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Hudson's Bay says it's not just a retailer, but a hangout for shoppers

TORONTO - Hudson's Bay Co. says the only way its business will continue to thrive is for it to move away from being seen as just a department store. "We believe we need to be in more than the business of selling commodity items," chief executive Richard Baker said at the company's annual general meeting Wednesday. "We're in the entertainment business. We don't just offer products. We deliver an experience." Baker said Hudson's Bay (TSX:HBC) is focused on being a destination for shoppers but also a place where people can come and hang out.

Most actively traded companies on the TSX, TSX Venture Exchange markets

TORONTO - Some of the most active companies traded Wednesday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (12,268.29 down 99.17 points): Bombardier Inc. (TSX:BBD.B). Plane and train maker. Up seven cents, or 1.54 per cent, at $4.63 on 8.97 million shares. Bombardier won an order from Nigerian carrier Arik Air for seven commercial aircraft valued at US$297 million. B2Gold Corp. (TSX:BTO). Miner. Up a penny, or 0.42 per cent, at $2.41 on 7.36 million shares.

Stocks tumble, traders fret over tapering of stimulus, Fed says economy mending

TORONTO - The Toronto stock market closed deep in the red Wednesday as the U.S. Federal Reserve said it doesn't plan on cutting back on a key stimulus program right now. The S That could mean that the Fed is moving closer to reducing its program of buying US$85 billion of bonds every month, but the statement gave no indication of when that might happen. "The Fed, right now, is really trying to walk a tightrope," said George Rusnak, head of fixed income at Wells Fargo Private Bank in New York.

Imperial Oil closes eastern Canada refinery

ExxonMobil subsidiary Imperial Oil announced Wednesday it will shutter its only oil refinery on Canada's Atlantic Coast after failing to find a buyer for the struggling century-old facility. The company noted a "very difficult business market" as the reason for its decision, adding in a statement: "Despite interest in the refinery assets over the past year, Imperial was unable to attract a buyer to continue operating the refinery." The facility began operations in 1918, refining as much as 88,000 barrels of oil per day, and employed some 400 people. amc/sg

Loblaw tests out new smaller discount grocery store format in Calgary

Canada's largest grocer is trying out a new discount small-store format in a bid to attract more customers in urban areas. Loblaw Cos. Ltd. (TSX:L) said it opened the new 10,000-square foot store a few weeks ago in Calgary. The location, named Box by No Frills, offers "hard discounts and an everyday low price" on groceries and other merchandise, Sarah Davis, Loblaw's chief financial officer said in a conference call Wednesday.

Couche-Tard seen as likely bidder for Hess' U.S. convenience stores

MONTREAL - Convenience store operator Alimentation Couche-Tard is seen as a likely bidder to purchase retail assets from oil and gas giant Hess as it seeks to further boost its U.S. network, according to an industry analyst. Hess announced in May that it will exit its retail, energy marketing and energy trading businesses following pressure from its third-largest shareholder — activist investor Elliott Management — to break up the firm. It owns about 1,350 gasoline stations in 16 East Coast states.

Statoil assessing offshore oil discovery 500 km northeast of St. John's, N.L.

ST. JOHN'S, N.L. - Statoil is evaluating a new discovery of high-quality oil off the coast of Newfoundland, about 500 kilometres northeast of St. John's, N.L., the Norwegian oil giant announced Wednesday. A Statoil spokesman says the latest oil discovery is very encouraging and contributes to its understanding of the area within the Flemish Pass Basin, where the company and its partner Husky Energy (TSX:HSE) have been exploring.

Doing nothing is not an option, petroleum producers tell Northern Gateway panel

TERRACE, B.C. - There is a growing imbalance between oil supply and delivery in Canada and doing nothing is not an option, the lawyer for the Canadian Association of Petroleum Producers told a federal panel weighing the Northern Gateway project. Keith Bergner told the review panel Tuesday that current pipeline capacity is not sufficient, and producers are finding themselves with product on their hands and no way to ship it to buyers — "shut-in" as it's known in the industry.

TSX advances, traders hope Fed meeting will shed light on future of stimulus

TORONTO - The Toronto stock market was higher Tuesday as traders hope a two-day meeting of the U.S. Federal Reserve will yield some guidance on the future of the central bank's stimulus measures. The S The Canadian dollar was lower amid a stronger greenback, down 0.29 of a cent to 97.97 cents US. U.S. indexes were also higher as traders also looked to data showing that U.S. builders began construction on more single-family homes and apartments in May.

Cenovus to triple amount of crude moved by rail by end of next year

CALGARY - Cenovus Energy Inc. said Tuesday that it plans to massively increase the amount of oil it ships by rail by the end of 2014 as the fates of contentious pipeline projects remain undecided. The Calgary-based oil company (TSX:CVE) expects to move 30,000 barrels per day by rail by the end of 2014 — triple the 10,000 it's anticipating by the end of 2013.
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