Tue Aug 6, 2013 5:44am EDT

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Aug 6 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.


* The federal Conservative government consulted with both environmental organizations and industry associations before making controversial changes to the Fisheries Act last year, but listened primarily to industry. Documents released recently to The Globe and Mail under federal access to information laws suggest that the wording of a significant change was offered by industry associations. ()

Reports in the business section:

* Barrick Gold Corp is facing yet another class action lawsuit from a group of investors in the Canadian mining giant as it struggles to adjust to faltering metal prices. The suit alleges Barrick violated federal securities laws by making false and misleading statements, and by concealing information related to the cost and development schedule for its Pascua-Lama project, one of Barrick's South American mines. ()

* Bombardier Inc says it can still maintain its position by year end as the world's largest business aircraft manufacturer despite falling behind U.S. rival Gulfstream Aerospace Corp in terms of the value of planes shipped in the second quarter. U.S.-based Gulfstream shipped 36 aircraft worth $1.83 billion in the quarter, compared with 45 planes valued at $1.59 billion for Bombardier. ()


* Days after a deadly Toronto shooting sparked debate, Alberta's police watchdog is looking into three incidents that saw Royal Canadian Mounted Police officers use their firearms or a Taser, resulting in two dead and two wounded. ()

* An intercepted secret message between al-Qaeda chief Ayman al-Zawahri and his deputy in Yemen about plans for a major terror attack was the trigger that set off the current shutdown of many U.S. embassies, two officials told The Associated Press on Monday. ()

* Canada's high commission in Dhaka, Bangladesh, reopened its doors on Monday after a "security precaution" resulted in one-day closure of the embassy on Sunday, according to the Foreign Affairs Department. ()


* Even if Canadian home sales continues to slide, it could take some time before home ownership rates are actually impacted. However, the risk to the Canadian economy is the buyers entering the market today are on the fringe, much the way they were in the United States before the housing market crashed there. ()

* At least three governments and two energy industry groups are leading what they hope will be a "pan-Canadian" approach to find ways to improve the country's pipelines. Alberta, British Columbia and Natural Resources Canada, as well as the Canadian Association of Petroleum Producers and the pipeline association are setting up the collaborative, which is expected to be operational by late fall. ()

* TransCanada Corp's planned 2,700 mile pipeline, which will bring crude from Alberta to refineries and ports on the East Coast, has the potential to upturn the dynamics of the North Atlantic oil trade squeezing out some imported crude to North America and revitalizing once ailing refineries. ()

* From recent initiatives targeting offshore tax havens and multi-millionaire tax cheats, the Canada Revenue Agency (CRA) has now been cracking its disciplinary whip on middle-income operators, including waitresses, used car salesmen, and even maple syrup producers. Dozens of cross country pilot projects were ordered by the CRA to help develop techniques for eradicating the underground economy, and indicates a change in agency priority to spotlight middle-income tax avoiders, according to a Canadian tax expert. ()

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Comments (4)
Venerability wrote:
The weekend story on Bombardier is that the Bank of Montreal BMO, which has been a holdout in the Neutral camp, raised its Target through the roof percentage-wise, all the way from 5.00 to 6.00.

This follows Target raises from no fewer than 4 other core Canadian banks and funds over the past three weeks.

This is in contrast, of course, to good ole JPM, or one of its divisions, lowering their Target.

If we are following this stock, we all know exactly what this is about.

JPM is in the group, which includes a few Canadian firms, but is mostly based outside of Canada, which has “Pairs Traded” Bombardier stock against Embraer ERJ stock for over two years now – Bombardier Short, ERJ Long.

Well, lo and behold! ERJ comes out last week with an horrendous earnings report, which confirms that they are mostly bragging and blather, making tentative sales out 17 years or whatever based on under-cutting everybody on price.

Meanwhile, Bombardier comes out three market days ago with a solid report, confirming that their Train division is back with a vengeance.

If the Train division is back with a vengeance – this is the stock in a nutshell! – the C-series minor delays don’t matter very much, because earnings go back to where they were before the Siemens setback, to a steady 10-12 cents per quarter.

If that is the case, as BMO and the other core Canadians know, but JPM apparently does not, Bombardier becomes extremely undervalued on pure multiple versus its peers. It DESERVES to trade above 6 again, no matter what Propaganda the now-devastated ERJ-Bombardier Pairs Traders can come up with.

Aug 06, 2013 9:21am EDT  --  Report as abuse
Venerability wrote:
Yet another Target raise to 6.00 from another core Canadian fund pre-market today.

So that makes 6 Target raises from the core Canadians.

Aug 06, 2013 9:45am EDT  --  Report as abuse
Venerability wrote:
I’m posting this here and then on Linked In, because somebody needs to figure out what’s wrong – and fast!

As of one hour ago, one can no longer comment on Bloomberg news stories – not just me, anyone.

This is really a terrible thing, because along with Reuters and Yahoo, Bloomberg is the place most market participants go for their financial news.

Yahoo, as we know, has been a closed system for years now, because if you dare to post there, you get all sorts of Malware placed on your computer. Most real humans think it is simply not worth it, so they have left Yahoo news to the Script Bots, bought and paid for by and others of their ilk. Who cares, because Yahoo is a joke.

But Bloomberg has up until one hour ago been an open system, on which real humans could post comments on every story. They’ve allowed you to do it via Disqus, which is still pretty darn safe and pretty darn decent.

If Bloomberg goes the way of Yahoo, therefore, it is a terrible, terrible impediment to free and open markets, not totally dominated by a handful of commentators on CNBC working hard for the 1 percent of 1 percent of 1 percent against everybody else in the market.

I am pretty furious, if truth be told.

Let’s see if it is just a glitch and somebody can fix it.

Aug 06, 2013 10:44am EDT  --  Report as abuse
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