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Latest Business News Wires - Business Headlines


  • Asia stocks mixed after US joblessness drops Friday, 12 Oct 2012 | 1:14 AM ET

    Weekly applications for unemployment aid fell to their lowest since February 2008, the U.S. government said Thursday. "I think you need to wait for a few months to see more figures to confirm the jobs recovery in the U.S.," said Francis Lun, managing director of Lyncean Holdings in Hong Kong.

  • IGate profit beats in 3Q, revenue falls short Friday, 12 Oct 2012 | 12:56 AM ET

    FREMONT, Calif.-- IGate beat third-quarter profit beat market expectations on better margins, but the information technology company said Friday that delays in contract renewals has slowed revenue growth. Shares of IGate Corp. fell 17 cents to $17.65 by midday, in line with broader market trends.

  • US stocks fall, headed for weekly decline Friday, 12 Oct 2012 | 12:56 AM ET

    Bank and energy stocks led the way lower after investors had a mixed reaction to earnings reports from JPMorgan Chase and Wells Fargo. Investors haven't had much to get excited about, with mixed results this week from U.S. companies including Alcoa, Safeway and Yum Brands. The S&P 500 is up more than 11 percent since June 1.

  • Analyst downgrades Lilly shares to 'underperform' Friday, 12 Oct 2012 | 12:55 AM ET

    Eli Lilly and Co. shares now trade at a premium compared to other pharmaceutical stocks despite modest growth prospects, according to a Cowen and Co. analyst who lowered his rating on the drug developer.

  • Markets slip after bank earnings reports Friday, 12 Oct 2012 | 12:35 AM ET

    LONDON-- Financial markets slipped on Friday, as disappointing earnings from Wells Fargo bank offset brighter figures from JP Morgan Chase& Co. and a strong U.S. consumer confidence survey. But revenue gains reported by Wells Fargo were below investors' expectations, pushing stock markets back down by the time European exchanges closed.

  • Accuray CEO resigns, replaced by healthcare exec Friday, 12 Oct 2012 | 12:30 AM ET

    SUNNYVALE, Calif.-- Radiation therapy system maker Accuray said Friday that healthcare executive Joshua Levine will be its new CEO, replacing Euan Thomson, its head for the past decade. Thomson had been Accuray's president and CEO since 2002. He also resigned from its board of directors. Accuray said that Thomson will likely consult for the company.

  • Sears' Hometown spinoff edges lower in debut Friday, 12 Oct 2012 | 12:25 AM ET

    NEW YORK-- Shares of Sears Holdings Corp.' s spinoff of its Hometown and Outlet Stores are declining on its debut trading day. The Hoffman Estates, Ill., company, which runs Kmart and Sears stores, had signaled in February that it would split off Sears Hometown and Outlet Stores Inc. as a separate publicly traded entity.

  • Aeterna Zentaris starts $15M stock offering Friday, 12 Oct 2012 | 12:25 AM ET

    NEW YORK-- Canadian drugmaker Aeterna Zentaris Inc. said Friday it is selling 6.6 million units of stock and warrants to raise money for product development. Shares of Aeterna Zentaris lost 73 cents, or 23.4 percent, to $2.39 in midday trading.

  • Berezovsky to pay Abramovich $56M in legal costs Friday, 12 Oct 2012 | 12:17 AM ET

    LONDON-- A British court has ordered self-exiled Russian tycoon Boris Berezovsky to pay 35 million pounds in legal costs to fellow Russian Roman Abramovich after losing a lawsuit against him.

  • Man jailed after scamming Olympians' parents Friday, 12 Oct 2012 | 12:16 AM ET

    Christakis Ioannou set up websites designed to look like the official portals and received more than $646,500 for non-existent tickets from people in 35 countries. Olympians from France and Greece were among his victims.

  • Webster Financial 3Q net income climbs Friday, 12 Oct 2012 | 12:09 AM ET

    WATERBURY, Conn.-- Webster Financial's third-quarter net income climbed 7 percent as the company gave out more loans and deposits grew. The parent company for Webster Bank earned $44.4 million, or 48 cents per share, for the three months ended Sept. 30.

  • F1 and Speed channel splitting after this season Friday, 12 Oct 2012 | 12:07 AM ET

    Fox Sports Media Group, which owns Speed, confirmed Friday that the partnership will end after this season. "It's disappointing to learn that F1 has elected to move forward with a different media partner," Fox Sports Media Group said in a statement to The Associated Press.

  • Argentina Supreme Court OK's sex slave's abortion Friday, 12 Oct 2012 | 12:06 AM ET

    BUENOS AIRES, Argentina-- Argentina's Supreme Court has ruled that a woman rescued from a prostitution ring must get the abortion she wants, and chastised public officials who put her in the center of a political firestorm.

  • Celgene gets new Abraxane marketing approval Friday, 12 Oct 2012 | 12:04 AM ET

    SUMMIT, N.J.-- Celgene Corp. said Friday it won a new marketing approval for its drug Abraxane. Shares of Celgene advanced $1.66, or 2.1 percent, to $79.38 in morning trading.

  • *Developer Caruso won't enter LA mayoral race Friday, 12 Oct 2012 | 12:00 AM ET
  • IMF, World Bank chiefs urge focus on fair growth Thursday, 11 Oct 2012 | 11:41 PM ET

    TOKYO-- Sacrificing growth for the sake of austerity could put the entire world economy in jeopardy, the head of the International Monetary Fund told global financial leaders Friday, calling for medium-term work to bring down debt levels and urgent action to get the unemployed back to work.

  • Asia stocks up as US jobless claims fall sharply Thursday, 11 Oct 2012 | 11:11 PM ET

    Hong Kong's Hang Seng advanced 0.9 percent to 21,182.77 and South Korea's Kospi rose 0.1 percent to 1,935.53. The Commerce Department reported that foreign demand declined for American-made cars and farm goods. One big unknown is Spain and whether the government of the recession-mired country will ask for a financial bailout.

  • Warwick, Seagal among those who owe Calif. taxes Thursday, 11 Oct 2012 | 8:27 PM ET

    SACRAMENTO, Calif.-- Two celebrities are on a notable list in California, but it's not exactly the A-list. It says Warwick, who now lives in New Jersey, owes California $2.6 million. Technology entrepreneur Halsey Minor, of San Rafael, owes the most to the state _ $10.7 million.

  • Mexico passes anti-laundering cash purchases ban Thursday, 11 Oct 2012 | 7:51 PM ET

    MEXICO CITY-- Mexico's Senate passed a bill Thursday banning large cash transactions as part of an effort to fight money laundering that experts estimate may amount to around $10 billion per year in Mexico. It also forbids cash purchases of more than 200,000 pesos for automobiles or items like jewelry and lottery tickets.

  • New Orleans Film Fest opens with 'The Paperboy' Thursday, 11 Oct 2012 | 7:34 PM ET

    NEW ORLEANS-- Louisiana- made films are being shown alongside the work of filmmakers from across the world at the New Orleans Film Festival, which opened Thursday night with a red-carpet showing of the Louisiana- shot thriller "The Paperboy."