T oday’s top stories from Report on Business : Move cautiously on mortgages, Flaherty urged Ottawa is poised to cool down the mortgage market, but observers warn Finance Minister Jim Flaherty should move cautiously. Mr.

V enezuela launched a new state-run bank Monday, combining three banks that regulators recently shut down alleging violations that put the institutions in financial trouble. The three banks were among eight that authorities brought under state control in recent weeks in a scandal that prompted the arrests of several prominent bankers with links to President Hugo Chavez’s government.

T wo major financial institutions accused of misdealings in the asset-backed commercial paper market will have to dole out $28-million in penalties and costs, in a settlement reached with the Ontario Securities Commission on Monday. CIBC World Markets will pay a penalty of $21.7-million, plus $300,000 for the cost of the investigation, while HSBC Bank Canada will pay $5.925-million, plus another $75,000 in investigation costs.

Living up to its recent promise to strengthen its oversight of Regulation D offerings, Finra today took a substantial whack at a broker-dealer over the sale of private placements. Finra, the Financial Industry Regulatory Authority Inc., this morning said it fined Pacific Cornerstone Capital Inc. and its former chief executive, Terry Roussel, a total of $750,000 for making misleading statements and, in some cases, omitting facts in connection with the sale of two private placements

Investing in Brazilian Steel: Four Companies Set to Profit From Transportation Infrastructure Tony Daltorio, Investment U Research Monday, December 22, 2009 Even though Vale (NYSE: VALE ) decided to cut its iron ore production by about 10% during the global crisis, the iron ore-mining giant has found itself in hot water. Of course, other companies in Brazil and around the world did exactly the same thing. But they aren’t required to answer to Brazil’s government, which just happens to hold a significant stake in Vale through public sector pension funds and BNDES, the national development bank

O PEC looks poised to hold output steady, with Saudi Arabia’s oil minister declaring prices “excellent” Monday and another of the bloc’s top officials saying there is agreement on maintaining existing production targets. The comments on the eve of the Organization of the Petroleum Exporting Countries’ meeting in Angola’s capital reflected a belief that a decision not to change supply had all but been made.

T he International Association of Machinists and Aerospace Workers warned Monday of “significant” temporary and permanent jobs losses at Air Canada AC.B-T in 2010. The union said the layoffs will be the direct result of Transport Canada’s approval of the airline’s request to lengthen the period between aircraft heavy maintenance checks for the A310 and A320 fleet types. The employment changes were disclosed at a recent meeting of a union committee with Air Canada and Aveos, the maintenance overhaul company that set up in 2007.