Latest Business News Wires - Business Headlines


  • July 11- Puerto Rico's revenues rose 5.5 percent during fiscal 2014 to end the year at $9.037 billion, which was still $488 million below the U.S. territory's budget estimates, according to a preliminary report released by its treasurer on Friday. Corporate income tax collections for the fiscal year that ended on June 30 rose 49 percent to $1.914 billion.

  • *IOSCO conducting review of fines for corporate wrongdoing. The review by the International Organisation of Securities Commissions comes after U.S. authorities slapped a record fine of almost $9 billion on French bank BNP Paribas for breaching U.S. government sanctions against Sudan, Cuba and Iran.

  • July 11- Chrysler Group LLC said it would recall almost 900,000 sport utility vehicles to fix the wiring for vanity mirror lights in sun visors, to prevent short circuits. About 651,000 of the 895,000 vehicles being recalled are in the United States.

  • OTTAWA, July 11- The Supreme Court of Canada on Friday backed the right of the province of Ontario to grant forestry licenses, after an aboriginal challenge to licenses it had granted to a predecessor of Resolute Forest Products Inc.

  • *Yellen's testimony before Congress next week seen key. Treasuries prices rose on Friday, with benchmark yields hovering at their lowest in five weeks, on safe-haven demand stemming from intensified fighting in the Middle East and worries about problems at Portugal's biggest listed bank.

  • TOKYO/ DETROIT, July 11- The chief of Nissan Motor Co's Infiniti premium brand, Johan de Nysschen, is leaving two years after he joined the Japanese carmaker, a Nissan spokeswoman said on Friday. General Motors Co has hired de Nysschen, 54, to run its luxury Cadillac brand, a source familiar with the plans who asked not to be identified said on Friday.

  • NEW YORK, July 11- U.S. stocks opened flat on Friday after notching three declines in the prior four sessions, with the S&P 500 on track for its worst week since April.

  • NEW YORK, July 11- The Japanese yen was stable against the U.S. dollar, after jumping on Thursday as Portugal's largest bank sought to reassure investors about its financial stability. Banco Espirito Santo said on Thursday night that loan losses to the troubled empire of its founding family would not put the bank at risk of running short of capital.

  • *U.S. CRUDE OIL FUTURES EXTENDS LOSSES, FALLS $1 Friday, 11 Jul 2014 | 9:29 AM ET
  • July 11- Medical device maker Covidien Plc said it recorded a pre-tax charge of about $180 million for the third quarter, related to litigation against some manufacturers of pelvic mesh products. Covidien said it was indemnifying the manufacturer on certain claims.

  • By Sergio Goncalves and Laura Noonan. LISBON July 11- Portugal's government and central bank assured investors on Friday that the southern European country's financial system was sound, aiming to quell worry about the spillover effects of trouble at the Espirito Santo business empire.

  • July 11- Chrysler Group LLC said it would recall almost 900,000 sport utility vehicles to fix the wiring for vanity mirror lights to prevent any potential short circuits. The recall affects some 2011-2014 models of Jeep Grand Cherokee and Dodge Durango, the company said in a statement.

  • SOFIA, July 11- Bulgaria is to allow its fourth-biggest lender to collapse and will hive off its healthy activities into a separate bank as it moves to clear up the mess from the country's worst financial scandal since the 1990 s.

  • July 11- Wells Fargo& Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit and said it was seeing a number of signs that the U.S. economy was improving. Wells Fargo shares were down 1 percent at $51.25 before the opening bell on Friday.

  • LONDON, July 11- Dutch software company Exact Holding said that it had been approached by parties about a possible takeover, with indicative offers at 30- 35 euros a share, and was engaged in preliminary discussions.

  • *Wells Fargo edges lower, but revenue tops forecasts. *Fastenal reports revenue below expectations. NEW YORK, July 11- U.S. stock index futures pointed to slight gains at the open Friday in a modest rebound from recent losses, though major indexes remained on track for their biggest weekly decline since April.

  • July 11- Nordion Inc, a Canadian supplier of medical isotopes, said it had cleared a U.S. antitrust hurdle, paving the way for the company to be acquired by Sterigenics. The U.S. Federal Trade Commission terminated the waiting period for the acquisition under the Hart-Scott-Rodino Antitrust Improvements Act, Nordion said in a statement.

  • OTTAWA, July 11- Canada unexpectedly shed 9,400 jobs in June and the unemployment rate rose to 7.1 percent from 7.0 percent in May as more people sought work, Statistics Canada data indicated on Friday. The year-over year gain was just 72,300 jobs, or 0.4 percent, the lowest annual growth rate since the 0.4 percent recorded in February 2010.

  • UPDATE 3-Reynolds, Lorillard confirm takeover talks Friday, 11 Jul 2014 | 8:32 AM ET

    *Lorillard market value is $22.9 bln. LONDON, July 11- U.S. cigarette maker Reynolds American Inc is in talks to acquire rival Lorillard Inc in a multi-billion dollar deal that would include the sale of some brands to Britain's Imperial Tobacco Group Plc, the companies said on Friday.