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| Wall Street rises with health insurers, S&P close to record Tuesday, Apr 02, 2013 12:29 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - Stocks rose on Tuesday, moving the S&P 500 closer to its all-time intraday high, as increased payment rates for some health insurers boosted the sector and Cyprus concluded bailout talks. The government dropped plans to cut payments for private Medicare Advantage insurers and instead said it would allow a 3.3 percent raise. Shares of Humana, which derives about two-thirds of its revenue from Medicare Advantage business, jumped 6.2 percent to $79.64 and was the biggest percentage gainer on the S&P 500. UnitedHealth Group gained 6.2 percent to ... Full Story | Top |
| Exclusive: Nationwide, Reich & Tang to buy HighMark funds -sources Tuesday, Apr 02, 2013 12:18 PM PDT By Jessica Toonkel NEW YORK (Reuters) - Columbus, Ohio-based Nationwide Financial and New York-based Reich & Tang are buying UnionBanCal Corp's mutual fund business, three sources told Reuters on Tuesday. San Francisco-based UnionBanCal is expected to announce the sale of its HighMark Funds to the two parties in the next few days, said two of the sources, who wished to remain anonymous because they are not permitted to speak to the media. UnionBanCal is selling 19 of its 24 HighMark Funds, to Nationwide Financial, the two sources said. ... Full Story | Top |
| CA-BUSINESS Summary Tuesday, Apr 02, 2013 12:14 PM PDT TSX advances as bank gains offset golds TORONTO (Reuters) - Canada's main stock index rose on Tuesday, with strength in the financial sector offsetting a decline in gold miners and with the market taking some encouragement from mixed U.S. and European economic data. The positive investor sentiment also helped lift U.S. and European stocks, but lack of safe-haven interest sent the price of gold to a 2-1/2 week trough. That limited the gains of Toronto's stock market, which has a heavy weighing of gold miners. ... Full Story | Top |
| TransCanada moves forward on West-East oil pipeline plan Tuesday, Apr 02, 2013 12:14 PM PDT By Scott Haggett 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. ... Full Story | Top |
| Cyprus to have 4 percent/GDP primary surplus from 2017 onwards: MoU Tuesday, Apr 02, 2013 11:51 AM PDT BRUSSELS (Reuters) - Cyprus should reach a primary surplus of four percent of GDP in its budget from 2017 onwards to ensure public debt falls, a memorandum of understanding between Nicosia and international lenders on a 10 billion euro bailout said. The document lists fiscal steps, as well as reforms of public administration, pensions, healthcare, labor market privatization and services that the Mediterranean island agreed to undertake in exchange for euro zone financial aid. ... Full Story | Top |
| Forex controls hinder global growth: Bank of Canada deputy governor Tuesday, Apr 02, 2013 11:11 AM PDT  By Louise Egan and Randall Palmer 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. ... Full Story | Top |
| Forex controls inhibiting global growth: Bank of Canada's Murray Tuesday, Apr 02, 2013 10:37 AM PDT  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. ... Full Story | Top |
| Cyprus finance minister quits after bailout concludes, investigation begins Tuesday, Apr 02, 2013 10:15 AM PDT  By Michele Kambas 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. ... Full Story | Top |
| Housing recovery boosts truck, SUV sales in March Tuesday, Apr 02, 2013 10:13 AM PDT  By Ben Klayman and Deepa Seetharaman DETROIT (Reuters) - Sales of sport-utility vehicles and pickup trucks jumped in March, spurred by rising home prices and an increase in housing construction, major automakers said on Tuesday. The performance of SUVs and trucks outpaced gains in the broader auto market, but March is still expected to be the fifth straight month that the auto industry's annual sales pace will be above 15 million vehicles. General Motors Co said the stronger housing market helped its sales to small businesses climb by nearly a third. The largest U.S. ... Full Story | Top |
| BofA settles for $165 million with credit union regulator Tuesday, Apr 02, 2013 09:48 AM PDT  By Aruna Viswanatha WASHINGTON (Reuters) - Bank of America Corp agreed to pay $165 million to settle charges by the U.S. credit union regulator involving sales of mortgage-backed securities to corporate credit unions that led them to fail, the regulator said on Tuesday. In February, the bank disclosed it had reached a preliminary agreement with the National Credit Union Administration, and said it would be covered by existing reserves, but did not disclose a value at the time. ... Full Story | Top |
| S&P pushes to move state cases to federal court Tuesday, Apr 02, 2013 09:38 AM PDT  NEW YORK (Reuters) - Standard & Poor's redoubled efforts on Tuesday to move more than a dozen lawsuits charging the ratings agency with fraud to federal from state courts, arguing that the various state cases involve federal regulations. Connecticut Attorney General George Jepsen is leading a coalition of attorneys general that brought state cases against the McGraw Hill Cos Inc unit in February. Those cases were announced the same day that the Justice Department said it was seeking $5 billion in its own civil lawsuit against S&P. The rating agency wants to move the lawsuits by 16 U.S. ... Full Story | Top |
| Ontario Teachers' Pension Plan gets 13 percent return for 2012 Tuesday, Apr 02, 2013 09:36 AM PDT By Andrea Hopkins 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). ... Full Story | Top |
| Ford, Chrysler see Canadian sales climb in March Tuesday, Apr 02, 2013 09:34 AM PDT  TORONTO (Reuters) - New vehicle sales in Canada at both Ford Motor Co and Chrysler accelerated in March, lifted by strong demand for pick-up trucks, the companies said on Tuesday. Ford said it was Canada's top auto-seller for the month, while Chrysler said year-to-date sales maintained its spot as the country's leading seller for 2013. Ford's total vehicle sales rose 1.6 percent in March, to 25,092 vehicles from 24,690 in the same period last year, as a gain in truck sales more than offset waning demand for new cars. Truck sales were 2. ... Full Story | Top |
| ECB's Coeure warns against consequences of currency war Tuesday, Apr 02, 2013 09:30 AM PDT  WASHINGTON (Reuters) - ECB policymaker Benoit Coeure warned against currency wars on Tuesday, saying currency swings brought about by misguided policies have the potential to become disruptive, especially if other central banks have limited room to maneuver. Coeure, a European Central Bank Executive Board member, spoke shortly before the first policy-setting meeting of the new Bank of Japan's Governor, Haruhiko Kuroda, who wants to achieve the BOJ's inflation target in two years by taking aggressive monetary policy both in terms of the volume and type of assets it purchases. ... Full Story | Top |
| RBS lines up CFO van Saun to lead U.S. spin-off: source Tuesday, Apr 02, 2013 08:47 AM PDT  By Steve Slater LONDON (Reuters) - Royal Bank of Scotland (RBS) is preparing to appoint Finance Director Bruce van Saun as head of its U.S. arm Citizens ahead of its stock market listing, a person familiar with the matter said. The state-backed British bank could appoint Nathan Bostock, its head of restructuring and a former finance director of Abbey National, as van Saun's replacement. Bostock is highly regarded and is likely to be the front-runner if van Saun moves, though no decisions have been finalized, the source said on Tuesday. ... Full Story | Top |
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