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| CA-BUSINESS Summary Monday, Apr 29, 2013 12:40 PM PDT TSX rises, led by Valeant, rebounding resource stocks TORONTO (Reuters) - Canada's main S&P/TSX stock index gained more than half a percent on Monday in a broad-based move led by Valeant Pharmaceuticals International Inc after the company pulled back from acquisition talks and helped by natural resource stocks that rebounded after Friday's tumble. With prices for gold and copper moving higher and oil steady, Canada's energy and mining stocks won back some of their value. That in turn helped the commodity-focused index outperform its U.S. peers in early trade. ... Full Story | Top |
| Bank of Canada governor decision to happen soon: Flaherty Monday, Apr 29, 2013 12:39 PM PDT  OTTAWA (Reuters) - A new governor for the Bank of Canada to replace Mark Carney will be named soon, but not necessarily by the end of April as the government initially indicated, Finance Minister Jim Flaherty said on Monday. "You'll recall that I said we're aiming at about the end of April and we're about the end of April and the process is drawing to a close," Flaherty told reporters. Flaherty had told Reuters on April 12 it would be optimal to have the process finished by the end of the month. ... Full Story | Top |
| Level Global to pay $21.5 million to settle SEC insider-trading case Monday, Apr 29, 2013 12:34 PM PDT  WASHINGTON (Reuters) - The now-defunct Connecticut-based hedge fund Level Global Investors LP has agreed to pay more than $21.5 million to settle civil insider-trading charges, the U.S. Securities and Exchange Commission said on Monday. The firm is settling the charges without admitting or denying them. The SEC previously filed insider-trading charges against Level Global's co-founder Anthony Chiasson, former analyst Spyridon "Sam" Adondakis and six other defendants in January 2012. ... Full Story | Top |
| US-INDUSTRY Summary Monday, Apr 29, 2013 12:34 PM PDT CBC's English-language chief leaving for Twitter job TORONTO (Reuters) - The head of the Canadian Broadcasting Corp's English-language service is leaving the public broadcaster to join micro-blogging company Twitter, the CBC said on Monday. Kirstine Stewart, the CBC's executive vice-president of English services, will leave immediately and a recruitment process for her replacement has been launched. ... Full Story | Top |
| CBC's English-language chief leaving for Twitter job Monday, Apr 29, 2013 12:33 PM PDT  TORONTO (Reuters) - The head of the Canadian Broadcasting Corp's English-language service is leaving the public broadcaster to join micro-blogging company Twitter, the CBC said on Monday. Kirstine Stewart, the CBC's executive vice-president of English services, will leave immediately and a recruitment process for her replacement has been launched. Stewart, an avid Twitter user herself, said she was named managing director of Twitter Canada and will remain in Toronto to open Twitter's first offices in the country. ... Full Story | Top |
| Sprint seeks details from Dish on takeover proposal Monday, Apr 29, 2013 12:23 PM PDT  By Liana B. Baker and Ben Berkowitz (Reuters) - Sprint Nextel Corp on Monday said its merger partner, SoftBank Corp, has waived some terms of their agreement so that Sprint can seek more information from rival suitor Dish Network Corp. The exchange of information between Sprint and Dish indicates the companies are in conversations about the satellite broadcaster's $25.5 billion takeover bid, even if Sprint for now is standing by its $20.1 billion pact with SoftBank. ... Full Story | Top |
| Chrysler revenue slumps on new model launches Monday, Apr 29, 2013 12:15 PM PDT  By Bernie Woodall and Jennifer Clark DETROIT/MILAN (Reuters) - Carmaker Fiat's first-quarter profit slumped more than expected as its U.S. unit Chrysler's sales suffered from the phase-out of the Jeep Liberty pending a new model launch. "We knew we would be limping in the quarter. I just didn't think I was going to limp that much," said Sergio Marchionne, chief executive of both Chrysler and its parent Fiat, on a conference call with analysts and reporters. ... Full Story | Top |
| Global stocks, euro rise on Italy government; S&P 500 nears record Monday, Apr 29, 2013 12:00 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - World stock indexes and the euro advanced on Monday as the formation of a new government in Italy eased uncertainty about the political future of the country, the third-largest economy in the euro zone, while tame inflation data drove down U.S. Treasury yields. U.S. stocks jumped, also buoyed by stronger-than-expected U.S. housing data. The S&P 500 extended recent gains and was on track for a record closing high. The index is up 11.9 percent for the year so far. ... Full Story | Top |
| U.S. consumer bureau tweaks credit card rule for at-home parents Monday, Apr 29, 2013 11:59 AM PDT  WASHINGTON (Reuters) - The consumer bureau said on Monday it tweaked its rules to fix part of a 2009 law that lawmakers and industry groups said kept some stay-at-home parents from getting credit cards. The Consumer Financial Protection Bureau said it made changes to a requirement in the Credit CARD Act that called for companies to verify applicants' ability to pay before approving them for credit cards. Regulators initially interpreted that provision to mean that credit card companies could consider only individuals' independent income, not total household pay. ... Full Story | Top |
| Morgan Stanley hires Washington veteran for corporate affairs Monday, Apr 29, 2013 11:36 AM PDT  NEW YORK (Reuters) - Morgan Stanley has hired Michele Davis, a public relations official and policy director who helped shape the Treasury Department's strategy during the financial crisis, to become global head of corporate affairs, according to a bank memo sent on Monday. Michele Davis will report to Vice Chairman Tom Nides, according to the memo from Nides and CEO James Gorman. She has worked "at the nexus of political and financial media throughout her career," said the memo, which was sent to employees and obtained by Reuters. ... Full Story | Top |
| Italy progress lifts Wall Street, S&P near record Monday, Apr 29, 2013 11:18 AM PDT  By Ryan Vlastelica NEW YORK (Reuters) - Stocks rose on Monday, extending a recent rally as Italy formed a government and relieved a two-month-long overhang of geopolitical uncertainty from the market. In addition, better-than-expected housing data boosted market optimism and put the S&P 500 on track to set a record close after rising for six of the past seven sessions. Wall Street followed European stocks higher as Italy's new Prime Minister Enrico Letta's focus on growth and away from austerity in his inaugural speech lifted hopes for further stimulus from the European Central Bank. ... Full Story | Top |
| Deutsche Bank hikes capital to strengthen balance sheet Monday, Apr 29, 2013 11:16 AM PDT  By Edward Taylor and Arno Schuetze FRANKFURT (Reuters) - Deutsche Bank said it will beef up its balance sheet with a 2.8 billion euro ($3.7 billion) capital increase and unveiled forecast-beating first-quarter earnings following a wave of aggressive cost cuts. Germany's flagship lender said it will also seek an additional 2 billion euros of subordinated capital over the next 12 months as it strives to narrow the gap with better-capitalized peers. ... Full Story | Top |
| Monte Paschi says lawsuit versus Nomura, Deutsche Bank well founded Monday, Apr 29, 2013 11:03 AM PDT  SIENA, Italy (Reuters) - A lawsuit by Italy's Monte dei Paschi di Siena against Nomura and Deutsche Bank over loss-making derivatives deals is well founded, the bank's chairman said on Monday. The Tuscan lender is seeking 1.2 billion euros in compensation from former executives and the two investment banks over two trades that exacerbated a capital shortfall and brought it close to collapse. Monte Paschi Chairman Alessandro Profumo told reporters his bank's lawsuit had not been weakened by a judge ruling on Friday which rejected a seizure order against Nomura made by Siena prosecutors. ... Full Story | Top |
| Analysis: Tax strategy may be key to Verizon Wireless deal Monday, Apr 29, 2013 10:49 AM PDT  By Kevin Drawbaugh, Nanette Byrnes and Soyoung Kim (Reuters) - Verizon Communications Inc's chances of buying the 45 percent stake in Verizon Wireless owned by Britain's Vodafone Group Plc will hinge, at least in part, on the quality of tax advice it is getting. Verizon, the No. 2 U.S. telecommunications company, may have found a way to structure a purchase of the stake so that Vodafone can avoid a multibillion-dollar U.S. capital gains tax bill, sources familiar with Verizon's plans said. ... Full Story | Top |
| Consumer spending rises, driven by utility costs Monday, Apr 29, 2013 10:40 AM PDT  By Lucia Mutikani WASHINGTON (Reuters) - Consumer spending unexpectedly rose in March, temporarily boosted by demand for utilities due to colder weather, according to data on Monday that did little to alter a picture of a cooling in the economy. The Commerce Department said consumer spending advanced 0.2 percent last month after a 0.7 percent rise in February. The increase, which beat economists expectations for a flat reading, was driven by higher spending on services as outlays on utilities posted a second straight month of hefty gains. ... Full Story | Top |
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