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Nov 4, 2013

BlackBerry says it has no plans to shut handset unit

By Euan Rocha and Jim Finkle

(Reuters) – BlackBerry Ltd has no plans to shut down its loss-making handset business, incoming interim Chief Executive John Chen said on Monday, adding that the smartphone maker has sufficient resources to stage a turnaround.

“I know we have enough ingredients to build a long-term sustainable business,” Chen said in a telephone interview with Reuters. “I have done this before and seen the same movie before.”

Nov 4, 2013

BlackBerry calls off sale, will replace CEO

TORONTO (Reuters) – BlackBerry Ltd is abandoning a plan to sell itself and will raise about $1 billion from its largest shareholder and other institutional investors as it tries yet again to revive its fortunes.

The smartphone maker said on Monday that Chief Executive Officer Thorsten Heins would leave in about two weeks, as soon as the private placement of convertible debentures closes.

Nov 1, 2013

Barrick offering lands with a thud, shares slide

TORONTO (Reuters) – A massive public share offering from Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) proved a tough sell, market sources said on Friday, as the price of gold dropped and investors digested news that the miner had shelved a key growth project.

Toronto-based Barrick said late on Thursday it would issue up to $3.45 billion worth of common shares at $18.35 a share in a deal to pay down part of its heavy debt load.

Oct 31, 2013

Barrick to shelve much-delayed Pascua-Lama, for now

TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Thursday it would stop development of its Pascua-Lama mine in South America indefinitely, a surprise reversal on a project that has already cost the world’s largest gold producer more than $5 billion.

Pascua-Lama, which Barrick has been counting on to provide a large share of its future gold production, has been plagued by political opposition, permitting issues, labor unrest, cost-overruns and a sharp drop in bullion prices.

Oct 31, 2013

Barrick to shelve troubled Pascua-Lama, for now

TORONTO, Oct 31 (Reuters) – Barrick Gold Corp said
on Thursday it would stop development of its Pascua-Lama mine in
South America indefinitely – a surprise reversal on a project
that has already cost the world’s largest gold miner more than
$5 billion.

Pascua-Lama, which the company has been counting on to
provide a large share of its future gold production, has been
plagued by political opposition, permitting issues, labor
unrest, cost-overruns and a sharp drop in bullion prices.

Oct 30, 2013

Barrick mulls options to raise cash, reduce debt: sources

TORONTO (Reuters) – Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz), which is attempting to reduce its debt load, is considering a wide range of options from a strategic equity investment to further streaming deals that yield upfront cash, according to several sources familiar with the situation.

The sources, who asked not to be named because the talks are confidential, said the discussions have so far been exploratory in nature and no deals are imminent at this time.

Oct 28, 2013

Exclusive: Agnico eyes selling minority stake in Arctic project – sources

TORONTO (Reuters) – Canadian gold miner Agnico Eagle Mines Ltd (AEM.TO: Quote, Profile, Research, Stock Buzz) (AEM.N: Quote, Profile, Research, Stock Buzz) is considering selling a minority stake in its Meliadine gold project in the Canadian sub Arctic, according to two sources familiar with the situation.

The Toronto-based miner, which owns operations in Canada, Finland and Mexico, has held some preliminary discussions with interested parties, said the sources, who asked not to be named as they are not authorized to discuss the matter with the media.

Oct 24, 2013

Billionaire Ackman trims CP railway stake, adding to fund’s cash pile

BOSTON/TORONTO (Reuters) – Billionaire investor William Ackman announced on Thursday that he sold 6 million shares in Canadian Pacific Railway Ltd (CP.TO: Quote, Profile, Research, Stock Buzz) after a huge run-up in the stock, adding a large pile of cash to his $11 billion hedge fund.

Just over a year after winning a proxy fight and installing a new chief executive at Canada’s second-largest railway, the sale will add roughly $800 million to Ackman’s Pershing Square Capital Management fund.

Oct 23, 2013

Canada’s Telus agrees to buy start-up Public Mobile

TORONTO, Oct 23 (Reuters) – Canadian telecom company Telus
said on Wednesday it has agreed to buy 100 percent of
struggling startup Public Mobile from private equity firm
Cartesian Capital and Thomvest Seed Capital, a Toronto-based
investment vehicle backed by Peter Thomson.

The terms of the deal were not disclosed.

The Canadian government said in a separate statement that it
has approved the transfer of Public’s spectrum licenses to
Telus, paving the way for the deal to proceed.

Oct 22, 2013

Sobeys-Safeway deal approved by Canada’s Competition Bureau

TORONTO (Reuters) – Empire Co Ltd (EMPa.TO: Quote, Profile, Research, Stock Buzz), the operator of Canadian grocery chain Sobeys, said on Tuesday that Canada’s competition watchdog approved its acquisition of substantially all of Safeway Inc’s (SWY.N: Quote, Profile, Research, Stock Buzz) assets in Canada.

To win approval from the Competition Bureau, Empire agreed to divest some 23 stores in British Columbia, Alberta, Saskatchewan and Manitoba. The stores being sold include 13 Safeway stores and 10 stores that operate under different banners owned by Empire.

    • About Euan

      "Euan Rocha covers mining and minerals in Canada, where he focuses on gold, base metals and fertilizer companies. Euan, who is currently based in Toronto, has previously worked with Reuters in the United States and India. While based in New York for four years, Euan headed the Reuters Alerts team, before moving on to cover the U.S. chemical industry. Euan began his career with Reuters in Bangalore, India in 2004."
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