HBC shares fall more than 10 after company announces 2000 layoffs

TORONTO – Hudson’s Bay Co. (TSX:HBC) shares fell more than 10 per cent in early trading, a day after the company released disappointing quarterly earnings and announced it is cutting about 2,000 jobs.CEO Jerry Storch told analysts in a conference call Friday that the company’s transformation plan is intended to put HBC ahead and stay ahead of rapid industry trends, which include a shift from in-store to online shopping.The company released its first-quarter results after markets closed Thursday and performed worse than analysts anticipated in a number of categories, including revenue and earnings per share.RBC Capital Markets analysts Sabahat Khan and Irene Nattel wrote in a note that they expected HBC’s shares to be weak Friday.The company’s shares fell 10.50 per cent or $1.01 to $8.61 in early trading on the Toronto Stock Exchange. HBC shares fall more than 10% after company announces 2,000 layoffs by The Canadian Press Posted Jun 9, 2017 8:27 am MDT Last Updated Jun 9, 2017 at 9:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

Investing in Latin American mining

first_imgThe team behind the big African Mining Indaba conference in Cape Town is now organising Investing in Latam Mining Cumbre in Santiago, Chile, July 11-12. The organisers say “the cusp of macroeconomic reform in countries like Argentina, a stable business environment in Chile, plus improved support for FDI is leading to an improved outlook for the Latin American region. On top of this, cautious optimism about improved returns from mined commodities, in particular, lithium and gold, is making Latin American mining more appealing to investors.“Latin America is also perfectly placed to take advantage of the growing demand for battery metals, thanks to significant investments being made in electric vehicle battery development and the continuing growth in consumer electronics. Coupling this market sentiment with Latin America’s vast lithium triangle provides significant opportunities for the region’s mining companies, governments and international investors.“With recent changes in governments in Peru, Brazil and Argentina, much of Latin America is essentially under new management with policies changing to favour the mining sector – look at the recent slashing of export taxes for mined commodities in Argentina. This all provides an improved outlook for investors, miners and the region’s economy.”Investing in LatAm Mining Cumbre aims to:·         Attract a truly international audience of investors and financiers·         Include large Asian mining groups, including Chinese SOEs who are actively buying into resources on the continent or entering into offtake agreements·         Tackle the serious issue of sustainable development while ensuring investments are profitable.last_img read more