News Service

  • November 5, 1999
    Manulife Financial Corp, a Toronto-based life insurer, has announced that it expects its annualized new premiums to grow more than 20% in Asia (excluding Japan), during the next year. The company's operations in Asia have normally contributed about 15% of its total profits, with Hong Kong accounting for most of its Asian earnings.
  • November 5, 1999
    The extradition proceedings against Rakesa Saxena, who fled to Canada after being accused of embezzling C$89 million during his tenure as treasury advisor at the Bangkok Bank of Commerce, are expected to wrap up soon. The British Columbia Supreme Court is expected to examine evidence from the Thai authorities backing their request for Mr. Saxena's extradition back to Thailand on November 22nd....
  • November 5, 1999
    India's public sector National Hydroelectric Power Corperation (NHPC) has made a pact with Export Development Corporation of Canada (EDC)for a C$175 million loan facility. The loan will be used to help finance Canadian goods and services for stage II of the 300MW Chamera hydroelectric power project in Himachal Pradesh. The project is expected to be formally commissioned in 2004.
  • November 4, 1999
    Burnaby-based fuel cell manufacturer Ballard Automotive has announced that it will build a new plant in Japan capable of producing 200,000 fuel cell units per year. The plant is expected to be operational by 2001.
  • November 4, 1999
    New Zealand Fletcher Challenge announced today that, in the wake of the rejection by shareholders of its plan to merge its paper operations with those of its subsidiary Fletcher Challenge Canada, the paper operations of the two units will be more closely intergrated. The parent company also said that while it will not resuscitate the C$3.6 billion merger plan, it will implement a two-year program...
  • November 4, 1999
    J-Air, a Hiroshima-based regional airline and subsidiary of Japan Airlines, will acquire two 50-passenger Bombardier CRJ-200 jets to replace its existing fleet of smaller prop planes. The Bombardier jets will be put into service in 2001.
  • November 3, 1999
    The Canadian International Development Agency (CIDA) will provide an aid package of C$150,000 to India for relief efforts in the aftermath of the cyclone that devastated India's eastern shores, Minister for International Cooperation, Maria Minna, announced yesterday. With up to one million people left homeless from the disaster, the funds will go towards providing emergency shelters, blankets and...
  • November 3, 1999
    The Hatch Group, headquartered near Toronto, has acquired BHP Engineering, a unit of Australia's Broken Hill Proprietary Company Limited (BHP). The deal, intended to enhance Hatch's global operations in engineering services, brings together 900 engineers and contractors with expertise in engineering project management. The Hatch Group provides technical and strategic management services in...
  • November 3, 1999
    A C$3.6 billion bid by New Zealand's Fletcher Challenge to acquire Fletcher Challenge Canada's pulp and paper assets has been scuppered by Canadian minority shareholders, only nine percent of whom voted in favour of the plan. The bid price was seen as too low in comparison to other deals in the industry. Management in both companies declined to comment on plans following the rejection of the...
  • November 2, 1999
    Immigration Minister Elinor Caplan says that two refugee boats bound for Canada were intercepted recently by Chinese authorities while still in Chinese waters. During a press conference yesterday on immigration levels, Caplan remarked, "I don't have any details, other than that we know that those two boats were destined to [come to] Canada." At the APEC summit in September, Prime Minister...
  • November 2, 1999
    Immigration Minister Caplan announced that next year, the government intends to take in 225,000 immigrants, along with 25,000 refugees, and asserted that Canada needs immigrants for continued growth and prosperity. In 1998, Mainland Chinese immigrants to Canada, totaling 19,700, outnumbered those from other countries, according to statistics released by the government yesterday. Second place...
  • November 1, 1999
    A subsidiary of Foster's Brewing Group Ltd., Carlton & United Breweries (CUB), has purchased Seagram Co. Ltd.'s wine and spirits business in Australia and New Zealand as part of an alliance. The agreement is valued at C$81.4 million; further terms were not disclosed. Montreal-based Seagram, whose businesses range from Universal Pictures to Absolut Vodka, plans to sell approximately US$1 billion...
  • November 1, 1999
    Hong Kong Secretary for Information Technology and Broadcasting, Kwong Kai-chi, will arrive in Canada on November 4 after visiting the United States. In Vancouver, he is scheduled to meet with Gilbert Normand, Secretary of State for Science, Research and Development, and Kevin Lynch, deputy minister of Industry. Mr. Kwong will also officiate at the opening ceremonies of several IT seminars and...
  • November 1, 1999
    Hyderabad-based FrontlineSoft, a software development company, and a subsidiary of Frontline Constructions Ltd., has entered into a strategic alliance with PneumaSoft Inc., a Canadian software consulting firm based in Regina, to provide software consultancy services. FrontlineSoft specializes in offshore software development with a focus on embedded software and geographical information systems....
  • November 1, 1999
    Foreign Affairs Minister Lloyd Axworthy and Secretary of State (Asia-Pacific) Raymond Chan today announced that Mr. Abdus Samad Azad, the Foreign Minister of Bangladesh, will visit Canada from November 1 to 4. This is the first bilateral visit to Canada by a Bangladeshi Foreign Minister. "This is a timely visit because it comes just as Bangladesh prepares to join us on the UN Security Council (...
  • October 29, 1999
    The four-member Commonwealth Ministerial Action Group, led by Foreign Affairs Minister Lloyd Axworthy, met with Pakistan's army ruler Pervaiz Musharraf, the Chief Justice of Pakistan, and other political leaders and government officials as they assessed the political situation in the country. The ministers were seeking a timetable for the reinstatement of democracy. Musharraf refused to say when...
  • October 29, 1999
    The Indian press is reporting that participants in the Canada-India Business Council Mission, currently in the country to explore business opportunities and partnerships, have expressed interest in infrastructure development, especially in helping to set up industrial townships, social infrastructure and road development. The business mission is supported by the Department of Foreign Affairs and...
  • October 29, 1999
    Canadian peacekeeping troops have arrived in East Timor after several weeks of training in Australia. The troops are part of an international peacekeeping team sent to restore peace to the island.
  • October 28, 1999
    A four-member Commonwealth ministerial team meeting in Pakistan to assess the political situation has said that it wants a time-frame for the return of democracy to the country, and is offering the military government up to two years to achieve that goal. Following the coup earlier this month, the Commonwealth suspended the country's participation in its advisory councils. According to...
  • October 28, 1999
    Indonesia's ambassador to Canada says that Indonesia-Canada trade relations are "going on relatively smoothly" but a drawback is that trade contact is carried out through the United States and it could be carried out directly. He said that efforts are being made to create direct trade contacts. Indonesia-Canada trade value was almost US$2 billion at the end of September 1999. Canada has developed...

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