MUST READ: Chamber Membership Satisfaction Survey Underway

For members only. Please click here to respond.

The Canadian Chamber of Commerce in Hong Kong is a member-driven organization, and we are proud to offer services that involve and are influenced by the community we work to sustain. Because of members like you, the coming year promises to be rich with interesting events, relevant publications, and significant opportunities for networking and socializing.
 
As part of our ongoing efforts to provide you with the greatest value possible, we want to hear from you about how you benefit most from your membership and what opportunities you think we should be taking advantage of. Your answers to our short survey are anonymous and will help us refine our portfolio to better serve you and the community.
 
Thank you for your feedback and your continued support. If you have any questions or comments please contact Evan Wilcox, Membership Coordinator, at 2110-8718 or members@cancham.org.

Canada’s National Arts Centre Orchestra to tour China for first time this fall

OTTAWA – For the first time in its 43-year history, Canada’s National Arts Centre Orchestra is planning a tour of China.

The NAC says renowned music director Pinchas Zukerman will lead 70 orchestra musicians and perform as a soloist on the trip from Oct. 4 to Oct. 20.

They’ll stop in seven cities, including Hong Kong, Guangzhou, Chongqing, Fuling, Tianjin, Beijing, and Shanghai.

On the docket are nine major concerts, more than 80 education and outreach activities, and five international broadband videoconference events linking young musicians in Canada and China.

The tour will showcase works by Canadian composers John Estacio and Alexina Louie and coincide with the annual general meeting of the Canada China Business Council in Beijing.

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Consider Canada – a City Alliance Representing 59% of Canadian GDP – Showcases Innovation Investments in Three Chinese Cities

Recognizing the growing importance of Chinese outbound investment into Canada, this week the Consider Canada City Alliance Inc. is embarking on a three-city investment mission in the Asian country that the OECD predicts will be home to the world’s largest economy as soon as 2016.

Canada is now the lead country in the world for Chinese outward bound direct investment, according to data from the global accounting firm KPMG in a report released in March of 2013. A $15-billion purchase by Chinese oil giant CNOOC of Nexen Inc. propelled Canada into the number one spot for Chinese investment, bringing the total to $21.3 billion in 2012 outpacing the second place U.S. by $7 billion and more than double the amount invested in Australia.

Outside the natural resources sector, Chinese firms have also expressed a strong interest in investing in Canadian companies in the renewable energy, information and communication technology, food processing, pharmaceuticals and natural medicine, and advanced manufacturing sectors.

“China’s insatiable demand for natural resources is accompanied by similar demand for innovation, and we are showcasing more than 100 specific projects from Canada’s large cities,” says Bruce Graham, Chairman of the Consider Canada City Alliance and President and CEO of Calgary Economic Development. “We have scheduled more than 250 meetings with Chinese investors looking to expand into Canada.”

31 representatives from 10 Canadian cities including Toronto, Montréal, Vancouver, Ottawa, Calgary, Halifax, Québec City, Winnipeg, Waterloo Region and Saskatoon are participating in the three-city Chinese investment mission to Hong Kong, Shēnzhèn and Beijing. Working with partners from Invest in Canada and the Department of Foreign Affairs and International Trade Canada (DFAIT), the Canadian cities are making presentations to qualified Chinese companies and government organizations at China-Canada Investment Opportunities seminars.

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Saskatchewan becomes 4th largest exporter in Canada

Saskatchewan is getting rid of products at a higher rate than ever, driving export figures to new record levels.

Numbers released Wednesday by Statistics Canada show a record $32.6 billion of goods were exported to other countries from Saskatchewan last year. The more than 10 per cent increase year-over-year means the province has overtaken BC to become the fourth-biggest exporter in Canada.

“That’s not bad for a province without any ports,” quipped Premier Brad Wall, speaking to reporters at the Legislature Tuesday morning about the data.

While Wall said he gives all the credit to manufacturers and producers that are serving growing markets around the globe he also believes that trade missions to emerging economies like Bangladesh and Indonesia and significant growth in China have changed the game.

“Some of the numbers in particular are staggering: a doubling in trade with China just in the last five or six years. We see similar progress in terms of Bangladesh and India and lots of growth in Indonesia.

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CNOOC answers the question: ‘What’s next?’

The acquisition of Canada-based Nexen is a big step to diversify geographically while boosting oil and gas reserves, reports Zhang Yuwei from New York.

In an auditorium in late February at the headquarters of oil and gas company Nexen Inc in Calgary, Alberta, two Chinese oil company executives sat on the stage. In front of them, more than 1,000 people, who the day before were employed by Nexen. Now they worked for the two men on the stage who oversee the third-largest oil company in China. And the question on their minds was, “What’s next?”

The two CNOOC Ltd executives were Chairman Wang Yilin and CEO Li Fanrong.

To the gathered employees, about one-third of Nexen’s workforce, Li gave them answers: Nexen will remain autonomous; CNOOC will keep Nexen’s head office in Calgary, retain the some 3,000 employees at their current salaries, list shares on the Toronto Stock Exchange and continue Nexen’s community and charitable programs.

The meeting was the first introductory session by CNOOC (China National Offshore Oil Corp) for employees from Nexen, which became a wholly owned subsidiary of CNOOC in a $15.1 billion deal – the largest overseas acquisition by a Chinese company ever.

“It was well received,” said a Nexen employee who attended the town-hall session, describing it as “exciting and interesting.”

Industry experts see the Nexen deal as a major step by CNOOC to diversify geographically, which Chinese oil and gas companies have been doing since 2009 by purchasing assets in the Middle East, North America, Latin America, Africa and Asia.

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Manulife to acquire office tower at One Bay East in Kowloon from Wheelock Properties

Wheelock Properties Limited (WPL) and Manulife (International) Limited have signed a sale-and-purchase agreement for the West Tower at One Bay East at 83 Hoi Bun Road, Kowloon East for HK$4.5 billion, marking the largest single office tower purchase in Kowloon. The 21-storey building, which is currently being developed by Wheelock Properties, totals approximately 512,000 square feet.

Wheelock began construction of One Bay East, a 1,025,000-square-foot development which comprises the West Tower and a twin East Tower, in February 2012. The project is expected to be complete by the end of 2015.

One Bay East–West Tower will be named Manulife Tower and will serve as the headquarters for Manulife’s Hong Kong operations. Manulife plans to take occupancy in Manulife Tower in 2016. Stewart C. K. Leung, Chairman of WPL, said: “One Bay East is ideally located in the heart of Hong Kong’s second Central Business District (CBD2) and is going to play a crucial role in enhancing Hong Kong’s status as an international financial and business centre. We envisage that many multi-national and local companies will be attracted to this area and we are glad that our vision is shared by such a renowned company as Manulife, which has decided to make a vast investment in this area and in our development. This is a win-win scenario for both the vendor and the purchaser.”

Robert A. Cook, President and Chief Executive Officer of Manulife Financial Asia Limited, said: “Manulife has enjoyed more than 115 years of remarkable business success in Asia and Hong Kong. Hong Kong, where our regional hub is based, is a critical market for our growth plans. This property acquisition demonstrates our continued commitment to Hong Kong and the important role that it plays in our Asia strategy.”

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MUST READ: CanCham Membership Satisfaction Survey Underway

For members only, please click here to respond.

The Canadian Chamber of Commerce in Hong Kong is a member-driven organization, and we are proud to offer services that involve and are influenced by the community we work to sustain. Because of members like you, the coming year promises to be rich with interesting events, relevant publications, and significant opportunities for networking and socializing.
 
As part of our ongoing efforts to provide you with the greatest value possible, we want to hear from you about how you benefit most from your membership and what opportunities you think we should be taking advantage of. Your answers to our short survey are anonymous and will help us refine our portfolio to better serve you and the community.
 
Thank you for your feedback and your continued support. If you have any questions or comments please contact Evan Wilcox, Membership Coordinator, at 2110-8718 or members@cancham.org.

Department of Industry of Canada: Minister Paradis Promotes Canada at International ICT Expo in Hong Kong

The Honourable Christian Paradis, Minister of Industry, will be in Tokyo and Hong Kong from April 10 to 16 to foster closer commercial and investment ties between Canada and Asia.

“Our government has taken concrete steps to make Canada the best place in the world to invest to ensure that our companies have the capital they need to grow, innovate and create high-quality jobs for Canadians,” said Minister Paradis. “Canada truly offers stability to our trading partners and to global investors by providing a sound economic framework, the lowest net debt-to-GDP ratio in the G7, a top credit rating and the soundest banking system in the world.”

The Harper Government will continue to pursue new opportunities to deepen trade and economic cooperation with Japan, our largest destination for investment in Asia, through measures such as the Canada-Japan Economic Partnership Agreement. Hong Kong is also a major investment partner for Canada. The stock of Canadian direct investment in Hong Kong reached $8.14 billion in 2011, making it the second-largest destination for investment in Asia after Japan…

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BlackBerry’s Q10 smartphone with physical keyboard to be sold in Canada this month

BlackBerry’s long-awaited Q10 smartphone, the first BlackBerry 10 device to incorporate the company’s renowned tactile keyboard, will be available for Canadians to purchase at the end of the month.

The BlackBerry Q10 was first announced alongside the Waterloo, Ont.-based manufacturer’s Z10 touchscreen device in January, and is regarded as the crucial second chapter in BlackBerry’s most recent comeback effort.

BlackBerry revealed in its fourth-quarter 2013 earnings report that it had shipped more than one million units of its Z10 smartphone. It debuted in the U.K. on Jan. 31, followed by a Canadian release on Feb. 5. Nearly two months later, AT&T Inc. and Verizon Wireless began selling the Z10 in the U.S. at the end of March.

However, some analysts believe that BlackBerry diehards may be holding out for the physical keyboard on the Q10.

“It’s iconic for them, that’s for sure,” said IDC Canada’s senior mobility analyst Krista Napier. “I think at least here in Canada, there are a niche group of people who have been using the keyboard for a long time.”

Meanwhile, RBC Capital Markets financial analyst Mark Sue said last month in a note that it’s possible Blackberry diehards might skip the Z10 launch entirely, opting instead to wait for the Q10…

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‘Time to spread our wings’: Porter Airlines unveils ambitious plan to buy Bombardier CSeries jets, fly farther

Just when Toronto thought it had made some peace with that pesky raccoon on Toronto Island — Mr. Porter, the eponymous mascot of Porter Airlines — the upstart carrier has announced plans to once again expand its roost at Billy Bishop Toronto City airport.

Porter Airlines said Wednesday it plans to purchase 12 of Bombardier Inc.’s new CSeries aircraft, and put another 18 of the planes on option, and to push the federal government, the City of Toronto and the Toronto Port Authority to alter their long-standing agreement to allow for the new jets to take off and land at Billy Bishop. It also wants the parties to allow for a 168-metre extension on each end of the airport’s main runway to accommodate take-off and landing requirements.

The airline said the $2.29-billion aircraft order is, however, conditional on winning approval from all three parties. If it fails to do so, Porter said it will abandon its plans to buy the planes.

If the plan is approved, the move would mark a significant shift in strategy for Porter, which until now relied on its fleet of Bombardier Q400 turboprops for short-haul flights typically shorter than two hours in duration.

The smaller version of the CSeries that Porter plans to purchase, the CS100, has a much farther reach and could open up destinations like Vancouver, Edmonton, Calgary, Winnipeg, Los Angeles, Florida and the Caribbean when it’s delivered in 2016…

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