CA-BUSINESS Summary

Investors dump gold, crude as growth reality dawns

TOKYO (Reuters) - Commodities from gold to oil recouped some of their earlier steep losses but remained volatile after investors dumped risk assets overnight, gripped by worries over slowing growth in China and the United States. European stock markets were seen extending losses, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> to open down as much as 0.8 percent. <.l><.eu/>

Gold plunge knocks 2.7 percent off TSX as miners take hit

TORONTO (Reuters) - Shares of Canada's biggest gold miners plunged on Monday, dragging the country's main stock index to a five-month low as weaker-than-expected Chinese data prompted investors to beat a wholesale retreat from bullion and a string of commodities. The resource-rich index fell 2.7 percent, its sharpest selloff since June last year, to close at its lowest level since Nov 16.

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.

Analysis: Citi reaps profits from hiring rainmakers 2-3 years ago

NEW YORK (Reuters) - In the summer of 2010, senior executives at Citigroup Inc told the board of directors the bank needed to hire more dealmakers to have any chance of snagging underwriting assignments and rich takeover advisory fees. Competitors, including JPMorgan Chase & Co and Morgan Stanley , had picked off the company's rainmakers during the financial crisis, when Citigroup's stock fell more than 95 percent. After the U.S. government rescued the bank, it took a more direct role in setting Citigroup's pay.

China eyes ConocoPhillips stake in Kashagan: Kazakh minister

ASTANA (Reuters) - China has shown interest in buying the stake of U.S. oil major ConocoPhillips in a multinational consortium developing Kazakhstan's giant Kashagan oilfield, Kazakh Oil & Gas Minister Sauat Mynbayev said on Tuesday. "Kazakhstan has not yet taken such a decision, but there is such a possibility," Mynbayev told reporters. He declined to say what company or government body represented China in talks with Kazakhstan over Kashagan.

Moody's lowers China outlook after Fitch downgrade

(Reuters) - Moody's Investors Service on Tuesday affirmed China's government's bond rating of Aa3 but cut the outlook to stable from positive, the second pessimistic revision by a foreign ratings agency this month. Last week, Fitch Ratings cut China's long-term local currency credit rating to A-plus from AA-minus, citing concerns about the risk that excessive local government borrowing posed to the wider economy. Moody's referred to the same issue in justifying its negative revision.

SoftBank seen fighting for Sprint as ambition trumps easy gains

TOKYO (Reuters) - Masayoshi Son, billionaire founder of Japanese mobile carrier SoftBank Corp , is expected to stay in the battle for U.S. wireless service provider Sprint Nextel Corp - even though he could walk away with more than $3.5 billion in gains from currency hedging, a convertible bond and break-up fee. Son, a rare risk-taker in Japan's conservative corporate culture, is likely to put his ambition to create a global company, with Sprint giving SoftBank a toehold in the United States, ahead of quick financial gains, analysts said on Tuesday.

Macy's appeals ruling on Martha Stewart goods in Penney dispute

NEW YORK (Reuters) - Macy's Inc has filed an appeal challenging a judge's ruling that J.C. Penney Co Inc can sell unbranded Martha Stewart goods in its stores for now -- the latest salvo in a legal war between the two retailers over rights to the domestic doyenne's products. Justice Jeffrey Oing in Manhattan state court said on Friday J.C. Penney could sell certain Martha Stewart-designed goods as long as they don't carry her name. The decision was a reprieve for the troubled retailer which has already had the products manufactured and is storing them in warehouses. An analyst has estimated the value of the goods at $100 million.

AMR files bankruptcy exit plan in step towards merger with US Airways

NEW YORK (Reuters) - AMR Corp , the parent company of American Airlines, filed formal plans to exit bankruptcy on Monday, bringing its proposed $11 billion merger with US Airways Group closer to reality. The reorganization plan, which details some executive compensation and outlines measures for creditors and shareholders, is a necessary step before the two companies can come together to create the world's largest airline. The plan requires both court and creditor approval.

Big UK firms warm to bank borrowing again: poll

LONDON (Reuters) - Bank credit is now more popular with big companies in Britain than at any point in the past five years, a survey showed on Tuesday, suggesting an easing in what many see as a major brake on the economy. The Bank of England and politicians say a lack of bank lending, especially for smaller firms, is part of the reason for the country's very slow recovery from the financial crisis.

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

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