#RubySahota, #JustinTrudeau, #HarmandirSahib, #Brampton, #Canada, #India, #Jindal, #Patiala
Ottawa, Feb 21 (Canadian-Media): Ruby Sahota, Member of Parliament (MP) for Brampton North visit to India alongside Canada's Prime Minister Justin Trudeau, five Cabinet Ministers, the Brampton MPs and other MPs began on February 17th 2018 and is expected to conclude on February 24th 2018, media reports said.
Both Canada and India reportedly share a special relationship based on a common language, similar institutions and forms of government, and a commitment to enjoy democracy..
India, reportedly being one of the fastest growing economies internationally, offers tremendous opportunities for the growth of middle class in Canada.
Sahota’s visit included stops in New Delhi, Jandali, Patiala, Amritsar, Chandigarh, Ludhiana, and Hoshiarpur and will provide her with an opportunity to connect with Indian leaders in government and business as well as promote the empowerment of women and girls and strengthening economic ties between Canada and India.
During her visit to her paternal village of Jandali, Sahota was greeted warmly by thousands of well-wishers including prominent community leaders and activists of various constitutional, social and religious organizations.
During her visit, Sahota also spoke with law students at Patiala’s Punjabi University, visiting a family-run small business, inaugurating a literature festival, and visiting the Harmandir Sahib (commonly known as the Golden Temple) with Prime Minister Justin Trudeau and 13 other Canadian MPs.
“Canada and India share a special bond, and are linked by tremendous people-to-people connections. The more than one million Canadians of Indian origin make the relationship between our two countries a truly special one. I look forward to building and fostering relationships to further strengthen the Canada-India friendship.” Sahota was reported to state.
(Reporting by Asha Bajaj)
Toronto, Feb 20 (Canadian-Media): Canada's Prime Minister Justin Trudeau, during his recent visit to India, announced Tuesday in front of an audience at the Canada-India Business Forum in the Taj Mahal Palace Hotel, Mumbai, India that Canadian and Indian companies have signed 66 new contracts worth $1 billion in total, expected to create 5,800 jobs in Canada, media reports said.
In investment by Indian companies reportedly close to $250 million in Canada, which will pick up the remaining $750-million tab,
"We have several plans in Canada for three businesses, which is fibre, carbon black and rolled aluminum products," said Birla "We are very happy investors. I think just the ease of doing business, the business friendliness of the Canadian government across the country I think is something that is a true delight for an investor. Someone whose tasted that will always want to come back for more," Kumar Mangalam Birla, the industrialist was reported to state and added that provincial governments had also been co-operative.
Canadian trade with India can best be described as underperforming. The Harper government in 2012 set itself an objective of increasing two-way commerce to $15 billion by 2015.
"That figure was optimistic, and they haven't reached it," said Rohinton Medhora, who heads the Centre for International Governance Innovation in Waterloo, Ont. Trade between the two countries is still stuck at just over $8 million annually.
"Trade is something that responds to economic incentives, and the fact is, for a long time India was a relatively closed economy," said Medhora.
India's protectionist instincts are still alive, as seen recently when it slapped tariffs in the 40 to 50 per cent range on Canadian dried peas and chickpeas. (Pulses are Canada's single most important export to India, generating over a billion dollars in sales for prairie farmers.)
Getting those tariffs lifted or reduced has been one of the missions of Trudeau's visit.
"I brought this issue up at the highest level with Prime Minister Modi a few weeks ago," he said Monday evening.
"I will bring it up with him again on Friday. I will continue to talk about pulses and agricultural exports from Canada to India at every chance I get."
Talks on a foreign investment protection agreement and a comprehensive economic and trade agreement have also stalled.
That's partly because India insists on working on both deals at the same time, while Canada would prefer to move ahead now with the foreign investment pact and worry about the free trade deal later.
India motors aheadIndia's inefficient state sector and bureaucracy were also a factor in holding its own potential back. For years it lagged behind China in annual growth, but in recent years, as China's economic motor has slowed, India's has accelerated, and is expected to post growth in the seven per cent range this year.
That produces both new demand for goods and services from other countries, and more money with which to buy them.
"India seeks energy security; Canada can provide it," says Medhora, who is in Mumbai for the business forum. "Trade is very much an area where the two countries have not reached the potential that they should.
"Ultimately, these two countries and their businesses don't know each other, and that has to change for trade to grow. Free trade deals are nice to have, but they're not necessary or sufficient conditions for trade to grow."
Indian immigration to Canada, the second source country for new immigrants, is building greater awareness of Canada on the subcontinent. That in turn opens the door to the creation of cultural and educational links that the government of Canada is trying to foster on this trip.
And that explains why Trudeau is meeting three of India's biggest movie stars — Akshay Kumar, Shah Rukh Khan and Aamir Khan — on the same day he's entertaining CEOs.
In 2011, Bollywood was lured by the governments of Canada and Ontario to hold its version of the Oscars in Toronto. Already, Bollywood producers — like their Hollywood counterparts before them — were discovering the attractions of Canada as a place to make movies.
Since then, a number of Bollywood blockbusters have been filmed in Canada — a trend the Trudeau government wants to foster.
Student numbers explodingThe benefits of Bollywood are twofold. Most obviously, some of the movies' revenues will remain in Canada, where the spinoffs benefit everyone from cameramen to caterers.
Less obviously, when Indian audiences watch those movies, they help to sell Canada as a brand and a place to be.
The growing awareness of Canada in the Indian mind has produced an explosion of interest in Canadian universities and colleges.
Shah Rukh Khan is mobbed by fans as he arrives for the premiere of his film Ra.One in Toronto on Oct. 26, 2011, the year Bollywood was lured by the governments of Canada and Ontario to hold its version of the Oscars in Toronto. (Frank Gunn/Canadian Press)
That trend accelerated sharply following the election of Donald Trump in the U.S. that has been followed by an unprecedented six per cent decline in international visitors to the U.S., even as international travel continues to grow in almost every other market.
The Canadian Consulate in India reported a doubling in the number of student visas issued to Indian citizens between 2016 and 2017.
The demand is to strong that even after hiring more staff, the consulate has had to cycle other staffers in and out of India from other posts on six- to eight-week shifts.
Today, 124,000 Indian students are paying to attend classes in Canada. Tourism is up as well.
Those students may return to India with Canada at front of mind as a land in which to do business and source products, and with contacts in the country to help make that happen.
(Reporting by Asha Bajaj)
#greenbond, #CharlesSousa, #KathrynMcGarry, #Ontario'sClimateChangeActionPlan
Ottawa, Feb 16 (Canadian-Media): By successfully raisiing $1 billion for infrastructure projects in communiy hospitals, schools, public transit, roads and bridges across the province to help reduce greenhouse gas emissions and fight climate change Ontario has become the first province in Canada by issuing the largest green bond in Canadian history, media reports said.
“Ontario is proud to be a leader in environmental sustainability, as the first province in Canada to develop and issue Green Bonds. Promoting the largest Canadian green bond in the marketplace will raise $1 billion to fund and create more jobs, spur economic growth and combat climate change,” Charles Sousa, Ontario Minister of Finance was reported to state.
Charles Sousa/Facebook page
Seven projects in Ontario that would reportedly receive supports from proceeds from the bond are: Eglinton Crosstown Light Rail Transit (LRT) in Toronto; GO Transit Whitby Rail Maintenance Facility; York Viva Bus Rapid Transit in York Region; Hurontario LRT in Mississauga and Brampton; Joseph Brant Hospital Redevelopment Project Phase 1 in Burlington; Seneca College King Campus Expansion in King City and Finch West LRT in Toronto.
“The proceeds from green bonds are helping Ontario expand people’s transportation choices, manage congestion, and build a modern, sustainable transportation network to ensure our province continues to grow and to prosper now and in the future,” Kathryn McGarry, Ontario Minister of Transportation was reported to state.
These improvements would reportedly support Ontario's Climate Change Action Plan's objectives and help Ontario meet its target to reduce greenhouse gas pollution.
(Reporting by Asha Bajaj)
Toronto-Waterloo Corridor’s Advanced Manufacturing Supercluster bid, part of Canada’s Innovation Initiative
#JohnTory; FederalSuperclusterAnnouncement; TheAdvancedManufacturingSuperclusterStrategy; NavdeepBains
Toronto, Feb 15 (Canadian-Media): Toronto Mayor John Tory issued the following statement on Federal Supercluster Announcement:
“I am pleased that the Toronto-Waterloo Corridor’s Advanced Manufacturing Supercluster bid has been selected as part of the Government of Canada’s Innovation Superclusters Initiative.
The Toronto Region is a growing centre of innovation and technology, and this federal initiative will help further accelerate the economic growth, job creation and talent attraction for which we are known. The Advanced Manufacturing Supercluster Strategy will build on our region’s overlapping strengths in manufacturing and technology, creating jobs and helping manufacturers across Canada become world leaders in the application of advanced technologies, from artificial intelligence to data security and robotics. It will support the creation of new tools, test beds and infrastructure to create the next generation of jobs and manufacturing, and will ensure that our region continues to develop the talent and technology necessary to draw investment and customers from around the world.
I thank all of the private- and public-sector partners from throughout the region who developed this successful bid, as well as Navdeep Bains, Canada’s Minister for Innovation, Science and Economic Development, for his leadership in investing in the future of the Canadian economy.”
#DonaldTrump; #CanadianBanks; #U.S.TaxReforms
Financial experts say Canadian firms have lost their competitive advantage to their U.S. peers, who will be more competitive on mergers and acquisitions now due to United States Prime Minister Donald Trump's administration's tax reform package, said economists, media reports said.
Two of Canada's big banks are sounding the alarm over the negative impact that Canada's economy will see as a result of new tax reform measures in the U.S. under the Trump administration.
Analysts from both Toronto-Dominion Bank (TD) and the Canadian Imperial Bank of Commerce (CIBC) put out reports this week highlighting how Canadian businesses have lost their competitive advantage to their U.S. peers and how this could impact economic activity.
"Canada's formerly favourable position in corporate taxation has eroded considerably, with the U.S. now holding the edge," said economists at TD.
"[Tax reforms] along with growing NAFTA uncertainties, increases the likelihood of a slow bleed of investment from Canada to south of the border," they said.
Strategists at CIBC, meanwhile, pointed out that a lower tax rate in the U.S. makes Canada a less attractive destination to locate headquarters, manufacturing in the country has become less competitive, and Canadian firms will see their U.S. peers more competitive on mergers and acquisitions now.
"With a revitalized tax code, CEOs have another reason to locate in, or worse yet, relocate to the US," said Ian de Verteuil of CIBC.
Tax cutsIn December, U.S. lawmakers passed the $1.5-trillion US tax reform bill, known as the tax cuts and jobs act (TCJA) — making the biggest change to the U.S. tax code in over 30 years.
he complex legislation cuts the U.S. corporate income tax rate to 21 per cent from 35 per cent, and gives other business owners a 20 per cent deduction on business income, among other changes.
Prior to this law, the U.S. had one of the highest business tax rates among G7 countries, with no decline over the past 20 years. Canada, meanwhile, had one of the lowest corporate tax rates in the group and rates had been in consistent decline for several years.
"For Canadian companies, the focus has so far been on companies that win from the lower overall level – because they have large U.S. operations and were accruing taxes at a higher rate," said Verteuil, listing companies like New Flyer Industries — which gets over 90 per cent of its revenue from the U.S.
But he also highlighted that there was a "far more insidious" aspect of the tax reform for Canadian firms, as businesses become "tentative on betting too heavily" that Canadian exports will have long-term "unfettered" access to the U.S.
Meanwhile, the reports come as U.S. President Donald Trump made headlines on Monday after complaining about Canadian trade practices.
He threatened implementing a new international tax that has revived fears of new American import duties.
Derek Burleton, economist at TD said the risk to Canada from U.S. tax reductions does put the heat on the Canadian government to take action in the upcoming budget.
"We do not believe that a tit-for-tat reduction in tax rates is necessary to guard against these risks, since taxes form only one part of the competitiveness equation," he said.
"Maintaining longer term fiscal sustainability, increasing the efficiency of tax systems through revenue-neutral tax reforms and well-thought-out investment in human capital and skills training can achieve the similar aim of improving competitiveness," he added.
Finance Minister Bill Morneau is scheduled to sit down with leading economists in Toronto on Friday for a pre-budget meeting.
(Reporting by Asha Bajaj)
#Statistics Canada, #Ottawa, #Ontario, #part-time jobs, #minimum wage
Toronto, Feb 10 (Canadian-Media): Employment in Ontario declined by 51,000 in January, entirely due to approximately 59,000 part-time jobs being scrapped by Ontario in January, the same month when there was a hike in minimum wage in Ontario to $14 an hour in part-time work, Statistics Canada reported.
Statistics Canada, was reportedly formed in 1971 and headquartered in Ottawa, Ontario and is government agency of Canada entrusted with producing statistics to help better understand Canada, its population, resources, economy, society, and culture.
Statistics Canada: Facebook
There was not much change in the unemployment rate, Stastics Canada reported, which was 5.5 percent as fewer people participated in the labour market.
Compared with January 2017, employment in the province grew by 104,000 (+1.5%) and the unemployment rate declined by 0.9 percentage points.
That meant there was 3.4 percent or 46,100 fewer part-time posts in January 2018 than the same time the previous year.
Some economists said that an increase of minimum wage in Ontario by $2.40 per hour to $14 per hour at the beginning of the year could have resulted in mass job losses as employers look to reduce costs.
Although some economists reportedly felt that Ontario’s minimum wage increase played a role in those declines, but financial experts reported that it was too soon to know how much the two factors were correlated.
(Reporting by Asha Bajaj)
Rotman School of Management/Face Book
Toronto, Feb 8 (Canadian-Media): A panel discussion on 'Canada-India Economic Partnership' has been scheduled by Rotman School of Management, University of Toronto, on Monday, February 12, media reports said.
The panel discussion will focus on issues of importance to businesses, institutions and individuals from both these nations and is particularly topical given that the Canadian Prime Minister Justin Trudeau will embark on a week-long visit to India from February 17 to 23, the organisers said.
India’s GDP growth at 7.2 percent in 2017, is among the highest in the world, according to reports. This makes India an attractive market for Canadian corporations.
In 2016, two-way merchandise trade between Canada and India was worth just around $8 billion (almost balanced equally between exports and imports).
By comparison, the bilateral China Canada trade was over $80 billion (very unbalanced between $20 B in exports and over $60 B in imports).
So clearly Canada can benefit by furthering its trade relations with one of the largest and fastest growing emerging markets, the organisers said.
Some of the questions that this panel will discuss include focus areas, should Canada turn to India as it looks to diversify its trade relationship in a potentially post- NAFTA world, role of the diaspora in furthering India-Canada economic relations, and the role of higher educational institutions and research centres.
Panelists include Ambassador Dinesh Bhatia, Consul General of India – Toronto; Le Luoung, Director, Nurture Growth Bio Fertilizer Inc.; Prashant Pathak, CEO, Ekagrata Group; and Soumen Roy, Managing Director, Tata Consultancy Services, Canada.
The discussion will be moderated by Partha Mohanram, Director - India Innovation Institute and CPA Ontario Professor of Financial Accounting, Rotman School of Management, University of Toronto.
The panel discussion will be held at the institute's premises.
(Reporting by Asha Bajaj)
#KathleenWynne, #NAFTA, #CP-TPP #DelDuca, #Ontario, #ComprehensiveandProgressiveAgreementforTrans-PacificPartnership, #autosector
Toronto, Feb 3 (Canadian-Media): The following statement was released Feb 1 by Ontario Premier Kathleen Wynne following a roundtable with leaders from Ontario's automotive sector, media reports said.
Kathleen Wynne: Facebook
"Ontario's auto sector is essential to our economy and to people's lives. It drives innovation and supports hundreds of thousands of families across the province. Today, Minister Chan, Minister Del Duca and I met with key industry leaders to talk about the future of our auto sector and the steps our government is taking to support Ontario's automotive businesses in this changing economy.
Canada's decision to sign the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP-TPP) will bring new opportunities for trade, investment and job creation in Ontario.
But while more free trade with more global partners is a welcome development, we should not allow these new opportunities to be created at the expense of Ontario's auto sector. That would not be fair to the hard-working men and women who rely on these jobs, and it would undermine Canada's economic competitiveness in the years ahead.
Last October, I sat down with key leaders in Ontario's automotive industry to discuss the ongoing pressures from the U.S. that could impact our auto sector's success, namely concerns over NAFTA renegotiations. I made a promise to keep doing everything I can to support the businesses and people in our auto industry, which is exactly what I am doing.
In the days following Canada's decision to sign the CP-TPP, I have spoken with key stakeholders and leaders in Ontario's auto industry. I have listened to their views as to the challenges and opportunities the CP-TPP creates for Ontario, and reassured them that I will continue to advocate for and support this important sector. We are working closely with our federal partners to understand the potential impacts of the CP-TPP, and continue to tirelessly promote Ontario's interests at the NAFTA negotiating tables.
Today, I heard from many in our auto industry about the impact of the new CP-TPP, ongoing NAFTA negotiations and the implications of U.S. tax reforms. I deeply value the honest, expert advice and perspective they offer. I share their concerns. And I know we will find a way forward. I leave today's roundtable more committed than ever to standing up for the people and businesses that depend on the province's auto sector. Our work together will achieve the best possible deal for Ontario, and a competitive auto sector for the decades ahead."
#Charles Sousa, #Ontario, #Canada
Ottawa, Feb 3 (Canadian-Media): Starting from April 2018, Ontario is giving access to 87 more grocery stores selling beer and cider to facilitate convenience and choice across the province, media reports said.
Selection of grocers for this grocers reportedly involved a competitive bidding by 200 grocery stores, who already had authority to sell beer and cider which increased the total number of Ontario grocery stores authorized to sell beer and cider to 370, up to 70 of which could also sell wine.
Ultimately, beer and cider will be available in up to 450 grocery stores, including up to 300 that will also sell wine.
“The rollout of beer and cider in grocery stores has increased convenience for consumers and expanded opportunities for grocers, breweries and cideries to grow their businesses and create more jobs” Charles Sousa, Ontario Minister of Finance was reported to state.
Charles Sousa: Facebook page
Ontario maintains a strong commitment to social responsibility and grocers selling beer, cider or wine reportedly must follow standard hours of sale, have lawfully designated sales areas, abide by package size and alcohol content, and adhere to staffing and social responsibility training requirements.
(Reporting by Asha Bajaj)
Ottawa, Feb 2 (Canadian-Media): Canada prime minister, Justin Trudeau was firm on the Trans Mountain pipeline expansion in the midst of feuds between Alberta and British Colunbia (B.C.) over new restrictions on shipments of bitumen that would flow through pipeline networks from Alberta to the West Coast, media reports said.
"We have a federal government to look out for the national interest above various disagreements within the provinces and we did exactly that on the Trans Mountain pipeline," Trudeau stated Thursday in an interview with CBC Radio's Edmonton AM.
"I'm not going to opine on disagreements between the provinces in this case," Trudeau, who was in Edmonton for a town hall meeting at MacEwan University, part of a series of meetings in Western Canada, was reported to state.
"We're just going to reiterate that the decision we made was in the national interest and we're going to move forward with that decision, which means we're going to get the Trans Mountain pipeline built."
Alberta Premier Rachel Notley had threatened to take legal action against new spill restrictions in B.C. which would further delay Kinder Morgan pipeline expansion.
Trudeau said the $7.4-billion project was approved by the federal government in 2016 and added, 'We can't continue to be trapped' .
"We know that getting our oil resources to new markets across the Pacific is absolutely essential...We need this pipeline and we're going to move forward with it responsibly like I committed to," Trudeau was reported to state.
Describing the proposal as an "unconstitutional attack" Notley vowed to fight the policy in court.
constitutionally Ottawa has jurisdiction over federal infrastructure projects like pipelines, but B.C. has a strong legal standing over environmental threats within its borders, Eric Adams, an associate professor in the faculty of law at the University of Alberta specializing in constitutional law was reported to state.
According to constitutional law, Trudeau could pull rank and make the project expansion happen through legal sanctions, said Adams, but it's more likely that the dispute will be resolved in the courts.
(Reporting by Asha Bajaj)