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Jalen Johnson scores 28 to lead the Hawks over the Bulls 120-110Gildan Activewear Inc. CEO Glenn Chamandy arrives to speak to the media following their annual meeting in Montreal, on May 28. Christinne Muschi/The Canadian Press Fund managers who put Glenn Chamandy back in the driver’s seat at Gildan Activewear Inc. GIL-T after a nasty boardroom battle are reaping the rewards for their support by selling portions of their stakes in the T-shirt maker. Gildan’s stock price has soared by 40 per cent since shareholders voted in May to reinstate Mr. Chamandy as chief executive officer and install a new board. Last December, the company’s previous board dismissed the then 61-year-old co-founder over succession issues, kicking off a six-month public battle for leadership of one of the world’s largest clothing manufacturers. During the governance showdown, normally low-profile fund managers such as Jarislowsky Fraser Ltd., Turtle Creek Asset Management Inc. and Anson Funds waged public campaigns supporting Mr. Chamandy. Their faith proved justified. Since Mr. Chamandy’s return, Gildan has boosted international sales and ramped up share buybacks, while rivals such as Fruit of the Loom Ltd. stumbled. Within months, Gildan’s stock price soared through analysts’ long-term targets. In November, Gildan’s share price hit all-time highs of $70 on the Toronto Stock Exchange, valuing the Montreal-based company at $10.8-billion. Mr. Chamandy’s staunchest supporters took profits during the rally. Over the summer, Jarislowsky Fraser, Gildan’s largest shareholder, sold 703,000 shares worth roughly $40-million, according to U.S. regulatory filings made Sept. 30. Jarislowsky Fraser, an arm of Bank of Nova Scotia, continues to own 10.3 million shares or 6.7 per cent of Gildan, a stake worth over $700-million. “Our view on Gildan is unchanged,” said Charles Nadim, head of research and portfolio manager at Jarislowsky Fraser, in an e-mail. “Any reduction in shares reflects portfolio considerations given the size of the position after such strong performance.” In recent months, Turtle Creek sold 1.2 million Gildan shares worth roughly $70-million, according to filings. The asset manager continues to hold 3.1 million shares worth more than $200-million. In an interview, co-founder and CEO Andrew Brenton said Turtle Creek has owned Gildan for more than 10 years and continues to support Mr. Chamandy’s strategy but decided to sell a portion of its holding as part of the fund manager’s “continuous portfolio optimization strategy.” “We remain committed to Glenn and his strategy, and we expect to continue to be Gildan shareholders for the long term,” Mr. Brenton said. Turtle Creek oversees $4.2-billion in client assets. Gildan Activewear will be ‘beneficiary of consolidation’ as customers merge, CEO says Anson, a Toronto-based fund manager, built a 2 million share stake worth more than $100-million in Gildan during the proxy fight and publicly backed Mr. Chamandy. In its September letter to investors, Anson co- founder and chief investment officer Moez Kassam said while Gildan’s prospects are bright, the fund manager sold most of its stake after its value rose by 50 per cent. He said: “We believe Gildan will continue to take share from peers.” Two other significant shareholders, Fidelity parent FMR LLC and Coliseum Capital Management LLC, also sold more than a million Gildan shares this fall. Over all, 11 of Gildan’s 25 largest shareholders have trimmed their positions since Mr. Chamandy’s return, while 13 institutional investors added to their stakes, according to filings. Gildan’s third-largest shareholder, Browning West LP, kept its stake constant at 9.6 million shares or 6.2 per cent of the company. The Los Angeles-based fund manager led the campaign to bring back Mr. Chamandy. “We believe Gildan has a strong value creation path ahead of it and look forward to being an engaged and supportive shareholder for many years,” Usman Nabi, Browning West’s managing partner and chief investment officer, said in an e-mail. Gildan’s stock price is soaring as the company moves on from what proved to be an expensive boardroom fight. So far this year, the company has spent $82.3-million on lawyers and advisers in the proxy battle, according to the company’s financial reports. The total includes $9.4-million Gildan paid to Browning West to cover the asset manager’s expenses. Gildan is still contesting outstanding bills. In August, advisory firm Kingsdale Partners LP sued Gildan for $2.3-million in alleged unpaid fees in the Ontario Superior Court of Justice. Since Mr. Chamandy’s return to the top job, Gildan has introduced new products and expanded its reach. In a recent report, analyst Mark Petrie at CIBC Capital Markets said sales and profit margins rose after Gildan rolled out “soft cotton technology” to improve the feel and “printability” of its T-shirts. “Gildan is taking market share and we believe product innovation and favourable competitive dynamics are important tailwinds,” Mr. Petrie said. Prior to the boardroom fight, Gildan built new factories in Bangladesh to cut costs and better serve international markets. While revenue growth in North America is relatively modest – projected to be 5 per cent or less annually – Gildan’s international sales jumped 20 per cent to $64-million in the most recent quarter compared to the same period a year ago. Over all, Gildan’s sales rose 2.4 per cent to a record $891-million in the quarter, while adjusted earnings rose 6.5 per cent to $138-million. Mr. Chamandy returned to Gildan promising to ramp up repurchase of the company’s shares, potentially by increasing the company’s relatively low debt levels and has delivered. Since May, Gildan has bought back 14.3 million of its own shares. The company’s current repurchase plan, set in August, allows Gildan to buy back up to 16 million shares or 10 per cent of its float by August, 2025. Mr. Petrie forecast the company will reach that limit early in the new year. Last Wednesday, Gildan raised $700-million in credit markets by selling notes maturing in five and seven years. The money is earmarked for “general corporate purposes,” which can include paying for share buybacks. With a report from Robyn Doolittle
TORONTO - Canada’s main stock index edged higher in trading on Wednesday, helped by strength in the technology sector, while U.S. stock markets also rose. The S&P/TSX composite index was up 5.45 points at 25,641.18. The index took a “breather” Wednesday ahead of key labour market indicators set to be released both in Canada and the U.S. this week, said Angelo Kourkafas, senior investment strategist at Edward Jones. Statistics Canada will report the latest data from the national labour force survey on Friday, the same day the November jobs report is due in the U.S. “That’s the last important data point for the Bank of Canada before they meet next week,” said Kourkafas. November was a strong month for equities, he said, so it isn’t surprising that investors are digesting the gains while they await new data. He said it’s expected that Statistics Canada will report an acceleration of job gains after last month brought a “relatively weak reading,” with job gains at about half of what analysts were expecting. While Canada’s central bank is expected to cut its key interest rate a fifth straight time on Dec. 11, the size of the cut could depend on that jobs data, he said. “We’re now looking at a rebound, but as the Bank of Canada deliberates between a quarter point cut versus half a percentage point cut, I think what we are going to see in terms of unemployment rate and the base of job gains is going to have a say into that,” said Kourkafas, adding that wage growth is another important metric to watch. “If we see steady job growth and slowing wages, that can potentially tilt the Bank of Canada towards a larger cut.” In New York, the Dow Jones industrial average was up 308.51 points at 45,014.04. The S&P 500 index was up 36.61 points at 6,086.49, while the Nasdaq composite was up 254.21 points at 19,735.12. U.S. markets were propelled by strength in the technology sector, said Kourkafas, highlighting strong results in quarterly earnings released this week by Salesforce Inc. and Marvell Technology Inc. “I think today’s results highlight that there is still a long runway and still enthusiasm, excitement about artificial intelligence and kind of that multi-year adoption cycle,” he said. The Canadian dollar traded for 71.09 cents US compared with 71.14 cents US on Tuesday. The January crude oil contract was down US$1.40 at US$68.54 per barrel and the January natural gas contract was up less than a penny at US$3.04 per mmBTU. The February gold contract was up US$8.30 at US$2,676.20 an ounce and the March copper contract was down less than a penny at US$4.20 a pound. This report by The Canadian Press was first published Dec. 4, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
Israeli airstrikes killed a hospital director at his home in northeastern Lebanon and six others, while at least five paramedics were killed by Israeli strikes in the country's south on Friday, Lebanon's Health Ministry said. The United Nations reported heavy clashes between Israeli troops and Hezbollah fighters in southern Lebanon. Four Italian peacekeepers were lightly wounded when a rocket, likely fired by Hezbollah, hit their base, the U.N. said. A full-blown war between Israel and Hezbollah erupted in September after nearly a year of lower-intensity conflict. More than 3,640 people have been killed in Lebanon and 15,350 wounded, the majority following Israel’s escalation and ground invasion, the Health Ministry said Friday. In Gaza, Israeli strikes hit Kamal Adwan Hospital, one of the few hospitals still partially operating in the northernmost part of the territory, wounding nine medical staff and damaging its generator and oxygen systems, the hospital director said Friday. More than 44,000 Palestinians have been killed in the Gaza Strip, the Health Ministry said. It does not distinguish between civilians and combatants in its count, but it has said that more than half of the fatalities are women and children. Israel launched the war in Gaza after Hamas-led militants stormed into southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and abducting another 250 . Around 100 hostages are still inside Gaza, at least a third of whom are believed to be dead. Here’s the Latest: DEIR AL-BALAH, Gaza Strip — Israeli strikes hit Kamal Adwan Hospital, one of the few hospitals still partially operating in the northernmost part of Gaza, wounding nine medical staff and damaging its generator and oxygen systems, its director said Friday. Hossam Abu Safiya said strikes before dawn Friday hit the entrance of the emergency unit as well as in the hospital courtyard. He said six staff were wounded, including two critically. Friday night, he said an armed drone hit the entrance again, wounding three staffers. There was no immediate comment from the Israeli military. Abu Safiya said the strikes caused damage to the functioning of the generator and disrupted oxygen supplies. The hospital is currently treating 85 wounded, 14 children in the pediatric ward and four newborns in the neonatal unit, he said. During the past month, Kamal Adwan Hospital has been hit several times, was put under siege and was raided by Israeli troops, who are waging a heavy offensive in the nearby Jabaliya refugee camp and towns of Beit Hanoun and Beit Lahiya. The Israeli military says it detained Hamas fighters hiding in the hospital, a claim its staff denies. BEIRUT — An Israeli airstrike killed the director of a university hospital and six others at his home in northeastern Lebanon, state media said. The strike targeted Dr. Ali Allam’s house near Dar Al-Amal Hospital, the largest health center in Baalbek-Hermel province, which has provided vital health services amid Israel's campaign of airstrikes, the Health Ministry said. State-run media reported that the strike came without warning. The ministry described his death as a “great loss,” and provincial governor Bachir Khodr said in a post on X that, “Mr. Allam was one of the best citizens of Baalbek.” In two separate episodes on Friday, Israeli airstrikes in southern Lebanon killed five paramedics with Hezbollah's medical arm, the Health Ministry said, describing it as “war crime.” The militant group provides extensive social services, including running schools and health clinics. In a report published Friday, the World Health Organization said nearly half of all attacks on health care in Lebanon since Oct. 7, 2023, have resulted in fatalities. “This is a higher percentage than in any active conflict today across the globe,” WHO said. In Lebanon, 226 health workers and patients were killed and 199 were injured between Oct. 7, 2023, and Nov. 18, 2024, the report said. The Health Ministry said Friday that 3,645 people have been killed in nearly 14 months of war between Hezbollah and Israel, while 15,356 were wounded, the majority following Israel’s escalation in late September. The death count includes 692 women and 231 children. UNITED NATIONS – Two rockets hit a headquarters of the U.N. peacekeeping force in southern Lebanon, injuring four Italian peacekeepers, the United Nations says. U.N. spokesperson Stephane Dujarric said the rockets were likely launched by Hezbollah militants or by affiliated groups Friday, impacting a bunker and a logistics area in the southwest headquarters at Chamaa. One of the structures that was hit caught fire, and the blaze was swiftly put out by U.N. staff, he said. According to Italy’s Defense Ministry, some glass shattered due to the explosion, hitting the four soldiers. Dujarric said the four injured peacekeepers were receiving treatment at the medical facility of the mission, known as UNIFIL. “Thankfully, none of the injuries are life-threatening,” he said. Italy’s Defense Minister Guido Crosetto called the attack on the UNIFIL base “intolerable.” He reiterated that the Italian contingent remains in southern Lebanon “to offer a window of opportunity for peace, and cannot become hostage to militia attacks.” Dujarric said Friday’s attack was the third on Chamaa in a week and came amid heavy shelling and ground skirmishes in the Chamaa and Naqoura areas in recent days. UNIFIL’s main headquarters is in Naqoura. Friday’s attack follows a rocket attack on a UNIFIL base east of the village of Ramyah on Tuesday that injured four peacekeepers from Ghana. Dujarric said UNIFIL strongly urges Hezbollah and its affiliates and Israel to avoid fighting near its positions, which are supposed to be protected. “We remind all parties that any attack against peacekeepers constitutes a serious violation of international law” and the U.N. Security Council resolution that ended the 2006 Israel-Hezbollah war, he said. BEIRUT — Israeli airstrikes hit Beirut’s southern suburbs and the southern port city of Tyre on Friday, after the Israeli army issued several evacuation warnings saying it is targeting Hezbollah sites. The strikes in Beirut came dangerously close to central Beirut and Christian neighborhoods. One strike hit a building housing a gym and medical and beauty clinics, located just meters (yards) from a Lebanese army base. “What is there in the building to target? This attack they carried out on us in this building is a criminal and vile act,” resident Hassan Najdi told The Associated Press. “Because if their intention is targeting Hezbollah, this building has nothing to do with Hezbollah.” Najdi said he purchased an apartment in the building last year but had not yet moved in. He allowed a displaced family to move in and urgently asked them to evacuate after receiving the Israeli warning. The blasts sent plumes of smoke into the air and shattered glass in the vicinity. No casualties have been reported, but the strikes caused damage to nearby infrastructure and a key road connecting central Beirut to its southern suburbs. “We remain steadfast,” said Ali Daher, an employee at a mall facing the targeted building. “Everything that is lost can be replaced, and whatever is destroyed can be rebuilt in (no time).” In Tyre city, the Israeli military conducted multiple airstrikes after a series of warnings, claiming the targets belonged to Hezbollah’s Aziz unit, accusing it of firing projectiles into Israel. The Israeli military carried out other airstrikes across Lebanon, many without warnings, as heavy fighting between Israeli troops and Hezbollah in villages along the Lebanon-Israel border intensified. ROME — Italy said Friday it plans to discuss the arrest warrants issued by the International Criminal Court over the Israel-Hamas war when it hosts Group of Seven foreign ministers next week. Premier Giorgia Meloni insisted that one point remained clear for Italy: “There can be no equivalence between the responsibilities of the state of Israel and the terrorist organization of Hamas.” Italy is a founding member of the court and hosted the 1998 Rome conference that gave birth to it. But Meloni’s right-wing government has been a strong supporter of Israel after the Oct. 7 Hamas attacks, while also providing humanitarian aid for Palestinians in Gaza. In a statement Friday, Meloni said Italy would study the reasonings behind the decision to issue arrest warrants against Israeli Prime Minister Benjamin Netanyahu, his former defense minister and Hamas’ military chief. Foreign Minister Antonio Tajani said Italy respects the ICC and supports it. “But at the same time we are also convinced that the court must have a judicial role, and should not take up a political role.” Tajani will host G7 foreign ministers Monday and Tuesday outside Rome for the final meeting of the Italian G7 presidency. “As far as decisions are concerned, we will take them together with our allies,” Tajani said. During the G7 meetings, “we will talk about this with my allies there, and we will see what to do next.” Another member of the governing coalition, the outspoken Transport Minister Matteo Salvini was more defiant in supporting Israel. “If Netanyahu comes to Italy he will be welcomed,” Salvini was quoted by Italian media as saying. This item has been updated to correct that Salvini spoke of a potential Netanyahu visit to Italy, not Israel. ROME — Four Italian soldiers were slightly injured after two exploding rockets hit the United Nations' peacekeeping mission base on Friday in Chamaa in southern Lebanon, Italy's defense ministry said. Initial information suggested that two rockets hit a bunker and a room of the mission base, damaging the surrounding infrastructure, the ministry said. Shattered glass hit the four soldiers. The incident was the latest in which UN peacekeeping posts have been hit since Israel began its ground invasion of Lebanon on Oct. 1, leaving a number of peacekeepers wounded. Defence Minister Guido Crosetto called Friday's attack “intolerable.” He said he will try to speak to the new Israeli Defense Minister to ask him “to avoid using the UNIFIL bases as a shield.” Crosetto said the conditions of the four Italian soldiers “did not cause concern.” He reiterated that the Italian contingent remains in southern Lebanon “to offer a window of opportunity for peace and cannot become hostage to militia attacks.” Italy’s Premier Giorgia Meloni on Friday said she learned about the new attack with “deep indignation and concern.” Meloni reiterated that “such attacks are unacceptable,” renewing her appeal for the parties on the ground “to guarantee, at all times, the safety of UNIFIL soldiers and to collaborate to quickly identify those responsible.” GENEVA — The World Health Organization says nearly half of the attacks on health care in Lebanon have been deadly since the Middle East conflict erupted in October last year, the highest such rate anywhere in the world. The U.N. health agency says 65 out of 137, or 47%, of recorded “attacks on health care” in Lebanon over that time period have proven fatal to at least one person, and often many more. WHO’s running global tally counts attacks, whether deliberate or not, that affect places like hospitals, clinics, medical transport, and warehouses for medical supplies, as well as medics, doctors, nurses and the patients they treat. Nearly half of attacks on health care in Lebanon since last October and the majority of deaths occurred since an intensified Israeli military campaign began against Hezbollah militants in the country two months ago. The health agency said 226 health workers and patients have been killed and 199 injured in Lebanon between Oct. 7, 2023 and this Monday. JERUSALEM — Israel’s new defense minister said Friday that he would stop issuing warrants to arrest West Bank settlers or hold them without charge or trial — a largely symbolic move that rights groups said risks emboldening settler violence in the Israeli-occupied territory. Israel Katz called the arrest warrants “severe” and said issuing them was “inappropriate” as Palestinian militant attacks on settlers in the territory grow more frequent. He said settlers could be “brought to justice” in other ways. The move protects Israeli settlers from being held in “administrative detention,” a shadowy form of incarceration where people are held without charge or trial. Settlers are rarely arrested in the West Bank, where settler violence against Palestinians has spiraled since the outbreak of the war Oct. 7. Katz’s decision was celebrated by far-right coalition allies of Prime Minister Benjamin Netanyahu. National Security Minister and settler firebrand Itamar Ben-Gvir applauded Katz and called the move a “correction of many years of mistreatment” and “justice for those who love the land.” Since Oct. 7, 2023, violence toward Palestinians by Israeli settlers has soared to new heights, displacing at least 19 entire Palestinian communities, according to Israeli rights group Peace Now. In that time, attacks by Palestinian militants on settlers and within Israel have also grown more common. An increasing number of Palestinians have been placed in administrative detention. Israel holds 3,443 administrative detainees in prison, according to data from the Israeli Prison Service, reported by rights group Hamoked. That figure stood around 1,200 just before the start of the war. The vast majority of them are Palestinian, with only a handful at any given time Israeli Jews, said Jessica Montell, the director of Hamoked. “All of these detentions without charge or trial are illegitimate, but to declare that this measure will only be used against Palestinians...is to explicitly entrench another form of ethnic discrimination,” said Montell. BERLIN — A German official has suggested that his country would be reluctant to arrest Israeli Prime Minister Benjamin Netanyahu on a warrant issued by the International Criminal Court. The ICC’s warrants for Netanyahu and former Defense Minister Yoav Gallant put Germany, a staunch ally of Israel, in an awkward position. The government said in a statement Friday that it is one of the ICC’s biggest supporters, but “at the same time, it is a consequence of German history that unique relations and a great responsibility connect us with Israel.” The government said it takes note of the arrest warrants and that “we will examine conscientiously the domestic steps.” It said that any further steps would only be an issue if a visit by Netanyahu or Gallant were “foreseeable.” Government spokesperson Steffen Hebestreit was pressed repeatedly at a regular news conference on whether it would be conceivable to arrest an Israeli prime minister. He replied: "It’s hard for me to imagine that we would carry out arrests in Germany on this basis.” Kremlin spokesperson Dmitry Peskov on Friday refused to comment on the International Criminal Court’s arrest warrants for Israeli Prime Minister Benjamin Netanyahu and others, saying that the court's rulings are “insignificant” for Russia, which doesn’t recognizes the court’s jurisdiction. The ICC last year issued an arrest warrant for Russian President Vladimir Putin and a number of other top Russian officials, accusing them of war crimes in Ukraine. The Kremlin has brushed off the warrants, saying that in Moscow’s eyes they’re “null and void.” Asked if the ICC warrants for Netanyahu and others can help resolve the tensions in the Middle East, Peskov said: “Well, in general, the actions of the ICC are unlikely to help anything. That’s the first thing. And secondly, we don’t see any point in commenting on this in any way, because for us these rulings are insignificant.” DEIR AL-BALAH, Gaza Strip — Large crowds of displaced people crammed themselves in front of a bakery in the Gaza Strip for the second day in a row, desperate to get their share of bread after bakeries closed for five days due to a flour shortage and the lack of aid. “I am a 61-year-old man. This is the third day that I have come to Zadna Bakery and I still cannot get bread ... I have children to feed,” said Majdi Yaghi, a displaced man from Gaza City. The price of a small bag of pita bread increased to $16 by Friday, a stark increase from about 80 cents last month. A bag of pasta now costs $4 and a small bag of sugar costs nearly $14. That has left many Palestinian families surviving on one meal a day and reliant on charitable kitchens to survive. In Khan Younis, women and children lined up at the al-Dalu charitable kitchen for bulgur, the only food available at the makeshift charity. One of the workers there, Anas al-Dalu, told the AP that they cook ten pots every day of either rice, beans, or bulgur. But that hardly fills the need for the thousands of people displaced in the area. “The charity here is in a difficult situation. It is a drop in the ocean, and there is no aid or charities. There is nothing," said Nour Kanani, a displaced man from Khan Younis. “It is a crisis in every sense of the word. There is no flour, no charities, and no food.” BEIRUT — Israeli troops fought fierce battles with Hezbollah fighters on Friday in different areas in south Lebanon, including a coastal town that is home to the headquarters of U.N. peacekeepers. A spokesperson for the U.N. peacekeeping force known as UNIFIL told The Associated Press that they are monitoring “heavy clashes” in the coastal town of Naqoura and the village of Chamaa to the northeast. UNIFIL’s headquarters are located in Naqoura in Lebanon’s southern edge close to the border with Israel. “We are aware of heavy shelling in the vicinity of our bases,” UNIFIL spokesperson Andrea Tenenti said. Asked if the peacekeepers and staff at the headquarters are safe, Tenenti said: “Yes for the moment.” Several UNIFIL posts have been hit since Israel began its ground invasion of Lebanon on Oct. 1, leaving a number of peacekeepers wounded.EVANSVILLE, Ind. (AP) — Tayshawn Comer scored 18 points as Evansville beat Campbell 66-53 on Sunday night. Comer had six rebounds and six assists for the Purple Aces (3-4). Cameron Haffner scored 16 points and added six rebounds. Gabriel Pozzato shot 3 for 5, including 2 for 3 from beyond the arc to finish with 10 points. Jasin Sinani led the way for the Fighting Camels (3-4) with 22 points. Colby Duggan added 11 points and Nolan Dorsey totaled eight points, seven rebounds and four steals. Evansville took the lead with 1:45 left in the first half and never looked back. The score was 34-28 at halftime, with Haffner racking up eight points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .AI Boom Makes 139-Year-Old Cable Maker Japan’s Hottest Stock - BloombergCommodity weekly: Strongest performance since April driven by geo-risks and weather factors