CA-BUSINESS Summary

TSX extends gains as financials offset gold dip

TORONTO (Reuters) - Canada's main stock index rose for the fourth straight session on Tuesday as strength in the financial sector helped offset weakness in shares of gold producers. The gains were kept in check by weak economic data from Germany and China.

Bank of Canada's Macklem confirms interest in governor role

OTTAWA (Reuters) - Tiff Macklem, currently second in command at the Bank of Canada and widely seen as the lead contender to succeed Governor Mark Carney, confirmed on Tuesday that he would be interested in running the central bank. "Yes if asked I will serve, but there is a process that is ongoing and I don't think it would be appropriate to start asking interview questions here when there is a separate process," Macklem told a House of Commons committee, when asked if he would take the job.

Manufacturing data stokes fears of global spring swoon

NEW YORK/LONDON (Reuters) - Major economies in North America, Europe and Asia lost some momentum this month, a clutch of business surveys showed on Tuesday, raising concerns about the strength of the global recovery. China and Germany, the world's biggest exporters, both lost a step in April. Growth in Chinese factories slowed to a crawl as export demand dwindled, while the euro zone's largest economy saw business activity decline for the first time in five months.

Corzine sued by MF Global trustee over firm's collapse

(Reuters) - Jon Corzine was sued by the bankruptcy trustee liquidating MF Global Holdings Ltd , who accused the former chief executive of negligently pursuing a high-risk business strategy that culminated in the commodities brokerage's destruction. The trustee, Louis Freeh, said in the lawsuit that Corzine and two top deputies overhauled MF Global's business without addressing "systemic weaknesses" in oversight and monitoring.

Factory data flags slowing economic growth

WASHINGTON (Reuters) - Factory activity expanded at its slowest pace in six months in April, the latest sign economic growth continued to lose momentum early in the second quarter. Another report on Tuesday showed the housing market recovery pushing ahead, with sales in March the second-highest in three years.

Bank of Japan QE needed, but structural reforms also important

TOKYO (Reuters) - The Bank of Japan should stick with its expanded quantitative easing to achieve its inflation target, but this may not be enough to foster sustainable economic growth unless it is coupled with structural reforms, the OECD said on Tuesday. Japan's government should stay with its plan to double the sales tax to 10 percent, compile a detailed plan to return to primary budget surplus in 2020 and boost revenue from other taxes, the Organisation for Economic Cooperation and Development said.

NTSB seeks larger lesson in Boeing 787 battery fire

WASHINGTON/NEW YORK (Reuters) - The top U.S. transportation safety agency is looking beyond what caused a Boeing Co Dreamliner battery to fail in January at larger lessons that can be applied to the airplane certification process and new technologies. A two-day hearing at the National Transportation Safety Board headquarters in Washington that began on Tuesday delved into what Boeing and the Federal Aviation Administration knew about volatile lithium-ion batteries when they proposed them for use on the Dreamliner, and how they addressed the risks.

Dewey ex-chairman agrees to proposed settlement to resolve claims

(Reuters) - The former chairman of Dewey & LeBoeuf has agreed to pay more than half a million dollars in a proposed settlement with Dewey's trustee and insurer to resolve claims that bad management led to the law firm's demise, according to papers filed in federal bankruptcy court. Former Dewey chairman Steve Davis has agreed to pay $511,145 to settle claims that he mismanaged Dewey & LeBoeuf, which became the largest law firm in U.S. history to file for Chapter 11 bankruptcy last May. XL Specialty Insurance Company, Dewey's management liability insurance policy holder, has agreed to pay $19 million in the proposed settlement, according to court documents.

Bank of Canada repeats language on higher interest rates

OTTAWA (Reuters) - Outgoing Bank of Canada Governor Mark Carney on Tuesday repeated the central bank's warning that it expects its next move to be an interest rate increase, even after recently cutting growth forecasts. "The considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2 per cent inflation target," he told a Canadian parliamentary committee.

Encana operating profit falls on hedging losses

(Reuters) - EnCana Corp , Canada's No.1 natural gas producer, reported a 25 percent fall in first-quarter operating profit due to hedging losses. Encana's net operating income, which excludes most one-time items, fell to $179 million, or 24 cents per share, in the first quarter, from $240 million, or 33 cents per share, a year earlier.

Source: http://news.yahoo.com/ca-business-summary-114755430.html

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