retailers such as Target Corp and Wal-Mart Stores Inc . Chief Operating Officer Douglas Campbell will become CEO with immediate effect, Sears Canada said, adding that McDonald is joining an international company it did not identify. The Globe and Mail newspaper, citing sources familiar with the situation, said McDonald’s departure was sparked by differing views with U.S. parent Sears Holdings, controlled by investor Edward Lampert. The disagreement was tied to “the pace at which capital was being deployed to keep the momentum of the transformation going,” the newspaper quoted the source as saying. Vincent Power, Sears Canada’s director of corporate communications, declined to comment directly on the reports. “I do not know of those differences…I say it is just speculation, it is nothing I comment on because it’s not facts that I am aware of,” Power told Reuters. Sears Canada, 51 percent owned by Sears Holdings Corp , announced a three-year plan in 2012 to reclaim lost market share that included making radical changes to its pricing strategies and sprucing up stores. The company posted its 18th quarterly fall in revenue in the second quarter. Sears Canada also closed two high-profile stores in the Toronto area and sold back the leases earlier this year. McDonald told Reuters in January that he was not entirely happy with the company’s progress in the 19 months since he took the top job. Power said he did not have the details on the company McDonald was joining, but it was an “exciting opportunity.” Campbell joined Sears Canada in March 2011 from Boston Consulting Group, where he led turnaround projects and was named COO last November. The stock was down at C$12.29 in early afternoon trading.
UPDATE 2-Sears Canada CEO resigns as retailer works on turnaround
added 2.1 percent to pace gains among utilities companies. BlackBerry Ltd. dropped 2.8 percent as investors weighed a $4.7 billion deal to take the smartphone maker private. The Standard & Poors/TSX Composite Index rose 45.31 points, or 0.4 percent, to 12,856.49 at 12:53 p.m. in Toronto. The benchmark Canadian equity gauge has surged 6 percent this quarter and is up 3.4 percent in 2013. The retail numbers are showing that GDP numbers are going to look a little bit better because of that, said Paul Harris , partner and portfolio manager at Avenue Investment Management (C$300 million, $290 million), said in a phone interview from Toronto. They show that the market is a little bit better. Statistics Canada said today that retail sales rose more than forecast in July, reversing a drop a month earlier and adding to evidence that growth in the worlds 11th largest economy is gaining momentum. Nine of 10 main industries in the benchmark equities gauge advanced. Producers of consumer staples rallied the most, adding 1.1 percent as all 11 members advanced. Alimentation Couche-Tard, which operates 24-hour convenience stores, jumped 2.9 percent to C$65.57. George Weston Ltd., a food processor and distributor, gained 1.4 percent to C$82.23. Utilities, Phones Canadian Utilities, the nations third-largest power provider, rose 2 percent to C$35.50 as utilities stocks rose 0.7 percent as a group. Phone stocks rallied for an eighth day, with the S&P/TSX Telecom Services Index headed for its highest close since June. Manitoba Telecom Services Ltd.
Canada Helps Launch Website for Women’s Economic Empowerment
He will begin serving as chief executive of the Lawn Tennis Association on Jan. 6. “It has been nothing but an honour to lead Tennis Canada for nearly a decade,” Downey said in a release. “I leave knowing that Canada is making great progress in becoming a world leading tennis nation. I am so proud of what we have done together with our partners to grow the sport across all disciplines in Canada. “I depart with mixed feelings because Tennis Canada is a great organization comprised of great people including a best in class board of directors. I wish the organization and sport even greater success under a new leader. I will be cheering from the sidelines.” Tennis Canada hopes to have Downey’s replacement in place by the end of the year. Downey will replace Roger Draper at the Lawn Tennis Association. “This is a huge privilege for me, at a fantastic time for British tennis,” Downey said in a statement on the LTA website. “We have a tremendous opportunity in front of us, and it is an honour to be able to lead the work of the LTA in getting more people playing tennis. Downey served as Tennis Canada president and CEO for nine years.
Somali jihadists recruit in U.S., Canada, Europe
Markets close in 1 hr 28 mins Canada Helps Launch Website for Women’s Economic Empowerment Press Release: Foreign Affairs, Trade and Development Canada 4 hours ago Print Related Content OTTAWA, ONTARIO–(Marketwired – Sep 24, 2013) – Today the Honourable Lynne Yelich, Minister of State (Foreign Affairs and Consular), welcomed the launch of the global Knowledge Gateway for Women’s Economic Empowerment, a new online platform that will support women’s economic opportunities and leadership and further their contributions to local economies. With support from the Government of Canada, the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) developed www.empowerwomen.org, a knowledge gateway whereby women entrepreneurs and workers can connect, share best business and other practices, and access up-to-date information that is essential to women’s equal economic participation and improved livelihoods. The launch took place at a special event during the United Nations General Assembly. “The global Knowledge Gateway will help women better prepare to participate in the economy as workers, entrepreneurs, and leaders so that they can take charge of their own economic futures,” said Minister Yelich. “This initiative demonstrates how innovation can enhance women’s economic empowerment.” “It will give a push to women’s economic empowerment because this is essential to poverty eradication. I am so proud of our new online partnership platform to advance the economic empowerment of women. I encourage everyone to join us at www.empowerwomen.org ,” said Phumzile Mlambo-Ngcuka, Executive Director of UN Women. For more information on Canada’s contribution to the Knowledge Gateway, please visit the website of the Department of Foreign Affairs, Trade and Development. Backgrounder On September 23, 2013, Minister of State Lynne Yelich announced Canada’s support for efforts to enhance women’s equal participation in the economy. The United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) – The global Knowledge Gateway for Women’s Economic Empowerment: $5 million Canada, along with UN Women, hosted a conference on Women’s Economic Empowerment in 2011. It was during this conference that Canada made a commitment to collaborate with UN Women on the establishment of a global platform for women’s economic empowerment. As part of that commitment, Canada is providing $5 million.
Tennis Canada president and CEO Michael Downey to resign at end of year
A security officer helps a wounded woman outside. Elaine Dang of San Diego is helped to safety after the attack. The military asked local media not to televise anything live because the gunmen are watching the screens in the mall. Paramedics treat an injured man outside the mall. Medical personnel carry a body away. A body lies outside the mall. Gunmen shot people outside the mall as they entered it A woman is pulled by a shopping cart to an ambulance. A wounded man is escorted outside the mall. A police officer carries a baby as people keep low and run to safety. Crowds dashed down the streets as soldiers in military fatigues, guns cocked, crawled under cars to get closer to the mall. People run away from the scene. Armed Kenyan forces take position to secure the area around the shopping mall as ambulances move in to carry the injured.