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| CA-BUSINESS Summary Tuesday, Apr 09, 2013 12:31 PM PDT TSX jumps 1 percent as China data drives gains TORONTO (Reuters) - Canada's main stock index rose 1 percent on Tuesday as positive economic data from China drove broad gains in the material, energy and financial sectors. The Toronto Stock Exchange's S&P/TSX composite index was up 123.07 points at 12,467.63 in late morning trade. 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. ... Full Story | Top |
| Agrium sweeps proxy vote, Jana cries foul Tuesday, Apr 09, 2013 12:31 PM PDT  By Scott Haggett 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". Shares of Agrium, the world's third largest nitrogen producer and the largest farm retailer in the United States, fell around 3 percent in New York and Toronto. ... Full Story | Top |
| FBI probes trading as KPMG quits as Herbalife, Skechers auditor Tuesday, Apr 09, 2013 12:17 PM PDT  By Martinne Geller and Emily Flitter (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. The FBI's Los Angeles office is investigating the matter, according to a source familiar with the situation. ... Full Story | Top |
| Porter Airlines expansion plan could hit hurdles Tuesday, Apr 09, 2013 12:16 PM PDT  By Susan Taylor 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 . ... Full Story | Top |
| Boeing to invest $1 billion to expand South Carolina 787 factory Tuesday, Apr 09, 2013 11:59 AM PDT By Harriet McLeod CHARLESTON, South Carolina (Reuters) - Boeing Co plans to invest at least $1 billion to expand production at its 787 Dreamliner factory in South Carolina over the next eight years, creating at least 2,000 jobs at the final assembly plant in North Charleston. Boeing made the announcement a day after rival Airbus broke ground for a $600 million airplane factory in Alabama, which it says will create 1,000 jobs. South Carolina is considering providing $120 million in funding to help Boeing's expansion, state Rep. Bobby Harrell, speaker of the South Carolina House, said on ... Full Story | Top |
| United Airlines plans earlier flights with Boeing 787 Tuesday, Apr 09, 2013 11:45 AM PDT  (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. ... Full Story | Top |
| Scotiabank CEO sees Canadian housing slowdown, not crash Tuesday, Apr 09, 2013 11:45 AM PDT  By Cameron French 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. ... Full Story | Top |
| Skechers CFO says KPMG's Scott London resigned Tuesday, Apr 09, 2013 11:43 AM PDT By Martinne Geller NEW YORK (Reuters) - Scott London, a partner at accounting firm KPMG, was the lead auditor for Skechers USA Inc who resigned after allegedly leaking insider information to traders, said Skechers Chief Financial Officer on Tuesday. In an interview, CFO David Weinberg said he was surprised to learn late on Monday from partners at KPMG that London had admitted to the allegations and was leaving the firm. (Reporting by Martinne Geller in New York; Editing by Gerald E. McCormick) Full Story | Top |
| Mexican manufacturing: from sweatshops to high-tech motors Tuesday, Apr 09, 2013 11:42 AM PDT  By Krista Hughes 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. But there are signs of a turnaround elsewhere. Mexico is winning back U.S. ... Full Story | Top |
| Hedge fund Jana says Agrium proxy vote tainted Tuesday, Apr 09, 2013 11:40 AM PDT  By Scott Haggett CALGARY, Alberta (Reuters) - Jana Partners, the biggest shareholder in Agrium Inc , said on Tuesday the election for the fertilizer company's board of directors was tainted, and the activist fund appeared to concede that none of its candidates had been elected. Jana said that votes cast for some of its five candidates for the 12-member board were revoked after Friday's deadline. ... Full Story | Top |
| Blue-chip tech stocks lift Dow to intraday record high Tuesday, Apr 09, 2013 11:33 AM PDT  By Angela Moon NEW YORK (Reuters) - Blue-chip technology stocks led Wall Street higher, lifting the Dow to a record intraday high by early afternoon trading on Tuesday after investors used the morning's modest decline as an opportunity to buy. Microsoft shares ranked as the Dow's top percentage gainer, up 3.9 percent at $29.72. Intel Corp shares shot up 3.1 percent to $21.74, and helped push the semiconductor index up 1.1 percent. Hewlett-Packard rose 1.5 percent to $22.25. The Dow Jones industrial average climbed above 14,700 to touch a fresh intraday record high. The three major U.S. ... Full Story | Top |
| Jury finds Exxon Mobil liable for $236.4 million in pollution suit Tuesday, Apr 09, 2013 11:20 AM PDT  LITTLETON, New Hampshire (Reuters) - A New Hampshire jury on Tuesday found Exxon Mobil Corp liable for $236.4 million in a civil lawsuit that charged the oil company had polluted groundwater in the state with a gasoline additive, a lawyer for the state said. The jury found Exxon liable after less than two hours of deliberations, said Jessica Grant, who represented New Hampshire in the suit, brought in state court. Exxon Mobil said it planned to appeal the decision. ... Full Story | Top |
| Ex-HBOS chief Crosby asks to be stripped of knighthood Tuesday, Apr 09, 2013 11:01 AM PDT  By Steve Slater and Matt Scuffham LONDON (Reuters) - James Crosby, former boss of failed British bank HBOS, offered on Tuesday to give up his knighthood and nearly a third of his pension after being denounced by lawmakers for the "colossal failure" that led to his bank's collapse. Crosby, whose bank had to be bailed out by taxpayers in 2008, effectively volunteered for the same punishment as that visited on Fred Goodwin, former head of Royal Bank of Scotland, the other large Scottish bank bailed out after the 2008 financial crisis. ... Full Story | Top |
| Wal-Mart funds supplier training after Bangladesh fire Tuesday, Apr 09, 2013 10:52 AM PDT  By Jessica Wohl (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. ... Full Story | Top |
| Ackman may be eyeing exit as JC Penney bet in tatters Tuesday, Apr 09, 2013 10:32 AM PDT  By Svea Herbst-Bayliss and Katya Wachtel 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. ... Full Story | Top |
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