BUSINESS DIGEST | Canadian banks bid for TMX

Canadian banks bid for TMX

TORONTO

A group of nine Canadian banks and pension funds has submitted a $3.7 billion rival bid for the operator of the Toronto Stock Exchange, hoping to derail a controversial merger with the London Stock Exchange.

The financial companies, who call themselves Maple Group Acquisition Corp., said Sunday that they have submitted a proposal to the board of TMX Group Inc. worth $49.50 a share, about 20 percent higher than the LSE bid.

Maple’s investors include: Alberta Investment Management Corp., Caisse de depot et placement du Quebec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Fonds de solidarite des travailleurs du Quebec, National Bank Financial Inc., Ontario Teachers’ Pension Plan Board, Scotia Capital Inc. and TD Securities Inc.

Galaxy Macau casino opens

MACAU

The Galaxy Macau, a multibillion-dollar casino resort complex, opened Sunday as Macau aims to draw a broader mix of visitors than the high-rolling mainland Chinese who have helped the city become the world’s most lucrative gambling market.

To the crackle of firecrackers and the beat of a traditional Chinese lion dance, officials christened the Galaxy Entertainment Group’s newest casino as a line of customers waiting to enter snaked around the building.

The casino, with 450 gambling tables and space for up to 1,500 slot machines, is the only one scheduled to open in the southern Chinese city this year.

Economists dial back expectations

NEW YORK

Economists are dialing back their expectations for U.S. economic growth this year.

A survey from the National Association for Business Economics predicts GDP will grow 2.8 percent this year — down from the group’s February prediction that it would grow 3.3 percent. Their outlook for consumer spending and the housing market also weakened, in part because they expect oil prices to remain above $100 a barrel through 2012.

In a survey that the NABE releases today, a panel of 41 economists also said they “remain highly concerned” about the growing federal deficit, and said that growth in the first three months of the year had been weaker than expected.