CA-BUSINESS Summary

TSX hits 1-1/2 month high on broad rally, positive data

TORONTO (Reuters) - Canada's main stock index jumped 1 percent to its highest in more than 1-1/2 months 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. A report said Germany is on track for a solid recovery due to a pick-up in demand for its products from abroad.

Senate panel peels back Apple's offshore taxes

WASHINGTON (Reuters) - Apple Inc's chief executive officer defended the company's tax record at a Tuesday Senate hearing where lawmakers said the maker of iPads, iPods and Mac computers kept billions of dollars in profits in Irish subsidiaries to avoid U.S. taxes. The hearing marked another foray by the Senate's most powerful investigative committee into corporate offshore tax avoidance, which is increasingly a target of many governments from the United States to Western Europe.

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.

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 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 taking over 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.

Exclusive: Intel CEO shakes up units, creates 'new devices' group

SAN FRANCISCO (Reuters) - Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping reorganization of the world's top chipmaker and created a unit aiming to retake the top chipmaker's lead in mobile and semiconductor innovation. The shakeup, announced internally just days after the 30-year veteran took the helm, places most of Intel's main product groups directly under his supervision and hands its sprawling global manufacturing operation to new president Renee James, said a source close to the company, who declined to be identified.

Carney to Europe: Learn from Japan the dangers of half measures

OTTAWA (Reuters) - Europe could face a decade of stagnation unless it makes big reforms and 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 taking over the Bank of England on July 1, Carney noted that Europe's recessionary economy is being held back by fiscal austerity, low confidence and tight credit conditions.

Canada bank regulator says watching housing risk, pleased so far

TORONTO (Reuters) - Canada's top banking regulator said on Tuesday she is focused on the risk Canada's big banks face from low interest rates and real estate lending, but is happy that the housing market is moving into more balanced territory. Julie Dickson, head of the Office of the Superintendent of Financial Institutions, or OSFI, said the impact of low interest rates can clearly be seen in the Canadian real estate market.

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.

Bank of Montreal says U.S. ambassador to become vice-chairman

TORONTO (Reuters) - U.S. Ambassador to Canada David Jacobson will join Bank of Montreal as vice-chairman after he leaves his diplomatic post and will work in the bank's U.S. division, BMO said on Tuesday. BMO, Canada's fourth-largest bank, said Jacobson will join the bank in October. Jacobson, who became U.S. ambassador in Ottawa in 2009, will step down in July, the U.S. Embassy said.

Exclusive: Glencore's top aluminum exec to leave, first exit since takeover-sources

NEW YORK (Reuters) - Glencore Xstrata's head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month. Fegel's departure from one of the most powerful jobs in the global aluminum market will come as a surprise to many since he was reconfirmed in the post just weeks ago, and aluminum is one of the few areas of Glencore's mining portfolio that has no overlap with Xstrata.

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

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