CA-BUSINESS Summary

TSX gains as gold recovers from sell-off

TORONTO (Reuters) - Canada's main stock index advanced on Tuesday, as U.S. economic data supported the case for continued stimulus measures from the Federal Reserve and shares of gold miners rose with a rebound in price of bullion a day after its biggest-ever daily loss. U.S. consumer prices fell in March for the first time in four months while factory output slipped.

Gold, U.S. stocks bounce after rout but oil falters

NEW YORK (Reuters) - Gold and U.S. stocks rebounded on Tuesday as the previous session's sell-off lured buyers into the market but demand concerns sent oil below $100 a barrel for the first time in nine months. The broad rout in commodities and stocks seen in recent sessions was triggered by weak data from China and the United States that have sparked fresh concerns about the strength of the global economy's recovery.

Canada February factory sales surge, new orders fall

OTTAWA (Reuters) - Canadian factory sales surged in February at the fastest pace in 20 months, an encouraging sign for the economy after a downturn in January, although the number of new orders fell in the month, Statistics Canada said on Tuesday. The stronger-than-expected data gave a slight boost to the Canadian currency, which pushed below C$1.0210 immediately after the data was released.

Glencore clinches Chinese approval with copper deal

LONDON (Reuters) - China's antitrust authorities removed the last obstacle to Glencore's $30 billion takeover of miner Xstrata on Tuesday after the commodities trader agreed to sell a $5.2 billion mining project to ease its grip on copper. Xstrata's Las Bambas mine in Peru had been expected to be sacrificed to secure the approval of China's Ministry of Commerce, but Glencore also agreed 8-year commitments covering the supply of copper, zinc and lead to China.

Judge conditions $602 million SAC settlement on appeals court

NEW YORK (Reuters) - A judge on Tuesday signed off on a $602 million insider-trading settlement between a unit of SAC Capital Advisors and U.S. securities regulators, but he said final approval rests on the outcome of another high-profile case now on appeal. District Judge Victor Marrero in Manhattan called the settlement amount "significant and proportional to the sums allegedly at issue." However, he conditioned his approval on the impending ruling by a federal appeals court in a case involving Citigroup Inc .

Daimler begins sale of EADS stake

FRANKFURT (Reuters) - German carmaker Daimler began selling its remaining stake in Airbus's owner EADS on Tuesday as part of a wider overhaul of the European aerospace group's core ownership nearly 13 years after its creation. Daimler said on Tuesday that it received a waiver from a six-month lock-up period and would immediately begin placing with investors 61.1 million shares, equivalent to a 7.5 percent stake in the Toulouse-based company.

Canada finance minister to raise Keystone pipeline with Lew

OTTAWA (Reuters) - Canadian Finance Minister Jim Flaherty will raise TransCanada Corp's proposed Keystone XL pipeline when he meets new Treasury Secretary Jack Lew this week, a senior Canadian finance ministry official said on Tuesday. Canada's Conservative government strongly backs the project, which would take crude from Alberta's oil sands to refineries in Texas. President Barack Obama, who will ultimately decide the pipeline's fate, is under pressure from environmentalists to block the project.

Monte Paschi prosecutors order seizure of 1.8 billion euros at Nomura

SIENA/LONDON, Italy (Reuters) - Italian prosecutors said they have ordered the seizure of 1.8 billion euros ($2.4 billion) of assets from Japanese bank Nomura as part of an investigation into a suspected fraud involving troubled lender Monte dei Paschi di Siena . Prosecutors in the city of Siena also said they were investigating Nomura's former top executive in Europe, Sadeq Sayeed, and Raffaele Ricci, managing director in fixed income sales for the EMEA region at the Japanese bank.

Bank of Spain to decide fate of Santander CEO under new law

MADRID (Reuters) - The Bank of Spain said on Tuesday it would open new proceedings to decide the fate of Santander Chief Executive Alfredo Saenz based on a new banking ethics law which was passed last Friday and could change how the supervisor evaluates the case. The Bank of Spain has to decide whether Saenz, who holds a criminal conviction and could be barred from his post, is fit to continue in his role at the helm of the euro zone's biggest bank.

Astorg hires Goldman to sell funeral firm OGF: sources

PARIS/LONDON (Reuters) - Buyout firm Astorg Partners has hired Goldman Sachs to look for a buyer for France's leading funeral services firm, OGF, sources familiar with the mandate said. The auction of the company, which Astorg acquired for an enterprise value of roughly 300 million euros ($393 million) in 2007, is in its early stages and could be complicated by the links between economic growth - at a virtual standstill in France - and willingness to spend on funeral services.

Source: http://news.yahoo.com/ca-business-summary-021024103--finance.html

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