TORONTO (Reuters) – The Canadian dollar is expected to trade near a five-year low against its U.S. counterpart for much of this year, under pressure from a crash in crude oil prices and an impending U.S. interest rate hike, according to a Reuters poll.
Currency strategists polled by Reuters have slashed their forecasts from a month ago after a rocky start to 2015, with heavy selling that has already knocked down the loonie nearly 2 percent to its weakest since early 2009.
TORONTO (Reuters) – Sears Canada Inc (SCC.TO: Quote, Profile, Research, Stock Buzz) is stepping up spending on areas such as its website and profitable merchandise categories while looking to exit unprofitable product lines as part of its turnaround plan, the retailer’s new acting chief executive said on Friday.
“We’re going to make some of those tough decision about businesses in short order,” Ron Boire told Reuters in an interview, adding that the company was in a very strong liquidity position, with no short- or long-term debt.
Dec 11 (Reuters) – Yogawear chain Lululemon Athletica Inc
reported a stronger-than-expected quarterly profit on
Thursday, driven in part by lower costs, but U.S. port
disruptions and delayed store openings took a toll on its
Shares of the Canadian retailer jumped 10 percent to $51.32
after it reported the results, with investors taking note of an
increase in comparable store sales.
TORONTO (Reuters) – Tim Hortons Inc’s chief
executive will get a C$1 million ($871,460) bonus following the
C$12.64 billion takeover deal by Burger King Worldwide,
the Canadian coffee and donut chain said in a regulatory filing
Burger King agreed to buy the Canadian company in August in
a transaction that will create the world’s third-largest
fast-food restaurant group. The Canadian government approved the
takeover, which will create a new company based north of the
border, last week.
TORONTO (Reuters) – The purchase of upscale U.S. retailer Saks Inc helped Canadian department store operator Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) nearly double retail sales and post a smaller quarterly loss on Tuesday.
While its earnings per share were slightly below expectations, Hudson’s Bay stock rebounded from early losses to rise 2.1 percent to C$23.99 in Toronto. The stock has taken much of its recent direction from the retailer’s moves to extract greater value from its real estate portfolio.
TORONTO, Dec 2 (Reuters) – A fast-growing Canadian boutique
money manager that has beaten the benchmarks of many of its
mutual funds says the country’s concentration of resource
companies makes it a challenging investment market.
Calgary, Alberta-based Mawer Investment Management Ltd has
C$26 billion ($22.82 billion) in assets under management, up
from just C$5 billion in 2008.
TORONTO (Reuters) – Canada’s Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz) outlined a $1.25 billion refinancing plan Monday, in a move to reduce interest payments on debt it took on after it bought U.S. rival Saks last year, sending its shares up more than 9 percent in midday trading.
The department store operator said it would take out a 20-year mortgage on the ground portion of its flagship Saks Fifth Avenue store in New York City after an appraiser valued the property at C$4.1 billion ($3.65 billion), significantly more than it paid to buy all of Saks.
TORONTO, Nov 12 (Reuters) – Canada will emerge from seven
years of budget deficits that followed the 2008 financial crisis
and show a C$1.9 billion ($1.7 billion) surplus next year,
despite lower oil prices and a package of previously announced
Finance Minister Joe Oliver announced the projections on
Wednesday in the fall update of the February budget, as parties
stake out positions ahead of an election next October.
TORONTO, Nov 5 (Reuters) – Profit at Canadian coffee and
doughnut chain Tim Hortons Inc, which is being bought
by Burger King Worldwide Inc, beat market estimates in
the third quarter as customers opted for the more expensive
items on the company’s menu.
Net income fell about 14 percent, however, mostly due to
costs related to U.S. fast-food chain Burger King’s C$12.64
billion ($11.06 billion) takeover deal, Tim Hortons said on
TORONTO, Nov 3 (Reuters) – The gloom that seems to surround
central bankers stems from the fact that risks associated with a
new downturn in the economy and inflation are less easy to
handle than surprises on the upside, Bank of Canada Governor
Stephen Poloz said on Monday.
The Bank of Canada regards the risks to achieving its 2
percent inflation target as being balanced, Poloz said, but he
added: “We acknowledge that, in the current situation, the
consequences of an upside risk would be more manageable than
those associated with a downside risk.