CA-BUSINESS Summary

Yen slumps to four-year low against dollar

LONDON (Reuters) - The yen sank to a four-year low against the dollar and a three-year trough against the euro on Friday after data showed Japanese investors had begun buying foreign bonds Buoyant U.S. jobs data a day earlier also eased fears of a slowdown in the world's largest economy.

Analysis: New York may have to drop claims against BofA over Merrill

NEW YORK (Reuters) - Last month, New York Attorney General Eric Schneiderman withdrew claims for up to $6 billion in damages against former AIG chief Hank Greenberg. Now, another big case - against Bank of America over its acquisition of Merrill Lynch - looks headed the same way. The 2010 case, one of the highest profile lawsuits brought by Andrew Cuomo when he was New York attorney general, accuses Bank of America and former top executives Ken Lewis and Joseph Price of misleading shareholders about Merrill Lynch's losses.

Icahn, Southeastern propose alternative to Dell buyout deal

(Reuters) - Activist investor Carl Icahn and Southeastern Asset Management Inc, two of Dell Inc's largest shareholders, have proposed an alternative to a $24.4 billion buyout deal led by founder Michael Dell. In a letter to Dell's board, Icahn and Southeastern proposed giving Dell shareholders the option to either receive $12 per share in cash or $12 in additional shares valued at $1.65 per share.

Toronto Stock Exchange operator TMX posts profit, revenue rises

(Reuters) - TMX Group Ltd , operator of the Toronto Stock Exchange (TSX), reported a net profit for the first quarter, compared with a loss a year earlier, and said revenue rose 6 percent. Net income attributable to TMX Group shareholders was C$37.8 million ($37.7 million), or 70 Canadian cents per share, compared with a loss of C$4.4 million, or C$10.85 per share, a year earlier.

Amplats scales back South African job cuts plan

RUSTENBURG, South Africa (Reuters) - Anglo American Platinum said on Friday it would cut 6,000 South African mining jobs, fewer than half the 14,000 initially proposed, as it strives to restore profits without triggering a backlash from the government and restive unions. The world's top platinum producer, a unit of Anglo American , added in an announcement it would also keep open one of four shafts slated for closure near the platinum belt city of Rustenburg.

Analysis: To hedge inflation, property trusts are the new gold

HONG KONG (Reuters) - As central banks print cash to boost moribund economies, investors in Asia wanting to hedge against rising prices are dumping gold and doubling down on property. They are driven by the search for yield as surprisingly benign inflation dims the appeal of bullion, but it's a risky play given lofty valuations for real estate.

British Airways owner's losses grow on Iberia hit

LONDON (Reuters) - International Airlines Group reported wider first-quarter operating losses on Friday, as deepening trouble at its Spanish carrier Iberia wiped out progress at British Airways. IAG , Europe's third-biggest airline group by market value, made an operating loss of 278 million euros ($364 million) in the year's first three months, traditionally weak for airlines.

China issues new rules targeting wealth management fund pools: sources

SHANGHAI (Reuters) - China's bond market regulator closed off a loophole on Friday that allowed banks that sell high-yielding wealth management products (WMPs) to evade regulatory requirements by moving money between the WMP accounts they manage and their own proprietary accounts, bond traders at four Chinese banks told Reuters. The four traders, who spoke on condition of anonymity because they are not authorized to speak to media, told Reuters the China Government Securities Depository Trust & Clearing Co Ltd (CDC) and the Shanghai Clearing House had jointly notified commercial banks they could no longer trade bonds between their own proprietary accounts and the WMPs they manage for clients.

POSCO moves closer to iron ore access for $12 billion India steel plant

NEW DELHI (Reuters) - POSCO's planned $12 billion steel project in India moved a step forward on Friday after a court handed a decision on a mining license to the federal government, raising the South Korean firm's chances of getting preferential access to iron ore. The world's fourth-largest steel producer has waited eight years to get necessary clearances, land and an iron ore mining license to start work on the project, billed as India's largest foreign direct investment.

TSX retreats on banks, golds despite Canadian Tire surge

TORONTO (Reuters) - Canada's main stock index fell on Thursday as weakness in financial and gold-mining stocks overshadowed a jump in Canadian Tire Corp after the retailer unveiled plans to launch a real estate investment trust. Investors also tracked data showing U.S. jobless claims unexpectedly fell in the latest week, dropping to the lowest level in more than five years. That news, coupled with a stronger U.S. dollar, weakened bullion prices and weighed on gold shares.

Source: http://news.yahoo.com/ca-business-summary-000909958.html

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