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| Asian shares fall on fears for health of world economy Wednesday, May 01, 2013 08:25 PM PDT  By Chikako Mogi TOKYO (Reuters) - Growing doubts over the health of global economies pushed Asian shares lower on Thursday, adding to investor caution before the European Central Bank meeting later in the day that could see interest rates cut to support growth. Investor sentiment has weakened as oil futures and U.S. stocks dropped overnight after the latest U.S. economic data cast doubts about the strength of the world's biggest economy. The euro zone recession was behind mounting market expectations for the ECB to lower its main interest rate by 25 basis points to a record low 0. ... Full Story | Top |
| Dish chairman asserts U.S. advantage in Sprint bid Wednesday, May 01, 2013 08:11 PM PDT  NEW YORK (Reuters) - Dish Network Corp Chairman Charlie Ergen escalated the war of words with Japan's SoftBank Corp over the future of U.S. mobile company Sprint Nextel Corp, saying Sprint's network needed modernization best performed by English-speaking employees from a U.S. company. In an interview on Wednesday with USA Today, the country's third-largest newspaper, Ergen said Dish's American roots gave it an operational edge in the bidding war with SoftBank over Sprint. "We're offering a higher price, that's just math. ... Full Story | Top |
| BOJ says monetary base soars to record on new QE scheme Wednesday, May 01, 2013 08:01 PM PDT  TOKYO (Reuters) - Japan's monetary base soared to a record in April, the Bank of Japan said on Thursday, as the central bank's more aggressive quantitative easing program boosts the amount of money flowing through the economy. The BOJ unveiled a radical overhaul of monetary policy on April 4 by shifting its policy target to the monetary base from short-term interest rates. The central bank aims to roughly double the monetary base over two years by increasing purchases of government debt to end 15 years of nagging deflation. ... Full Story | Top |
| Brazil's Odebrecht plans $20 billion spend, targets Peru as key investment Wednesday, May 01, 2013 07:58 PM PDT  By Marco Aquino LIMA (Reuters) - Brazilian conglomerate Odebrecht plans to invest $20 billion globally over the next three years, mostly in Latin America and much of it in Peru, the company's chief executive said on Wednesday. Family-owned Odebrecht, one of Latin America's biggest companies, has businesses in construction, petrochemicals, transportation, oil and gas in 20 countries worldwide. Chief Executive Marcelo Odebrecht said about 85 percent of overall investments would be made in Latin America. "The organization is investing this year about $7 billion dollars," he told Reuters. ... Full Story | Top |
| Boeing board approves new 777 sales: WSJ Wednesday, May 01, 2013 06:30 PM PDT  (Reuters) - Boeing Co's board has given its commercial airplanes unit approval to start selling a new version of its long-range 777 jetliner, the Wall Street Journal reported, citing an unnamed person familiar with the decision. The approval came at a board meeting in Chicago that coincided with Boeing's annual shareholder meeting on Monday, the Journal said. Boeing intends the 777X to be an improvement on its existing 777 models for long-haul service. The decision allows Boeing to begin formally negotiating deals with airlines for the new jet, the daily said. ... Full Story | Top |
| Facebook's mobile business expands in first quarter Wednesday, May 01, 2013 06:15 PM PDT  By Alexei Oreskovic (Reuters) - Facebook Inc's mobile advertising revenue growth gained momentum in the first three months of the year as the social network sold more ads to users on smartphones and tablets, partially offsetting higher spending which weighed on profits. New types of ads designed for smartphones, particularly ads aimed at enticing Facebook users to install mobile apps on their phones, helped lift revenue while traffic to the social network remained strong. ... Full Story | Top |
| Family sedans losing ground to crossovers on convenience, price Wednesday, May 01, 2013 05:20 PM PDT  By Deepa Seetharaman and Bernie Woodall DETROIT (Reuters) - Family sedans like the Toyota Camry and Honda Accord are losing ground this year as American families and empty-nest baby boomers find they would rather handle life's daily chores in a crossover. Midsize sedans remain the single largest segment of the U.S. auto industry. But their share of the industry has shrunk this year, alongside a gain for vehicles like the Ford Escape, executives and analysts said on Wednesday. ... Full Story | Top |
| ECB set for rate cut as inflation falls sharply Wednesday, May 01, 2013 05:08 PM PDT  By Eva Kuehnen FRANKFURT (Reuters) - The European Central Bank is expected to cut its main interest rate for the first time in 10 months on Thursday, driven to act by an economy wallowing in recession and freed to do so by sharply falling inflation Economic data over the past weeks since ECB President Mario Draghi said the bank stood ready to act if necessary has shown growth prospects darkening. Unemployment hit a record high in April. Inflation had its biggest monthly drop more than four years, to 1.2 percent, well below the banks target of 2 percent or slightly below. ... Full Story | Top |
| Canada April auto sales up 9 percent Wednesday, May 01, 2013 04:51 PM PDT  (Reuters) - Auto sales in Canada rose 9 percent in April on strong demand for pickup trucks from U.S. automakers. Light truck sales, which include sport utility vehicles and minivans as well as pickups, accounted for 55 percent of the Canadian auto sales in April, according to independent auto analyst Dennis DesRosiers. Sales of light trucks rose 16 percent while passenger car sales rose 1 percent, DesRosiers said on Wednesday. ... Full Story | Top |
| US-INDUSTRY Summary Wednesday, May 01, 2013 04:49 PM PDT Viacom and CBS beat expectations in tough TV ad market (Reuters) - Sumner Redstone had a good day on Wednesday as his two companies Viacom Inc and CBS Corp reported quarterly results that beat Wall Street estimates on the back of unexpectedly strong TV advertising revenue. Viacom reversed a long ad revenue slide, surprising analysts by posting growth in the first quarter. CBS reported a profit that easily beat the most optimistic of Wall Street estimates, as special events helped its broadcast network increase ad revenue by 8 percent. ... Full Story | Top |
| CBS profit gains on advertising, cable revenue Wednesday, May 01, 2013 04:48 PM PDT By Lisa Richwine (Reuters) - Broadcaster CBS Corp reported a better-than-expected first-quarter profit, boosted by advertising during February's Super Bowl telecast and a jump in revenue from Showtime and its other cable channels. The company recorded $463 million in net earnings for the January through March period, a 17.5 percent increase from $394 million a year earlier, CBS said on Wednesday. Adjusted earnings per share reached 73 cents, up from 59 cents last year. ... Full Story | Top |
| Visa enjoys upbeat quarter, MasterCard lags Wednesday, May 01, 2013 04:33 PM PDT  By Tanya Agrawal (Reuters) - Visa Inc , the world's largest credit and debit card network reported strong quarterly results as its customers spent more on its cards, but smaller rival MasterCard Inc reported a tougher quarter and warned of a difficult outlook. Visa reported rising growth in the key U.S. market in contrast to MasterCard, which has suffered as some of its biggest issuers, including Citigroup Inc , struggle. Visa stock rose 2.2 percent in after-hours trading while shares in MasterCard, which reported earlier in the day, closed down 2.4 percent on the New York Stock Exchange. ... Full Story | Top |
| FCA steps in early over interest-only mortgage time-bomb Wednesday, May 01, 2013 04:16 PM PDT  By Huw Jones LONDON (Reuters) - The Financial Conduct Authority (FCA) has asked mortgage lenders to check if customers can pay back the loans, stepping in early to head off possible defaults in a sector the government sees as key to reviving growth. The FCA said the capital on 2.6 million interest-only home loans will be due for repayment over the next 30 years, with 10 percent of those having no strategy for paying back the money. ... Full Story | Top |
| HMRC faces court challenge over Goldman "sweetheart deal" Wednesday, May 01, 2013 04:13 PM PDT  By Estelle Shirbon LONDON (Reuters) - The HMRC faces a court challenge on Thursday over a deal with Goldman Sachs worth an estimated 10 million pounds to the U.S. bank, a case aimed at pressuring the government into tougher action against corporate tax avoidance. The challenge by activist group UK Uncut Legal Action stems from public anger in Britain about how big and powerful firms succeed in paying less tax than many ordinary people struggling to cope with a stagnating economy and government spending cuts. ... Full Story | Top |
| Exclusive: Goldman's special situations group names new global head Wednesday, May 01, 2013 04:12 PM PDT  By Lauren Tara LaCapra NEW YORK (Reuters) - Goldman Sachs Group Inc has named Julian Salisbury to become head of its Global Special Situations Group, as current head Jason Brown retires, according to memos sent on Wednesday that were obtained by Reuters. Salisbury, a partner and managing director who now heads the group's European operation, will move from London to New York for the role. The Global Special Situations Group is known on Wall Street as one of Goldman's most profitable operations. ... Full Story | Top |
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