CA-BUSINESS Summary

TSX posts year's biggest jump on upbeat China data

TORONTO (Reuters) - Canada's main stock index recorded its biggest one-day percentage jump in more than four months on Tuesday as positive economic data from China fueled hopes for a global economic recovery and drove gains in the material and energy sectors. The sharpest reaction came from gold producers, which were buoyed by a rise in the price of bullion and jumped 3.4 percent.

Agrium sweeps proxy vote, Jana cries foul

CALGARY, Alberta (Reuters) - Canadian fertilizer company Agrium Inc said on Tuesday its entire slate of directors had been elected to its board, defeating a rival slate nominated by dissident U.S. shareholder Jana Partners. Jana, the hedge fund that is Agrium's biggest single shareholder, said the vote was tainted and should be investigated. Agrium said the result was "fair and square".

Penney, Macy's court fight comes down to plastic pitchers

NEW YORK (Reuters) - The legal battle between Macy's and J.C. Penney over who gets to sell what Martha Stewart products took a comedic turn on Tuesday when lawyers asked a judge to weigh two pitchers in his hands, one from each of the rival retailers. At stake is the question of whether Penney violated the judge's order not to sell certain Stewart products.

Exclusive: Thermo bids for Life Technologies as buyout firms circle - source

NEW YORK (Reuters) - Thermo Fisher Scientific Inc made a binding offer for Life Technologies Corp on Tuesday as private equity firms raced to finalize a consortium to take the genetic testing equipment maker private, several people familiar with the matter said. Thermo Fisher met a bid deadline on Tuesday but private equity firms working on a joint bid missed it and were working late into the evening to secure the equity required to support an offer, the people said.

Porter Airlines expansion plan could hit hurdles

TORONTO (Reuters) - Canadian regional carrier Porter Airlines is expected to announce an order for 12 of Bombardier Inc's new CSeries jets on Wednesday, a likely challenge to flight restrictions at its Toronto Island airport base. The privately held airline, which says it will announce "expansion plans" at a morning press conference, could create a third cross-country carrier with the deal, ratcheting up competition for Canada's No. 1 and No. 2 airlines, Air Canada and WestJet Airlines Ltd .

Capmark's $147 million lawsuit against Goldman thrown out

NEW YORK (Reuters) - A federal judge halted a bid by real estate lender Capmark Financial Group to recover $147 million from Goldman Sachs in connection with alleged conflicts of interest stemming from Capmark's debt restructuring. In a written ruling on Tuesday, U.S. District Judge Robert Sweet in Manhattan said Capmark's arguments were barred because they contradicted statements it made in 2010, while bankrupt.

Canada ready for Canadian $1 billion sanctions against U.S. over labels

OTTAWA (Reuters) - Canada is prepared to impose sanctions of up to C$1 billion ($980 million) a year against the United States unless it complies with a WTO order to redesign its meat labels, Agriculture Minister Gerry Ritz said on Tuesday. The United States introduced country of origin labels for meat in 2009. Mexico and Canada successfully argued before the World Trade Organization that the labels were discriminatory and Washington has until May 23 this year to change them.

FBI probes trading as KPMG quits Herbalife, Skechers audits

(Reuters) - In a blow to one of the world's largest accounting firms, KPMG said it resigned as auditor of two U.S. corporations amid an FBI investigation into insider trading allegations involving leaked information and a former senior partner. The two California-based companies - nutritional products group Herbalife Ltd and footwear maker Skechers USA Inc - said separately on Tuesday that KPMG had quit as their auditor in connection with the leaks.

Scotiabank CEO sees Canadian housing slowdown, not crash

TORONTO (Reuters) - Bank of Nova Scotia Chief Executive Rick Waugh said on Tuesday that mortgage delinquencies have risen at Canada's third-biggest bank, but that he does not foresee a U.S.-style housing crash. "We still anticipate what I would call in terms of housing, a soft landing, and all the metrics which we watch daily confirm that," Waugh told the bank's annual general meeting in Halifax, Nova Scotia.

United Airlines plans earlier flights with Boeing 787

(Reuters) - United Airlines said on Tuesday that it planned to begin flying Boeing's 787 Dreamliner five days sooner than previously expected, a sign of confidence in the jet's return to service after regulators grounded it in January over safety concerns. United, a unit of United Continental Holdings Inc , said it planned to use Boeing's newest jet on its Denver-Houston route starting May 31 and on the Denver-Tokyo's Narita route beginning on June 10.

Source: http://news.yahoo.com/ca-business-summary-001749505--finance.html

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