Tue Dec 4, 2012 5:07am EST
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Dec 4 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.


* Republicans made their first formal proposal to avert America's fiscal cliff, offering to increase government revenue by $800 billion over a decade but the plan does little to narrow their differences with the White House. ()

* Canada's foreign aid agency should play an active role in promoting the country's economic interests abroad rather than limiting its scope to poverty reduction alone, international co-operation minister Julian Fantino said. ()

Reports in the business section:

* Accounting firm Ernst & Young LLP has been accused by regulators of failing to properly scrutinize the books of failed forestry company Sino-Forest Corp, marking a rare case of auditors facing allegations of wrongdoing by the Ontario Securities Commission. ()   Continued...