Sunday, May 19, 2013

CA-BUSINESS Summary

TSX rises as gold miners lone sore spot

TORONTO (Reuters) - Canada's main stock index rose on Friday as robust economic data helped drive gains in energy stocks and financial shares, offsetting weakness in gold producers. The materials sector, a major component of the S&P/TSX composite which includes gold miners, was the lone sector to finish in the red of ten main sectors, as the price of gold fell for a seventh straight session.

Exclusive: Onex fails to find buyer for Carestream Health

NEW YORK (Reuters) - Onex Corp has called off its auction of medical imaging firm Carestream Health Inc after failing to find a buyer that was willing to meet its price expectation of as much as $3.5 billion, three people familiar with the matter said this week. Bain Capital LLC, the last remaining private equity firm that was talking to Onex about a possible deal, dropped out of the auction this week, the people said. Another interested party, Thomas H. Lee Partners LP, exited the process earlier, they added.

China deal ends distraction, but not questions, for Caterpillar

CHICAGO (Reuters) - Caterpillar Inc's deal to cut the purchase price of a Chinese mining-equipment maker it bought last year ends an embarrassing episode that overshadowed the company's effort to expand in China and distracted its executives for months. Now, analysts say, comes the hard part: Proving to investors that ERA Mining Machinery, the Chinese maker of hydraulic roof supports that Caterpillar purchased, really can help penetrate China's huge underground mining market.

Oil price probe widens, senator wants Justice Department help

LONDON/WASHINGTON (Reuters) - A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands, while a key U.S. senator on Friday called for the Justice Department to join the investigation. Dutch trading house Argos Energies, a mid-sized trading company that deals in physical oil products and owns storage facilities, was visited by inspectors from the European Commission on Tuesday, a source familiar with the investigation said on Friday.

Exclusive: EU cites Chinese telecoms Huawei and ZTE for trade violations

NEW YORK (Reuters) - Europe's top trade official for the first time late on Friday officially cited Chinese mobile telecommunications equipment makers Huawei and ZTE Corp for violating anti-dumping and anti-subsidy guidelines. European Union Trade Commissioner Karel De Gucht said he was prepared to launch a formal investigation into anti-competitive behavior by these Chinese companies in order to protect a "strategic" sector of Europe's economy.

SAC Capital won't fully cooperate with government: letter

NEW YORK (Reuters) - Steven A. Cohen's hedge fund SAC Capital Advisors told investors on Friday it would no longer cooperate "unconditionally" with the U.S. government's insider trading investigation. In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it believes the next few months will be critical in the investigation.

Canada April inflation well under forecast, Bank of Canada range

OTTAWA (Reuters) - Cheaper gasoline and cars helped Canada's annual inflation rate fall dramatically in April to 0.4 percent from 1.0 percent in March - its lowest rate since 0.1 percent in October 2009, below expectations and well outside the Bank of Canada's target range of 1 to 3 percent. The data released by Statistics Canada on Friday depressed the Canadian dollar sharply and boosted bond prices, as the market figured it made any interest rate by the Bank of Canada even less likely than before.

Transocean chairman voted out, Icahn dividend plan rejected

ZUG, Switzerland (Reuters) - Transocean Ltd shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor Carl Icahn to replace him on the board of the world's largest offshore drilling contractor. But shareholders rejected Icahn's proposed $4-per-share dividend and opted instead for the board-supported payout of $2.24 per share, the Switzerland-based company said.

Judge revives Dexia's mortgage lawsuit vs. JPMorgan

(Reuters) - A federal judge has revived a closely watched lawsuit accusing JPMorgan Chase & Co of misleading Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt. Citing a recent federal appeals court decision involving American International Group Inc and Bank of America Corp , U.S. District Judge Jed Rakoff in Manhattan said he had lacked jurisdiction when he decided on April 2 to throw out much of Dexia's lawsuit against JPMorgan.

Payout official set for surge in BP spill claims

NEW ORLEANS (Reuters) - The deadline for claims against BP Plc in connection with the 2010 Gulf of Mexico oil spill is 11 months away, but the man responsible for paying the claims said on Thursday he is already bracing for a late surge in filings. Patrick Juneau, a Lafayette, Louisiana attorney experienced in complex litigation, was named by U.S. Judge Carl Barbier last year to oversee BP's settlement with the many individuals and firms who say they were harmed by the spill and its aftermath.

Source: http://news.yahoo.com/ca-business-summary-012436503.html

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