CA-BUSINESS Summary

TSX dips as euro zone worries weigh on banks; golds rise

TORONTO (Reuters) - Canada's main stock index was little changed on Wednesday, with declines in bank stocks partly offset by a jump in gold miners, as weak economic data from the euro zone and worries about the Cyprus bailout dragged on investor sentiment. Gold-mining stocks benefited from a jump in the price of bullion, whose appeal as a safe haven tends to increase on negative economic news.

Lehman plans to distribute $14.2 billion to creditors

(Reuters) - Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence from bankruptcy protection last year. The distribution, to be made April 4, will be Lehman's third since it emerged from Chapter 11 protection on March 6, 2012.

Agrium battle heats up, advisory firms differ

TORONTO (Reuters) - The battle for Agrium Inc's future is heating up ahead of an April 9 vote after the two most influential proxy advisory firms disagreed on the candidates shareholders should back in the election of Agrium's board of directors. Institutional Shareholder Services recommends clients back two of the five nominees proposed by dissident investor Jana Partners, putting it at odds with a Glass Lewis endorsement of all 12 of Agrium's board nominees.

Cyprus reopens banks, under strict restrictions

NICOSIA (Reuters) - Cypriots are expected to descend in their thousands on Thursday on banks, which reopen with tight controls imposed on transactions to prevent fleeing depositors from cleaning out the vaults in a catastrophic bank run. The east Mediterranean island fears a stampede at banks almost two weeks after they were shut by the government as it negotiated a 10 billion euro ($12.78 billion) bailout package with the European Union to escape financial meltdown.

Canada inflation jumps, rate change still seen far off

OTTAWA (Reuters) - Canada's annual inflation rate jumped more than expected in February, but analysts said the spike was unlikely to pressure the Bank of Canada to raise interest rates any time soon. The year-on-year rate rose to 1.2 percent from a three-year-low of 0.5 percent in January on higher gas and auto prices, Statistics Canada said on Wednesday.

Canadian regulator slashes tolls for TransCanada mainline

CALGARY, Alberta (Reuters) - Canada's National Energy Board on Thursday agreed to cut fixed tolls on TransCanada Corp's mainline, a cross-country natural gas pipeline network, which the regulator says will help keep the system competitive and profitable despite increasing supplies from U.S. shale gas producers. Canada's National Energy Board on Thursday agreed to cut fixed tolls on TransCanada Corp's mainline, a cross-country natural gas pipeline network, which the regulator says will help keep the system profitable amid increasing competition from U.S. shale gas supplies.

Credit Suisse buys Morgan Stanley's European wealth arm

ZURICH (Reuters) - Credit Suisse is buying Morgan Stanley's wealth management arm in Europe, the Middle East and Africa, acquiring $13 billion in assets in a move to offset exposure to more volatile investment banking. The assets are tiny by the standards of Credit Suisse's private banking operation, the world's fifth-largest with nearly 800 billion Swiss francs ($843 billion) under management.

EADS shareholders back sweeping ownership change

AMSTERDAM (Reuters) - Airbus parent EADS won backing for sweeping changes in its structure, claiming "emancipation" from political interference as shareholders tore up a Franco-German ownership pact in favor of greater management freedom. Investors in Europe's largest aerospace group also on Wednesday approved a maximum buyback of 15 percent of the group's shares, worth 5.1 billion euros ($6.6 billion) at current prices, but Chief Executive Tom Enders said market conditions would set the actual amount.

BRICS "Big Five" find it hard to run as a herd

DURBAN, South Africa (Reuters) - At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros. The Russian president's comparison captures the dilemma of these muscular emerging global powers, which together present a formidable potential economic and political counterweight to the developed West, but individually could hardly be more different.

Analysis: Southeast Asia ready to build, but will investors come?

KUALA LUMPUR/JAKARTA (Reuters) - Indonesia is seeking European investors for $9 billion worth of water, road, air and seaport projects in what will be a litmus test of Southeast Asian countries' ability to seize on ripe financial conditions to upgrade decrepit infrastructure. Easy global liquidity and investors' eagerness to tap one of the world's few fast-growing regions should create a sweet spot for the region to fill the $600 billion in infrastructure needs the Asian Development Bank identifies over the next decade.

Source: http://news.yahoo.com/ca-business-summary-000757996--finance.html

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