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 Toronto Stock Exchange's S&P/TSX composite index <.gsptse> unofficially closed up 139.49 points, or 1.13 percent, at 12,484.05. Nine of the 10 main sectors on the index were higher.

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".

FBI probes trading as KPMG quits as Herbalife, Skechers auditor

(Reuters) - In a blow to one of the world's largest accounting firms, KPMG said it resigned as auditor of two U.S. companies amid an FBI investigation into insider trading allegations involving a former senior partner. The 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 alleged leaks of nonpublic information.

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 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 2 airlines, Air Canada and WestJet Airlines Ltd .

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.

Wal-Mart funds supplier training after Bangladesh fire

(Reuters) - Wal-Mart Stores Inc , the world's largest retailer, is making its biggest push yet to try to improve conditions at factories that produce its clothing after a fire at a Bangladesh factory last year killed 112 people. The company also said Tuesday it would donate $1.6 million to help start a new Bangladesh training academy, and outlined its efforts to regain control over the complex and far-flung web of factories that make its products.

Mexican manufacturing: from sweatshops to high-tech motors

SILAO, Mexico (Reuters) - Made in Mexico is increasingly more likely to mean cars than clothes as the country's manufacturing sector moves away from the low-skill, high-volume production lines of the past toward more sophisticated products. Times are tough for the assembly-for-export plants known as maquiladoras clustered along the U.S. border, a region that has lost economic muscle in the face of competition from China, successive U.S. recessions and drug war violence.

Canada housing data suggests soft landing so far

TORONTO (Reuters) - Canadian housing starts edged higher in March and building permits were weaker than expected in February, reports released on Tuesday showed, offering some reassurance that Canada's housing sector is simply cooling, not crashing. While housing starts rose for a second straight month, all the strength was in the rural market - urban starts dropped sharply - and a longer-term trend showed construction is continuing to moderate, according to a report from government agency Canada Mortgage and Housing Corp.

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.

Ackman may be eyeing exit as JC Penney bet in tatters

BOSTON/NEW YORK (Reuters) - William Ackman's multiyear bet that he could overhaul ailing retailer JC Penney looks like it may end up being one of his $12 billion hedge fund's worst investment blunders. On Monday, JC Penney's board dismissed Ron Johnson, a former Apple executive handpicked by Ackman to remake the retailer, and brought back Mike Ullman, whom Ackman has previously criticized.

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

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