BC Business
Plus, why to invest in Goldcorp and Telus in 2017, and why MEC is going urban
Bank of China in Hong Kong
Chinese banks have begun requiring clients to specify why they want foreign currency and when it will be used. If they are found to have used it improperly, such as for the purchase of a home, they could be barred from exchanging money for up to three years. Opinions differ on what this will mean for foreign property sales. Although one economist predicts that the number of Chinese buyers will drop sharply, others say the new currency rules could boost property purchases by making people more worried about the security of their assets and more eager to move them overseas. (The Globe and Mail)
Goldcorp and Telus are among Desjardins’ five large-cap picks for 2017. Vancouver-based Goldcorp Inc. topped the list of Canadian stocks with more than $5 billion in market capitalization that Desjardins Capital Markets expects to lead the pack this year. The mining company’s earnings before interest, taxes, depreciation and amortization will rise 20 per cent year-over-year, Desjardins forecasts. Telus Corp., also based in Vancouver, made the list because it trades at a discount among its Canadian telecom peers despite its EBITDA and dividend growth, which lead the industry. Desjardins’ other three picks were Calgary-headquartered Husky Energy Inc. and Montreal-based retailers Alimentation Couche-Tard Inc. and Dollarama Inc. (Financial Post)
MEC is moving to the city. Vancouver-based MEC hopes to open more stores in Ontario in 2017 as it seeks to conquer new markets in an increasingly urban nation, according to CEO David Labistour. Founded in 1971 as Mountain Equipment Co-op to outfit Western Canadian backpackers and climbers, the company was rebranded MEC in 2013 as it added more urban lifestyle apparel and gear to its lineup. MEC now has 21 stores nationwide. (The Star)