TSX drops as investors turn their backs on golds
TORONTO (Reuters) - Canada's main stock index fell on Tuesday with gold-mining stocks taking a beating as the price of bullion tumbled and investors gravitated towards riskier assets following U.S. and European economic data. A 4 percent decline in the gold-mining group, which is down about 20 percent since the start of the year, more than offset gains in sectors such as financials and energy.
Canadian auto sales dip in March, but close to record
TORONTO (Reuters) - Canadian auto sales ticked down a modest 0.7 percent in March, declining for the fourth straight month, but industry data released on Tuesday showed new vehicle sales came close to matching record-setting numbers from last year. Buoyed by strong demand for its pick-up trucks, Ford Canada was top seller for the month with a 1.6 percent sales increase, while Chrysler took second spot with a 6.5 percent jump. General Motors sales tumbled nearly 11 percent.
Analysis: Spills flame Canadian oil debate, but won't curb flows to U.S
CALGARY, Alberta (Reuters) - Two high-profile oil spills won't stem the now-record flow of Canadian oil into the United States, despite the frenzy that the spills triggered among friends and foes of the Keystone XL pipeline to the main U.S. refineries. The fate of Keystone remains undecided, yet Canadian crude will become an increasing part of the U.S. energy mix, despite growing competition from new U.S. production.
Verizon denies intention to merge with or buy Vodafone
(Reuters) - Verizon Communications Inc said it does not "currently have any intention" to merge with or buy its partner Vodafone Group Plc , either alone or in conjunction with others, in response to press reports. However, the telephone company said on Tuesday that it would still be a willing buyer of Vodafone's 45 percent share of their Verizon Wireless U.S. venture, in line with public statements Verizon has made many times over the years.
Credit Suisse says NY mortgage case too little, too late
NEW YORK (Reuters) - Credit Suisse Group AG asked a court to dismiss a lawsuit by New York Attorney General Eric Schneiderman that accuses the Swiss bank of deceiving investors in mortgage-backed securities that resulted in $11.2 billion of losses. In a Monday filing in the New York State Supreme Court in Manhattan, Credit Suisse said the attorney general waited too long, was precluded by federal law, and was not specific enough in detailing the alleged wrongdoing to allow the case to go forward.
Cyprus finance minister quits after bailout concludes, investigation begins
NICOSIA (Reuters) - Cyprus's finance minister resigned on Tuesday after concluding a 10 billion euro bailout deal with international lenders in which the country slashed its dominant banking sector and hit depositors with losses. Michael Sarris, a lead player in talks with International Monetary Fund and European Union lenders, said he had completed his task but also that he was likely to come under scrutiny in an investigation into the crisis.
Forex controls inhibiting global growth: Bank of Canada's Murray
OTTAWA (Reuters) - Countries that impose capital controls and accumulate reserves are delaying the adjustments needed to help the global economy grow fully, Bank of Canada Deputy Governor John Murray said on Tuesday. "There is a sense that, as indicated by the reserves that have been accumulated and the capital controls - there certainly has been resistance on certain fronts," Murray said in a presentation in Washington that was webcast.
Forex controls hinder global growth: Bank of Canada deputy governor
OTTAWA (Reuters) - Countries that impose capital controls and accumulate reserves are delaying the adjustments needed to help the global economy grow fully, Bank of Canada Deputy Governor John Murray said on Tuesday, adding that he did not want to blame anyone country. "There is a sense that, as indicated by the reserves that have been accumulated and the capital controls, there certainly has been resistance on certain fronts," Murray said in a presentation in Washington that was webcast.
Ontario Teachers' Pension Plan gets 13 percent return for 2012
TORONTO (Reuters) - The Ontario Teachers' Pension Plan, one of Canada's top investors, said on Tuesday it had a 13.0 percent rate of return on its investments in 2012, bringing net assets to a record high C$129.5 billion ($127.4 billion). With a fourth straight year of double-digit returns, the global dealmaker, which administers the pension plan for public-system teachers in Canada's most populous province, said it would expand its thrust into emerging markets as it seeks acquisitions across asset classes that will add long-term value and income to the underfunded pension plan.
TransCanada moves forward on West-East oil pipeline plan
CALGARY, Alberta (Reuters) - TransCanada Corp on Tuesday pushed ahead with plans to take Western Canadian crude to eastern refineries and Canada's busiest oil port as it seeks new markets beyond those it wanted for its stalled Keystone XL pipeline project. TransCanada said it will give shippers two months to sign contracts to use its proposed 4,400 kilometer (2,700 mile) Energy East Pipeline project, Canada's longest oil pipeline, which could take as much as 850,000 barrels per day to Montreal, Quebec City and Saint John, New Brunswick.