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| CA-BUSINESS Summary Friday, Apr 26, 2013 08:41 PM PDT TSX slides as mining, energy issues stumble TORONTO (Reuters) - Canada's main stock market finished lower on Friday as natural resource stocks slumped and market sentiment soured following U.S. economic growth data that fell short of expectations. U.S. gross domestic product expanded at a 2.5 percent rate, an increase from the fourth quarter's dismal 0.4 percent pace but shy of the 3 percent growth analysts were hoping for. The weaker-than-expected data in Canada's biggest trading partner weighed on Canadian stocks. ... Full Story | Top |
| Boeing ready to build seven Dreamliners a month by mid-year Friday, Apr 26, 2013 08:40 PM PDT  TOKYO (Reuters) - Boeing Co said on Saturday it is ready to build seven 787 Dreamliners a month from mid-year and is still on course for 10 per month by the end of the year. On Friday, Japanese authorities gave Japan Airlines and All Nippon Airways the green light to fly the grounded Dreamliner following U.S. approval. The fuel-efficient passenger jet was grounded since mid-January due to lithium-ion battery problems. (Reporting by Tim Kelly; Editing by Paul Tait) Full Story | Top |
| Rush to help airlines, travelers could crack open budget door Friday, Apr 26, 2013 08:16 PM PDT  By David Lawder and Doug Palmer WASHINGTON (Reuters) - Congress got rid of a headache on Friday when it rescued the flying public from flight delays caused by its budget cutting. But in the view of many lawmakers, the pain is just about to begin. Members of Congress and groups representing people hit by across-the-board budget cuts, ranging from cancer patients to welfare recipients, say the quick action on air traffic control staffing underscored the importance of being visible to millions of Americans. ... Full Story | Top |
| U.S. sues Novartis over kickbacks Friday, Apr 26, 2013 08:06 PM PDT  By Jonathan Stempel NEW YORK (Reuters) - The U.S. government on Friday announced its second civil fraud lawsuit against Novartis AG in four days, accusing a unit of the Swiss drugmaker of paying multimillion-dollar kickbacks to doctors in exchange for prescribing its drugs. Authorities said the Basel-based company for a decade lavished healthy speaking fees and "opulent" meals, including a nearly $10,000 dinner for three at the Japanese restaurant, Nobu, to induce doctors to prescribe its drugs. ... Full Story | Top |
| Exclusive: Brazil's Vale says signs accord to quit Argentine Potash project Friday, Apr 26, 2013 07:00 PM PDT  By Sabrina Lorenzi RIO DE JANEIRO (Reuters) - Global miner Vale SA signed an agreement with the Argentine government on Friday that will allow the Brazilian company to leave the $6 billion Rio Colorado potash mining project, a company spokeswoman told Reuters on Friday. The agreement could put an end to months of uncertainty for Vale , which suspended work on the fertilizer project in December and announced its intention to pull out in March. Under the terms of the agreement, Vale's existing concession at the mine remains in place for up to four years, the spokeswoman said. ... Full Story | Top |
| US-INDUSTRY Summary Friday, Apr 26, 2013 06:28 PM PDT Time Warner Cable shifts away from "triple play" (Reuters) - Time Warner Cable Inc, the second-largest U.S. cable provider, will no longer aggressively push "triple play" packages of Internet, video and voice on its customers, moving away from the long-held industry practice of bundling the services together. Time Warner Cable is the first cable company in the U.S. to acknowledge that customers would prefer to only pay for television and Internet, as demand for landline service has been declining steadily with many people only using cellphones, even at home. ... Full Story | Top |
| Hyundai Motor suicide ad draws ire for South Korean company Friday, Apr 26, 2013 06:28 PM PDT  By Hyunjoo Jin SEOUL (Reuters) - South Korean automaker Hyundai Motor Co has been forced to apologize for an advertisement that sought to promote the zero carbon emissions of one of its cars by featuring a man failing to commit suicide using a hose attached to the exhaust. The ad debacle is the latest to hit the carmaker, the world's fifth largest by sales when combined with its Kia Motors affiliate, after it exaggerated fuel performance figures in the United States, and announced a large-scale vehicle recall this month. ... Full Story | Top |
| Mothers group petitions Disney over sick pay laws Friday, Apr 26, 2013 05:10 PM PDT By Barbara Liston ORLANDO, Florida (Reuters) - Representatives of a national organization of mothers were prevented on Thursday from delivering a petition to Walt Disney World accusing it of trying to block laws that would require companies to provide paid sick leave for employees. "They were turned away and security was called," Kristin Rowe-Finkbeiner, executive director of MomsRising, told Reuters on Friday. ... Full Story | Top |
| Vodafone investors want bigger bid or full takeover by Verizon Friday, Apr 26, 2013 05:02 PM PDT  By Sinead Cruise and Chris Vellacott LONDON (Reuters) - Six major Vodafone investors said $100 billion was not enough for the British company's stake in its U.S. joint venture with Verizon Communications, and urged the latter to come up with an offer of at least $120 billion. Their comments followed a Reuters report on Wednesday that Verizon had hired advisers to prepare a possible $100 billion bid to buy Vodafone's 45 percent stake in their Verizon Wireless joint venture, likely to be structured as a roughly 50:50 cash and stock bid. ... Full Story | Top |
| Valeant in talks to buy Actavis for over $13 billion: WSJ Friday, Apr 26, 2013 04:47 PM PDT (Reuters) - Canada's biggest listed drug maker, Valeant Pharmaceuticals International Inc , is in talks to buy generic drugmaker Actavis Inc for more than $13 billion, Wall Street Journal reported, citing people familiar with the matter. The companies had been working towards an all-stock deal, when some of Actavis' directors came out against it around the middle of this week. But executives on the two sides are still working to resurrect the deal, the journal said. Valeant said in February it was in talks to make more acquisitions, and it remains open to discuss a potential "merger of equals. ... Full Story | Top |
| Activision CEO Kotick among top-paid CEOs in U.S. Friday, Apr 26, 2013 04:44 PM PDT  (Reuters) - Videogame publisher Activision Blizzard Inc's Chief Executive Robert Kotick received a total compensation of $64.9 million last year, making him one of the top paid CEOs in the United States. Kotick's 2012 total compensation includes about $56 million in stock awards, while there were no stock awards for 2011. His base salary doubled to $2 million, according to regulatory filings on Friday. (http://r.reuters.com/bew67t) Kotick, 50, also a board member of Coca-Cola Co, was paid $8.33 million in 2011 by Santa Monica-based Activision. ... Full Story | Top |
| PricewaterhouseCoopers quits as Sands auditor, no dispute cited Friday, Apr 26, 2013 04:41 PM PDT By Ronald Grover (Reuters) - Las Vegas Sands Corp , the casino company, said on Friday that accounting firm PricewaterhouseCoopers will not stand for re-election as the company's auditor, ending a 25-year relationship with Sands founder and chairman Sheldon Adelson. The auditor, which confirmed the company's announcement in a letter to the SEC, has served as the gaming company's auditor since it became a public company in 2004. Las Vegas Sands and the accounting firm said the decision to part ways was not motivated by any disagreements over financial statements or disclosures. ... Full Story | Top |
| Wall St Week Ahead: Central banks, data to steer investors Friday, Apr 26, 2013 03:50 PM PDT  By Wanfeng Zhou NEW YORK (Reuters) - With signs of a slower economy mounting, the near-term outlook for U.S. stocks isn't rosy, but investors may find comfort next week from the world's major central banks. The Federal Reserve will meet on Tuesday and Wednesday, with the report of weaker-than-expected, first-quarter growth could reinforce expectations the Fed will keep purchasing bonds at a pace of $85 billion a month. ... Full Story | Top |
| DoubleLine's Gundlach seeks more risk in new closed-end fund Friday, Apr 26, 2013 03:45 PM PDT  By Sam Forgione NEW YORK (Reuters) - DoubleLine Capital LP, the investment firm run by star bond manager Jeffrey Gundlach, said on Friday it completed an initial public offering for the closed-end DoubleLine Income Solutions Fund . Gundlach, DoubleLine's chief executive and chief investment officer, will manage the fund with portfolio managers Bonnie Baha and Luz Padilla. Gundlach said on Friday the fund will seek greater risk than the firm's flagship DoubleLine Total Return Bond Fund . ... Full Story | Top |
| U.S. government may not hit debt limit until October: analysts Friday, Apr 26, 2013 02:52 PM PDT  By Rachelle Younglai WASHINGTON (Reuters) - The United States might not hit the statutory limit on its debt until October, a policy research group said on Friday, giving Republican lawmakers more time to extract spending cuts from the Obama administration in return for extending the borrowing cap. After giving into Democratic demands in December to raise taxes and later working with them to avoid a government shutdown, Republicans have been gearing up to use the debt limit as leverage to seek fresh budget cuts and changes to the tax code. ... Full Story | Top |
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