 5:40 AM ET

    TOKYO-- Sony Corp. says it plans to close a factory in central Japan, tweaking its restructuring plan by cutting 2,000 jobs from its workforce in moves expected to save it $385 million. Sony said Friday that those functions would be transferred to other factories.

  • Oil down slightly ahead of EU summit conclusion Friday, 19 Oct 2012 | 5:17 AM ET

    BANGKOK-- Oil prices fell slightly Friday as traders awaited the end of a two-day European Union summit on shoring up the region's stricken banks. Benchmark crude for November delivery was down 12 cents to $91.98 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

  • World stocks lower ahead of EU summit conclusion Friday, 19 Oct 2012 | 5:09 AM ET

    Britain's FTSE 100 lost 0.1 percent to 5,910.04 in early trading. Microsoft said net income fell a worse-than-expected 22 percent to $4.47 billion in the fiscal first quarter, which ended Sept. 30. BB&T bank, Philip Morris International and Boston Scientific also reported results that fell short of forecasts.

  • Russian police arrest TNK-BP manager Friday, 19 Oct 2012 | 4:56 AM ET

    MOSCOW-- Russian police have arrested a government relations manager at British-Russian oil venture TNK-BP on suspicion of fraud. The manager, identified by TNK-BP as Igor Korneyev, is suspected of receiving 3 million rubles as an advance payment for arranging jobs in the Russian presidential administration.

  • Volvo Cars gets new CEO in Hakan Samuelsson Friday, 19 Oct 2012 | 4:43 AM ET

    In Friday's statement, the company said Samuelsson, who has spent the last two years on Volvo's board, will replace Stefan Jacoby with immediate effect after the latter entered "an amicable agreement" to leave. Volvo says Samuelsson, who was the CEO of MAN between 2005-2009, will help it improve its performance, especially in China.

  • European bank supervisor step closer but deal hazy Friday, 19 Oct 2012 | 3:55 AM ET

    Although the leaders meeting in Brussels said their decisions on the watchdog _ the single supervisory mechanism _ were key to shoring up lenders and eventually giving them access to loans from Europe's bailout fund, many observers were struggling to figure out exactly what had been achieved.

  • Fatal air crash decline presents safety challenge Friday, 19 Oct 2012 | 3:54 AM ET

    "The extraordinary safety record that has been achieved in the United States ironically could be the single biggest reason the isn't able to act proactively and ensure safety into the future," said Bill Voss, president of the industry-funded Flight Safety Foundation in Alexandria, Va., which promotes global airline safety.

  • WA apple farmers may see boon from bad weather Friday, 19 Oct 2012 | 3:45 AM ET

    "If we can get this fruit harvested, it's a perfect storm for Washington," said Todd Fryhover, president of the Apple Growers Association. " Washington is likely to have a harvest of 108 million bushels, its second highest number on record, industry representatives said.

  • Gun industry thrives during Obama's term in office Friday, 19 Oct 2012 | 3:32 AM ET

    WASHINGTON-- President Barack Obama has presided over a heyday for the gun industry despite predictions by the National Rifle Association four years ago that he would be the "most anti-gun president in American history."