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CMHC to axe 215 jobs in restructuring but add risk management and

OTTAWA — The Canada Mortgage and Housing Corp. is cutting 215 jobs in a reorganization of the Crown corporation, which provides mortgage loan insurance and market statistics.The federal agency said Friday the employees have been declared surplus and will see their jobs disappear at both CMHC’s head office in Ottawa and its regional operations.However, CMHC says it is adding to its staff in risk management and information technology, so the organization will only see a “small net reduction” in its overall staffing levels.According to CMHC’s 2013 annual report, it had roughly 1,900 employees.Former investment banker Evan Siddall took over as chief executive at CMHC earlier this year.The cuts follow a review by CMHC of its business and how it is organized. The organization said the new structure will result in more efficient processes.“The goal of the organizational design process is to build a better CMHC,” the federal agency said in a statement.“This meant looking at all the activities we do in both regions and at national office to determine if they are being done most effectively or if they should be done at all.” read more

Sears stock jumps as it says its exploring sale of buildings to

Sears stock jumps as it says it’s exploring sale of buildings to improve liquidity AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email NEW YORK, N.Y. – Sears Holdings’ stock soared Friday after the struggling retailer said it’s considering selling about 200 to 300 of its buildings to boost its liquidity.The move would entail the company forming a real estate investment trust, or REIT, that would hold the stores. Sears would continue to operate in the stores by leasing them back. Sears said it would get “substantial proceeds” from the sale, and that shareholders would be given the option to buy shares of the REIT.Sears stock shot up more than 31 per cent to close at $42.81.Sears Holdings Corp., which runs Sears and Kmart stores, has been slashing costs and looking to raise cash to return to profitability. The company, which was once a staple of American shopping, is facing pressure from nimbler rivals such as Wal-Mart Stores and Home Depot. It’s is also dealing with broader industry issues, including a slow economic recovery that’s not benefiting all Americans equally and shoppers who are taking their dollars elsewhere.In a filing with the Securities and Exchange Commission on Friday, Sears also said it expects third-quarter sales to dip 0.1 per cent at established locations. An expected 0.7 per cent decline at Sears offset a 0.5 per cent increase at Kmart.In August, the company reported its ninth straight quarterly loss as sales continued to slide. The company, based in Hoffman Estates, Illinois, is controlled by billionaire hedge fund investor Edward Lampert.Lampert combined Sears and Kmart in 2005 about two years after he helped bring Kmart out of bankruptcy protection. by The Associated Press Posted Nov 7, 2014 6:52 am MDT read more