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Ontario is becoming a magnet for global companies in the green energy sector, drawn by alluring subsidies at a time when incentives are being scaled back elsewhere. Already this year, South Korea's Samsung C&T Corp and Bosch Solar Energy have said they will set up shop, and more are expected to follow. The provincial supports is attracting these companies as well as the proximity to the U.S. market. Ontario, which is phasing out its coal-fired power stations and looking for cleaner energy options, last October unveiled the richest set of tariffs in North America for feeding power generated by renewable sources into the grid.
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The Royal Bank of Scotland said it's opening an oil and gas advisory in Calgary. The Edinburgh-based RBS said it will open the Calgary office to take advantage of the economic recovery in the city's oil and gas sector. RBS said this is move is a vote of confidence in the Canadian oilpatch. Calgary will be an extension of the bank's Houston practice and its oil and gas advisory in the United States, which carries out reserves-based lending, mergers and acquisitions and risk management services for large and mid-cap firms where RBS had previously concentrated on Canadian large caps.
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Total profits for Canada's six biggest banks surged to $5.3 billion in the first quarter as loan losses fell and their domestic operations flourished. The positive earnings were driven by strong growth in mortgage lending and other domestic business. Those profits are about 75% higher than they were in the first quarter last year. None had a return on equity below 14%.
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Canada’s Technology Triangle will be traveling to Los Angeles and San Francisco to promote Ontario, and specifically Waterloo Region, as the ideal place to establish digital media operations in North America. Included among the reasons are the extensive talent pool, strong and stable economy and the variety of investment incentives. This foreign direct investment attraction mission will include meeting with animation and special effects companies in Los Angeles. The mission will continue as it travels to San Francisco to the Game Developers Conference where prequalified meetings have been arranged with global companies in the digital media sector that are seeking opportunities to expand their operations.
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Saskatchewan's mining sector will be showcased at the Prospectors and Developers Association of Canada (PDAC) International Convention taking place in Toronto. The conference is expected to attract up to 20,000 delegates from around the world for the convention and its accompanying trade show and investors exchange. The province's mining industry is coming off another solid year. Exploration expenditures are expected to top $290 million for 2009. According to Natural Resources Canada, Saskatchewan accounted for 16% of Canada's exploration expenditures in 2009.
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South Korean firm Daewoo will open a $90 million plant to manufacture wind-turbine components in Nova Scotia. The plant in Pictou County will initially employ 200 workers with the possibility to expand to 400. Nova Scotia is going to be a partner in the joint venture with Daewoo.
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Jampro, formerly Jamaica Trade and Invest, has re-opened its office in Canada. The office will service all of North America and is situated at the Jamaican Consulate General in Toronto. Jampro will be seeking to promote and introduce Jamaican products to potential buyers and also to try to encourage Canadian businesses to look at Jamaica favourably as a location to invest.
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German conglomerate Bosch Group has entered in a partnership with Calgary-based Sustainable Energy Technologies. The pair-up will see Sustainable Energy's inverter technology packaged with thin-film solar modules manufactured by Bosch. Both the modules and inverters will be assembled in Ontario. Roughly 750 new jobs could result by 2012.
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A report by RNCOS estimates that surging exports coupled with higher public and private sector investments in the Canadian aerospace industry will drive it to register 3.2% CAGR during 2010-2013. The report reveals that being the world's third largest, the Canadian aerospace industry has competitive advantage over other regional aerospace industries - for example, production cost in Canada is 7.1% lower than the U.S. This is prompting various global aerospace majors to increasingly establish their production facilities in the country.
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Australia-based healthcare and pharmaceutical group, Stirling Products has acquired a pharmaceutical manufacturing facility in Cape Breton, Nova Scotia. Stirling will use the facility for a number of third party contract generics manufacturing opportunities, funded research opportunities and pharmaceutical product production. The facility has been established as a pharmaceutical production complex and is fitted out with extensive laboratory and drug manufacturing and packaging plant. The facility features a fully fitted out laboratory, water filtration systems, auto mixing units ranging to 3,000 kg capacity and two fully automated filling, labelling and packaging lines.
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Canada’s economy expanded at a 5% annualized rate in the fourth quarter. Gross domestic product grew at the fastest pace since the third quarter of 2000, Statistics Canada said. The economy’s fourth-quarter growth was supported by consumer spending, capital investment and trade, Statistics Canada said. Government spending also contributed to growth.
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Korea Gas plans to spend $1.1 billion over the next five years to bring gas to the surface from a huge patch of land in British Columbia. The company expects to extract a trillion cubic feet of gas from the area. That's nearly enough to feed South Korea's demand for a full year. Foreign attention has been stoked by plans for a liquefied natural gas export port at Kitimat, British Columbia, which could make Canada a natural supply source for Asian nations.
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Trumatech, a developer and marketer of advanced environmental technology systems located in Texas, has expanded its operations into Canada, with the opening of offices in Calgary dedicated to the company’s sales and marketing. The expansion of the company into Canada comes as Trumatech prepares to launch its new line of energy control applications, as well as its menu of energy saving programs guarding against waste and high energy costs.
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Illinois-based A. M. Castle & Co announced the opening of its Canadian subsidiary’s newest facility in Edmonton. This new facility was built to support Castle’s Canadian oil and gas business and replaces Castle’s existing facility which it has occupied since 1996. The 50,000 square foot facility provides a broad range of services including metal distribution and processing. The company currently has 15 management, sales and operations employees at the facility.
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Ontario is supporting the next phase of the transformation of the Ford Essex engine plant, which is expected to create and retain up to 757 new jobs over five years. The initiative, called Project Renaissance, combines industry-leading flexible manufacturing with the establishment of a North American Centre for Diesel and Advanced Powertrain Technology, Research and Innovation. The provincial support provides Ford with an opportunity to increase its investment in the project, up to $736.4 million. The plant will produce a fuel-efficient 5.0L V8 engine that will be used in the Ford Mustang. Ford’s new R&D centre will work closely with University of Windsor’s forthcoming Centre for Engineering Innovation, in addition to other universities and private sector partners.
