CNBC Utilities Page Latest Business News Wires - Business Headlines

More

  • NEW VENTURE: Alisher Ali opened Myanmar's first-ever investment bank with $1 million of his own money. By the time Mandalay Capital closed its fundraising last month, Ali had raised $25 million.

  • THE FERTILIZER REPORT: The country's largest fertilizer company, Mosaic, said weak demand from China and India hurt its profits. EUROPE WATCH: Stocks took a turn lower after Spain's prime minister said that he's not preparing a request for a bailout loan.

  • HOUSTON-- Two activist groups said Tuesday they sent an email to more than 71,000 Shell Oil employees that pretended to be from a fake company division and provided information about a U.S. Supreme Court case involving the company.

  • NEW YORK-- Drug and medical device maker Covidien PLC said Tuesday it completed its $100 million purchase of CNS Therapeutics. Covidien announced it was buying CNS on Sept. 24. CNS is now part of Covidien's Mallinckrodt pharmaceuticals business.

  • WASHINGTON-- The U.S. economy is looking more resilient, thanks in part to encouraging signs for the two most expensive purchases most Americans make: cars and homes. Cheap loans and a bounty of fuel-efficient models enticed people to buy new vehicles at a brisk pace last month.

  • NEW YORK-- The price of oil fell Tuesday as investors weighed positive U.S. economic news against ongoing concerns about Europe. On the New York Mercantile Exchange:. Benchmark crude fell 59 cents to finish at $91.89 per barrel.

  • The country's largest fertilizer company, Mosaic, said weak demand from China and India have hurt its profits. Mosaic, Dupont and stocks of other companies in the materials industry fell. Dupont led the Dow lower, sinking 86 cents to $49.50.

  • MINNEAPOLIS-- The Minnesota Orchestra was called the world's greatest not long ago, welcome recognition for musicians outside a top cultural center. In Minneapolis, the Minnesota Orchestra has already cancelled concerts through Nov. 25 as negotiators argue over a proposal to trim the average musicians' salary by $46,000 a year.

  • JEFFERSON CITY, Mo.-- Missouri revenues are up 6.6 percent through the first quarter of its budget year. Figures released Tuesday by the Office of Administration show most the growth resulted from a decline in income tax refunds paid to businesses and individuals compared with last year. Missouri's budget year began July 1.

  • Cenovus Energy Inc. said Tuesday that it has received Canadian court approval for its plans to buy the remaining assets of oil sand exploration business Oilsands Quest for $10 million. The deal includes three oil sands leases in Alberta and Saskatchewan. Cenovus was able to acquire the assets through the liquidation of OIlsands Quest.

  • RACE TO HARVEST: Soybean prices fell as a fast-paced harvest delivers more supplies to the marketplace. EYES ON SPAIN: Other commodities were mixed after Spain's prime minister said a request for bailout funding isn't imminent.

  • Resorts has begun a new joint marketing program in which its gamblers and those two other Mohegan-owned casinos in Connecticut and Pennsylvania can use rewards points at any of the three destinations. The company will now let gamblers use their credits at Resorts, as well as Mohegan Sun in Connecticut and Mohegan Sun at Pocono Downs in Pennsylvania.

  • COSTA MESA, Calif.-- Hyundai Motor America said Tuesday that U.S. vehicle sales rose 15.3 percent in September, as rising sales of its Elantra sedan overcame a decline in its other big seller, the Sonata. BY THE NUMBERS: Hyundai sold 660,025 vehicles last month, up from 52,051 a year earlier.

  • CHERRY HILL, N.J.-- Subaru of America Inc. said Tuesday that U.S. sales rose 32 percent in September on strong gains for the Outback wagon and the Legacy sedan. BY THE NUMBERS: The Japanese automaker said sales rose to 27,683 in September, from 20,934 a year earlier. TOP SELLER: The company sold 10,583 Outbacks, an increase of 39.1 percent from a year ago.

  • NEW YORK-- Shares of Fifth& Pacific slid Tuesday after the clothing maker cut its guidance due to weak sales of Juicy Couture. Moody's Investors Service said the guidance cut is bad for Fifth& Pacific's credit, but said it is not making any immediate changes to its ratings. Moody's currently has a "B2" rating on Fifth& Pacific.

  • NEW YORK-- Stocks are struggling to a mixed close on Wall Street after spending most of the day lower, pulled down by weakness in materials and energy companies. Mosaic blamed poor demand from China and India. Rising stocks narrowly outnumbered falling ones on the New York Stock Exchange.

  • NEW YORK-- It's not even Halloween yet, but once again a slew of forecasters are out with sales predictions for the all-important holiday shopping season. Economists carefully study the numbers because they're an important gauge for merchants that depend on the period for up to 40 percent of their annual sales.

  • BUILDING FENCES: European bankers were urged to build a firewall between their retail operations and their riskier trading activities and be prepared to shoulder some losses when their banks fail, according to a report requested by the European Union to help head off another financial crisis.

  • CINCINNATI-- Laser eye surgery provider LCA-Vision Inc. said Tuesday that LasikPlus procedures decreased 8 percent in the third quarter, and the company said coverage of the upcoming presidential election is partly to blame. LCA-Vision reported 11,510 LasikPlus procedures in the third quarter, down from 12,444 a year ago.

  • Benchmark oil dropped 59 cents to end at $91.89 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 62 cents to $111.57 per barrel in London. At the pump, the national average for gasoline was unchanged at $3.78 per gallon, according to AAA, Wright Express and the Oil Price Information Service.