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Latest Business News Wires - Business Headlines

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  • Krystal to relocate headquarters to Atlanta Thursday, 4 Oct 2012 | 10:03 AM ET

    ATLANTA-- Southern small burger chain Krystal will relocate its headquarters to Atlanta from Chattanooga, Tenn.. The majority of the employees have the option to apply for new positions in the Atlanta office. Atlanta- based Argonne owns a portfolio of restaurants.

  • A new 'Revolution' from sci-fi mogul J.J. Abrams Thursday, 4 Oct 2012 | 10:02 AM ET

    NEW YORK-- "There is an inherent evil to the wondrous technology that we embrace blindly," says J.J. Abrams. It's a loaded observation that seems simultaneously quizzical, thrilled and circumspect. And it hints at the world view of Abrams, the alliteratively initialed writer-director-producer whose latest series, "Revolution," airs Mondays at 10 p.m. EDT on NBC.

  • Bill would let some firms keep Pa. payroll taxes Thursday, 4 Oct 2012 | 10:02 AM ET

    HARRISBURG, Pa.-- Certain employers that hire new workers in Pennsylvania would get to keep 95 percent of the state income tax withheld from the workers' paychecks under a bill moving quickly through the state House of Representatives. The bill sponsored by Republican Rep. Kerry Benninghoff was awaiting final action in the chamber Wednesday.

  • Board members: More scrutiny for MaineHousing Thursday, 4 Oct 2012 | 10:01 AM ET

    PORTLAND, Maine-- Maine State Housing Authority board members said Wednesday that a federal audit that found the agency failed to provide adequate oversight of its low-income housing program is further confirmation for them that the agency was mismanaged and is falling short of its mission.

  • Judge halts order allowing some Ky. liquor sales Thursday, 4 Oct 2012 | 10:00 AM ET

    LOUISVILLE, Ky.-- A federal judge has stopped enforcement of a ruling that would allow Kentucky grocery stores and other outlets to sell booze. District Judge John G. Heyburn II on Wednesday ruled that an appeal by state officials and package liquor stores is unlikely to succeed.

  • US rate on 30-year mortgage hits record 3.36 pct. Thursday, 4 Oct 2012 | 10:00 AM ET

    WASHINGTON-- Average U.S. rates on fixed mortgages fell to fresh record lows for the second straight week. The declines have led more homeowners to refinance, a trend that could help jumpstart the economy. Mortgage buyer Freddie Mac said Thursday that the rate on the 30- year loan dropped to 3.36 percent.

  • Company wins $10.2M grant for rural cell service Thursday, 4 Oct 2012 | 9:59 AM ET

    ARLINGTON, Ala.-- A small company won a $10 million federal grant to expand wireless service in one of Alabama's most isolated regions, a five-county area west of Montgomery where it's sometimes impossible to make a cellphone call.

  • Bosnia's National Museum closes after 124 years Thursday, 4 Oct 2012 | 9:58 AM ET

    SARAJEVO, Bosnia-Herzegovina-- It survived the breakup of the Austrian empire, two world wars, the longest city siege in modern history and a bloody war in the 1990 s that killed 100,000 people. Yet after 124 years, Bosnia's National Museum closed its doors Thursday due to dwindling state funding and disputes among rival ethnic groups.

  • Katrina victims take on hurricane tour operators Thursday, 4 Oct 2012 | 9:57 AM ET

    NEW ORLEANS-- Some New Orleans residents and city officials are pushing back against tour operators who bus out-of-towners into the city's Lower 9th Ward, where Hurricane Katrina unleashed a wall of water that pushed homes off foundations and stranded residents on rooftops when the levees failed.

  • Gap posts 6 pct increase in key Sept. sales figure Thursday, 4 Oct 2012 | 9:55 AM ET

    SAN FRANCISCO-- Clothing retailer Gap Inc. said Thursday that September revenue at its stores open at least a year rose 6 percent, beating Wall Street predictions and reversing a drop of 4 percent in the same month last year. Analysts polled by Thomson Reuters expected an increase of 5.3 percent.

  • Starwood Property: offering's proceeds at $368M Thursday, 4 Oct 2012 | 9:54 AM ET

    GREENWICH, Conn.-- Starwood Property Trust says a public offering of 16 million shares raised about $368 million in gross proceeds. Shares of Starwood Property Trust Inc., based in Greenwich, Conn., fell 43 cents, or 1.8 percent, to $23.20 in morning trading Thursday. Its shares hit a 52- week high of $24.56 in mid-September.

  • Key Rite Aid revenue metric slides in September Thursday, 4 Oct 2012 | 9:52 AM ET

    CAMP HILL, Pa.-- Rite Aid Corp.' s revenue from established locations slid less than 1 percent last month, as the introduction of cheaper generic drugs helped knock down pharmacy sales for the nation's third largest drugstore chain.

  • Kohl's Sept. revenue falls at established stores Thursday, 4 Oct 2012 | 9:50 AM ET

    MENOMONEE FALLS, Wis.-- Department store operator Kohl's Corp. said Thursday that revenue at stores open at least a year fell 2.7 percent in September, a bigger drop than Wall Street expected, hurt by lower demand for accessories and women's clothing. Analysts surveyed by Thomson Reuters predicted a 0.2 percent decline.

  • Calpine buys Texas power plant for $432 million Thursday, 4 Oct 2012 | 9:48 AM ET

    HOUSTON-- Calpine Corp. said Thursday that it will buy a natural gas-fired power plant in Texas for about $432 million to boost its presence in a state where the supply of surplus power is shrinking. Calpine is buying the 800- megawatt plant near Laguna Park in central Texas from Bosque Power Co. LLC.

  • Stocks mostly higher on retail sales, labor report Thursday, 4 Oct 2012 | 9:42 AM ET

    NEW YORK-- Stocks are opening mostly higher on Wall Street following an encouraging report on the labor market and better sales from retail chains. The Dow Jones industrial average rose 35 points to 13,530 shortly after the opening bell Thursday.

  • Hurting Spain wakes up to Romney debate body blow Thursday, 4 Oct 2012 | 9:42 AM ET

    Romney said in his debate with President Barack Obama that he doesn't want the U.S. to turn into the equivalent of Spain _ which has unemployment of nearly 25 percent and a deep recession. Some Spaniards criticized him for singling out Spain.

  • Key sales figure up 4.4 percent at Nordstrom Thursday, 4 Oct 2012 | 9:41 AM ET

    SEATTLE-- Nordstrom Inc. said Thursday that sales in stores open at least one year rose 4.4 percent in September, slightly below analysts' expectations. Nordstrom said it was also competing against strong figures from September 2011 _ a 10.7 percent jump in same-store sales _ when the company offered free shipping and free returns for online purchases.

  • Stein Mart key revenue measure up 2.4 pct in Sept. Thursday, 4 Oct 2012 | 9:38 AM ET

    JACKSONVILLE, Fla.-- Discount retailer Stein Mart Inc. said on Thursday said that a key sales figure rose 2.4 percent in September, hurt in part by stores closing in the wake of Hurricane Isaac. Stein Mart operated 262 stores at the end of September, one more than it had a year earlier. Its shares rose 5 cents to $8.65 in morning trading.

  • Drought worsens in some key Midwest farming states Thursday, 4 Oct 2012 | 9:36 AM ET

    Conditions worsened, though, in Kansas and Iowa, the nation's biggest corn producer, and nearly 98 percent of Nebraska was still deemed to be in one of the two worst categories. According to the map, which is put out by the National Drought Mitigation Center at the University of Nebraska in Lincoln, 75 percent of Iowa is enduring extreme or exceptional drought.

  • TJX key revenue figure rose 6 pct in September Thursday, 4 Oct 2012 | 9:34 AM ET

    FRAMINGHAM, Mass.-- The owner of the TJ Maxx and Marshalls clothing store chains said Thursday that revenue in shops open at least a year rose 6 percent in September, beating Wall Street predictions. Analysts polled by Thomson Reuters expected an increase of 4.5 percent for TJX Cos.