Neiman Marcus sold to Canada pension fund and Ares
strike. Kathy Lally The opposition leader proclaims the birth of a new and stronger opposition as he loses mayoral election. Will Englund Despite an election defeat, opposition turnout almost guarantees a shift in the Russian political landscape. The G4S Cash Solutions crew was re-loading bank machines at a University of Alberta mall in June 2012 when, according to a statement of facts entered in court, Baumgartner shot his colleagues in the head as they stood with their backs to him. He then returned to the waiting armored truck and shot a fourth co-worker. Three colleagues were killed, and the fourth survived a bullet to the head. Baumgartner was arrested near a U.S. border crossing. Police said they found $334,000 in a backpack he had with him. He had been on the job for three months. The court was told Baumgartner had joked with a friend about robbing his employer and had sent a text that said: This is the night. The court also heard that Baumgartner owed friends money, had just bought a new truck and had argued with his mother about rent before his last shift. Search warrants revealed that his mother told officers she woke up the morning of the shooting to find $64,000 in cash in her home. After his arrest, Baumgartner initially told police he had been kidnapped after the robbery and forced to drive to Seattle or his family would be killed. G4S President Jean Taillon said last year that the company was reviewing how it screens its employees, though no policy changes have been made.
Invesco Canada announces fund management change
luxury department store chain to Ares Management LLC and the Canada Pension Plan Investment Board for $6 billion, ending a years-long effort to sell the company. The Dallas-based retailer, which operates 41 namesake department stores, along with the famed Bergdorf Goodman store on Manhattan’s Fifth Avenue and the Last Call outlet chain, was taken private by a group of investors led by private equity firms TPG Capital LP and Warburg Pincus LLC in 2005 for $5.1 billion. “We think if you look at where we are in the cycle, it’s a good time to buy this business,” said Andre Bourbonnais, senior vice president of private investments at CPPIB, one of Canada’s largest public pension funds and a global dealmaker whose assets including shopping malls, real estate and infrastructure. “From a macro point of view, generally people feel more and more confident about the recovery in the U.S. and the sustainability of that recovery.” The buyers said they expected the deal to close in the fourth quarter. Bourbonnais praised Neiman’s management team and said the retailer would continue on a “business as usual” track, focusing on strengthening its online retail business and looking for opportunities to expand the brand geographically. “There is no immediate plans for Canada but I think the management team will continue to look at it as part of their general growth plan and decide if and when it’s advisable to come to Canada,” he said. High-end U.S. retailer Nordstrom said last year it would open its first four Canadian stores in the fall of 2014. David Kaplan, co-head of Ares’ private equity group, said in a statement that the firm shared Neiman’s vision and praised the retailer’s chief executive officer, Karen Katz. Neiman has largely stopped opening new department stores, but has focused its attention on e-commerce and the expansion of the Last Call chain. Bourbonnais said the fund was drawn in part by the expectation of an increase in U.S. luxury spending.
Canada sees path for Keystone but won’t talk details
Credit: Reuters/Richard Carson By Patrick Rucker WASHINGTON | Mon Sep 9, 2013 6:07pm EDT WASHINGTON (Reuters) – Canada will do more in the global fight against climate change as the nation develops its vast oil sands resources and tries to win backing for the controversial Keystone XL pipeline, the country’s energy minister said on Monday. The proposed pipeline that would link oil sands fields in western Canada to Gulf Coast refiners should come in tandem with plans to curtail carbon dioxide pollution, said Canada’s energy minister Joe Oliver after a meeting with U.S. Energy Secretary Ernest Moniz . Canada had to join the fight against climate change as a global citizen and “to have the social license to continue to develop our resources,” Oliver told reporters at the Washington embassy. That conciliatory tone might ease relations with the White House, analysts said, but Canada will struggle getting the pipeline approved now that President Barack Obama’s supporters have framed its rejection as essential to his environmental legacy. “Climate change concerns are now at the heart of Obama’s Keystone thinking and that’s a problem since Canada is not living up to its own commitments on the issue,” said Clare Demerse of the Pembina Institute, a clean energy think tank. CANADA LETTER On Friday, Canadian media reported that Prime Minister Stephen Harper had recently made an overture to President Obama to win his backing on Keystone. In a letter late last month, Harper suggested the two nations, who are neighbors and global allies, should coordinate their efforts to curb greenhouse gas emissions blamed for climate change. Oliver would not comment on reports of the letter but he said the Canadian government could already boast about its efforts to curb emissions. “We don’t regard the proposed policies as concessions,” Oliver said, referring to a plan to curb the use of coal in power generation and an unfinished plan to ease emissions from the oil and gas sector. Early this year, officials said a detailed plan on limiting pollution from the oil and gas industry would come this summer but they have recently been noncommittal. The Canadian government expects an increase in oil sands production to more than triple emissions from that source over 2005 levels by 2020 – erasing predicted gains from reductions in coal-fired power plants. (Full report: See link.reuters.com/dyz82v ) In 2009, the United States and Canada each promised to bring their greenhouse gas emissions to 17 percent below 2005 levels by 2020.
The Fund continues to be managed employing the time-tested Trimark discipline, using a long-term, bottom-up approach to identify high-quality, well-managed businesses that are undervalued based on the management team’s estimation of their long-term growth prospects. Portfolio manager Darren McKiernan will be leaving Invesco Canada. The company thanks him for his contributions. To learn more about Invesco Canada, please visit www.invesco.ca . Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. Copies are available from your advisor or Invesco Canada Ltd. About Invesco Canada Ltd. A subsidiary of Invesco Ltd., Invesco Canada’s singular focus is on investment management, offering a diversified suite of investment solutions to institutions, organizations, companies and individual investors across Canada and around the world. Additional information is available at www.invesco.ca . About Invesco Ltd. Invesco Ltd.