CA-BUSINESS Summary

TSX hits one-wk high on China data; Barrick drops

TORONTO (Reuters) - Canada's main stock index hit a one-week high on Wednesday, gaining for the third straight session as positive trade data from China buoyed hopes for global economic recovery and lifted financial and energy shares. The data showed that Chinese imports of key commodities rebounded in March as hopes of a strengthening economy encouraged end-users to ramp up production and cautiously replenish stocks. Those figures followed upbeat Chinese inflation numbers on Tuesday and helped the resource-heavy Toronto index extend its recovery from a five-day losing streak last week, when it lost 3.3 percent.

Macklem seen most likely to be next Bank of Canada governor: Reuters poll

OTTAWA (Reuters) - Tiff Macklem, currently second-in-command at the Bank of Canada, is unanimously seen as the most likely successor to Governor Mark Carney, according to a Reuters poll published on Wednesday. All 16 analysts who responded in the survey said that Macklem, 51, is the firm front-runner to take the helm at the central bank when Carney steps down on June 1 to run the Bank of England.

Judge limits Assured Guaranty claims against JPMorgan

NEW YORK (Reuters) - A New York judge has narrowed a lawsuit by bond insurer Assured Guaranty Ltd against JPMorgan Chase & Co over alleged misrepresentations involving $337 million in mortgage-backed securities sold by Bear Stearns. The lawsuit, filed in New York state court last year, alleged that Bear Stearns and its EMC Mortgage arm knew the pool of more than 6,000 home-equity lines of credit that served as collateral for the 2005 transaction was plagued by defective loans. JPMorgan bought Bear after it collapsed in 2008 in a government-brokered deal.

Canada's Porter Airlines buys Bombardier jets in expansion push

TORONTO (Reuters) - Canadian regional carrier Porter Airlines announced an ambitious expansion plan on Wednesday, driven by an order worth up to $2.08 billion for up to 30 of Bombardier Inc's all-new CSeries jets. But the push into new markets comes with challenges. The privately held airline said it will need revisions to rules at its hub, the downtown Toronto Island airport, that prohibit the operation of scheduled commercial jets and the extension of runways.

C$ ekes out gains on China data

TORONTO (Reuters) - The Canadian dollar eked out minor gains against its U.S. counterpart on Wednesday, helped by positive data from China that boosted a range of currencies seen as most sensitive to global growth. The loonie, as Canada's currency is colloquially known, was overshadowed by commodity-related cousins better placed to take advantage of Japanese stimulus and Chinese growth.

EU raises flag over French, Italian, Spanish economies

BRUSSELS (Reuters) - The European Commission warned of deepening economic problems in France, Italy and Spain on Wednesday, and said Slovenia must take urgent steps to offset the risk of a wider destabilization across the euro zone. Unveiling its second review of economic imbalances in 13 European Union countries, the Commission flagged concerns about France and Italy, while including Spain and Slovenia among countries that could face fines if they do not correct course.

Victims of Madoff fraud can't sue SEC: appeals court

NEW YORK (Reuters) - Victims of Bernard Madoff's investment fraud have lost their bid to sue the Securities and Exchange Commission for negligence in failing to uncover the swindler's Ponzi scheme. On Wednesday, a federal appeals court in New York upheld the dismissal of lawsuits against the securities regulator brought by Madoff investors. The court said the SEC's actions and "regrettable inaction" were protected by a law that shields federal agencies from liability.

American Airlines to expand flights from Los Angeles hub

(Reuters) - AMR Corp's American Airlines on Wednesday said it plans to expand service from Los Angeles, one of its five major U.S. hubs that is an important business and leisure market, by adding flights to nine cities this year. American, which plans to merge with US Airways Group Inc and form the world's biggest carrier, said the new destinations from Los Angeles will bring additional flight options to nationwide passengers and enable it to connect more travelers to international markets.

DragonWave cuts 33 pct jobs, amends deal with Nokia Siemens

(Reuters) - Telecom network equipment maker DragonWave Inc said it cut 33 percent of its senior management jobs and amended its deal with Nokia Siemens Networks to reduce operating costs. Cash-strapped DragonWave, which has been trying to reduce costs since it acquired Nokia Siemens's microwave technology business last June, said last month that it would cut costs further but did not specify what the measures were.

Exclusive: Goldman deal with union group lets Blankfein keep dual roles

(Reuters) - For the second year in a row, Goldman Sachs Group fended off a shareholder proposal that would have stripped Chief Executive Lloyd Blankfein of his chairman title. Instead, Goldman agreed with a union-backed investment group to increase the powers of its lead director. CtW Investment Group, which advises union pension funds, said it agreed to withdraw a proxy resolution that would have required a split between the chairman and CEO roles.

Source: http://news.yahoo.com/ca-business-summary-001726234--finance.html

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