Euan's Feed
Jul 5, 2013

BlackBerry investors to turn up the heat on management

TORONTO/NEW YORK (Reuters) – BlackBerry (BBRY.O: Quote, Profile, Research, Stock Buzz) will likely face tough questions about its future at its annual meeting on Tuesday after dismal quarterly results last week triggered a 28 percent plunge in the Canadian smartphone maker’s share price.

Sales of BlackBerry’s make-or-break new line of smartphones in the quarter ended June 1 came in well below analysts’ expectations and offered little evidence that the company can quickly win back market share from Apple Inc’s (AAPL.O: Quote, Profile, Research, Stock Buzz) iPhone, Samsung’s (005930.KS: Quote, Profile, Research, Stock Buzz) Galaxy devices, and other phones powered by Google Inc’s (GOOG.O: Quote, Profile, Research, Stock Buzz) Android operating system.

Jun 28, 2013

No sign of BlackBerry turnaround in results, shares drop

TORONTO (Reuters) – BlackBerry offered few signs of a long-promised turnaround on Friday, with an unexpected quarterly operating loss, a dearth of details on sales of its make-or-break new line of devices and no return to profit expected in the current quarter.

BlackBerry shares tumbled about 28 percent in both U.S. and Toronto trading.

The Canadian smartphone maker, which has struggled to compete against Apple Inc’s iPhone, Samsung’s Galaxy phones and other devices powered by Google’s Android operating system, said smartphone sales were up 13 percent from the previous quarter, a period when buyers waited for the BB10 phones to hit the market.

Jun 28, 2013

Air Canada terminates debt buyback plan as markets turn

TORONTO, June 28 (Reuters) – Air Canada said it
would terminate a tender offer to buy back certain bonds due to
the recent volatility in debt and capital markets.

Canada’s largest airline said in a statement late on
Thursday that the market volatility had made refinancing terms
unattractive.

Jun 27, 2013

Canada’s Rona cuts more jobs, closes stores in restructuring

TORONTO, June 27 (Reuters) – Rona Inc, Canada’s
biggest home-improvement retailer and distributor, will close
stores, cut jobs and reduce costs in the second phase of a
restructuring plan designed to return it to profitability, the
company said on Thursday.

Rona said it plans to close 11 unprofitable stores; reduce
administrative, marketing, merchandising and distribution costs;
and cut a further 125 administrative jobs.

Jun 26, 2013

Verizon eyes Canadian wireless start-ups

TORONTO, June 26 (Reuters) – Verizon Communications Inc
has offered to buy Canadian telecom startup Wind Mobile
and is in talks to acquire Mobilicity, as it seeks to challenge
Canada’s three big wireless providers, sources familiar with the
deals said on Wednesday.

One of the sources said Verizon had last week presented a
tentative offer of $600 million to $800 million for Wind Mobile,
with final pricing subject to due diligence. Another source
cited Verizon’s talks with Mobility, a rival startup.

Jun 26, 2013

Verizon makes bid for Wind to get Canada market foothold

TORONTO, June 26 (Reuters) – Verizon Communications Inc
has offered to buy Canadian telecommunications startup
Wind Mobile and is also in talks with rival startup Mobilicity
as it makes proposals that could create a viable competitor to
the three wireless operators that now dominate the Canadian
market.

One source familiar with the matter said Verizon presented a
tentative offer of $600 million to $800 million for Wind Mobile
last week, with final pricing depending on its due diligence.

Jun 26, 2013

Verizon bids for Canada’s Wind, talks with Mobilicity – sources

TORONTO (Reuters) – Verizon Communications Inc (VZ.N: Quote, Profile, Research, Stock Buzz) has offered to buy Canadian telecommunications startup Wind Mobile and is also in talks with rival startup Mobilicity over a potential deal, according to sources familiar with the situation.

Verizon came forward with a tentative offer for Wind last week with an offer of $600 million to $800 million, with more specific pricing pending due diligence, said one source familiar with the situation.

Jun 25, 2013

U.S. hedge fund Scout steps up pressure on Tim Hortons

TORONTO (Reuters) – Scout Capital Management, a U.S. hedge fund, said on Tuesday it is urging Canadian coffee and doughnut chain Tim Hortons (THI.TO: Quote, Profile, Research, Stock Buzz) to increase its debt levels in order to fund a share buyback, measures that Scout say should help drive up Tim Horton’s share price by as much as 100 percent from current levels.

The demands to Tim Hortons’ board by New York-based Scout Capital are similar those put forward by rival U.S. hedge fund Highfields Capital earlier this year.

Jun 25, 2013

New Canadian stock exchange seeks to challenge dominant TMX

TORONTO (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 trading strategies.

The new exchange operator, Aequitas Innovations Inc, will be backed by Royal Bank of Canada (RY.TO: Quote, Profile, Research) and other institutions not involved in the 2012 takeover of TMX, which operates the Toronto Stock Exchange.

Jun 25, 2013

Scout Capital urges Tim Hortons to boost debt levels

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.

    • 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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