CA-BUSINESS Summary

Canada stuns with biggest job gains in 11 years

OTTAWA (Reuters) - Canada's economy created a surprising 95,000 jobs in May, the biggest monthly gain in 11 years, and most were full-time positions and in the private sector, Statistics Canada said on Friday in a report showing the economy may be gaining momentum. The stellar performance handily beat market expectations for a 15,000 gain and came after just 12,500 jobs were generated in April.

TSX opens lower, hurt by gold miner falls

TORONTO (Reuters) - Canada's main stock index opened lower on Friday, hurt by falls in major gold producers as investors moved funds out of safe-haven gold and into riskier assets after strong North American jobs data. The Toronto Stock Exchange's S&P/TSX composite index <.gsptse> was down 91.67 points, or 0.74 percent, at 12,317.78 shortly after the open.

C$ hits strongest since mid-May on robust jobs data

TORONTO (Reuters) - The Canadian dollar hit its strongest level against the U.S. dollar since mid-May on Friday after data showed the Canadian economy added a surprisingly robust 95,000 jobs last month. At 8:38 a.m. (1238 GMT) the currency was trading at C$1.0186 to the greenback, or 98.17 U.S. cents, compared with C$1.0250 just before the jobs report and C$1.0260 at Thursday's North American close.

Hiring points to resilience in economy

WASHINGTON (Reuters) - Employers stepped up hiring a bit in May in a show of economic resilience that suggests the Federal Reserve could begin to scale back its monetary stimulus later this year. The United States added 175,000 jobs last month after adding only 149,000 in April, the Labor Department said on Friday. The May job growth figure was just above the median forecast in a Reuters poll of economists.

Exclusive: Forest braces for third bout with Icahn

(Reuters) - Forest Laboratories Inc is trying to avert yet another bitter proxy battle with billionaire investor Carl Icahn ahead of its annual investor meeting this summer, according to two sources familiar with the situation. Icahn, Forest's second-largest shareholder, and the company have been in discussions over the course of the year and talks are ongoing to avoid a third proxy fight in as many years, the sources said.

Dimon, other Wall St. titans make time for Ma ahead of Alibaba IPO

HONG KONG (Reuters) - The most anticipated IPO since Facebook has attracted lawyers, bankers and potential investors, showering China's Alibaba with attention ahead of a stock offering that some say could exceed $15 billion. And in what has become standard practice for large Chinese transactions, Wall Street CEOs have dropped-by to say hello to Alibaba founder and Chairman Jack Ma over the past few weeks.

Valeant abandons bid for Serbia's Galenika

BELGRADE (Reuters) - Canada's Valeant has pulled out of a possible bid for a Serbian drug company in the wake of its $8.7 billion purchase of contact lenses maker Bausch & Lomb. Citing last month's acquisition deal, as well as the hostility of local unions towards the purchase of Galenika Pharmaceuticals, Valeant Pharmaceuticals International Inc said it had decided not to follow up its letter of intent relating to the company's privatization.

Fiat won't take on new debt to buy Chrysler stake: CEO

VENICE, Italy (Reuters) - Carmaker Fiat SpA does not need to take on any new debt to buy out the rest of Chrysler, Chief Executive Sergio Marchionne said on Friday, rebuffing concerns about the cost of the looming deal. Fiat and its U.S. unit Chrysler, in which the Italian group has a 58.5 percent stake, have 21 billion euros ($27.7 billion)in liquidity that can also be used for acquisitions, Marchionne said.

France widens tax investigation of Swiss bank UBS

PARIS (Reuters) - Swiss bank UBS has been placed under formal investigation for alleged complicity in suspected illegal sales practices, the French prosecutor's office said on Friday, a week after the bank's French business suffered the same fate. At issue is whether UBS offered potential French clients investments that prosecutors allege were designed to evade taxes.

Reports on surveillance of Americans fuel debate over privacy, security

WASHINGTON (Reuters) - The debate over whether the government is violating citizens' privacy rights while trying to protect them from terrorism escalated dramatically on Thursday amid reports that authorities have collected data on millions of phone users and tapped into servers at nine internet companies. The White House spent much of the day defending the National Security Agency's secret collection of telephone records from millions of Americans as a "critical tool" for preventing attacks, as critics called the program - first reported by Britain's Guardian newspaper - a heavy-handed move that raised new questions about the extent of the U.S. government's spying on its citizens.

Source: http://news.yahoo.com/ca-business-summary-003557602.html

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