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CA-BUSINESS Summary Wednesday, May 29, 2013 09:12 PM PDT TSX ends lower on BMO results, stimulus worries TORONTO (Reuters) - Canada's benchmark stock index fell on Wednesday as a decline in Bank of Montreal shares after the lender's quarterly profit missed estimates and market weakness following worries about the U.S. stimulus program overshadowed a surge in gold producers. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 17.91 points, or 0.14 percent, at 12,732.61. Seven of the 10 main sectors on the index were in the red. Sprint, SoftBank agree to U.S. ... Full Story | Top |
Dish tops rival Sprint's bid for Clearwire Wednesday, May 29, 2013 09:11 PM PDT (Reuters) - Dish Network Corp raised its buyout offer for Clearwire Corp to $4.40 per share, valuing the wireless service provider at $6.5 billion and topping a rival bid by Sprint Nextel Corp by nearly 30 percent. Sprint, the No. 3 U.S. mobile service provider, already owns just over 50 percent of Clearwire's shares and had increased its offer to $3.40 per share last week under pressure from activist shareholders. Dish, which is also locked in a battle with Japan's SoftBank Corp to acquire Sprint, raised its bid just two days before the Sprint offer goes to a vote. ... Full Story | Top |
Foreclosure sales tumble in first quarter: RealtyTrac Wednesday, May 29, 2013 09:06 PM PDT NEW YORK (Reuters) - Sales of U.S. homes in foreclosure fell in the first quarter, a report from RealtyTrac showed on Thursday, the latest data to suggest the housing market is on the mend. There were 190,121 properties sold that were in the foreclosure process or already seized by lenders, down 18 percent from the last quarter of 2012 and a decrease of 22 percent from the first quarter the year before. That accounted for 21 percent of all home sales, down from 25 percent in the first quarter of 2012. ... Full Story | Top |
Thailand's CP Foods says considered bidding for Smithfield Wednesday, May 29, 2013 09:01 PM PDT HONG KONG (Reuters) - Charoen Pokphand Foods Plc, controlled by Thai billionaire Dhanin Chearavanont, said on Thursday it had considered bidding for Smithfield Foods Inc. On Wednesday, China's privately-owned Shuanghui International agreed to buy Smithfield Foods for $4.7 billion in cash to feed growing Chinese appetite for U.S. pork, in a deal that has already stirred concern from U.S. politicians. CP Foods declined to give more details due to a non-disclosure agreement. (Reporting by Denny Thomas and Khettiya Jittapong; Editing by Ryan Woo) Full Story | Top |
Panasonic to cut 5,000 workers from automotive and industrial division Wednesday, May 29, 2013 07:41 PM PDT TOKYO (Reuters) - Panasonic Corp said it will cut around 5,000 workers from its automotive and industrial division in a bid to bolster its operating profit margin over the next three years to a 5 percent minimum set by the company's president, Kazuhiko Tsuga. The division, which covers automotive components, semiconductors, production machinery and other devices, employs 110,000 people, around a third of Panasonic's workforce. The business is at the forefront of Tsuga's strategy to shift Panasonic away from consumer electronics to building gadgets and machinery it sells to other companies. ... Full Story | Top |
Asian shares, dollar pressured by uncertain QE outlook Wednesday, May 29, 2013 07:36 PM PDT By Chikako Mogi TOKYO (Reuters) - Asian shares and the dollar were pressured on Thursday, undermined by an overnight pullback in global equities as investors assessed the implications of a potential softening of the Federal Reserve's massive monetary stimulus program. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, barely above Friday's five-week low of 464.99. Sentiment was weighed as the CBOE Volatility index , which measures expected volatility in the Standard & Poor's 500 index over the next 30 days, hit a five-week high on Wednesday before closing up 2. ... Full Story | Top |
Ringo Starr unveils unseen Beatles photos in e-book Wednesday, May 29, 2013 06:53 PM PDT (Reuters) - Former Beatle Ringo Starr is lifting the lid on a collection of previously unseen photographs of the Fab Four in their heyday from his personal collection, in a new photography book due out next month. "Photograph," which will be released as an e-book on Apple's iBookstore on June 12, will coincide with a Grammy Museum exhibit on Starr, entitled "Ringo: Peace & Love," the book's publishers said on Wednesday. A limited-edition hand-bound book signed by Starr will be available for purchase in December. ... Full Story | Top |
Asteroid mining company wants to put your face in space Wednesday, May 29, 2013 06:41 PM PDT By Irene Klotz CAPE CANAVERAL, Florida (Reuters) - A privately owned asteroid mining firm, backed in part by Google Inc's founders, launched a crowd-funding project on Wednesday to gauge public interest in a small space telescope that could serve as a backdrop for personal photographs, officials said. Planetary Resources, based in Bellevue, Washington, plans to build and operate telescopes to hunt for asteroids orbiting near Earth and robotic spacecraft to mine them for precious metals, water and other materials. ... Full Story | Top |
Soccer-Difficult to say no to Real, says Suarez Wednesday, May 29, 2013 06:03 PM PDT May 30 (Reuters) - Liverpool striker Luis Suarez has hinted that he would consider a move away from the Merseyside club to Real Madrid, if the Spanish giants were be keen to take him. Suarez received a 10-match domestic ban for biting Chelsea's Branislav Ivanovic last month and suggested the pressure from the British media was one reason why he would consider a move. "There is nothing concrete but it will always be difficult to say no to Real Madrid," the forward, who is in Montevideo with the Uruguay squad, told local radio station Radio Sport 890. ... Full Story | Top |
Motorola hits comeback trail with new U.S.-made phone Wednesday, May 29, 2013 05:57 PM PDT RANCHO PALOS VERDES (Reuters) - Motorola plans to launch a new, made-in-the-U.S. smartphone, CEO Dennis Woodside said on Wednesday, confirming speculation the once-dominant cellphone maker intends to make a comeback in the hotly competitive mobile market. Motorola, which Google Inc bought for $12.5 billion in 2012, has steadily ceded market share to Apple Inc and Samsung Electronics Co Ltd, with its latest phones garnering a relatively lukewarm reception. The new phone, called the Moto X, will be built at a 500,000 square-feet facility in Texas that will employ 2,000 people by August. ... Full Story | Top |
Top U.S. tax breaks to cost $12 trillion over decade, benefit wealthy: CBO Wednesday, May 29, 2013 05:52 PM PDT By David Lawder WASHINGTON (Reuters) - The top ten tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows. The top 20 percent of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday. ... Full Story | Top |
Sprint, SoftBank agree to U.S. national security deal Wednesday, May 29, 2013 05:40 PM PDT By Alina Selyukh (Reuters) - Sprint Nextel Corp and Japan's SoftBank Corp said on Wednesday they had reached a national security agreement with U.S. authorities, overcoming a major hurdle for the Japanese company's $20.1 billion bid to control the wireless carrier. Even with that approval, there are still a number of regulatory, congressional and investor hurdles facing SoftBank before it can close on its plan to break into the U.S. market. One influential U.S. senator said on Wednesday he was "carefully examining" the approval to see if it eased his security concerns. ... Full Story | Top |
Larry King returning to U.S. TV via Russian station Wednesday, May 29, 2013 05:34 PM PDT By Tim Molloy NEW YORK (TheWrap.com) - Larry King is returning to U.S. television by way of a Russian station. RT, the English-language news channel owned by the Russian government, said it will begin airing "Larry King Now" in June on its U.S. station, RT America. It will also air a new show called "Politics With Larry King." "Larry King Now, which debuted in July 2012 on Hulu.com and Ora.tv, will continue to be streamed from both sites, and will also be available online on rt.com. Ora. ... Full Story | Top |
Yes, it's true - Psy, YouTube and Iron Man actually unite countries, survey finds Wednesday, May 29, 2013 05:32 PM PDT By Brent Lang LOS ANGELES (TheWrap.com) - From "Iron Man 3" to "Gangnam Style," films, YouTube clips, music and television shows are breaking through cultural and language barriers in unprecedented fashion. Fueled by the growth of social media platforms, entertainment is becoming the great ambassador between far-flung countries. That's the conclusion of Edelman's annual survey of consumer attitudes towards entertainment. ... Full Story | Top |
Lawmaker asks Justice Department to investigate JPMorgan power trading Wednesday, May 29, 2013 05:00 PM PDT By David Sheppard NEW YORK (Reuters) - A Congressman on Wednesday called on the Department of Justice to investigate JPMorgan Chase & Co's power trading in Michigan, as the Federal Energy Regulatory Commission (FERC) considers whether to sanction the firm. Michigan Congressman Dan Kildee, a Democrat who sits on the Committee on Financial Services, said in a letter to the DoJ that it should pursue its own investigation into JPMorgan to see if it manipulated electricity markets. ... Full Story | Top |
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