CA-BUSINESS Summary

TSX down one percent in broad selloff, BlackBerry surges

TORONTO (Reuters) - Canada's main stock index fell sharply on Wednesday, coming off the 19-month high it reached a day earlier, as investors fled heavyweight energy, bank and mining stocks, while BlackBerry helped offset the losses after announcing a big order. In a distinct break from the performance of U.S. stock markets, the resources-rich Canadian index posted a broad decline as commodity prices slipped and some of the country's big banks weighed heavily.

Canadian trade minister expects EU trade pact this year

NEW YORK (Reuters) - Canada hopes to sign a long-delayed free trade deal with the European Union this year, though some key disagreements remain which could further postpone it, Canadian Trade Minister Ed Fast said in an interview in New York on Wednesday. Fast and his EU counterpart Karel De Gucht met last month to try to iron out differences over agricultural exports, intellectual property and public procurement that have so far kept officials from signing a deal.

Bullish retail sales bolster economic outlook

WASHINGTON (Reuters) - U.S. retail sales expanded at their fastest clip in five months in February, the latest sign of momentum for an economy facing headwinds from higher taxes and pricier gasoline. The solid sales came on the heels of strong gains in employment and manufacturing. But the improvement in the economic picture is likely insufficient to compel the Federal Reserve to reduce its monetary policy support.

BlackBerry shares surge on huge order for new devices

TORONTO (Reuters) - BlackBerry shares surged on Wednesday after the smartphone maker said one of its established partners has placed an order for 1 million BlackBerry 10 smartphones, with shipments starting immediately. The Waterloo, Ontario-based company said this order marks the largest ever single purchase order in BlackBerry's history, indicating strong demand for its Z10 smartphones powered by its new BlackBerry 10 operating system.

Boeing sets 787 tests, analysts encouraged but cautious

NEW YORK (Reuters) - As Boeing prepared to start testing a redesigned battery system aimed at preventing fires on its flagship 787 Dreamliner, analysts upgraded the company's rating and lifted their targets for the stock price. Some analysts said the high-tech plane, which was grounded worldwide in January, might be flying passengers again as early as May, after the Federal Aviation Administration on Tuesday approved Boeing's plan to certify the battery system.

Greece's top bank sees interest from "Canada's Warren Buffett"

ATHENS (Reuters) - Greece's biggest lender, National Bank (NBG) , said on Wednesday that Canadian investment fund Fairfax Holdings was interested in acquiring a stake in it by taking part in a planned recapitalization. Under the terms of cash-strapped Greece's international bailout, its top four lenders must issue new shares by the end of April to replenish their capital after the losses they suffered in the debt crisis from bad loans and bond writedowns.

Exclusive: TNK-BP tycoons turn to ex-BP bosses for help in investing billions

MOSCOW/LONDON (Reuters) - Representatives of the Alfa Group, set to earn billion of dollars from the sale of Anglo-Russian oil venture TNK-BP, have sounded out former BP CEOs John Browne and Tony Hayward about investing jointly in international oil projects. German Khan, one of four Soviet-born businessmen who shared control of TNK-BP with BP for a decade, met Browne and Hayward and other potential deal partners in London last month, sources familiar with the discussions said.

Iberia workers end strikes after compromise deal

MADRID (Reuters) - Workers at Iberia on Wednesday called off further strikes over job and salary cuts at the loss-making Spanish airline after accepting a deal from a government-appointed mediator. Workers staged two five-day walkouts in February and March which Iberia, owned by International Airlines Group (IAG) , said meant losses of around 30 million euros ($39.1 million). Thousands of flights were canceled.

Air Canada retirees support pension cap extension

OTTAWA (Reuters) - Retired employees of Air Canada support the government's decision to extend a cap on special payments to the airline's struggling pension fund, a spokesman for the retirees said on Wednesday. Finance Minister Jim Flaherty announced the extension on the cap to January 2021 and a requirement that payments toward the deficit average C$200 million ($194 million) a year for seven years, with a minimum of C$150 million each year.

Air Canada shares jump after pension extension

TORONTO (Reuters) - Air Canada shares rose as much as 7.4 percent on Wednesday after it won a seven-year extension for the cap on special payments to erase its sizeable pension fund deficit. Canada's largest airline, which won the extension on Tuesday over the objections of its smaller rivals, will have to pay a total of C$1.4 billion over seven years, or an average of C$200 million a year, with a minimum of C$150 million a year.

Source: http://news.yahoo.com/ca-business-summary-001625447--finance.html

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