CA-BUSINESS Summary

Canada posts worst monthly job losses in more than four years

OTTAWA (Reuters) - Canada posted its worst monthly jobs loss in more than four years in March, another sign the economy is struggling to cope with weak foreign markets and a strong Canadian dollar. Canada shed 54,500 positions in March, more than wiping out the 50,700 jobs that were added in February, Statistics Canada said on Friday. Market operators had expected a modest gain of 8,500 jobs.

Canada's Flaherty: big March job losses just a snapshot in time

OTTAWA (Reuters) - Canada's job losses in March are disappointing, Canadian Finance Minister Jim Flaherty said on Friday, but he described the broader performance of employment since the global recession as much more positive. "After strong job growth in February I am disappointed with the job numbers announced by Statistics Canada today," Flaherty said in a statement, referring to the loss of 54,500 positions in the month.

Judge approves BofA $2.43 billion settlement over Merrill

NEW YORK (Reuters) - Bank of America Corp on Friday won a federal judge's approval for a $2.43 billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co. The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by U.S. District Judge Kevin Castel in Manhattan.

TSX in five-day losing streak on lackluster jobs data

TORONTO (Reuters) - Canada's main stock index capped a five-day losing streak by slumping to its lowest in more than 3-1/2 months on Friday, led by declines in the financial sector, as gloomy Canadian and U.S. jobs data suggested the North American economy could be losing steam. The economic uncertainty weighed on oil prices, which fell to a five-month low, but a rising bullion price took gold shares higher.

EU's Rehn: Big depositors could suffer in future bank bailouts under new law

HELSINKI (Reuters) - Big bank depositors could take a hit under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said on Saturday, but noted that Cyprus's bailout model was exceptional. "Cyprus was a special case ... but the upcoming directive assumes that investor and depositor liability will be carried out in case of a bank restructuring or a wind-down," Rehn, the European Economic and Monetary Affairs Commissioner, said in a TV interview with Finland's national broadcaster YLE.

Italy cabinet approves 40 billion euros of state payments to firms

ROME (Reuters) - Italy's caretaker cabinet approved a decree on Saturday to pay some 40 billion euros ($52 billion) of the state's debts to private companies over the next 12 months. The decree, intended to provide vital liquidity to cash-strapped firms and help tackle a deep recession, had been scheduled to be approved last Wednesday but was delayed due to doubts over how to fund the measure.

China's big banks "faking" their micro loans: researcher

BOAO (Reuters) - China's big banks are not delivering on their promise to lend more to the smallest firms and are instead "faking" their micro loans, a researcher said on Saturday, suggesting a government drive to increase micro-lending is struggling. Ba Shusong, a researcher from the Development Research Center, a think-tank that advises China's cabinet, said the biggest Chinese banks are still setting tough collateral standards for small firms, who often cannot meet the demands.

IKEA halts moose lasagne sales after pork traces found

STOCKHOLM (Reuters) - Furniture retailer IKEA said on Saturday it had halted sales of moose lasagne after traces of pork were found in a batch of the product. Sales of the lasagne, of which about 10,000 tonnes has been produced by a Swedish supplier for IKEA, were stopped at its stores in 18 countries across Europe after tests by Belgian authorities late last month revealed traces of pork.

BizJet officers charged with bribing Latin American officials

(Reuters) - Two officers of a Lufthansa subsidiary were indicted in Oklahoma on charges of bribing foreign officials to secure aircraft maintenance contracts, while two others pleaded guilty to related criminal charges, the U.S. Department of Justice announced. The charges, unsealed on Friday, were filed in January of 2012 against four directors of BizJet International Sales & Support, a U.S.-based unit of Lufthansa that provides aircraft maintenance, after a joint probe by the DOJ and FBI.

Boeing completes 787 Dreamliner test flight for battery fix

NEW YORK (Reuters) - Boeing completed a test flight on Friday of its 787 Dreamliner jet, part of a regimen of tests aimed at certifying a reworked system to prevent fire or overheating of the plane's lithium-ion batteries. The flight lasted about 1 hour and 50 minutes, landing at 12:28 pm Pacific Time (1928 GMT), according to Boeing. Data from the flight, which had Federal Aviation Administration officials aboard, will be submitted to the FAA, which will decide whether to approve the plane for flight. The 787 was grounded by regulators in January after batteries overheated on two planes.

Source: http://news.yahoo.com/ca-business-summary-000057342--finance.html

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