Valeant, Hudson’s Bay among equity leaders... Tim Hortons hit with $500 million lawsuit by franchisees...
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Valeant, Hudson’s Bay among equity leaders
There were strong gains for two major Canadian listed companies Monday, giving the main TSX index a lift to offset losses in the energy and materials sectors.
Valeant gained as billionaire investor John Paulson joined the company’s board, adding significant expertise during the firm’s restructuring efforts. There was a near-6 per cent rise in Valeant shares with the healthcare sector up 4 per cent at close.
Meanwhile, a proposal to take Hudson’s Bay Co. private and sell-off some of its huge real estate portfolio, sent shares soaring 15 per cent. The suggesting came from investor Jonathan Litt and the firm said it was reviewing his letter.
There were positive showings for 7 of the TSX’s 10 sector groups but materials, energy and utilities fell. Gold and oil prices were both down around 1 per cent by the end of the session.
The TSX closed higher along with a strong rise for Wall Street. Indexes in Europe and Asia were also higher.
The S&P/TSX Composite Index closed up 73.50 (0.48 per cent)
The Dow Jones closed up 144.7 (0.68 per cent)
Oil is trending lower (Brent $46.89, WTI $44.15 at 4.50pm)
Gold is trending lower (1245.10 at 4.50pm)
The loonie is valued at U$0.7565
Tim Hortons hit with $500 million lawsuit by franchisees
The unrest among franchisees of Tim Hortons hit a new high Monday as the parent company Restaurant Brands International was hit with a $500 million class action lawsuit.
The action was filed by the Great White North Franchisee Association and alleges that they have faced higher costs since the company was created from the merger of Tim Hortons and Burger King but without being allowed to increase their prices to cover the hikes.
There are also claims regarding RBI’s use of marketing funds paid by franchisees.
RBI denies the allegations and says it is unfortunate that the franchisees have publicly aired their criticisms of the company and brand.
There were strong gains for two major Canadian listed companies Monday, giving the main TSX index a lift to offset losses in the energy and materials sectors.
Valeant gained as billionaire investor John Paulson joined the company’s board, adding significant expertise during the firm’s restructuring efforts. There was a near-6 per cent rise in Valeant shares with the healthcare sector up 4 per cent at close.
Meanwhile, a proposal to take Hudson’s Bay Co. private and sell-off some of its huge real estate portfolio, sent shares soaring 15 per cent. The suggesting came from investor Jonathan Litt and the firm said it was reviewing his letter.
There were positive showings for 7 of the TSX’s 10 sector groups but materials, energy and utilities fell. Gold and oil prices were both down around 1 per cent by the end of the session.
The TSX closed higher along with a strong rise for Wall Street. Indexes in Europe and Asia were also higher.
The S&P/TSX Composite Index closed up 73.50 (0.48 per cent)
The Dow Jones closed up 144.7 (0.68 per cent)
Oil is trending lower (Brent $46.89, WTI $44.15 at 4.50pm)
Gold is trending lower (1245.10 at 4.50pm)
The loonie is valued at U$0.7565
Tim Hortons hit with $500 million lawsuit by franchisees
The unrest among franchisees of Tim Hortons hit a new high Monday as the parent company Restaurant Brands International was hit with a $500 million class action lawsuit.
The action was filed by the Great White North Franchisee Association and alleges that they have faced higher costs since the company was created from the merger of Tim Hortons and Burger King but without being allowed to increase their prices to cover the hikes.
There are also claims regarding RBI’s use of marketing funds paid by franchisees.
RBI denies the allegations and says it is unfortunate that the franchisees have publicly aired their criticisms of the company and brand.
