Canada Pension Funds Eye Some Blackberry Assets

Canada, Cuba to clash for gold

Legault drew on other examples of departments that do not bother to retrieve and examine documents before claiming they are exempt or excluded from the Access to Information Act. She cited another case in which National Defence claimed a 1,110-day extension under the Act, and only produced the documents a few weeks before her Oct. 8 court challenge of the extension is to be heard in Federal Court. “This type of case is not rare,” Legault said. Her remarks came during the annual Right to Know Week, a global event promoting government transparency. Related Ottawa-based conferences and meetings have been open, but Thursday’s session at Library and Archives Canada was closed to the public and media. A copy of Legault’s speaking notes was obtained by The Canadian Press. The speech noted that the number of complaints to her office is up by 35 per cent in the first five months of 2013-2014 compared with the same period last year, to almost 1,000. There has also been a 34 per cent increase in complaints where a department has responded with “no record exists.” The Access to Information Act came into force in 1983, and now attracts well over 30,000 requests each year. Although originally envisioned as a tool for citizens to hold governments accountable, the Act now is mostly used by businesses and lawyers to further commercial or client interests. Canada, once a global leader in freedom-of-information, now is regarded as a laggard, with a badly outdated and poorly administered law born in the pre-Internet era.

Canada’s info czar warns against federal government’s new obstructive tactics

Fairfax Chief Executive Officer Prem Watsa declined to name the investors in the group, saying it had a strong Canadian component. That points to Canadian pension funds such as Ontario Teachers and AIMCo, as the Edmonton , Alberta-based fund is known, said Kevin Stadtler, president of Stadtler Capital Management LLC in Texas . Other funds including Canada Pension Plan Investment Board, the largest pension manager with C$188.9 billion under administration, and Caisse de Depot et Placement du Quebec , the second-largest, have said in the past six weeks that they would look at BlackBerry. Finance Risk There is a fairly big financing risk if the Canadian pension funds are not involved, said Greg Taylor, a portfolio manager at Aurion Capital Management in Toronto that has about C$7 billion in assets and doesnt own BlackBerry. The problem is the core business has eroded so quickly that its hard to make a case this is a good stable business that would fit their liabilities. Deborah Allan, spokeswoman for Ontario Teachers, declined to comment as did Denes Nemeth, spokesman for AIMCo, Linda Sims at Canada Pension, Jean-Benoit Houde at Caisse de Depot, and Lisette Kwong at BlackBerry. BlackBerry fell for a second day yesterday on concern that Watsa may fail to win support for his $9 a share cash bid. Fairfax has agreed to put up its 10 percent stake in BlackBerry for the offer, and needs to find equity and debt investors for the rest. BlackBerry fell 6.2 percent in New York to $8.01, an 11-month low, cutting its market value to $4.2 billion. As more details, or lack thereof, emerge about the Fairfax takeover deal, the chances of the deal going through appear grimmer, Sanford C. Bernstein Ltd. analyst Pierre Ferragu wrote in a research note yesterday. Bernstein rates BlackBerry underperform. Vested Interest BlackBerry holds long-term value, particularly as it moves away from lower-margin consumer handsets to a focus on corporate customers, which offer higher margins, Paul Rivett , president of Fairfax, said in a Sept. 23 phone interview. There is tremendous pressure on BlackBerry from those with a vested interest in destroying the company, Rivett said in an e-mail yesterday.

We feel like weare good enough to be in the finals and thatas what we came here to do.a The Canadians will play Cuba for gold on Saturday. Canada opened up the contest with a late 12-0 run to lead 26-8 after the first 10 minutes of play. Puerto Rico outscored Canada 18-13 in the second quarter to cut into the lead, but the Canadians held a 39-26 advantage at halftime. Puerto Rico continued to apply pressure in the third, trimming the lead to single digits on two occasions. Canada finished the third with a 10-1 stretch to go ahead 58-40, and closed-out the match by holding Puerto Rico to eight points, while scoring 15. Natalie Achonwa of Guelph, Ont., added 11 points and 10 rebounds for Canada, while Brampton, Ont., product Tamara Tatham tallied 10 points and seven rebounds as Canada out-rebounded Puerto Rico 49-23. aUs winning this game is almost a relief a so much excitement a but also a relief that we did qualify,a Achonwa said. aTo be able to get rid of the jitters of qualifying and now to play for the gold, it will be a great experience.a Carla Cortijo was the top scorer for Puerto Rico with 22 points. Cuba, meanwhile, advanced to the final by upsetting Brazil 72-68 on Friday. Clenia Noblet scored 18 points for the Cuban squad while Leidys Oquendo added another 17. With 15 points, Adriana Pinto was Brazilas top scorer. The top three teams from the tournament advance to the 2014 championship. Puerto Rico will face Brazil on Saturday for the bronze medal, and the final spot in Istanbul.