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Business Opportunities in Canada

From Consulate-General of India, Toronto, Canada

Number 11/2012 December 1, 2012

INDEX

Contents Page

Canadian Economy 2

India – Canada 7

Corporate News 16

Forthcoming Events In Canada 22

Business Offers For Indian Companies 23

Please send your enquiries/comments to comsec@cgitoronto.ca The data used in this bulletin has been obtained from various published sources. The Consulate General of India in Toronto does not

accept any responsibility for its accuracy.

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CANADIAN ECONOMY

Canada makes ties with new Pacific Alliance trading bloc

Canada has become an official observer in the Pacific Alliance trading bloc, a signal it

wants to get involved quickly with a new group that intends to forge trade links between

Latin America and Asia. The Alliance, just formed officially in June, groups together

four countries: Mexico, Colombia, Peru, and Chile. Diane Ablonczy, the Junior Foreign

Affairs Minister for the Americas, announced recently, that Canada had been granted

observer status. She noted Canada already has separate free-trade agreements with the

four Pacific Alliance members. The Alliance aims to reach new trade deals with partners

in Asia like the 10-nation ASEAN bloc, creating a cross-Pacific trade arrangement. The

Pacific Alliance is just beginning, but its ambitions are high. The four nations have linked

stock exchanges, are moving toward the free movement of goods and services, and plan

to drop visa requirements within the bloc. Panama, an observer since the beginning, is

planning to join. Source: Globe and Mail

Canada’s trade deficit shrinks

Canada’s trade performance beat expectations in September with a smaller than expected

deficit of $826-million, but economists note the sector remains a major drag on growth.

The trade report from Statistics Canada found the deficit shrinking by almost half from a

downwardly revised $1.5-billion in August, aided by a 1.9 per cent increase in exports.

Analysts said the performance was encouraging given the weakness in export markets,

particularly the U.S. and Europe. Economists had expected another $1.5-billion deficit.

But they noted that owing to soft August and July numbers, the third-quarter tally will

still weigh heavily on the economy. Exports were down about eight per cent over the

three months of the third quarter, which ended in September. Overall for September,

merchandise exports rose to 1.9 per cent to $38-billion, led by energy products. The big

winners included the aircraft industry, up 17.9 per cent), agriculture (14.4), metal ores

(17.4) and machinery (2.6). Source: Canadian Press

Foreign purchases of debt securities grew in September

Statistics Canada says foreign investment in Canadian securities grew to $13.9-billion in

September as investors bought government bonds and corporate equities. Meanwhile,

Canadian investment in foreign securities reached a six-month high of $6-billion, led by

purchases of U.S. equities. The agency says foreign investors bought $10.6-billion worth

of Canadian debt securities in September, the largest such investment since May. Foreign

investors have acquired $55.8-billion of Canadian debt securities so far in 2012, on par

with the level of investment observed for the same period in 2011.The investment focus,

however, shifted to federal bonds in 2012 from federal Treasury bills in 2011. Canadian

investors purchased $4.5-billion of foreign equities in September, the largest such

investment since March. Purchases of U.S. shares strengthened for a third month, to $3.6-

billion, led by demand from Canadian pension funds. Source: Canadian Press

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Manufacturing sales rise 0.4% in September

Factory sales rose 0.4 per cent to $49.8-billion in September, slightly better than

expected, according to Statistics Canada. Production in the aerospace industry jumped 43

per cent to $1.8-billion, the biggest increase since last May when production rose 66.8

per cent. Excluding the aerospace sector, total manufacturing sales fell by 0.7 per cent,

Statscan said. Factory sales rose in 8 of 21 categories, representing just under half of

Canadian manufacturing. In the key automotive sector, sales declined 3.6 per cent to

$4.6-billion. However, Statscan points out that manufacturing sales of motor vehicles and

parts have been gradually rising since the late 2008 economic downturn, though the gains

have been modest compared with other manufacturing industries. The share of sales by

motor vehicle manufacturers relative to total manufacturing in the first 9 months of 2012

was 9.1 per cent. Source: Globe and Mail

Canada’s inflation rate holds steady

Canadian inflation was slightly stronger than expected in October as prices rose for

almost all consumer items, but the rate remained well below the central bank’s 2-per-cent

target, suggesting interest rate hikes are still a long way off. Gasoline and electricity

prices grew at a slower year-on-year pace than in September while prices for food, air

travel and property taxes rose more sharply, Statistics Canada said in a report. Annual

inflation held steady at 1.2 per cent, unchanged from September but above the 1.1-per-

cent forecast by market players. The consumer price index rose 0.2 per cent in October

from September. Core inflation, which leaves out gasoline and other volatile items, was

unchanged from September at 1.3 per cent year-on-year. Market players had forecast 1.2

percent core inflation. Canada’s primary securities dealers expect the bank to begin

tightening monetary policy in the fourth quarter of next year, according to a Reuters poll

last month. Prices rose in all major components except clothing and footwear, Statscan

said. Source: Globe and Mail

Ottawa bumps up TFSA limit by $500

The federal government has given Canadians 500 more reasons to invest in a tax-free

savings account- namely a $500 increase in the annual contribution limit. Canadians will

be able to add the $500 starting in 2013, raising the annual maximum to $5,500. “Our

government remains committed to our low-tax plan for jobs and growth and we are very

pleased to offer Canadians ways to save on taxes and keep more of their hard-earned

money,” said Ted Menzies, Minister of State (finance), in a statement. Based on four

years of contributions, Canadians can now have made $20,000 in contributions to their

TFSA. Ottawa says 8.2 million Canadians have opened an account and roughly 2.5

million Canadians contributed the maximum amount in 2011. TFSA are available to all

Canadians, 18 years and older. Money can invested in variety of products like securities

and mutual funds. Unused TFSA contribution room can be carried forward and

accumulate for future years. Source: National Post

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Home prices 3.6% higher in September from a year ago

Canadian home prices in September were 0.4 per cent lower than in August, though they

remained 3.6 per cent higher than a year ago, according to the Teranet-National Bank

National Composite House Price Index. This marks just the third time that house prices

have fallen in September in the 13 years that this index has data for. The other two were

in 2010, and prior to that in 2008. Six of the 11 markets that the index studies saw prices

fall last month. The decline was highest in Victoria, where prices fell 1.3 per cent.

Vancouver saw its prices drop by 1.2 per cent for the second month in a row. Prices were

down 0.8 per cent in Ottawa-Gatineau, 0.6 per cent in Montreal and 0.2 per cent in

Quebec City. All of those cities had registered sharp decreases in sales over the past year,

according to the real estate boards. But Edmonton, which has seen an increase in sales,

also saw prices drop, falling 0.7 per cent. The cities that saw prices rise last month were

Calgary and Halifax (each by 0.5 per cent), Winnipeg (0.4 per cent), Hamilton (0.3 per

cent) and Toronto (0.1 per cent). Source: Globe and Mail

New home construction slumps 8.9%

Across all types of housing and all provinces, the pace of construction for new homes is

slowing across the country, according to data released by the Canada Mortgage and

Housing Corporation. The Corporation said that construction started on 17,507 homes in

October. That's more than seven per cent lower than where the figure was a year ago and

in keeping with a general slowdown through the year. Seasonally adjusted, that translates

into a rate of 204,107 starts per year, down from an annual rate of 223,995 recorded in

September. That's a decline of 8.9 per cent. "The monthly decrease in total housing starts

posted in October was mostly due to a decrease in both single and multiple starts in urban

centres in Quebec and the Prairies," CMHC economist Mathieu Laberge said. The

slowdown is especially pronounced in multiple-start buildings such as condominiums.

Source: CBC News

Auto sector on track for best year in a decade: Report

For Canada’s motor vehicle manufacturers, 2012 is stacking up as the most profitable

year in a decade, according to the Conference Board of Canada. The auto sector will take

in about $1.35-billion in pre-tax profits this year, a bottom-line result not seen since

2002, the think tank says. “The industry will continue to benefit from brisk growth in

vehicle sales, both this year and next,” Micheal Burt, the Conference Board’s Director of

Industrial Economic Trends, said. Canadian vehicle sales are set to surpass pre-recession

levels this year, he added. The Conference Board’s figures indicate that Canadian

automotive production rose almost 20 per cent in the first 8 month of this year, compared

to the same period last year. Sales across Canada rose 7.1 per cent between January and

August and are on track to reach 1.72 million vehicles, the highest levels since 2002, says

the board. Source: Globe and Mail

Retail sales edge higher on auto gains

Statistics Canada reported retail sales edged up 0.1 per cent to $39.1-billion in

September, the third straight monthly increase, helped by sales of new cars. The largest

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increase in dollar terms among all subsectors was a 0.6 per cent rise at motor vehicle and

parts dealers, with new car sales up 0.9 per cent. However, BMO Capital Markets

economist Robert Kavcic noted that excluding auto sales, the results were flat and below

consensus. Economists had expected growth of 0.5 per cent for the month. Sales rose 2.5

per cent at miscellaneous retailers, a category which includes used merchandise stores,

office supply and stationery stores, and pet supply stores. General merchandise store sales

decreased 0.7 per cent, with department store sales off 0.9 per cent. Sales rose in five

provinces in September led by Alberta, with sales off 0.7 per cent in Quebec and flat in

Ontario. Source: Globe and Mail

Used car prices set to rise, report says

Used car prices continue to move higher across Canada despite stronger-than-expected

sales of new vehicles in 2012, a report by Scotiabank says. The improvement reflects a 4

per cent increase in purchases of pre-owned models so far this year, as well as the

dwindling supply of these vehicles. Canadian used-car prices have been rising since 2009

just before the start of the global economic recovery. In contrast, new vehicle prices in

Canada have been flat since 2010 as automakers have enhanced incentives over the past

two years to spur sales. The net result is Canadian used car prices are at record highs

relative to the price of new models, the report said. The supply shortfall is the direct

result of a plunge in fleet and leasing volumes since 2008. New vehicle leases in Canada

slumped to only 180,000 units in 2009 and while they have edged higher in recent years,

lease volumes still remain 40 per cent below the average of the previous decade.

Source: Toronto Star

Ontario, B.C., Alberta revive talks on national securities regulator

Three of Canada’s largest provinces are leading a revived effort to create a single agency

to oversee the country’s securities markets, an initiative that comes nearly one year after

the Supreme Court’s rejection of a national regulator. Ontario has long been the closest

provincial ally of the federal government in its fight to reform the country’s patchwork

system of securities regulation. But British Columbia and Alberta are also expressing a

new openness to replacing Canada’s 13 provincial and territorial regulators with a single

entity that would police the buying and selling of securities. Ontario Finance Minister

Dwight Duncan said he has had “productive discussions” with his counterparts in the two

western Canadian provinces. The talks appear to signal a dramatic shift in stance for

officials in Alberta, who had been among the staunchest opponents to a national agency.

Officials in British Columbia also expressed serious concerns about relinquishing their

province’s jurisdiction over securities regulation. Source: Globe and Mail

Ontario won’t allow fracking unless it’s safe, McGuinty says

The Ontario government is warning energy companies it is not ready to allow the

controversial practice called fracking to extract natural gas or oil. Premier Dalton

McGuinty says no private companies have approached the province to talk about fracking

or hydraulic fracturing, which uses chemically-treated water under extreme pressure in

drill holes to fracture shale and release gas or oil. McGuinty says he’s heard concerns the

practice can pollute water supplies, and would want to see scientific evidence fracking is

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safe “before giving it a thumbs up or a thumbs down.” NDP Leader Andrea Horwath says

she’s concerned about negative environmental impacts from fracking, especially on

drinking water. Opponents of fracking, including the Council of Canadians, say

companies including Mooncor Oil and Gas and Dundee Energy are buying up land in

southern Ontario that could be used for fracking. Mooncor says only that it has not

announced any plans to frack in Ontario. Source: Canadian Press

Conference Board sees trade boom with China

The Conference Board of Canada released a study that examines the export opportunities

for Canadian companies to the hot economies of China, India, Brazil and Mexico. As

expected, the outlook-to 2025- indicates a significant shift away from trade with the

United States. China is of course a key destination. Canada’s goods exports to China have

taken off, from a value of less than $3-billion in 1990 to $15-billion in 2011, according to

the Conference Board. That number is projected to increase to the $45-billion range by

2025, says the board, based on the assumption of an average annual economic growth

rate in China of just under 7 per cent. If that trend does indeed unfold as predicted,

China’s share of Canadian goods exports would more than double to 6.8 per cent from

today’s 3 per cent. In contrast are shipments to the U.S., which now account for about 75

per cent of Canada’s goods exports. The study predicts that the share will drop to 68 per

cent in 2025. Canada’s goods exports to the U.S. are projected to grow by about 2 per

cent per year through to 2025. The bulk of Canada’s exports to China are natural

resources or semi-processed raw materials, while imports are made up mostly of

manufactured goods. Source: Globe and Mail

Toronto, Vancouver, Waterloo rank among top 20 startup hubs globally: Report

Three Canadian cities rank among the top 20 “startup ecoystems” in the world according

to a new report that forecasts a shift in the concentration of entrepreneurial dominance.

“While nearly all high-growth technology startups have historically emerged from no

more than three to four startup ecosystems namely Silicon Valley and Boston-this trend

appears to have reached its end,” said the Startup Genome report produced in partnership

with Telefonica Digital. Toronto and Vancouver placed eighth and ninth, respectively,

while Waterloo claimed the 16th spot on the index, which measured factors like total

entrepreneurship activity, available risk capital, the prevalence of support such as

mentorship and service providers, access to talent and even mindset. The top of the list

was led by Silicon Valley and followed by Tel Aviv, Los Angeles, Seattle, New York

City, Boston and London. Source: Globe and Mail

Canadian Dollar at parity in comparison to US Dollar

The Canadian dollar traded at parity in November in comparison to the US Dollar. It

closed at 1.00 USD on November 30th

. Source: Bank of Canada

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INDIA - CANADA

Canada, India reach agreement on nuclear trade

Canadian uranium and nuclear hardware may soon be shipping to India for the first time

in nearly four decades after a deal reached during Stephen Harper’ s visit to New Delhi.

Canada and India announced they’ve cleared a diplomatic logjam that prevented

Canadians from selling nuclear material and technology to the energy-hungry south

Asian country. It remains to be seen, however, exactly when nuclear trade between

Canada and India might resume. Stephen Harper and his Indian counterpart Manmohan

Singh announced that their countries had concluded difficult negotiations on resuming

nuclear trade: talks designed to address Canadian concerns about verifying that any

nuclear material supplied is only used for peaceful purposes. A new accord announced

between Mr. Harper and Mr. Singh on November 6-what’s being called an administrative

arrangement-appears to remove the last obstacle to proceeding with the 2010 nuclear

trade deal. Source: Globe and Mail

Canada, India sign Social Security Agreement to better coordinate Pension Benefits

Prime Minister Stephen Harper and Manmohan Singh, Prime Minister of India, witnessed

the signing of the Canada-India Social Security Agreement. This will enable Canada and

India to better coordinate the pension benefits and contributions for their citizens who

have worked in both countries. Mr. Harper made the announcement during his six-day

state visit to India, from November 3-9, 2012. “Our Government is committed to helping

facilitate the flow of people and ideas between Canada and India,” said Prime Minister

Harper. “The agreement signed on November 10th will reduce the pension contribution

costs for Canadian companies sending employees to India and ensure that those same

Canadian employees receive the pension benefits they are entitled to for time spent

working abroad. The Canada-India Social Security Agreement will help eligible

individuals qualify for retirement, disability or survivor benefits and enable employees

from Canada who are sent to work temporarily in India to continue to contribute to the

Canada Pension Plan and be exempt from contributing to the Employees’ Pension

Scheme of India. Source: The Link Paper

Anand Sharma invites Canadian pension funds to invest in Indian infrastructure

projects

Union Commerce and Industry Minister Anand Sharma said substantial pension funds in

Canada-private and public-could be usefully channeled through the Infrastructure Debt

Fund into infrastructure projects in India. At a bilateral meeting with Canadian Minister

of International Trade and Minister for Asia-Pacific Gateway Edward Fast, Mr. Sharma

also highlighted the need to address the investment asymmetry between the two

countries. India and Canada have finalised a tripartite agreement for an infrastructure

debt funding mechanism linking both lenders and borrowers through the IDF. The IDF

would source most of its funding from pension funds, insurance funds and sovereign

wealth funds. Indian investment in Canada is estimated at $ 14.2 billion and Canadian

investment in India at nearly $ 4.3 billion. Owing to Canada’s healthy banking sector and

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private equity funds, Mr. Sharma also called for greater Canadian investment into

India. Source: NetIndian News Network

India, Canada CEPA talks could conclude by 2013

The negotiations for the proposed comprehensive free trade agreement between India and

Canada are expected to conclude by 2013. The progress of negotiations for the pact,

officially known as Comprehensive Economic Partnership Agreement (CEPA), was

reviewed by Commerce and Industry Minister Anand Sharma during his meeting with

Canadian Minister of International Trade and Minister for Asia - Pacific Gateway

Edward Fast. "The negotiations on CEPA are proceeding smoothly, and we hope that it

would be finalised by 2013," an official statement quoting Minister Sharma said. Both the

sides launched CEPA negotiations in November 2010 to further boost bilateral trade and

investment. The pact aimed at slashing or eliminating duties on maximum number of

products traded between the two countries, besides opening the services sector and

facilitating investment proposals. As per a joint study group report, both countries will

benefit from the CEPA. According to the report, India and Canada's GDP are likely to get

benefits in the range of USD 6 billion and USD 15 billion per year, respectively from the

trade pact. Source: Economic Times

Canada expands diplomatic representation in India

Stephen Harper is stepping up Canada’s diplomatic representation in India’s Silicon

Valley, opening a consulate in the fast-growing southern city of Bangalore. The prime

minister made the announcement on November 8 during a visit to India to spur slow-

going talks to liberalize two-way commerce and investment. The new consulate in

Bangalore will be Canada’s fourth in the south Asian country. Besides its high

commission in New Delhi, Canada has trade offices in three cities-Hyderabad,

Ahmadabad and Calcutta. Mr. Harper said the Bangalore office will function as a hub for

Canadian representation in southern India, offering consular, immigration and assistance

for Canadian business. The new consulate, previously only a trade office, is expected to

open in the summer of 2013. Source: Globe and Mail

STEP Announces Agro Tech Trade Mission to Chandigarh, India

The Saskatchewan Trade and Export Partnership (STEP) is organizing a trade mission to

exhibit at Agro Tech, a biennial agro technology and business fair in Chandigarh, India

from December 1-4, 2012. STEP will work with the Canadian Consulate in Chandigarh

to showcase STEP members and export capabilities. STEP focuses on increasing

Saskatchewan’s exports to existing markets and tapping into new markets by initiating

sales, contracts, and projects for Saskatchewan exporters. For more information, contact

Jennifer Evancio at jevancio@sasktrade.sk.ca. Source: Saskatchewan Trade & Export Partnership

Canada-India Water Training Consortium part of international project highlighted

by Prime Minister

The Canada-India Water Training Consortium is participating in a massive international

project to clean up the Ganges River, highlighted by Prime Minister Stephen Harper

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during his state visit to India. Fleming College, the Ontario Clean Water Agency,

Centennial College, Confederation College, and Northern College, have launched the

Canada-India Water Training Consortium which will offer training as part of the Ganga

River Environment Management Programme (GREMP). The Consortium is part of a

broader collaborative effort that includes Canadian Technology and Business Facilitators

Inc. (CTBF) and ETI Dynamics to contribute water technologies and training to the

GREMP. The river clean-up is an immense undertaking - the project is billed as a $100

billion opportunity. The official signing of the CTBF's entry into the Ganges River

clean-up project took place this week in New Delhi. The signing ceremony was

organized through Prime Minister Harper's official trip to India. Source: Fleming College

Canada’s opportunity to tap into giant India economy has never been better

As happened about a decade ago with China, Canada has been slow to realize the benefits

of capturing a share of India’s $2 trillion a year economy. Everything about India is big.

One of many dazzling statistics is that India has over 900 million cell phone subscribers-a

number many times higher than Canada’s total population. Despite the opportunities

presented by a society where tens of millions have recently joined the middle classes,

those Canadian companies already in India believe that many Canadian companies still

tend to be risk averse and overly content to regard foreign trade as doing deals in the U.S.

For all that, the successes of some major Canadian companies show what is possible if

more Canadian businessmen make Asia an object of desire. Bombardier, which in various

forms has been in India for four decades, is a blue chip example. To fend off keen

competition from Asian and European rivals, the Montreal-based multi-national company

has built two railway manufacturing sites in India. Another positive sign is that after

entirely missing out on the beginning of China’s rise in the early 1990s, several dozen

Canadian automotive suppliers including the biggest-Aurora, Ontario based Magna

International now have established Indian operations. Source: Post Media News

Canada looks to India to ease skills shortage

Canada is turning to higher education partnerships as a form of ‘soft’ diplomacy and as

part of a global economic strategy that includes attracting Indian students to fill a

growing skills shortage. “Canada is looking to take advantage of India’s demographic

profile,” Marcia Lang, Senior Advisor to the President of the University of Alberta said.

“Indian students are bright and very good and we want to encourage more students to not

only study in Canada but to fill our skills shortage by working there.” Lang noted that

Canada has the second largest oil sands after Saudi Arabia, “but we don’t have enough

people to work. We have partnered with IIT [Indian Institute of Technology] Bombay,

IIT Roorkee and oil companies such as Indian Oil to not only train Indian middle-level

managers but also to attract students,” Lang said. Canada’s interest in higher education

partnerships in India, and in drawing Indian students to Canada, was highlighted by

Minister of International Trade Ed Fast at the higher education conference organised by

the Federation of Indian Chambers of Commerce and Industry, FICCI. “India is a natural

partner for Canada. Relationships from educational ties can produce successful business

partnerships,” Minister Fast said, pushing for a stronger Canadian role in India’s

expanding higher education landscape. Source: University World News

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India’s Petronet planning to buy Canadian LNG

Petronet LNG Ltd. India’s biggest liquefied natural gas importer, plans to buy the fuel

from Canada to meet surging demand as output from a block operated by billionaire

Mukesh Ambani’s company falls. Petronet has met Canada’s Natural Resources Minister

Joe Oliver and wants to buy the fuel from projects on the North American nation’s east

coast, Chief Executive Officer A.K. Balyan said. Petronet is seeking contracts from

Australia to Russia to meet India’s energy demand that is estimated to more than double

by 2035. The expansion has acquired urgency after gas production at Ambani-controlled

Reliance Industries Ltd. (RIL)’s biggest field dropped 70 percent in about two years

slashing supplies to power stations and fertilizer plants in the world’s fourth-biggest fuel

consumer. India’s energy demand is forecast to more than double by 2035 to 49.2

quadrillion British thermal units from 21.1 quadrillion Btu in 2008, according to the U.S.

Energy Information Administration. The share of gas in India’s power generation mix

will expand from 11 percent in 2008 to 16 percent in 2035, according to the EIA.

Source: Bloomberg News

Top Canadian, Indian institutions form $30 million partnership to improve water

and infrastructure safety, eradicate diseases

Scientists from the University of British Columbia, University of Alberta, University of

Toronto and 11 leading institutions in India are joining forces to tackle urgent issues in

both countries with a $30-million partnership. Supported by the Canadian government

and state and industry partners in India, the India-Canada Centre for Innovative

Multidisciplinary Partnerships to Accelerate Community Transformation and

Sustainability, or IC-IMPACTS, will focus on water safety, disease prevention and

treatment, and the development of safe and sustainable civil infrastructure. It will also

support new technology spinoffs and the training of more than 700 students and

researchers. Through the development, deployment and commercialization of new

technologies, and the training and exchange of students and researchers, IC-IMPACTS is

expected to generate economic benefits for both nations while building research capacity

and solving issues of importance to both countries. The partnership was formally

launched in New Delhi by Prime Minister Stephen Harper, who was joined by UBC

President Stephen Toope, U of T President David Naylor and U of A Vice-President

(Research) Lorne Babiuk. Source: University of British Columbia Press Release

Tata Chemicals in $310 million Canada venture

Tata Chemicals is setting up of a potassium-based complex fertiliser plant in Canada by

2017 in association with EPM Mining Ventures. R Mukundan, Managing Director of

Tata Chemicals said the partners have done the preliminary economic assessment for a

sulphate of potash plant in the country, which favoured a setting up a 300,000 tonne per

annum (tpa) plant. EPM, a specialty or complex fertiliser maker, in which Tata

Chemicals bought a 25% stake in August 2011, controls mineral leases on more than

124,000 acre on the Sevier Dry Lake property in Millard County, Utah, Canada, through

its wholly owned subsidiary Peak Minerals Inc. According to EPM website, the sulphate

of potash plant will be built in a phased manner and reach its full rated capacity of

300,000 tpa by 2020. Source: Daily News and Analysis

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Canada's IT companies keen to partner Gujarat

Canada's IT companies have expressed interest in collaborating with Gujarat's companies

working in the IT space. Canada, which is a partner company in Vibrant Gujarat, was in

Gujurat with a delegation to propose collaborations between IT companies, recently.

Canada's Technology Triangle (CTT), a not-for-profit organisation, which works to

attract new business, investment and talent to the Waterloo region in Canada, highlighted

the concept of the Intelligent Community Forum and how Ahmedabad could be included

as an intelligent broadband economy in this community. The Intelligent Community

Forum seeks to share the best practices of the world's intelligent communities in adapting

to the demands of the broadband economy, in order to help communities everywhere find

sustainable renewal and growth. Nishish Jha, coordinator of the event that brought

together Gujarat and Canadian companies in Ahmedabad, said, "There is an appetite

among Canadian companies to set up joint ventures with Gujarat's IT companies. The

region of Waterloo, Ontario has a huge tech entrepreneurial system. The objective of this

meeting was to promote business in the technology sector, which is always in high

demand." Source: Times of India

Electrovaya signs two MOUs with Partners in India

Electrovaya Inc. of Mississauga, Ontario announced that it has signed two Memorandums

of Understanding (MOUs) with partners in India. One MOU with Environ Energy

(Bhaskar Solar) will harness Electrovaya’s lithium ion battery technology for renewables-

based telecom towers. The other MOU with Hero Eco would implement lithium ion

powered electric bikes for Hero’s markets in Asia, Europe and North America.

Electrovaya designs, develops and manufactures proprietary lithium ion superpolymer

batteries, battery systems, and battery-related products for the clean electric

transportation, utility scale energy storage and smart grid power, consumer and

healthcare markets. Source: Electrovaya Press Release

Open Text increases R & D Capacity and Opens new office in India

Open Text Corporation, a Waterloo, Ontario based provider of enterprise information

management solutions, announced the expansion of its research and development center

in Hyderabad, India, and the opening this month of an office in Mumbai, India to support

its customer base in that country. Open Text’s enterprise information management

software enables companies and industries to manage, secure and leverage their

unstructured business information. Source: Open Text Corporation Press Release

Teck looks to India for future growth

Canada's largest diversified miner, Teck Resources Ltd., is planning a road trip to India.

Eager to understand the Asian nation's growth potential more quickly and more

completely, Teck wants to judge for itself whether forecasts for massive growth in India

are realistic. "What Don has done is put together a case study group of 15 of us, and we're

going to travel to India for a few days later this month," Teck spokeswoman Marcia

Smith said of a trip being planned by Chief Executive Officer Don Lindsay. Teck is a

global exporter of coal, zinc and copper. Sales to India are a very small portion of its total

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revenue, but Teck would expect the figures to rise if India begins to meet needs for

massive infrastructure spending. Teck is one of the world's top exporters of coking coal

used for steel production and is a major exporter of commodities to Asia, but only a

fraction of that goes to India. Source: Globe Advisor.com

Tulip Telecom, TaraSpan launch Cloud-Based Managed Unified Communication

Services with Mitel Networks to over 2000 cities in India

Tulip Telecom Ltd (Tulip), a leading enterprise data services provider in India, and

TaraSpan, who provides India market entry strategies for Canadian technology

companies, announced the launch of cloud-based managed unified communication

services to over 2000 cities in India, which includes cloud and premise-based unified

communications and collaboration solutions from Mitel Networks Corporation (Mitel).

With this collaboration, Tulip's customers can select from a wide range of service with

freedom to modify subscriptions options on a monthly basis. For businesses, this means

the potential for productivity, quality and reliability gains and reduced operational

expense for managing their technology-all at a predictable monthly cost. Source: EFY Times

Extreme Startups announces partnership with India

Extreme Startups, a Toronto accelerator for high-potential entrepreneurs announced the

launch of an 'exchange' with The Hatch, a business incubator located in India.“We think

this is the best way to get Canadian tech startups into the massive Indian consumer and

enterprise markets,” said Sunil Sharma, Managing Director of Extreme Startups. “It’s a

very high-touch model and we are happy to reciprocate for the Indian startups and

entrepreneurs.”Beginning in December, Extreme Startups will send a group of Canadian

startups from its current cohort- including Shifthub, Venio and Picatic to Chandigarh,

India. These teams will be provided not only with accommodation in dorm-style

residences, but also have front-of-the-line access to The Hatch’s network of

entrepreneurs, developers and investors. In turn, Extreme Startups will host several

Indian startups in Toronto in January, furnishing them with desk space as well as

connections to its renowned pool of mentors and resources. Source: Globe and Mail

Diagnos and Indian State of Madhya Pradesh agree MOU

Quebec -based Diagnos Inc. has signed a Memorandum of Understanding (MOU) with

the Indian State of Madhya Pradesh for the provision of diabetic retinopathy screening

services. Under the terms of the MOU, the State Health Authorities will help assure

required infrastructure facilities, incentives, concessions, and all necessary clearances are

in place for the launch of a state-wide diabetic retinopathy screening program. The

financial terms of the agreement were not disclosed. Diagnos is an imaging and data

technology company active in a variety of fields including healthcare and

natural resources. Source: Marketwire

13

Report finds emerging trade nations to fuel future trade growth-how can Canada

help?

A new report says India will become the fastest growing trade market in the world due to

the country’s emerging middle class and trade growth. According to HSBC Trade

Forecast, India is also the fastest-growing source for Canada’s importers at 82 per cent

and is expected to be so until 2020. The report also finds that in the next three years,

emerging trade nations will join the powerhouse economies of India and China. “As these

economies industrialize, the forecast says there is an increase in trade of higher value

goods, reflecting the increased maturity of these faster-growing economies with large

populations and rapidly growing middle-class consumer markets,” says the report. While

Canadian exports have slowed this year as a result of the softening demand in the United

States and the broader moderation of growth in world trade, the effect of the recent global

economic downturn has been more moderate than in other countries, the forecast finds.

As a world leader in producing potash and as a major producer of aluminum, cobalt and

uranium, Canada continues to be one of the world’s major trading nations. Source: Global News

Minister Fast celebrates growing Canada-India Trade and Investment Relationship

Following his recent participation in Prime Minister Stephen Harper’s trade mission to

India, the Honourable Ed Fast, Minister of International Trade and Minister for the Asia-

Pacific Gateway highlighted the growing Canada-India trade and investment relationship

by marking the sixth round of negotiations toward a Canada-India comprehensive

economic partnership agreement, which took place in Ottawa from November 15 to 17,

2012. He also announced the Canadian members of the Canada-India CEO Forum.

“Opening new markets to increase Canadian exports and create jobs and prosperity for

hard-working Canadians is at the core of Canada’s Economic Action Plan,” said Minister

Fast. A Canada-India joint study concluded that a trade agreement between the two

countries could boost Canada’s economy by at least $6 billion. That translates to almost

40,000 new jobs across the country, or a $500 boost to the average Canadian family’s

annual income. As stated by Prime Minister Harper on his recent trade mission, Canada

has identified core economic opportunities in India in the energy, agriculture,

infrastructure and education sectors. Source: Foreign Affairs and International Trade Canada

B.C. opens two new trade and investment offices in India

Following up on a commitment Premier Christy Clark made in November of 2011, the

Province will open two new trade and investment offices in the cities of Mumbai and

Chandigarh to further strengthen the burgeoning business opportunities with India,

announced Finance Minister Michael de Jong, Q.C. These new provincial commercial

agencies will be situated within the existing Canadian Consulate General offices in these

two major cities. This co-location arrangement will provide the Province with an

excellent professional environment from which to conduct business in a co-ordinated

manner with Canadian government representatives in India. Pat Bell, Minister of Jobs,

Tourism and Skills Training and Minister Responsible for Labour, noted that, “These

offices and the people that work in them are the window through which investments

come to British Columbia, and with every investment comes jobs for British

Columbians.” Source: Government of British Columbia Press Release

14

Senator Asha Seth Drives Point Home: Indian Trade Delegation to visit Canada in

2013

A high power delegation will visit Canada in 2013 to promote Canada-India bilateral

trade following meetings between conservative Senator Asha Seth, High Commissioner

of Canada to India, Mr. Stewart Beck and Chief Ministers from Delhi and Uttar Pradesh.

Capitalizing on the momentum created by Prime Minister Stephen Harper’s visit to India,

Senator Asha Seth urged Chief Minister Sheila Dikshit of Delhi and Akhilesh Yadav of

Uttar Pradesh to move towards creating a friendly environment for Canadian investment.

“Canadians are eager to work with Indian states to establish Canada as a primary partner

in India’s development. Our conservative team is working tirelessly to strengthen

commercial and social ties with India,” said Senator Asha Seth. Senator Seth along with

Canadian and Indian officials will coordinate a delegations led by Chief Ministers

Akhilesh Yadav between May and September, 2013. Source: Office of Honorable Asha Seth

Canadian industrialist keen to invest in Assam

Canadian industrialist Herb Dhaliwal called on the Assam Chief Minister, Tarun Gogoi

on November 19 and expressed keen interest in investing for exploration of shale oil and

shale gas in the state. Dhaliwal, the first Canadian Cabinet Minister of Indian origin, said

his company East-West Petroleum Corporation is keen to invest in a big way in the

exploration of shale oil and shale gas in which Assam has huge potential. He apprised the

Chief Minister of the talks he has had with Oil India, ONGC and GAIL to adopt latest

technology for exploration of oil and gas. Mr. Dhaliwal asked the Chief Minister to take

up the matter with the Ministry of Petroleum and the Prime Minister to frame a policy for

shale oil and shale gas. Source: Hindu Business Line

Clean coal technologists from India, Canada to meet in Delhi on December 4

Clean coal technologists from Canada and India will gather in New Delhi on December 4

to consider strategies for reducing carbon emissions during power generation. In a first of

its kind Initiative by the Academy of Engineering, from both Canada and India, the

technologists would focus on sharing their latest findings in this space as also exploring

potential partnership areas. The Canadian Association of Engineers delegation will be led

by Prof. Ravi Ravindran of Ryerson University, Canada. Dr. B Prasada Rao, Chairman

and Managing Director of the public sector Bharat Heavy Electricals Limited (BHEL)

will kick off this day-long conference that will be hosted by Indian National Academy of

Engineering (INAE) and Canadian Academy of Engineering (CAE), as part of INAE’s

silver jubilee celebrations. Former Foreign Secretary Shyam Saran, who later served as

the Prime Minister's Special Envoy on Climate Change, will deliver the valedictory

address. A panel of eminent Indian experts from coal R&D, industry and government as

well as non-governmental agencies will interact with the members of both delegations to

identify areas suitable for Indo-Canadian joint initiatives and the nature of such

initiatives. Source: Net India News Network

15

Canada team in India to recruit Indian doctors

A team of specialists from Canada’s province of Saskatchewan toured India to scout for

doctors, particularly physicians, to look after the primary healthcare needs of a growing

population. In the first leg, the team is looking to recruit about 80 physicians to work as

family doctors in the province. The team led by Edward Mantler, Chief Executive Officer

of Saskdocs, the agency that works in partnership with regional health authorities and

communities to find physicians for Saskatchewan visited New Delhi, Chandigarh,

Mumbai and Chennai. “In this visit, we are looking to recruit about eighty qualified and

experienced family physicians from India who may be interested in migrating to

Canada”, Mr. Mantler said. Currently, for a population of over one million, expanding

rapidly because of robust economic growth, Saskatchewan is home to about 1,900

doctors from different parts of the world, the CEO said, adding that family physicians

will be the first contact point for those in need of any advice on health-related matters.

Source: Hindu Business Line

Birlas take control of mutual fund venture with Sun Life

The Aditya Birla group, led by Kumar Mangalam Birla, has taken charge of its mutual

fund joint venture with Sun Life Financial of Canada by buying one per cent stake from

the latter. The Birlas will now own 51 per cent stake in Birla Sun Life Asset Management

Co Ltd and Sun Life will be left with 49 per cent. The equity structure of the Birla

group’s second joint venture with Sun Life Financial in the insurance sector will continue

as usual at 74 per cent with the Indian promoter. The Canadian company will raise its

stake as and when the government permits higher stakes for foreign companies in the

insurance sector, sources familiar with the developments say. Sun Life had the option of

increasing stake in the insurance company since the JV was set up 12 years ago. The

Birlas and Sun Life had set up the mutual fund venture in 1994. Since then, it has grown

into one of India’s leading mutual fund companies, with assets under management of Rs

72,900 crore as of September this year, growing at an annual rate of 8.5 per cent.

Source: Business Standard

University of Alberta key player in Canada-India collaboration

The University of Alberta is taking a lead role in a Canada-India research collaboration to

develop new technologies to ensure health, safety and sustainability for remote and rural

communities in both countries. A partnership between the U of A and the universities of

Toronto and British Columbia was chosen by the federal government’s Networks of

Centres of Excellence program to be part of Canada’s commitment to a five-year, $30-

million collaboration with India. Three hundred Canadian students will work alongside

students from 11 leading institutions in India at locations in Canada and India. The

collaboration goes by the acronym IC-IMPACTS. The U of A will supply 100 students

from a variety of disciplines such as engineering, public health and biological sciences.

The U of A will lead the focus on clean drinking water. U of A team members, post-

doctoral students to undergrads, will develop new technologies for water monitoring and

treatment, and infrastructure that carries drinking water. Source: University of Alberta

16

CORPORATE NEWS

CN ramps up crude-by-rail service

CN said that it is working with Arc Terminals LP to build a new terminal in Mobile,

Alabama to unload 40 tank cars a day carrying 25,000 barrels of Western Canadian heavy

crude oil and light crude from the Bakken formation along the U.S.-Canadian border in

the Prairies. This will then be delivered by pipeline and by ships to refineries along the

Gulf coast. Canadian crude currently accounts for only a tiny fraction of oil reaching Gulf

refineries, which have room to accept more and are hungry for Canadian shipments,

according to the Canadian Association of Petroleum Producers. “Crude oil by rail is one

of CN’s fastest-growing businesses,” said CN’s executive vice-president and chief

marketing officer, Jean-Jacques Ruest. Throughout CN’s whole rail network, “we expect

to move in excess of 30,000 carloads [of crude] in 2012, and we believe we have the

scope to double this business next year,” Mr. Ruest said. Source: Globe and Mail

BP, Shell seal largest exploration deals in Nova Scotia

BP said it successfully bid for four deepwater exploration blocks offshore Nova Scotia

and committed to spend $1.05-billion in the hopes of discovering oil in the Atlantic. The

Canada-Nova Scotia Offshore Petroleum Board said that BP was the successful bidder

for four blocks, covering almost 14,000 square kilometres and located approximately 300

kilometres off the Nova Scotia coast.“This award gives us access to a significant piece of

geology, one of the most promising new deepwater areas to be licensed in recent years,”

said Mike Daly, BP Executive Vice President of Exploration in a statement. “Exploration

is a key driver of future growth for BP, and access to prospective new acreage such as

this is essential. This entry to Nova Scotia’s offshore plays to our strengths in the

deepwater and sub-salt.” Shell Canada also secured exploration rights to four parcels for

its $32-million bid. The board plans to issue exploration licences in January pending final

Ministerial approval by federal and federal and provincial governments. Source: Financial Post

Ontario Teachers’ triples stake in Nexen

Ontario Teachers’ Pension Plan, Canada’s third-largest retirement fund, tripled its

holdings of Nexen Inc., the Calgary-based energy producer that’s the target of a takeover

by CNOOC Ltd. of China. Ontario Teachers’ increased its holdings to 6.82 million

Nexen shares from 1.72 million, raising its stake by about $143.7-million in the third

quarter, according to a filing with U.S. regulators. Nexen is awaiting Canadian

government approval of a takeover by CNOOC, China’s biggest offshore oil and natural

gas producer. The state-owned company is confident its proposed $15.1 billion takeover

of Nexen will be completed by the end of the year, Chairman Wang Yilin said recently.

The retirement fund had $117-billion of assets at the end of last year. Source: Financial Post

Wells Fargo bolsters Canadian presence

U.S. banking giant Wells Fargo & Co. is bolstering its presence in the Canadian market,

with a push into wholesale banking that looks to capitalize on the number of companies

17

doing cross-border business. The fourth-biggest U.S. bank by assets is launching a new

wholesale banking division in Canada, after recently receiving the go-ahead from

regulators. The expansion also includes the opening of a branch in Toronto, where Wells

Fargo's Canadian operations are currently headquartered. Wells Fargo plans to seek more

lending, foreign exchange, treasury management, and trade business with wholesale

customers in Canada, including those that do business in the U.S. In addition to its offices

in Toronto, the bank has offices in Montreal, Calgary and Vancouver, with about 75

bankers. Source: Globe and Mail

TransCanada gains second Mexican gas pipeline

Mexican authorities have awarded TransCanada Corp. another natural gas pipeline

contract. The Calgary-based company says it will invest about $400-million (U.S.) in a

413-kilometre pipeline between El Oro and Mazatlan, near Mexico’s west coast. The

Mazatlan pipeline will connect with the $1-billion Topolobampo pipeline that

TransCanada was awarded recently. TransCanada will build, own and operate the two

new pipelines through its Mexican subsidiary, Transportadora de Gas Natural del

Noroeste. Both projects are supported by 25-year natural gas transportation service

contracts with the Comision Federal de Electricidad, or CFE, Mexico’s federal power

company. TransCanada already has one of North America’s largest networks of gas and

oil pipelines, including two natural gas lines already operating in central Mexico. The

company built, owns and operates the Guadalajara and Tamazunchale natural gas

pipelines in central Mexico and will soon break ground on a Tamazunchale pipeline

extension. Source: Globe and Mail

Franco-Nevada to buy Weyburn Oil stake for $400-million

Franco-Nevada Corp. said it is buying a $400-million stake in a Saskatchewan oilfield.

The mining financier said it has a deal with Penn West Petroleum Ltd. to acquire an

approximate 11.7 per cent net royalty interest in the Weyburn Oil Unit for $400-million

in cash. The Weyburn Oil Unit is a conventional unitized oilfield in southeast

Saskatchewan, operated by Cenovus Energy Inc. Current production levels are about

26,000 barrels of oil per day with a reserve life index based on proven and probable

reserves of more than 20 years. The acquisition adds to Franco-Nevada’s existing

interests in the project, which include a 0.44 per cent overriding royalty and a 2.26 per

cent working interest. The company said the acquisition will further diversify its royalty

and stream portfolio and adds known and proven cash-flowing assets in a safe

jurisdiction. Franco-Nevada specializes in financing for mining projects in return for

production streams once they begin commercial operations. Source: Canadian Press

RioCan expanding in U.S. with new regional office

RioCan Real Estate Investment Trust is looking to have a new regional office open in the

U.S. and staff on the ground by January as it works to expand its business south of the

border. Chief Executive Officer Edward Sonshine says the office, which will operate like

the trust’s other regional locations across Canada, will help RioCan improve operations.

RioCan has been developing its operations in the U.S. in recent years. Mr. Sonshine

reiterated the trust’s plan to expand its U.S. operations to as much as 20 per cent of its

18

overall business from its current level about 15 per cent. In Canada, RioCan has been

ramping up operations in preparations for the arrival of U.S. retailer Target in Canada and

releasing Zellers locations that Target is not taking over. The trust has also been

developing several outlet malls in Canada in a joint venture with U.S.-based Tanger

Factory Outlets. Last month, RioCan and Tanger signed a deal to buy two outlet centres

in the Montreal area for $94.7-million. Source: Canadian Press

Suzuki to go it alone in Canada

The Canadian subsidiary of Japan-based Suzuki Motor Corp. said it will continue to sell

vehicles here even though American Suzuki Motor Corp. is pulling out of the U.S.

market and has been granted Chapter 11 bankruptcy protection. The auto maker’s

products-generally in the compact and subcompact segments-are more appropriate for the

Canadian market than the U.S. market and sales here have been rising in recent months,

said Bill Porter, Suzuki Canada’s Senior Vice-President of automotive sales and

marketing. Sales have hit 500 a month nationally in each of the past five months, Mr.

Porter said, showing a turnaround from 2011, when they fell 38 per cent. Suzuki

produced vehicles in Canada for almost 20 years at Cami Automotive Inc. in Ingersoll,

Ontario, a joint venture it shared with General Motors Co. Source: Globe and Mail

Harry Winston to buy BHP’s diamond business for $500-million

With one bold move, Harry Winston Diamond Corp. is poised to transform itself into

Canada’s first big-time diamond mining company, in what could be the first of several

big changes to the country’s diamond sector. By acquiring BHP Billiton Ltd.’s majority

stake in the rich Ekati mine in the Northwest Territories, Harry Winston will become a

mine operating company. It fills a major void in Canada’s capital markets, as Canada is

one of the world’s largest diamond producers but does not have an investing vehicle that

reflects it. The mines are all controlled by large foreign firms. The deal will enter a 60-

day waiting period, as the minority investors in Ekati (Chuck Fipke and Stewart Blusson)

have a right of first refusal on the BHP stake. While some experts doubt they will buy it,

others think it is quite possible if they can round up the funds. One source they could look

to is Ned Goodman’s Dundee Corp., which provided prior financing for Ekati and is

heavily involved in the diamond sector. Source: Financial Post

Osisko buying Queenston Mining in all-stock deal

Osisko Mining Corp. signed an all-stock deal recently valued at $550-million to buy

Queenston Mining Inc. and its flagship Upper Beaver project in Ontario’s Kirkland Lake

region. Queenston also owns several other gold properties in the Kirkland Lake gold

camp area as well as interests in projects in Quebec, Manitoba and elsewhere in Ontario.

Queenston President and CEO Charles Page said the Upper Beaver project has the

potential for four million ounces of gold. “Osisko’s proven development team can

certainly maximize the potential of the Upper Beaver project,” he said. Osisko’s main

asset is the Canadian Malartic gold mine, which began commercial production in May

2011, in Quebec’s Abitibi mining region. In addition to Canadian Malartic, Osisko is also

developing the Hammond Reef project near Atikokan, Ontario. Source: National Post

19

Leon’s buys rival The Brick, to take on U.S. retailers

Retailer Leon’s Furniture Ltd. is acquiring the Brick Ltd. for about $700-million in a

friendly deal that is aimed at strengthening the merchants as they prepare for the next

foreign retail invasion. The agreement will see the country’s two largest specialty

furniture retailers team up amid a sluggish economy and weakening housing market,

which has put strains on sales growth and forced the two big players to look for new

ways to gain an edge. The two companies are looking to pick up momentum by

combining forces to help fight off expanding foreign players, including U.S. discounter

Target Corp. Target will start opening stores here in March with its style-conscious home

furnishings. The two chains will keep their banner names. Source: Globe and Mail

EastLink joins ranks of ‘on-the-go’ TV providers

EastLink Communications Inc. has become the latest cable company to provide an “on-

the-go” television service to give its customers content on a number of devices including

smartphones, tablets, laptops, and personal computers. Dubbing its offering “EastLink To

Go,” Halifax-based EastLink said the new video service is part of the company’s larger

strategy to move beyond traditional telecommunications services, such as cable and home

telephone. In doing so, EastLink is following in the footsteps of its larger cable and

telecom peers which are all making strides in providing multi-screen TV everywhere

services to ensure consumer loyalty. EastLink To Go would be free to its TV customers.

It will include access to content such as Hollywood Suite, Super Channel, MGM, and

Sony Movie Channel OnDemand and Eastlink TV live and OnDemand, the company

said. EastLink is owned by the privately-held Bragg Group, which was founded by Lee

Bragg’s father John Bragg. EastLink’s cable operations are in nine provinces, with the

exception being Saskatchewan). It has roughly 550,000 television subscribers.

Source: Globe and Mail

Pinecrest, Spartan Oil to form single company

Pinecrest Energy Inc. and Spartan Oil Corp. are planning to form a single company with

a number of light oil projects in Western Canada and a combined enterprise value

approaching $1-billion. Pinecrest is focused on the Red Earth area of north-central

Alberta while Spartan is involved in the Cardium light oil play in central Alberta and the

Bakken light oil play in southeast Saskatchewan. Pinecrest’s existing executive team, led

by Wade Becker, will manage the new entity, which may operate under a new name.

When the deal closes, and prior to a proposed three-for-one share consolidation, the

combined company will have approximately 513.4-million shares outstanding with

Spartan shareholders owning approximately 49 per cent. The deal is subject to approval

by at least two-thirds of shareholders of both companies as well as regulatory and court

approvals. Pinecrest is active in the emerging light oil Slave Point carbonate resource

play focused in the greater Red Earth area of north-central Alberta. Spartan Oil Corp. is

focused on the Cardium light oil play in central Alberta and the Bakken light oil play in

southeast Saskatchewan. Source: Canadian Press

20

AstraZeneca, Pfizer team with Quebec on research centre

Two foreign pharmaceutical giants are teaming up with the Quebec government to create

a life sciences research centre that is touted as a new R&D model in the industry.

AstraZeneca Canada, Pfizer Canada Inc. and the province say a total of $100-million

over five years will be invested in the centre- dubbed the NÉOMED Institute. The facility

is to act as a bridge between the private sector and academic research and also bring

together the various players in the R&D chain, the two companies said. AstraZeneca is

investing $35-million, including land, a neuroscience basic research facility and cutting-

edge laboratory equipment. The company is also donating intellectual property rights to

three of its pain molecules and projects, as well as $5-million to support institute

activities. Pfizer is contributing about $3.5-million and Quebec is putting in $28-

million.The institute’s main goal is to stimulate research and collaboration and facilitate

the transition from academic research to new-drug development, the companies say.

Source: Globe and Mail

Onex buying U.S. insurance broker USI for $2.3-billion

Onex Corp. is buying U.S. insurance broker USI in a $2.3-billion (U.S.) deal. Based in

Briarcliff Manor, N.Y., USI is the ninth biggest insurance broker in the United States and

the 13th largest in the world. USI has a mix of property and casualty, employee benefits

and retirement consulting, with more than 3,300 employees in some 100 offices

throughout the U.S. The current owner of USI, Goldman Sachs Capital Partners, bought

the company for $1.4-billion in 2007. USI recently acquired TD Insurance Inc. from

Toronto-Dominion Bank. Toronto-based Onex is a diversified holding company and

private equity investment firm. Investments include companies in electronics

manufacturing services, aerospace, health care and financial services. Onex said

financing of the deal includes a $700-million equity investment from Onex Partners III,

in which Onex is a 25-per-cent limited partner. Source: Globe and Mail

Bayer to buy software developer Radimetrics

Drug multinational Bayer AG says it has struck a deal to buy Canadian healthcare

software developer Radimetrics Inc. Subsidiary Bayer HealthCare said the principals of

privately held Radimetrics have agreed to sell of their shares in the company.

Radimetrics’ key product is eXposure, software that accurately measures a patient’s

radiation dose exposure over the course of multiple imaging procedures or scans. Bayer

HealthCare said eXposure also serves as a quality control and improvement platform.

Financial details of the agreement were not disclosed. Radimetrics staff in Toronto and

Scotland will be folded into Bayer, expanding Bayer’s existing informatics group.

Radimetrics was founded in 2009. Source: Globe and Mail

Merck invests in Montréal's life sciences research sector

Merck Canada announced recently that it is reinforcing its commitment to growing

Montréal's life sciences basic and translational research sector, by investing $12.5 million

to fund research at three prominent university-affiliated and hospital-based research

centres. This investment marks the latest contribution by Merck in its 2010

21

announcement to inject $100 million over five years in biopharmaceutical research and

development (R&D) in Québec. This investment by Merck supports the Research

Institute of the McGill University Health Centre (RI-MUHC), the CHUM Research

Centre (CRCHUM) and the Montréal Heart Institute Research Centre (MHI), and their

mission of promoting the development of scientific advancements that will improve

healthcare. With this investment Merck’s total investments to date in the province are

approximately $60 million. Source: Canada Newswire

Calgary-based company plans first U.S. oil sands project

Calgary-based U.S. Oil Sands Inc. plans to produce 2,000 barrels per day by 2014 on its

PR Spring Oil Sands Project, a $30-million operation, which it aims to scale up to 50,000

bpd within 10 years.“Our current plan is to proceed with the construction of the first

phase next year-our first full year of operations. We expect to be in full production in

2014,” Cameron Todd, Chief Executive of the company, said. “This will be the first-ever

oil sands extraction project commercially built in the United States.”Utah is presumed to

have anywhere between 6.1 billion and 19 billion barrels of oil sands reserves and the

TSX Venture-listed company has acquired 32,000 acres of land in the Uinta Basin- the

largest oil sands holding in the state. The PR Spring project is a 5,000-acre mountaintop

open-pit mine estimated to contain 190 million barrels of reserves, which the company

has been excavating and testing since it received a permit in 2010. Source: National Post

Dundee bets on Canada’s housing market with new deal

Ned Goodman, Chief Executive of Dundee Capital Markets Inc., has made a move into

the residential sector with the purchase of Sotheby’s International Realty Canada by one

of his companies. Mr. Goodman’s 360 VOX Corp. said it has entered into an agreement

to acquire a group of real estate businesses in Canada known as Sotheby’s International

Realty Canada, Sotheby’s International Realty Quebec, and Blueprint Global Marketing.

The group is involved in “listing, marketing and selling real estate” including

condominium developments, attached and detached homes and resort properties,

according to a release. The Blueprint Global Marketing arm works with the Sotheby’s

International Realty network listing and selling international developments. The deal is

for $3.65-million in cash and 54.25 million common shares of 360 VOX or about 27% of

the issued and outstanding common shares of 360 VOX prior to the transaction.

Source: National Post

Bombardier signs ‘historic’ $7.8-billion jet deal, biggest on record

The Montreal-based aerospace and rail giant says it has signed a $7.8-billion (U.S.) deal

with VistaJet for up to 142 Global business aircraft, including firm orders for 56 of the

jets and options on another 86 units. The value of the firm order is $3.1-billion. The only

other order of this magnitude for Bombardier was last June’s commitment from NetJets

to buy up to 275 Challenger jets, valued at about $7.3-billion. Bombardier is a key global

player in the large business aircraft segment. VistaJet’s firm order is for 25 Global 5000,

25 Global 6000 and 6 Global 8000 jets. Deliveries are to start in 2014. VistaJet is based

in Switzerland but its main office is in London. Source: Globe and Mail

22

FORTHCOMING EVENTS IN CANADA

2012 Canadian Aerospace Summit: (December 5-6, 2012, Ottawa Convention

Centre): At the summit, world renowned experts will provide perspectives on key world

trends such as mergers and acquisitions, the impact of competition from emerging aircraft

producing countries on traditional aerospace manufacturing countries and provide a

context to define what key decisions should be made now to grow the industry of the

future. (www.aiac.ca)

Canadian Association of Petroleum Producers 2012 Investment Symposium:

(December 10-12, 2012, Sheraton Centre Toronto Hotel): The Investment

Symposium, one of Canada’s most established investor forums, is the industry’s annual

showcase to investors. The Symposium will feature keynote speakers focused on the

opportunities for Canadian energy globally and the role that the oil and gas industry plays

in attracting investment capital to Canada, creating employment and economic growth

that benefits all Canadians. (www.capp.ca)

BC Foodservice Expo: (January 27-28, 2013, Vancouver Convention Centre): is

British Columbia’s foodservice event of the year, organized by the Canadian Restaurant

and Food Services Association. The BC Foodservice Expo is the place to exhibit your

products and services in British Columbia. Thousands of buyers and decision-makers

attend this major industry event for the ideas, innovations, new products and people who

can help them grow their businesses. (www.crfa.ca/tradeshows/bcfse)

PDAC 2013: (March 3-6, 2013, Metro Toronto Convention Centre): is the world’s

leading convention for people, companies and organizations in, or connected with,

mineral exploration. In addition to meeting over 1,000 exhibitors, 30,369 attendees from

125 countries, the conference allows you the opportunity to attend technical sessions,

short courses as well as social and networking events. (www.pdac.ca)

CRFA Show: (March 3-5, 2013, Direct Energy Centre, Exhibition Place): The

Canadian Restaurant and Food Services Association Show is the largest event of its kind.

More than 700 exhibitors participate each year. Over 12,000 industry professionals come

to discover the latest trends and innovative products. (www.crfashow.ca)

SIAL CANADA 2013: (April 30- May 2, 2013, Direct Energy Centre, Toronto): is

the biggest food show in North America. It is co-located with SET Canada, the National

Food Equipment and Technology Tradeshow. (www.sialcanada.com)

Canadian Manufacturing Technology Show (CMTS): (September 30- October 3,

2013, International Centre, Mississauga): will feature advanced technology and cutting

edge equipment in Automated Manufacturing & Assembly, Automation & Controls, Bar

Coding etc. Besides the show there is an exclusive industry keynote, opportunity to

participate in interactive panel discussions. (www.cmts.ca)

23

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