TORONTO, March 31 (Reuters) – Canadian miner Sherritt
International Corp on Monday urged its shareholders to
back its slate of nominees for the company’s board of directors
over a slate put forward by activist investor George Armoyan.
Sherritt filed its proxy circular on Monday, and in a letter
to investors Chairman Harold Stephen assailed Armoyan as someone
with no experience in Sherritt’s lines of business, and said
Armoyan has a poor track record on corporate governance matters
and no credible new ideas for creating value beyond what
management is already doing.
TORONTO (Reuters) – BlackBerry Ltd reported a smaller-than-expected loss on Friday as new chief executive John Chen slashed costs, but a 64 percent drop in revenue underscored the challenge Chen faces in turning around the struggling smartphone maker.
The Canadian company, which has lost most of the smartphone market to Apple Inc’s iPhone and gadgets powered by Google Inc’s Android operating system, has laid off thousands and agreed to sell most of its real estate.
TORONTO (Reuters) – BlackBerry Ltd reported a much smaller-than-expected quarterly loss on Friday, sending its shares up nearly 7 percent, even as its smartphone sales continued to slide.
The company said its net loss was $423 million, or 80 cents a share, for the fourth quarter ended March 1. That compared with a year-earlier profit of $98 million, or 19 cents a share.
TORONTO (Reuters) – BlackBerry Ltd plans to introduce high-end smartphones that cater to keyboard aficionados in the coming 18 months, in an effort to win back core corporate and government clients who have shunned the company’s touch-screen devices.
Chief Executive John Chen said in an interview that the company’s engineers have designed at least three different next-generation handsets that are being “kicked around right now.”
TORONTO/VANCOUVER (Reuters) – Goldcorp Inc (G.TO: Quote, Profile, Research, Stock Buzz) would rather walk away from its hostile bid for Osisko Mining Corp (OSK.TO: Quote, Profile, Research, Stock Buzz) than pay too much for its fellow Canadian gold miner, Goldcorp Chairman Ian Telfer said on Tuesday, although he did not rule out raising the bid.
Goldcorp, the world’s second biggest gold producer by market value, has several other growth opportunities, including the opening of two mines this year, and is doing “extremely well,” Telfer said.
TORONTO, March 25 (Reuters) – TMX Group Ltd, the
operator of the Toronto Stock Exchange and the TSX Venture
Exchange, said on Tuesday it plans to launch a new business to
allow capital raising and the trading of securities of privately
The move to launch the business appears to be a pre-emptive
gambit to thwart the threat posed by privately-held Aequitas
Innovations Inc, which is in the process of seeking regulatory
approval in order to launch a new Canadian stock exchange.
TORONTO, March 25 (Reuters) – The Canada Pension Plan
Investment Board said on Tuesday it will invest $250 million in
the Chinese real estate market through a new venture with China
Vanke Co Ltd, the nation’s largest residential
The pension fund manager said the venture, which marks its
first substantial real estate investment in the country since a
small foray back in 2008, will focus on residential development
projects in large cities across China, starting in the city of
Qingdao in the Shandong Province.
TORONTO, March 21 (Reuters) – Loblaw Cos Ltd,
Canada’s largest grocer, said on Friday Canada’s competition
watchdog has approved its C$12.4 billion ($11 billion)
acquisition of Shoppers Drug Mart Corp, the country’s
biggest pharmacy chain.
The deal cements Loblaw’s No. 1 position in Canada at a time
when competition from domestic retailers such as Sobeys and U.S.
retailers such as Wal-Mart Stores and Target is
OTTAWA/TORONTO, March 19 (Reuters) – Joe Oliver brings a
sense of gravitas to his new job as Canada’s finance minister,
an asset the governing Conservatives will want to emphasize as
they prepare to fight an election against young but popular
Liberal leader Justin Trudeau.
Oliver is 73 and spent decades working on Toronto’s Bay
Street, the heart of Canada’s financial industry, before
becoming natural resources minister after his election to
Parliament in 2011. He was named finance minister on Wednesday,
replacing Jim Flaherty, who resigned the day before.
TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) said on Monday it plans to sell about 13.5 percent of its holdings in its majority-owned subsidiary African Barrick Gold (ABGL.L: Quote, Profile, Research, Stock Buzz).
Toronto-based Barrick, which currently owns a roughly 303.25 million shares in African Barrick, is selling 41 million shares. The gold miner will still own a majority stake of just over 60 percent in the Africa-focused miner following the close of the transaction.