Exclusive: Deutsche Bank 'horribly undercapitalized' - U.S. regulator
WASHINGTON (Reuters) - A top U.S. banking regulator called Deutsche Bank's capital levels "horrible" and said it is the worst on a list of global banks based on one measurement of leverage ratios. "It's horrible, I mean they're horribly undercapitalized," said Federal Deposit Insurance Corp Vice Chairman Thomas Hoenig in an interview. "They have no margin of error."
Fed fears pull TSX lower; banks lead retreat
TORONTO (Reuters) - Canada's main stock index retreated on Friday, ending its third-straight losing week as financials and materials stocks led a broad selloff. Bank shares were the biggest drag on the index as investors digested U.S. economic data and fretted about a possible rollback in central bank stimulus programs.
Dive in Canada factory sales signals growth slowdown
OTTAWA (Reuters) - Refinery slowdowns helped push Canadian factory sales to their biggest monthly drop in nearly four years in April, signaling a weak start to the second quarter after strong economic growth in the first three months of the year. Statistics Canada said on Friday that sales plunged by 2.4 percent in April from March, the fourth drop in five months and the biggest retreat since the 2.5 percent fall recorded in August 2009.
Canada delays Wind Mobile deals on security concerns: report
TORONTO (Reuters) - National security concerns have delayed the Canadian government's approval of two deals that would solidify Vimpelcom Ltd's ownership of wireless carrier Wind Mobile, a Canadian newspaper reported on Friday, citing unnamed sources. Vimpelcom, a telecommunications company that is Wind's largest shareholder, has been trying for months to take control of Toronto-based Wind after Canadian investment rules were changed to allow foreign ownership of smaller telecom companies.
Exclusive: Hellman & Friedman plans IPO for Associated Materials - sources
NEW YORK (Reuters) - Private equity firm Hellman & Friedman LLC is planning an initial public offering for Associated Materials, a maker of home-building products that it bought for $1.3 billion in 2010, two people familiar with the matter said on Friday. Associated Materials, a maker of products like vinyl and aluminum siding and vinyl fencing under brands including Gentek and Alpine Windows, was previously owned by Investcorp and Harvest Partners.
Britain presses territories on tax action before G8 summit
LONDON (Reuters) - Britain's Prime Minister David Cameron will press its overseas tax havens to sign up to an international transparency treaty in London on Saturday, hoping to bolster British credibility ahead of next week's G8 summit. Britain is looking to ensure its self-governing regions, some of which are world-leading tax havens, are taking action to improve information sharing before Cameron meets leaders of the Group of Eight (G8) major economies to push for coordinated global action on tax avoidance and evasion.
Lululemon seeks "head boss person," must love yoga
TORONTO (Reuters) - Yoga gear maker Lululemon wants a "head boss person" who can communicate in Sanskrit, hold a headstand for at least 10 minutes and is ready to break the rules, the Vancouver-based company said on Friday in a tongue-in-cheek job ad. Lululemon, which takes pride in its "motivational" culture and fiercely loyal employees and customers, also said it expects qualified candidates to have company founder Chip Wilson, Bill Clinton, Ellen DeGeneres and Oprah on speed-dial.
Former Bank of America workers allege it lied to home owners
(Reuters) - Six former Bank of America Corp employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents. The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court.
Air rivalry intensifies as Airbus A350 makes first flight
TOULOUSE, France (Reuters) - After the Dreamliner, the Hushliner? Europe's latest passenger jet, the Airbus A350, made its maiden flight on Friday and its chief salesman, opening a new front in a battle with U.S. rival Boeing Co , declared it so quiet that airport residents won't even notice it.
PIMCO's Gross says Fed won't raise rates significantly
NEW YORK (Reuters) - Bill Gross, co-chief investment officer of PIMCO and manager of the world's largest mutual fund, said Friday the Federal Reserve is not likely to raise interest rates anytime soon and that he sees intermediate-term Treasuries as an attractive investment opportunity. "We don't see the Fed raising rates in a meaningful way for at least the next few years," said Gross, also a founder of Pacific Investment Management Co., in an article posted on the firm's website.
