CA-BUSINESS Summary

IMF draft cuts 2013 U.S. growth forecast: report

MILAN (Reuters) - The International Monetary Fund (IMF) is planning to cut its U.S. growth forecast for this year due to higher taxes and spending cuts, Italian news agency ANSA said, citing a draft of the IMF's next World Economic Outlook report. The U.S. economy, the world's biggest, will expand 1.7 percent this year, down from the 2.0 percent predicted in January, ANSA reported late on Saturday. The next round of IMF forecasts is scheduled to be published in mid-April.

Euro zone bailouts getting harder to agree: policymakers

SAARISELKA, Finland (Reuters) - Euro zone bailouts are getting tougher to agree as opposition within creditor nations grows and indebted states struggle to persuade citizens to back austerity, policymakers said on Sunday. At a meeting in Finnish Lapland this weekend, attendees including Ireland's Europe Minister Lucinda Creighton and host Prime Minister Jyrki Katainen sounded confident that Cyprus would secure a bailout deal to avoid financial collapse.

Switzerland denies banking deal in principle reached with U.S.

ZURICH (Reuters) - The Swiss government on Sunday denied a newspaper report that the country had reached a deal in principle with the United States over undeclared funds hidden by wealthy Americans in Swiss offshore bank accounts. "There is no agreed framework. The negotiations for an industry-wide deal to enable all Swiss banks to draw a line under the matter are ongoing," Swiss government spokesman Mario Tuor said in an emailed statement to Reuters.

Standard Chartered would consider Egypt buy, plans Iraq push

DUBAI (Reuters) - Standard Chartered would consider acquiring a bank in Egypt to ride an expected boom in one of the Middle East's largest economies, the firm's regional head said. The bank also plans to expand operations in Iraq this year. Many European banks are under pressure to cut costs and bolster their capital in the wake of the global financial crisis, but Christos Papadopoulos said such pressures would not deter Standard Chartered from growing in the Middle East.

Blackstone, Icahn set up three-way battle to buy out Dell

NEW YORK (Reuters) - Dell Inc appeared to have received competing offers following a $24.4 billion agreement last month to be taken private by its founder and private equity firm Silver Lake, setting up a tug-of-war for the world's No. 3 PC maker. Blackstone Group LP submitted an indicative and preliminary offer ahead of the expiration of a "go-shop" period on Saturday that allowed Dell to explore other options, a person familiar with the matter said.

Canada's Flaherty sees substantial tax avoidance by the wealthy

VANCOUVER (Reuters) - Some wealthy Canadians are hiding "substantial" amounts of revenue offshore, Finance Minister Jim Flaherty said on Friday, a day after unveiling a new plan to crack down on tax cheats and pay individuals who come forth with information on them. Flaherty's budget on Thursday proposed a series of measures to close tax loopholes and reduce international tax evasion and avoidance, part of a broader effort to boost revenues and eliminate the country's budget deficit by 2015.

Sky's the limit? Southeast Asia budget airlines bet big on growth

SINGAPORE (Reuters) - Lion Air's record aircraft orders underline the ambitious plans the privately held Indonesian group is hatching to emerge as a pan-Asian low cost carrier, throwing a serious challenge to AirAsia Bhd , the region's biggest budget airline. The rivalry intensified on Friday when Lion Air launched its first service in Malaysia, barging onto AirAsia's home turf, but the pace of expansion has raised questions about whether airlines are overextending themselves.

ThyssenKrupp deems Steel Americas bids low, wants talks: paper

RIO DE JANEIRO (Reuters) - German steelmaker ThyssenKrupp was surprised by the low value of bids for its Cia Siderurgica do Atlantico mill in Brazil and is seeking talks with bidders to raise the offer prices, the Agencia Estado news agency reported Saturday. The two main bidders, Brazil's Cia Siderurgica Nacional and the Luxembourg-based Latin American steelmaker Ternium SA , counted on ThyssenKrupp's wanting to sell the money-losing mill quickly to drive down the cost of buying it, Agencia Estado said, citing a source with access to the negotiations.

Deutsche Bank co-CEO asked for two million euro pay cut: paper

FRANKFURT (Reuters) - Deutsche Bank co-Chief Executive Anshu Jain requested a pay cut of almost 2 million euro ($2.60 million) to draw level with the 2012 compensation package of fellow top executive Juergen Fitschen, a German newspaper reported. Jain, who until June last year was head of investment banking at Deutsche, asked the supervisory board at the beginning of this year not to be paid parts of his bonus for 2012, Sunday paper Welt am Sonntag cited sources close to the board as saying.

BlackBerry shares dive on reports of muted U.S. debut for Z10

TORONTO (Reuters) - Shares of BlackBerry fell nearly 8 percent on Friday after reports of a flat response to the launch of its new Z10 smartphone in the vitally important U.S. market. The well-reviewed device, whose success is essential if BlackBerry is to reestablish itself as a power in the smartphone industry, finally hit U.S. store shelves early on Friday, nearly two months after being formally unveiled.

Source: http://news.yahoo.com/ca-business-summary-010555062--finance.html

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