CA-BUSINESS Summary

Canada GDP jumps to 2.5 pct growth in first quarter on exports

OTTAWA (Reuters) - Rising exports helped rouse the Canadian economy from a sluggish second half of 2012 to grow at an annualized rate of 2.5 percent in the first quarter of this year, the fastest pace in six quarters, Statistics Canada reported on Friday. The real growth rate was well above the Bank of Canada's forecast in April of 1.5 percent, topped the median projection of 2.3 percent in a Reuters survey and outpaced U.S. growth of 2.4 percent for the quarter. Statscan also revised up fourth-quarter growth to 0.9 percent from 0.6 percent.

TSX opens lower as negative data weakens resources

TORONTO (Reuters) - Canada's main stock index slipped on Friday, with lower commodity prices weighing on shares of natural resource companies, as weak economic data out of Europe and the United States dampened investor sentiment. The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was down 74.02 points, or 0.58 percent, at 12,672.13 shortly after the open.

Banks said to lend China's Shuanghui $7 billion for Smithfield deal

HONG KONG (Reuters) - Bank of China and Morgan Stanley have combined to provide $7 billion of loans to finance Shuanghui International's record deal to buy U.S. pork producer Smithfield Foods , people familiar with the matter said on Friday. The total value of the Chinese company's record agreement was $7.1 billion, including net debt, according to the deal's announcement on Wednesday. But the two companies did not offer details on how Shuanghui financed the deal.

TUI Travel picks Boeing for 60-plane order worth $6 billion

LONDON (Reuters) - British travel firm TUI Travel agreed to buy 60 mid-range Boeing jets with an option for 90 more, moving to make its fleet more fuel-efficient and delivering the U.S. planemaker a big contract win over European rival Airbus. The world's largest tour operator, which owns six European airlines including Britain's Thomson Airways, said on Friday the initial order of Boeing 737 MAX planes was secured at a "significant discount" to the list price of $6.09 billion.

Japan deflation ebbs, output up; BOJ target still elusive

TOKYO (Reuters) - Japan's factory output accelerated in April and deflation abated a bit as a weaker yen and firmer overseas demand boosted growth, boding well for Prime Minister Shinzo Abe's efforts to shake the world's third-largest economy out of nearly two decades of falling prices and sluggish growth. But core consumer prices continued to fall and manufacturers forecast further weakness ahead, government data showed on Friday, underscoring the challenges the Bank of Japan, under new Governor Haruhiko Kuroda, faces in meeting its 2-percent inflation target.

Swiss banks break ranks as U.S. tax probe bites

ZURICH (Reuters) - The unified front with which Switzerland's banks have defended their culture of secrecy is breaking down as some prepare to hand over data in a U.S. tax evasion probe, leaving others at greater risk of prosecution. The Swiss government is trying to push through a law that would allow banks to release the information on clients, helping 13 banks under formal investigation to avoid criminal prosecution including Credit Suisse and Julius Baer .

Argentina's YPF to sue Repsol chief for over-payments: source

BUENOS AIRES (Reuters) - Argentina's state-controlled energy company YPF will sue the head of Repsol on grounds that he overpaid YPF's board of directors when the Spanish oil major owned YPF in 2009-2011, a source familiar with the situation told Reuters. At a shareholders meeting that ended in the early morning hours on Friday, YPF decided to sue Repsol Chairman Antonio Brufau for allegedly overpaying YPF's board of directors in 2009, 2010 and 2011.

Dell urges shareholders to vote for CEO's offer

(Reuters) - Dell Inc urged shareholders on Friday to vote for the $24.4 billion buyout offer led by founder and Chief Executive Michael Dell at a special meeting on July 18, saying the bid was superior to other strategic options. Activist investor Carl Icahn and Southeastern Asset Management launched a $21 billion counter offer for Dell earlier this month that would allow shareholders to keep their shares.

EU to exclude movie, TV industries from EU-U.S. trade talks

MADRID (Reuters) - Europe wants to exclude the movie, television and music industries in a proposed free-trade pact with the United States, the EU trade commissioner said on Friday. Speaking at an event in Madrid, Karel De Gucht said European Union member states should be allowed to keep protecting these industries although he was willing to discuss exceptions when cultural products are distributed through the internet.

Prosecutors say Ryanair broke French labor law

AIX-EN-PROVENCE, France (Reuters) - French prosecutors who accuse Ryanair of employing French-based staff on Irish contracts said on Friday the low-cost airline should be fined the market value of four aircraft if it is found guilty of breaking labor laws. They say the airline infringed French employment rules in its contracts with 127 staff at Marseille airport in southern France between 2007 and 2010, and say it was a ruse to avoid paying its fair share of social security and tax.

Source: http://news.yahoo.com/ca-business-summary-000512763.html

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