CA-BUSINESS Summary

TSX drops more than 1 percent as resources weigh

TORONTO (Reuters) - Canada's main stock index fell more than 1 percent on Wednesday as weak economic data from China and falling commodity prices fueled sharp falls in shares of materials and energy companies. The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was down 132.22 points, or 1.06 percent, at 12,324.28 in early afternoon trade.

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.

U.S. hedge fund faces uphill battle for change at Tim Hortons

TORONTO/NEW YORK (Reuters) - Highfields Capital, a U.S. hedge fund agitating for change at coffee shop chain Tim Hortons Inc , faces a difficult task in trying to persuade long-term institutional investors of the merits of its plan to shake up the Canadian company. The Boston-based activist investor now owns around a 4 percent stake in Tim Hortons and wants the chain, which is ubiquitous in Canada, to boost its returns via debt-funded share buybacks, while scaling back its U.S. expansion plans.

Talisman Energy posts loss as production falls

(Reuters) - Talisman Energy Inc posted a quarterly loss as the sale of some North Sea assets hurt production but the oil and gas company said it expected significant growth in higher-margin liquids output in the second half of this year and into 2014. The Canadian company, which has been refocusing operations to deal with low natural gas prices, completed the sale of a 49 percent stake in its North Sea operations to Sinopec Corp for $1.5 billion in December.

Cameco profit plunges 93 percent on weaker uranium sales

(Reuters) - Cameco Corp , one of the world's biggest uranium producers, reported on Wednesday that quarterly profit plunged 93 percent, sparking a 5 percent drop in its shares as uranium sales fell and prices were weaker. A significant decline in profit was widely expected, although not quite as steep, as Cameco had signaled that first-quarter shipments would likely be light. The timing of Cameco's uranium sales can vary widely, as customers choose when in the year they will accept deliveries.

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

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