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| CA-BUSINESS Summary Monday, Apr 29, 2013 09:06 PM PDT Banks, Valeant, resource shares drive TSX higher TORONTO (Reuters) - Canada's main stock index gained three-quarters of a percent on Monday in a broad-based move after Italy ended months of political uncertainty with the formation of a coalition government. The sharp rise was led by some of the country's heavyweight banks and resource companies, while Valeant Pharmaceuticals International Inc also gained after a source told Reuters the acquisitive company had pulled back from talks on a multibillion-dollar merger. ... Full Story | Top |
| Japan household spending at nine-year high as "Abenomics" gains momentum Monday, Apr 29, 2013 09:05 PM PDT  By Stanley White and Kaori Kaneko TOKYO (Reuters) - Japan's household spending surged in March at the fastest pace in nine years in a sign that Prime Minister Shinzo Abe's bold efforts to end two decades of stagnation are lifting consumer confidence and setting the stage for an economic revival. A recent run of data has provided encouraging early hope that Abe's push for aggressive fiscal and monetary policies to get the world's third-largest economy motoring is having the desired effect. ... Full Story | Top |
| S&P 500 closes at record, led by energy, tech shares Monday, Apr 29, 2013 08:51 PM PDT  By Ryan Vlastelica NEW YORK (Reuters) - The S&P 500 index ended at an all-time high on Monday as growth-oriented stocks, including energy and technology, lead the way to the index's sixth rise in the past seven sessions. Stronger-than-expected housing data also boosted the market, as did Italy's formation of a new government, ending months of uncertainty and raising hopes for new policies to promote growth in the euro zone's third-largest economy. Pressure has grown on the European Central Bank to lower interest rates with the euro zone mired in recession. ... Full Story | Top |
| PayPal expands further into stores, but Wal-Mart holds out Monday, Apr 29, 2013 08:50 PM PDT  By Alistair Barr SAN FRANCISCO (Reuters) - PayPal is extending its reach to more physical stores, having signed up 50 merchant acquirers which help process payments but the eBay Inc unit has yet to persuade Wal-Mart Stores Inc, the world's largest retailer. PayPal's expansion into brick-and-mortar stores gives the company access to a market that is roughly ten times the size of the online payments sector where it got its start over a decade ago. ... Full Story | Top |
| Canada's Suncor Energy Q1 operating profit beats expectations Monday, Apr 29, 2013 08:19 PM PDT (Reuters) - Suncor Energy Inc's first-quarter operating profit beat analyst expectations, boosted by higher oil sands production and better profitability in refining and marketing. The quarterly results are the company's first since its March decision to scrap its partially built Voyageur upgrader, part of a joint venture with French oil major Total SA . Canada's largest oil and gas company's first-quarter operating profit was C$1.367 billion ($1.35 billion), or C$0.90 per share, compared with C$1.318 billion, or C$0.84 per share, in the year-ago period. ... Full Story | Top |
| Hong Kong-based Richland to shut hedge funds in surprise move Monday, Apr 29, 2013 07:52 PM PDT By Nishant Kumar HONG KONG (Reuters) - Hong Kong-based Richland Capital Management Ltd is shutting down its hedge funds despite outperforming peers, four sources said, an unexpected move for a successful operator in an Asian industry which is struggling to raise assets. Richland is one of Asia's best-known hedge funds. It manages $100 million between two funds and advises on an additional $150 million for wealthy clients, according to a fund information document obtained by Reuters. ... Full Story | Top |
| Intel CEO backs SoftBank's bid for Sprint over Dish's offer Monday, Apr 29, 2013 07:43 PM PDT  (Reuters) - Intel Corp Chief Executive Paul Otellini said in a letter to the Federal Communications Commission that he supports SoftBank's bid for Sprint Nextel Corp, rather than Dish Network's counter offer. Sprint, the No. 3 U.S. wireless service provider, is considering a $25.5 billion bid from Dish but has also said it is on track to close its $20.1 billion pact with SoftBank by July 1. ... Full Story | Top |
| Judge questions fraud statute's use against Bank of America Monday, Apr 29, 2013 07:27 PM PDT  By Nate Raymond NEW YORK (Reuters) - A Manhattan judge indicated Monday he was "troubled" by how the U.S. government applied a rarely used law in a suit against Bank of America Corp over the sale of toxic mortgages to Fannie Mae and Freddie Mac . The hearing before U.S. District Judge Jed Rakoff marked a challenge of the U.S. Department of Justice's bid to bring fraud lawsuits against Wall Street banks under a powerful law enacted following the savings and loan scandals of the 1980s. ... Full Story | Top |
| Canada's Loblaw joins Primark in Bangladesh compensation pledge Monday, Apr 29, 2013 06:11 PM PDT  By Susan Taylor TORONTO (Reuters) - Canada's Loblaw Companies Ltd on Monday became the second Western fashion retailer to promise compensation for the families of victims of the Bangladesh garment factory collapse that killed nearly 400 people last week. Loblaw, which had some of its Joe Fresh clothing line manufactured at Rana Plaza, followed British retailer Primark in offering to compensate victims of the South Asian country's worst industrial accident. "We will be providing compensation for the families of the victims who worked for our supplier," said spokeswoman Julija Hunter in an ... Full Story | Top |
| United order boosts Embraer outlook despite profit miss Monday, Apr 29, 2013 05:54 PM PDT  By Brad Haynes SAO PAULO (Reuters) - Brazil's Embraer SA , the world's biggest maker of regional jets, said an order for at least 30 new planes from United Airlines on Monday raised the odds of greater production next year. The order, which included options for 40 additional E-175 jets, is worth a combined $2.9 billion at list prices, providing a silver lining for the company after weaker-than-expected quarterly earnings. ... Full Story | Top |
| Asian shares underpinned by central bank stimulus hopes Monday, Apr 29, 2013 05:45 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares edged higher on Tuesday as hopes for political stability in Italy and expectations for global central banks to continue their growth-supporting monetary stimulus bolstered investor risk appetite. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.3 percent, with Australian shares rising 0.4 percent and South Korean shares opening 0.3 percent higher. Japan's Nikkei stock average opened down 0.2 percent, with Japanese markets resuming trading after a holiday on Monday. ... Full Story | Top |
| US-INDUSTRY Summary Monday, Apr 29, 2013 04:52 PM PDT Aereo targets 30 percent of U.S. broadcasters' market: Diller LOS ANGELES (Reuters) - Barry Diller, the billionaire media mogul who is backing the startup Aereo TV service, said on Monday it expects to reach between 25 and 30 percent of the U.S. television audience with the wireless service that broadcasters say undermines the economics of their business. ... Full Story | Top |
| Macmillan to pay $26 million to settle antitrust class action Monday, Apr 29, 2013 04:52 PM PDT NEW YORK (Reuters) - Publishing house Macmillan moved on Friday to settle a raft of antitrust suits accusing it of conspiring with other publishers to raise e-book prices, hammering out a $26 million settlement with a group of states and individuals, court filings show. The agreement requires Macmillan to pay not only a $20 million fine, but legal fees and a small award as well to the individual plaintiffs for their participation. U.S. ... Full Story | Top |
| Zames, rising star at JPMorgan, has seen worst of finance Monday, Apr 29, 2013 04:46 PM PDT  NEW YORK (Reuters) - Matt Zames, who on Sunday became sole chief operating officer at JPMorgan Chase & Co , is no stranger to market calamity. The 42-year-old traded at Long-Term Capital Management in the late 1990s as it was melting down. He helped stabilize Bear Stearns after JPMorgan took it over during the financial crisis. And when JPMorgan's Chief Investment Office was hemorrhaging money last year from bad credit investments, Zames was told to fix the situation. Working in such situations has taught Zames a healthy appreciation for what can go wrong, he told Reuters in an interview. ... Full Story | Top |
| U.S. sales of trucks, SUVs outpace auto market in April Monday, Apr 29, 2013 04:44 PM PDT  By Deepa Seetharaman DETROIT (Reuters) - A stronger U.S. housing market and lower fuel prices boosted sales of full-size pickup trucks and compact sport-utility vehicles in April, helping the U.S. auto market maintain its strong sales pace for a sixth straight month, analysts said. Gas prices have been steadily declining since February. The average price of a gallon of regular gasoline in April was down 8 percent from the same month in 2012. Meanwhile, housing has emerged as a bright spot in the U.S. economy. ... Full Story | Top |
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