CA-BUSINESS Summary

TSX falls 1 percent on weak U.S. data

TORONTO (Reuters) - Canada's main stock index slipped 1 percent on Wednesday, recording widespread declines in all major sectors, as sluggish U.S. economic data weighed on investor sentiment. The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was down 128.58 points, or 1.01 percent, at 12,553.52 in midmorning trade.

Chief Executive Officer Ed Clark plans to retire in late 2014, and Bharat Masrani, group head of U.S. personal and commercial banking, will succeed him, the bank said on Wednesday. In preparation for the move, Masrani will become chief operating officer on July 1, 2013, the bank said in a statement.

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.

WestJet, Porter fly emptier planes in March

(Reuters) - WestJet Airlines , Canada's No. 2 carrier, and regional carrier Porter Airlines Inc said passenger levels fell in March from a year earlier. WestJet said its load factor, or the percentage of available seats filled with paying customers, fell 0.1 percentage points to 86.1 percent.

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.

C$ seen slowly firming in year ahead as domestic economy lags: Reuters poll

TORONTO (Reuters) - The Canadian dollar will likely strengthen at a slower pace against the greenback than previously expected, a Reuters poll showed on Wednesday, though hopes remain high that a U.S.-led global recovery will boost Canada's currency later this year. The median forecast in the poll of 52 economists and foreign exchange strategists saw the Canadian dollar trading at C$1.02 to the U.S. dollar in a month and at C$1.013 in three months.

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.

Citigroup picks Wikstrom as head of U.S. G10 rates trading

NEW YORK (Reuters) - Citigroup appointed Roland Wikstrom as the head of U.S. G10 rates trading after the previous head Nicolas Brophy left the bank, a Citigroup spokesman said on Wednesday. When asked, the spokesman declined to offer a reason for Brophy's departure.

JPMorgan wins dismissal of most Dexia mortgage claims

(Reuters) - JPMorgan Chase & Co has won the dismissal of much of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt. In a two-page order made public on Wednesday U.S. District Judge Jed Rakoff in Manhattan dismissed the entire case apart from claims by Dexia's FSA Asset Management LLC unit over five certificates linked to residential mortgage-backed securities.

Wells Fargo must face lawsuit tied to Medical Capital fraud

(Reuters) - A federal judge has rejected a bid by Wells Fargo & Co to dismiss a lawsuit by investors who said it failed in its role as trustee for debt issued by a financing company that collapsed in 2009 in an estimated billion-dollar fraud. A 50-page decision by U.S. District Judge David Carter in Santa Ana, California on Tuesday clears the way for a possible trial against the fourth-largest U.S. bank over its dealings with Medical Capital Holdings Inc.

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

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