BURLINGTON, Ontario (Reuters) – The Bank of Canada cannot rely on its usual models to assess the economy because of unexpectedly high levels of uncertainty, with the biggest risks coming from abroad, the new central bank chief, Stephen Poloz, said on Wednesday.
Answering audience questions after his inaugural speech, Poloz said the central bank was in “uncharted territory” and called for direct feedback from those doing business on the ground in order to better understand what is happening.
BURLINGTON, Ontario, June 19 (Reuters) – The Bank of Canada
is relying on a rebound in businesses confidence to drive the
economy’s return to health, the central bank’s new chief,
Stephen Poloz, said on Wednesday in a speech that revealed no
clear leanings on monetary policy.
In his first speech after taking over as governor on June 3,
Poloz said there were signs that business confidence is
improving as export demand builds and he said what Canada needs
now is “stability and patience”.
TORONTO (Reuters) – Dorel Industries Inc (DIIb.TO: Quote, Profile, Research, Stock Buzz) warned on Thursday that earnings from its recreational unit will be weaker than expected as wet weather has dampened bicycle sales in the United States, Canada and Europe, driving its shares down 6.4 percent.
The Montreal-based company, which also makes strollers, car seats and home furnishings, said weather conditions have led to widespread discounting in the bicycle market by rivals. It no longer expects full-year earnings from the bicycle business to top 2012 results.
TORONTO, June 12 (Reuters) – Empire Co Ltd, the
operator of Canadian grocery chain Sobeys, said it is acquiring
Safeway Inc’s assets in Canada for $5.7 billion, in a
move that will nearly double its reach in the country’s western
The C$5.8 billion deal, Canada’s biggest so far this year,
resulted in generous premiums for Safeway, which said it would
use the proceeds to pay down debt and buy back shares, and its
shares shot up 30 percent in after-hours trade.
TORONTO, June 12 (Reuters) – Canada on Wednesday named
internal candidate John Pecman to head its Competition Bureau,
nearly one year after he stepped in as interim head of the
Pecman was named Commissioner of Competition for a five-year
The bureau is an independent law enforcement agency Set up
to ensure fair competition in Canada. It is responsible for the
enforcement of the Competition Act and investigates price
fixing, bid-rigging and mergers, among other matters.
TORONTO, June 12 (Reuters) – Empire Company Ltd,
operator of the Sobeys grocery chain, said on Wednesday it is
buying the Canadian arm of Safeway Inc for C$5.8 billion
($5.70 billion), a deal that will nearly double its reach in
Empire said the deal, one of the biggest in the Canadian
retail sector this year, will give it control of 213
full-service grocery stores under the Safeway banner in Western
Canada. It also includes nearly 200 in-store pharmacies, along
with some liquor stores, fuel stations and distribution centers.
TORONTO (Reuters) – Canadian telecommunications startup Public Mobile said on Thursday that it was acquired by venture capital firm Thomvest Seed Capital and private equity firm Cartesian Capital, a deal that points to active interest in new entrants to the sector.
Privately held Public Mobile, is based in Toronto and provides wireless coverage in Ontario and Quebec. Terms of the deal were not disclosed.
TORONTO/CALGARY, June 5 (Reuters) – Canada’s Penn West
Petroleum Ltd named a former Marathon Oil Corp
executive as CEO and said it would slash its dividend, cut 10
percent of its staff and review strategic options such as asset
sales and joint ventures.
The Calgary-based oil and gas producer said late on Tuesday
that it had appointed former Marathon Chief Operating Officer
David Roberts as president and chief executive officer,
effective June 19. He replaces Murray Nunns, who will retire
from the company on July 1.
OTTAWA/TORONTO (Reuters) – Canada rejected the transfer of Mobilicity’s wireless spectrum licenses to Telus Corp (T.TO: Quote, Profile, Research, Stock Buzz) on Tuesday, effectively blocking its acquisition of the struggling startup, reflecting government reluctance to let industry leaders gobble up smaller rivals.
The government’s ruling is also a shot across the bow to companies like Rogers Communications Inc (RCIb.TO: Quote, Profile, Research, Stock Buzz) and rival BCE Inc’s (BCE.TO: Quote, Profile, Research, Stock Buzz) Bell, indicating future deals will face tough obstacles.
TORONTO, May 31 (Reuters) – New Gold Inc
agreed on Friday to acquire gold exploration company Rainy River
Resources Ltd for about C$310 million ($301 million) in
a sign of a life for the dormant Canadian small-cap mining
The deal, which will give Vancouver-based New Gold control
of Rainy River’s namesake gold project in northwestern Ontario,
sent New Gold’s shares up 36 percent in midday trading.