TORONTO (Reuters) – Canada’s Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) outlined a $1.25 billion refinancing plan Monday, in a move to reduce interest payments on debt it took on after it bought U.S. rival Saks last year, sending its shares up more than 9 percent in midday trading.
The department store operator said it would take out a 20-year mortgage on the ground portion of its flagship Saks Fifth Avenue store in New York City after an appraiser valued the property at C$4.1 billion ($3.65 billion), significantly more than it paid to buy all of Saks.
Nov 19 (Reuters) – Miner Cliffs Natural Resources Inc
may file for creditor protection in Canada to insulate
itself from closure costs and liabilities at its Canadian
operations, analysts said.
On Wednesday, Cliffs said it might have to close its Bloom
Lake iron ore mine in Quebec at a cost of up to $700 million as
it struggles to find funds to expand the project.
TORONTO, Nov 18 (Reuters) – The latest of several Canadian
government-backed investment funds that are being set up to
breathe life into the country’s venture capital industry raised
C$160 million ($141.6 million) on its initial closing, its
backers said on Tuesday.
The government said in early 2013 it would invest C$400
million in several new funds over seven to 10 years through its
Venture Capital Action Plan to match and attract private-sector
funding for Canadian startups.
TORONTO (Reuters) – JPMorgan Chase & Co said on Monday it notified Sears Canada Inc that it plans to terminate their credit card agreement, in another setback for the retailer.
The U.S. bank said it served the clothing and household goods retailer with a notice of non-renewal to prevent the agreement, which also expires Nov. 15, 2015, from auto-renewing.
TORONTO, Nov 17 (Reuters) – Osisko Gold Royalties Ltd
said on Monday it has agreed to acquire smaller rival
Virginia Mines Inc for C$479 million ($424 million),
creating a C$1.3 billion ($1.2 billion) company that owns
royalty interests in two major gold mines in the province of
The deal will give Montreal-based Osisko, which already owns
a royalty in the Canadian Malartic asset, a royalty interest in
Goldcorp Inc’s Éléonore mine, which began production last
year. Éléonore is ramping to 600,000 of gold ounces annually by
2018 and Canadian Malartic is currently producing about 525,000
ounces of gold annually.
SAN FRANCISCO, Nov 13 (Reuters) – BlackBerry Ltd
unveiled its new mobile-device management and security platform
on Thursday and struck wide-ranging partnerships to bolster its
capabilities, sending its shares more than 6 percent higher.
BlackBerry said it would team up with Samsung to provide a
“highly secure mobility solution” for Samsung’s Android phones.
The system couples the Canadian company’s device management
capability with the KNOX software embedded on Samsung’s Galaxy
phones and tablets, and will be available in early 2015, the
SAN FRANCISCO (Reuters) – BlackBerry Ltd (BB.TO: Quote, Profile, Research, Stock Buzz) unveiled its new mobile device management platform on Thursday and struck new partnerships aimed at bolstering its device security and management business.
The BlackBerry Enterprise Service, or BES 12, will allow big clients like corporations and government agencies to manage and secure not just BlackBerry devices on their internal networks, but those that run on rival operating systems such as Google’s (GOOGL.O: Quote, Profile, Research, Stock Buzz) Android and Apple’s (AAPL.O: Quote, Profile, Research, Stock Buzz) iOS.
TORONTO (Reuters) – BlackBerry Ltd’s (BB.TO: Quote, Profile, Research, Stock Buzz)(BBRY.O: Quote, Profile, Research, Stock Buzz) strategy for serving big clients like corporations and government agencies will take shape on Thursday as it launches a new mobile device management platform, a vital component of its turnaround plan.
At a San Francisco event, BlackBerry will outline tie-ups with carriers and service providers that will be co-marketing the BlackBerry Enterprise platform, or BES 12, according to industry sources.
TORONTO, Nov 10 (Reuters) – The precious metals sector in
Canada, which has been battered by the plunge in gold and silver
prices, received a small spot of positive news on Monday, with
the announcement of two separate M&A deals.
Investment bankers and industry insiders believe more such
deals will be needed for miners, whose share prices have dropped
in recent months, to ride out the extended slump.
TORONTO (Reuters) – BlackBerry, which has completed the first phase of its two-year turnaround plan, is now focused on profitability and will not spread itself thin by attempting to launch too many new devices, its chief executive said.
John Chen, who took the reins at the struggling mobile technology company in November 2013, has moved rapidly to try to get the one-time investor darling back on track. The company has sold assets, struck partnerships to lower manufacturing costs and broaden app offerings, and raised cash via the sale of real estate holdings in its hometown of Waterloo, Ontario.