CA-BUSINESS Summary

TSX drops hard as commodity prices fall

TORONTO (Reuters) - Canada's main stock index fell more than 1 percent on Wednesday, hurt by sluggish economic data from China that yanked commodity prices lower and by weak earnings reports from some of the country's biggest companies. Growth in the manufacturing sector in China, a big consumer of commodities from Canada, slowed unexpectedly in April as new export orders fell, raising fresh doubts about the strength of that economy after a disappointing first quarter.

Bank of Canada's Carney says growth looking better than expected

EDMONTON, Alberta (Reuters) - There appears to be more momentum in the Canadian economy in the first quarter than the central bank had anticipated in its quarterly forecasts last month, Bank of Canada Governor Mark Carney said on Wednesday. "Very short-term performance, yeah, there is on average a bit more momentum," Carney told reporters when asked if he saw growth surpassing the bank's forecast of 1.5 percent annualized growth in the first quarter.

Analysis: CIBC's Canada focus raises concerns as growth slows

TORONTO (Reuters) - Canadian Imperial Bank of Commerce's remake from swashbuckling Wall Street player to low-risk Canada-focused lender has stabilized its earnings, but some shareholders now worry that the bank faces outsized exposure to an uncertain housing market. The bank's homebound approach - which CIBC trumpets as a road to reduced risk - is a direct result of previous U.S. forays that cost the bank billions following the 2001 tech meltdown and the 2008 subprime crisis.

Canada April auto sales rise for Detroit carmakers

(Reuters) - Canadian sales rose for the three Detroit automakers, led by strong sales for pickup trucks. Ford Motor Co was the top-seller in Canada in April, when sales rose 15.5 percent to 27,907 vehicles.

Facebook's mobile business expands in first quarter

(Reuters) - Facebook Inc's mobile advertising business continued to expand in the first three months of the year, but the social network's rising spending restrained profit growth. Shares of Facebook were up 11 cents at $27.54 in after-hours trading on Wednesday.

UK taxman faces court challenge over Goldman 'sweetheart deal'

LONDON (Reuters) - Britain's tax authority faces a court challenge on Thursday over a deal with Goldman Sachs worth an estimated 10 million pounds ($15.5 million) to the U.S. bank, a case aimed at pressuring the government into tougher action against corporate tax avoidance. The challenge by activist group UK Uncut Legal Action stems from public anger in Britain about how big and powerful firms succeed in paying less tax than many ordinary people struggling to cope with a stagnating economy and government spending cuts.

Signs of recovery seen blunting opposition to UBS pay

ZURICH (Reuters) - Strong first-quarter results are likely to ensure UBS wins shareholder backing for its pay plans at a meeting on Thursday, though a $26 million signing-on award for investment bank chief Andrea Orcel is bound to attract criticism. Former Bundesbank president Axel Weber, who has been chairman of the Swiss bank for the past year, will have the job of handling any opposition. And some of it could be personal, after he pocketed 4 million Swiss francs ($4.3 million) for joining, on top of his basic pay and an award of UBS shares.

Canada April auto sales up 9 percent

(Reuters) - Auto sales in Canada rose 9 percent in April on strong demand for pickup trucks from U.S. automakers. Light truck sales, which include sport utility vehicles and minivans as well as pickups, accounted for 55 percent of the Canadian auto sales in April, according to independent auto analyst Dennis DesRosiers.

Canada manufacturing PMI ekes out slight growth, orders rise

TORONTO (Reuters) - Canada's manufacturing activity eked out the smallest of expansions in April after shrinking in March but the sector did see an encouraging rise in new orders from abroad, according to data released on Wednesday. The RBC Canadian Manufacturing Purchasing Managers' Index was at 50.1 last month after adjusting for seasonal variation, up from 49.3 in March. A reading above 50 represents expansion, while a number below means contraction.

Chesapeake posts quarterly profit, oil output up

(Reuters) - Chesapeake Energy Corp reported quarterly profit that exceeded Wall Street expectations on Wednesday, as the U.S. oil and gas company produced more crude oil from shale basins like the Eagle Ford in Texas and expenses fell. Chesapeake, under the direction of a board handpicked by its largest investors and interim Chief Executive Steve Dixon, is focused on drilling its best properties and increasing output of more profitable crude oil while lowering spending.

Source: http://news.yahoo.com/ca-business-summary-001006025.html

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