TSX snaps five-day losing streak as industrials, telecoms gain
TORONTO (Reuters) - Canada's main stock index snapped a five-day losing streak on Monday, rising with world stock markets on aggressive action by Japan's central bank to stimulate the economy and showing strength in the industrials and telecoms sectors, while gold miners declined. The gold producers fell as the appetite for equities and comments by billionaire financier George Soros that gold has been destroyed as a safe-haven asset pushed bullion prices lower.
Airbus sales chief aims to hit 750 plane orders in 2013
MOBILE, Alabama (Reuters) - The sales chief at EADS unit Airbus said on Monday the aircraft maker can sell 750 jets this year, confirming the top end of a 700-750 sales range the company has previously announced. "I'm still standing by my target of 750 planes sold this year," said John Leahy, chief operating officer for customers. He added that he expected "a good year but not a great year in terms of orders" in 2013.
Alcoa profit rises; CEO won't speculate on asset sales
(Reuters) - Alcoa Inc , the largest U.S. aluminum producer, reported a higher quarterly profit on Monday as its raw materials segments improved even as prices sagged, but lower-than-expected revenue and an uncertain outlook dragged down the company's share price. Stubbornly low aluminum prices have weighed on the company's business of mining bauxite, refining it into alumina and smelting alumina to produce aluminum.
Greens ask U.S. to delay Keystone decision after Arkansas leak
WASHINGTON (Reuters) - Environmental groups on Monday asked the Obama administration to extend the approval process of the Keystone XL pipeline, using last month's spill of heavy Canadian crude oil in Arkansas as their latest reason to delay the project. The Obama administration is deciding whether to approve the Canada-to-Nebraska leg of TransCanada Corp's proposed pipeline, which would link Canada's oil sands, the world's third richest crude oil deposit, to refineries in Texas.
Citi files claim with Nasdaq for compensation from Facebook IPO: sources
NEW YORK (Reuters) - Citigroup has filed a claim with Nasdaq OMX Group to potentially receive compensation for losses associated with Facebook Inc's glitch-ridden market debut last May, according to two people with knowledge of the situation. Citi filed the claim on Monday, which is the deadline for applications from firms seeking to participate in the $62 million compensation plan, but is still looking at all of its options, including legal options, said one of the people. They did not have permission to speak with the media.
Cloudy outlook makes Canadian companies shy of investment
OTTAWA (Reuters) - Canadian businesses see a challenging year ahead after surviving the weakest two quarters of growth since the 2008-09 recession, and they expect only modest sales growth, cautious investment, and tame inflation, a Bank of Canada poll showed on Monday. The results of the survey of senior managers, taken from mid-February to mid-March, support market expectations that the central bank is under no pressure to raise interest rates.
Exclusive: Princeling-backed firm eyes $500 million China buyout fund - sources
HONG KONG (Reuters) - Nepoch Capital, a new private equity firm founded by the son of a former member of China's politburo, has launched the first 'princeling' fundraising since the new government took power last month vowing to clamp down on cronyism and nepotism. China's so-called princelings, the sons and daughters of the country's elite, have a long association with private equity funds, and their investments - and sometimes bumper profits from a swift exit from lucrative initial public offerings - have drawn accusations of favoritism and corruption.
HSBC says margins to boost Gulf's use of Chinese yuan
DUBAI (Reuters) - Changing trading patterns and pressure to improve profit margins will boost the Gulf's use of the Chinese yuan in coming years, the head of banking giant HSBC's China operations said on Monday. Gulf Arab countries have lagged many other parts of Asia in using the yuan because their oil exports to China are denominated in U.S. dollars and most of their currencies are pegged to the dollar.
Nordstrom adds second Toronto store to Canadian expansion
TORONTO (Reuters) - U.S. luxury retailer Nordstrom Inc is expanding its push into Canada, announcing plans on Monday to open a second namesake department store in Toronto in the fall of 2016. Nordstrom said it will open a three-storey, 188,000-square-foot store in Toronto's Yorkdale Shopping Centre in addition to a previously announced, smaller store in the city's Sherway Gardens mall.
GE to buy oil pump maker Lufkin for nearly $3 billion
(Reuters) - General Electric Co is buying oilfield pump maker Lufkin Industries Inc for $2.98 billion, sharply increasing its presence in the fast-growing market to extract oil and natural gas from shale rock, the conglomerate said on Monday. Lufkin's pumps, also known as artificial lift products, are commonly seen seesawing back and forth on top of energy wells to pull oil and natural gas to the surface.
Source: http://news.yahoo.com/ca-business-summary-001252902--finance.html
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