Latest Business News Wires - Business Headlines


  • Iran currency rebounds after protests Saturday, 6 Oct 2012 | 9:07 AM ET

    TEHRAN, Iran-- Iran's national currency is rebounding from record lows, days after protests flared in the country's largest display of anger at economic conditions since Western sanctions were tightened this summer. It was 24,000 rials earlier in the week, and close to 10,000 rials as recently as early 2011..

  • IMF chief predicts sustainable Gulf growth Saturday, 6 Oct 2012 | 8:51 AM ET

    RIYADH, Saudi Arabia-- The head of the International Monetary Fund said Saturday that the economies of the oil-rich countries of the Gulf Cooperation Council will continue to enjoy high growth rates, although at reduced rates.

  • Regulator acts against India's Kingfisher Airlines Saturday, 6 Oct 2012 | 8:34 AM ET

    MUMBAI, India-- Indian regulators have asked Kingfisher Airlines to explain why their license shouldn't be revoked as a strike forces the cash-strapped carrier to cancel flights through Friday. "From a safety point of view, there are no problems," he told India's NDTV.

  • Foxconn workers halt production at iPhone plant Saturday, 6 Oct 2012 | 7:21 AM ET

    BEIJING-- Foxconn Technology Group denied on Saturday that production was affected at a Chinese factory that makes Apple's iPhones, although both state media and an overseas labor watch group said some workers halted production lines on Friday, apparently over higher quality control standards.

  • EU to present banking union blueprint at summit Saturday, 6 Oct 2012 | 6:50 AM ET

    VALLETTA, Malta-- EU Commission President Jose Manuel Barroso says a blueprint for a banking union and supervision of the banking system will be presented at the EU's October summit as part of measures to raise confidence in the euro currency.

  • Calif. gas prices equal all-time high Saturday, 6 Oct 2012 | 6:24 AM ET

    LOS ANGELES-- The price of gasoline equaled the all-time average high in California of $4.61 a gallon Saturday, fueled by a reduced supply and a volatile market. AAA's Daily Fuel Gauge report released Saturday said the average price for a gallon of regular unleaded across California rose 12 cents from its Friday mark of about $4.49.

  • Report: ECB official says no help on Greek bonds Saturday, 6 Oct 2012 | 5:22 AM ET

    BERLIN-- A senior European Central Bank official is insisting that the bank can't help Greece by agreeing to roll over the government bonds it holds or accept lower interest rates. Prime Minister Antonis Samaras, who wants more time to enact reforms and budget cuts, has suggested the ECB could help that way.

  • Calif. gas prices will rise, then fall next week Saturday, 6 Oct 2012 | 4:21 AM ET

    LOS ANGELES-- California gas prices will increase for several more days before leveling off after a temporary reduction in supply triggered a price spike that saw fuming motorists paying $5 or more per gallon in some locations and station owners shutting down pumps in others.

  • Foxconn denies report of strike at iPhone plant Saturday, 6 Oct 2012 | 4:07 AM ET

    BEIJING-- Foxconn Technology Group said Saturday that production at its central Chinese factory that makes Apple's iPhones was continuing without interruption, denying a labor watch group's report that thousands of workers at the plant had gone on strike.

  • Officials reject conspiracies on unemployment rate Saturday, 6 Oct 2012 | 3:01 AM ET

    The staffers who compute the U.S. unemployment rate work in an agency of the Labor Department. Officials who have overseen the work say it's prepared under tight security with no White House input or supervision. The only BLS employee appointed by the White House is the commissioner, who operates independently of the White House.

  • In coal country, a show of solidarity takes root Saturday, 6 Oct 2012 | 12:43 AM ET

    Thousands of miners have been laid off this year across Kentucky, Virginia and West Virginia, many with little hope of getting their jobs back as power plants and the coal mines that once fed them shut down.

  • Union urges Bombardier Learjet workers to strike Saturday, 6 Oct 2012 | 12:37 AM ET

    WICHITA, Kan.-- The machinists union at Bombardier Learjet is recommending workers to reject a contract offer Saturday and vote to strike. Machinists union spokesman Bob Wood told The Wichita Eagle that a main sticking point is health insurance. The machinists union represents 825 hourly workers in Wichita.

  • Report: Dutch bank head explains Bundesbank break Saturday, 6 Oct 2012 | 12:31 AM ET

    AMSTERDAM-- The Netherlands' central bank president has reportedly explained why he broke ranks with German peer Jens Weidmann and agreed to support a European Central Bank plan to buy bonds issued by financially stressed governments such as Spain's.

  • Chinese iPhone workers strike over quality demands Saturday, 6 Oct 2012 | 12:09 AM ET

    BEIJING-- A labor watch group says thousands of workers at a Chinese factory that makes Apple's iPhones have gone on strike over increased quality control demands and having to work during an extended national holiday.

  • NY's Pratt marks 125 years with 125 cultural icons Saturday, 6 Oct 2012 | 12:09 AM ET

    NEW YORK-- What do such disparate cultural icons as the Chrysler Building, the Dunkin' Donuts logo and Big Bird have in common? The private Brooklyn institution is kicking off the celebration with a gala Oct. 15 at the Waldorf- Astoria hotel, designed in 1929 by _ who else _ another Pratt alumnus.

  • World Bank body says Ecuador owes Occidental $1.8B Friday, 5 Oct 2012 | 10:35 PM ET

    QUITO, Ecuador-- An international arbitration body has ruled Ecuador should pay $1.769 billion to Occidental Petroleum Corp. for revoking the U.S. company's operating concession in 2006..

  • Tulsa American Airlines plant to lay off 450 Friday, 5 Oct 2012 | 8:07 PM ET

    TULSA, Okla.-- About 450 mechanics and fleet service workers at American Airlines' Tulsa maintenance base will be laid off by February, the company and union officials announced Friday.

  • Diamond says late annual report cited by Nasdaq Friday, 5 Oct 2012 | 8:06 PM ET

    SAN FRANCISCO-- Nasdaq has told Diamond Foods Inc. that its failure to file its latest annual report on time is another factor that could lead to the delisting of the snack maker's shares from the Nasdaq Stock Market. The payments _ an estimated $20 million in 2010 and $60 million in 2011 _ skewed Diamond's financial results.

  • Officials discuss ways to speed up border traffic Friday, 5 Oct 2012 | 7:52 PM ET

    GRAND FORKS, N.D.-- Efforts are under way to speed up trade and travel between Canada and the United States, a move that could help North Dakota sell even more goods to its northerly neighbor, officials said Friday during a conference about the border.

  • Short supplies keep gas prices rising in Calif. Friday, 5 Oct 2012 | 7:46 PM ET

    LOS ANGELES-- California gas prices continued surging Friday, adding another 17 cents per gallon on average, and the increases are expected to continue for at least several more days, ensuring long lines and short tempers at pumps around the state.