Euan's Feed
Oct 29, 2015

Bombardier reports loss, outlines Québec investment in CSeries

TORONTO (Reuters) – Canadian plane and train maker Bombardier Inc (BBDb.TO: Quote, Profile, Research, Stock Buzz) reported a huge quarterly loss on Thursday tied to impairment charges, and outlined a plan that will see the Québec government invest $1 billion in its long-delayed CSeries jet program.

The company confirmed a Reuters report Wednesday that it plans to form a joint venture with the government of Québec to complete work on the long-awaited new jet that is due to enter into service next year, but is already billions of dollars over budget.

Oct 28, 2015

Hydro One IPO set to price at high end of price range -sources

TORONTO, Oct 28 (Reuters) – Ontario electric utility Hydro
One Ltd’s initial public offering is set to price at
the high end of its earlier disclosed range, according to three
sources familiar with the matter.

The company is likely to tighten the offering price range to
C$20 to C$21 per share, from the C$19 to C$21 per share range it
had announced earlier, said the sources, who spoke on condition
of anonymity.

Oct 26, 2015

Valeant calls for SEC investigation into short-seller’s actions

By Caroline Humer and Euan Rocha

(Reuters) – Drugmaker Valeant Pharmaceuticals International Inc said on Monday it has asked U.S. securities regulators to investigate a short-seller’s “completely untrue” allegation that the company used its ties with a specialty pharmacy to inflate revenue, and said it would conduct a review of its pharmacy network.

Laval, Quebec-based Valeant fired back in a conference call with investors and analysts after the report by Citron Research, run by Andrew Left, hammered Valeant’s stock last week.

Oct 23, 2015

Valeant share price meltdown wipes $1.5 billion from CEO’s wealth

TORONTO (Reuters) – The plunge in the stock price of Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) (VRX.N: Quote, Profile, Research, Stock Buzz) has not only cost some of Wall Street’s titans billions of dollars this week, it also wiped $1.5 billion from the personal wealth of its head Mike Pearson.

The former McKinsey & Co consultant, who has steered Valeant since 2008, does not currently draw any salary from the company. But company regulatory filings show that he is entitled to bonus awards of between $6 million and $10 million this year, should he and the company meet certain goals.

Oct 23, 2015

Canada drone maker Aeryon Labs secures C$60 mln financing

TORONTO, Oct 23 (Reuters) – Canadian commercial drone maker
Aeryon Labs Inc said on Friday it has secured C$60 million
($45.9 million) of financing from a U.S. venture capital firm,
putting it on a path to expand and more than double its sales
growth over the next two years.

Aeryon, which is based in BlackBerry’s hometown of
Waterloo, Ontario, is focused on making specialized drones for
military reconnaissance and public safety uses, as well as
drones for commercial uses such as inspection of power lines or
wildlife monitoring.

Oct 23, 2015

Valeant vows to refute ‘phantom sales’ allegations

TORONTO/NEW YORK (Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) moved to reassure investors on Thursday after being accused of using specialty pharmacies to inflate revenue, and said it would refute them in detail on a conference call with investors.

Valeant shares have lost more than 25 percent of their value since influential short-seller Citron Research made the allegations on Wednesday. The company had already issued statements denying the claims.

Oct 22, 2015

Quebec regulator says claims against Valeant worrying; shares extend fall

By Euan Rocha

(Reuters) – The securities regulator in Quebec, where
Valeant Pharmaceuticals International is headquartered,
said on Thursday that recent allegations against the drugmaker
are “worrying,” even as Valeant shares slid further amid growing
investor concern about the company’s prospects.

On Wednesday, Citron Research, an influential short-selling
firm, accused Valeant in a report of using specialty pharmacies
to inflate its revenue. The claims sent Valeant shares into a
tailspin and cut its market capitalization by some $9.6 billion
on Wednesday.

Oct 19, 2015

Canadian Oil Sands CEO says buyer interest extends beyond Suncor

TORONTO (Reuters) – Canadian Oil Sands Ltd (COS.TO: Quote, Profile, Research, Stock Buzz) expects strong interest from a wide range of buyers, its chief executive said on Monday, as the company asked shareholders to reject a hostile takeover offer by Suncor Energy Inc (SU.TO: Quote, Profile, Research, Stock Buzz).

After a review, the board concluded Suncor’s bid was weak and substantially undervalued the company’s ownership in Syncrude, the country’s biggest synthetic crude project.

Oct 19, 2015

Investors may face rough ride if Canadian election leads to political instability

TORONTO (Reuters) – Given there is a good chance that Monday’s Canadian federal election will not give one party control of the country’s parliament, investors may want to brace for a period of political instability that could dent Canadian financial markets. The already weakened Canadian dollar could be most vulnerable to a further drop, market participants warned.

Most recent polls have been suggesting the most likely outcome is a center-left Liberal minority government, with a lesser possibility that the ruling Conservatives will be in a position to form a minority government. Either of them would need the support of another party to govern

Oct 14, 2015

Shopify partners with Uber to ensure same-day delivery

Oct 14 (Reuters) – Canadian e-commerce platform Shopify Inc
said on Wednesday it was partnering with
taxi-hailing service Uber to help merchants deliver
goods to customers on the same day in New York City, Chicago and
San Francisco.

Shopify said the UberRUSH delivery service will be available
to its merchants in the three cities immediately.

    • 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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