CA-BUSINESS Summary

Asian shares gain as U.S. data builds optimism

TOKYO (Reuters) - Asian shares rose on Wednesday, comforted by positive U.S. data pointing to a moderate recovery in the economy, but worries over the implications of the Cyprus bank bailout deal, and the losses it imposed on investors, weighed on the euro. European markets were seen adding small gains, with financial spreadbetters predicting London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> likely to open around 0.3 percent higher. Benchmark indices in Spain <.ibex> and Italy <.ftmib> were seen likely to open 0.1 percent and 0.2 percent higher. <.l><.eu/>

Analysis: Citigroup looks to cut cash holdings to boost earnings

NEW YORK (Reuters) - Citigroup Inc is considering cutting its cash on hand by about $35 billion, which should help the bank buy higher yielding assets or redeem expensive debt to boost earnings. Making the change will signal that the management of the third-largest U.S. bank by assets, which had to be rescued three times by the U.S. government in the financial crisis, is increasingly confident that its worst troubles are well behind it.

Agrium wins crucial endorsement ahead of shareholder vote

TORONTO (Reuters) - Agrium Inc won another ringing endorsement just ahead of a crucial shareholder vote after influential advisory firm Glass Lewis on Tuesday advised its clients to back all 12 of Agrium's board nominees over a slate nominated by dissident investor Jana Partners. The recommendation from the well-regarded advisory firm is a big boost for Agrium ahead of a shareholder vote on April 9 and follows similar recommendations from smaller firms like U.S.-based Egan-Jones and UK-based Pensions Investment Research Consultants.

BlackBerry targeted by short sellers as market awaits results

TORONTO (Reuters) - BlackBerry's share price has more than doubled over the last six months as buzz around its new smartphones has boosted investor confidence, but some traders are betting big that talk of a turnaround is over-hyped. Nasdaq data released on Tuesday shows that short interest in the stock is at record levels and has more than doubled over the course of the last year.

Credit Suisse buys Morgan Stanley's European private bank

ZURICH (Reuters) - Credit Suisse said on Wednesday it would buy Morgan Stanley's wealth management arm in Europe, the Middle East and Africa, with total assets under management of $13 billion. "The acquisition will add scale to the bank's core growth markets in EMEA including the UK, Italy, Nordics, Russia and the Middle East," Credit Suisse said in a statement.

Toyota to sell in 2015 vehicles built through parts-sharing

TOYOTA, Japan (Reuters) - Toyota Motor Corp will start selling in 2015 the first vehicles built under its parts-sharing and platform framework, the company said on Wednesday, as rivals led by Volkswagen pursue similar strategies to cut costs. The framework, called the Toyota New Global Architecture (TNGA), shares parts among vehicles using the same platform in order to save costs and manpower.

F-35 fighter transforming defense industry says retiring chief

WASHINGTON (Reuters) - The retiring chief of the trouble-plagued F-35 Joint Strike Fighter says he remains bullish about the hi-tech war plane, with costs soon to be further reduced as production takes off, and believes the program will transform the aerospace industry. Tom Burbage, a former Navy test pilot and general manager of the F-35 program since its inception 12 years ago, said the $396 billion weapons program, which will create a supersonic, single-engine fighter jet for use by the United States and its allies, still made strategic sense.

Prosecutors examining JPMorgan's actions in Madoff fraud case: NYT

(Reuters) - U.S. prosecutors are examining whether JPMorgan Chase & Co fully alerted authorities to suspicions about fraudster Bernard Madoff, the New York Times reported, citing several people with direct knowledge of the matter. The prosecutors suspect JPMorgan may have violated a federal law that requires banks to alert authorities to suspicious transactions, the newspaper reported.

Boeing 787 faces new risk: limits on extended range: sources

WASHINGTON/TOKYO (Reuters) - As Boeing works to regain permission for its 787 Dreamliner to resume flights, the company faces what could be a costly new challenge: a temporary ban on some of the long-distance, trans-ocean journeys that the jet was intended to fly. Aviation experts and government officials say the Federal Aviation Administration may shorten the permitted flying time of the 787 on certain routes when it approves a revamped battery system. The plane was grounded worldwide two months ago after lithium-ion batteries overheated on two separate aircraft.

Cyprus readies capital controls to avert bank run

NICOSIA (Reuters) - Cyprus is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders. Cypriots have taken to the streets of Nicosia in their thousands to protest at a bailout deal that they fear will push their country into an economic slump and cost many their jobs. European leaders said the deal averted a chaotic national bankruptcy that might have forced Cyprus out of the euro.

Source: http://news.yahoo.com/ca-business-summary-000757996--finance.html

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