CA-BUSINESS Summary

TSX climbs as banks, consumer stocks provide lift

TORONTO (Reuters) - Canada's main stock index posted its fourth straight session of gains on Tuesday as strength in financial and consumer discretionary stocks following comments from central bankers indicating their support of growth-oriented policies offset declines in gold miners after bullion prices tumbled. The market received further support after Germany, Europe's largest economy, reported a 2.2 percent rise in industrial orders in March, compared with expectations for a 0.5 percent drop.

SoftBank to meet Sprint investors, many eye higher bid

TOKYO/NEW YORK (Reuters) - SoftBank Corp President Masayoshi Son may get a frosty reception when he comes to the United States this week to meet Sprint Nextel Corp's major shareholders, as he tries to drum up support for the Japanese company's proposed takeover of the No. 3 U.S. wireless service provider. SoftBank's billionaire founder, who proposed a $20 billion deal for a 70 percent stake in the U.S. wireless carrier, said on Tuesday that he would discuss the deal with shareholders in a bid to fight off rival Dish Network , a U.S. satellite TV provider, which offered Sprint a $25.5 billion bid.

Brazil's Azevedo becomes first Latin American to head WTO

GENEVA (Reuters) - Brazil's Roberto Azevedo has won the race to become the next head of the World Trade Organization, the first candidate from the BRICS club of emerging economies to take the job. The career trade diplomat now faces a huge challenge to reinvigorate the global body, which has failed to wrap up the Doha trade liberalization talks after years of stalemate and risks becoming irrelevant without a breakthrough.

Disney's profit rises on parks, 'Oz' movie

LOS ANGELES (Reuters) - Media giant Walt Disney Co reported a 32 percent increase in profit that beat Wall Street expectations, boosted by higher spending and attendance at U.S. theme parks, and the movie box office success of "Oz the Great and Powerful." Revenue for the company that operates cable networks, theme parks and a movie studio increased 10 percent to $10.6 billion. At the parks division, revenue gained 14 percent and operating income climbed 73 percent as resorts in Florida and California attracted more visitors and guests spent more.

China trade data beats expectations, skepticism remains

BEIJING (Reuters) - China's exports and imports grew more than expected in April, offering the possibility of a better outlook for the world's second-largest economy, but the figures failed to put an end to skepticism that financial maneuvering by exporters and speculative capital inflows are masking weakness in real demand. China's exports rose 14.7 percent in April, while imports grew 16.8 percent, leaving the country with a trade surplus of $18.16 billion for the month, the Customs Administration said on Wednesday.

Morgan Stanley legal costs knock penny per share off profits

NEW YORK (Reuters) - Morgan Stanley investors received a penny less in profit per share last quarter due to legal expenses that were booked between the company's earnings press release on April 18 and the time it made its quarterly regulatory filing on Tuesday. The bank originally reported earnings attributable to common shareholders of $958 million, or 49 cents per share, but revised that to $936 million, or 48 cents per share, according to Morgan Stanley's 10-Q filing with the U.S. Securities and Exchange Commission.

Fannie Mae, KPMG agree to pay $153 million to end shareholder lawsuit

(Reuters) - Mortgage finance company Fannie Mae and accounting firm KPMG have agreed to pay $153 million to settle a shareholder lawsuit filed by Ohio pension funds and others accusing the companies of issuing false and misleading financial reports, the Ohio attorney general said on Tuesday. The settlement would end litigation that began in 2004 and requires approval from the judge overseeing the case, U.S. District Judge Richard Leon in Washington, D.C.

Hedge fund chief Paulson loses big on gold

NEW YORK (Reuters) - Hedge fund billionaire John Paulson is emerging as one of the biggest losers in this year's gold rout, further tarnishing his once legendary status in the $2 trillion hedge fund industry. Paulson's $700 million gold fund lost a whopping 27 percent in April, when the price of the metal plunged 17 percent over a two-week stretch, according to performance figures provided by a person familiar with the fund.

Berkshire may boost DaVita stake to 25 percent

(Reuters) - Warren Buffett's Berkshire Hathaway Inc , the largest investor in DaVita HealthCare Partners Inc , has entered an agreement allowing it to nearly double its stake in the largest U.S. operator of dialysis clinics to 25 percent. According to a regulatory filing, the companies on Tuesday entered a "standstill" agreement, which is often used to prevent unsolicited takeovers, indicating the maximum percentage of shares that Berkshire can own.

BlackBerry shares hit by Pacific Crest report

TORONTO (Reuters) - Shares of BlackBerry slid more than 5 percent on Tuesday after Pacific Crest Securities issued a downbeat report on sales momentum for smartphones running the company's new BlackBerry 10 operating system. Pacific Crest analyst James Faucette, who has a underperform rating on the company's stock, said he believes initial shipment and sales volumes for the BlackBerry Q10 - a device that comes with a physical keyboard - have not been strong.

Source: http://news.yahoo.com/ca-business-summary-000836369.html

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