BlackBerry Ltd expects a US500million tax refund within a year

TORONTO — BlackBerry Ltd. expects to receive a US$500-million tax rebate within the next year, according to a recent report filed with regulators.[np_storybar title=”Rogers won’t stock BlackBerry’s new Z30 phone when it’s released later this month” link=”https://business.financialpost.com/2013/10/03/blackberry-ltd-rogers-wont-stock-new-z30-phone-when-its-released-later-this-month/”%5D BlackBerry says its latest smartphone will arrive in Canadian stores later this month, but it won’t have the support of one of the country’s largest carriers — Rogers.Rogers’ decision not to stock the Z30 touchscreen model, which will become available in Canada on Oct. 15, comes as a surprise since the Toronto-based wireless and cable company was an early adopter of BlackBerry products.Continue reading. [/np_storybar]The Waterloo, Ont.-based smartphone maker expects to receive the money by the end of next August, when the second quarter of the company’s 2015 financial year ends.The documents were not clear on whether the bulk of the tax refund would come from Canada, where the global smartphone company is based, or another jurisdiction.It’s common for companies with big losses to seek and receive tax refunds.Last week, BlackBerry booked a US$965-million loss for the second quarter of its 2014 financial year, mostly due to a writedown of inventory.More details on BlackBerry’s financial situation have come to light since it made a regulatory filing earlier this week.Among other things, the documents indicate BlackBerry expects to book US$400-million in charges from a variety of factors before the end of May 2014.Those expenses will cover costs associated with the previously announced layoffs of 4,500 employees, the reworking of its smartphone lineup and other changes to its manufacturing, sales and marketing operations, it said.Earlier this year, BlackBerry said it would likely book $100-million in charges through its 2014 financial year, which ends on March 1.But the company’s financial results have weakened, amid poor sales of its BlackBerry Z10 touchscreen phones, and the company is restructuring and looking for a buyer.On Friday morning, BlackBerry shares rose a penny to $7.98 on the Toronto Stock Exchange. read more

Here are Canadas winners and losers as the loonie nosedives below 70

CALGARY — The loonie fell below the 70-cent U.S. mark Tuesday for the first time in 13 years. In its wake, the rapidly dropping dollar is leaving a roster of winners and losers in Canada. Here’s a look at who is benefiting — and who is hurting: Winner: The film industry. Hollywood North, whether it be Vancouver, Toronto, or some of the up-and-coming markets like Calgary, is booming. Peter Leitch, president of North Shore Studios and chairman of the Motion Picture Production Industry Association of B.C., says American studios are increasingly heading to Canada to take advantage of the low dollar.“That does make Canada one of the top choices of places to come to,” said Leitch. “A few years ago when it was at par, it was quite a challenge to attract business.”He said the boost to the film industry is helping fill some of the gaps from the resource sector.“It’s a great alternative when other parts of the economy are struggling. I mean, we’re hiring people from the oil and gas industry to help rig some of our sets.”AP Photo/The Tampa Bay Times, Lara Cerri Canadian dollar dips below 70 cents U.S. for first time since April 2003Here’s how much more Canadians will have to pay for fruits and veg because of our low dollarFive big-picture things to expect — but not assume — in 2016Loser: Pro sports teams. If you think buying a pair of shoes in the U.S. hurts, try signing a multimillion-dollar contract with an NHL, NBA or Major League Baseball star.Winner: Tourism. Canada’s tourist hotspots are getting a boost from Americans heading north of the border as well as Canadians opting to take so-called staycations.“We’ve got a lot of drive traffic coming across the border,” said Sarah Morden, a spokeswoman for B.C. ski resort Whistler Blackcomb. “It’s just kind of a no-brainer really. We’re not that far from Washington state and we’ve got great snow and a low Canadian dollar.”The Conference Board of Canada says overnight travel from the U.S. increased about seven per cent last year and is expected to rise another 3.3 per cent this year.Tyler Anderson/National Post Loser: Snowbirds. Canadians planning their winter escape to the southern U.S. will be feeling the pinch as their money won’t stretch as far. Travellers are likely to cut back their trips and spend less while enjoying the warmer climes.Winner: The cattle industry. Canada exported about US$1.5 billion in beef products to the U.S. last year. Brian Perillat, senior analyst at cattle market research outfit Canfax, says the high U.S. dollar has helped keep Canadian beef prices up even as the U.S. market has started to retreat.“As the (Canadian) dollar goes down, it certainly helps our prices relative to the U.S.,” said Perillat.“Basically every time the loonie drops a cent, on average our calf prices go up about five cents a pound, holding all other things consistent.”Al Bello/Getty Images Loser: Consumers. Be prepared to pay more for anything imported, including food. The University of Guelph’s Food Institute estimates the average Canadian household spent an additional $325 on food in 2015 and is expected see an additional increase of about $345 this year because of the low dollar.Winner: The mining sector. Vancouver mining company Teck Resources credits the low Canadian dollar for helping the company weather the downturn in commodity prices, with the company able to sell its copper and coal at U.S. prices while pay operating costs in Canadian.The Canadian Press read more

Asia Development Bank president to step down

TOKYO — The president of the Asia Development Bank, Takehiko Nakao, intends to step down early next year.The regional lender announced Nakao’s plan to resign on Tuesday. Japanese officials have usually headed the ADB, and Finance Minister Taro Aso said in a statement that Tokyo would soon nominate a “high-calibre candidate” as Nakao’s successor.Aso’s statement did not mention Japan’s choice by name. However, in a news conference he told reporters the government planned to recommend Masatsugu Asakawa, a former vice finance minister, as Tokyo’s choice.Asakawa was Japan’s top currency official for four years before becoming a special adviser to the government in July.Reports said there was concern in Japan that China might challenge its hold over the Manila, Philippines-based bank.The Associated Press read more