CA-BUSINESS Summary

Asian shares fall on fears for health of world economy

TOKYO (Reuters) - Growing doubts over the health of global economies pushed Asian shares lower on Thursday, adding to investor caution before the European Central Bank meeting later in the day that could see interest rates cut to support growth. Investor sentiment has weakened as oil futures and U.S. stocks dropped overnight after the latest U.S. economic data cast doubts about the strength of the world's biggest economy.

TSX drops hard as commodity prices fall

TORONTO (Reuters) - Canada's main stock index fell more than 1 percent on Wednesday, hurt by sluggish economic data from China that yanked commodity prices lower and by weak earnings reports from some of the country's biggest companies. Growth in the manufacturing sector in China, a big consumer of commodities from Canada, slowed unexpectedly in April as new export orders fell, raising fresh doubts about the strength of that economy after a disappointing first quarter.

Bank of Canada's Carney says growth looking better than expected

EDMONTON, Alberta (Reuters) - There appears to be more momentum in the Canadian economy in the first quarter than the central bank had anticipated in its quarterly forecasts last month, Bank of Canada Governor Mark Carney said on Wednesday. "Very short-term performance, yeah, there is on average a bit more momentum," Carney told reporters when asked if he saw growth surpassing the bank's forecast of 1.5 percent annualized growth in the first quarter.

Analysis: Wall Street to Best Buy - Now, get out of China

NEW YORK (Reuters) - Best Buy's move to exit Europe has many on Wall Street hoping the big box retailer does the same in China. The company sold its stake in a European joint venture to Carphone Warehouse Group this week for less than half of what it paid five years ago. Despite the loss, investors welcomed the news and sent shares up to their highest level in a year.

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.

BOJ says monetary base soars to record on new QE scheme

TOKYO (Reuters) - Japan's monetary base soared to a record in April, the Bank of Japan said on Thursday, as the central bank's more aggressive quantitative easing program boosts the amount of money flowing through the economy. The BOJ unveiled a radical overhaul of monetary policy on April 4 by shifting its policy target to the monetary base from short-term interest rates.

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.

Dish chairman asserts U.S. advantage in Sprint bid

NEW YORK (Reuters) - Dish Network Corp Chairman Charlie Ergen escalated the war of words with Japan's SoftBank Corp over the future of U.S. mobile company Sprint Nextel Corp , saying Sprint's network needed modernization best performed by English-speaking employees from a U.S. company. In an interview on Wednesday with USA Today, the country's third-largest newspaper, Ergen said Dish's American roots gave it an operational edge in the bidding war with SoftBank over Sprint.

China factory growth eases, adds to recovery risk

BEIJING (Reuters) - China's factory-sector growth eased in April as new export orders fell for the first time this year, a private survey showed on Thursday, suggesting the euro zone recession and sluggish U.S. demand may be risks to China's economic recovery. The final HSBC Purchasing Managers' Index (PMI) dropped to 50.4 in April from March's 51.6 and was largely in line with a flash reading last week of 50.5. Fifty divides expansion from contraction on a monthly basis.

Brazil's Odebrecht plans $20 billion spend, targets Peru as key investment

LIMA (Reuters) - Brazilian conglomerate Odebrecht plans to invest $20 billion globally over the next three years, mostly in Latin America and much of it in Peru, the company's chief executive said on Wednesday. Family-owned Odebrecht, one of Latin America's biggest companies, has businesses in construction, petrochemicals, transportation, oil and gas in 20 countries worldwide.

Source: http://news.yahoo.com/ca-business-summary-001006025.html

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