CA-BUSINESS Summary

Solid growth outlook lifts shares, dollar

LONDON (Reuters) - The dollar jumped higher against the yen and Japanese stocks led a rise in world shares on Monday as signs of economic momentum in the United States and Japan outweighed worries about a slowdown in China. A central bank forecast that the French economy will grow slightly in the second quarter and a pickup in euro zone investor sentiment for June also added to the positive outlook.

Bidder for UK's Severn Trent threatens to walk away

LONDON (Reuters) - The Canadian-led consortium trying to buy Britain's Severn Trent threatened to walk away after its third approach was rejected, prompting two of the water utility's major shareholders to urge a return to talks. Shares in the British company dropped almost 6 percent on Monday after it rejected the consortium's proposed $8.2 billion offer, ahead of a deadline on Tuesday for a firm bid.

U.S., Japan leading recovery in major economies: OECD

PARIS (Reuters) - The major developed economies are gradually gaining momentum led by faster growth in Japan and the United States, the OECD said on Monday. The Paris-based Organization for Economic Cooperation and Development said its latest monthly leading indicator as a whole rose to 100.6 in April from 100.5 in March.

Obama to name Furman as chief economist

WASHINGTON (Reuters) - President Barack Obama on Monday will nominate longtime adviser Jason Furman to be his new chief White House economist, an administration official said. Furman, who will replace economist Alan Krueger as chair of the White House's Council of Economic Advisers (CEA), has a Ph.D. in economics from Harvard University and has advised Obama since his 2008 election campaign.

ECB policy has to prevent second crisis: Nowotny

VIENNA (Reuters) - The European Central Bank needs to conduct policy in a way that ensures that the euro zone does not fall back into crisis, ECB Governing Council member Ewald Nowotny said on Monday. "An overall assessment shows that it is more important here to further the expansion and thus avoid falling into a second great crisis," he told reporters when asked about the risks of keeping interest rates low for a long time.

Doughty Hanson sells Vue Entertainment for $1.5 billion

LONDON (Reuters) - Private equity group Doughty Hanson has sold cinema operator Vue Entertainment to two Canadian investment groups for 935 million pounds ($1.45 billion), more than double its initial investment. The sale, to OMERS Private Equity and Alberta Investment Management Corporation, is expected to close by late July, Doughty Hanson said on Monday.

Elan rejects fresh Royalty bid, assessing other interest

DUBLIN (Reuters) - Irish drug firm Elan Corp Plc as expected rejected an increased offer from Royalty Pharma and on Monday said it was assessing enquiries from other interested parties. U.S. investment firm Royalty raised its hostile bid to a potential $8 billion on Friday, the third increase in five months, after Elan shareholders held off tendering their shares in hopes of a bigger payday.

Google close to buying Israeli mapping start-up Waze: report

JERUSALEM (Reuters) - Google is close to buying Waze for $1.3 billion, an Israeli newspaper reported on Sunday, potentially trumping rival offers for the Israeli mapping start-up. The report on the website of financial newspaper Globes did not cite sources or provide further details.

China's economy stumbles in May, growth may fall in second quarter

BEIJING (Reuters) - Risks are rising that China's economic growth will fall further in the second quarter and that full-year forecasts will be cut further, after weekend data showed weakness in May exports and domestic activity struggling to pick up. Evidence has mounted in recent weeks that China's economic growth is fast losing momentum, but Premier Li Keqiang tried to strike a reassuring note, saying the economy was generally stable and that growth was within a "relatively high and reasonable range".

Japan current account surplus doubles as income gains, exports rise

TOKYO (Reuters) - Japan's current account surplus doubled in April from a year earlier, and bank lending posted its biggest annual rise in over three years, in a fresh sign the government's aggressive policies to stimulate growth are paying early dividends. Separate data showed the world's third-biggest economy grew 1.0 percent in the first quarter, revised up slightly from a preliminary estimate, underscoring a steady recovery driven by a pickup in global growth and sweeping stimulus policies by Prime Minister Shinzo Abe.

Source: http://news.yahoo.com/ca-business-summary-003525095.html

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