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Found 100 results

  1. FINANCIAL POST http://network.nationalpost.com/np/blogs/fpposted/archive/2007/11/15/the-rebirth-of-downtown-montreal.aspx Posted: November 15, 2007, 2:46 AM by DrewHasselback Montreal Downtown Montreal is going through a rapid revitalization that has seen the rise of condo towers, university buildings, hotels -- and major international retailers. Nowhere is this more apparent than the corner of Peel and Ste-Catherine, one of the city's busiest spots. "The corner has always had a certain amount of vibrancy," says Sam Sheraton, senior administrator for Montreal's Drazin family, which owns property near Peel and Ste-Catherine. "Now, it has become the central core of downtown Montreal." One-level retailers who once occupied 1,500-to 2,000-square-foot spaces and generated sales of about $400 to $600 per square foot are making way for bigger, multi-level stores that bring in twice as much. A large Roots store on the northeast corner of Peel and Ste-Catherine recently downsized and hot U.S. retailer American Eagle Outfitters moved in. On the northwest corner, a Guess store opens next month. Next door on Ste-Catherine is the year-old flagship store of Montreal's own Garage chain, one of Canada's top fashion retailers. And on the southwest side, several retailers, including a Rogers phone store and SAQ liquor outlet, are being relocated by the owner, to make way for a multilevel H& M store, industry sources say. (On the remaining southeast corner is an HMV store, in the same building as the Montreal Gazette and National Post bureau). Rumour has it Pottery Barn is looking for a location nearby. A few blocks to the west on Ste-Catherine, next to Ogilvy's, Apple is taking a space formerly occupied by a menswear store. Sean Silcoff
  2. http://www.autoblog.com/2009/12/11/report-detroit-three-call-japans-cash-for-clunkers-program-unf/ http://www.autoblog.com/2010/01/07/report-obama-urged-to-push-japan-to-open-its-cash-for-clunkers/ Protectionism in full swing once again in Japan. Why should their cars be eligible for cash for clunkers in the US, if American cars are not there. That is not free trade. Hopefully President Obama puts an end to this nonsense.
  3. TSX Group looks to U.S. for next CEO Talks with ex-CBOT chief; risks backlash by overlooking former head of Montreal Exchange BOYD ERMAN From Wednesday's Globe and Mail May 28, 2008 at 4:10 AM EDT TSX Group Inc. [X-T] is close to hiring a U.S. executive to run the company now that the merger with Montreal Exchange Inc. is complete, passing over former MX head Luc Bertrand in a decision that's sure to be controversial in Quebec. Sources said TSX is in talks with Bernard Dan, former president and chief executive officer of the derivatives-focused Chicago Board of Trade, though a contract has yet to be signed. Mr. Dan lost his post at CBOT after the company's 2007 acquisition by Chicago Mercantile Exchange Holdings Inc. (CME). Mr. Bertrand, who built the Montreal Exchange into a force in derivatives, had been long viewed as the likely successor to Richard Nesbitt at the helm of TSX Group. Under the merger agreement, Mr. Bertrand was slated to be deputy CEO with Mr. Nesbitt in the top job, but those plans were thrown into flux when Mr. Nesbitt unexpectedly announced his resignation in January to become CEO at CIBC World Markets. A dark-horse candidate was Rik Parkhill, the head of the markets division at the TSX and one of the company's interim co-CEOs after Mr. Nesbitt's departure. Bernard Dan Both Mr. Parkhill and Mr. Bertrand were among the final candidates, but sources said the TSX board deadlocked over whether the CEO should come from TSX or MX and that contributed to the decision to go with an outside candidate. Passing over Mr. Bertrand may rekindle a controversy that arose last year even before the merger, when Quebec's Finance Minister said an early round of talks about a TSX-MX combination broke down because some on the TSX board weren't happy with the idea that a Montrealer might run the company. "Even though there were no guarantees that Luc would get the job, it's going to be perceived as a slap in the face," said Dundee Securities analyst John Aiken. That may lead to a backlash from Quebec investors, he said. Still, going with Mr. Dan may have some advantages, Mr. Aiken said. Whoever takes over TSX will have to know derivatives, because buying the MX gives the combined company dominating positions in that business as well as stock trading. Also, the TSX is facing a surge of new competition from alternative trading systems (ATS) for shares, a trend long established in the United States. "Canada with all the ATS's is going to more a U.S.-style exchange environment, and nobody domestically has seen that yet," Mr. Aiken said. "The question is how quickly will this individual adapt to the peculiarities of the Canadian market." TSX spokesman Steve Kee would not comment on the names of any candidates, and declined to confirm the talks with Mr. Dan. "The board process is not complete," Mr. Kee said. "We don't have a deal with any candidate." Mr. Kee said TSX plans to have the new CEO in place in time for the June 11 annual meeting. Previously, the company had a May 30 target. As head of CBOT from 2002 to 2007, Mr. Dan oversaw one of the biggest U.S. markets for agricultural and financial derivatives - contracts tied to price movements on everything from bonds to beef. He also won plaudits for CBOT's expertise with electronic trading, which helped to fuel the company's growth. Electronic trading is a focus at the TSX as the company rolls out its new system, known as Quantum, and tries to integrate the MX's Sola system. TSX GROUP (X) Close: $43.01, down 92¢ http://www.reportonbusiness.com/servlet/story/RTGAM.20080528.wrtsxceo28/BNStory/SpecialEvents2/home
  4. Let's have a go at it! Family Guy The Office (U.S. version) Mythbustesr Hockey Penn & Teller : Bullshit Pimp My Ride Star Trek : TNG and DS9 (mon côté geek)
  5. Mediocre job performance is better than the alternative JAY BRYAN, The Gazette Published: 7 hours ago Canada's job market is in mediocre shape, we discovered yesterday, and when you look at the alternative, this is wonderful news. For the past few weeks, many economic forecasters have been nervously asking themselves if Canada could resist the powerful recessionary undertow from a slumping U.S. economy or whether we'd fall into a downturn similar to the one that's under way south of the border. The final answer might not be available for a little longer, but yesterday's August job reports out of Ottawa and Washington make it clear that, for now, Canada is doing much better than the U.S. and is certainly nowhere near recession. In Canada, employment grew by a solid, if uninspiring, 15,200 jobs, returning to growth after two months of declines. That left the unemployment rate at 6.1 per cent, just above its record low of 5.8 per cent in February. So far this year, the Canadian economy has created 86,900 jobs. In the U.S, by contrast, August proved to be the eighth month in a row of shrinking employment, with 605,000 jobs lost (divide by 10 for a rough equivalence to Canadian numbers) since the beginning of this year. Unemployment south of the border jumped to a five-year high of 6.1 per cent - which sounds low to Canadians, but because of differences in measurement methods, is approximately equivalent to a Canadian unemployment rate of 7.1 per cent. Canada's modestly good job report reinforces the rationale for the Bank of Canada's decision to hold interest rates steady this week. The bank's targeted rate is already quite low at three per cent, and there's no clear need to pump emergency stimulus into the economy. Indeed, one of the the country's weakest sectors in recent years, manufacturing, has shown surprising resilience this year. As of August, factory employment was down by just 14,000, or 0.7 per cent, for this year. That's quite an accomplishment, given the plunge in car purchases by U.S. shoppers, who are the key market for Ontario's giant auto industry. In fact, Ontario has done quite well for a manufacturing province heavily dependent on U.S. customers. So far this year, it has created 51,900 jobs and its unemployment rate has actually edged down to 6.3 per cent from last December's 6.5 per cent, thanks to strong employment in construction and service industries. Ironically, Quebec, another big manufacturing province, hasn't done nearly as well, even though its big aerospace industry is much healthier than the auto industry, helping Quebec's factory sector create some jobs this year. Still, Quebec is one of the few provinces not to have enjoyed overall job growth so far in 2008. In fact, employment has shrunk by 25,200, while the unemployment rate has risen to 7.7 per cent from 7.0 per cent at the end of last year. Montreal's unemployment rate is up just 0.1 per cent so far this year, to 7.3 per cent in August, but this doesn't reflect any better performance than Quebec's on the employment front. The city actually lost 15,700 jobs in the first eight months of the year, but this was mostly offset by the 13,000 workers who abandoned the Montreal job market, making them disappear from the unemployment calculation. They might have found better opportunities elsewhere, gone back to school or simply stopped looking after a tough job search.On the provincial level, Quebec construction employment has been lukewarm and consumer-oriented service industries like retailiing have been shedding jobs, notes economist Sébastien Lavoie at Laurentian Bank Securities. As well, education employment has shrunk in Quebec as it grew in Ontario. Lavoie suggests that Quebec consumers may feeling worried enough to be cutting back on spending, while in Ontario's bigger, more diverse economy, there are still enough areas of growth to offset the auto industry's distress. Nevertheless, Ontario's ability to shrug off the U.S. economy's distress could be living on borrowed time, warns economist Douglas Porter at BMO Capital Markets. There are layoff announcements and factory closings that have yet to go into effect, he notes. And as for Ontario's boom in condo and office construction, "I have to wonder how long it can hang on."
  6. CAE wins military training contracts The Gazette Published: 32 minutes ago Montreal flight simulator builder CAE Inc. said today it has won a series of military training contracts worth up to $106 million and including $71 million in firm orders. The contracts are with Canada's Department of National Defence, L-3 Communications of the U.S., the U.S. Navy, Eurofighter Simulation Systems and contractor C2 Technologies. CAE said it sees strong opportunities ahead in the global military market- normally more stable than the civil aviation sector. CAE also said earnings for the first quarter ended June 30 rose 19 per cent to $46.1 million or 18 cents a share from $38.7 million or 15 cents a share a year earlier, because of strong Asian and European civil aircraft training business and rising military orders. Revenue climbed 9.4 per cent to $392 million.
  7. Harper disagrees with pessimistic report on Canadian housing market Wed Sep 24, 1:46 PM Conservative Leader Stephen Harper says he disagrees with a report by brokerage firm Merrill Lynch that warns Canada could be headed for a housing and mortgage meltdown similar to the one that has devastated the United States economy. The report, issued Wednesday by Merrill Lynch Canada economists David Wolf and Carolyn Kwan, said many Canadian households are more financially overextended than their counterparts in the U.S. or Britain. They said it's only a matter of time before the "tipping point" is reached and the housing and credit markets crack in Canada. "I don't accept that conclusion, not at all," Harper told reporters on tour in British Columbia. "We have seen the housing market and the construction market much stronger in Canada than in the U.S.," he said. Harper said Canadian financial institutions have also taken a different approach to lending than their American counterparts. "We don't have the same situation here with the mortgages as was the case in the U.S. with the subprime mortgages there," he said. "So, therefore, I think that our market is in a much stronger position." The report acknowledges that the analysis is more pessimistic than the prevailing view. Many economists have been saying that Canada's housing and banking sectors are much more stable than their American counterparts, and will likely slow down but not crash. But Merrill Lynch Canada - whose U.S. parent is one of the biggest victims of a crisis in financial markets arising from the American housing and mortgage meltdown - said Canadians should be wary. Household net borrowing in Canada amounted to 6.3 per cent of disposable income in 2007, which is more than households in the U.K. and not far off the peak reached by U.S. households in 2005. The report also said housing prices are now falling and inventories of unsold homes are rising sharply in Canada, suggesting that this market turnaround will not be a transitory phenomenon. However, the prevailing view is that Canada's lenders have issued few of the type of subprime mortgages that sparked the U.S. crisis. In addition, a recent study showed that Canadian residential properties are not overvalued in most cities. With files from the Canadian Press lien
  8. Natalie Finn Sat Feb 21, 1:59 am ET Los Angeles (E! Online) – It's not going to snag 11 Oscars, but The Dark Knight—Christian Bale and all—is nipping at Titanic's heels in the court of public opinion. The 2008 blockbuster has surpassed $1 billion at the worldwide box office, Warner Bros. announced late Friday. According to BoxOfficeMojo.com, the critically acclaimed Caped Crusader sequel—which actually could win eight Academy Awards on Sunday—is now in fourth place on the list of all-time box office grosses, behind only Titanic ($1.84 billion), The Lord of the Rings: The Return of the King ($1.12 billion) and Pirates of the Caribbean: Dead Man's Chest ($1.07 billion). The Dark Knight is currently sitting pretty with $1.001 billion, while the fifth-place Harry Potter and the Sorcerer's Stone is way back there with $974.7 million. $533.1 million of that billion-plus sum was grossed in U.S. theaters, while $468 million was raked in overseas. Warner Bros.' news comes along with the announcement that The Dark Knight is also now the top-grossing 2-D IMAX release of all time, with $64.9 million grossed worldwide. ··· THEY SAID WHAT? Get today's most commented stories now at http://www.eonline.com Copyright © 2009 Yahoo! Inc. All rights reserved.Questions or CommentsPrivacy PolicyTerms of ServiceCopyright/IP Policy
  9. Le CN presse de nouveau le Surface Transportation Board afin qu'il prenne rapidement une décision au sujet de sa proposition de rachat de la ligne régionale Elgin, Joliet & Eastern de Chicago auprès de U.S. Steel. Pour en lire plus...
  10. Can Richard Baker reinvent The Bay? MARINA STRAUSS From Monday's Globe and Mail NEW YORK — Richard Baker, the new owner of retailer Hudson's Bay Co.,mingled with the New York fashion elite as the lights dimmed for designer Peter Som's recent show, offering opinions and taking a close look at the latest in skirts and dresses. It's a stark contrast to previous HBC owner Jerry Zucker, who HBC insiders had a hard time picturing with fashionistas in New York. But Mr. Baker, who made his name in real estate, knows it is time for a new approach at the struggling retailer. “As an entrepreneur I'm not necessarily fixated on how things were done in the past,” says Mr. Baker. “We function and we think much more like a specialty retailer rather than a department store retailer. A specialty retailer is much more nimble and willing to adjust to the environment than department stores, historically. Department stores, frankly, haven't changed a whole lot in 100 years.” His Purchase, N.Y.-based equity firm, NRDC Equity Partners, has snapped up a string of dusty retailers, among them HBC's underperforming Bay and Zellers. The Bay operates in the department store sector which is on the wane, squeezed for years by specialty and discount chains. Zellers struggles in a low-priced arena dominated by behemoth Wal-Mart Canada Corp. The need for a makeover is clear: The Bay's sales per square foot are estimated at merely $142, and Zellers', $149 – a fraction of the estimated $480 at Wal-Mart Canada. At Lord & Taylor, which also lags some of its key U.S. rivals in productivity, Mr. Baker has had some success in its efforts to return to its high end Americana roots. But the 47-store chain is feeling the pinch of tight-fisted consumers and, late last month, he unveiled a shakeup at the top ranks of his firm's $8-billion (U.S.) a year retail businesses to try to shave costs. Still, he is pouring money into the chains in other ways, quickly distinguishing himself from Mr. Zucker, who died last spring. While the former owner had named himself CEO despite his lack of merchandising experience, the new owner has handpicked a team of seasoned merchants at the senior levels of his retailers. And while Mr. Zucker shunned publicity and focused on more mundane, although critical, matters, such as technology to track customer demand, Mr. Baker enjoys the limelight. Now he is betting on the fragile fashion sector as an engine of growth. Last fall he set up Creative Design Studios (CDS) to develop designer lines for Lord & Taylor, now, HBC and, eventually, retailers around the world. Mr. Baker is “looking at every one of the properties with a different viewpoint,” says Walter Loeb, a former member of HBC's board of directors and a consultant at Loeb Associates in New York. “He has new ideas. He doesn't want to keep Hudson's Bay in its present form.” Nevertheless, “this team has taken over a not particularly healthy business,” says Marvin Traub, a former executive at Bloomingdale's who runs consultancy Marvin Traub Associates in New York. “They know and understand the challenges. It will take some time to fix them.” What Mr. Baker looks for in retailers is faded brands that have the potential to be revived. Early this year, NRDC acquired Fortunoff, an insolvent jewellery and home décor chain. The synergies among NRDC's various retailers are tremendous, says Gilbert Harrison, chairman of New York investment bank Financo Inc., which advises Mr. Baker. So is the value of the real estate. At HBC, it is estimated to be worth $1.2-billion, according to industry insiders. That's just a little more than the equivalent purchase price of the retailer itself. Lord & Taylor's real estate was valued at $1.7-billion (U.S.) when Mr. Baker acquired the company in 2006 – about $500-million more than he bought it for. “Initially I thought, good luck,” says Mr. Gilbert. “He's bought this in one of the most difficult retail environments that we've seen for 20 or 30 years. … “But he's protected his downside because the basic real estate values of Lord & Taylor and, now Hudson's Bay, certainly help prevent tragedy.” Mr. Baker likes to tell the story of buying Lord & Taylor for its real estate, and then on the way to signing the deal noticed how well the stores were performing. Like most other U.S. retailers, Lord & Taylor has seen business slow down recently. But its transformation to appeal to the well heeled had begun even before Mr. Baker arrived. It had dropped an array of tired brands, such as Tommy Hilfiger and Nautica, and picked up trendier labels, among them Coach and Tracy Reese. Mr. Baker encouraged the strategy of expanding and upgrading higher margin designer handbags and footwear. Ditto for denim wear and funky styles in the women's “contemporary” section under hot labels such as Free People and Diesel. “My job is to understand that we need to get the best brands in the store.” But he also saw the opportunity to bolster margins by stocking affordable lines in the form of CDS brands, with a focus now on Black Brown 1826 men's wear line. “I thought there was a void in the market for exactly the kind of clothes that my friends and I wear, at a right price. Why should we pay $150 for a dress shirt?” he asks, holding up one for $69. Now Mr. Baker wants to borrow a leaf from the Lord & Taylor playbook for HBC. He wants to introduce better quality products with higher margins, and plans to add his design studio merchandise to the stores early next year. Besides the details, he sees a whole new concept for the big Bay department stores. It would entail shrinking the Bay, possibly introducing Lord & Taylor within the stores, and adding Zellers in the basement and Fortunoff jewellery departments upstairs, with office space at the top. Lord & Taylor would serve to fill a gap in the retail landscape between the Bay and carriage trade Holt Renfrew, he says. For discounter Zellers, he seems to take inspiration from Target Corp., the fashionable U.S. discounter, by putting more focus on branded apparel. But he's not averse to selling parts of the business, or real estate, if the right offer came along either. “We're always available to sell things at the right price, or buy things at the right price.”
  11. UN Blowback: More Than 650 International Scientists Dissent Over Man-Made Global Warming Claims POZNAN, Poland - The UN global warming conference currently underway in Poland is about to face a serious challenge from over 650 dissenting scientists from around the globe who are criticizing the climate claims made by the UN IPCC and former Vice President Al Gore. Set for release this week, a newly updated U.S. Senate Minority Report features the dissenting voices of over 650 international scientists, many current and former UN IPCC scientists, who have now turned against the UN. The report has added about 250 scientists (and growing) in 2008 to the over 400 scientists who spoke out in 2007. The over 650 dissenting scientists are more than 12 times the number of UN scientists (52) who authored the media hyped IPCC 2007 Summary for Policymakers. The U.S. Senate report is the latest evidence of the growing groundswell of scientific opposition rising to challenge the UN and Gore. Scientific meetings are now being dominated by a growing number of skeptical scientists. The prestigious International Geological Congress, dubbed the geologists' equivalent of the Olympic Games, was held in Norway in August 2008 and prominently featured the voices and views of scientists skeptical of man-made global warming fears. [see Full report Here: & See: Skeptical scientists overwhelm conference: '2/3 of presenters and question-askers were hostile to, even dismissive of, the UN IPCC' ] A hint of what the upcoming report contains: “I am a skeptic…Global warming has become a new religion.” - Nobel Prize Winner for Physics, Ivar Giaever. “Since I am no longer affiliated with any organization nor receiving any funding, I can speak quite frankly….As a scientist I remain skeptical.” - Atmospheric Scientist Dr. Joanne Simpson, the first woman in the world to receive a PhD in meteorology and formerly of NASA who has authored more than 190 studies and has been called “among the most preeminent scientists of the last 100 years.” Warming fears are the “worst scientific scandal in the history…When people come to know what the truth is, they will feel deceived by science and scientists.” - UN IPCC Japanese Scientist Dr. Kiminori Itoh, an award-winning PhD environmental physical chemist. “The IPCC has actually become a closed circuit; it doesn’t listen to others. It doesn’t have open minds… I am really amazed that the Nobel Peace Prize has been given on scientifically incorrect conclusions by people who are not geologists,” - Indian geologist Dr. Arun D. Ahluwalia at Punjab University and a board member of the UN-supported International Year of the Planet. “The models and forecasts of the UN IPCC "are incorrect because they only are based on mathematical models and presented results at scenarios that do not include, for example, solar activity.” - Victor Manuel Velasco Herrera, a researcher at the Institute of Geophysics of the National Autonomous University of Mexico “It is a blatant lie put forth in the media that makes it seem there is only a fringe of scientists who don’t buy into anthropogenic global warming.” - U.S Government Atmospheric Scientist Stanley B. Goldenberg of the Hurricane Research Division of NOAA. “Even doubling or tripling the amount of carbon dioxide will virtually have little impact, as water vapour and water condensed on particles as clouds dominate the worldwide scene and always will.” – . Geoffrey G. Duffy, a professor in the Department of Chemical and Materials Engineering of the University of Auckland, NZ. “After reading [uN IPCC chairman] Pachauri's asinine comment [comparing skeptics to] Flat Earthers, it's hard to remain quiet.” - Climate statistician Dr. William M. Briggs, who specializes in the statistics of forecast evaluation, serves on the American Meteorological Society's Probability and Statistics Committee and is an Associate Editor of Monthly Weather Review. “For how many years must the planet cool before we begin to understand that the planet is not warming? For how many years must cooling go on?" - Geologist Dr. David Gee the chairman of the science committee of the 2008 International Geological Congress who has authored 130 plus peer reviewed papers, and is currently at Uppsala University in Sweden. “Gore prompted me to start delving into the science again and I quickly found myself solidly in the skeptic camp…Climate models can at best be useful for explaining climate changes after the fact.” - Meteorologist Hajo Smit of Holland, who reversed his belief in man-made warming to become a skeptic, is a former member of the Dutch UN IPCC committee. “Many [scientists] are now searching for a way to back out quietly (from promoting warming fears), without having their professional careers ruined.” - Atmospheric physicist James A. Peden, formerly of the Space Research and Coordination Center in Pittsburgh. “Creating an ideology pegged to carbon dioxide is a dangerous nonsense…The present alarm on climate change is an instrument of social control, a pretext for major businesses and political battle. It became an ideology, which is concerning.” - Environmental Scientist Professor Delgado Domingos of Portugal, the founder of the Numerical Weather Forecast group, has more than 150 published articles. “CO2 emissions make absolutely no difference one way or another….Every scientist knows this, but it doesn’t pay to say so…Global warming, as a political vehicle, keeps Europeans in the driver’s seat and developing nations walking barefoot.” - Dr. Takeda Kunihiko, vice-chancellor of the Institute of Science and Technology Research at Chubu University in Japan. “The [global warming] scaremongering has its justification in the fact that it is something that generates funds.” - Award-winning Paleontologist Dr. Eduardo Tonni, of the Committee for Scientific Research in Buenos Aires and head of the Paleontology Department at the University of La Plata. # # In addition, the report will feature new peer-reviewed scientific studies and analyses refuting man-made warming fears and a heavy dose of inconvenient climate developments. (See Below: Study: Half of warming due to Sun! –Sea Levels Fail to Rise? - Warming Fears in 'Dustbin of History') http://epw.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=37283205-c4eb-4523-b1d3-c6e8faf14e84
  12. http://mentalfloss.com/article/72661/detroit-named-americas-first-unesco-design-city
  13. (Courtesy of the Financial Post) Congrats to the National Bank of Canada. Singapore supposedly like the new Switzerland.
  14. (Courtesy of the Financial Post) RBC is pulling out, yet BMO and TD are expanding. Lets see what happens.
  15. C'est un bon cas d'étude pour les écoles de gestion... via Bloomberg Target Will Abandon Canada After Racking Up Billions in Losses Target Corp. (TGT) will abandon its operations in Canada after less than two years, putting an end to a mismanaged expansion that racked up billions in losses. The Canadian business is seeking court approval to begin liquidation, the Minneapolis-based retailer said today in a statement. The move will lead to a $5.4 billion writedown. This is the first major strategic shift made under Chief Executive Officer Brian Cornell, who took over for Gregg Steinhafel last year. Steinhafel had seen Canada as burgeoning market for Target, the second-largest U.S. discount chain, because so many Canadians already knew the brand and would cross the border to shop at American stores. Fixing the Canada unit, which amassed more than $2 billion in operating losses since 2011, has been a top priority for Cornell. After taking the reins in August, he spent a portion of his early days at the company touring operations in Canada. The woes plaguing the company’s 130 stores there ranged from empty shelves to prices being higher than locations in the U.S. “We were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” Cornell said today. “This was a very difficult decision, but it was the right decision for our company.” Target announced its foray into Canada in 2011 with the purchase of 220 locations from Zellers Inc., a subsidiary of Hudson’s Bay Co., for about C$1.8 billion. The deal cemented the chain’s first expansion outside the U.S., where it had about 1,750 stores at the time. Target’s shares have rebounded since taking a hit following a data breach during the 2013 holiday season. The stock had gained 21 percent to $74.33 over the past 12 months through yesterday. To contact the reporter on this story: Matt Townsend in New York at [email protected]
  16. Mort Zuckerman Who: Real estate developer Mortimer B. Zuckerman is the chairman of Boston Properties, one of the largest real estate developers in the United States, and the owner of U.S. News & World Report and the New York Daily News. Backstory: The son of a Montreal tobacco and candy wholesaler who passed away when Zuckerman was 17, the future real estate mogul headed off to college at McGill at age 16, then moved to the U.S. in the late '50s to attend business school at Wharton and law school at Harvard. After briefly enrolling in a PhD program, he turned to real estate, taking a job at a Boston-based development firm called Cabot, Cabot & Forbes at a starting salary $8,750. Zuckerman soon became one of the firm's young stars; he proved himself to be a pretty brash operator a few years later when he struck out on his own and teamed up with Ed Linde to form Boston Properties: Zuckerman immediately filed suit against his former employer over his ownership interest in a property he developed and ended up collecting a $5 million, which he used to make some of his first real estate deals. In the early '70s, Zuckerman and Linde began developing office buildings on the outskirts of Boston; they later moved into Boston proper and expanded to other cities during the '80s. By the middle part of the decade, Boston Properties had assembled 50 properties in its portfolio, 10 million square feet of real estate in Washington, Boston, New York, and San Francisco. It was during the company's growth spurt that Zuckerman started making his first investments in media, acquiring a small local newspaper chain in New England in the mid-'70s, The Atlantic in 1980, and U.S. News & World Report four years later. He purchased the Daily News in 1992. Of note: Zuckerman continues to serve as chairman of Boston Properties, and today the publicly-traded real-estate investment trust controls more than 100 commercial properties across the country. In New York, Boston Property's portfolio includes 599 Lexington (where Zuckerman's own 18th floor office is located) and 7 Times Square, which was built in 2004. But while there's little question Zuckerman has been enormously successful in the real estate game, his media track record is mixed. The Daily News squeezes out a small profit, but its battle with the Post has been bloody and painful, and U.S. News has been losing money for years and never managed to close the gap with larger rivals like Time and Newsweek. Zuckerman did extraordinarily well with his purchase of Fast Company—he unloaded it at the height of the dotcom boom for $350 million—but other media forays haven't panned out. In 2003, Zuckerman put in a bid for New York, ultimately losing out to Bruce Wasserstein; his investment in Radar lost him a good sum of money; and more recently, his effort to purchase Newsday never came to fruition when Cablevision's Jim Dolan snagged it instead. Keeping score: Zuckerman is worth $2.8 billion according to Forbes. On the job: Zuckerman isn't the sort of developer who spends his days on construction sites wearing a hard hat. Owning media outlets generates the sort of political and social currency that gives him entrée to the Washington political establishment and lands him an occasional seat on Sunday morning political talk shows. And he actively exercises his political influence as the "editor-in-chief" of U.S. News and owner of the News. While he isn't exactly sitting at his desk proofreading copy, he has a hand in the editorial direction of the magazine, which, most recently, he's used to take a series of (often cheap) shots at President Obama. Grudge: With the Daily News and the Post at each other's throats, Zuckerman has been a bitter rival of Rupert Murdoch for years. The Daily News questions the Post's circulation numbers. The Post chides "the Daily Snooze" for every misspelling and factual error. The News refers to Page Six as "Page Fix." The Post questions the methodology used to generate U.S. News's college rankings. And on and on. (The one thing they don't do is go after each other personally. Several years ago, PR guru Howard Rubenstein negotiated a pact between the two moguls to keep their private lives out of their respective papers.) He also isn't a fan of Bernie Madoff. After the Ponzi schemer was busted in 2009, Zuckerman revealed his personal foundation lost $25 million that had been entrusted to Madoff. Pet causes: Zuckerman gives to a variety of medical causes and Jewish charitable groups. In 2006, he announced his largest gift yet when he handed a $100 million check to Memorial Sloan-Kettering. His connection to the institution is personal: His daughter, Abigail, suffered from a childhood cancer that was treated at MSK. Personal: A notorious bachelor—the Washington Post once described him as having "dated more women than Italy has had governments"—Zuckerman's been connected to Nora Ephron, Gloria Steinem, Arianna Huffington, Diane von Furstenberg, Patricia Duff, and Marisa Berenson. In 1996, he tied the knot with art curator Marla Prather. (Justice Stephen Breyer officiated.) In 1997, they had a daughter, Abigail, before separating in 2000 and divorcing in 2001. In December of 2008, Zuckerman had a second daughter named Renee Esther. The identity of the mother, though, was not announced. It's believed the child was conceived via a surrogate. Habitat: Zuckerman resides in a triplex penthouse apartment at 950 Fifth Avenue decorated with paintings by Picasso, Rothko, and Matisse and sculptures by Frank Stella. (His neighbor back in the day was disgraced Tyco CEO Dennis Kozlowski.) Zuckerman also has a four-acre spread on Lily Pond Lane in East Hampton and a home in Aspen. Zuckerman has a helicopter to ferry him to the Hamptons. For longer trips, he relies on a $60 million, 18-seat Gulfstream G550 or a $35 million Falcon 900 that seats 14 people. True story: A film director pal, Irwin Winkler, cast him in the 1999 film, At First Sight. The role? Billionaire mogul Zuckerman played a homeless man. -------------------------------------------------------------------------------- Vital Stats Full Name: Mortimer Benjamin Zuckerman Date of Birth: 06/04/1937 Place of Birth: High School: Undergrad: McGill University Graduate: McGill University Law School, Wharton, Harvard Law School Residence(s): Upper East Side, Aspen, CO East Hampton, NY Filed Under: Business, Media, Real Estate http://gawker.com/5646808/
  17. Canada ranks 2nd among 10 countries for cost competitiveness, says KPMG THE CANADIAN PRESS 03.29.2016 TORONTO - Accounting giant KPMG says Canada has proven to be second most competitive market in a comparison test of 10 leading industrial countries. In its report, KPMG says Canada lags only behind Mexico when it comes to how little businesses have to pay for labour, facilities, transportation and taxes. The report, which compared the competitiveness of a number of western countries along with Australia and Japan, found that a high U.S. dollar has helped Canada stay affordable despite rising office real estate costs and lower federal tax credits. When it comes to corporate income taxes, it found that Canada, the U.K. and the Netherlands had the lowest rates overall due to tax incentives to support high-tech and research and development. KPMG also looked at the competitiveness of more than 100 cities worldwide. It ranked Fredericton, N.B., as the most cost-effective city in Canada due to low labour costs and continued low costs for property leases. Montreal topped the list among 34 major cities in North America, followed by Toronto and Vancouver. The three Canadian cities beat out all U.S. cities. Although there have been concerns over the impact of a weakening loonie on the economy, having a low Canadian dollar has actually been "a driver in improving Canada's competitiveness and overall cost advantage," KPMG said. As a result, that has made it more attractive for businesses to set up shop north of the border than in the U.S., it said. http://www.montrealgazette.com/business/canada+ranks+among+countries+cost+competitiveness+says+kpmg/11817781/story.html
  18. Dana FlavelleBusiness Reporter Dana Flavelle Business Reporter There’s a bill before the U.S. Congress that would allow Americans to bring back $1,000 worth of Canadian goods duty-free after just a few hours of shopping across our border. Meanwhile, Canadians can’t bring back anything from the U.S. duty-free until they’ve been away for 24 hours. Even then the limit is $50. This protectionism is one of the reasons U.S. retailers who open up shop in Canada can charge higher prices here than in their home market, an economics professor says. “There are two reasons prices are higher in Canada,” said Ambarish Chandra, a professor with the University of Toronto’s Rotman School of Management. “It is more expensive. Retailers here have to pay higher taxes and have somewhat higher costs. But a larger part of it is because they can get away with it.” Canadians can complain all they like but unless they do more cross-border shopping, retailers here will charge whatever the market will bear, Chandra said. The same barriers exist online: Canadians are charged duty on items shipped across the border. The Consumers Association of Canada says it has lobbied Ottawa to raise the limits, noting the maximum exemption - $750 after a week-long stay - hasn’t changed in more than 15 years. But the consumer group says its efforts are always opposed by Canadian retailers. The Retail Council of Canada denies it has lobbied the government on this issue. “In an age when you can shop around the world, travellers’ exemptions would be the least of our concerns,” said council president and chief executive Diane Brisebois. “We have not had any conversations with the government about exemptions.” Ottawa doubled the exemption for 48-hour trips outside the country to $400 from $200 in 2007, but has no plans to make further changes at this time, said a spokesperson for federal Finance Minister Jim Flaherty. “We continually monitor the adequacies of the travellers’ exemption for Canadians. This includes taking into consideration the impact of any further modifications on the government’s budgetary balance and the impact on Canadian retailers,” the minister’s office said in a written statement. The U.S. currently allows $200 for same-day shopping. The issue of retail price parity arose again this week after some Canadian customers complained U.S. retailer J. Crew is charging higher prices in its new Canadian store and on its Canadian website than in its U.S. stores and on its U.S. website. The difference in the stores averages 15 per cent; the difference online is up to 40 per cent, once taxes and shipping are included. Canadians have been railing about price differences between the two countries ever since the Canadian dollar rose to parity with the U.S. greenback in 2007 after years in the doldrums. “It’s come to the fore again because the Canadian dollar is so strong and so many U.S. retailers are coming here,” said Lynn Bevan, a partner with the consulting firm RSM Richter in Toronto. Bevan said retailers who bring their operations north of the border face a slew of higher costs, from duty and freight to real estate and labour. Overhead costs in Canada are spread across fewer stores, and in some cases the Canadian business is separately owned and must pay royalty and other fees to the U.S. parent. “It’s not like Canadian retailers are making out like bandits,” she said. Prices were on average 20 per cent higher in Canada than in the U.S. on a broad range of goods from DVDs to luxury cars to golf balls, according to a survey last April by Doug Porter, deputy chief economist at BMO Capital Markets. The only times the price gap has closed in the past four years are when the Canadian dollar has dropped below the U.S. greenback, Porter said. http://www.thestar.com/business/article/1043928--canadians-need-higher-duty-free-limits-prof-says
  19. Arianna Huffington casts her Net ever wider. Arianna Huffington's life reads like a salacious Vanity Fair profile, the contradictions of her power splayed out on every glossy page, inviting controversy. She's a millionaire who built her Huffington Post online media empire - sold to AOL a year ago for $315 million - on the unpaid work of more than 9,000 bloggers, one of whom is now suing on their behalf for one-third of the value: $105 million. She was a conservative commentator in the 1990s who recycled herself as a freethinking independent (with strong liberal views) for the 21st century. She was married for a decade to a Republican congressman, Michael Huffington, who turned out to be bisexual and started campaigning for gay rights. Author of a dozen non-fiction books, she has been accused of plagiarizing passages for three of them (including biographies of Maria Callas and Pablo Picasso). Since last November, she's being sued by two consultants who say she stole the Huffington Post idea from them back in 2004 (it launched in 2005). What else? She's a woman who has come from far, has hobnobbed with the greats and is known by the company she keeps. A brief sketch of her career arc gives an idea of the distance travelled. Born in Greece (née Stasinopoúlou); educated in England (Cambridge University); longtime lover of the late British journalist Bernard Levin (who was twice her age and, for a spell, a fellow follower of the Indian mystic Rajneesh); a New Yorker since the early 1980s and U.S. citizen since 1990; political TV comedy writer in the 1990s who worked with Al Franken and Bill Maher; unsuccessful indie candidate for California governor in 2003; parent (with her ex, Michael) of two daughters, both now in their early 20s. These days, Huffington is in expansion mode, spreading her media brand - a blend of original reporting and aggregated news and opinion from websites all around the world - to Canada, Europe and beyond. With a staff of 200 employees and its thousands of bloggers, HuffingtonPost.com gets 35 million unique visitors a month, more than the New York Times. Huffington Post Canada, the service's first foreign edition, launched online last May and, with its staff of 20 and bloggers ranging from David Suzuki to Conrad Black, has a monthly audience of more than 1.8 million. A British edition launched last July, Le Huffington Post launched in France last week, Le Huffington Post Québec launches Wednesday, a Spanish edition will begin the third week of March and an Italian one in April. There are also negotiations to start three other foreign editions this year, in Germany, Brazil and Turkey. Huffington, 61, will be in Montreal Wednesday for the launch of the French-language service here. And, true to form, she'll arrive amid a bit of controversy. As The Gazette reported this week, about a dozen Quebec luminaries - politicians like Louise Harel and Pierre Curzi, intellectuals like Normand Baillargeon, environmental activists like Steven Guilbeault - had been lined up to blog for Huffington Québec but have now withdrawn their offers to write for free. Some said they were too busy, but the reason most gave was that they preferred to be paid for their work. When I caught up with her a week ago after the launch in France, Huffington was in a typically upbeat mood, deflecting criticism in her distinctive Greek accent and nasally voice that boomed down her BlackBerry line from Davos, Switzerland. She was attending a supper of the Schwab Foundation for Social Entrepreneurship on the eve of the annual meeting of global leaders at the World Economic Forum. I began by asking Huffington what she plans for the new Quebec site. How will Huffington Post Québec be different from Huffington Post Canada or Huffington Post in France? Every different province or country will be rooted in the culture of the province or country, edited by local journalists. Of course, we are going to be able to leverage the French site and translate stories that are of local interest, like the U.S. election, and lifestyle stories that are more universal. We now have 50 sections in the U.S. and whether it is in style or women or books or parenting, the whole point of the site is very much to embrace the country or the province - in this case, embracing Quebec and the Québécois and what they love. And what do the Québécois love? Do you know? There's isn't just one thing - it's a very varied community. Am I right about that? Yes, but we have certain preoccupations here that are different from the rest of Canada's. Yes, of course, and the Québécois want to read about their own politicians, which is why among the many bloggers we've recruited there's Pierre Curzi (note: who in fact has since bowed out), Yves-François Blanchet, Jamie Nichols, actors like Charlotte Laurier, Évelyne de la Chenelière (note: who has also bowed out), Micheline Lanctôt, musicians. So you know, part of it is hearing from their own people and part of it is addressing their own preoccupations. You're travelling a lot these days? I am, but I think it's worth it. This is the year for us to grow internationally and it's really exciting to be in each country as we launch. We've launched Canada, which is doing incredibly well; we're launching in the U.K., then there's Spain in maybe the third week of March, then Italy in April. We're still talking with Germany, Turkey and Brazil - we don't have finalized partnerships there, but we are in conversations. Tell me about the HuffPost business model - as an aggregator and also producer of original content, including nonpaid bloggers - and what that means for journalism in the 21st century. Well, first of all, the Huffington Post is now both a journalistic enterprise and a platform. You know, we started by doing a lot more aggregating, but now we have almost 400 professional full-time journalists - reporting, breaking stories. We are here, for example (in Davos), with our executive business editor (Peter S. Goodman), who has done some of the best coverage in the States around poverty and how this is impacting the Republican primaries; when we had our political reporter covering the primaries in South Carolina, (Goodman) was covering what was happening with the issue of downward mobility there, which has been one of the issues that hasn't been adequately covered, the fate of the middle class. So what I'm saying is that we don't just do the conventional reporting that we have to do, the bread and butter, covering what everybody's covering, like the State of the Union, or in the case of Quebec, I'm sure covering the Plan Nord, the plan to exploit natural resources in northern Quebec. Whatever the Arianna Huffington issues of the moment are, we'll have to cover them obsessively, because they're of tremendous interest. But we'll need to go to the big issues, and stay on them, and basically generate interest in them. That's what we've done with series like Beyond the Battlefield, which covers the state of the returning vets from the wars in Afghanistan and Iraq. So my point is that to describe the Huffington Post as just an aggregator now is just behind the times. You plan to have seven employees in Quebec. Will that grow over time? Of course. You know, when we launched the Huffington Post (U.S.) in May 2005, we had five staff. So the whole goal is to start small and grow, become profitable and attract advertising. In our case, that doesn't just mean advertising based on CPMs (cost per mile, or 1,000 visitors), but sponsorships, like an entire section we have now with Johnson & Johnson on global motherhood, and sponsorship of a good-news section, and sponsorship of a video series on social responsibility and, since the launch in France, sponsorships by L'Oréal and Orange. It's a different model. Our content is free, we don't have any plans to charge for anything, but the advertising that we bring in now moves way beyond the usual CPM model. How do you avoid the two coming too close together: sponsorship and what you're actually covering? Well, obviously that is very important and the key here is transparency. If we have a section that is sponsored, it transparently says so; there is no mixing up of the content, so no one is left in any doubt as to whether the section is sponsored or not. Tell me about yourself. Did you ever imagine you'd be flying around the world as a journalism executive? You mean when I was growing up in Athens, did I ever think one day I would become a blogger and that one day the Huffington Post would grow and make more babies around the world? No, I don't think so. Don't forget, I was pretty old when we launched the Huffington Post; I had already written a dozen books; I was 55 and now I'm 61. It shows that it's never too late to get involved with the Internet - or any start-up. What electronic devices do you use? I'm a BlackBerry addict. At the moment I have four BlackBerrys in front of me, because I have one for every provider for where I travel. I'm calling you on one. And of course, I have an iPad. But the one I really depend on is my BlackBerry. I have to send you a piece I wrote on the time I lost my BlackBerry in the Mediterranean. It fell into the sea. You just launched in France. How did the appointment of editorial director Anne Sinclair (ex-TF1 TV news host and wife of disgraced ex-International Monetary Fund managing director Dominique Strauss-Kahn) go over with the media there? Oh, actually, amazing. We were all surprised by how positive the reception was at the press conference, where there were 260 journalists and two dozen cameras and television cameras. She's a professional journalist with tremendous cachet in France, and she herself had developed the business strategy of TF1 when she was there in the 1990s, and then had her own blog during the 2008 presidential race. Beyond that, I think there was something else that we were surprised by: If you go to her Facebook page in France, there are all these dozens of women who, even before we launched, came on her page and went (apropos of the DSK scandal): "Go, Anne, it makes it easier for us to get up after an ordeal and get back into the arena." Very often, especially for women, after a setback or a defeat or whatever it is, we want to hide ourselves under the covers. She instead has entered the arena again and been passionate and incredibly dedicated to learning everything and being involved in every aspect of the launch. You seem to have a knack for finding high-profile people to work for you. Is that part of the secret of your success? Well, we have high-profile people and we have thousands of people nobody had heard of before. And that's another thing that I love: being able to provide a platform to people who may already have their own blogs but who can cross paths with us and amplify their voices. A lot of the blogs we have in France now are people like Catherine Cerisey, who's tracking her own struggle with breast cancer, and suddenly this is getting all this traffic that is attracting attention to her own story. Arianna Huffington will launch Le Huffington Post Québec with a news conference Wednesday at 9:30 a.m. at the Gault Hotel in Old Montreal; she'll be joined by her Quebec editor, Patrick White, and two top executives of parent company AOL Canada. From noon to 2 p.m., she'll attend a luncheon at the Fairmount Queen Elizabeth Hotel and speak on How Social Media Are Transforming the World; the event is organized by CORIM (Montreal Council on Foreign Relations); tickets start at $75 and advance registration is required; for more details, visit http://www.corim.qc.ca. A WINDOW ON LE HUFFINGTON POST QUÉBEC Owned by: AOL Huffington Post Media Group Language: French Headquarters (until April): 24th floor of 1000 de la Gauchetière St., Montreal Editor: Patrick White Staff: 7 Freelancers: 15 Bloggers: 120 Some who will blog for free: Charlotte Laurier, Claude Carignan, Louis Bernard. Some who decided not to blog: Louise Harel, Jean Barbe, Évelyne de la Chenelière Launch date: Wednesday Expected audience: 200,000 unique visitors per month Percentage of Quebecers who have never heard of Huffington Post: 82 (November 2011 poll) Sources: Huffington Post, The Gazette Read more: http://www.montrealgazette.com/news/Arianna+Huffington+casts+ever+wider/6101339/story.html#ixzz1lQYt06nG
  20. Discard your stereotypes: people in the U.S. own fewer passenger vehicles on average than in almost all other developed nations. Americans love cars. We pioneered their mass production, designed iconic autos from the Model T to the Deville to the Corvette, and are a major exporter as well as importer. It's practically a part of the American national identity. But it turns out, according to a new paper from the Carnegie Endowment for International Peace on worldwide car usage, that American per capita car ownership rates are actually among the lowest in the developed world. The U.S. is ranked 25th in world by number of passenger cars per person, just above Ireland and just below Bahrain. There are 439 cars here for every thousand Americans, meaning a little more than two people for every car. That number is higher in nearly all of Western Europe -- the U.K., Germany, France, Spain, Italy, Belgium, etc. -- as well as in Japan, Australia, and New Zealand. It's higher in crisis-wracked Iceland and Greece. Italians and New Zealanders have nearly 50 percent more cars per capita than does the U.S. The highest rate in the world is casino-riddled Mediterranean city-state Monaco, with 771 cars per thousand citizens. America actually starts to look unusually auto-poor when cars per capita is charted against household consumption per capita, which the Carnegie paper explains are two typically correlated variables. That is, countries where household spend more money on average tend to also own more cars. The countries on the right side of the line are where people own fewer cars than you might expect. The developed countries on that side of the graph include the super-dense Asian city states (Macao, Singapore, Hong Kong) where car ownership is tightly regulated to keep traffic down, and the United States. The countries far to the left of the line own more cars than expected: car-crazy Italy, for example, and sparsely populated Iceland. I found this really surprising -- I'd always associated the U.S. closely with car culture, an impression anecdotally enforced by my interactions with non-Americans. So what explains the American outlier? The Carnegie paper explains that car ownership rates are closely tied to the size of the middle class. In fact, the paper actually measures car ownership rates for the specific purpose of using that number to predict middle class size. Comparing the middle class across countries can be extraordinarily difficult; someone who counts as middle class in one country could be poor or rich in another. Americans are buying fewer cars -- is it possible that this is another sign of a declining American middle class? Even if Americans are on average richer than Europeans, after all, U.S. income inequality is also much higher. According to the Carnegie paper, about 9.6 of Americans' cars are luxury cars, an unusually high number; but it unhelpfully defines "luxury" as "Audi, BMW, Mercedes-Benz, and Lexus" (no Cadillacs?), which may help to explain why Germany's "luxury car" rate is 26.6 percent. Still, it's also possible that the answer has less to do with Americans adhering to Carnegie's thesis about car ownership predicting middle class size and more to do with other, particularly American factors. Young Americans are spending less of their money on cars, as Jordan Weissmann explained, as they get driver's licences at lower rates and spend more of their money on, say, high-tech smart phones. Amazingly, Americans still manage to suck up far, far more energy per person than do the people in those Western European nations with so many more cars per capita. Our oil usage per capita is about twice what it is in Western Europe, and here's our overall energy usage: Whatever the reason for America's comparatively low car ownership rate, it may be time to update our stereotypes. The most car-obsessed place in the world isn't the nation of Detroit and Ford and Cadillac. It's Western Europe, the land of Peugeot and Smart Cars and Ferrari, where cars are most common. L'article avec les graphiques mentionnés plus haut: http://www.theatlantic.com/international/archive/2012/08/its-official-western-europeans-have-more-cars-per-person-than-americans/261108/ L'étude: http://www.carnegieendowment.org/2012/07/23/in-search-of-global-middle-class-new-index/cyo2