BEIJING, Oct 22- China's foreign direct investment is likely to grow by at least 10 percent every year for the next five years, the Commerce Ministry said on Wednesday. Zhang Xiangchen, an assistant minister at the ministry, made the comments at a briefing. Commerce Ministry spokesman Shen Danyang said last month that China's FDI may hit an all-time high of $120...» Read More
HOUSING: A surprisingly strong housing report helped push the stock market mostly higher Wednesday. The government said builders broke ground on building new single-family houses and apartments in September at the fastest pace since July 2008. BIG BLUES: IBM's stock sank after its results missed Wall Street's expectations.
MINNEAPOLIS-- Investment bank Piper Jaffray Cos. said Wednesday that it turned a profit in the third quarter on stronger results from both its capital markets and asset management businesses. Piper Jaffray said revenue for its capital markets business climbed 42 percent on increased equity financing and fixed-income financing revenue.
NEW YORK-- Wanted: A few good recruits to serve coffee and help combat terrorism at 30,000 feet. American Airlines said Wednesday that it will post job openings for 1,500 flight attendants next month. The departing flight attendants all started working before the Sept. 11 terrorist attacks that included the crashes of two American Airlines jets.
OMAHA, Neb.-- Trucking and logistics company Werner Enterprises Inc. said on Wednesday that its third-quarter net income fell 15 percent because of weak demand for freight hauling and rising fuel prices. The company earned $25.1 million, or 34 cents per share, for the quarter that ended Sept. 30.
LARISSA, Greece-- The world's oldest profession is giving a whole new meaning to love of the game. Players on a cash-strapped Greek soccer team now wear pink practice jerseys with the logos " Villa Erotica" and " Soula's House of History," two bordellos it recruited as sponsors after drastic government spending cuts left the country's sports clubs facing ruin.
NICOSIA, Cyprus-- International ratings agency Standard& Poor's has cut Cyprus' credit rating to B, three notches deeper into junk because of the government's delay in swiftly negotiating a bailout with potential creditors in order to support its ailing banks. The agency also warned in a statement Wednesday that another downgrade could follow.
SLOWING DOWN: Halliburton Co.' s earnings fell 12 percent in the third quarter as business fell off in its core North America market. PASS ON GAS: Some of Halliburton's customers are pulling back on drilling for natural gas because supplies are plenty and prices are down from a year ago.
NEW YORK-- A surprisingly strong housing report helped push the stock market mostly higher Wednesday, while weak earnings reports from Intel and IBM weighed on the Dow Jones industrial average. Better results from Mattel, Goldman Sachs, and Johnson& Johnson shot the stock market higher Tuesday.
LOS ANGELES-- American Express Co. said Wednesday that its net income rose 1 percent in the third quarter, aided by lower expenses and increased spending by the credit card issuer's customers. In the second quarter, American Express' revenue grew 5 percent from a year earlier.
SAN DIEGO-- Home foreclosure activity in California fell to a new five-year low in the third quarter as rising prices eased pressure on homeowners and lenders, a research firm said Wednesday.
NEW YORK-- A Bangladeshi man who came to the United States to wage jihad was arrested in an elaborate FBI sting on Wednesday after attempting to blow up a fake car bomb outside the Federal Reserve building in Manhattan, authorities said.
A surprisingly strong housing report helped push stocks modestly higher, even as weak earnings reports from Intel and IBM weighed on the Dow Jones industrial average. IBM reported sales late Tuesday that dropped below Wall Street's expectations, while Intel warned that sales of personal computers will likely remain weak during the holiday season.
THE SPARK: According to a filing with the Securities and Exchange Commission, Green Mountain hired Gerard Geoffrion, currently head of its business in Canada, to serve as its president of international business development.
Cotton for December delivery surged 3 cents, its daily limit, to 77.86 cents per pound. METALS SHINE: Gold rose $6.70 to settle at $1,753 an ounce, silver rose 27.3 cents to $33.232 an ounce and copper rose 4.8 cents to $3.748 per pound.
NEW YORK-- IBM's stock is down more than 5 percent after the company reported disappointing third-quarter revenue and suggested demand in key markets may be slowing. Shares are down $10.69, or 5.1 percent, to $200.31 in late afternoon trading. It came to $24.7 billion, $700 million less than analysts expected.
Benchmark oil gained 3 cents to $92.12. That was almost double what analysts had forecast, according to Platts, the energy information arm of McGraw-Hill Cos. Brent crude, which is used to price international varieties of oil, fell 78 cents to $113.22 per barrel on the ICE Futures exchange in London.
OMAHA, Neb.-- Irrigation system maker Lindsay Corp. said Wednesday that its fiscal fourth-quarter net income jumped 48 percent, boost by higher demand from farmers. For the quarter ended Aug. 31, the Omaha, Neb.- based company made $8.8 million, or 68 cents per share, up from $5.9 million, or 46 cents per share, in the same quarter last year.
CHICAGO-- Grains futures rose Wednesday on the Chicago Board of Trade. Wheat for December delivery gained 8.5 cents to $8.5625 per bushel; December corn rose 7.25 cents to $7.455 per bushel; December oats increased 3.25 cents to $3.9575 per bushel and November soybeans gained 15.5 cents to $15.0925 per bushel.
Cotton for December delivery surged 3 cents, its daily limit, to 77.86 cents per pound. Jack Scoville of Price Futures Group said the gain came on speculative buying and rumors of short supplies.
EXIT: Royal Bank of Scotland, which was rescued in Britain's biggest bank bailout, is leaving a government emergency insurance program that helped stabilize the company after it nearly collapsed.