Sad Ending As Jewelry Mega Chain Ben Moss Closes Door Across The Country

After more than a century in business, Winnipeg-based jewelry chain Ben Moss Jewellers is closing its doors.

Going-out-of-business sales were announced at all 54 Ben Moss locations in Canada in a news release from Gordon Brothers Group on Friday. The sales began on Saturday.

In May the company announced that it was restructuring its operations after receiving creditor protection. Liquidation sales have already begun at 11 underperforming stores across the country.

Car Sharing Hits Canadian Market

Turo peer-to-peer car rentals expand Canada's sharing economy. Canadians can now rent their personal vehicle to others through a U.S. company that has just launched in this country.

"We're actually the first company to bring the benefits of peer-to-peer car rental to Canada." says Cedric Mathieu, director at Turo Canada. "It's an entirely new way for you to start making money out of your car."

How it works? Turo, based in San Francisco, offers a service that is similar to AirBnB, but for vehicles.  Through Turo's app or on its website, owners can list their vehicles for rent by the day, week or month, earning money from what is often an under-utilized, depreciating asset.

100 Up: Twitter to expand tweets from 140 characters to 10,000

Twitter's most beloved features is set to change. The company is planning to extend its 140-character limit to as many as 10,000, according to a person familiar with the matter. Twitter’s fans were quick to complain that such a change, expected to be announced by the end of March, would spoil the brevity and speed of the real-time service.
The character limit that forces users to pen snappy tweets could give way to the longer essays found on Facebook. It could transform Twitter into more of a public blogging platform rather than one that is succinct and well-suited to quips and breaking news headlines.

This person said, however, that Twitter Inc. is aiming to retain the look and feel of the user timeline. For tweets that are longer than 140 characters, users will have to click and expand to see the rest of the text. As users write beyond the 140-character limit, Twitter will signal to them that they have crossed the threshold as a way to encourage brevity.

World Oil Prices Rise On Saudi Arabia's King Abdullah's Death

By Jonathan Fahey And Youkyung Lee, The Associated Press
Oil prices rose on news of the death of Saudi Arabia's powerful King Abdullah, but the increase is likely to be short-lived without a cut in the kingdom's immense crude production.

The benchmark U.S. crude futures contract was up 71 cents to $47.02 a barrel at 0725 GMT on Friday. Brent crude, an international benchmark, was up 92 cents to $49.42 a barrel.

The small rise reflects added uncertainty about Saudi oil policy because the country's new absolute monarch, Abdullah's 79-year-old half brother Prince Salman, is in poor health.

"It is necessary to stay watchful about Saudi politics," said Oh Jeong-seok, head of commodity markets at state-run Korea Center for International Finance. "As he is nearly 80 years old and his health isn't in good condition, that itself is uncertain. The price of oil goes up when there is an uncertainty."

Chinese sales reps who missed targets forced to kneel on public bridge and chant 'We are sorry'

Yahoo UK - Shamed: The sales reps for the unknown company are made to apologize.

Yahoo!

For most sales people, failing to beat their targets might mean a private dressing down from the boss or missing out on a bonus.

But these shamed execs in China were publicly humiliated for missing their targets – by being forced to kneel on a bridge and chant how sorry they were.

Pedestrians who were using a busy crossover in the city of Xiamen, the capital of south-eastern China’s Fujian Province, were stunned to see the men and women in suits on their knees with messages in front of them detailing their name, age, and exactly what it was that they had done to bring such shame on themselves.

One, named as Zhen Liu, 43, had the handwritten message on the ground in front of him saying: "I failed to beat my sales targets."

Game of Trade: Canada fights back in Buy America feud

Canadian and American flags fly in Point Roberts, Wash. (Darryl Dyck/The Canadian Press)

Ottawa has invoked a rarely used anti-sanctions law after Alaska refused to void Buy America purchasing rules in the rebuilding of a B.C. ferry terminal.

The Canadian government signed an order Monday under the Foreign Extraterritorial Measures Act, barring companies from complying with the requirement that only U.S. steel be used on the project in Prince Rupert, B.C., Trade Minister Ed Fast said.

The Foreign Extraterritorial Measures Act, a federal anti-sanctions law, has been used only once, in 1992, to counter the U.S. trade embargo on Cuba.

The law gives the federal Attorney General the power to issue orders, making it illegal for bidders on the project to comply with the Buy America rules.

Read full on globeandmail

Y! Editorial Cartoon On Target Canada Uneventful Closure

Yahoo Canada News editorial cartoons 

Japan 'Made in China' Labels Dropped To Boost Sales

BBC
Chinese manufacturers have stopped using "made in China" labels on clothes sold in Japan in an effort to improve sales, it's reported.

The move is an attempt to overcome perceptions that Chinese-made clothes are poor quality, the South China Morning Post website reports. Instead, clothes are being labelled "made in PRC" - the People's Republic of China - because many Japanese customers don't know what the acronym stands for, the website says. Japan's Consumer Affairs Agency says despite the term being lost in translation, there's nothing to stop Chinese companies from changing their labels.

China Mobile Phone Maker Xiaomi is Now Worth More Than Uber

Laura Lorenzetti / Fortune
Xiaomi, the Chinese maker of affordable smartphones, is now worth more than $45 billion after raising over $1 billion in its latest round of funding. That makes it one of the most valuable tech startups in the world, surpassing Uber’s $41 billion valuation.

The investment round is expected to close as early as Monday and is led by All-Stars Investment, a fund run by former Morgan Stanley analyst Richard Ji, Thee Wall Street Journal reported. Other big name investors are also getting in on the deal, including Alibaba Group Executive Chairman Jack Ma and Singapore sovereign-wealth fund GIC.

Following Xiaomi’s most recent funding round in August 2013, the smartphone maker was valued at $10 billion.

Canada sanctions on Russian oil industry

Canada announced new sanctions against Russia on Friday, including additional restrictions on the export of technology used in the oil and gas industry.

Foreign Minister John Baird also said sanctions were being applied on a number of individuals in Russia and Ukraine, due to Russia's actions in Ukraine.

"Doing nothing is not an option," Baird told a news conference.

Toronto Stock Exchange Has Best Week in 3yrs

The TSX closed off its best week in three years on Friday, closing the day up 121.51 points, at 14,468.26. | CP

The Canadian Press reports:

TORONTO -- The Toronto stock market closed sharply higher Friday, adding to a string of solid gains as investors continue to buy up stocks oversold in the course of a fall sell-off.

The S&P/TSX composite index finished the day up 121.51 points at 14,468.26.

The major corporate story of the day was BlackBerry (TSX:BB) as the smartphone maker's revenue fell short of estimates even as the company posted a profit of one cent a share after adjustments, beating expectations of an adjust loss of five cents a share.

Tim Hortons shareholders approve Burger King takeover

 Alexandra PosadzkiThe Canadian Press
Tim Hortons Inc. (TSX:THI) is ready to pursue its global expansion, chief executive Marc Caira said Tuesday as shareholders voted to approve a takeover of the company by Burger King.

“I believe we are well positioned, following this transaction, to take Tim Hortons’ brand experience around the world,” Caira said at the company’s special meeting of shareholders.

“Tim Hortons deserves to go around the world. We must share this Tim Hortons experience with the rest of the world.”

The shareholder vote followed approval of the deal by Ottawa after a review under the Investment Canada Act last week and by the Competition Bureau in October.

Canada Brace Up! Tim Hortons to hike prices on selected menus

David Friend, The Canadian Press

Your morning stop at Tim Hortons is about to get a bit more expensive.

The restaurant chain says it plans to raise prices for both coffee and breakfast sandwiches at its Canadian locations starting next Wednesday.

A cup of coffee will go up by 10 cents, on average, though the change will vary by region, and the price of a breakfast sandwich will also rise in all provinces except Ontario.

"We have been able to hold our pricing stable since spring of 2011, however due to rising operational costs there will be a moderate increase," spokeswoman Michelle Robichaud said in an email.

The cost of breakfast sandwiches, like bacon and egg on an English muffin and the turkey sausage sandwich, will go up 10 cents to $2.99 before tax.

Toronto stock market tumbles as investors bailout of banks and energy

CBC News

The Toronto stock market tumbled nearly two per cent in a broad sell-off that hit financial and energy stocks particularly hard.

The S&P/TSX composite index pulled back 284.11 points or 1.93 per cent to close at 14,469.95.Energy stocks dropped 4.1 per cent as the January crude oil contract on the New York Mercantile Exchange fell 67 cents to $66.76 US.

Oil was hammered by news that Saudi Arabia had reduced January prices to U.S. and Asian customers and was anticipating oil prices could go as low as $60 a barrel.

Financial stocks fell after TD Bank released a disappointing earnings report. TD Bank earnings were up three per cent to 98 cents a share, but investors had anticipated $1.05 a share.

The bank also said it was anticipating slow growth in 2015.

Masterchef Canada Judge And Winner To Open Restaurant In Toronto

Tony Wong| Star
Toronto’s upscale Asian food wars are about to heat up. From TV show to real business. It wasn't long ago that "MasterChef Canada's" Alvin Leung was judging eventual winner Eric Chong in the heat of the kitchen.

Now, the two are preparing to open R&D, a restaurant to be located on Spadina Avenue, near Toronto's Chinatown, next year, The Toronto Star reported.

Leung told the Star that food at R&D, which stands for "Rebel and Demon," would be Asian and Chinese-inspired, with some influence from Canada and the popular cooking competition.

But he held off calling it "fusion."

"I don't like the term. It's a little trendy. But the food will certainly be Asian-based and reference Canada and have 'MasterChef' influences," Leung said.

Chong, 22, won $100,000 in the first season of "Masterchef Canada" last April, defeating fellow contestant Marida Mohammed with dishes such as lobster on egg noodles and a dessert of Asian banana split, which had red bean and green tea ice creams with banana tempura.

He went on to work at Toronto's Buca restaurant and at Bo Innovation, Leung's three-Michelin-star eatery in Hong Kong.

It's not yet certain precisely where the restaurant will open, but Toronto Life wondered if it might appear in a location near Grange Avenue, where Strada 241 closed over the summer.

Chinese communication company in talks to buy Canada's Cossette

A view of Cossette Inc. offices in Quebec City, Nov. 10, 2009. (MATHIEU BELANGER/REUTERS)

SUSAN KRASHINSKY AND NATHAN VANDERKLIPPE | Globe and Mail
A Chinese communications company is in talks to buy a legendary Canadian ad agency, according to sources.

Beijing-based BlueFocus Communications Group is in talks to acquire assets from ad agency Cossette’s parent company, Quebec City-based Vision7 International, according to sources.

Rumours surfaced recently that BlueFocus, which has recently embarked on a strategy to expand its presence in North America and Europe, was close to a deal involving the Canadian company, which went private in 2009 with the backing of Connecticut-based private equity firm Mill Road Capital LP.

“They’re looking very closely at Cossette,” said Greg Paull, principal at marketing consultancy R3 Worldwide, which is based in China and has been advising BlueFocus on acquisition targets. BlueFocus has a track record working with multinational clients in China including Procter & Gamble Co. and Coca-Cola Co.

Mitsubishi Fined $315m For Improper Transactions

A pedestrian walks past signboards of Bank of Tokyo-Mitsubishi UFJ (R) and Mizuho Bank in Tokyo May 14, 2014. CREDIT: REUTERS/YUYA SHINO

KAREN FREIFELD | Reuters
Bank of Tokyo-Mitsubishi UFJ has agreed to pay $315 million to New York's banking regulator for submitting a whitewashed report about its improper handling of transactions involving countries subject to U.S. sanctions, the regulator said on Tuesday.

The report formed the basis for a $250 million settlement the bank reached last year with New York's Department of Financial Services (DFS) for stripping information from wires that would have helped authorities police transactions involving Iran, Burma and Myanmar from 2002 to 2007.

The bank "misled" the department in reaching the 2013 settlement, with key information deleted from a supposedly objective report, according to a consent order signed Tuesday by DFS superintendent Benjamin Lawsky and bank president Nobuyuki Hirano.

Google becomes first to rent world biggest digital billboard in Times Square

Google has become the first company to rent to the world's largest and most expensive digital billboard in Times Square, New York.

The billboard is eight storeys high and is estimated to cost $2.5m (£1.6m) to hire for four weeks.

The screen, which is the size of a football field, is mounted on the side of the Marriot Marquis hotel.

Around 300,000 pedestrians are estimated to pass by the billboard every day.

Times Square's brightly-lit billboards are some of the most iconic and well-known outdoor advertising spaces.

The City of Toronto To Shut Down Uber

UberX driver Regan Rucker drives to a customer home, April 4, 2014, in Washington, DC. The City of Toronto is seeking a court injunction against Uber, saying the unlicensed company is jeopardizing public safety. | The Washington Post via Getty Images

 
The City of Toronto is seeking a court injunction against a U.S.-based alternative taxi service, saying the unlicensed company, which has sparked controversy in several U.S. and Canadian cities, is jeopardizing public safety.

The city's notice of application — filed with the Superior Court of Justice in Ontario — requests that Uber Canada Inc. cease all operations in Toronto.

Uber uses a smartphone app to connect drivers who have no taxi licence with passengers needing a ride, prompting taxi companies to complain it is unfairly taking away their business.

An executive with the city's municipal licensing and standards says the company has been operating in Toronto since September 2012 without a proper taxi brokerage or limousine licence.

Sears Canada Revenues Continue To Dissipate

 

David Friend- Sears Canada Inc. racked up another quarterly loss, more than doubling its loss a year ago, as the department store continued to face challenges in the effort to turnaround its business.

After widespread job cuts and numerous store closures, the retailer posted a $118.7-million net loss as both revenue and the industry barometer of same-store sales fell.

The loss amounted to $1.16 per share for the 13 weeks ended Nov. 1, compared to a loss of $48.8 million or 48 cents per share in the comparable period last year.

Sears Canada's revenue for the quarter dropped 15 per cent to $834.5 million, from $982.3 million a year earlier, partly as a result of store closures. Sales at locations open for at least a year fell 9.5 per cent.

The lumbering effort to improve Sears Canada's books has been playing out for several years, under numerous leaders, with little improvement.

It was the first quarterly financial report since Ronald Boire stepped in as acting chief executive last month, replacing Douglas Campbell who left the role and returned to the United States for what the company said were "personal family issues."