TSX hits one-month low as euro zone concerns resurface
TORONTO (Reuters) - Canada's main stock index slumped to a one-month low on Wednesday, led by declines in financial and energy shares, as weak economic data from the euro zone and worries about the Cyprus bailout weighed on investor sentiment. The losses were tempered by gains made by gold-mining stocks, benefiting from a jump in the price of bullion, whose appeal as a safe haven tends to increase on negative economic news.
Lehman plans to distribute $14.2 billion to creditors
(Reuters) - Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence last year from bankruptcy protection. The distribution, to be made April 4, will be Lehman's third since it emerged from Chapter 11 protection on March 6, 2012.
Agrium battle heats up, advisory firms differ
TORONTO (Reuters) - The battle for Agrium Inc's future is heating up ahead of an April 9 vote after the two most influential proxy advisory firms disagreed on the candidates shareholders should back in the election of Agrium's board of directors. Institutional Shareholder Services recommends clients back two of the five nominees proposed by dissident investor Jana Partners, putting it at odds with a Glass Lewis endorsement of all 12 of Agrium's board nominees.
Cyprus to limit cash, credit-card use abroad
NICOSIA (Reuters) - Cyprus is set to restrict the flow of cash from the island and may curb the use of Cypriot credit cards abroad as it tries to avert a run on its banks after agreeing a tough rescue package with international lenders. A Greek newspaper published details of what officials told Reuters was as yet only a draft government decree to restrict outward payments to documented imports and limit how much people could take abroad in banknotes or spend on credit cards.
Canada inflation jumps, rate change still seen far off
OTTAWA (Reuters) - Canada's annual inflation rate jumped more than expected in February, but analysts said the spike was unlikely to pressure the Bank of Canada to raise interest rates any time soon. The year-on-year rate rose to 1.2 percent from a three-year-low of 0.5 percent in January on higher gas and auto prices, Statistics Canada said on Wednesday.
Volvo to launch first new car with Geely in 2014: CEO
NEW YORK (Reuters) - Swedish automaker Volvo Car
BRICS "Big Five" find it hard to run as a herd
DURBAN, South Africa (Reuters) - At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros. The Russian president's comparison captures the dilemma of these muscular emerging global powers, which together present a formidable potential economic and political counterweight to the developed West, but individually could hardly be more different.
Alberta wants securities regulation to stay with provinces
TORONTO (Reuters) - Alberta wants individual provinces to retain their authority over Canadian securities regulation, a position that makes federal attempts to create a single, national body more difficult, although Alberta is willing to make some adjustments in the current system. The province's finance minister, Doug Horner, said Alberta was happy to discuss greater cooperation with Ottawa, especially in the realm of systemic risk. But the energy-rich province, which is seen as a key player in creating the critical mass of support that would pave the way for a national regulator, is not about to dismantle its own financial watchdog.
Analysis: "Cyprus euros" could take on own value with capital controls
FRANKFURT (Reuters) - Cyprus's plan to impose capital controls threatens to test the ties that bind Europe's monetary union and could see euros on the Mediterranean island valued differently to those in the rest of the bloc. The capital controls, being imposed to avert a run on banks after an EU bailout, will limit foreign transactions and capital outflows but not movements of money within the country itself, the head of the Cyprus chamber of commerce said on Wednesday after meeting government officials.
Credit Suisse buys Morgan Stanley's European wealth arm
ZURICH (Reuters) - Credit Suisse
Source: http://news.yahoo.com/ca-business-summary-000757996--finance.html
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