CA-BUSINESS Summary

Record Wall Street boosts sentiment, U.S. holds key in Q2

TOKYO (Reuters) - Whether the world's largest economy can sustain momentum will be a primary focus for investors for the next three months after a general recovery trend in the United States helped risk sentiment for broad markets in the first quarter of 2013. Asian shares edged higher and the euro steadied on Friday after banks in Cyprus reopened to relative calm. Overall trade was subdued, with many Asian markets, including Australia, Singapore and Hong Kong, closed on Friday for Easter holidays.

Banks lift TSX on Cyprus calm; index up for quarter

TORONTO (Reuters) - Canada's main stock index powered ahead in a late surge on Thursday, led by strength in financial and industrial shares, on relief that banks in Cyprus reopened relatively smoothly following a bailout deal. The market received further support from BlackBerry after the smartphone maker reported a surprise quarterly profit.

More trouble for Cohen's SAC Capital as Steinberg indicted in NY

(Reuters) - U.S. prosecutors on Friday charged Michael Steinberg, a veteran portfolio manager at Steven A. Cohen's hedge fund, with insider trading in two technology stocks, the most senior SAC Capital Advisors' employee to be indicted in the government's long-running probe. FBI agents arrested Steinberg at his Park Avenue home in New York City at around 6 a.m. EDT (1000 GMT). Steinberg, wearing a blue sweater, pleaded "not guilty" to charges of securities fraud and conspiracy to commit securities when he appeared at a late morning arraignment.

Chesapeake sets up office of chairman, McClendon set to leave

(Reuters) - Chesapeake Energy Corp has set up a three-person office of the chairman to lead the company as the search for a new chief executive to replace Aubrey McClendon likely extends beyond an April 1 deadline. Chesapeake also named Chief Operating Officer Steven Dixon acting CEO. The office of the chairman includes Dixon, Chairman Archie Dunham, and Chief Financial Officer Domenic Dell'Osso.

Loeb's Third Point outperforms hedge fund rivals again

BOSTON (Reuters) - Hedge fund manager Daniel Loeb outperformed his rivals again in the first quarter with returns that kept pace with the stock market's recent rally, a person familiar with Loeb's returns said. The New York-based manager told investors late on Thursday that his flagship Third Point Offshore Fund rose 2.8 percent in March while the Third Point Ultra fund, the leveraged version of the Offshore fund, gained 4.2 percent.

Big depositors in Cyprus to lose far more than feared

NICOSIA (Reuters) - Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday. Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

Fiat CEO probed for violation of workers' rights

MILAN (Reuters) - Fiat's CEO Sergio Marchionne is being investigated in Italy over allegations of violation of labor rights in a long-running dispute at a factory near Naples, the automaker said on Friday. Fiat, Italy's biggest private sector employer, said Marchionne and another group manager were notified by the public prosecutor of Nola of a preliminary investigation on Friday.

Exclusive: Indonesia's CT Corp proposes all-cash deal for Bakrie's media unit

TANJUNG BENOA, Indonesia (Reuters) - Indonesia's fifth-richest man has proposed to buy a controlling stake in PT Visi Media Asia, valued at up to $1.8 billion, in an all-cash deal that would give him the lion's share of the TV advertising market in Southeast Asia's biggest economy. Chairul Tanjung, the billionaire founder and chairman of CT Corp, a conglomerate with banking and media interests, told Reuters that his company wanted to buy the stake in the media unit of Indonesia's powerful Bakrie family without any partners.

Deutsche Bank probe finds incomplete data given to prosecutors: magazine

FRANKFURT (Reuters) - An internal investigation at Deutsche Bank has found that incomplete data related to a carbon tax fraud probe were handed over to prosecutors, German magazine Der Spiegel said on Friday. The probe is one of several legal headaches with which Germany's biggest lender is grappling.

Power firm CEZ files complaint with EU against Bulgaria

PRAGUE (Reuters) - Czech power producer CEZ filed a complaint with the European Commission against Bulgaria on Friday for the government's moves to take away the company's license in the Balkan country. CEZ has had a rough ride in Bulgaria since public protests against high electricity prices led to the fall of Prime Minister Boiko Borisov in February, and authorities have struck out against CEZ and other power firms.

Source: http://news.yahoo.com/ca-business-summary-012855661--finance.html

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