CA-BUSINESS Summary

TSX slumps as U.S. economic data, resources weigh

TORONTO (Reuters) - Canada's main stock market fell on Friday as natural resources stocks slumped and market sentiment turned negative following U.S. economic growth data that fell short of expectations. The U.S. gross domestic product expanded at a 2.5 percent rate, an increase from the fourth quarter, 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.

Growth falls short of forecasts, weakness ahead

WASHINGTON (Reuters) - Economic growth regained speed in the first quarter, but not as much as expected, heightening fears an already weakening economy could struggle to cope with deep government spending cuts and higher taxes. Gross domestic product expanded at a 2.5 percent annual rate, the Commerce Department said on Friday, after growth nearly stalled at 0.4 percent in the fourth quarter. Economists had expected a 3.0 percent growth pace.

Chevron profit pinched by cheaper oil, but beats estimates

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

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.

TransCanada expects Keystone XL to be in service in H2 of 2015

(Reuters) - TransCanada Corp , Canada's No.2 pipeline company said it now expects its Keystone XL pipeline to be in service in the second half of 2015 as it awaits U.S. presidential approval. The company, which reported a 27 percent rise in first-quarter profit on Friday, said the delay could increase the cost of the $5.3 billion pipeline designed to deliver mostly Canadian and some U.S. crude oil to refiners in Texas and Louisiana.

Credit Suisse shareholders back pay plan

ZURICH (Reuters) - Credit Suisse investors backed a plan to issue new shares to pay staff bonuses after more than two hours of criticism from individual shareholders angered by high pay for executives at the bank. Just over 75 percent of votes were cast in favor of the plan at an investor meeting on Friday, despite a recommendation to reject it from shareholder advisory group ISS.

Japan's ANA to test fly Boeing 787 Dreamliner on Sunday

TOKYO (Reuters) - Japan's All Nippon Airways will conduct a test flight of Boeing Co's 787 Dreamliner on Sunday, as it prepares to bring back passengers on a plane that was grounded across the world following incidents of batteries overheating. The test flight by ANA, the Dreamliner's top customer, comes after U.S. and Japanese authorities gave approval for flights to resume and will be the first of some 230 flights the airline has planned before allowing the jet to carry passengers.

Union threatens Lufthansa with further strikes in wage dispute

FRANKFURT (Reuters) - A German trade union has threatened Lufthansa with another round of strikes if the airline fails to present a better pay offer when wage talks resume next week. "If Lufthansa continues to refuse to present a negotiable offer that secures jobs and increases wages appropriately, there will be more strikes," Verdi wage negotiator Christine Behle said on Friday.

BOJ in credibility test as divisions emerge over inflation target

TOKYO (Reuters) - Bank of Japan policymakers are divided over whether the central bank can meet its inflation target in two years, underlining concerns it has set an unrealistic goal in its battle to end 15 years of deflation despite plans for a massive burst of monetary stimulus. The central bank held off on offering any fresh policy initiatives following the April 4 policy meeting, when new Governor Haruhiko Kuroda stunned markets by promising to inject about $1.4 trillion into the economy to hit the 2 percent inflation target in roughly two years.

Microsoft gets upper hand in first Google patent trial

SEATTLE (Reuters) - Microsoft Corp came out on top in the first of two patent trials versus Google Inc's Motorola Mobility unit on Thursday, as a federal judge in Seattle ruled largely in its favor. U.S. District Judge James Robart in Seattle said Microsoft owed only a fraction of the royalties Motorola had claimed for use of its technology in Microsoft's Xbox console.

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

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