CA-BUSINESS Summary

TSX slides as mining, energy issues stumble

TORONTO (Reuters) - Canada's main stock market finished lower on Friday as natural resource stocks slumped and market sentiment soured following U.S. economic growth data that fell short of expectations. U.S. gross domestic product expanded at a 2.5 percent rate, an increase from the fourth quarter's dismal 0.4 percent pace but shy of the 3 percent growth analysts were hoping for. The weaker-than-expected data in Canada's biggest trading partner weighed on Canadian stocks.

TransCanada sees Keystone XL delayed till second-half 2015

CALGARY, Alberta (Reuters) - TransCanada Corp , Canada's No. 2 pipeline company, said on Friday the long wait for U.S. government approval of its controversial Keystone XL project will further delay completion of the pipeline and push its cost above the company's $5.3 billion estimate. TransCanada, which reported a 27 percent rise in first-quarter profit on Friday, is waiting for the Obama administration to issue a presidential permit for construction of the line, which is designed to carry 830,000 barrels a day of Canadian and U.S. crude oil to refineries on the Gulf of Mexico coast.

U.S. sues Novartis over kickbacks, second case this week

NEW YORK (Reuters) - The U.S. government on Friday announced its second civil fraud lawsuit against Novartis AG in four days, accusing a unit of the Swiss drugmaker of paying multimillion-dollar kickbacks to doctors in exchange for prescribing its drugs. Authorities said the Basel-based company for a decade lavished healthy speaking fees and "opulent" meals, including a nearly $10,000 dinner for three at the Japanese restaurant, Nobu, to induce doctors to prescribe its drugs.

Chevron profit pinched by cheaper oil, but beats estimates

(Reuters) - Lower oil prices bit into Chevron Corp's quarterly profit as did refinery downtime and higher operating costs in its home market, but the oil company's shares rose as the earnings topped expectations. Analysts cited foreign currency gains that gave the company a particular boost in the quarter.

Dollar falls against the yen; bond yields decline

NEW YORK (Reuters) - The U.S. dollar tumbled against the yen on Friday after the Bank of Japan left its monetary policy unchanged, while benchmark U.S. bond yields fell to near 4-1/2-month lows after the U.S. economy grew less than expected in the first quarter. The disappointing growth rate spurred concerns about a tepid outlook for the United States which, along with recent concerns that China's growth is slowing, also hit the price of oil. Brent crude fell to just above $103 a barrel after rising $3 in the past two sessions.

Portugal to challenge JPMorgan, Santander swaps in court

LISBON (Reuters) - Portugal's government said on Friday it would challenge in court several high-risk hedge contracts signed by public companies and banks JPMorgan and the local unit of Spain's Santander to avoid losses for the debt-ridden state. Treasury Secretary Maria Luiz Albuquerque said the government had managed to renegotiate some swap contracts containing "highly speculative elements" with other banks, cutting by 20 percent potential liabilities from swaps that could total 3 billion euros ($3.9 billion).

GM files registration statement to make shareholder sales easier

DETROIT (Reuters) - General Motors Co on Friday filed a shelf registration statement that makes it easier for shareholders, including the U.S. Treasury, to sell stock in the company over the next three years. The U.S. automaker said it was not aware of any specific plans by a shareholder to sell stock and a spokesman called the S-3 filing procedural. The statement allows shareholders to sell registered securities in a public offering.

Goldman Sachs lines up $1.75 billion J C Penney loan: source

(Reuters) - Goldman Sachs has arranged a $1.75 billion financing package for J.C. Penney Co Inc , backed by the department store chain's real estate and other assets, a source familiar with the situation said on Friday. Shares of the ailing retailer closed 11.5 percent higher at $17 on Friday, having touched their highest levels in nearly two months, after CNBC first reported the financing had been arranged.

Euro zone sees light at end of tunnel, pitfalls remain

BRUSSELS (Reuters) - There are no calls for celebration, no desire to relax in the corridors of Brussels but some officials believe the euro zone has turned a corner, sharpening the focus on longer-term reforms and structures. Despite a messy bailout of Cyprus, markets are calm, Ireland's rescue program is on track and Greece and Portugal, while still in recession, hope for a slow recovery next year.

Sprint sets tentative date for investor vote for SoftBank deal

(Reuters) - Sprint Nextel Corp has set June 12 as the tentative date for a special meeting for shareholders to vote on its proposed $20.1 billion deal with SoftBank Corp , according to a document it said it filed with U.S. regulators. While the No. 3 U.S. operator is still evaluating a $25.5 billion counter bid from satellite TV provider Dish Network , it is going ahead with the process for its October agreement to sell 70 percent of its shares to SoftBank.

Source: http://news.yahoo.com/ca-business-summary-004019720--finance.html

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