CA-BUSINESS Summary

TSX glides near two-month high as major sectors rally

TORONTO (Reuters) - Canada's main stock index jumped more than 1 percent to hit nearly a two-month high on Tuesday, fueled by gains in most major sectors and optimism following positive economic data from Europe. British inflation fell twice as fast as expected last month, giving incoming Bank of England Governor Mark Carney more leeway for stimulus. Another report showed that Germany is on track for a solid recovery due to a pickup in demand for its products from abroad.

Ireland rejects blame for Apple's low tax rate

CORK/DUBLIN (Reuters) - Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments and had no special rate deal with the company after the U.S. Senate said it paid little or no tax on tens of billions of dollars in profits stashed in Irish subsidiaries. The Irish government, which has seen the luring of U.S. multinationals with low taxes as a key part of its economic policy since the 1960s, said its system was transparent and other countries were responsible if the tax rate paid by Apple was too low.

Apple CEO makes no apology for company's tax strategy

WASHINGTON (Reuters) - Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence."

Bank of Canada's Carney says Europe needs big reforms

MONTREAL (Reuters) - Europe could face a decade of stagnation unless it makes big reforms and it should heed the lessons of Japan, Bank of Canada Governor Mark Carney said on Tuesday as he highlighted Japan's bold moves to bolster growth. In his final speech as Canadian central bank chief before he takes over as governor of the Bank of England on July 1, Carney said Europe's recessionary economy is being held back by fiscal austerity, low confidence and tight credit conditions.

Sprint raises Clearwire offer, not enough for some

(Reuters) - Sprint Nextel Corp raised its buyout offer for wireless service provider Clearwire Corp to $3.40 per share on Tuesday under pressure from activist shareholders, but the new bid failed to impress several big investors. Clearwire shares traded around the new offer price after Sprint was forced to revise its original $2.97 per share offer just hours before a scheduled shareholder vote on the deal.

Gap willing to sign Bangladesh safety accord, if tweaked

(Reuters) - Gap Inc's chairman and CEO said on Tuesday the U.S. retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh's garment industry, provided there were some "very minor accommodations." A series of incidents at factories has focused attention on safety standards in Bangladesh's booming garment industry while creating a trans-Altantic divide between U.S. and European retailers over ways to resolve these issues.

Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive - sources

DETROIT (Reuters) - A boutique carmaker led by former General Motors Co executive Bob Lutz and China's largest auto parts supplier made an offer this month to buy cash-strapped "green" car company Fisker Automotive, people familiar with the matter said. VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. This comes alongside a separate push by investors in Europe and Hong Kong, including billionaire Richard Li, to buy out the U.S. Department of Energy's position in Fisker.

Scotiabank says China reevaluating Guangzhou deal

TORONTO (Reuters) - Bank of Nova Scotia Chief Executive Rick Waugh said on Tuesday that Chinese authorities are reevaluating whether they want to go ahead with a deal to sell 20 percent of Bank of Guangzhou to the Canadian bank. Scotiabank, Canada's No. 3 lender, announced the C$719 million ($698.09 million) purchase of the stake in September 2011, predicting the deal would close at the end of that year.

Exclusive: EU says Chinese FTA possible, but wants market opening

BRUSSELS (Reuters) - The European Union is willing to deepen trade ties with China but wants to see concessions from Beijing first, documents seen by Reuters on Tuesday showed. At the same time as EU regulators are ramping up trade pressure on Beijing by threatening duties on solar panels and telecoms equipment, Brussels is dangling the carrot of trade agreements before the Chinese.

Dimon keeps JPMorgan chairman title after bruising battle

TAMPA, Florida (Reuters) - Jamie Dimon, JPMorgan Chase & Co's outspoken chairman and chief executive, won a vote of confidence on Tuesday as shareholders recommended that he keep his chairman title, giving him a greater margin of approval than last year. Investors who had pressed for Dimon to be stripped of his chairman title said they believed they lost because of the chief executive's hints he would quit if he did not win the vote.

Source: http://news.yahoo.com/ca-business-summary-010853291.html

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