* In breach of notes after failing to release results
* Chinese-focused company reeling after fraud allegations
(Adds details, background)
JAN 12 – Sino-Forest (TRE.TO: Quote, Profile, Research), a China-focused
forestry company accused of exaggerating the size of its assets,
said holders of the its notes due in 2014 and 2017 have agreed
to not force the company to default on the debt.
The Toronto-listed company was in breach of the senior note
indentures after it failed to release third-quarter results on a
(Reuters) – Korea Panama Mining Corp (KPMC) will buy a 20 percent stake in Inmet Mining’s (IMN.TO: Quote, Profile, Research, Stock Buzz) Cobre Panama copper project in Central America in exchange for $155 million and a commitment to continue funding the mine’s development, Inmet said on Tuesday.
The Canadian base metal miner entered into an option agreement with KPMC for the stake in 2009 after Inmet’s former partner, Teck Resources, (TCKb.TO: Quote, Profile, Research, Stock Buzz) cut ties to the Panamanian project in order to lower its costs.
* EPS, revenue seen higher than previously expected
* Shares of athletic-wear retailer jumped 39 pct in 2011
JAN 10 – Lululemon Athletica (LLL.TO: Quote, Profile, Research), the
Vancouver-based yoga wear retailer, said it expects its fourth
quarter profit and revenue to be higher than previously expected
after robust sales during the holiday season.
The company sees diluted earnings per share in a range of 47
to 49 Canadian cents in the fiscal fourth quarter ended Jan. 29,
up from its previous guidance range of 40 to 42 Canadian cents a
share, it said in a statement on Tuesday.
(Reuters) – Teck Resources Ltd (TCKb.TO: Quote, Profile, Research, Stock Buzz) has agreed to buy SilverBirch Energy Corp (SBE.V: Quote, Profile, Research, Stock Buzz) for C$435 million ($424.70 million)in cash and stock to take full control of the Frontier oil sands project in northern Alberta.
The deal drove SilverBirch’s shares up by 32 percent in early trading on Monday.
TORONTO, Dec 19 (Reuters) – Bank of Nova Scotia
(BNS.TO: Quote, Profile, Research) has applied to re-establish a presence in Cuba and a
report says rival Royal Bank of Canada (RY.TO: Quote, Profile, Research) is considering a
similar move in the wake of Cuban reforms and a thawing of the
country’s icy relationship with the United States.
Both banks were players in the country before the 1959
revolution in which Fidel Castro took power. The revolution
ushered in an era of communism and U.S. sanctions that has made
it difficult for companies with a U.S. presence to do business
LONDON/TORONTO (Reuters) – Canaccord Financial (CF.TO: Quote, Profile, Research) has snapped up British broker and advisory group Collins Stewart Hawkpoint (CSHP.L: Quote, Profile, Research) for just over 253 million pounds, cementing the Canadian investment dealer’s ambitions of expanding in London amid a wave of consolidation in the troubled sector.
Shares of Collins Stewart shot up 75.3 percent to 88.3 pence on Thursday, within reach of the 96 pence per share offer, while Canaccord’s shares fell as much as 14 percent to touch a year low as investors fretted about the risks associated with the move.
(Reuters) – National Bank of Canada’s (NA.TO: Quote, Profile, Research, Stock Buzz) quarterly profit rose 2 percent on the back of loan growth and wealth management income, topping analyst estimates and prompting the bank to raise its quarterly dividend.
National’s results on Thursday capped an earnings period in which nearly all of Canada’s big banks reported stronger than expected profits, although market reaction has been mixed as analysts question the sustainability of the earnings, particularly with the 2012 banking outlook murky.
TORONTO (Reuters) – At least four analysts downgraded shares of Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) on Wednesday, after it reported a weaker than expected fourth-quarter profit and warned of sluggish conditions ahead.
Desjardins Securities analysts Michael Goldberg cut his rating on Canada’s No. 4 bank to “hold” from “buy” and lowered his 12-month price target to C$68.50 from C$70, citing a lower earnings forecast and disappointment that BMO chose not to raise its dividend.
DUBAI/TORONTO, Dec 5 (Reuters) – The insolvency of an
Islamic mortgage lender in Canada may hinder the growth of
sharia-compliant finance in North America, where the industry
has struggled to gain traction in the absence of a supportive
UM Financial Inc was ordered into receivership in October,
leaving about $32 million worth of mortgages in the hands of
Toronto’s legal system. Accounting and business advisory firm
Grant Thornton was appointed receiver by the Ontario Superior
Court of Justice.
TORONTO (Reuters) – Royal Bank of Canada’s (RY.TO: Quote, Profile, Research, Stock Buzz) shares jumped nearly 4 percent on stronger-than-expected fourth-quarter earnings, while Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) came under pressure despite also topping analysts’ estimates.
Strong loan growth and insurance profits drove RBC to a fourth-quarter profit of C$1.6 billion ($1.58 billion), up 43 percent from a year ago, despite a drop in capital markets-related income.