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| CA-BUSINESS Summary Thursday, Apr 25, 2013 08:26 PM PDT TSX clocks sixth day of gains on U.S. data, Potash results TORONTO (Reuters) - Canada's main stock index advanced for a sixth straight session on Thursday, helped by resources sectors as U.S. economic data and a stronger-than-expected earnings performance from fertilizer producer Potash Corp buoyed sentiment. Investors were encouraged by data showing the number of Americans filing new claims for unemployment benefits fell last week, offering reassurance that the bottom is not falling out of the U.S. labor market. ... Full Story | Top |
| U.S. seizes on ruling to boost Wells Fargo mortgage fraud case Thursday, Apr 25, 2013 08:26 PM PDT  By Bernard Vaughan NEW YORK (Reuters) - The Justice Department has promptly capitalized on a court victory to bolster a case before another federal judge, citing a ruling on Wednesday that endorsed the agency's use of a little known financial fraud law to prosecute bank actions during the financial crisis. In a letter made public on Thursday, the agency told District Judge Jesse Furman on Wednesday that the ruling is one reason why its mortgage-fraud case against Wells Fargo & Co should not be dismissed. U.S. ... Full Story | Top |
| Asian shares rise on U.S. data, regional earnings eyed Thursday, Apr 25, 2013 08:25 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares rose on Friday, tracking global equities higher after upbeat U.S. labor market data, while the dollar eased slightly on currency markets that were otherwise watching for the strength of signals coming from a Bank of Japan policy review. In the share markets, investors turned attention toward regional corporate earnings to assess the outlook for growth. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent after reaching a six-week high earlier, and was set for a weekly gain of 2. ... Full Story | Top |
| New York drops damages claim in suit against ex-AIG chief Thursday, Apr 25, 2013 07:58 PM PDT  By Jessica Dye NEW YORK (Reuters) - New York's attorney general is dropping a claim for damages in a high-profile civil lawsuit accusing the former chief executive of American International Group Inc, Maurice "Hank" Greenberg, of defrauding investors, according to a letter sent by the attorney general's office on Thursday. The 2005 lawsuit filed by then-Attorney General Eliot Spitzer against Greenberg and former AIG chief financial officer Howard Smith sought as much as $6 billion in damages. ... Full Story | Top |
| Japan regulator probes U.S. asset manager over missing funds - source Thursday, Apr 25, 2013 07:11 PM PDT By Noriyuki Hirata TOKYO (Reuters) - Japan's securities watchdog is investigating a U.S.-based investment company on suspicion that it falsified performance reports and could not account for the bulk of its $1.4 billion in disclosed funds, a source with knowledge of the probe said. The Securities Exchange and Surveillance Commission (SESC) will recommend penalties against Las Vegas-based MRI International Inc as early as Friday, the source said. That would be followed by an order form its parent agency, the Financial Services Agency, to freeze the asset manager's assets, the source said. ... Full Story | Top |
| Samsung sells 69.4 million smartphones in first quarter for 33 percent share: report Thursday, Apr 25, 2013 06:31 PM PDT SEOUL (Reuters) - Samsung Electronics Co sold a record 69.4 million smartphones in the first quarter, boosting its market share to an all-time high of 33.1 percent, data from research firm Strategy Analytics showed on Friday. Apple Inc, which sold 37.4 million iPhones in the March quarter, took 17.9 percent of the market, it said. LG Electronics Inc grew to the third biggest on 10.3 million unit shipments, followed by China's Huawei. (Reporting by Miyoung Kim; Editing by Jacqueline Wong and Richard Pullin) Full Story | Top |
| Samsung says no component shortages with Galaxy S4 Thursday, Apr 25, 2013 06:26 PM PDT SEOUL (Reuters) - Samsung Electronics Co said on Friday it is not having any component shortage issues related to flagship smartphone Galaxy S4, which goes on sale this weekend, as supply issues have snarled the U.S. rollout with some major carriers. "We have secured key components well in advance but temporarily experiencing supply problems due to stronger than expected initial supply request. We expect the bottleneck to be resolved soon," Kim Hyun-joon, vice president of Samsung's mobile business, told analysts. (Reporting by Miyoung Kim; Editing by Jacqueline Wong) Full Story | Top |
| Instant View: Amazon profit beats Street view; sales forecast weak Thursday, Apr 25, 2013 06:22 PM PDT SAN FRANCISCO (Reuters) - Amazon.com Inc's first-quarter revenue jumped 22 percent to $16.1 billion, propelled by growing sales of digital content, cloud-computing services and gains in retail. But it forecast weak sales this quarter, raising concerns about a slowing international business. Commentary: TOM FORTE, ANALYST, TELSEY ADVISORY GROUP "This quarter is a bit of a 'tweener' so to speak: the company gave you a favorable margin, which is evident in both gross-margin performance and the upside in earnings, and then sales while not spectacular were good. ... Full Story | Top |
| Former Aeropostale executive convicted of taking vendor kickbacks Thursday, Apr 25, 2013 06:13 PM PDT  By Jessica Dye NEW YORK (Reuters) - A former merchandising executive at retailer Aeropostale Inc was convicted on Thursday of defrauding the company and taking more than $25 million in kickbacks from a key vendor, federal prosecutors in New York said. Christopher Finazzo, 57, who was an executive vice-president and chief merchandising officer at Aeropostale, was found guilty following a three-week trial by a jury in Brooklyn, N.Y., of 14 counts of mail fraud, one count of wire fraud and one count of conspiracy. ... Full Story | Top |
| Investment firm founder charged with trying to defraud NBA union Thursday, Apr 25, 2013 05:42 PM PDT By Jessica Dye NEW YORK (Reuters) - The founder and managing director of Prim Capital Corporation has been charged with attempting to defraud the National Basketball Association players' union out of $3 million with a bogus contract, federal prosecutors in Manhattan said. A complaint unsealed on Thursday charges Ohio-based Prim Capital founder Joseph Lombardo, 72, with attempted wire fraud, attempted mail fraud and obstruction of justice. Carolyn Kaufman, 72, who served as president of Prim's advisory services component, was charged with obstructing justice. ... Full Story | Top |
| Japan transport minister: Government to issue permit to resume Boeing 787 flights Thursday, Apr 25, 2013 05:11 PM PDT  TOKYO (Reuters) - Japan's transportation minister said on Friday the government will issue a technical directive on Friday that would permit Boeing Co to resume flights of its grounded 787 Dreamliner jets. The U.S. Federal Aviation Administration gave formal approval on Thursday for a new lithium-ion battery system for Boeing's Dreamliner, ending a three-month ban and clearing airlines to fly the plane with passengers again. (Reporting by Yoko Kubota; Editing by Paul Tait) Full Story | Top |
| Starbucks raises outlook but shares fall Thursday, Apr 25, 2013 04:55 PM PDT  By Martinne Geller (Reuters) - Starbucks Corp reported higher quarterly profit on Thursday that matched Wall Street estimates and it raised its full-year earnings forecast. The world's biggest coffee chain cited increased sales in the United States, its top market, despite an industry-wide spending downturn in February due to a U.S. payroll tax increase that lowered take-home pay. Revenue was slightly below analysts' estimates and the company's shares fell nearly 3 percent in afterhours trading. ... Full Story | Top |
| Samsung Electronics profit jumps ahead of Galaxy S4 debut Thursday, Apr 25, 2013 04:54 PM PDT  SEOUL (Reuters) - Samsung Electronics Co Ltd reported on Friday its sixth straight quarter of profit growth ahead of the debut of its latest Galaxy smartphone, the South Korean IT giant's biggest assault on rival Apple Inc yet. By launching the Galaxy S4 in the United States on Saturday, Samsung is taking aim at Apple's home market at a time when the iPhone maker appears to have hit a snag. Earlier this week, Apple reported its first profit decline in more than a decade and indicated no major product releases until the fall. ... Full Story | Top |
| Microsoft to raise $2.7 billion via bond sale Thursday, Apr 25, 2013 04:36 PM PDT  (Reuters) - Microsoft Corp priced its $2.7 billion bond offering, sold in the U.S. and Euro markets, as it is rushing in before larger rival Apple Inc looks to raise money from the bond market to fund its mammoth $100 billion capital return program. Microsoft, which is raising 550 million euros ($715 million)in Europe and $1.95 billion in the U.S. market, is one of many U.S. corporations taking advantage of low interest rates to borrow money. The offerings announced on Thursday are expected to close on May 2, 2013. ... Full Story | Top |
| Amazon growth slows, while profit margins expand Thursday, Apr 25, 2013 04:19 PM PDT  By Alistair Barr SAN FRANCISCO (Reuters) - Amazon.com Inc's revenue growth slowed in the first quarter as the world's largest Internet retail struggled overseas, but margins jumped on lower shipping expenses and the expansion of more profitable new businesses. Amazon shares fell 1.9 percent to $269.43 in after-hours trading on Thursday following the results. "The message there is North America was better than expected but international was softer. The question is ... ... Full Story | Top |
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