CA-BUSINESS Summary

TSX steady as lackluster data, earnings drag

TORONTO (Reuters) - Canada's main stock index closed little changed on Tuesday as sluggish economic data from China, Germany and the United States revived concerns about the global recovery. Lackluster earnings reports from some Canadian companies also weighed down investor sentiment.

Apple unlocks more cash for investors as profit slides

SAN FRANCISCO (Reuters) - Apple Inc on Tuesday bowed to investors' demands to share more of its $145 billion cash pile, while posting its first quarterly profit decline in more than a decade. The new expanded capital plan includes issuing debt for the first time to fund $100 billion in share repurchases and higher dividends until the end of 2015. The plan, doubled from a previous one set last year, makes Apple the largest dividend-paying company in the world.

Bank of Canada's Macklem confirms interest in governor role

OTTAWA (Reuters) - Tiff Macklem, currently second in command at the Bank of Canada and widely seen as the lead contender to succeed Governor Mark Carney, confirmed on Tuesday that he would be interested in running the central bank. "Yes if asked I will serve, but there is a process that is ongoing and I don't think it would be appropriate to start asking interview questions here when there is a separate process," Macklem told a House of Commons committee, when asked if he would take the job.

U.S. sues Novartis, alleging kickbacks to pharmacies

(Reuters) - The U.S. government filed a civil fraud lawsuit against Novartis AG on Tuesday, accusing a unit of the Swiss drug maker of causing the Medicare and Medicaid programs to pay tens of millions of dollars in reimbursements based on fraudulent, kickback-tainted claims. U.S. Attorney Preet Bharara in Manhattan said Novartis Pharmaceuticals Corp had since 2005 induced at least 20 pharmacies to switch thousands of kidney transplant patients to its immunosuppressant drug Myfortic from competitors' drugs, in exchange for kickbacks disguised as rebates and discounts.

Hackers send fake market-moving AP tweet on White House explosions

WASHINGTON (Reuters) - Hackers took control of the Associated Press Twitter account on Tuesday and sent a false tweet about explosions in the White House that briefly sent U.S. financial markets reeling. In the latest high-profile hacking incident involving social media service Twitter, an official @AP account reported that two explosions at the White House injured President Barack Obama.

Yum profit beats even as bird flu batters China sales

(Reuters) - KFC parent Yum Brands Inc on Tuesday reported that quarterly profit fell less than Wall Street expected, despite a sharp drop in sales in its top China market, sending the company's shares up nearly 6 percent. The Louisville, Kentucky-based fast-food company also repeated its earnings forecast for the year, based on the better-than-expected first-quarter results.

Colombia's Sura, Scotiabank buy BBVA Peru fund for $516 million

LIMA/BOGOTA (Reuters) - Colombian financial group Sura and Bank of Nova Scotia said on Tuesday they bought the Peruvian pension fund BBVA Horizonte for a total of $516 million. Each company paid around $258 million for a 50-percent stake in Horizonte, the companies said. Horizonte has about $9 billion in assets under management.

Chesapeake, Bank of New York, square off in bond trial

NEW YORK (Reuters) - Chesapeake Energy Corp began an expedited trial on Tuesday against Bank of New York Mellon Corp over the energy company's effort to redeem $1.3 billion of notes at par. The proceeding in Manhattan federal court comes less than two months after Chesapeake sued the bank, the trustee for the bonds, seeking to prevent it from interfering with the redemption.

CN Railway says sector-leading efficiency on track

TORONTO (Reuters) - Canadian National Railway , the country's largest rail carrier, said on Tuesday that its industry-leading operating efficiency is sustainable, based on its view of revenue growth and productivity. Speaking at the company's annual general meeting in Edmonton, Alberta, Chief Financial Officer Luc Jobin said that CN reported a 2012 operating ratio of 62.9 percent.

Corzine sued by MF Global trustee over firm's collapse

(Reuters) - Jon Corzine was sued by the bankruptcy trustee liquidating MF Global Holdings Ltd , who accused the former chief executive of negligently pursuing a high-risk business strategy that culminated in the commodities brokerage's destruction. The trustee, Louis Freeh, said in the lawsuit that Corzine and two top deputies overhauled MF Global's business without addressing "systemic weaknesses" in oversight and monitoring.

Source: http://news.yahoo.com/ca-business-summary-114755430.html

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