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  • Rent the Runway taps its users as models Tuesday, 23 Oct 2012 | 4:13 PM ET

    NEW YORK-- A reality check is coming to Rent the Runway, the online company that allows consumers to borrow _ for a fee _ designer clothes and accessories. It has unveiled a social-shopping platform with 12,000 customer photos to see how styles hang on different shapes. "You haven't seen this diversity of models anywhere else," says Jennifer Hyman, CEO and co-founder.

  • José Luiz Gandini, the head of Kia in Brazil, told reporters at the Sao Paulo auto show that corporate strategy has given priority to affiliate Hyundai Motor Co for a major investment for a new factory in Brazil.

  • Cogo CEO to buy some of its divisions for $78M Tuesday, 23 Oct 2012 | 4:09 PM ET

    Cogo Group Inc. said on Tuesday that it has a deal with its chairman and CEO, Jeffrey Kang, to buy some of its subsidiaries for $78 million. Cogo connects semiconductor companies to industrial and technology customers in China.

  • *Deal positions RBC as a leading auto lender in Canada. TORONTO, Oct 23- Royal Bank of Canada has agreed to buy the Canadian auto finance and deposit arm of Ally Financial Inc in a $4.1 billion deal to expand its vehicle-lending business at a time when loan growth overall is slowing in the country.

  • *Asbury plans to repurchase $25 M- $30 M of stock per year. Oct 23- U.S. auto dealership groups Sonic Automotive Inc and Asbury Automotive Group Inc posted higher third-quarter adjusted earnings as vehicle sales rose and costs stayed about flat.

  • Okla. lawmakers eye performance pay for workers Tuesday, 23 Oct 2012 | 4:07 PM ET

    The chairman of the powerful House Appropriations and Budget Committee and the secretary of finance both said that while they oppose the idea of set pay increases for all state workers, they are willing to support a performance-pay system.

  • *Moody's downgrades Spanish regions including Catalonia.

  • Weak corporate results pummel stocks Tuesday, 23 Oct 2012 | 4:05 PM ET

    NEW YORK-- It was one of the worst days of the year on Wall Street. The Standard& Poor's 500 index is finishing down 20 points at 1,413. And the Nasdaq composite index fell 26 points to 2,990 _ its first close below 3,000 since Aug. 6. DuPont, 3 M, UPS and Xerox all missed financial analysts' expectations for revenue.

  • Isis Pharma gets $1.1M payment from Alnylam Tuesday, 23 Oct 2012 | 4:02 PM ET

    NEW YORK-- Isis Pharmaceuticals Inc. said Tuesday that it will get $1.1 million from Alnylam Pharmaceuticals Inc. as part of Alnylam's new collaboration with Genzyme.

  • REFILE-UPDATE 1-OPEC deadlocked over top post Tuesday, 23 Oct 2012 | 3:59 PM ET

    *OPEC secretary general post comes up in 2013. LONDON/ DUBAI, Oct 23- OPEC remains in a stalemate over selecting its next secretary general, delegates to the producer group said on Tuesday after a two-day meeting, due to rivalry between four member-countries over its top administrative post.

  • FACTBOX-Guinea's violent politics Tuesday, 23 Oct 2012 | 3:58 PM ET

    Oct 23- Guinea is the world's top supplier of the aluminium ore bauxite and holds rich deposits of iron ore, gold and diamonds, but political turmoil since independence from France in 1958 has left most of its people in poverty. Guinea secured $2.1 billion in debt relief last month from the World Bank and the IMF Heavily Indebted Poor Countries initiative.

  • CONAKRY, Oct 23- Two years ago, Guinea's first freely-elected president Alpha Conde promised to unite ``every son'' of his nation; today the man with ambitions to become West Africa's Nelson Mandela is struggling to halt a wave of ethnic unrest.

  • Cynosure soars after 3Q profit tops expectations Tuesday, 23 Oct 2012 | 3:55 PM ET

    WESTFORD, Mass.-- Shares of Cynosure Inc. climbed Tuesday after the cosmetic treatment equipment maker said it swung to a third-quarter profit on higher sales. The company said revenue rose 31 percent in the quarter ended Sept. 30 to $37 million, primarily driven by laser treatment sales in North America.

  • Report: Conditions improved at Ohio private prison Tuesday, 23 Oct 2012 | 3:45 PM ET

    COLUMBUS, Ohio-- A report says conditions are improving at an Ohio prison that was transferred from state to private operation last year. The report says the North Central Correctional Complex in Marion has seen reductions in cases where force was used on inmates and inmate-on-inmate assaults.

  • Oil ends below $87 a barrel Tuesday, 23 Oct 2012 | 3:38 PM ET

    On the New York Mercantile Exchange:. Benchmark crude fell $1.98 to finish at $86.67 per barrel. Gasoline fell 4.25 cents to end at $2.6050 a gallon.

  • New Convergys CEO Ayers to start Nov. 1 Tuesday, 23 Oct 2012 | 3:33 PM ET

    CINCINNATI-- Convergys Corp. said Tuesday that its chief operating officer and president, Andrea Ayers, will take over as CEO of the call center company at the beginning of November. Convergys said at that time that Ayers would replace Jeff Fox as CEO. Shares of Convergys, based in Cincinnati, fell a penny to $16.00 in afternoon trading.

  • Oil price drops below $87; pump prices down again Tuesday, 23 Oct 2012 | 3:31 PM ET

    Benchmark oil dropped $1.98, or 2.3 percent, to finish at $86.67 per barrel in New York. The national average for a gallon of regular gasoline dropped 2 cents overnight to $3.65. That's why gasoline futures have plunged 12 percent in less than two weeks, including a 4.3- cent drop Tuesday to $2.61 per gallon.

  • WHY IT MATTERS: Health care Tuesday, 23 Oct 2012 | 3:23 PM ET

    President Barack Obama's health care law will extend coverage to 30 million uninsured and keep the basic design of Medicare and Medicaid the same. Mitt Romney would repeal Obama's health care overhaul; what parts he'd replace have yet to be spelled out.

  • *Canadian lawyer involved in Potter suit disbarred Tuesday, 23 Oct 2012 | 3:19 PM ET
  • Ariad Pharma downgraded on gains over last year Tuesday, 23 Oct 2012 | 3:18 PM ET

    NEW YORK-- An Oppenheimer& Co. analyst downgraded shares of Ariad Pharmaceuticals Inc., saying the company's stock price already reflects potential approval for its leukemia drug ponatinib. Ferreiro said the Food and Drug Administration should approve ponatinib as a treatment for chronic myeloid leukemia in early 2013, as Ariad expects.