Live news: Hudson’s Bay owner sells $340 million in real estate – Yahoo Canada Finance

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Top headlines

11:45 a.m.

Midday markets: TSX higher in late-morning trading, U.S. stock markets closed

Canada’s main stock index was up in late-morning trading, helped higher by gains in the industrial, technology and financial stocks.

The S&P/TSX composite index was up 41.76 points at 20,155.72.

Buy/sell, rent/lease residential &
commercials real estate properties.

U.S. stock markets are closed for their Thanksgiving holiday.

The Canadian dollar traded for 72.98 cents U.S. compared with 72.87 cents U.S. on Wednesday.

The January crude contract was down US$1.19 at US$75.91 per barrel and the January natural gas contract was up two cents at US$3.05 per mmBTU.

The December gold contract was down US$1.60 at US$1,991.20 an ounce and the December copper contract was up two cents at US$3.78 a pound.

The Canadian Press

11:21 a.m.

Ontario invests $6 million in hydrogen projects to power electricity grid

Ontario Energy Minister Todd Smith.Ontario Energy Minister Todd Smith.

Ontario Energy Minister Todd Smith.

Ontario is putting nearly $6 million toward nine projects aimed at making use of hydrogen to power the province’s electricity grid.

The bulk of the funding is going to Atura Power to blend hydrogen with natural gas — up to 15 per cent by volume — to produce electricity at its Halton Hills Generating Station.

The government says it will be the largest electricity-based, grid-connected, low-carbon hydrogen blending project in Canada’s history.

Energy Minister Todd Smith says it will help produce an even more sustainable energy system.

Ontario’s Independent Electricity System Operator has said that while the province works toward an emissions-free electricity gird, natural gas generation is still required in the short to medium term to ensure stability, but it will also increase greenhouse gas emissions from the sector.

The advocacy group Environmental Defence has previously said that blending some hydrogen with natural gas won’t meaningfully reduce emissions, instead it will lock in fossil fuel infrastructure for decades.

The Canadian Press

10:32 a.m.

First Quantum’s Panama copper mine shutting down amid blockade, union says

First Quantum Ltd.’s Cobre Panama copper mine.First Quantum Ltd.’s Cobre Panama copper mine.

First Quantum Ltd.’s Cobre Panama copper mine.

First Quantum Ltd.’s copper mine in Panama is winding down operations as a blockade of small boats at a port restricts key supplies such as coal for energy, a union leader said.

Workers continued to leave the site early Thursday, Michael Camacho from the Utramipa union said in text messages. He urged the government and police to intervene in the port blockade in order to get back to work.

“We are worried as a union because the authorities do not say anything,” Camacho said.

First Quantum, which didn’t immediately provide a comment, had warned it would be forced to shut the mine if the blockade continued to prevent the delivery of supplies. Operations started slowing last week.

The Canadian firm has found itself at the centre of a political storm in Panama, with the future of its massive Cobre Panama mine called into question after widespread protests erupted last month over a deal to renew an operating contract. President Laurentino Cortizo announced a referendum on the mine, although the vote has been shelved as the government waits for a Supreme Court ruling over whether to revoke the mine’s contract.


7:30 a.m.

HBC sells $340 million in North American real estate

The company that owns Hudson’s Bay says it completed real estate transactions in Canada and the United States resulting in a gain of around US$340 million.

HBC LP, which also owns Saks Fifth Avenue and Saks Off 5th, says in a statement that it’s the owner and developer of a North American real-estate portfolio totalling approximately US$7 billion.

The historic retailer announced layoffs twice this year as it said the retail sector is navigating significant pressures.

In 2018, when the company was still publicly traded, investors challenged it to sell some of its substantial real estate holdings.

In recent years, the company has introduced several initiatives such as a revamped loyalty program, partnerships with Forever 21 and Mountain Equipment Co. (MEC), and the revival of discount chain Zellers.

Earlier this year, the company shut two of its Alberta department stores, saying the decision reflected changes in the market as well as its vision for the future.

The Canadian Press

Before the opening bell

Stocks in Europe struggled for traction on Thursday and bonds fell as activity surveys showed a recession in the euro area is looking increasingly likely.

S&P Global’s purchasing managers’ index was in contraction again in November, hitting 47.1, data showed. While that’s a bigger uptick than anticipated by economists, it marks the sixth consecutive month below the 50 level that indicates expansion.

Dutch firms were among the biggest decliners in the Stoxx Europe 600 index after far-right lawmaker Geert Wilders won a shock victory in the country’s elections.

United States equity futures were little changed. There is no Treasury cash trading on Thursday due to the Thanksgiving holiday, while Japanese markets are also closed.

In Canada, the S&P/TSX composite index closed up 3.99 points at 20,113,96 on Wednesday.


What to watch today

United States stock markets are closed today for the Thanksgiving Day holiday.

Prime Minister Justin Trudeau hosts European Union leaders for the 19th Canada-EU Leaders’ Summit in St. John’s, Newfoundland.

The inaugural Indigenomics on Bay Street Conference continues in Toronto.

Need a refresher on yesterday’s top headlines? Get caught up here.

Additional reporting by The Canadian Press, Associated Press and Bloomberg

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