CA-BUSINESS Summary

TSX little changed as golds offset energy decline

TORONTO (Reuters) - Canada's main stock index was little changed on Monday, with strength in gold miners offset by a decline in energy producers, as investors digested sluggish economic data from around the world. U.S. manufacturing activity contracted in May for the first time in six months as new orders slipped and there was less demand for exports. Data also showed euro zone manufacturing contracted last month at a slightly slower pace, while Asian factories lost momentum.

Canadian auto sales climb in May, led by Ford

TORONTO (Reuters) - Ford Motor Co was Canada's top auto seller in May, the company said on Monday, as brisk demand for new trucks more than offset a decline in car sales. Ford said Canadian sales rose 0.5 percent last month compared to a year earlier, as total vehicle sales hit 32,490 in May, up from 32,338 last year.

Rio draws up shortlist for Canada iron ore sale: sources

SYDNEY/LONDON (Reuters) - Mining group Rio Tinto Plc has drawn up a shortlist of half a dozen suitors for its majority stake in Canada's largest iron ore producer, sources with knowledge of the situation said on Monday. Rio values Iron Ore Co of Canada (IOC) at around $8 billion and is seeking between $3.5 billion and $4 billion for its stake, one of the sources said - roughly double industry estimates when the asset was earmarked for sale earlier this year.

Canada manufacturing PMI strongest level in nearly a year

TORONTO (Reuters) - Canada's manufacturing growth expanded at its fastest pace in nearly a year in May, according to data released on Monday, underpinned by new orders which pushed output back into growth mode for the first time in three months. The RBC Canadian Manufacturing Purchasing Managers' Index was up sharply at 53.2 in May after adjusting for seasonal variation, rising from 50.1 in April.

Fairholme reports stake in Fannie, Freddie; wants restructuring

WASHINGTON (Reuters) - Fairholme Capital Management said on Monday that it has acquired a combined $2.4 billion stake in the preferred shares of Fannie Mae and Freddie Mac , making a long-shot bet that the government-controlled mortgage finance firms will be revived as private companies in the future. Recently, a number of day traders, investment firms and hedge funds have poured into both the common and preferred stock of Fannie Mae and Freddie Mac in the hope the firms will eventually be able to buy their way out of government control.

U.S. expands search team in GMO wheat investigation

WASHINGTON, SEOUL (Reuters) - The United States has expanded its search team in Oregon as it hunts for the source of unapproved genetically modified wheat found growing wild on a farm there in April. An Agriculture Department spokesman told Reuters on Monday that a team of 15 is now collecting evidence and information, versus nine investigators on the ground last week. He said there are "no indications that there is any GE (genetically engineered) wheat in commerce."

Banks to repay 4 billion of ECB's crisis loans next week: Reuters poll

BANGALORE (Reuters) - Banks are expected to repay 4 billion euros ($5 billion) of their three-year crisis loans to the European Central Bank next week, according to a Reuters poll of euro money market traders taken on Monday. The poll of 20 dealers showed banks will repay 2 billion euros of the first three-year operation and 2 billion euros of the second. The combined amount is higher than the 3 billion euros banks will repay this week.

U.S., Chinese manufacturing shrink, stoking growth fears

NEW YORK/LONDON (Reuters) - Manufacturers in the United States, China and Europe struggled last month as demand fell, suggesting an ailing world economy that still needs a steady diet of central bank support. Output at U.S. factories declined in May for the first time in six months, the Institute for Supply Management reported, while China's massive manufacturing sector shrank for the first time in seven months, adding to concerns that the world's two largest economies were losing momentum in the second quarter.

Rosneft in no rush to sell assets: CFO

MOSCOW/LONDON (Reuters) - Russia's Rosneft is under no pressure to sell assets to fund debt repayments and will decide how to streamline its business once cost savings from a takeover of rival TNK-BP become clear, its finance chief said on Monday. Announcing Rosneft's $55 billion takeover of rival TNK-BP last year, Chief Executive Igor Sechin said the state-controlled oil major would look to sell non-core and less profitable assets.

Airbus, Boeing battle over long-haul jets heats up

CAPE TOWN (Reuters) - The battle between Airbus and Boeing over their next-generation of long-haul jets is heating up, with a string of major airlines flagging plans on Monday to place multi-billion dollar orders. Germany's Lufthansa , Japan Airlines and Malaysia Airlines were among carriers at the International Air Transport Association's (IATA) annual general meeting to say they were sizing up Airbus's new A350 widebody jets and Boeing's rival 787 Dreamliner and revamped 777 models.

Source: http://news.yahoo.com/ca-business-summary-025217697.html

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