TORONTO, Aug 29 (Reuters) – Bombardier Inc’s
troubled aerospace business faces more upheaval as a Swedish
carrier backed out as the first customer to start commercial
flights with its new CSeries jet and the Canadian firm said more
senior aerospace executives will be laid off.
Malmo Aviation, owned by Sweden’s Braathens Aviation, was
slated to be the first CSeries customer to take delivery of the
new jet in the second half of 2015, but the airline said on
Friday that will no longer be the case. It cited worries about
further delays after a May engine failure grounded the jets.
TORONTO (Reuters) – Burger King’s (BKW.N: Quote, Profile, Research, Stock Buzz) proposed $11.5 billion acquisition of Canada’s Tim Hortons (THI.TO: Quote, Profile, Research, Stock Buzz) may offer big tax benefits to the U.S. fast food chain but the real tax winner is likely to be its controlling shareholder, 3G Capital.
The New York investment firm is not only deferring a capital gains tax hit in the U.S. because of the deal structure, but is also poised to reap a multitude of dividend tax and other benefits by moving Burger King’s domicile to Canada, tax experts on both sides of the border said.
TORONTO, Aug 26 (Reuters) – Burger King Worldwide Inc
plans to buy Canadian coffee and doughnut chain Tim
Hortons Inc in a C$12.64 billion ($11.53 billion)
cash-and-stock deal that would create the world’s third-largest
fast-food restaurant group.
With roughly $23 billion in combined annual sales and more
than 18,000 restaurants in 100 countries, the new entity would
have a vast global footprint and huge growth potential, the
companies said in a joint statement on Tuesday.
TORONTO (Reuters) – Investors in Burger King Worldwide Inc and Tim Hortons Inc applauded news of a potential merger between the two fast food chains, seeing both tax savings and strategic rationale for a combination.
The two companies confirmed late on Sunday that Burger King is in talks to acquire the Canadian coffee and doughnut chain, and that the combined entity would be based in Canada. Shares of Tim Hortons jumped 18.9 percent to close at $74.72 on the New York Stock Exchange on Monday, while shares of Burger King, which is majority owned by investment firm 3G Capital, rose 19.5 percent to $32.40.
TORONTO, Aug 19 (Reuters) – Another Bombardier Inc
commercial aircraft executive has left the company, the plane
and train maker confirmed on Tuesday, the latest move following
a major restructuring announcement last month involving its
Montreal-based Bombardier, which has struggled with long
delays and slow orders for its ambitious, multibillion dollar
CSeries jetliner program, said it has appointed Ross Mitchell to
replace aerospace executive, Philippe Poutissou, who left
earlier this week.
TORONTO (Reuters) – More than eight months after an extreme winter began snarling North American rail traffic, a Reuters analysis of industry data shows delays lingering, raising the risk of a second winter of chaos on the rails.
Across the continent’s seven largest operators, trains ran almost 8 percent slower on average and sat idle at key terminals for nearly three hours longer in the second quarter than a year earlier, data from the main railroads, known as Class 1, show.
TORONTO, Aug 15 (Reuters) – More than eight months after an
extreme winter began snarling North American rail traffic, a
Reuters analysis of industry data shows delays lingering,
raising the risk of a second winter of chaos on the rails.
Across the continent’s seven largest operators, trains ran
almost 8 percent slower on average and sat idle at key terminals
for nearly three hours longer in the second quarter than a year
earlier, data from the main railroads, known as Class 1, show.
TORONTO (Reuters) – Canadian coffee and donut chain Tim Hortons, which has offered only one coffee blend in its 50-year history, hopes to lure new coffee drinkers and fend off rivals such as Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) and McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz) with the launch throughout North America of its new dark roast blend.
Tim Hortons, which announced the move on Thursday, may also increase prices to tackle rising costs and competition from U.S. rivals expanding in Canada.
TORONTO (Reuters) – Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) is repairing the supply chain problems it holds largely responsible for last year’s botched Canadian expansion and expects to show measurable progress on a turnaround by this fall, its top executive in Canada said on Tuesday.
In its first international expansion, Minneapolis-based Target opened an unprecedented 124 stores and three distribution centers in Canada last year, losing nearly $1 billion as sales fell far short of expectations.
TORONTO, Aug 8 (Reuters) – SNC-Lavalin Group Inc,
Canada’s largest engineering and construction firm, on Friday
reported a return to profit in the second quarter that fell
sharply below analysts’ expectations as problematic, old
projects started by previous management continued to hurt the
The Montreal-based company has been trying to move past a
far-reaching scandal involving allegations of fraud and bribery,
and to deal with a remaining backlog of more than C$600 million
in challenging projects.