zoom German liner shipping company Hapag-Lloyd completed the planned capital increase of EUR 370 million (USD 453.5m) as part of the business combination with the Chilean shipping company Compañía Sud Americana de Vapores (CSAV). As planned, CSAV subscribed to EUR 259 million (USD 317.5m) and Kühne Maritime made a cash contribution of EUR 111 million (USD 136m). The capital increase had already been agreed upon mid-April with the signing of the contracts to combine CSAV’s container business with Hapag-Lloyd. It was to be implemented by the end of 2014.After the capital increase, the shareholders of Hapag-Lloyd AG hold the following stakes: CSAV with 34%, HGV (City of Hamburg) 23.2%, Kühne Maritime 20.8%, TUI 13.9%, Signal Iduna 3.3%, HSH Nordbank 1.8%, M.M.Warburg & CO 1.8% (including two private investors) and HanseMerkur 1.1%. CSAV, HGV and Kühne Maritime have agreed to pool 51% of the shares in Hapag-Lloyd in order to discuss and make key decisions together in the future.The capital increase was a requirement for releasing the bond with a volume of EUR 250 million (USD 306.5m) that had already been placed successfully on November 20.The proceeds from the bond with a maturity of five years will be used for the early redemption of the Hapag-Lloyd Euro bond due in October 2015. The redemption will take place on December 23.
Some of the most active companies traded Thursday on the Toronto Stock Exchange:Toronto Stock Exchange (15,076.16, up 13 points):Hydro One Ltd. Instalment Receipts (TSX:H.IR). Utilities. Up five cents, or 0.13 per cent, to $37.50 on 10.2 million shares.Encana Corp. (TSX:ECA). Oil and gas. Up two cents, or 0.17 per cent, to $11.64 on 5.3 million shares.Arizona Mining Inc. (TSX:AZ). Miner. Down three cents, or 0.97 per cent, to $3.06 on 4.8 million shares.First Quantum Minerals Ltd. (TSX:FM). Miner. Up 50 cents, or 3.57 per cent, to $14.49 on 4.3 million shares.HudBay Minerals Inc. (TSX:HBM). Miner. Up 41 cents, or 3.82 per cent, to $11.13 on 3.3 million shares.Tethys Petroleum Ltd. (TSX:TPL). Oil and gas. Down half-a-cent, or 25.00 per cent, to 1.5 cents on three million shares.Companies reporting major news:Canadian Imperial Bank of Commerce (TSX:CM). Bank. Down $2.03, or 1.89 per cent, to $105.57 on 2.6 million shares. CIBC increased its quarterly dividend by three cents to $1.30 per share. The bank posted net income of $1.1 billion or $2.60 per common share, which was down from $3.61 per share in the 2016 third quarter when CIBC recorded an unusual gain from the sale of its minority interest in American Century Investments. After adjustments, CIBC earned $2.77 per share or $1.17 billion in the three months ended July 31, up from $1.07 billion in last year’s third quarter, while revenue was on a par with last year at $4.1 billion.Fairfax Financial Holdings Ltd. (TSX:FFH). Insurance. Up $30.32, or five per cent, to $636.62 on 97,051 shares. Fairfax is selling its stake in Singaporean insurer First Capital Insurance Ltd. for US$1.6 billion as part of a broader partnership agreement that will ensure the Canadian insurance and investment company receives 25 per cent of the subsidiary’s profits. The Toronto-based company said on a conference call Thursday that the all-cash deal to sell its 97.7 per cent stake in the business to Japan’s Mitsui Sumitomo Insurance Co. is part of a “strategic alliance” with Mitsui, under which the companies will pursue global partnership opportunities.Hudson’s Bay Company (TSX:HBC). Retailer. Down 57 cents, or 5.38 per cent, to $10.03 on 813,030 shares. The Toronto-based retailer says its president of international operations is leaving the company next month. HBC International president Don Watros, who was appointed to the post in January 2015, will vacate the position on Sept. 29. He has worked with HBC for nearly a dozen years.
Canadian dollar declines ahead of Bank of Canada rate announcement by Malcolm Morrison, The Canadian Press Posted May 30, 2014 6:48 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – The Canadian dollar was lower Monday morning as traders digested a strong read on Chinese manufacturing and looked ahead to key domestic data coming out this week.The loonie slipped 0.15 of a cent to 92.08 cents US two days before the Bank of Canada delivers its next announcement on interest rates. The key rate will stay unchanged at one per cent, where it’s been since September 2010.Economists will look to see if the central bank continues to flag concerns about low inflation being the No.1 concern since inflation has been heading higher recently.Canada’s annual inflation rate climbed to its highest level in two years, reaching two per cent in April, largely driven by an unusually big jump in energy prices.Canadian job figures for May come out Friday and economists expect about 21,000 jobs were created after the economy shed 29,000 the previous month.Statistics Canada will also release the merchandise trade balance for April on Wednesday. Economists expect it to show a $100 million surplus.Meanwhile, copper prices got a lift from strong Chinese manufacturing data.The July copper contract was up four cents to US$3.16 a pound after the China Federation of Logistics and Purchasing said that its monthly manufacturing index rose to 50.8 points in May, up from April’s reading of 50.4 and was the highest level this year. Any reading above 50 indicates expansion.Elsewhere on the commodity markets, July crude in New York was up a dime to US$102.81 a barrel.July bullion headed 80 cents higher to US$1,246.80 after losing 3.5 per cent last week with markets feeling more comfortable about the Ukraine crisis and more concerned about deflation rather than inflation, particularly in Europe.It is widely expected that European Central Bank president Mario Draghi will announce measures on Thursday aimed at raising inflation from very low levels and encouraging a lacklustre economic recovery.It’s also a busy week for economic reports in the U.S.On Monday, traders will take in the latest reading on the health of the American manufacturing sector. Economists expect the Institute for Supply Management’s index for May to come in at 55.5, up from 54.9 in April.Economists also forecast another month of strong job gains in the U.S. They expect the government’s non-farm payrolls report coming out Friday will show that the American economy cranked out about 219,000 jobs following a much stronger expected 288,000 gain in April.