CA-BUSINESS Summary

Asian shares tick higher, weak durable orders stall dollar

TOKYO (Reuters) - Asian shares edged higher on Thursday, supported by views that a run of weak global economic data will encourage major central banks to keep or deepen their monetary stimulus, though dismal U.S. durable goods orders for March weighed on the dollar. Oil prices, copper and gold recovered, also helping to improve sentiment towards risk assets.

Soaring Barrick helps propel TSX to biggest jump in 8 months

TORONTO (Reuters) - Canada's main stock index jumped more than 1 percent on Wednesday, its sharpest one-day percentage gain in more than eight months, as higher commodity prices fueled a rise in shares of gold and oil and gas producers. The surge in gold-mining shares, which have languished this year, played the biggest role in driving up the market as they rose about 7 percent as physical buyers scooped up the precious metal on the back of a recent selloff.

Exclusive: Verizon eyes roughly $100 billion bid for Verizon Wireless stake

NEW YORK (Reuters) - Verizon Communications Inc has hired advisers to prepare a possible $100 billion cash and stock bid to take full control of Verizon Wireless from joint venture partner Vodafone Group Plc , two people familiar with the matter said on Wednesday. Verizon, which already owns 55 percent of Verizon Wireless, has not yet put forward a proposal to Vodafone but it has hired both banking and legal advisers for a possible bid, the sources said.

CP Railway profit rises on higher freight revenue

(Reuters) - Canadian Pacific Railway Ltd reported a 53 percent increase in first-quarter profit as freight revenue rose and the company improved its operating efficiency. Canada's No. 2 rail carrier said net income rose to C$217 million ($212 million), or C$1.24 per share, from C$142 million, or 82 Canadian cents per share, a year earlier.

ECB says ditching austerity would not help euro zone

BRUSSELS/FRANKFURT (Reuters) - ECB policymakers rebuffed suggestions that Europe should ease up on austerity and said that while the central bank has room to cut interest rates, such a move would not necessarily help the economy much. European Central Bank Vice-President Vitor Constancio said that seeking to stimulate economies by stopping measures aimed at cutting government debt could merely increase countries' borrowing costs rather than triggering growth.

Qualcomm's earnings outlook points to competition in Asia

SAN FRANCISCO (Reuters) - Leading mobile chipmaker Qualcomm forecast earnings below expectations on Wednesday as competition in smartphones intensifies and shifts toward Asia, and its stock fell sharply. San Diego-based Qualcomm is benefiting from strong demand for smartphones and a shift by network operators worldwide to a high-speed wireless technology known as long-term evolution (LTE), where the chipmaker is ahead of rivals.

Analysis: Truth and consequences - a dilemma for Twitter and its users

SAN FRANCISCO (Reuters) - Does Twitter have a credibility problem? For many, a single fake tweet from the Associated Press account that briefly roiled financial markets on Tuesday, driving the Dow Jones industrial average down about 145 points, vividly reaffirmed the fearsome, near-instantaneous power of the 140-character message.

FAA slaps UPS with $4 million penalty

(Reuters) - The Federal Aviation Administration said United Parcel Service should pay a $4 million civil penalty for not complying with certain rules on maintaining and operating its aircraft. The agency is alleging that UPS failed to follow procedures when repairing four of its aircraft used on more than 400 flights between October 2008 and June 2009. The planes involved were two DC-8 and two MD-11 aircraft.

Starbucks, under fire in UK, seeks U.S. tax breaks

WASHINGTON (Reuters) - Coffee chain Starbucks Corp , which has faced criticism for its low tax rate in Britain, has sought new tax breaks in the United States in comments to a congressional committee. As U.S. lawmakers move closer to possibly overhauling the tax code for the first time since 1986, scores of companies and interest groups have submitted comments to the tax law-writing Ways and Means Committee in the U.S. House of Representatives.

Crude-by-rail no substitute for Keystone XL: energy minister

WASHINGTON (Reuters) - Using trains to move heavy crude oil out of Western Canada would be a poor alternative to the controversial Keystone XL pipeline, Canada's top energy official said on Wednesday, and a rail-only plan would likely dent future oil sands development. U.S. officials are weighing whether to approve construction of the proposed Keystone pipeline that could deliver as much as 830,000 barrels a day of mostly Canadian and some U.S. crude oil to refiners in Texas and Louisiana.

Source: http://news.yahoo.com/ca-business-summary-000009480--finance.html

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