CA-BUSINESS Summary

Gains in Telus, banks boost TSX, offseting weak data

TORONTO (Reuters) - Canada's main stock index rose on gains in financial stocks and a proposed C$380 million ($370 million) acquisition by wireless carrier Telus Corp , which outweighed weak economic data. Telus said it will acquire Mobilicity, a recent entrant to the industry that helped force prices down but failed to draw many customers.

UK lawmakers challenge Google's 'smoke and mirrors' on tax

LONDON (Reuters) - Google Inc faced angry questions on Thursday from British lawmakers investigating its tax affairs and whether it had misled Parliament in testimony last year, adding fuel to a debate on taxation that has risen to the top of the UK political agenda. Google's Northern Europe boss, Matt Brittin, was called back to testify to Parliament's Public Accounts Committee (PAC) after a Reuters investigation showed the company employed staff in sales roles in London, even though he had told the committee in November its British staff were not "selling" to UK clients.

Wal-Mart U.S. sales weak; outlook below analysts' forecast

(Reuters) - Wal-Mart Stores Inc posted weaker-than-expected quarterly earnings on Thursday due to poor U.S. sales and said its profit for this quarter might also miss Wall Street's forecast as it spends more on its foreign bribery probe, e-commerce and international operations. Everything from tax pressures on shoppers to a cool start to spring led to an unexpected 1.4 percent drop in sales at Walmart U.S. stores open at least a year. (Graphic on Wal-Mart earnings http://link.reuters.com/qan28t)

Bank of Canada sees unorthodox-policy benefits outweighing risks

OTTAWA (Reuters) - The risks of unconventional policies pursued by major central banks since the financial crisis appear to be minor compared with the benefits, Bank of Canada researchers said on Thursday. As policymakers at the U.S. Federal Reserve ponder how to withdraw some of the extraordinary stimulus they've been pumping into the economy, there are worries that moving too quickly could undermine economic recovery but moving too slowly could fuel inflationary pressures or create new asset price bubbles.

Jobless claims jump in warning sign for labor market

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits climbed last week at the fastest pace in six months, a worrisome sign for the economy which has been hit by government austerity. Initial claims for state unemployment benefits jumped by 32,000 to a seasonally adjusted 360,000, the Labor Department said on Thursday. That was the biggest jump since November and confounded analysts' expectations for a more modest increase.

Cisco shares up sharply in relief rally after earnings

(Reuters) - Shares of Cisco Systems Inc rose as much as 14 percent on Thursday, a day after the company reported quarterly results and financial targets that were better than Wall Street expected. Cisco shares hit a multiyear high of $24.24 on the Nasdaq after the results and the company's forecast eased concerns about weak technology spending after many technology rivals had recently given much bleaker financial targets.

Telus says to buy Mobilicity for C$380 million

TORONTO (Reuters) - Telus Corp , one of Canada's biggest wireless telephone companies, on Thursday said it will pay C$380 million ($370 million) to acquire debt-laden Mobilicity, in a likely test of government efforts to open up a tight market to smaller players. The deal, already backed by some Mobilicity debt holders, is subject to regulatory approval from a Canadian government that wants to help small operators enter a cellphone market dominated by three big players, one of them Telus.

Platts in lockdown as investigators continue oil probe

LONDON (Reuters) - European anti-trust investigators on Thursday searched the offices of price agency Platts and at least one major oil company for a third day, hunting for evidence of possible price manipulation on oil markets, witnesses said. Authorities on Tuesday raided Platts' London Canary Wharf bureau and the offices of Statoil , Royal Dutch Shell and BP in the biggest trading probe since the Libor scandal.

SocGen's Russia unit CEO faces seven years on bribery allegations

MOSCOW (Reuters) - The head of Societe Generale's Russian unit Rosbank faced up to seven years in jail for bribery on Thursday after Russian investigators released a film of him with cash piled on his desk in what several bankers said may have been a set-up. The case could increase alarm among international investors and sheds a damaging light on business practices in Russia, where SocGen is one of the few Western banks left in a market dominated by homegrown state players.

U.S. airline group forecasts pickup in summer air passengers

(Reuters) - More people will likely fly this summer compared with a year ago as U.S. airlines gain a record level of international passengers, an industry association said on Thursday. Airlines for America, the top U.S. airline industry group, forecast that close to 209 million people will fly on the nation's carriers from June through August, up 1 percent from a year ago. That outlook includes 27 million international travelers, a record number, the group said on Thursday.

Source: http://news.yahoo.com/ca-business-summary-144820543.html

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