TORONTO, June 25 (Reuters) – Scout Capital Management has
asked Canadian coffee and doughnut chain Tim Hortons to
alter its U.S. expansion strategy and increase debt levels so it
can bolster its capital structure and buy back shares, the U.S.
hedge fund said on Tuesday.
The demands to Tim Hortons’ board by New York-based Scout
Capital largely mirror those put forward by rival U.S. hedge
fund Highfields Capital earlier this year.
TORONTO, June 25 (Reuters) – Canada’s largest bank and some
of its most influential fund managers plan to set up a new stock
exchange to challenge the dominant TMX Group Ltd, one
that would limit the role of controversial high-frequency
The new exchange operator, Aequitas Innovations Inc, will be
backed by Royal Bank of Canada and other institutions
not involved in the 2012 takeover of TMX, which operates the
Toronto Stock Exchange.
TORONTO (Reuters) – BlackBerry launched a service on Tuesday allowing government agencies and corporate clients to secure and manage devices powered by Google Inc’s Android platform and Apple Inc’s iOS operating system.
The long-anticipated offering, which BlackBerry had said would come out around mid-year, could help the company sell high-margin services to its large clients even if many, or all, of their workers are using smartphones made by its competitors.
TORONTO, June 24 (Reuters) – Accounting firm Ernst & Young
(E&Y) conducted improper audits of Chinese clothing and footwear
retailer Zungui Haixi before it collapsed in 2011 following
claims of fraud, Canada’s top securities regulator alleged on
Toronto-listed Zungui was one of several Chinese companies
with North American listings to come under pressure in the wake
of fraud allegations against now defunct Chinese forestry
company Sino-Forest Corp.
TORONTO, June 23 (Reuters) – Barrick Gold Corp, the
world’s largest gold producer, is this week going to lay off up
to one-third of its corporate staff from its headquarters in
Toronto and a few other offices, according to two sources
familiar with the situation.
The cuts were announced by Barrick’s Chief Executive Jamie
Sokalsky at a town hall meeting with staff in Toronto last week,
said the sources, who asked not to be named as they are not
officially authorized to speak about the matter.
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.