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| CA-BUSINESS Summary Tuesday, Mar 26, 2013 09:15 PM PDT Banks, energy shares lift TSX on U.S. data optimism TORONTO (Reuters) - Canada's main stock index advanced on Tuesday, led by the energy and financial sectors, as positive economic data from the United States buoyed investor sentiment. Gains were kept in check as gold shares weakened as an easing of worries over Cyprus lessened the appeal of gold as a safe haven and weighed on bullion prices. ... Full Story | Top |
| BlackBerry targeted by short sellers as market awaits results Tuesday, Mar 26, 2013 09:15 PM PDT  By Euan Rocha TORONTO (Reuters) - BlackBerry's share price has more than doubled over the last six months as buzz around its new smartphones has boosted investor confidence, but some traders are betting big that talk of a turnaround is over-hyped. Nasdaq data released on Tuesday shows that short interest in the stock is at record levels and has more than doubled over the course of the last year. ... Full Story | Top |
| 2014 Jeep Cherokee's racy design stirs up social-media storm Tuesday, Mar 26, 2013 09:07 PM PDT  By Paul Lienert DETROIT (Reuters) - The 2014 Jeep Cherokee revives one of the brand's hallowed nameplates, one that dates back nearly 40 years. But the Chrysler Group's new crossover vehicle looks like it would fit better in Italian cousin Alfa Romeo's future product stable. The latest iteration of the Cherokee, the fourth to wear that badge since 1974, makes its public debut this week at the New York International Auto Show and goes on sale at U.S. dealers in late summer. ... Full Story | Top |
| Agrium wins backing of proxy advisor Glass Lewis ahead of shareholder vote Tuesday, Mar 26, 2013 09:05 PM PDT TORONTO (Reuters) - Influential advisory firm Glass Lewis advised its clients on Tuesday to back all 12 of Agrium Inc's board nominees, rejecting a five-member slate put forward by dissident investor Jana Partners. The endorsement from the well-regarded proxy advisory firm is a boost for Agrium ahead of a shareholder vote on April 9 and follows similar recommendations from smaller firms like U.S.-based Egan-Jones and UK-based Pensions Investment Research Consultants. ... Full Story | Top |
| Prosecutors examining JPMorgan's actions in Madoff fraud case: NYT Tuesday, Mar 26, 2013 08:36 PM PDT  (Reuters) - U.S. prosecutors are examining whether JPMorgan Chase & Co fully alerted authorities to suspicions about fraudster Bernard Madoff, the New York Times reported, citing several people with direct knowledge of the matter. The prosecutors suspect JPMorgan may have violated a federal law that requires banks to alert authorities to suspicious transactions, the newspaper reported. ... Full Story | Top |
| F-35 fighter transforming defense industry says retiring chief Tuesday, Mar 26, 2013 08:29 PM PDT  By Andrea Shalal-Esa WASHINGTON (Reuters) - The retiring chief of the trouble-plagued F-35 Joint Strike Fighter says he remains bullish about the hi-tech war plane, with costs soon to be further reduced as production takes off, and believes the program will transform the aerospace industry. Tom Burbage, a former Navy test pilot and general manager of the F-35 program since its inception 12 years ago, said the $396 billion weapons program, which will create a supersonic, single-engine fighter jet for use by the United States and its allies, still made strategic sense. ... Full Story | Top |
| Wal-Mart expects to incur losses related to overseas bribery probe Tuesday, Mar 26, 2013 05:56 PM PDT  (Reuters) - Wal-Mart Stores Inc said in a regulatory filing on Tuesday that is now "probable" it will incur losses related to allegations that company representatives had bribed officials in Mexico to speed up expansion there. Wal-Mart said in its annual report, filed with the U.S. Securities and Exchange Commission, that it could not estimate how much any loss would come to because of the complexity of the related probes and internal review, but that it would not have a material effect on its business. ... Full Story | Top |
| Ford to recall 3,500 sedans, SUVs to fix fuel tanks Tuesday, Mar 26, 2013 05:20 PM PDT  DETROIT (Reuters) - Ford Motor Co said on Tuesday that it will recall about 3,500 Taurus, Explorer and Lincoln MKS vehicles around the world to repair fuel tanks equipped with an improperly molded seam. The tanks with these seams may leak after a severe crash, Ford said. As of February 28, the second-largest U.S. automaker received six reports of tanks with a fuel odor or leak due to the defect. The action covers the 2012 Ford Taurus and the 2012 Lincoln MKS sedans as well as the 2013 Ford Explorer sport utility vehicle. ... Full Story | Top |
| Boeing 787 faces new risk: limits on extended range: sources Tuesday, Mar 26, 2013 05:06 PM PDT  By Andrea Shalal-Esa and Mari Saito WASHINGTON/TOKYO (Reuters) - As Boeing works to regain permission for its 787 Dreamliner to resume flights, the company faces what could be a costly new challenge: a temporary ban on some of the long-distance, trans-ocean journeys that the jet was intended to fly. Aviation experts and government officials say the Federal Aviation Administration may shorten the permitted flying time of the 787 on certain routes when it approves a revamped battery system. ... Full Story | Top |
| British banks braced for details of capital shortfall Tuesday, Mar 26, 2013 05:04 PM PDT  By Huw Jones and Matt Scuffham LONDON (Reuters) - Britain's banks discover on Wednesday how much extra capital they need to keep regulators happy when the outcome of an inquiry into their financial health is revealed. The Bank of England will release the capital requirements on Wednesday morning. The BOE's Financial Policy Committee, tasked with spotting system-wide risks, said in November that the shortfall could be anywhere between 24 billion and 60 billion pounds. Analysts expect the final number to be around the middle of that range. ... Full Story | Top |
| Fed study says China's growth could slow sharply by 2030 Tuesday, Mar 26, 2013 04:37 PM PDT  By Alister Bull WASHINGTON (Reuters) - Economic growth in China faces mounting headwinds and could fade dramatically in the years ahead due to declining productivity and an aging population, according to a U.S. Federal Reserve study. Trend growth could slow gradually to around 6.5 percent by 2030, or it could break much more sharply to a pace under 1 percent if forces undermining economic activity combine in a "worst-case scenario," according to the study, which was published online on Monday. Over the past decade, China's economy grew on average around 10 percent a year. ... Full Story | Top |
| Cyprus readies capital controls to avert bank run Tuesday, Mar 26, 2013 03:50 PM PDT  By Michele Kambas and Costas Pitas NICOSIA (Reuters) - Cyprus is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders. Cypriots have taken to the streets of Nicosia in their thousands to protest at a bailout deal that they fear will push their country into an economic slump and cost many their jobs. European leaders said the deal averted a chaotic national bankruptcy that might have forced Cyprus out of the euro. ... Full Story | Top |
| Three more charged in insider trading probe Tuesday, Mar 26, 2013 03:31 PM PDT By Bernard Vaughan NEW YORK (Reuters) - Federal prosecutors announced criminal charges on Tuesday against three new defendants in the government's broad-based insider trading probe. Authorities said David Riley, a former chief information officer at Foundry Networks Inc, leaked tips about the company's pending $3 billion takeover in 2008 by Brocade Communications Systems Inc , to hedge fund analyst Matthew Teeple. The government said Teeple then tipped others, resulting in trades that led to more than $27 million in profits and avoided losses. ... Full Story | Top |
| GM turns to "right-size" redesign of Cadillac CTS sedan Tuesday, Mar 26, 2013 03:02 PM PDT By Ben Klayman NEW YORK (Reuters) - General Motors Co is turning to a redesigned, longer CTS mid-sized sedan to make its Cadillac luxury brand more competitive against German rivals. The new "right-sized" CTS will debut this fall as a 2014 model, joining the smaller ATS and larger XTS sedans that the U.S. automaker introduced last year as part of a push to make Cadillac relevant far beyond its home market. It showed the redesigned CTS on Tuesday evening at an event ahead of the New York auto show. ... Full Story | Top |
| Data lifts Dow to a record, S&P near record close Tuesday, Mar 26, 2013 02:55 PM PDT  By Angela Moon NEW YORK (Reuters) - Stocks rallied on Tuesday, with the Dow climbing more than 100 points to another record close and the S&P 500 coming within striking distance of its all-time closing high, as strong data on home prices and manufacturing fed optimism about the economy. The Dow Jones industrial average initially surpassed its 2007 record closing high on March 5. Since then, the Dow has reached a series of subsequent nominal record highs. ... Full Story | Top |
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