CA-BUSINESS Summary

Analysis: Euro zone bank troublespots don't come down to size

DUBLIN/LONDON (Reuters) - Though the implosion of Cyprus's bloated banking system has put other euro zone economies with outsized financial sectors such as Luxembourg and Malta in the spotlight, loan quality is the real litmus test of a country's financial stability. Attracted by low taxes, high interest rates and light regulation, foreign deposits, largely from Russia and other former Soviet states, pumped up the Cypriot banking sector to nearly eight times annual economic output, more than double the European average of around 3.5 times.

Cyprus central bank chief calls for its independence to be respected

NICOSIA (Reuters) - Cyprus's central bank governor said on Sunday he was willing to work with the government to pull the island out of its economic crisis, provided the bank's independence was respected. A rift between Governor Panicos Demetriades, appointed last May by the communist former administration, and the ruling center-right government has deepened and pressure grown on him to resign over his handling of the crisis.

Exclusive: Thermo Fisher nears $12 billion Life Tech deal

NEW YORK (Reuters) - Thermo Fisher Scientific Inc is close to buying genetic testing equipment maker Life Technologies Corp for more than $12 billion, two people familiar with the matter said on Sunday. Life Technologies' board, which met on Saturday to review three takeover offers, chose Thermo Fisher as the top bidder after the world's largest maker of laboratory equipment raised its bid on Friday to the low $70 per share range, or more than $12 billion, the people said.

Stagnant Europe the class laggard as G20 takes stock

LISBON (Reuters) - After a bungled bailout of Cyprus, the recession-stricken euro zone will stand out for the wrong reasons when finance ministers meet in Washington this week to run the rule over the global economy. China on Monday is likely to report a growth rate of 8 percent for the first quarter, according to economists polled by Reuters.

Furs fly as Chinese consumers drive boom in U.S. mink farming

CHICAGO (Reuters) - Battered by the economic downturn and years of animal rights activism in their own backyard, American mink farmers are now in a different sort of quandary: scrambling to keep up with China's demand for all things fur. Driven by a hunger for high-end clothing and luxury home goods among China's burgeoning middle class, U.S. exports of mink pelts to China jumped to a record $215.5 million last year - more than double both the value and volume shipped in 2009.

Cyprus to ease citizenship requirements, attacks EU "hypocrisy"

NICOSIA (Reuters) - Cyprus will relax requirements for citizenship, including for bank depositors who lost large amounts of money in the deal with the EU and IMF, in an effort to keep foreigners interested in investing in the island state, the president said on Sunday. Cyprus was forced to wind down one major bank and impose considerable losses on large depositors in a second bank in return for 10 billion euros in aid from the International Monetary Fund and the European Union in a move that was devastating to both Cypriots and foreign investors.

Mercedes plans new small luxury cars to rival BMW: report

BERLIN (Reuters) - German car maker Daimler plans to launch a new line of small luxury vehicles at its Mercedes-Benz division to rival premium-market leader BMW's Mini brand, Focus reported, without citing the source of the information. Stuttgart-based Daimler will position the new Mercedes models above the Smart city-car, with technology to be based on the compact A-Class, the weekly magazine said on Sunday.

French minister mulls partial stake sales in companies

PARIS (Reuters) - France's industry minister on Sunday said the French government was mulling possible cuts in the state's stakes in some partly state-owned companies in the energy and transport sectors while seeking to keep influence in their management. "It doesn't mean privatisations. But there are some companies in which we have a 36-percent stake. Could we bring that to 33 percent? What does it change? We can discuss it," Arnaud Montebourg said in an interview on France 5 television.

Glencore concessions to China expected for Xstrata deal

LONDON (Reuters) - Trader Glencore is expected to agree to concessions this week to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its $32 billion acquisition of miner Xstrata. After months of negotiations, Glencore is expected to have agreed to yield some ground, with analysts and market sources pointing to a likely sale from among Xstrata's promising - though challenging - greenfield copper projects, which could include Las Bambas in Peru, due to begin production in 2015.

HSBC names Anshul Gupta M&A head for MENA: memo

DUBAI (Reuters) - HSBC Holdings has named Anshul Gupta as its head of mergers and acquisitions business for the Middle East and North Africa, replacing Omar Mehanna, who is taking a new role at the British bank's Saudi Arabian affiliate. Gupta, who joined HSBC in 2005, is currently a managing director in the bank's corporate sector group and will remain responsible for that coverage along with his new role, the bank said in an internal memorandum seen by Reuters.

Source: http://news.yahoo.com/ca-business-summary-035302275--finance.html

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