Bank of Nova Scotia, Canada’s third-largest lender, will emphasize internal growth and managing expenses over pursuing acquisitions, according to Chief Executive Officer Brian Porter.
“We’re focusing right now on organic growth; that’s not to say we’re not doing acquisitions,” Porter, 55, said today in an interview at the bank’s Toronto headquarters. “We’re always looking on acquisitions that make sense, whether it’s in Latin America or whether it’s in Asia.”
Scotiabank made about C$13 billion ($12.2 billion) of acquisitions since the financial crisis. They include last year’s $1 billion purchase of a 51 percent stake in Colombia’s Banco Colpatria Red Multibanca Colpatria SA, its largest acquisition abroad, and the C$3.1 billion takeover of ING Groep NV’s Canadian operations in November 2012.
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Monthly Archives: December 2013
Chinese state firms to slow investment in Canada
Oil and gas acquisitions in Canada by Chinese state-owned enterprises will slow in the wake of Ottawa’s restrictions after CNOOC’s purchase of Nexen, said speakers at the Global Resource Investment Conference last week.
However, private Chinese companies were eagerly rushing to buy Canadian oil and gas assets, they added.
The value of Chinese acquisitions of oil and gas assets would see flat growth next year, said Gilbert Chan, president of NAI Interactive, a Canadian investor relations firm specialising in energy and mining.
“There are more restrictions on [state firms] to buy Canadian companies. So we will see uncertainty slowing acquisitions [by Chinese state firms], but more private Chinese companies [will be] buying,” he said.
To read the full article please click here.
BMO Private Bank was Named “Best New Private Banking Brand” in both Hong Kong
TORONTO, December 6, 2013 – BMO Harris Private Banking and BMO Private Bank, both part of Bank of Montreal, have been recognized in multiple geographies by Global Brands Magazine for success in providing customized quality wealth management solutions and product innovation globally.
The Global Brands Awards are given to identify, acknowledge and reward key players that provide exceptional service and performance across different countries and sectors, including finance, education and technology.
BMO Harris Private Banking was named Best Private Banking Brand in Canada for 2013, and BMO Private Bank was named Best New Private Banking Brand in both Hong Kong and Singapore for 2013.
Invitation for nominations: 2014 Hong Kong-Canada Business Achievement Awards: Deadline – 8 January 2014.
Do you know of a Canadian company that has successfully expanded its operations to Hong Kong or to Asia (through Hong Kong)? Please consider nominating them for the 2014 Hong Kong-Canada Business Achievement Awards.
Presented by the Hong Kong Economic and Trade Office (HKETO) and the Hong Kong-Canada Business Association (HKCBA), the inaugural Hong Kong-Canada Business Achievement Awards program is designed to recognize Canadian companies that have expanded to Hong Kong for their outstanding business performance and contribution to innovation.
As a member of the business community, we value your opinion and invite you to nominate companies for these prestigious honors.
This inaugural awards program has four categories which include:
- Outstanding Business Performance Award (East Canada)
- Outstanding Business Performance Award (West Canada)
- Outstanding Business Innovation Award (East Canada)
- Outstanding Business Innovation Award (West Canada)
To nominate a company, simply download the form found on this page and submit it either in hard copy or electronic form (along with supporting information) to the Hong Kong Economic and Trade Office on or before Wednesday, 8 January 2014. Please note that self-nominations are also permitted.
Winners will be recognized at presentation ceremonies held in Toronto and Vancouver in Spring 2014.
CLICK HERE TO DOWNLOAD NOMINATION FORM
To read the full details please click here.
HKU is Looking for Sponsorship for Students Participating in the National Investment Banking Competition
The Univeristy of Hong Kong is looking to raise sponsorship money to assist students choosen to participate in the finals of National Investment Banking Competition’14 in Vancouver Canada.
What is the National Investment Banking Competition?
- Extensive case competition hosted annually by University of British Columbia in Vancouver, Canada
- One of the most sophisticated events in North America focused on investment banking and the capital markets
- Over 250 competing teams from top Global MBA schools
- 16 teams advanced to the Final Round
- Dates: 7th to 9th of January 2014
What HKU can offer:
- Website Marketing: The MBA program page will have a feature section about the Sponsor. The Website has 20,000 unique visitors every month
- YouTube Journey: The Students will be capturing a video of their journey along with the Sponsors logo, which will be posted on all Social Media Channels that HKU MBA uses
- Apparel Branding: The finalist will be wearing Sponsors logo on apparel designed for the competition
- News Letter: The Sponsor will have a special mention on the News Letter Sent out to the whole MBA program including Alumni
Who to Contact: Maire Apiou, DirectorCareer Development Office, Faculty of Business and Economics
Email: maire@hku.hk
Mobile: +852 53604816
“Hong Kong under Spotlight” to promote Hong Kong-Canada partnership
Hong Kong Economic and Trade Office (HKETO) in Toronto today (December 6, Toronto time) launched the “Hong Kong under Spotlight” which will support a series of promotion events in partnership with different organisations.These events include the presentation of business achievement awards, investment pitch competitions, Hong Kong films gala and support for academic research project.
“2014 will be an important year for advancing the bilateral trade relations between Hong Kong and Canada,” Director of HKETO in Toronto, Miss Gloria Lo said. “The business communities in both places will start to benefit from the Double Taxation Avoidance Agreement, which was signed between Hong Kong and Canada in 2012 and ratified in 2013. At the same time, the Hong Kong SAR has been named one of the targeted overseas markets in the ‘Global Markets Action Plan’ recently announced by Canada’s Ministry of International Trade to help Canadian businesses of all sizes further expand and grow around the world.”
To read the full article please click here.
Air Canada Goes Holiday Shopping
Air Canada (TSX: AC.B ) has demonstrated a remarkable turnaround through cutting costs, improving earnings, controlling its pension liability, and launching a new low-cost subsidiary.
But with greater earnings power and plans for growth, Air Canada is doing what many of us are this holiday season. It’s going shopping.
Fleet modernization
New aircraft are expensive but can make all the difference when it comes to maintenance and fuel costs. With the latest aircraft offering fuel efficiency gains of up to 20% and more creature comforts that passengers like, it’s no surprise Air Canada is looking to modernize its fleet.
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Royal Bank of Canada unveils record net income
Royal Bank of Canada reported record net income of $8.4bn for the year to the end of October- up $890 million or 12% from the prior year.
The bank said the results were driven by record earnings in personal & commercial banking, wealth management and capital markets, as well as higher earnings in investor & treasury services. Net income for the fourth quarter was $2.1bn, up 11% from the prior year reflecting strong growth in capital markets and personal & commercial banking, and higher earnings in investor & treasury services. President and chief executive Gordon Nixon said: “With solid fourth quarter earnings of more than $2bn, RBC delivered record earnings of $8.4bn in 2013. These results build on our financial strength, diversified business mix and ability to serve clients across many products, markets and geographies.
To read the full article please click here.
Is China’s Honeymoon With Canada’s Oil Patch Over?
At a recent conference at Beijing’s Four Seasons Hotel, one of many featuring trade missions from Canada promoting energy-related investment, Feng Zhiqiang wondered aloud about the next blockbuster Chinese energy deal in Alberta’s oil patch.
“If Sinopec decides to do its own Nexen, what would Canada do?” the chief executive and chairman of Sinopec Daylight Energy Ltd. asked.
The question was put to Canadian political and energy powerbrokers, including Joe Oliver, Canada’s natural resources minister, Rich Coleman, B.C.’s natural gas minister, Alberta energy minister Ken Hughes and David Collyer, the head of the Calgary-based oil industry association.
To read the full article please click here.
A New Jet From Canada Takes on Boeing and Airbus
The CSeries has collected 182 firm orders, and the company has said it will have booked 300 by September, the tentative date for the airplane’s entry into commercial service. The latest purchase came today, when Iraqi Airways committed to buying five CSeries jets with options for 11 more.
The CSeries is an audacious gambit by Bombardier to muscle into the market for medium-size jets such as Boeing’s 737 and Airbus’s 320 families. Those planes have become the workhorses of global airline fleets, with 140 to 190 seats and ranges of around 3,000 miles. The CSeries will have seating for 149 people in its larger version. “Look, Airbus and Boeing have had this space to themselves for two decades,” Fuller told Bloomberg News in February 2011. “You know what? The world deserves choice.”
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