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.

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.

Big funds pick sides as Agrium-Jana battle nears climax

TORONTO (Reuters) - Agrium Inc's fierce battle with activist investor Jana Partners could go down to the wire as Agrium's large institutional investors look to be split on who they are backing ahead of a shareholder vote at Agrium's annual meeting next week. The big Canadian fertilizer maker and farm products retailer has been locked in a war of words for months with Jana Partners, a New York-based hedge fund, over the direction the company should take. Jana has named a slate of five nominees for election to Agrium's board and the battle is now set to come to a head at Agrium's AGM on its home turf in Calgary, Alberta, on April 9.

Boeing finishes 787 testing, focus shifts to regulators

NEW YORK (Reuters) - With a successful flight on Friday, Boeing's 787 Dreamliner completed tests aimed at proving that a revamped safety system can prevent the jet's lithium-ion batteries from catching fire or overheating. Friday's test flight marks a major step toward resuming passenger flights and jet deliveries, which would stem millions of dollars in losses that have piled up at airlines and Boeing since the jet was grounded more than two months ago.

Exclusive: SocGen mulls up to 700 job cuts - union sources

PARIS (Reuters) - French bank Societe Generale may cut between 600 and 700 jobs as part of a broader cost-cutting drive in the face of stagnant growth in its home market, three union sources told Reuters on Friday. SocGen management met with unions on Wednesday to discuss the proposals, which have not yet been finalized, the sources said.

Exclusive: Some wealth advisers take a fee for client fund assets

(Reuters) - At least three wealth management firms that market themselves as objective financial advisers are getting payments for investing their clients' money in certain mutual funds, a practice that even some of these firms say could create conflicts of interest. The firms, known as registered investment advisers, are typically paid by clients with fees tied to the growth or contraction of client assets, and not to specific products. But Fidelity Investments and Charles Schwab Corp are paying these financial advisers as much as 0.25 percent of the assets that their clients put into no-transaction-fee mutual funds.

Bankruptcy judge approves MF Global's liquidation plan

NEW YORK (Reuters) - MF Global on Friday won court approval of a plan to liquidate its assets, pay back creditors and end the $40 billion bankruptcy that rocked the financial world in 2011. The commodities brokerage, run by former New Jersey Governor Jon Corzine, collapsed after investors were spooked by its exposure to about $6.3 billion in European sovereign debt.

Source: http://news.yahoo.com/ca-business-summary-010222419--finance.html

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