:: Business News ::

• EnCana to split in two with oil at record highs (Reuters)

  Reuters - EnCana Corp , Canada's biggest energy company, said on Sunday it plans to split into two separate oil and natural gas firms in an effort to wring out more value with crude prices at record highs.

  
  

• Cablevision near deal to buy Newsday: source (Reuters)

  Reuters - Tribune Co is close to an agreement to sell its Newsday newspaper to Cablevision Systems Corp and an announcement could come as early as Monday, a source familiar with the situation said on Sunday.

  
  

• Citigroup eyes selling Japan consumer unit: paper (Reuters)

  Reuters - Citigroup Inc is considering selling its Japanese consumer finance company CFJ KK or cutting the unit's business significantly as part of its plans to shed assets, Japanese daily Nikkei reported on Sunday.

  
  

• China forms company to make regional, jumbo jets (Reuters)

  Reuters - China has established a company to build regional commercial jets, with an eye to eventually reducing the country's reliance on Boeing and Airbus for jumbo jets, official media said on Sunday.

• News Corp unexpectedly drops bid for Newsday (Reuters)

  Reuters - Rupert Murdoch's News Corp (NWSa.N) on Saturday dropped its $580 million bid for Tribune Co's Newsday newspaper, just days after Murdoch said a deal was imminent, leaving cable television operator Cablevision as the likely winner of the Long Island daily.

  
  

• March trade deficit drops by bigger-than-expected amount (AP)

  AP - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year.