CA-BUSINESS Summary

TSX drops to near one-month low after Cyprus deal

TORONTO (Reuters) - Canada's main stock index fell to its lowest point in nearly a month on Monday as investors reconsidered their initial relief over a bailout deal for Cyprus, while shares of BlackBerry dropped 4.5 percent after a downgrade by Goldman Sachs. Stocks initially rose after Cyprus reached a deal with international lenders for a 10 billion euro ($13 billion) bailout, averting a collapse of its banking system.

Icahn opens door to Blackstone tie-up on Dell bid

(Reuters) - Two of the most prominent U.S. investors could upset Michael Dell's $24.4 billion buyout bid for Dell Inc , after billionaire Carl Icahn opened the door to an alliance with Blackstone Group to wrest control of the computer maker from its founder. Icahn said on Monday he has started preliminary talks with Blackstone. Both sides have made bids that could be superior to the offer on the table from Michael Dell and private equity firm Silver Lake.

BlackBerry shares drubbed, just days before key results

TORONTO (Reuters) - Reports of a lackluster launch of its pivotal new smartphone in the U.S. market cost BlackBerry an influential downgrade on its stock on Monday and a 4 percent drop in its share price, just days ahead of quarterly results that will offer the first concrete gauge of how its new phone is being received. The results, due on Thursday, will offer a glimpse of sales of the new Z10 device in Britain, Canada and several other markets, where it has been available for more than a month.

Cyprus girds for run on banks after sealing bailout

NICOSIA (Reuters) - The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced "very temporary" capital controls to stem a run on the island's banks. Returning on Monday from fraught overnight negotiations in Brussels, the conservative leader said the 10-billion euro ($13 billion) rescue plan agreed there in the early hours of the morning was "painful" but essential to avoid economic meltdown.

Analysis: Cyprus rescue raises new questions about euro's long-term survival

LONDON (Reuters) - The messy deal to bail out Cyprus has averted the latest threat to the break-up of the euro but at the cost of raising new questions about the single currency's long-term viability. Savers in other euro zone banks appear so far to be taking the freezing of balances over 100,000 euros in Cyprus's two biggest lenders in their stride. Perhaps they judge that events in a tiny, far-away island with outsize banks and a reliance on deposits from Russian oligarchs hold little relevance for them.

Boeing 787 takes to sky in first flight check

NEW YORK (Reuters) - A Boeing Co 787 Dreamliner took to the sky on Monday in the first of two flights aimed at showing that the plane's new lithium-ion battery system meets regulatory safety standards, a key step toward ending a two-month, worldwide grounding of the high-tech jet. Monday's two-hour flight test, if successful, would allow Boeing to go ahead with a second flight test "in coming days" that would gather data to be submitted to the Federal Aviation Administration, Boeing spokesman Marc Birtel said.

Rajaratnam's brother pleads not guilty to insider charges

NEW YORK (Reuters) - Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, pleaded not guilty on Monday to insider trading charges. The younger Rajaratnam entered his plea in Manhattan federal court, one day after his arrest at John F. Kennedy International Airport in New York. Vinoo Varghese, an attorney for Rajaratnam, said his client arrived in New York early Sunday morning, accompanied on a flight from Brazil by an FBI agent.

Best Buy founder Schulze rejoins as chairman emeritus

(Reuters) - Best Buy Co Inc founder Richard Schulze, who left the board last year and later failed in his effort to take the company private, will rejoin the retailer as chairman emeritus and add two of his former colleagues to the board. The news helped dispel rumors the top investor in the world's largest consumer electronics chain was contemplating selling his stake in the company he founded in 1966. Best Buy shares rose as much as 3 percent on Monday.

U.S. approves Nasdaq payback plan for Facebook IPO, UBS unhappy

(Reuters) - Regulators approved Nasdaq OMX Group's $62 million compensation plan for firms that lost money in Facebook Inc's glitch-ridden market debut, a victory for the exchange operator that also set the stage for potential lawsuits from firms seeking more. The Nasdaq plan will give retail market makers far less than the $500 million in estimated losses from Facebook's initial public offering. Nasdaq said in a note to traders on Monday that the U.S. Securities and Exchange Commission approved the plan, and that firms had one week to submit requests for compensation.

Canadian advisers see gains, pitfalls in social media

TORONTO (Reuters) - Canadian financial adviser Will Britton is the quintessential success story of social media in the industry. He's active on Facebook, LinkedIn and Twitter, and when someone needs a financial planner, Britton's contacts are quick to send a "here's my guy" link. Presto, a new client. "I'm probably doing it wrong according to what social media experts may say," said Britton, a certified financial planner in Kingston, Ontario, and member of Advocis, the Financial Advisors Association of Canada.

Source: http://news.yahoo.com/ca-business-summary-000511153--finance.html

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