CA-BUSINESS Summary

Risk assets hit as U.S., China data stirs recovery worry

TOKYO (Reuters) - Risk assets from commodities to Asian shares slid on Monday as weaker-than-expected U.S. and Chinese data raised concerns about the global economic outlook, prompting investors to book some gains from recent market rallies. Global equities and commodities slumped late last week on a negative reading of U.S. consumer sentiment and soft retail sales, as well as on rekindled worries in the euro zone. This raised investor sensitivity to data due this session from China, the world's second-largest economy.

Exclusive: Wells Fargo cuts approved list of money managers

NEW YORK (Reuters) - Wells Fargo & Co is slashing an approved list of money managers and investment vehicles that its stockbrokers market to the firm's wealthy clients, a change of direction that has rattled the third-largest U.S. brokerage network. Executives said the clampdown protects clients from exposure to a plethora of investment models that have received little oversight. It will also reduce the firm's risk at a time when litigation and compliance costs are rising industry wide.

Bank regulators gain ground against too-big-to-fail bailouts

WASHINGTON/NEW YORK (Reuters) - For the past year, a special team of U.S. bank regulators has been on a quiet mission to end the belief on Wall Street that large banks are "too big to fail." The team from the Federal Deposit Insurance Corp has hosted more than two dozen meetings with bond investors, analysts and other stakeholders to lay out in detail how a failing firm would be liquidated.

China first quarter GDP growth slips to 7.7 percent, industry undershoots

BEIJING (Reuters) - China's economic recovery unexpectedly stumbled in the first three months of 2013 as the annual rate of growth eased back to 7.7 percent from the 7.9 percent pace set in the final quarter of last year, official data showed on Monday. The growth rate, announced by the National Bureau of Statistics, was weaker than a Reuters poll consensus forecast for an 8.0 percent expansion.

SAC Capital loses staff in Hong Kong at challenging time

HONG KONG (Reuters) - SAC Capital Advisors, run by hedge fund titan Steven A. Cohen, has lost seven staff in Hong Kong and relocated five others there to New York and London, according to regulatory filings and people familiar with the matter. The departures come at a challenging time for the firm, with investors in February submitting redemption notices to pull around $1.7 billion from the $15 billion fund following a U.S. insider trading probe. Cohen has not been accused of wrongdoing, but the investigation led to the arrest of veteran portfolio manager Michael Steinberg in March, one of Cohen's closest confidantes.

World Bank cuts East Asia growth estimate; welcomes BOJ stimulus

SINGAPORE (Reuters) - The World Bank on Monday scaled back slightly its 2013 growth forecasts for emerging East Asia and warned about possible over-heating in the region's larger economies, but the global lender said the Bank of Japan's sweeping monetary expansion should provide a fillip to developing countries. Japan's efforts to stimulate its economy through monetary easing is likely to be "mostly good" for developing Asian economies such as Thailand and the Philippines, which produce components for Japanese exporters, the World Bank said.

Analysis: Canadians losing faith in economic "miracle"

OTTAWA/TORONTO (Reuters) - Factory worker Nelson Claros has little time for talk of the Canadian economic miracle. The 50-year-old was laid off last year from his job of 22 years at a bus-assembly plant northwest of Toronto, and has since applied for 130 jobs. His best offer: A job at $12 an hour, half his previous wage and not enough to pay his bills.

Exclusive: Thermo Fisher nears $13 billion Life Tech deal

NEW YORK (Reuters) - Thermo Fisher Scientific Inc is nearing a deal to buy genetic testing equipment maker Life Technologies Corp for close to $13 billion, according to four people familiar with the matter, in what would be one of the year's biggest corporate takeovers. The acquisition would catapult Thermo Fisher into the hot field of genetic sequencing, where researchers, drugmakers and doctors are uncovering the genetic factors underpinning diseases to better tailor treatments to the patients.

GM, Ford agree to jointly develop fuel-saving transmissions

DETROIT (Reuters) - General Motors Co and Ford Motor Co , the two largest U.S. automakers, have agreed to jointly develop a new line of nine- and ten-speed automatic transmissions to boost the fuel economy and performance of their lineup, the companies said on Monday. The pact marks the third time in the last decade that the two automakers have collaborated on transmissions. The joint effort allows GM and Ford to bring the transmissions to market more quickly and at a lower cost than if they worked alone.

EU designs truck of future to save lives, fuel

BRUSSELS (Reuters) - European trucks of the future should have longer, rounded, more aerodynamic cabs to save fuel and cut down on accidents, and adopt some innovations already on the road in the United States. The European Commission estimates that its new rules regarding trucks, being outlined on Monday, could save around 5,000 euros ($6,600) per year in fuel costs.

Source: http://news.yahoo.com/ca-business-summary-003030954--finance.html

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