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CA-BUSINESS Summary

29/06/09

Dollar edges up, global stocks hold ranges

LONDON (Reuters) - The dollar recovered a little ground on Monday after falling late last week on a renewed call by China for a super-sovereign reserve currency, and stocks traded just below the top of recent ranges. China, which holds nearly $2 trillion of reserves believed to be concentrated in dollars, repeated its calls for an end to the dominance of a single currency in global finance.

Madoff can expect de facto life term at sentencing

NEW YORK (Reuters) - Admitted thief Bernard Madoff will leave his jail cell and be taken under guard to court on Monday morning to hear his punishment for running Wall Street's biggest and most brazen investment scheme. A U.S. judge is expected to sentence Madoff, 71, to an effective life term in prison during an emotional court hearing starting at 10 a.m. EDT, in which some of his defrauded investors will describe the shock of losing their life savings.

Green shoots start to sprout in green sector

OTTAWA (Reuters) - Canada's alternative energy sector is showing signs of a budding recovery, as companies resurrect financing deals and public offerings that withered with the recession, but that revival remains very fragile. In recent weeks, companies ranging from water treatment firm GLV Inc to green building products maker Genesis Worldwide Inc have raised millions of dollars in share and debenture offerings.

Tata Motors launches Jaguar, Land Rover in India

MUMBAI (Reuters) - Tata Motors Ltd , India's largest vehicles maker, on Sunday announced the launch in India of Jaguar and Land Rover vehicles, the marquee brands it bought from Ford Motors last year. Saying it was a momentous occasion for the company, chairman Ratan Tata said, "This is in keeping with our desire to extend the penetration of the brands in India."

Oil rises above $69 on Nigerian attack report

LONDON (Reuters) - Oil rose above $69 a barrel on Monday after Nigeria's main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency (IEA). The Movement for the Emancipation of the Niger Delta (MEND) said in an emailed statement it had struck the Shell Forcados platform in the Delta state at about 0230 GMT (10:30 p.m. EDT Sunday).

Anglo American in talks over China deal: report

LONDON (Reuters) - Anglo American is building its defenses against a 41 billion pound ($67.74 billion) merger approach from Xstrata by plotting talks about a major Chinese investment, the Sunday Telegraph reported. The newspaper also said Anglo American had reignited plans to appoint Sir John Parker as chairman and had made an attempt to recruit him in recent days.

Novartis in talks to buy much of Elan: report

DUBLIN (Reuters) - Swiss drugmaker Novartis is in talks to buy parts of Irish peer Elan , including its flagship multiple sclerosis products and its Alzheimer's disease pipeline, the Sunday Times said. A spokeswoman for Elan said it did not comment on speculation. A spokesman for Novartis declined to comment.

Union workers reject offer by Globe paper

TORONTO (Reuters) - Unionized workers at The Globe and Mail overwhelmingly rejected what the Canadian newspaper said was its final contract offer, the union said on Saturday, but the two sides will meet again on Tuesday. Union members, including journalists, sales staff and circulation workers, voted 260-32 to reject the offer, the Communications, Energy and Paperworkers Union said in a statement.

Kumho Asiana to sell Daewoo Engineering

SEOUL (Reuters) - South Korea's Kumho Asiana Group said on Sunday it had decided to put Daewoo Engineering & Construction Co <047040.KS> up for a sale to ease investors worries about its liquidity. Kumho Asiana may consider various ways to unload Daewoo including a sale of a 39 percent stake held by financial investors with management rights, a sale of a 50 percent stake plus one share, or a sale of a 72 percent stake owned by the group and financial investors.

JPMorgan CEO warns against too many regulators

CHICAGO (Reuters) - Too many regulators will only increase costs and reduce credit opportunities for consumers, JPMorgan Chase & Co Chief Executive Jamie Dimon warned in a column he wrote in Saturday's Wall Street Journal. While praising President Barack Obama's efforts to reform the U.S. financial system, Dimon said the emphasis should be on strengthening existing regulators over creating new ones.

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