CA-BUSINESS Summary

Canada posts worst monthly job losses in more than four years

OTTAWA (Reuters) - Canada posted its worst monthly jobs loss in more than four years in March, another sign the economy is struggling to cope with weak foreign markets and a strong Canadian dollar. Canada shed 54,500 positions in March, more than wiping out the 50,700 jobs that were added in February, Statistics Canada said on Friday. Market operators had expected a modest gain of 8,500 jobs.

Canada's Flaherty: big March job losses just a snapshot in time

OTTAWA (Reuters) - Canada's job losses in March are disappointing, Canadian Finance Minister Jim Flaherty said on Friday, but he described the broader performance of employment since the global recession as much more positive. "After strong job growth in February I am disappointed with the job numbers announced by Statistics Canada today," Flaherty said in a statement, referring to the loss of 54,500 positions in the month.

TSX in five-day losing streak on soft jobs data

TORONTO (Reuters) - Canada's main stock index slumped to its lowest in more than 3-1/2 months on Friday, led by the financial and energy sectors, as weak Canadian and U.S. jobs data suggested the North American economy could be losing steam. The economic uncertainty weighed on oil prices, which fell to a five-month low, but a rising bullion price took gold shares higher.

C$ sharply weaker on grim employment data

TORONTO (Reuters) - The Canadian dollar weakened to a nearly two-week low against its U.S. counterpart on Friday after both U.S. and Canadian employment data came in far weaker than expected, erasing a short-lived rally by the currency to 6-week highs. The Canadian currency fell to C$1.0220 to the U.S. dollar, or 97.85 U.S. cents, after data showed Canada unexpectedly lost jobs in March and U.S. employers added far fewer jobs than expected, raising fears that the North American economic recovery was not as robust as previously thought.

Canada Pension Plan backs Agrium board nominees in Jana battle

TORONTO (Reuters) - The Canada Pension Plan Investment Board, one of the world's largest pension funds, said it has voted to support Agrium Inc's board nominees ahead of a crucial shareholder meeting next week, a setback for activist investor Jana Partners. The Canadian fertilizer maker and farm products retailer has been locked in a war of words over the company's direction for months with Jana Partners LLC, a New York-based hedge fund. Jana named a slate of five nominees for election to Agrium's board and the battle is set to come to a head at Agrium's shareholder meeting on its home turf in Calgary, Alberta, on April 9.

Exclusive: SocGen mulls up to 700 job cuts - union sources

PARIS (Reuters) - French bank Societe Generale may cut between 600 and 700 jobs as part of a broader cost-cutting drive in the face of stagnant growth in its home market, three union sources told Reuters on Friday. SocGen management met with unions on Wednesday to discuss the proposals, which have not yet been finalized, the sources said.

Exclusive: Some wealth advisers take a fee for client fund assets

(Reuters) - At least three wealth management firms that market themselves as objective financial advisers are getting payments for investing their clients' money in certain mutual funds, a practice that even some of these firms say could create conflicts of interest. The firms, known as registered investment advisers, are typically paid by clients with fees tied to the growth or contraction of client assets, and not to specific products. But Fidelity Investments and Charles Schwab Corp are paying these financial advisers as much as 0.25 percent of the assets that their clients put into no-transaction-fee mutual funds.

Bankruptcy judge approves MF Global's liquidation plan

NEW YORK (Reuters) - MF Global on Friday won court approval of a plan to liquidate its assets, pay back creditors and end the $40 billion bankruptcy that rocked the financial world in 2011. The commodities brokerage, run by former New Jersey Governor Jon Corzine, collapsed after investors were spooked by its exposure to about $6.3 billion in European sovereign debt.

Hedge fund manager Ackman says mistakes made in JCPenney turnaround

BOSTON (Reuters) - Hedge fund manager William Ackman is turning up the heat on the man he handpicked to turn around struggling retailer JCPenney . The "criticism is deserved," Ackman said on Friday of Ron Johnson, the former Apple executive who has been tasked with overhauling the staid retail chain and who has come under fire as the stock price has plummeted 27.6 percent in the first quarter.

Boeing has "good" Dreamliner battery plan fix: official

WASHINGTON (Reuters) - Boeing Co has a "good plan" to fix the battery problem that has grounded its 787 Dreamliner jets since January, Transportation Secretary Ray LaHood said on Friday. LaHood said he wants to ensure the Dreamliner is safe before allowing the planes back in the air, and no decision had been made on commercial flights.

Source: http://news.yahoo.com/ca-business-summary-010222419--finance.html

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