CA-BUSINESS Summary

TSX opens higher on stronger resources, positive data

TORONTO (Reuters) - Canada's main stock index opened higher on Tuesday on strength in shares of gold and energy producers, as well as optimism following positive economic data from Europe. The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was up 58.12 points, or 0.46 percent, at 12,671.17 shortly after the open.

Ireland says not to blame for Apple's low tax rate

CORK/DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low.

Housing recovery boosts Home Depot results; outlook raised

(Reuters) - Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market. The news on Tuesday boosted Home Depot shares by 3.9 percent to $79.75 in premarket trading.

Best Buy sees investments squeezing near-term profits

(Reuters) - Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected first-quarter profit and sent shares of the world's largest consumer electronics chain down 4 percent in premarket trading.

JPMorgan may beat proposal to split chairman, CEO roles: NYT

NEW YORK (Reuters) - JPMorgan Chase & Co appears to have defeated a shareholder proposal to split the roles of Chairman and Chief Executive Jamie Dimon, the New York Times reported on Tuesday. The Times, which cited people familiar with a preliminary vote count, said the final outcome could still change and any margin of victory is still unclear.

Shell says hunt for new CEO is underway

THE HAGUE (Reuters) - The hunt for Royal Dutch Shell's next chief executive is underway, its chairman said on Tuesday, after CEO Peter Voser made what could be his last appearance at the oil group's annual shareholder meeting. Voser announced his surprise decision three weeks ago to step down in the first half of 2014, before his 56th birthday, and less than five years into the role.

Sprint receives SoftBank waiver to consider Dish offer

TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp , as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders including Paulson & Co and Omega Advisors have publicly said the Dish offer looks better than SoftBank's deal.

JPMorgan investors on edge over vote on Dimon; what if they win?

TAMPA, Florida (Reuters) - As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote. JPMorgan's annual meeting on Tuesday will bring to head a months-long and bitter shareholder campaign demanding more oversight of Dimon, who has suggested that he may eventually leave the bank if he loses the vote.

Vodafone keeps Verizon payout to make up for European slump

LONDON (Reuters) - Vodafone will reinvest a $3.2 billion dividend from its healthy U.S. arm to counter weakness in southern Europe that contributed to the largest ever quarterly fall in the group's main revenue measure. The British firm is trying to decide whether to sell Verizon Wireless, its profitable U.S. unit in what could be the world's third largest deal to support its struggling core operations.

Apple, Congress spar over taxes ahead of Tuesday hearing

WASHINGTON/SAN FRANCISCO (Reuters) - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday. In a 40-page memorandum released a day before Apple CEO Tim Cook is scheduled to testify before Congress, the Senate's Permanent Subcommittee on Investigations identified three subsidiaries that have no "tax residency" in Ireland, where they are incorporated, or in the United States, where company executives manage those companies.

Source: http://news.yahoo.com/ca-business-summary-010853291.html

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