Business briefs for July 1

Raymond James deals for Canadian bank

St. Petersburg-based Raymond James Financial signed a deal to acquire the Canadian operations of Allied Irish Banks, located in Toronto, in part to expand corporate and real estate banking services in Canada.

Financial terms of the deal were not disclosed, though the Canadian portfolio of assets includes about $650 million in loans, the companies said in a statement.

Subject to Canadian and U.S. regulatory approval, the deal could close in September.

Walter Energy's new CEO resigns

The chief executive of Walter Energy has resigned, and board member Joseph B. Leonard has been named as interim CEO.

The resignation of Keith Calder takes effect July 31. The company said Calder resigned because of a difference in opinion over management philosophy.

Calder, 49, became chief executive in April after Tampa-based Walter Energy acquired Western Coal, where Calder was CEO.

Leonard, 67, is a former chairman and CEO of AirTran Holdings Inc. The company said it has begun an executive search to replace Calder.

Tests show network could harm GPS systems

New test results show that a proposed nationwide wireless broadband network would produce significant interference with GPS systems used for everything from aviation to high-precision timing networks to consumer navigation devices. Changes to the proposal could reduce interference but wouldn't eliminate it.

The findings, based on extensive equipment tests conducted in Las Vegas, increase pressure on the Federal Communications Commission to block a Virginia company called LightSquared from launching the network, which is designed to compete with super-fast systems being rolled out by AT&T and Verizon Wireless.

Although the FCC in January gave LightSquared approval to build the system, the agency said it would not let the company turn on the network until GPS interference problems are resolved. The agency required LightSquared, GPS equipment makers and GPS users to establish a working group to study the matter.

Oil rises above $95 per barrel

Oil climbed above $95 per barrel Thursday as lawmakers in Greece approved final details of a plan that will bring sweeping financial reform to its beleaguered economy.

The austerity measures passed this week clear the way for Greece to receive crucial bailout money. This should ease investor concerns, for now, about a spreading financial crisis in Europe.

As a result, the euro strengthened against the dollar, giving oil a boost. Oil is priced in U.S. currency, and it tends to rise as the dollar falls and makes crude barrels cheaper for investors holding foreign money.

Fixed mortgage rates hold steady

Fixed mortgage rates were mostly unchanged this week, hovering near their annual lows.

Freddie Mac said the average rate on the 30-year loan rose slightly to 4.51 percent. It hit its lowest level of the year three weeks ago, at 4.49 percent.

The average rate on the 15-year fixed mortgage, a popular refinancing option, stayed at 3.69 percent. It reached its low point of the year two weeks ago, at 3.67 percent.

Rates could soon rise now that the Federal Reserve's $600 billion bond-buying program has ended.

Lockheed Martin doubles job cuts

Defense contractor Lockheed Martin plans to cut 1,500 jobs in its aeronautics business because of the "changing business environment."

That would more than double the cuts the company announced two weeks ago in its space systems equipment division, when it announced 1,200 job cuts. The company employs about 126,000 people worldwide.

Lockheed Martin Corp. said Thursday that most of the cuts will fall among higher-paid workers at its main aeronautics centers in Texas, Georgia and California. The aeronautics business has about 28,000 employees.

Britain's Lloyds Bank to cut 15,000 jobs

The Lloyds Banking Group said Thursday that it plans to eliminate 15,000 jobs by the end of 2014 and scale back its overseas operations as part of a larger reorganization aimed at allowing the British government to sell its stake in the company.

Lloyds, a lender owned 41 percent by the British government, said it expects to save 1.5 billion pounds, or $2.4 billion, annually by the end of 2014. The savings would come from reducing its international presence to fewer than 15 countries from 30, lowering computer system costs and streamlining middle management.

The cuts are taking place against a background of job reductions at other, larger banks as weaker financial markets and uncertainty about future banking regulation weigh on earnings growth.

Lawyer sentenced in insider trading scheme

A lawyer has been sentenced to prison for his role in what prosecutors have called history's biggest hedge fund insider trading case.

Arthur Cutillo got a 2½-year sentence Thursday. A plea deal he signed had called for a sentence of up to three years.

The Ridgefield, N.J., resident was arrested for secrets he disclosed while he worked in Manhattan at the international firm Ropes & Gray.

Cutillo said he was paid $32,000 for providing tips to an old college friend.

Callaway seeks to regain golf market share

Callaway Golf's new interim CEO, Anthony Thornley, says the golf equipment maker will put some savings from planned job cuts toward boosting marketing spending and gaining back market share.

Late Wednesday, Callaway Golf Co. announced layoffs in an effort to cut costs by $50 million; said CEO George Fellows would step down; and issued a weak forecast for the second quarter. The Carlsbad, Calif.-based company said it must take "immediate and aggressive actions" to return to profitability.

Callaway has suffered losses as the golfing industry has been slow to rebound after the recession.

From staff and wire reports