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.

Vodafone investors want bigger bid or full takeover by Verizon

LONDON (Reuters) - Six major Vodafone investors said $100 billion was not enough for the British company's stake in its U.S. joint venture with Verizon Communications , and urged the latter to come up with an offer of at least $120 billion. Their comments followed a Reuters report on Wednesday that Verizon had hired advisers to prepare a possible $100 billion bid to buy Vodafone's 45 percent stake in their Verizon Wireless joint venture, likely to be structured as a roughly 50:50 cash and stock bid.

Exclusive: Brazil's Vale says signs accord to quit Argentine Potash project

RIO DE JANEIRO (Reuters) - Global miner Vale SA signed an agreement with the Argentine government on Friday that will allow the Brazilian company to leave the $6 billion Rio Colorado potash mining project, a company spokeswoman told Reuters on Friday. The agreement could put an end to months of uncertainty for Vale , which suspended work on the fertilizer project in December and announced its intention to pull out in March.

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.

Mothers group petitions Disney over sick pay laws

ORLANDO, Florida (Reuters) - Representatives of a national organization of mothers were prevented on Thursday from delivering a petition to Walt Disney World accusing it of trying to block laws that would require companies to provide paid sick leave for employees. "They were turned away and security was called," Kristin Rowe-Finkbeiner, executive director of MomsRising, told Reuters on Friday.

Valeant in talks to buy Actavis for over $13 billion: WSJ

(Reuters) - Canada's biggest listed drug maker, Valeant Pharmaceuticals International Inc , is in talks to buy generic drugmaker Actavis Inc for more than $13 billion, Wall Street Journal reported, citing people familiar with the matter. The companies had been working towards an all-stock deal, when some of Actavis' directors came out against it around the middle of this week. But executives on the two sides are still working to resurrect the deal, the journal said.

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).

Source: http://news.yahoo.com/ca-business-summary-000259603.html

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