CA-BUSINESS Summary

TSX erases 2013 gains after weak U.S. data

TORONTO (Reuters) - Canada's main stock index tumbled more than 2 percent on Wednesday, recording its biggest one-day percentage decline in more than nine months, as sluggish U.S. economic data dampened hopes for a smooth recovery. The selloff erased all the gains the index has made since the start of the year and took it to its lowest point in more than three months.

from a struggling Canadian lender into one of the largest retail banks in North America, will step down next year and hand the reins to the bank's U.S. unit leader, Bharat Masrani. The handover, part of a larger changing of the guard taking hold in the Canadian banking sector, comes earlier than expected, but does not suggest a change in direction for Canada's second-largest lender, Masrani told Reuters.

Ex-Goldman trader Taylor pleads guilty to wire fraud

NEW YORK (Reuters) - Ex-Goldman Sachs Group Inc trader Matthew M. Taylor pleaded guilty on Wednesday to defrauding the Wall Street bank with an unauthorized $8.3 billion futures trade in 2007, saying he exceeded internal risk limits and lied to supervisors to cover up his activities. Taylor, 34, pleaded guilty to one count of wire fraud in federal court in lower Manhattan on Wednesday morning, after voluntarily turning himself into federal authorities earlier in the day.

Royal Bank of Scotland faces $6 billion investor action

LONDON (Reuters) - A group of shareholders in Royal Bank of Scotland is suing the lender and four former directors for losses they claim they incurred when the bank succumbed to a state bailout in 2008. The RBoS Shareholders Action Group has issued proceedings against RBS, Fred Goodwin, Tom McKillop, Johnny Cameron and Guy Whittaker, in the chancery division of Britain's High Court to recover billions of pounds lost on the value of their shares in the run up to the bank's 45 billion pound taxpayer rescue.

Air Canada planes fly fuller, WestJet's slightly emptier

(Reuters) - Air Canada , Canada's biggest airlines, said passenger levels for March remained strong compared to a year earlier, while the country's No. 2 carrier, WestJet Airlines , reported a fall in its numbers. Air Canada said its load factor, or the percentage of available seats filled with paying customers, rose to 83.5 percent in March from 81.5 percent a year earlier.

Tesla to map out service, charging strategy this month

DETROIT (Reuters) - Tesla Motors Inc will unveil details about its revamped dealer service and expanded network of fast-charging stations this month in a series of moves the 10-year-old company plans to boost its sales. The maker of the Model S electric sedan will discuss its effort to improve on its service next week, Chief Executive Elon Musk told Reuters in an interview.

Cyprus faces "very unfavorable" outlook in near term: Sarris

NICOSIA (Reuters) - Cyprus should brace itself for an extended period of difficulty in the near term after sealing a bailout deal forcing it to forgo much of its banking sector, its former finance minister said. Michael Sarris, who stepped down as finance minister just five weeks into the job on Tuesday, said in an interview that Cyprus had made mistakes, but said lenders and European Union partners had treated Cyprus unfairly.

Exclusive: TPG, Madison Dearborn final bidders for NFP - sources

NEW YORK (Reuters) - Private equity firms TPG Capital and Madison Dearborn Partners are the two finalists bidding for National Financial Partners , a New York-based wealth management company with a market value of nearly $900 million, people familiar with the matter said. NFP, which is run by Sandy Weill's daughter, Jessica Bibliowicz, could be valued at around $1 billion in a deal, the people said on Wednesday, asking not to be named because details of the auction are confidential.

British Airways parent IAG, Boeing reach deal on 18 Dreamliners

MADRID (Reuters) - International Airlines Group said on Wednesday it had firmed up orders for 18 of Boeing's 787 Dreamliners, a show of confidence in the jet that has been grounded since January because of battery problems. The long-haul aircraft would replace some of British Airways' current fleet of Boeing 747-400s between 2017 and 2021, IAG, which owns the UK airline and Spain's flag carrier Iberia, said in a statement to the Spanish stock exchange.

SNC Lavalin names Alain-Pierre Raynaud as CFO

(Reuters) - Construction and engineering company SNC Lavalin Group Inc , which has been at the center of an ethics and corruption scandal involving former executives, said Alain-Pierre Raynaud will take over as chief financial officer effective June 1. Raynaud, who was the CFO of French nuclear reactor maker Areva until 2011 and the CEO of its UK unit after that, will replace Gilles Laram?e, who was assigned to take over responsibilities of a new business unit last December.

Source: http://news.yahoo.com/ca-business-summary-015435054--finance.html

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