Latest Business News Wires - Business Headlines


  • HOUSTON, Sept 5- Iraq has refiled a suit in U.S. court in a bid to gain control of some 1 million barrels of disputed Kurdish crude oil on a tanker near Texas, days after the court said it lacked jurisdiction to have the cargo seized but that it could hear arguments about who is the oil's rightful owner.

  • DETROIT, Sept 5- Detroit could not afford to undertake a series of necessary improvements without a court-approved plan to shed a chunk of its debt, a city consultant testified on Friday at a U.S. Bankruptcy Court hearing.

  • Sept 5- Bank of America Corp said David Darnell will no longer serve as the company's co-chief operating officer, but will continue to oversee the bank's global wealth and investment management business. Darnell had been the company's co-COO since September 2011, Bank of America said in a filing.

  • NEWPORT, Wales, Sept 5- French President Francois Hollande said on Thursday he would stay in office until the end of his mandate in 2017 despite his record low opinion poll ratings, and defended himself vigorously against a suggestion he disliked the poor.

  • *Ukraine, pro-Russian rebels agree to ceasefire. "U.S. economic growth was supposed to counter the slowing in China and Europe and the payrolls report threw a little cold water on that idea," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

  • Bank of America says David Darnell no longer co-COO Friday, 5 Sep 2014 | 12:48 PM ET

    Sept 5- Bank of America Corp said David Darnell will no longer serve as the company's co-chief operating officer, but will continue to oversee the bank's global wealth and investment management business. Darnell shared the role with Thomas Montag and following Darnell's move, Montag will be the sole COO of the bank.

  • WASHINGTON, Sept 5- U.S. employers hired the fewest number of workers in eight months in August and more Americans gave up the hunt for jobs, providing a cautious Federal Reserve with more reasons to wait longer before raising interest rates. Nonfarm payrolls increased 142,000 last month after expanding by 212,000 in July, the Labor Department said on Friday.

  • LONDON, Sept 5- Copper edged up on Friday after lower-than-expected U.S. jobs data reassured investors that the Federal Reserve would not speed up plans to increase interest rates, though gains were capped by growing supplies.

  • NEW YORK, Sept 5- Leveraged exchange-traded funds, designed to magnify short-term returns, have fallen out of favor this year as investors who had embraced them are finding costs excessive in a calm market that is not rewarding bets on wild daily swings.

  • By Jeffrey Dastin and Daina Beth Solomon. Sept 5- New York hedge fund manager William Ackman says Herbalife is a pyramid scheme that exploits the poor.

  • NEW YORK, Sept 5- An American International Group Inc unit sued a company headed by Philadelphia philanthropist Alan Buerger, accusing it of a $150 million fraud involving life insurance policies sold by elderly individuals in exchange for a quick payment. Coventry is the "leader and creator" of the life settlement industry, according to its website.

  • NEW DELHI, Sept 5- Australian Prime Minister Tony Abbott sealed a civil nuclear deal to sell uranium to India on Friday and also offered to increase supplies of conventional fuel to help it overcome chronic shortages.

  • *Payrolls data weaker than expected. NEW YORK, Sept 5- U.S. stocks were little changed Friday as a weak payrolls report encouraged investors that the Federal Reserve wouldn't accelerate plans to hike interest rates, though the S&P 500 remained on track for its first weekly decline in five.

  • GM wins dismissal of lawsuit over its IPO Friday, 5 Sep 2014 | 12:17 PM ET

    NEW YORK, Sept 5- General Motors Co has won dismissal of a shareholder lawsuit accusing it of padding sales around the time of its November 2010 initial public offering by quietly unloading vehicle inventory on its dealers.

  • *Gold set for third weekly drop in four. NEW YORK/ LONDON, Sept 5- Gold prices rose on Friday, recovering from their lowest in nearly three months hit earlier in the session, after disappointing U.S. payrolls data tempered speculation that the Federal Reserve will raise interest rates any time soon.

  • Alibaba to let employees buy shares in IPO - WSJ Friday, 5 Sep 2014 | 12:01 PM ET

    Sept 5- Chinese e-commerce company Alibaba Group Holding Ltd will allow employees and people close to the company to buy shares in its forthcoming initial public offering, the Wall Street Journal reported, citing people familiar with the matter.

  • LONDON, Sept 5- Yields on Italian, Irish and Spanish bonds hit all-time lows on Friday in a broad-based rally in euro zone debt spurred by the European Central Bank's rate cuts and openness to a large-scale bond-buying programme.

  • NEW YORK, Sept 5- The U.S. Treasury Department changed a rule last October to allow employees to roll over $500 of unspent Flexible Spending Account money, ending years of a use-it-or-lose it policy, but most workers have yet to reap its benefits.

  • *Ukraine, pro-Russian rebels agree to ceasefire. NEW YORK, Sept 5- Crude oil futures fell on Friday, heading for weekly losses as disappointing jobs data from the United States suggested economic growth may not be as robust in the world's biggest oil consuming economy.

  • TORONTO, Sept 5- Quadrangle Group, a private equity backer of Mobilicity, said it had sued the Canadian government for C $1.2 billion, accusing it of reneging on pledges to help the small wireless provider compete against the country's biggest phone companies.