CA-BUSINESS Summary

Central bank stimulus hopes lift shares, euro slips

LONDON (Reuters) - Europe's share markets advanced and the euro slipped on Tuesday as some investors positioned for the European Central Bank and the U.S. Federal Reserve to extend their monetary measures to stimulate economic growth. Opinions remain divided on whether the ECB will lower interest rates. Only a narrow majority of 76 economists polled by Reuters last week forecast a 25 basis point cut in the main rate to 0.5 percent on Thursday. A separate survey of money market dealers showed they were evenly split on any move.

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.

Best Buy plans to exit Europe by selling stake to Carphone

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 .

Spain sinks deeper into recession in first quarter

MADRID (Reuters) - Spain's economy shrank for the seventh straight quarter from January to March, preliminary data showed on Tuesday, and the recession looks set to last into next year. Acute joblessness and grim economic data from Spain and other euro zone countries have fueled a raging debate over whether Europe should abandon austerity policies that are still favored by regional powerhouse Germany.

Insight: Why did Cypriot banks keep buying Greek bonds?

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.

Japan's SoftBank says no need to improve Sprint offer

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.

Canada's Suncor Energy Q1 operating profit beats expectations

(Reuters) - Suncor Energy Inc's first-quarter operating profit beat analyst expectations, boosted by higher oil sands production and better profitability in refining and marketing. The quarterly results are the company's first since its March decision to scrap its partially built Voyageur upgrader, part of a joint venture with French oil major Total SA .

Unilever offers $5.4 billion to raise stake in Indian unit

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.

Bank of Canada governor decision to happen soon: Flaherty

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.

UBS posts strong first-quarter on trading income surge

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.

Source: http://news.yahoo.com/ca-business-summary-004534029.html

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