TORONTO - The Ontario Securities Commission approved an insider trading settlement Friday with a former analyst at BMO Nesbitt Burns who bought shares of five companies he knew were in the midst of takeover deals. Ming Chao Zhao, also known as Michael Zhao, was ordered to pay a $750,000 administrative penalty, $30,000 in costs and return $416,719 of profits. "Our insider trading and market abuse team is establishing momentum in detecting and pursuing cases of illegal insider trading," said Tom Atkinson, director of enforcement at the Ontario Securities Commission.

DETROIT - Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.77 Friday before slipping back to close at $33.42, up 3.2 per cent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they've traded below that price since May 4, 2011.

Tokyo stocks lost early gains to close Thursday morning's session down 1.08 percent, despite US shares hitting all-time highs and fresh data that showed Japan's economy grew between January and March. The benchmark Nikkei 225 index, which closed at its highest level in more than five years on Wednesday, was down 163.08 points to 14,932.95, while the Topix index of all first-section shares declined 1.45 percent, or 18.19 points, at 1,234.66.

DALLAS - Southwest Airlines Co. is delaying delivery of new airplanes and filling the gap with used planes to reduce spending over the next five years. It's also raising its dividend and could soon buy back more of its own shares. Southwest said Wednesday that it will delay 30 firm orders for Boeing 737 jets, which CEO Gary Kelly said would cut capital spending through 2018 by more than $500 million. The airline is also giving up or delaying options for additional planes.