CA-BUSINESS Summary

TSX falls sharply as gold leads broad selloff

TORONTO (Reuters) - Canada's main stock index fell more than 1 percent on Friday, as weak U.S. economic data dulled hopes for the Canada's export sector, while a sharp drop in gold prices pulled mining stocks to multi-year lows. The mining-heavy TSX materials sector dropped 4.21 percent to its lowest level since 2009, fueled by a 4 percent drop in gold prices and sliding copper, while weak oil prices yanked energy stocks down by 1.95 percent.

FAA sees lessons from Boeing 787 battery woes

NEW YORK/COLORADO SPRINGS, Colorado (Reuters) - U.S. regulators are discussing whether the batteries that burned on Boeing Co's 787 Dreamliner hold any lessons for other aircraft or vehicles. George Nield, associate administrator for commercial space transportation at the Federal Aviation Administration, said a dialogue is taking place about whether the overheating of two lithium-ion batteries on the 787 could have broader implications.

Exclusive: G20 to consider cutting debt to well below 90 percent/GDP: document

DUBLIN (Reuters) - Financial leaders of the world's 20 biggest economies will consider next week in Washington a proposal to cut their public debt over the longer term to well below 90 percent of gross domestic product, a document prepared for the meeting showed. The proposal, prepared by the co-chairs of the G20 Working Group on the Framework for Growth, follows agreement of the leaders of G20 countries in June last year to set ambitious debt reduction targets beyond 2016, when, under an earlier agreement from Toronto in 2010, debt was to stop growing.

Troika concludes Greek bailout review, next aid tranche soon: source

DUBLIN/ATHENS (Reuters) - An inspection team of international lenders has finished its review of Greece's austerity program, paving the way for another 10 billion euros aid payment, a source with knowledge of the talks said on Saturday. The deal reached on Friday, concludes the first review by the so-called "troika" of the European Commission, the International Monetary Fund and the European Central Bank since they unlocked fresh aid in December, staving off a chaotic bankruptcy.

Analysis: JPMorgan's lukewarm results put Dimon under more pressure

NEW YORK (Reuters) - JPMorgan Chase & Co Chairman and CEO Jamie Dimon, who came through the financial crisis relatively unscathed, is suddenly looking a little less secure. The top U.S. bank by assets reported tepid first-quarter results on Friday. Income in its biggest businesses - investment banking and consumer lending - fell, excluding accounting adjustments. Outstanding loans grew by just 1 percent, and profit margins on lending narrowed. Stock and bond trading revenue fell.

Greek PM says deposits are safe, banks shielded: paper

ATHENS (Reuters) - Greek bank deposits are safe and the country's lenders are protected due to a recapitalization scheme which will be completed by the end of April, Prime Minister Antonis Samaras said on Saturday. In an interview with Imerisia, Samaras ruled out a tax on deposits over 100,000 euros ($131,000) allaying fears of austerity-hit Greeks that their savings may be at risk after a raid on Cyprus depositors as part of the island's bailout.

Italy's Salini eyes foreign growth after Impregilo merger: report

MILAN (Reuters) - Italian builder Salini, taking over larger rival Impregilo , expects the merged group to double revenues over the next three years helped by expansion in the Americas and Australia, its head said in a newspaper interview. Family-owned Salini, which has built a stake of 86.5 percent in Italy's biggest builder after a takeover bid ended on Friday, told Il Corriere della Sera on Saturday he may consider listing the future merged group on more stock markets.

Austria defies mounting pressure to end bank secrecy

DUBLIN (Reuters) - Austria defied growing pressure to follow Luxembourg in ending bank secrecy, after a group led by Europe's six biggest countries pledged to work together to tackle tax havens. Late on Friday, the finance ministers of Germany, France, Britain, Italy, Spain and Poland announced their desire to jointly push for more bank transparency, a message they will take to the meeting of the Group of 20 top global economies in Washington next week.

Canada says April "optimal" for naming next Bank of Canada chief

OTTAWA (Reuters) - Canada's government would ideally like to name a new Bank of Canada governor this month to replace Mark Carney, who will step down on June 1 to take the helm at the Bank of England, Finance Minister Jim Flaherty said on Friday. "Part of the process is my interviews of the short-listed candidates," Flaherty told reporters on a conference call during an official visit to Bermuda.

Wells Fargo profit beats, but mortgage business slows

(Reuters) - Wells Fargo & Co reported a higher-than-expected 23 percent rise in first-quarter profit on Friday, but its mortgage business showed further signs of slowing and net interest margins continued to shrink. The fourth-largest U.S. bank by assets has emerged from the financial crisis as the leading U.S. home lender as other banks have pulled back from a business that burned them during the housing bust. But the bank has now seen a decline in home loans for two consecutive quarters as fewer borrowers refinance at low interest rates.

Source: http://news.yahoo.com/ca-business-summary-034500857--finance.html

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