CA-BUSINESS Summary

Banks lift TSX on Cyprus calm; index up for quarter

TORONTO (Reuters) - Canada's main stock index powered ahead in a late surge on Thursday, led by strength in financial and industrial shares, on relief that banks in Cyprus reopened relatively smoothly following a bailout deal. The market received further support from BlackBerry after the smartphone maker reported a surprise quarterly profit.

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.

Boeing CEO urges FAA to return 787 to service, delays continue

WASHINGTON (Reuters) - - Boeing Co Chief Executive Jim McNerney on Thursday urged regulators reviewing battery problems on the company's grounded 787 passenger jet to let the plane back into service, saying he was confident the redesigned battery was safe. He would not specify when he expected the jet to be flying customers again other than saying "sooner rather than later."

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.

Oil veteran Gandur plans Canada IPO for Oryx Petroleum

GENEVA (Reuters) - Addax & Oryx Group (AOG), chaired by billionaire Jean Claude Gandur, plans to list its oil exploration subsidiary Oryx Petroleum in Canada, the firm said on its website. Oil industry veteran Gandur was catapulted onto the Forbes rich list in 2009 when he sold Addax Petroleum to Sinopec three years after its IPO.

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 sets aggressive 2015 targets, shares climb

SAN FRANCISCO (Reuters) - EBay Inc foresees annual earnings growth of 15 percent to 19 percent over the next three years, and is targeting an increase in revenue of as much as 68 percent for the period. The aggressive goals drove its shares up more than 4 percent. Executives told analysts at eBay's annual investor day on Thursday that they expect revenue of $21.5 billion to $23.5 billion in 2015, versus $14 billion in 2012, as the company expands globally, focusing more on local commerce and using mobile technology to lure shoppers.

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-012855661--finance.html

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