Singapore, Hong Kong, September 25, 2013 – The population and wealth of Asia-Pacific’s high net worth individuals (HNWIs1 ) increased at double and triple the rates of HNWIs in the rest of world over the last five years (2007-2012), finds the Asia-Pacific Wealth Report 2013 (APWR), published today by Capgemini and RBC Wealth Management. Asia-Pacific built on this trend of strong performance in 2012, its HNWI population expanding by 9.4 percent to reach 3.68 million and their wealth by 12.2 percent to reach US$12 trillion, contributing to record high levels of global HNWI wealth.
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Monthly Archives: September 2013
Canadian stocks advance on positive U.S. data
Canadian shares rose as data from the U.S., the nation’s largest trading partner, showed jobless claims surprisingly dropped last week and economic growth quickened in the second quarter.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) advanced 0.2 percent to 12,855.73 at 12:08 p.m. in Toronto, extending this year’s gains to 3.4 percent. The 239-member gauge touched 12,905.11, the highest level since July 29, 2011.
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5 Years After the Crash – BMO is Expanding its Reach
We’ve been looking at how the Canadian banks have evolved since the financial crisis erupted 5 years ago. Today’s focus is on the Bank of Montreal (TSX: BMO, NYSE:BMO).
With total assets of $549 billion, the Bank of Montreal is the fourth largest Canadian bank. Back in 2008, BMO was heavily involved in securitized products and accordingly, was forced to record a $1.33 billion provision for credit losses. Only CIBC suffered greater write-downs and losses during that time. However, BMO managed to schluff off this seemingly glancing blow and since its stock price has fared quite well, posting a 5-year return of over 75%.
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Husky, Statoil laud big offshore Canada oil find
Calgary-based Husky Energy Inc. and its Norwegian partner Statoil ASA say they have made a major oil discovery in the Flemish Pass Basin, offshore Newfoundland and Labrador.
The find of light oil last month at the Bay du Nord prospect contains an estimated 400 million barrels, Husky said in a news release Thursday.
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Global roundup: civil service news from Canada, and Hong Kong
Canada: charter seeks to ban civil service employees from wearing religious symbolsThe union representing Quebec‘s civil servants has backed a controversial charter of values which would ban public employees in the province from wearing religious symbols, including hijabs, turbans and large crucifixes. Union president Lucie Martineau said that civil servants are obliged to keep their personal opinions to themselves, and that should be extended to include religious opinions. Critics of the charter say it is a bureaucratic mess and unconstitutional.
Hong Kong: civil service praised by China’s vice presidentThe vice president of China, Li Yuanchao, praised Hong Kong’s civil servants for their contribution to the city, at a meeting with a delegation of 11 permanent secretaries in Beijing on 12 September. Li said the civil service played an important role in maintaining Hong Kong’s stability, prosperity and autonomy. He also said the Chinese central government fully supports Hong Kong chief executive Leung Chun-ying’s administration.
Li Ka-shing Says Hong Kong May Lose Out to Shanghai
Li Ka-shing, Asia’s richest man, said Hong Kong needs to raise its competitiveness if it wants to avoid losing out to Shanghai, where China is setting up a free trade zone, Radio Television Hong Kong reported.
Li, the 85-year-old chairman of Hong Kong-based Cheung Kong Holdings Ltd. (1) and Hutchison Whampoa Ltd. (13), said the Shanghai free trade zone “will affect Hong Kong heavily,” RTHKreported on its website, citing comments Li made at a briefing yesterday.
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BlackBerry launches new Z30 smartphone
Amidst deep uncertainty about its future as a public company, BlackBerry is launching a new flagship smartphone.
The Waterloo, Ont.-based smartphone maker introduced on Wednesday the BlackBerry Z30. The five-inch touchscreen device comes with myriad new features, including stereo speakers, a 1.7-gigahertz processor and “priority hub” software that learns a user’s most important contacts and conversations and collects them in one place.
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Google Patents adds documents from China, Germany, Canada, and the World Intellectual Property Organization
Google today announced it has broadened the scope of Google Patents, its search engine for both patents and patent applications. The company has added documents from four new patent agencies: China, Germany, Canada, and the World Intellectual Property Organization (WIPO).
Unlike most of its announcements nowadays, this move falls neatly under Google’s goal to organize the world’s information. The company notes many of these newly added documents “may provide prior art for future patent applications” and it hopes their increased discoverability “will improve the quality of patents in the US and worldwide.”
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Politics, Cost of Living Push Hong Kong Residents Overseas
Prior to 1997, a flood of residents left Hong Kong’s shores, worried about what would happen when the former British colony returned to Chinese control. Now, more than 15 years after the handover, the number of people emigrating from the city has started to tick up again.
In the first six months of this year, 3,900 people emigrated away from Hong Kong, up 8% from the same period last year, according to official figures. That number is tiny compared with the hundreds of thousands of fearful residents who left before the 1997 handover bound for countries such as Canada—many who have since returned. Still, immigration consultants say, in recent months they have seen more interest from locals seeking to relocate overseas, spurred by concern about the city’s economic and political outlook.
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Premier Clark announces Jobs and Trade Mission to Asia
NEWS RELEASE
For Immediate Release
2013PREM0091-001365Sept. 10, 2013
Office of the Premier
Ministry of International Trade
and Minister Responsible for the Asia Pacific Strategy and MulticulturalismPremier Clark announces Jobs and Trade Mission to Asia
VANCOUVER – Premier Christy Clark announced today that she will lead a 13-day trade mission to China, Korea and Japan to deepen British Columbia’s relationships with those key Asian markets.
The Premier-led mission, which will depart Vancouver on Thursday, Nov. 21 and arrive in Beijing on Friday, Nov. 22, will advance liquefied natural gas (LNG) development opportunities and promote the province as a stable and attractive destination for trade and investment, including the establishment of Asian corporations’ North American headquarters in B.C.
The China program will include meetings and events in Chongqing, a key centre of commerce in Southwest China. The B.C. delegation will depart Beijing and arrive in Seoul on Thursday, Nov. 28. The Korea program includes both the second annual Canada-Korea Natural Gas Forum and the fifth anniversary of British Columbia’s sister-province relations with Gyeonggi on Friday Nov. 29.
The Jobs and Trade Mission will arrive in Tokyo on Saturday Nov. 30, and the Japan program includes meeting with LNG investors and a B.C. natural resources lunch on Monday, Dec. 2. The Premier will return to Vancouver on Tuesday, Dec. 3.
Trade missions are a critical part of British Columbia’s strategy to diversify its international trading partners and secure new investment, propelling economic activity and job creation throughout the province.
In each market, the mission will strengthen bilateral relations with government partners; promote British Columbia’s competitive advantages during corporate meetings with key investors in LNG and other priority sectors; and capitalize on B.C.’s cultural bridge across the Pacific with networking events built around B.C.’s many family, economic and educational connections to Asia.
The Jobs and Trade Mission will be supported by British Columbia’s expanded network of international Trade and Investment Representative offices. B.C. has four offices in China – Beijing, Guangzhou, Shanghai and a new office in Hong Kong – plus operations in Seoul and Japan. This network of trade and investment experts abroad and here in B.C. has played a key role in facilitating and supporting 145 inbound and outbound international missions involving B.C. companies and organizations in 2012-13.
A backgrounder on China, Korea and Japan follows.
Quotes:
Premier Christy Clark –
“B.C. has a competitive advantage on the international stage, and these trade missions are about making sure B.C. businesses and communities see the benefits. As we develop LNG and other priority sectors, deepening our relationships through trade missions and strategic outreach will lead to more economic activity here at home, and more jobs for British Columbians.”
Teresa Wat, Minister of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism –
“The key to stability and shared prosperity over the long term is an economy that is balanced and diversified. We are leveraging our many family, cultural and business connections to countries across the Pacific and around the world to strengthen our trade relationships, attract new investment, and create and protect jobs.”
http://www2.news.gov.bc.ca/news_releases_2013-2017/2013PREM0091-001365.htm
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