Canadas Globe and Mail even named Ackman its CEO of the year . Other American activists, however, have had less luck and dont view Canada as a great place to practice their brand of investing. Barry Rosenstein had his Jana Partners hedge fund launch an activist proxy campaign against Canadian fertilizer maker Agrium that failed. Rosenstein later slammed what happened to him in Canada , alleging the company bribed shareholders using a tactic allowed in Canada that saw Agrium pay brokers 25 cents for a successful vote in the proxy contest. Theres a cost to what they did. Theres a cost to corporate governance in Canada. Will I think twice about going back to Canada? Yeah, I would, Rosenstein said. American activist investors seem to be increasingly embarking on foreign adventures during a time when their investment strategies are ascendant, but going far from home doesnt make things easier. Another New York hedge fund billionaire, Dan Loeb, has so far not accomplished much in his effort to spark change at Japans Sony. Icahn is also coming to Talisman midway through a makeover.
Canada gives shipyard a $3.3 billion push
Its more a function of the data that came out this morning, David Tulk , chief Canada macro strategist at TD Securities, a unit of Toronto-Dominion Bank, said by phone from Toronto. In the vacuum of data from a North American perspective, what is released typically on the Canadian side of the border may have more of an outsized impact on the currency. Some U.S. economic reports havent been released because of the government shutdown. The loonie, nicknamed for the image of the aquatic bird on the C$1 coin, declined 0.2 percent to C$1.0313 per U.S. dollar at 5 p.m. in Toronto. One Canadian dollar buys 96.97 U.S. cents. Oil Trade West Texas Intermediate crude dropped 0.7 percent to $103.16 a barrel in New York. The discount for Canada s benchmark Western Canada Select faced to West Texas Intermediate, its U.S. peer, was at $32.75 a barrel, after reaching $34.50 on Oct.
Canada Dollar Falls on Building Permits Decline, U.S. Shutdown
Canada’s national procurement strategy is in its fourth phase, with infrastructure upgrades already in an advanced stage. Another $25-billion contract to construct 21 combat vessels went in 2011 to Irving Shipbuilding of Halifax, Nova Scotia . Seaspan Shipyards President Brian Carter said the company would spend $185 million to modernize its North Vancouver shipyard, which lies midway between the Lions Gate Bridge and Lonsdale Quay, to accommodate the new orders, the Vancouver Sun reported. Carter hailed the announcement as “exciting for us because it adds up to 10 additional vessels to our backlog of seven so we can build up to 17 vessels.” The 10 additional vessels include up to five so-called medium-endurance vessels that will be used for various coast guard programs, including the deployment and recovery of navigational buoys. Up to five other offshore patrol ships will also be built for fisheries protection, search and rescue, and environmental response. Canada is concerned that a major oil spill in the area will catch it unprepared, with dire environmental and economic consequences for the coastline. Vancouver Shipyards is still planning and designing the first batch of vessels ordered in 2011. The vessels on that order include a polar icebreaker, slated to be the largest of its kind in Canada’s fleet, an offshore oceanographic science vessel, three offshore fisheries science vessels, and two naval joint support ships, the Sun reported. The shipbuilding group includes, in addition to Vancouver Shipyards, the Vancouver Drydock in North Vancouver and Victoria Shipyards in Victoria. Federal Public Works Minister Diane Finley said Canada’s $38-billion procurement project was “unprecedented investment” that would bring $2 billion a year in economic benefits for Canadians. “By economic benefits, what I really mean is good, skilled jobs, and even better … it is at last bringing some long-term stability to this industry,” Finley told a cheering crowd at the Seaspan’s North Vancouver shipyard.