CA-BUSINESS Summary

Facebook tackles stock price complaints in first shareholder meeting

SAN FRANCISCO (Reuters) - Facebook Inc Chief Executive Mark Zuckerberg faced a barrage of questions on Tuesday about the company's slumping stock price during the No. 1 social networking company's first shareholder meeting since its rocky initial public offering last May. Zuckerberg, who has presided over a 37 percent decline in the stock since its debut at $38, said he believed Facebook was on the right path toward long-term success, even though he was disappointed with its performance on Wall Street.

TSX dives as stimulus worries hit resource shares

TORONTO (Reuters) - Canada's main stock index fell sharply on Tuesday in a broad selloff led by materials and energy shares following signs that global central banks are moving away from monetary stimulus. The biggest drag on the market was integrated energy company Suncor Energy Inc , which fell 2.3 percent to C$31.07. Other big energy losses included TransCanada Corp's , 1.5 percent fall to C$46.12.

CIBC names Nesbitt COO, observers see him in line for CEO

TORONTO (Reuters) - Canadian Imperial Bank of Commerce said on Tuesday it had named Richard Nesbitt chief operating officer, raising speculation he will be the eventual successor to CEO Gerry McCaughey at Canada's fifth-largest bank. Nesbitt, who has been running CIBC's wholesale banking unit since 2008 and took on added responsibility for the bank's international operations in 2011, will add the COO job to his current duties, the bank said.

Lululemon must look for cultural fit in CEO search

TORONTO (Reuters) - Premium workout wear maker Lululemon Athletica Inc will not have an easy job replacing Chief Executive Christine Day, the company's public face who built up the brand to be an international powerhouse over the past half decade. Day, who announced her surprise departure plans after markets closed on Monday, was also behind Lulu's blistering growth rate and its transition from yummy mummy niche to broader, multi-sport appeal.

Analysis: Is U.S. stock trading safer? Fewer erroneous trades seen

NEW YORK (Reuters) - The water may be safer than many investors thought. More than three years after the "flash crash" terrified many by temporarily wiping out almost $1 trillion of U.S. stock market value in a few minutes, there are signs that the number of erroneous and aberrant trades is dropping.

Volkswagen recalls almost 26,000 cars in Australia

CANBERRA (Reuters) - Automobile maker Volkswagen AG will recall almost 26,000 cars in Australia in response to potential gearbox problems, the company said on Wednesday, mirroring recalls already ordered in China, Singapore and Japan. Volkswagen Australia would recall Golf, Jetta, Polo, Passat and Caddy models manufactured between June 2008 and September 2011, the German company said in a statement.

Affiliates of electric car maker Coda file for bankruptcy

(Reuters) - Two affiliates of failed U.S. electric-car maker Coda Automotive filed for chapter 11 bankruptcy protection on Tuesday, according to court documents, in another sign of the challenges facing the "green" car industry. Lio Energy Systems Holdings, based in Delaware, and Hong Kong-based Miles Electric Vehicles Ltd are seeking to have their cases jointly administered with those of parent Coda Holdings and its affiliates, including Coda Automotive, which filed for bankruptcy on May 1.

Regulator gives big banks two years to push out swaps trading

WASHINGTON (Reuters) - U.S. officials will give JPMorgan Chase , Citigroup , Bank of America and several other big firms two years to comply with a controversial Dodd-Frank requirement that they push some swaps trading out of the bank. The Office of the Comptroller of the Currency said on Tuesday it had sent letters to seven banks granting them transition periods. The agency had said it expected to give banks extra time to comply with the push-out requirement.

Severn Trent bidder walks away after third snub

LONDON (Reuters) - The Canadian-led consortium wooing Severn Trent walked away empty handed on Tuesday after the British water company refused to engage in talks before a bid deadline expired. The LongRiver consortium, which had three approaches spurned by Severn Trent, said it would not table a new offer unless talks with the utility's board were forthcoming.

Royalty pursuing hostile bid for Elan, fights Irish panel ruling

NEW YORK (Reuters) - Royalty Pharma , pursuing a hostile $8 billion takeover of Irish drugmaker Elan Corp Plc , moved on Tuesday to make sure it is not blocked by a potential $200 million share buyback and drug spinoff at the target company. Elan, which has been resisting the advances of the U.S. investment firm for more than three months, rejected a sweetened takeover offer on Monday and said for the first time that it was assessing inquiries from other parties.

Source: http://news.yahoo.com/ca-business-summary-010916068.html

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