CA-BUSINESS Summary

Gold, oil steady after plunge, shares fight off losses

LONDON (Reuters) - Gold rebounded more than 2.5 percent after falling to two-year lows and oil cut losses following another sell-off on Tuesday, although shares dropped for a third day as worries over the health of the global economy prevailed. The broad rout in commodities and stocks seen in recent sessions has been triggered by weak data from China and the United States that have sparked fresh concerns about the strength of the global economy's recovery.

TSX may open higher as gold rebounds

(Reuters) - Canadian stock index futures signaled a higher open in Toronto on Tuesday after gold recovered from its biggest-ever daily loss in the previous session. TOP STORIES

Glencore clinches Chinese approval with copper deal

LONDON (Reuters) - China's antitrust authorities removed the last obstacle to Glencore's $30 billion takeover of miner Xstrata on Tuesday after the commodities trader agreed to sell a $5.2 billion mining project to ease its grip on copper. Xstrata's Las Bambas mine in Peru had been expected to be sacrificed to secure the approval of China's Ministry of Commerce, but Glencore also agreed 8-year commitments covering the supply of copper, zinc and lead to China.

UK inflation holds steady, oil price pressures ease

LONDON (Reuters) - British consumer price inflation held steady in March at its highest level since last May, while lower oil prices suggested future rises in inflation may be smaller than feared, official data showed on Tuesday. Annual consumer price inflation held at 2.8 percent, the same as in February and above the Bank of England's 2 percent target, although the finance minister has given the bank leeway to focus more on growth and allow for such inflation overshoots.

Canada February factory sales surge, new orders fall

OTTAWA (Reuters) - Canadian factory sales surged in February at the fastest pace in 20 months, an encouraging sign for the economy after a downturn in January, although the number of new orders fell in the month, Statistics Canada said on Tuesday. Manufacturing sales jumped 2.6 percent due to strength in auto assembly, food processing, petroleum and coal and miscellaneous sectors, the agency said, noting that higher prices explained much of the gain in the energy industry.

BlackRock first-quarter profit jumps 10 percent

(Reuters) - BlackRock Inc said on Tuesday that first-quarter net income rose 10 percent as investors increasingly turned to the money manager's higher-fee stock funds. New York-based BlackRock said net income increased to $632 million, or $3.62 per share, from $572 million, or $3.14 per share, a year earlier.

BOJ's Kuroda urges action on public spending, revenue

TOKYO (Reuters) - The Bank of Japan governor urged the government on Tuesday to take steps on both revenue and spending as public finances are on an unsustainable path. Haruhiko Kuroda, speaking in parliament, also told lawmakers that a planned increase in sales tax is among the steps needed as Japan struggles to contain its debt burden, which is proportionally the worst among major economies.

Coca-Cola reports lower profit, U.S. bottler deal

(Reuters) - Coca-Cola Co reported a slightly higher-than-expected quarterly profit on Tuesday and announced a deal to unload some distribution territory to five independent U.S. bottlers, sending its shares up nearly 3 percent in premarket trading. The transaction by the maker of Sprite, Fanta and Minute Maid is not a surprise, but comes earlier than expected.

Goldman earnings top estimates on gains from own investments

(Reuters) - Goldman Sachs Group Inc reported a stronger-than-expected 5.5 percent rise in quarterly profit as it earned more from underwriting fees and its own investments. Net income applicable to common shareholders at the top Wall Street bank rose to $2.19 billion, or $4.29 per share, in the first quarter from $2.07 billion, or $3.92 per share, a year earlier.

Dish's $25.5 billion Sprint bid may force others to act

(Reuters) - Dish Network Corp , the No.2 U.S. satellite TV provider, on Monday offered to buy wireless service provider Sprint Nextel Corp for $25.5 billion in cash and stock, a move that could inspire other telecoms or video companies to consider their own prospects of combining. Dish's offer could trump a proposal in October by Japanese wireless operator SoftBank Corp to buy 70 percent of Sprint for $20.1 billion.

Source: http://news.yahoo.com/ca-business-summary-021024103--finance.html

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