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| CA-BUSINESS Summary Tuesday, Apr 30, 2013 12:13 AM 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's SoftBank says no need to improve Sprint offer Tuesday, Apr 30, 2013 12:13 AM PDT  By Mari Saito TOKYO (Reuters) - SoftBank Corp said there is no need to improve its $20.1 billion bid for 70 percent of U.S. wireless carrier Sprint Nextel Corp, which has been challenged by a counter-offer from Dish Network Corp. SoftBank's billionaire founder and top executive Masayoshi Son, who had been tight-lipped on Dish's $25.5 billion bid for Sprint since it emerged this month, told a briefing on SoftBank's latest earnings it was not possible to make an apples-to-apples comparison of the two bids. ... Full Story | Top |
| Unilever offers $5.4 billion to raise stake in Indian unit Tuesday, Apr 30, 2013 12:04 AM PDT  By Tony Munroe and Swati Pandey MUMBAI (Reuters) - Anglo-Dutch consumer goods giant Unilever Plc offered to pay as much as $5.4 billion to raise its stake in its Indian unit, banking on fast-growing spending power in Asia's third-largest economy. The offer to lift its share to as much as three-quarters of Hindustan Unilever Ltd, India's largest consumer goods maker, is the latest big corporate bet on long-term consumer demand in India despite economic growth at a decade low. It also reflects Unilever's focus on emerging markets amid weakness in the United States and Europe. ... Full Story | Top |
| S.African rand retreats on credit data, trade could add pressure Tuesday, Apr 30, 2013 12:01 AM PDT  JOHANNESBURG (Reuters) - South Africa's rand traded little changed from overnight closing levels against the dollar on Tuesday although it retreated slightly after central bank data showed a slowdown in private sector credit extension. Trade data due out later in the day could add pressure on the currency if it shows a wider-than-expected trade deficit for March. The rand was at 8.9950 per dollar by 0633 GMT, down just 0.06 percent from Monday's close at 8.99. ... Full Story | Top |
| Telefonica sells Central American assets for $500 million Monday, Apr 29, 2013 11:50 PM PDT  MADRID (Reuters) - Spain's Telefonica has signed a deal to sell 40 percent of its assets in four Central American countries to Corporacion Multi Inversiones (CMI) for $500 million, as part of its drive to cut debt. The Spanish telecoms group, which made a series of asset disposals last year, is fighting to reduce net debt to below 47 billion euros ($62 billion) in 2013 from 51.3 billion euros in 2012. The price of the sale could increase by up to $72 million according to future performance, valuing the assets at 6. ... Full Story | Top |
| Tesla, Cardiovascular probed over stock trading plans: WSJ Monday, Apr 29, 2013 11:26 PM PDT (Reuters) - U.S. federal prosecutors have sent subpoenas to Tesla Motors Inc and Cardiovascular Systems Inc asking for documents and emails relating to a trading plan that allows executives to sell company stock, the Wall Street Journal said on Tuesday, citing a person familiar with the probe. The Securities and Exchange Commission (SEC) allows company executives to trade their own stock by using a preset plan known as "10b5-1," even when they have access to private information. The U.S. ... Full Story | Top |
| Brent holds under $104, heads for worst month since May Monday, Apr 29, 2013 11:25 PM PDT  By Luke Pachymuthu SINGAPORE (Reuters) - Brent crude steadied under $104 a barrel on Tuesday, holding on to most of its gains from the previous session as investors remained cautiously optimistic that further global stimulus measures would boost oil demand. But prices were headed for their biggest monthly slide since May last year, after plunging to nine-month lows below $100 earlier in April amid a commodities sell-off triggered by weak economic data from top consumers the United States and China. Brent dropped 25 cents to $103. ... Full Story | Top |
| Gold slips as ETF holdings hit lowest since Sept 2009 Monday, Apr 29, 2013 11:23 PM PDT  By Lewa Pardomuan SINGAPORE (Reuters) - Gold slipped back into negative territory on Tuesday after bargain hunting tapered off, while daily outflows from exchange-traded funds highlighted investors' lack of confidence in the precious metal. Although gold's appeal as a hedge against inflation may be burnished by hopes the U.S. Federal Reserve will keep its bond-buying programme, surging stock markets could tempt investors to ditch bullion and shift to equities. Gold fell $4.84 an ounce to $1,470.95 by 0313 GMT. ... Full Story | Top |
| S.Africa March credit growth slows to 7.79 percent y/y Monday, Apr 29, 2013 11:12 PM PDT  JOHANNESBURG (Reuters) - Growth in credit demand by South Africa's private sector slowed to 7.79 percent year-on-year in March from 7.88 percent in February, central bank data showed on Tuesday. Expansion in the broadly defined M3 measure of money supply was at however higher at 8.47 percent year-on-year in March from 7.71 percent the previous month. Economists surveyed by Reuters forecast year-on-year private sector credit growth of 7.2 percent in March and a 7.5 percent rise in money supply. Full Story | Top |
| Best Buy plans to exit Europe by selling stake to Carphone Monday, Apr 29, 2013 11:12 PM PDT  By Dhanya Skariachan NEW YORK (Reuters) - U.S. retailer Best Buy Co Inc is selling its 50 percent stake in a joint venture with Europe's biggest independent mobile phone retailer Carphone Warehouse Group PLC back to its European partner for about 500 million pounds (or $775 million). The move is the latest sign the world's largest consumer electronics chain is scaling back its overseas ambitions to focus on its mainstay U.S. business, which faces cut-throat competition from the likes of Wal-Mart Stores Inc and Amazon.com Inc . ... Full Story | Top |
| Central bank stimulus hopes underpin Asian shares Monday, Apr 29, 2013 11:07 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares advanced on Tuesday with investor risk appetite bolstered by expectations for U.S. Federal Reserve and the European Central Bank to continue with growth-supportive monetary stimulus measures. European stock markets were seen extending gains, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX would open up as much as 0.6 percent. Benchmark index in Italy was also set to open 0.5 percent higher, as investors welcome signs of political stability. U.S. stock futures were down 0. ... Full Story | Top |
| Angola leaves benchmark lending rate unchanged at 10 pct Monday, Apr 29, 2013 11:06 PM PDT LISBON (Reuters) - Angola's central bank left its benchmark interest rate unchanged at 10 percent for the third straight month on Monday, the bank said in a statement posted on its website. The bank's monetary policy committee last changed the lending rate in January after leaving it at 10.25 percent for one year. Full Story | Top |
| UBS posts strong first-quarter on trading income surge Monday, Apr 29, 2013 10:57 PM PDT  By Katharina Bart ZURICH (Reuters) - UBS beat expectations for first-quarter profit thanks to a surge in trading income from its investment bank and more fees from wealthy clients. Net profit at Switzerland's biggest bank slipped 5 percent to 988 million Swiss francs ($1.05 billion) compared with average analysts forecasts of 601 million in a Reuters poll. UBS, which is cutting 10,000 jobs in a retreat from riskier fixed income activities, cautioned that economic worries might slow trading by wealthy clients and hit second-quarter revenue, margins and fresh inflows. ... Full Story | Top |
| Insight: Why did Cypriot banks keep buying Greek bonds? Monday, Apr 29, 2013 10:33 PM PDT  By Michele Kambas, Stephen Grey and Stelios Orphanides NICOSIA (Reuters) - One day last October, a memory stick containing special software for deleting data was placed into a desktop computer at Bank of Cyprus. Within minutes, 28,000 files were erased, according to investigators who had wanted to copy the data for an official report into the collapse of the Cypriot banking system. ... 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 |
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