Latest Business News Wires - Business Headlines


  • NEW YORK, July 10- Stocks slumped worldwide on Thursday and investors flocked to safe-haven government bonds and gold on fears problems at Portugal's biggest listed bank could herald a wider slump for riskier assets. European stock markets were hit hardest as trading in Banco Espirito Santo was halted after a 19 percent drop.

  • Chevron expects second-quarter profit to rise Thursday, 10 Jul 2014 | 5:11 PM ET

    July 10- Chevron Corp, the second-largest oil company in the United States, said on Thursday it expects its second-quarter profit to rise, helped in part by asset sales and fewer one-time charges. The company said its quarterly profit should "be higher" in the second quarter compared to the first quarter, when it posted net income of $4.51 billion, or $2.36 per share.

  • SAN FRANCISCO, July 10- Most venture capital firms give cash to entrepreneurs. Now Upside Partnership plans to give them a stake in its new fund, too. The $30 million fund, announced on Thursday, is the brainchild of Kent Goldman, a former managing partner at First Round Capital.

  • WASHINGTON, July 10- U.S. steel producers on Thursday called for the Department of Commerce to scrap a trade deal with Russia which excuses hot-rolled steel shipments from import duties. In a submission to the department, Nucor, U.S.

  • TOKYO, July 11- Japan's labor shortage is nearing crisis in some key industries as it spreads from construction to services, curbing companies' operations, pushing up wages and potentially crimping a tentative recovery in the world's third-largest economy.

  • SYDNEY, July 11- After 25 years working around the world as a highly paid geologist earning a six-digit salary, Phil Scheimer is back in Australia weighing up his future prospects: day laborer or pizza delivery man.

  • *Lumber Liquidators tumbles after revised outlook. NEW YORK, July 10- U.S. stocks dropped on Thursday as concerns about the financial health of Portugal's top listed bank gave investors a reason to cash in recent gains.

  • OAKLAND, Calif., July 10- A U.S. judge sentenced a California businessman to 15 years in prison on Thursday for stealing DuPont trade secrets to help a state-owned Chinese company develop a white pigment used in a wide range of products.

  • WASHINGTON, July 10- The U.S. government will have its planned gasoline stockpile for the Northeast region in place in time to respond to possible supply disruptions at the height of the 2014 hurricane season, the Energy Department said on Thursday.

  • U.S. House panel approves bill to rein in patent fights Thursday, 10 Jul 2014 | 4:49 PM ET

    WASHINGTON, July 10- A U.S. House of Representatives subcommittee on Thursday approved a draft bill aimed at reining in companies that seek licensing fees for invalid patents or are otherwise dishonest in writing what are known as "demand letters."

  • July 10- A federal judge has dismissed mortgage discrimination lawsuits filed by the City of Miami against Citigroup Inc and Wells Fargo& Co, following the dismissal of a similar lawsuit against Bank of America Corp earlier this week. District Judge William Dimitrouleas dismissed the city's claims against Citi and Wells under the U.S.

  • July 10- The Federal Reserve, after a long campaign to become more transparent, now appears to be unhappy that it is so well understood. To be sure, they have a point about overconfidence: this is the week in which a little-known social media company with one employee and no revenue achieved a market cap of over $5 billion.

  • TORONTO, July 10- The union representing about 1,000 Bombardier Inc workers at a railcar production facility in Thunder Bay, Ontario threatened to strike on Monday if the parties fail to come to an agreement.

  • July 10- Germany's ZF Friedrichshafen said it was in early-stage buyout talks with U.S. auto parts supplier TRW Automotive Holdings Corp.. The companies did not disclose any financial details of the deal, but a Bloomberg report said ZF valued TRW at $11 billion to $12 billion.

  • *Wall Street lower on Portugal bank worry, losses pared. After surging abruptly in early June, prices fell more than 5 percent over the past three weeks as easing geopolitical tensions in Iraq and Libya soothed worries over oil supplies.

  • LISBON, July 10- European and U.S. stock markets fell, and bond yields of Europe's southern nations rose on Thursday as investor fears over financial troubles at the family-owned holding companies behind Portugal's largest listed bank spilled across markets and borders.

  • CAMBRIDGE, Mass, July 10- The Federal Reserve's new vice chair all but dismissed the idea of breaking up the largest U.S. banks, saying on Thursday it is unclear that such a complex task would help stabilize the country's financial system.

  • U.S. retailers' June same-store sales Thursday, 10 Jul 2014 | 4:28 PM ET

    June 5- Click on http://tmsnrt.rs/1rc1Qef for a table that compares U.S. retailers' reported June same-store sales with analysts' estimates published by Thomson Reuters.

  • ATLANTIC CITY, N.J., July 10- After 19 years working as a cook at Atlantic City's Showboat Casino, Dave Rose is counting the weeks until he and about 2,000 fellow workers lose their jobs when the casino is shuttered at the end of the summer.

  • OAKLAND, Calif., July 10- A U.S. court on Thursday sentenced a California businessman to 180 months' prison time for stealing DuPont trade secrets to help a state-owned Chinese company develop a white pigment used in a wide range of products.