CA-BUSINESS Summary

Resources drag TSX lower as commodity prices tumble

TORONTO (Reuters) - Canada's main stock index fell more than 1 percent on Wednesday, hurt by sluggish economic data from China that hurt commodity prices and weak earnings reports from some of the country's biggest companies. The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> unofficially closed down 135.21 points, or 1.09 percent, at 12,321.29. Eight of the 10 main sectors on the index were in the red.

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.

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.

Exclusive: Highfields Capital raises stake in Tim Hortons - source

NEW YORK (Reuters) - Highfields Capital Management has increased its stake in Canadian coffee and doughnut chain Tim Hortons from 1.5 percent to around 4 percent this year, a source familiar with the situation told Reuters Wednesday. A Highfields spokeswoman declined to comment. A Tim Hortons spokesman was not immediately available for comment.

Prosecutors add third executive to Alstom bribery case

WASHINGTON (Reuters) - A third executive of the U.S. arm of French power and transport engineering company Alstom has been charged with taking part in a scheme to pay bribes in Indonesia, U.S. authorities said on Wednesday. William Pomponi, a former vice president of sales for the U.S. company, was charged in federal court in Connecticut late on Tuesday, the Justice Department said.

Strike-hit Lufthansa agrees inflation-busting pay deal

FRANKFURT (Reuters) - Lufthansa agreed an inflation-busting pay settlement with a union representing 33,000 workers, ending a dispute which had threatened to drive travelers towards rival flyers. While Lufthansa agreed to raise pay by up to 4.7 percent for cabin crew and ground staff, a possible new round of strikes loomed as pilots' union Cockpit demanded the airline respond to its own 4.6 percent wage hike proposals by the middle of May.

Jean Coutu misses profit expectations, boosts dividend

(Reuters) - Canadian pharmacy chain Jean Coutu Group Inc's fourth-quarter profit missed analysts' expectations as tighter price controls for generic drugs hit revenue. Price controls have crimped prescription sales growth at Jean Coutu Group and rivals such as Shoppers Drug Mart in recent years. Increasing use of generic drugs has also exacerbated the impact of lower prices.

Source: http://news.yahoo.com/ca-business-summary-001107395.html

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