Toronto Becomes Top Contender for Amazon HQ2

Toronto is the only Canadian city on Amazon Inc.'s short list of 20 candidates for a second North American headquarters.

The e-commerce giant received 238 applications for the opportunity and says narrowing it down to 20 was very tough.

The other 19 locations it will consider are all in the U.S. and include New York City, Chicago, Los Angeles, Denver and Nashville.

Amazon says it plans to choose the location later this year after diving deeper into the proposals from its top cities.

An Amazon spokesperson says the process taught the company about several new communities across North America that it will consider as locations for future infrastructure investment and job creation.

The company plans to invest more than $5 billion into the forthcoming headquarters and hire 50,000 highly paid employees in the city housing it.

Dollarama, the Most Successful Retailer In Canada

Most would agree that Dollarama Inc currently takes the crown as being the most successful retailer in the country. And while the market has been firing on all cylinders for the past few years, talk of a slowdown and correction doesn’t seem to be a concern for Dollarama. Dollarama provided the latest quarterly update this week which showed the strength of the company and the opportunity the market still has for Dollarama to expand even further.

For the fourth quarter of fiscal 2017, Dollarama reported net earnings of $146.1 million, or $1.23 per diluted common share, representing an impressive increase over the $124.8 million, or $1.00 per diluted common share, in the same quarter last year. Dollarama reported sales of $854.5 million in the quarter — an increase of 11.5% over the same quarter last year. Comparable same-store sales increased by 5.8% for the quarter — over and above the 7.9% growth registered in the previous year. EBITDA grew by 19.1%, coming in at $226.2 million, representing 26.5% of sales.

Dollarama also announced a 10% increase to the quarterly dividend, which will now pay $0.11 per common share. Even with the latest increase, the stock is unlikely to be seen as a great income-producing investment, as the yield is far below 1%.

Read more 

Disruptive Mega Deals As Former Game Changer Yahoo!

Yahoo was once regarded as the “King of the Internet”, worth $125 billion in its time the way Facebook or Google are today. Now it’s being sold to Verizon for comparatively chump change.

This morning, Verizon announced the end of the long process of acquiring Yahoo’s core business for just under $4.8 billion. This transaction ends the independence of one of Silicon Valley’s most iconic pioneering companies. Yahoo’s seventh and final CEO, Marissa Mayer, will reportedly depart with severance pay worth more than $50 million.

The sale will unite Yahoo with AOL, the first web portal Verizon bought last year for $4.4 billion. The United States’ largest wireless provider is betting nearly $10 billion that combining the two formerly dominant websites will give it an edge in mobile content and advertising technology it can leverage across its more than 140 million subscribers.

Microsoft Edge takes on Chrome, Opera and Firefox with claims of 53% Longer Battery Life

Microsoft has unveiled experiments to show that a PC running Microsoft Edge lasts 70% longer than Chrome, 43% longer than Firefox Firefox, and 17% longer than Opera (with Battery Saver enabled).

In a new blog post, the Platform team director Jason Weber explained how Edge can help save your computer or tablet battery.

We designed Microsoft Edge from the ground up to prioritize power efficiency and deliver more battery life, without any special battery saving mode or changes to the default settings… Our testing and data show that you can simply browse longer with Microsoft Edge than with Chrome, Firefox, or Opera on Windows 10 devices.

They also made a video showing where  they performed three separate tests and Microsoft compared Edge with the other three leading internet browsers: Chrome, Firefox and Opera. One of tests they carried out was a time-lapse videos of all four browsers performing the same tasks at once.

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.

Bell Canada faces $750M lawsuit over allegedly selling customer data

A lawsuit seeks $750 million in damages for breach of privacy, breach of contract and breach of the Telecommunications Act. (CBC File Photo)

The Canadian Press
A $750-million national class-action lawsuit has been filed against Bell Canada over alleged breaches of privacy arising from its recently discontinued target ads program.

The suit against subsidiaries of Bell  alleges that the defendants used the program to track, collect and sell the sensitive account and internet browsing information of their customers to advertisers.

It seeks $750 million in damages for breach of privacy, breach of contract and breach of the Telecommunications Act.

Businessnews! Target Canada owes more than $5B to creditors

Shoppers enter a Target store in Toronto on Thursday, Jan. 15, 2015. CP

Torstar News Service
Target Canada owes money to nearly 1,800 businesses around the world, from India to Shanghai and Brampton to Winnipeg.

The list runs 44 typed pages. It includes 3greenmoms, makers of eco-friendly sandwich bags in Potomac, MD ($3,751); 20th Century Fox Home Entertainment in Toronto ($3.7 million) and the Banhat Rattan Bamboo Co-operative in Ho Chi Minh City ($1,596).

It owes $1,926 to the Retail Council of Canada and $433,248 to Roots Canada Ltd. Roots was behind the popular Beaver Canoe line of goods tailor-made for Target Canada.

It owes Revenue Quebec $6.529 million. It owes more than $12 million to the Canada Revenue Agency.

“Did I see this coming? No,” said Jennifer Carlson, founder, Baby Gourmet Foods Inc., an Edmonton-based company owed $62,701.

Blessing In Disguise: Target Canada Exit Leaves $2billion Of Sales For Grabs

Target Canada can't wait to meet its neighbours and is hoping the feeling is mutual but at last it was an uneventful exit

The impending departure of U.S. discounter Target Corp. from Canada sets the stage for a new retail era in which top players could emerge stronger while weaker ones lose more ground.

Target’s abrupt decision on Thursday to quit Canada after less than two years will bring short-term pain for rivals as the chain prepares to liquidate inventory at its 133 stores – a boon for consumers that increases pressure on competitors.

Business Canada: How ‘arrogance’ led to Target’s failure

Hundreds of shoppers wait for the opening of the new Target store in in Guelph, Ont. on Tuesday March 5, 2013. Dave Chidley CP

Torstar News Service
Target Corp. never understood the Canadian marketplace, according to experts reacting to the announcement on Thursday that the discount retailer will close all 133 of its stores in Canada in the next five months, leaving 17,600 people jobless.

“They underestimated the Canadian competition,” said Jamie Tate, of Tate Economic Research Inc., a Toronto firm that has worked with Canadian Tire Corp. and Walmart Canada.

“You might even want to call it arrogance.”

The Minneapolis-based Target began opening stores in Canada in March 2013, and the first ones were swarmed by shoppers who wanted to see what the vaunted chain had to offer.

But Target couldn’t keep the shelves stocked, couldn’t offer the same products it sold at stores in the U.S. and couldn’t match U.S. prices.

Thumbsup! Sears offering job, discounts to workers affected by Target exit from Canada

The Canadian Press 
Sears Canada is reaching out to workers affected by the exit of American retailer Target from the Canadian market.

Target announced on Thursday that it will close 133 stores across the country by early June, with 17,600 employees losing their jobs.

Sears says it's extending a special offer to Target Canada employees and is encouraging those interested in job opportunities at Sears to visit its website.

Beginning early next week, Sears says the site will publish information on special events regarding career opportunities such as local job fairs across Canada.

In a statement on Friday, Sears says there will also be an open invitation to Target Canada head office employees for a meet-and-greet with Sears executives and human resources experts on Jan. 21 in Toronto.

The retailer also says it will offer affected Target Canada employees the Sears Canada employee discount for a period of 16 weeks, beginning on Jan. 21.

List of retailers that have closed Canadian stores

 A Smart Set store is shown in Laval, Que., Tuesday, Nov.25, 2014. Smart Set is among the retailers that have recently closed or are closing shop in Canada. THE CANADIAN PRESS/Ryan Remiorz 

 The Canadian Press

 A list of retailers that have recently closed or are closing shop in Canada:

Sony Corp.

• Japanese electronics company is closing all 14 retail stores in Canada over the next six to eight weeks
• Closures will result in 90 layoffs
• Currently has stores in Montreal, Ottawa, Quebec City, Vancouver, Toronto and Alberta

Mexx Canada

• Dutch-based retailer declared bankruptcy in December 2014
• Liquidating 95 stores in Canada by the end of February
• Mexx has 315 stores around the world

Smart Set

• Parent company Reitmans (TSX:RET.A) announced in November 2014 that it would close 107 Smart Set stores
• Will convert 76 locations into other banners, including Reitmans, Penningtons, Addition Elle, RW&Co. and Thyme Maternity

Surprise reactions, indifference greet Target Canada closures

A family arrives to shop at a Target store in Toronto on Thursday, January 15, 2015. CP

 Liam Casey The Canadian Press
Some Toronto area shoppers expressed surprise and dismay Thursday upon hearing that department store chain Target was shutting all its stores in Canada, but others said the writing was on the wall.

At one quiet east-end store, some said the pending closure seemed premature given the company’s entry into the Canadian market less than two years ago.

“It’s unfortunate. They really haven’t even given it a chance yet,” Lisa Kirch said. “I don’t know where anybody is supposed to go to shop.”

Kirch said she had only recently moved all her prescriptions to the store and would now have to transfer them elsewhere.

Ikea Canada recalls 64,000 crib mattresses because of safety risk

Torstar News Service
Ikea Canada is recalling nearly 64,000 crib mattresses because of the risk of infants getting pinned by a gap between the mattress and crib, the company says.

The voluntary recall comes after the Swedish furniture company received 10 reports of “a potential gap” between the Vyssa mattress and the crib. Health Canada says it has received one report of a problem from a consumer.

The gap between that specific type of mattress and the crib can be more than three centimetres and create the safety hazard for infants, the company says. If customers measure the gap without any bedding on the mattress and find it more than three centimetres, they should stop using the mattress and return it to any Ikea store.

Stock of BlackBerry soar on report of possible takeover by Samsung

A BlackBerry Z10 is shown during the launch of the company's new smartphones in Toronto on Wednesday, Jan. 30, 2013. CP

The Canadian Press
Shares of BlackBerry Ltd. (TSX:BB) spiked nearly 30 per cent Wednesday following a report that smartphone maker Samsung Electronics Co. Ltd. has offered to buy the Canadian company for as much as US$7.5 billion.

Reuters news agency says Samsung proposed a range of US$13.35 to US$15.49 per share in its initial approach, a premium of 38 to 60 per cent over the company’s stock price before the report emerged.

The report cites both an unnamed source familiar with the offer as well as related documents.

BlackBerry denies Samsung takeover report

BlackBerry CEO John Chen appears at a news conference for the company's BlackBerry Classic in December in New York. BlackBerry shares jumped on Wednesday, after a report that Samsung has approached the Canadian company with a takeover offer. (Bebeto Matthews/Associated Press)

CBC
BlackBerry is denying a report that Korean smartphone giant Samsung has approached it with a takeover offer, saying it "has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry."

A statement released Wednesday by Blackberry said the company doesn't comment on "rumours or speculation." Samsung has also denied the takeover report, multiple media outlets say.

Earlier in the day, a Reuters report said Samsung had approached the company with a takeover offer.

Canadian Natural Resources Ltd. cuts $2.4B from 2015 capital spending plan

Pumpjacks at work pumping crude oil near Halkirk, Alta., June 20, 2007. (Larry MacDougal / THE CANADIAN PRESS)

The Canadian Press
Canadian Natural Resources Ltd. is pausing one oilsands project while pressing ahead with another as the major oil and gas producer becomes the latest to slash its 2015 spending in the face of deteriorating oil prices.

The Calgary-based oil and gas giant (TSX:CNQ) built flexibility into the $8.6-billion budget it announced in November. Oil prices have fallen dramatically since then, so this year's spending now is expected to come in at $6.2 billion.

The company also expects to continue to grow output compared with 2014 but at a slower pace -- seven per cent, rather than the original target of 11 per cent.

North American benchmark crude has been trading below US$50 a barrel, less than half of where it was just six months ago.

Apple hikes price on all apps in Canada

A shopper ltries out the new Apple iPhone 6 at the Apple Store on the first day of sales of the new phone in Germany on September 19, 2014 in Berlin, Germany.  Sean Gallup/Getty Images

 Michael Oliveira The Canadian Press $1.19 is the new .99 on Apple’s App Store in Canada.

Late Thursday, price increases that Apple blamed on the falling loonie began taking effect throughout the electronic marketplace.

The lowest-priced 99 cent apps are now 20 per cent more expensive.

Chinese Businessman Jailed For 13 Years For Buying And Killing Tigers To Eat

A wealthy Chinese businessman has been jailed for 13 years for hiring poachers to kill three tigers so he could eat their penises and drink their blood. Xi Pat had 'a special hobby of grilling tiger bones, boning tiger paws, storing tiger penis, eating tiger meat and drinking tiger blood alcohol'.

A court heard he ate the genitals and drank the animals' blood before giving the rest of the meat to his business friends and partners.

The court also heard he organised three separate trips last year for 15 people, including himself, to Leizhou in the southern province of Guangdong, where they bought tigers for a 'huge amount of money' that were killed and dismembered as they watched.

One of the group filmed the entire process of a tiger slaughter with his mobile phone. The footage was later obtained by police.

Stock futures indicate a higher opening for Toronto Stock Market

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

Reuters

Stock futures pointed to a higher opening for Canada's main stock index on Wednesday, the last day of 2014.

March futures on the S&P TSX index were up 0.23 percent at 7.15 a.m. ET.

No major economic events scheduled on Wednesday .

Canada's main stock closed slightly lower on Tuesday, with a fall in financial and energy stocks partly offset by gains in the materials sector as precious metal prices jumped. Dow Jones Industrial Average e-mini futures <1YMc1> were up 0.06 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were up 0.12 percent and Nasdaq 100 e-mini futures were up 0.09 percent.

World Oil price falls below $56, heads for biggest annual drop since 2008

A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter

By By Alex Lawler

Oil dropped below $56 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC's refusal to cut output.

Global benchmark Brent crude has fallen 49.5 percent in 2014 as demand growth slowed, the United States expanded output and OPEC, dropping its strategy of trimming supply to keep oil around $100 a barrel, chose instead to defend market share.

On Wednesday, prices came under further pressure from a survey showing China's factory sector shrank for the first time in seven months in December - a bearish indication on the strength of oil demand in the world's second-largest consumer.