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Update 2-sears Canada Ceo Resigns As Retailer Works On Turnaround

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.

Canada keen on boosting energy exports to Japan

View gallery Canada’s Prime Minister Stephen Harper (R) shakes hands with his Japanese counterpart Shinzo Abe during a meeting in Harper’s office on Parliament Hill in Ottawa, Canada on September 24, 2013. (AFP Photo/Chris Wattie) Michel Comte 2 hours ago OTTAWA (AFP) – Canada should boost energy exports to Japan as the resource-poor Asian country looks to diversify its fuel sources, their prime ministers said Tuesday. They spoke after meeting with Canadian business leaders. There are lots of areas for growth in Canadian-Japanese trade and investment ties but “one that came up most frequently is obviously energy,” Canadian Prime Minister Stephen Harper said. “Canada has considerable natural gas and it is the only country in the world that is a stable market-oriented producer of energy whose energy industry is also growing,” he said. “And Japan is the largest importer of energy in the world.” Harper spoke at a joint press conference with his Japanese counterpart Shinzo Abe, who was in Ottawa at the start of a five-day trip to North America. Japan’s national broadcaster earlier said Tokyo would consider giving assistance in the construction of pipelines and infrastructure to encourage the early export of liquefied natural gas (LNG) to Japan. Those exports are likely to start around 2020, according to Kyodo News, while the Nikkei newspaper said they might begin in late 2018. Japan, the world’s third largest economy, is the world’s biggest LNG consumer. But it pays a higher price for LNG than that charged in Europe and North America because Asian contracts are often long-term and linked to oil prices. The trend has remained despite increasing global production of LNG, particularly in light of the US shale gas revolution, Japanese officials have said. Hefty prices for LNG have hit Japanese utilities, which are now entirely without working atomic reactors because of a public backlash in the aftermath of the 2011 disaster at the Fukushima nuclear plant. LNG-powered thermal plants used to provide about a third of Japan’s electricity before the tsunami-sparked crisis.

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