CA-BUSINESS Summary

Golds, banks pull TSX lower on weak data, Cyprus; RIM gains

TORONTO (Reuters) - Canada's main stock index fell on Thursday, led by declines in gold shares that followed the bullion price lower and in financial stocks, as weak U.S. economic data and worries about spillover effects of the Cyprus crisis deepened investor gloom. A rise in BlackBerry after the smartphone maker reported a surprise quarterly profit offset some of the losses.

Lazaridis to keep BlackBerry stake, focus on new venture

TORONTO (Reuters) - BlackBerry co-founder Mike Lazaridis said on Thursday he has no plans to sell his stake in the smartphone maker even as he steps down from the board to focus on a new quantum computing investment fund. BlackBerry, formerly Research In Motion, announced the former co-CEO's departure from the board on Thursday as it reported its first quarterly earnings since launching its make-or-break new BlackBerry 10 smartphones.

Hockey helps Canada's economy grow again in January

OTTAWA (Reuters) - Canada's economy bounced back from a year-end slump in January thanks to factories, mines and the return of professional ice hockey, but growth still looks too weak to match the central bank's upbeat outlook and interest rates are unlikely to budge until 2014. Gross domestic product expanded by 0.2 percent in the month, Statistics Canada said on Thursday, following the weakest two quarters since the 2008-09 recession and a 0.2 percent contraction in December.

BofA markets chief was bank's highest paid executive in '12

(Reuters) - Bank of America Corp's co-chief operating officer, Tom Montag, was once again the bank's highest paid executive in 2012, making $14.5 million in a year in which the bank showed signs of healing. Montag's compensation, which included a $5.46 million bonus and $8.19 million in stock, increased 21 percent to eclipse the $12 million awarded to Chief Executive Brian Moynihan, according to a filing the bank made on Thursday with the U.S. Securities and Exchange Commission.

Exclusive: Cerberus seeks to bankroll investor landlords

NEW YORK (Reuters) - Private equity firm Cerberus Capital Management wants to provide financing to small investment firms that are buying foreclosed homes as part of a long-term bullish bet on the housing recovery, according to four sources familiar with the situation. Cerberus is targeting investment firms that are looking to buy a small number of homes in niche housing markets in the U.S. and rent them out, the sources said. These investors cannot tap the much larger financing deals being put together by banks such as Deutsche Bank, Credit Suisse , and Goldman Sachs Group for institutional buyers of foreclosed homes.

Cyprus bank controls to last a month, minister says

NICOSIA (Reuters) - Cyprus conceded on Thursday that tight capital controls would remain in force longer than expected as the island's banks reopened for the first time after the government was forced to accept a tough EU rescue package to avoid bankruptcy. Cypriots lined up calmly to withdraw limited amounts of cash, but there was no sign of a run on deposits, as had been feared.

EBay targets $110 billion of marketplace volume in 2015

SAN FRANCISCO (Reuters) - EBay Inc aims to handle $110 billion of sales volume on its marketplace in 2015 by expanding globally, getting more local inventory online and using mobile technology to engage more with shoppers, executives said on Thursday. The new forecast, made by Devin Wenig, president of eBay's Marketplaces business in North America, compares with Gross Merchandise Volume, or GMV, of $75 billion in 2012.

Boeing CEO confident that 787 battery fix will work

(Reuters) - Boeing Co has high confidence the proposed fix for the lithium-ion batteries on its grounded 787 passenger jet will work, Chief Executive Officer Jim McNerney said on Thursday. The grounding has been a "frustrating experience," McNerney told a U.S. Chamber of Commerce aviation summit. (For event video, click: http://link.reuters.com/juf96t )

Total to book $1.65 billion first-quarter loss on Canada project exit

PARIS (Reuters) - Total will book a $1.65 billion first-quarter loss on its withdrawal from a long-delayed oil sands project in Canada, it said on Thursday, a day after partner Suncor pulled the plug on the plant citing lower potential returns. French oil major Total said it has sold its 49 percent stake in the Voyageur Upgrader project in northern Alberta to Canada's largest oil company Suncor Energy , which holds the remaining 51 percent, for $500 million.

Bank of Canada searches far and wide for Carney's successor

OTTAWA (Reuters) - The search for a new Bank of Canada chief to replace Mark Carney has pitted internal front-runner Tiff Macklem against a range of external candidates as officials look outside the bank for people who may have more hands-on business experience. Most central bank watchers believe Macklem, currently second-in-command at the bank, has outstanding credentials and deserves to take over when his boss leaves.

Source: http://news.yahoo.com/ca-business-summary-004845905--finance.html

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IAF Receives Trophy for Best Marching Contingent for RD Parade 2013

The Indian Air Force Marching Contingent had been adjudged as the Best Marching Contingent jointly with the Indian Navy, for Republic Day Parade 2013, amongst the Armed Forces Contingents. The IAF and Navy were awarded the Best Marching Contingent Trophy by the Hon?ble Raksha Mantri today.

For the IAF, this has been a singular achievement for the third consecutive year. Commanded by Flight Lieutenant Heena Pore, the IAF Marching Contingent comprised 4 officers and 144 airmen of Ceremonial Contingent based at Air Force Station New Delhi and Supernumerary officers - Flight Lieutenant Anupam Chaudhary, Flying Officer Gaurav Ahlawat and Flying Officer Rahul T.

PJ/CM
(Release ID :92318)

Source: http://pib.nic.in/release/release.asp?relid=92318

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As US fishing industry dwindles, diners may hardly notice

Jay Lindsay , The Associated Press ? ? ? 6 hrs.

His city's best fishing days are long past it, but lifelong Gloucester resident Ron Gilson still sees what once was when he drives past what remains.

There's the waterfront lot, littered with discarded fishing nets and lobster pots, where vessels in the famed fishing fleet once docked. The clatter and grit of a top maritime machine shop downtown has been replaced by a banquet hall. On the state fish pier, where Gilson briefly parks, the sounds of year-round work have given way to the quiet whirr of his idling Prius.

To the 79-year-old, the decline of the industry has stolen jobs, community spirit and opportunity. And it's not over, Gilson said.

"This is the lowest point," he declared on a February day. "Tomorrow will be lower."

In May, New England's fishermen will again see a cut to the number of fish they can catch, this time so deeply that the historic industry's existence is threatened from Rhode Island to Maine. But as hard as the cuts are likely to hit fishing communities, local seafood eaters may not notice at all. In the region's markets, grocery stores and restaurants, imported fish dominate, and the cuts make that less likely to change.

The cuts will shrink the catch limit 77 percent for cod in the Gulf of Maine and 61 percent for cod in Georges Bank, off southeastern Massachusetts. That's the worst of a series of reductions to the catch of bottom-dwelling groundfish, such as haddock and flounder, that many fear could be fatal to the industry.

"They're going to wipe it out!" said Gilson. "The only thing that's going to be the same is the ocean you're looking at."

For fish consumers, a sharp drop in the local groundfish catch may jar a select group of diners who seek fish caught that day. But the cut's effects may not ripple further than that.

Just 9 percent of the seafood eaten in the United States is domestically caught, the federal government estimates. In New England, locally caught cod was just a slightly larger fraction of all cod eaten, 12 percent, according to fisheries economist Jenny Sun of the Portland, Maine-based Gulf of Maine Research Institute. And she estimates that could drop to 4 percent after the coming cuts.

Much of the imported cod is caught and frozen in Norway and cut in China, and there's plenty of it, Sun said. If the local cod catch dips to near nothing, fish processors "could easily fill in with imports," Sun said.

In fact, the biggest issue for one Maine seafood processing executive has been the perception that the New England industry's troubles mean he won't have fish.

But prices will likely change little after the cuts because substitutes are plentiful, said Chris Fream, senior sales executive at North Atlantic Inc., a processor in Portland, Maine.

"The sky certainly isn't falling because a) we knew it was coming and b) we've prepared for it and there's other species that are around," he said.

The remaining fishermen have limited options. The Northeast's groundfish fleet had 420 boats in 2011, a drop of 150 in just two years, and many of those who continue to fish do so because they have no choice.

Scituate fisherman Frank Mirarchi noted wryly that, at 69, he has few employment options. The fishermen he cooperates with, pooling quota and resources, have discussed taking even more boats out of the water and trying to hang in with whatever they can catch.

"This is not a long-term strategy," Mirarchi said. "Something needs to happen before 2014 or we all go down the tubes."

The crew on Gloucester fisherman Richard Burgess's two boats is family, and he said he hasn't considered selling out of the business.

"I put them out on the street, where are they going to get a goddamn job?" he said. "And these are men who have devoted their lives to feeding the country fresh fish. And now the country is stabbing us in the heart."

Groundfish accounts for 50 percent of the business for Richie Canastra, co-owner at the Whaling City Seafood Display Auction in New Bedford. He can still depend on the port's robust scallop catch, but he said he's already laid off four of 30 workers and anticipates another 10 layoffs when the cuts kick in in May.

There's talk of government aid for fishermen, after the fishery was declared an economic disaster last year. But the best hope for many in the industry seems to be a correction in the science that fishermen view as deeply flawed. There's also a belief that natural fluctuations have made fish scarce this year, and those same fluctuations can bring them back.

Canastra recalls the story about a 1928 Massachusetts license plate that featured a symbol of codfish that appears to be swimming away from the plate's abbreviation for the state. The cod catch suddenly dropped that year, prompting superstitious fishermen to demand the plate be changed to show the fish swimming toward the state name.

It was, and the cod came back to Massachusetts. It can again, Canastra said.

"My point is, there are cycles," he said.

? 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.nbcnews.com/business/us-fishing-industry-dwindles-diners-may-hardly-notice-1C8412932

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Bob Costas: We need to talk about gun culture

In his first television interview since his controversial commentary on the halftime show of NBC?s Sunday night football coverage, sportscaster Bob Costas stood by his remarks on the murder-suicide committed by Kansas City Chiefs linebacker Jovan Belcher. He emphasized that he was not calling for gun control but rather wanted to push for a candid conversation about America?s gun culture.

Costas has been under fire, much of it coming from right-wing conservatives such as Herman Cain and Mike Huckabee, for promoting a political agenda, despite his agreement with NBC that he has the freedom to editorialize on sport-related subjects. Costas told MSNBC?s Lawrence O?Donnell Tuesday night that he ?only had about 90 seconds?and half of that, or close to half of it, was devoted to another observation?; he said the constricted time-frame may be one reason his comments were open to misinterpretation.

?Where some people may have misunderstood my comments was I took one aspect of it, as expressed by a writer, whom I quoted verbatim. I took one aspect of it. I do not think this is the only aspect or possible aspect. There?s clearly a domestic violence aspect. There?s clearly the question, as I alluded to in a general way, of what effect playing football?which we know has debilitating effects, mind and body, at least for some?what effect that might have had. What effect alcohol and drugs might have had. And another aspect of that is easy access to guns and a gun culture. And it was that aspect?the gun culture?that I focused on. Not to the exclusion of the others but just because I didn?t have all that much time.?

He also conceded in a lengthy radio interview on The Dan Patrick Show earlier on Tuesday that he made a mistake by leaving the gun-control discussion ?open for too much miscommunication.? During halftime, Costas quoted Fox Sports columnist Jason Whitlock and ended his commentary on Whitlock?s thesis: ?If Jovan Belcher didn?t possess a gun, he and Kasandra Perkins would both be alive today.?? Many of his hearers (including? Herman Cain and Ted Nugent) launched a social media attack on Costas, expressing their outrage that the sportscaster had used halftime to make what they saw as a partisan political statement. The clip was uploaded to YouTube where it went viral, attracting scores of angry comments. FOX News hosts called for Costas? termination. Costas addressed those comments tonight on MSNBC?s The Last Word with Lawrence O?Donnell.

?What I was talking about here, and I?m sorry if that wasn?t clear to everyone, was a gun culture. I never mentioned the Second Amendment, I never used the words gun control. People inferred that. Now, do I believe that we need more comprehensive and more sensible gun control legislation? Yes I do. That doesn?t mean repeal the Second Amendment. That doesn?t mean a prohibition on someone having a gun to protect their home and their family. It means sensible and more comprehensive gun control legislation. But even if you had that, you would still have the problem of what Jason Whitlock wrote about, and what I agree with. And that is a gun culture in this country.

It demonstrates itself in different ways. It demonstrates itself in the Wild West, Dirty Harry mentality of people who actually believe that if a number of people were armed in the theater in Aurora, they would have been able to take down this nutjob in body armor and military style artillery. When in fact almost every policeman in the country would tell you that that would have only increased the tragedy and added to the carnage.?

NBC News confirmed details in a Kansas City Star article outlining the last hours for both Jovan Belcher and long-time girlfriend and mother to their three-month-old daughter, Kassandra Perkins. The police report from the Kansas City Police Department shows that Belcher legally owned several guns, and police are testing each one, including the gun found with Belcher?s body, along with shell casings and bullets. Investigators indicate the couple?s history of financial pressures and personal issues was widely-known, and that the Chiefs were providing counseling for them. Still, it wasn?t enough?the couple had a unresolved fight at 1 a.m. the night before. Kansas City police found Belcher asleep in his Bentley on Armour Boulevard. Police believe Belcher arrived home around 7 a.m. the following morning when another argument ensued. This one prompted the shooting.

Belcher?s mother, who had been watching their baby the night before, heard gunfire as she stood in the kitchen. She rushed to the master bedroom where she found Belcher kissing the dying Perkins on the forehead. Belcher got in his car and headed to his other home?Arrowhead Stadium?where the Chiefs had a 9:30 a.m. team meeting. He stepped out of his Bentley with a gun pointed at his head, telling Chiefs General Manager Scott Pioli, ?I did it. I killed her.?

Pioli attempted to dissuade Belcher from taking his own life. The linebacker thanked the manager for everything he had done for him. Chiefs Head Coach Romeo Crennel and linebackers coach Gary Gibbs rushed to the parking lot and asked him to put the weapon down. The men heard police sirens and Belcher started to retreat with the gun still pointed to his head. ?I got to go,? Belcher reportedly told his coaches. ?I can?t be here.? And with a single gunshot, Belcher took his own life.

Costas said it was not unique for an athlete?s life to be ruined by the availability of guns.

?Give me one example of an athlete?I know it?s happened in society?but give me one example of a professional athlete who by virtue of his having a gun, took a dangerous situation and turned it around for the better. I can?t think of a single one. But sadly, I can think of dozens where by virtue of having a gun, a professional athlete wound up in a tragic situation.?

Costas believes he helped further a much-needed conversation about America?s gun culture.

?The ready, easy availability of guns makes mayhem easier?The easy availability of guns makes this sort of thing just far more likely to occur. If somebody points out that the country has a problem with nutrition and obesity, that doesn?t mean they?re going to ban fast food. ?But they are making you aware of some of the dangers and hoping to moderate peoples? behavior. And if nothing else, even if some people disagree with me or misinterpret what I said, if it started a conversation then I think that?s a good thing.?

Source: http://tv.msnbc.com/2012/12/04/ccostas-i-can-think-of-dozens-where-by-virtue-of-having-a-gun-a-professional-athlete-wound-up-in-a-tragic-situation/

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Origin of Romani people? It's India

Europe's largest minority group, the Romani, migrated from northwest India 1,500 years ago, new genetic study finds.

The Romani, also known as the Roma, were originally dubbed " gypsies " in the 16th century, because this widely dispersed group of people were first thought to have come from Egypt. Today, many consider "gypsy" to be a derogatory term.

Since the advent of better and better genetic technology, researchers have analyzed the genetic history of much of Europe, finding, for example, the history of the Jewish Diaspora written in DNA. But though there are 11 million Romani in Europe, their history has been neglected, said study researcher David Comas of the Institut de Biologia Evolutiva at Universitat Pompeu Fabra in Spain

Linguistic history as well as a few limited genetic studies had already suggested the Romani originally hailed from India. To confirm this idea and uncover more details on the migration, Comas and his colleagues used a technique that compares DNA segments from across the whole genome with that of other populations. They used DNA samples from 13 groups of Romani spread across Europe.

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"In our study, we do not focus on specific regions of the genome, but on the genome as a whole, which provides us the complete genetic information of the populations under study," he told LiveScience.

The results revealed the modern Romani's ancestors migrated out of northwest India all at one time 1,500 years ago, Comas and his colleagues reported Thursday in the journal Current Biology. Once they arrived in Europe, they spread across the continent from the Balkan region about 900 years ago, Comas said.

Over hundreds of years of history, intermarriage between Romani people and local populations has waxed and waned, Comas said. They have often been discriminated against; during the Holocaust, somewhere between 200,000 and 1.5 million Romani were killed by Hitler's Nazis. After World War II, Romani in communist nations were often targeted for "assimilation," which sometimes meant forced sterilization to lower their birth rate. [ 7 Absolutely Evil Medical Experiments ]

Comas said he hoped to later widen the analysis to include more Romani groups as well as more Indian populations from the region where the Romani originated.

Follow Stephanie Pappas on Twitter @sipappas or LiveScience @livescience. We're also on Facebook and Google+.

? 2012 LiveScience.com. All rights reserved.

Source: http://www.msnbc.msn.com/id/50107632/ns/technology_and_science-science/

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Sandy's silver lining? Superstorm boosts US auto sales in Nov.

Toyota, Volkswagen and Chrysler were among the companies posting impressive increases for November, which is normally a lackluster month because of colder weather and holiday distractions.

By Dee-Ann Durbin and Tom Krisher,?Associated Press / December 4, 2012

In this Nov. photo, a Toyota dealership signs glows over a car lot in Tustin Calif. A better economy and extra demand after Superstorm Sandy lifted US auto sales in November.

Chris Carlson/AP

Enlarge

Superstorm?Sandy?gave an extra boost to U.S. auto?sales, making November the best month for carmakers in nearly five years.

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Toyota, Volkswagen and Chrysler were among the companies posting impressive increases for November, which is normally a lackluster month because of colder weather and holiday distractions. Only General Motors was left struggling to explain yet another month of weak growth.

Industry?sales?rose 15 percent from a year earlier to 1.1 million, according to AutoData. That was their fastest pace since January 2008. U.S.?sales?would reach 15.5 million this year if they stayed at November's rate, far higher than the 14.3 million rate in the first 10 months of this year.

Americans are more confident in the economy, a key driver of auto?sales. Home values are rising, hiring is up and auto financing remains readily available. And besides just feeling better, people need to replace agingcars?or vehicles damaged by?Sandy, which ravaged the East Coast at the end of October.

"Everything is kind of moving along almost in concert now," says Jeff Schuster, senior vice president of forecasting for LMC Automotive, a Detroit-area industry consulting firm.

Sandy?added 20,000 to 30,000?sales?industry wide last month, mostly from people who planned to buy?carsduring the October storm but had to delay their purchases, Ford estimates.

People who need to replace storm-damaged vehicles are expected to drive?sales?for several more months. GM estimates that 50,000 to 100,000 vehicles will eventually need to be replaced.

Even so, carmakers warned that uncertainty over the "fiscal cliff" could undo some of the gains.

The term refers to sharp government spending cuts and tax increases scheduled to take effect Jan. 1 unless an agreement to cut the budget deficit is reached between Congress and the White House. The cuts and tax increases, if enacted, could push the U.S. economy back into a recession and could derail the industry's recovery.

Alec Gutierrez, a senior market analyst with Kelley Blue Book, said a household making $100,000 per year would pay $160 more per month if the payroll tax goes up 2 percent. That's about the same amount as a lease payment on a compact?car. For that reason, Gutierrez suspects some buyers are waiting to see if an agreement is reached before investing in a new vehicle.

But for now, most Americans seem comfortable buying.

At Toyota,?sales?rose 17 percent in November, partly due to post-Sandy demand. Honda was up 39 percent thanks to strong?sales?of the new Accord sedan and clearance deals on the outgoing Civic, which was replaced by a new 2013 Civic at the end of the month. Volkswagen's?sales?rose 29 percent on the strength of the Passat sedan.

But at General Motors,?sales?rose just 3 percent.

GM's biggest brand, Chevrolet, reported flat?sales?over last year despite new products like the Spark minicar. Silverado pickup?sales?fell 10 percent.

GM's?sales?have been trailing the industry all year. They were up 4 percent through October, compared to the industry-wide increase of 14 percent.

Kurt McNeil, GM's U.S.?sales?chief, and other GM executives tried to explain the automaker's disappointing performance.

GM said its competitors resorted to higher-than-usual incentives last month to get rid of 2012 model-year trucks. GM, which had more 2013 trucks on its lots, was offering $500 less per truck than the industry average. GM has been trying to hold the line on costly incentives, which can hurt resale value and brand image.

"We want to be known for great products, not great incentives," McNeil said.

But some analysts think GM will be forced to offer more deals in December to clear out inventory.

At Ford,?sales?were up 6.5 percent on the strength of the F-Series pickup. Ford also saw strong?sales?of its new C-Max hybrid wagon and of the Ford Focus small?car.

Asian brands also got a boost from some unusually big discounts, said Jesse Toprak, senior analyst for automotive pricing site TrueCar.com. TrueCar estimated that Hyundai and Kia, which were admonished by the U.S. government in late October for overstating gas mileage, increased incentive spending by nearly 30 percent. Nissan spending was up 45 percent to $4,273 per vehicle, by far the highest incentives in the industry.

Luxury?cars?saw their usual year-end surge as holiday commercials started crowding the airwaves. Porsche'ssales?rose 71 percent to 3,865, a record month for the automaker. Infiniti, Acura, BMW and Lexus all reported big gains.

Edmunds.com analyst Jessica Caldwell said luxury brands have historically targeted their customers at this time of year because of holiday bonuses. That's no longer a driving factor, she said, but it's still a good time of year for people to buy 2012 model-year luxury vehicles because dealers are trying to clear them out.

Gutierrez said about 70 percent of the vehicles on dealer lots are now 2013 models, so buyers should act quickly if they want a deal on a 2012 model.

If industry-wide?sales?end up at 15 million for the year, it would be a vast improvement over the 10.4 million during the recession in 2009.?Sales?would still fall short of the recent peak of around 17 million in 2005.

Other automakers reporting?sales?Monday:

? Chrysler's?sales?were up 14 percent. Ram pickups were up 23 percent, while?sales?of the Fiat 500 minicar more than doubled.

? Hyundai's?sales?rose 8 percent, led by the Sonata midsize?car?and the Elantra compact. TrueCar said Hyundai increased incentives by 30 percent it was admonished by the U.S. government in late October for overstating gas mileage.

? Nissan's?sales?climbed 13 percent as?sales?of its new Pathfinder SUV more than tripled over last year.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/P3hxyZM3w98/Sandy-s-silver-lining-Superstorm-boosts-US-auto-sales-in-Nov

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