CA-BUSINESS Summary

TSX lifted by Manulife results, ECB rate cut

TORONTO (Reuters) - Financial shares pushed Canada's main stock index higher on Thursday after the European Central Bank cut interest rates and insurers Manulife Financial Corp and Great West Life reported encouraging earnings. The market was also supported by data showing the number of Americans filing new jobless benefits claims fell sharply last week to its lowest level since the early days of the 2007-09 recession, a sign the job market is still healing even though the economy remains weak.

Surprise Bank of Canada chief stands ready to nurture economy

OTTAWA (Reuters) - Canada tapped an outsider on Thursday to head its central bank, bringing in the well-respected head of the Canadian export credit agency, who immediately stressed the need to nurture a choppy economic recovery. Incoming Bank of Canada Governor Stephen Poloz, 57, worked at the central bank for 14 years earlier in his career. But he has spent the last 14 years at Export Development Canada.

Analysis: Canadian housing - bursting bubble or gentle landing?

TORONTO (Reuters) - It's looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States. In what is traditionally the best season of the year for real estate agents, Toronto agent Ecko Jay says the industry is seeing far fewer buyers, a result of tighter lending rules, high prices and fear of a bubble. In Toronto alone, sales dropped 40 percent in the first quarter from a year earlier, making homeowners and investors jumpy.

Boeing plans to build world's longest-range passenger jet

PARIS/DUBAI (Reuters) - Boeing has shown airlines a blueprint for the world's longest-range passenger jet, adding spice to a long-awaited revamp of its 777 wide-body jet, people familiar with the matter said. Boeing on Wednesday launched a race against Airbus for sales of the newest long-haul jets by announcing it had begun selling an upgraded aircraft family code-named 777X.

Aurizon says Quebec gold tailings spill is minor

(Reuters) - Aurizon Mines Ltd said on Thursday there had been a "minor discharge" at its Casa Berardi gold mine's tailings facility in Quebec. Aurizon said most of the spilled material, discovered during an inspection on Wednesday evening, had remained inside a containment area, and that it did not expect any impact on operations.

Ontario unveils budget, opposition support not clear

TORONTO (Reuters) - Ontario's minority Liberal government unveiled a budget on Thursday that projected a narrower-than-expected 2013-14 deficit and included measures aimed at securing opposition support and preventing an early election for Premier Kathleen Wynne. However, it was not clear whether the budget will receive enough support to keep the Liberals in power, as opposition New Democratic Party leader Andrea Horwath said she would consult with voters before deciding what to.

Ex-JPMorgan traders launch Asia firm with backing of $64billion Canada fund

HONG KONG (Reuters) - Five former proprietary trading desk bankers at J.P. Morgan in Singapore have started a new firm, linking up with one of Canada's largest mutual funds to launch the business. Dhimant Shah, 41, the former head of proprietary trading at J.P. Morgan Chase & Co in Singapore, told Reuters that the plan is to launch two funds investing in credit markets. The funds will also bet on foreign exchange, equity indices and interest rates.

Ex-fund manager sentenced to prison for insider trading

NEW YORK (Reuters) - Former Diamondback Capital Management portfolio manager Todd Newman was sentenced to 4-1/2 years in prison on Thursday for insider trading in the stock of Dell Inc and Nvidia Corp . U.S. District Judge Richard Sullivan also ordered Newman, 48, to forfeit $737,724 and to pay a $1 million fine.

SNC eyes shedding assets, focus on Americas in new strategy

TORONTO (Reuters) - Scandal-mired SNC Lavalin Group Inc reported a disappointing profit on Thursday as it laid out a growth strategy that would see it liquidate some infrastructure investments and focus on the lower risk markets of North and South America. SNC, one of the world's largest construction and engineering companies, said under the new strategy the Montreal-based firm would leverage its expertise in resources, exit investments at maturity, potentially sell non-core assets and reduce its equity stakes in large investments in the medium term.

AIG beats estimates, property and casualty business shines

(Reuters) - American International Group Inc's property and casualty business booked its first underwriting profit in two and a half years during the first quarter, as the insurer wrote more premiums at higher prices and reported lower losses. The long-awaited turnaround in AIG's property and casualty business helped the company beat analysts' quarterly profit expectations on Thursday, sending its shares up 3 percent in after-hours trading.

Source: http://news.yahoo.com/ca-business-summary-001006025.html

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