TORONTO, (Reuters) – Lululemon Athletica Inc (LULU.O: Quote, Profile, Research, Stock Buzz) offered little sign on Thursday that it was pulling out of an extended slump, cutting financial forecasts and warning that second-quarter sales at its once-trendy yogawear shops were off to a weak start.
Its shares dropped more than 15 percent after it said purchases were dropping even as customer traffic was picking up. During a conference call, Chief Executive Laurent Potdevin blamed the decline in part on a “suboptimal” product assortment.
TORONTO, June 12 (Reuters) – BlackBerry Ltd said on
Thursday it has signed a agreement with EnStream LP, a mobile
payments joint venture owned by Canada’s three large wireless
carriers, to provide a secure platform for transactions between
banks and consumers.
Under the deal, EnStream would use BlackBerry infrastructure
so financial institutions and mobile operators can securely
store sensitive payment card details on any smartphone capable
of using a near field communication (NFC) tag.
TORONTO, June 11 (Reuters) – Lululemon Athletica Inc’s
founder and biggest shareholder, Chip Wilson, lashed
out at the yogawear retailer’s board on Wednesday, saying the
company’s new chairman and another director are too focused on
short-term growth and that he had voted against them in board
Just hours ahead of the company’s annual meeting in
Vancouver, Wilson issued a press release praising Lululemon’s
new management team, but saying the board is “heavily weighted
towards short-term results at the expense of product, culture
and brand and longer-term corporate goals.”
WASHINGTON/TORONTO, June 9 (Reuters) – Shippers wrongly
moved explosive gas as part of a crude oil delivery that
derailed and killed 47 people in a Canadian town last year,
lawyers seeking to represent the devastated town in a class
action lawsuit are expected to argue in a proceeding that starts
Several tank cars exploded with surprising force when the
cargo from North Dakota’s Bakken energy patch jumped the tracks
and detonated in downtown Lac Megantic, Quebec, last July.
TORONTO, June 4 (Reuters) – DataWind Inc plans to raise
about C$30 million ($27.41 million) via an initial public
offering on the Toronto Stock Exchange that will value the
discount tablet maker at about C$117 million, according to
documents filed with regulators on Wednesday.
Mississauga, Ontario-based DataWind has grabbed headlines in
recent years as the maker of the world’s cheapest tablet device,
UbiSlate that was initially developed as a budget device for the
TORONTO, June 4 (Reuters) – Canadian private equity firm
Fulcrum Capital Partners said on Wednesday it has acquired a
majority interest in privately-held Canadian defence and
infrastructure firm Weatherhaven Global Resources, a maker of
The two parties did not disclose the terms of the deal, but
said Weatherhaven’s founding shareholders are stepping back and
will assume an advisory role while its current management team,
led by CEO Ray Castelli, have reinvested and will continue to
lead the firm.
TORONTO (Reuters) – The Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday it plans to sell the majority of its 37 percent stake in asset manager CI Financial (CIX.TO: Quote, Profile, Research, Stock Buzz) via a secondary offering that could raise as much as C$2.62 billion ($2.4 billion).
The offering, one of the largest in Canadian history, will see Scotiabank sell at least 72 million CI shares for a set price at C$31.60 a share, raising roughly C$2.28 billion.
LAVAL, QUEBEC, May 20 (Reuters) – Canada’s Valeant
Pharmaceuticals International said on Tuesday it will
not make an all-cash bid for drugmaker Allergan Inc as
many had expected last week when the company said it would
improve its cash and stock offer for the Botox maker.
Michael Pearson, chief executive officer of the Canadian
drugmaker, said Allergan shareholders favored Valeant’s bid and
preferred Valeant equity over more cash.
OTTAWA/TORONTO (Reuters) – Canada broke with the United States and did not impose sanctions on two key allies of Russian President Vladimir Putin because the pair had Canadian business interests, according to sources familiar with the matter.
The revelation puts into question the government’s tough line on Russia over the crisis in Ukraine. Prime Minister Stephen Harper recently compared Putin’s actions to those of Adolf Hitler in the run-up to World War Two.
OTTAWA/TORONTO, May 16 (Reuters) – Canada broke with the
United States and did not impose sanctions on two key allies of
Russian President Vladimir Putin because the pair had Canadian
business interests, according to sources familiar with the
The revelation puts into question the government’s tough
line on Russia over the crisis in Ukraine. Prime Minister
Stephen Harper recently compared Putin’s actions to those of
Adolf Hitler in the run-up to World War Two.