Freeland questions U.S. leadership, says Canada must set own course

Foreign Affairs Minister Chrystia Freeland says Ottawa will forge its own path on the world stage because Canada can no longer rely on Washington for global leadership.

In a major speech setting the stage for Wednesday’s release of a new multibillion-dollar blueprint for the Canadian Armed Forces, Ms. Freeland rejected Donald Trump’s “America First” foreign policy and its dismissal of free trade, global warming and the value of Western alliances in countering Russian adventurism and the Islamic State.

While she did not mention the U.S. President by name, Ms. Freeland expressed deep concern about the desire of many American voters to “shrug off the burden of world leadership.”

John Ibbitson: Trudeau decides it’s just not worth appeasing Trump in foreign-policy shift

Opinion: Chrystia Freeland must turn vision into reality

Opinion: Freeland has woken up to reality. Has Trudeau?

“The fact that our friend and ally has come to question the very worth of its mantle of global leadership puts in sharper focus the need for the rest of us to set our own clear and sovereign course,” she told the House of Commons on Tuesday. “To say this is not controversial: It is a fact.”

The Liberal government’s decision to publicly question U.S. leadership echoes criticism last week by German Chancellor Angela Merkel, who said Europe has to take on a larger role on the global stage as Washington was no longer a reliable partner. Prime Minister Justin Trudeau spoke by phone with Ms. Merkel on Tuesday and they reaffirmed their commitment to the Paris climate treaty and to multilateralism.

Ms. Freeland said Canada has been able to count on the powerful U.S. military to provide a protective shield since the end of the Second World War, but the United States’ turn inwards requires a new Canadian approach to defend liberal democracies.

“To rely solely on the U.S. security umbrella would make us a client state,” she said. “To put it plainly: Canadian diplomacy and development sometimes require the backing of hard power.”

Giving Canada’s military “hard power” will allow it to meet global challenges, she said, listing North Korea, the civil war in Syria, the Islamic State, Russian aggression in the Ukraine and Baltic states and climate change as major threats to the world order.

“We will make the necessary investments in our military, to not only address years of neglect and underfunding, but also to place the Canadian Armed Forces on a new footing – with new equipment, training, resources and consistent and predictable funding,” she said.

Wednesday’s defence-policy review is expected to lay out the military’s priorities for future overseas deployments, and outline Ottawa’s 20-year plan for spending billions of dollars to upgrade warships and fighter jets, among other things.

Ms. Freeland said Canada will step up militarily and diplomatically to boost its international voice while, at the same time, urging the United States to recognize the important role its plays in fostering peace as the world’s biggest military and economic power.

“We seek and will continue to seek to persuade our friends that their continued international leadership is very much in their national interest – as well as that of the rest of the world,” she said.

Ms. Freeland, who has emerged as one of Mr. Trudeau’s more capable cabinet ministers, expressed the Liberal government’s disappointment with Mr. Trump’s decision to pull out of the Paris climate treaty, calling on the world to show “renewed, uncommon resolve” to combat climate change. Mr. Trump campaigned as a global-warming denier, calling it a hoax.

“Turning aside from our responsibilities is not an option. Instead we must think carefully and deeply about what is happening, and find a way forward,” she told MPs.

Ms. Freeland also championed the benefits of free trade, now under challenge with the rise of U.S. protectionism led by the Trump White House. Free trade isn’t responsible for the gap between the rich and poor in developed nations of the world, she said.

“International trade is the wrong target,” she said. “The real culprit is domestic policy that fails to appreciate that continued growth, and political stability, depend on domestic measures that share the wealth.”

Outside the Commons, Ms. Freeland sidestepped questions about the wisdom of taking indirect potshots at Mr. Trump – who issued an angry tweet against Ms. Merkel last week.

“I was careful to only refer to Canadian sources and Canadian examples,” she told reporters. “This is about us standing on our own two feet, having a foreign policy that expresses as an independent and sovereign country what we need to achieve in the world.”

Conservative foreign-policy critic Peter Kent said Ms. Freeland’s manifesto was “unremarkable,” calling it a last-minute scramble by the Prime Minister’s Office to set up Wednesday’s defence-policy review.

“The foreign-policy consultation, as far as I know, is non-existent. That speech was written over in the Langevin Block [in Mr. Trudeau’s office] and it’s sort of a last-minute chicken to lay the defence-policy-review egg tomorrow morning, which is going to have a lot more detail,” Mr. Kent said.

NDP foreign-affairs critic Hélène Laverdière called on the government to outline its plans for Canadian peacekeeping and set a deadline for Canada to meet the United Nations standards for foreign-aid spending. The government currently spends only 0.26 per cent of economic output on foreign aid – a far cry from the UN target of 0.7 per cent.

Ms. Freeland’s speech comes days ahead of the launch of what the government is calling “Canada’s first feminist international assistance policy.” International Development Minister Marie-Claude Bibeau will announce a new policy Friday, which is expected to focus on women’s rights and gender equality.

Fen Hampson, director of global security and politics at the Centre for International Governance Innovation, said Ms. Freeland handled the government’s disappointment toward the Trump administration in a “judicious, measured” way.

“It was rather hard-hitting, I would say, in terms of here’s what we’ve got to do,” he said. “We can’t rely on the Americans to carry the freight when it comes to global security. We’re going to have to do more.”



Report Typo/Error

Follow us on Twitter: @michellezilio, @RobertFife

Go to Source

Canada charts ‘sovereign’ foreign policy course as U.S. leadership waivers

Minister of Foreign Affairs Chrystia Freeland delivers a speech in the House of Commons on Canada’s Foreign Policy in Ottawa on Tuesday, June 6, 2017.
Photo Credit: PC / Sean Kilpatrick

At a time when the United States turns increasingly inward and questions the relevance of international institutions, Canada will champion the “renewal, indeed the strengthening, of the postwar multilateral order,” Foreign Affairs Minister Chrystia Freeland said Tuesday in a major speech to Parliament.

Freeland’s speech in the House of Commons set to precede a major defence policy review on Wednesday, set up the Trudeau government’s vision of Canadian foreign policy as the postwar international order faces increasing challenges from the isolationist policies emanating from the White House and an increasingly assertive Russia.

While U.S. President Donald Trump was never mentioned in the address, Freeland made it abundantly clear that her speech is in big part a reaction to his America First policy.

“The fact that our friend and ally has come to question the very worth of its mantle of global leadership, puts into sharper focus the need for the rest of us to set our own clear and sovereign course,” Freeland said. “For Canada that course must be the renewal, indeed the strengthening, of the postwar multilateral order.”

Supporting rules-based international order
President Donald Trump speaks about the U.S. role in the Paris climate change accord, Thursday, June 1, 2017, in the Rose Garden of the White House in Washington.
President Donald Trump speaks about the U.S. role in the Paris climate change accord, Thursday, June 1, 2017, in the Rose Garden of the White House in Washington. © Andrew Harnik

Canada will seek to robustly support the rules-based international order and multilateral forums such as the United Nation, NATO, the G7, the G20, the Organization of American States and the Arctic Council, Freeland said.

The commitment to the Transatlantic Alliance remains a cornerstone Canada’s multilateral agenda, she said.

“Our bond is manifest in CETA, our historic trade agreement with the European Union—which we believe in and warmly support—and in our military deployment this summer to Latvia,” Freeland said, referring to the free trade pact between Canada and the EU.

Canada will be hosting the G7 next year, and is “energetically pursuing a two-year term on the UN Security Council,” she said.

Re-investing in ‘hard power’
In this June 12, 2014 photo Canada’s paratroopers take part in a U.S.-led exercise in Latvia, Lithuania and Estonia, named *Saber Strike*, which involved around 4,700 soldiers from 10 countries.
In this June 12, 2014 photo Canada’s paratroopers take part in a U.S.-led exercise in Latvia, Lithuania and Estonia, named *Saber Strike*, which involved around 4,700 soldiers from 10 countries. © Ints Kalnins / Reuters

Second, Canada the Liberal government will reinvest in the “to not only redress years of neglect and underfunding, but also to place the Canadian Armed Forces on a new footing,” Freeland said.

“If middle powers do not implicate themselves in the furtherance of peace and stability around the world, that will be left to the Great Powers to settle among themselves,” she said. “This would not be in Canada’s interest.”

Canadian diplomacy and development sometimes require the backing of hard power, Freeland said.

“Principled use of force, together with our allies and governed by international law, is part of our history and must be part of our future.”

While Canada’s geography has meant that it has always been able to count on American self-interest to provide a protective umbrella, that dependence cannot be good for Canadian sovereignty, she said.

“To rely solely on the U.S. security umbrella would make us a client state,” Freeland said. “And although we have an incredibly good relationship with our American friends and neighbours, such a dependence would not be in Canada’s interest.”

Fighting protectionism
Protectionist policies espoused by the Trump administration hurt middle power countries like Canada, Freeland said.
Protectionist policies espoused by the Trump administration hurt middle power countries like Canada, Freeland said. © Kevin Lamarque/Reuters

Finally, as a major trading nation Canada will work to promote free trade and counter protectionist policies and sentiments that have taken root in the United States, Freeland said.

“Beggar-thy-neighbour policies hit middle powers soonest and hardest,” Freeland said. “This is the implacable lesson of the 1930s and the Great Depression.”

Canada will work with the U.S. and Mexico to modernize the North American Free Trade Agreement, and to make “a great trading partnership even better,” Freeland said.

“We will actively seek new trade agreements that further Canadian economic interests and that reflect our values—with the Canada-EU Trade Agreement as our template.”

Feminist foreign policy
Minister of International Development and La Francophonie Marie-Claude Bibeau is set to unveil Canada’s first feminist international assistance policy, which will target women’s rights and gender equality, Freeland said.
Minister of International Development and La Francophonie Marie-Claude Bibeau is set to unveil Canada’s first feminist international assistance policy, which will target women’s rights and gender equality, Freeland said. © PC/Adrian Wyld/The Canadian Press/file

Feminism and the promotion of the rights of women and girls are at the core of Canadian foreign and development policy, Freeland said.

“Women’s rights are human rights,” Freeland said. “That includes sexual reproductive rights and the right to safe and accessible abortions.”

To that effect, the Trudeau government is set unveil Canada’s first feminist international assistance policy, which will target women’s rights and gender equality, Freeland said.

Resounding defence of liberal international order

“This is a resounding defence of the core principles of what might be characterized as the democratic, small ‘l’ liberal international order that has been the foundation of the international system since the end of the Second World War,” said Fen Hampson, Distinguished Fellow and director of the Global Security & Politics Program at the Centre for International Governance Innovation (CIGI).

(click to listen to the full interview with Fen Hampson)

Listen

“We all know that this order is under attack, it’s under attack by authoritarian states that are flexing their power in various parts of the world and quite frankly it’s also under attack with the protectionist policies and some of the recent initiatives that we are seeing coming out of Washington.”

The relatively short speech was more a statement of principles rather than a detailed “laundry list” of government foreign policy goals, Hampson said.

It provided a bird’s eye view of the general direction of the Canadian foreign policy, he said.

“I think it’s going to go down as one of those important statements of principle, much in the same way that Louis St. Laurent in his famous Gray Lecture that was delivered at the University of Toronto in 1947, where he laid out the cornerstones of Canadian foreign policy in the aftermath of the Second World War,” Hampson said.

Go to Source

Conservative Party ‘extremely happy’ with leadership vote — but questions mount

The naming of a new leader was supposed to be a fresh start for a newly united Conservative Party, but a growing list of complaints over the leadership vote suggests increasing malaise.

One former Conservative cabinet minister who never received his ballot calls it a “fiasco.” Other party members have concerns about who got their hands on personal data. Some in the camp of runner-up Maxime Bernier have been raising questions about the integrity of the vote itself.

Now, one particularly outspoken former candidate — Kevin O’Leary — is even demanding a recount.

And while a senior Conservative said there may be room for “tweaks,” the party is standing by the overall process, which saw record membership sign-ups and voter turnout.

“I’m extremely happy with the way this went off,” said Dan Nowlan, chair of the party’s leadership election organizing committee.

Potential questions of vote’s legitimacy

That’s not how at least one party stalwart sees it.

Jay Hill has been involved with the Conservative movement since the 1980s. He was an MP for 17 years and a government House leader and whip under Stephen Harper. He said he contacted the party three times but never received a ballot.

​In a Facebook posting he called it a fiasco. He told Rosemary Barton of CBC’s
Power & Politics that he’s been disenfranchised and would like to know where there are hundreds if not thousands in the same situation.

“​Because of the narrowness of the vote and potential question of the legitimacy of the outcome, everybody involved in the party​ should be concerned about this, and they should be trying to address it and put it to rest. There’s been enough questions raised.​”​​

Hill said his response is not sour grapes. He simply feels strongly that he and others should have been allowed to vote.​

In a separate interview with CBC Calgary News at 6, Hill said that holding another vote should not be ruled out. 

“First do the analysis, and if this points to a serious problem whereby the question of the actual outcome is questioned, then yes, let’s take steps to hold another vote,” Hill told host Rob Brown. 

As CBC News reported the day before the vote, Conservative MP Diane Watts only received her ballot at the last minute and said she knows others in her B.C. riding experienced similar problems.

Deepak Obhrai’s campaign told CBC News the candidate’s own daughter had to contact the party to get a ballot couriered to her at the 11th hour so she could vote.

Nowlan said he had also heard of instances where people didn’t receive their ballots in time. However, he couldn’t offer any sense of the scope of the problem.​

“Frankly, it’s disappointing if any member who wanted to vote didn’t get a chance to vote, and that’s definitely something we should look at for the future. We need to fix that.”

One possibility would be to change the party’s constitution to no longer require a mail-in ballot, said Nowlan. He’d like to see the leadership committee have options such as online voting and other technologies when the next vote is held.

Concerns about numbers

Perhaps the most serious concerns raised about the vote come from Bernier’s campaign. As first reported by the Globe and Mail, Bernier’s camp has raised concerns about a discrepancy in the final ballot count. It points to a difference of about 7,000 votes in the number of ballots the party said were cast and the list of voters given to the various campaigns before the weekend convention.

However, there has been no official complaint to the party yet — and Bernier himself tweeted late Tuesday, in English and French, that he “unconditionally” supports Andrew Scheer as leader.

Nowlan said he is confident in the process.

“The party did Herculean efforts to make sure that every member was in fact a bona fide member that had paid for their own membership. So the membership list to start off with is very, very clean.”

He said the lists were not an integral part of the party’s process, rather the focus was on the ballots themselves. Nowlan points out they were constantly under scrutiny from auditing firm Deloitte, scrutineers from the various campaigns and webcams. ​

O’Leary calls for recount

Former candidate O’Leary is going even further.

“I see no reason we should not have a recount. There are a relatively few number of votes to count and I am sure that no leader or the Conservative Party wants to start a new mandate under a vote-count cloud,” said O’Leary in an email to CBC News.

That’s not possible, said Nowlan. Once the party’s chief returning officer and auditing firm Deloitte signed off on the results, a recount could no longer be done. Dozens of scrutineers were also able to raise issues during the vote count itself.

“That’s it. No appeal. It’s very clear in the rules,” said Nowlan, noting those rules have been in place for well over a year.

Conservative Leadership 20170426

Kevin O’Leary, right, backed Maxime Bernier after quitting the Conservative leadership race in April. O’Leary says he thinks a recount is needed to dispel questions about the ballot results. (Nathan Denette/Canadian Press)

Membership list leaked

Nowlan said he is concerned about a third party gaining access to the Conservatives’ membership list. On Friday, it was revealed the National Firearms Association had obtained the list. 

The party’s chief returning officer, Dave Filmon, is still investigating to find out who was behind that leak. All 14 leadership candidates have denied responsibility to CBC News.

“Frankly, we don’t want to name somebody unless we’re absolutely 100 per cent sure that the evidence clearly points to it, but if we have that evidence, yeah, we’ll definitely identify who that is.”

Nowlan said there have been no other complaints about inappropriate access to the list.

Party defends overall process

While Nowlan acknowledges those concerns, overall he’s satisfied with the process.

“We wound up after the leadership race having raised more money than we’ve ever raised before, with the largest membership we’ve ever had before and the largest participation of members. I think by any measure that’s a success.”

And another leadership candidate is coming the party’s defence. Third-place finisher Erin O’Toole released a statement Tuesday afternoon.

“Based on my team’s experience with the leadership election, I am very confident that the process was run fairly, ” it said.

He emphasized the importance of attacking the Liberals rather than fighting internally.

“I stand 100 per cent behind our leader Andrew Scheer and want to keep our members focused on the battle that lies ahead.”

Go to Source

Canadian Hedge Fund Expands Offshore to Meet Growing U.S. Demand

(Bloomberg) — Formula Growth Ltd., a Montreal-based hedge fund operator that has doubled total assets under management to C$1.2 billion ($891 million) over three years, is starting another fund focused on small and mid-sized U.S. stocks to meet growing demand from across the border.

Based in the Cayman Islands, the fund will seek to replicate the Formula Growth Alpha Fund, a neutral approach targeting consistent returns regardless of the direction of the market. The strategy has returned 3 percent this year through May after gaining 8.4 percent in 2016, according to Mathieu Boisvert, a vice president and manager of the C$300 million domestic fund.

“We had some requests from offshore clients to invest, but they didn’t want to invest in a vehicle where they’d be subject to Canadian taxes,” Boisvert said in an interview. “Most of them are in the U.S.”

Formula Growth is the latest Canadian hedge fund to seek investors abroad as the $3 trillion global industry, tarnished by poor returns and fund outflows in recent years, recovers some of its luster. Vancouver-based Delbrook Capital Advisors Inc. is also starting a hedge fund in the Caribbean tax shelter in July.

Niche Market

Founded in 1960, Formula Growth manages C$916 million in Canada’s hedge-fund industry, which is valued at about C$40 billion. Canadians accounted for 90 percent of the firm’s growth in recent years. The new offshore fund, open for business next month, already has a C$50 million commitment from an institutional investor whom Boisvert declined to identify.

By investing in a less crowded market like U.S. small and mid-cap stocks, the company can “find niche opportunities that much larger hedge funds wouldn’t consider,” he said. Formula Growth charges 1 percent for management and 20 percent of profit for most of its strategies.

Returns from Formula Growth’s four hedge fund strategies this year through May range from 2 percent at the main equity long-short fund to 8 percent at the Hong Kong-based Global Opportunities Fund, Boisvert said. That compares with 2.9 percent generated by the Russell 2000 index of U.S. small and mid-cap companies, and 4.7 percent by the Hedge Fund Research HFRI Equity Hedge Total Index over the same period.

©2017 Bloomberg L.P.

Valeant in talks to sell eye surgical products business: Bloomberg

Quote) (VRX.N: Quote) is in talks to sell its Bausch & Lomb unit’s surgical products business to Germany’s Carl Zeiss Meditec AG (AFXG.DE: Quote), Bloomberg reported.



Valeant’s eye-surgery assets may be valued at about $2 billion in a sale, Bloomberg reported, citing people familiar with the matter. (bloom.bg/2sckufc)



“We don’t comment on speculation or rumors,” Valeant spokeswoman Lainie Keller said in an email. Carl Zeiss was not available for comment.



Valeant, under Chief Executive Joe Papa, has been focusing on its dermatology, eyecare and gastrointestinal units while selling off some other assets as it looks to pay down about $30 billion in debt, racked up after years of acquisitions.



Bloomberg said talks between the companies were ongoing and that other bidders could still be interested in the business.



Valeant’s shares were up 2.9 percent at C$17.12 on the Toronto Stock Exchange in early trading on Tuesday.





(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)


Valeant in talks to sell eye surgical products business – Bbg


Canadian drugmaker Valeant
Pharmaceuticals International Inc is in talks
to sell its Bausch & Lomb unit’s surgical products business to
Germany’s Carl Zeiss Meditec AG, Bloomberg reported.


Valeant’s eye-surgery assets may be valued at about $2
billion in a sale, Bloomberg reported, citing people familiar
with the matter. (bloom.bg/2sckufc)

Valeant and Carl Zeiss were not immediately available for
comment.
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju
Samuel)

‘);
$(‘.second-article-divide’).append($(‘.slider.slider-module’));
$(‘.third-article-divide’).append(‘

‘);
var median = (relatedItemsTotal / 2);
var $relatedContentGroupOne = $(‘.related-content.group-one ul’);
var $relatedContentGroupTwo = $(‘.related-content.group-two ul’);

$.each($relatedItems, function(k,v) {
if (k + 1

Undaunted by spaghetti maze of rules, Canadian exporter feeds the world

For Syed Ali, the easy part of being a Canadian exporter is that everyone always needs the product he exports – food.

The hard part is getting it to them.

“There are areas where we face challenges. Market access, for one,” says Mr. Ali, founder of Markham, Ont.-based Riz Global Foods Inc.

Speaking from India during a business trip, Mr. Ali explains that the food distribution business he started in 2012 faces obstacles, not only on the Indian subcontinent, but also in other markets, such as the Middle East and Russia.

Entering global markets is challenging because Riz Global Foods has a wide range of food products it delivers from supplies in Canada, the United States, Australia, Europe, China and South America. It specializes in halal-produced meats but also offers prepared foods, desserts and cakes, bakery ingredients, sauces and spices, cooking oils – even frozen pizza and pasta.

“The regulations for all the countries we export to have to be met by our producers, especially in terms of the way the animals are raised,” Mr. Ali says.

Customers in different countries have different requirements, such as antibiotic-free beef, or in Middle Eastern countries, vegetarian-fed beef. He can’t sell beef at all to Hindu customers in India.

Navigating the food regulations of various countries is more challenging because many of the agreements aimed at encouraging freer trade are now either in limbo or at risk of being rolled back.

As well, Mr. Ali says he has experienced import duties between 35 and 80 per cent for different types of food in India. “It prices some of our products completely out of the market,” he says.

In April, 2015, a visit to Canada by Indian Prime Minister Narendra Modi brought promises of opening up trade and generating as much as $1.6-billion in bilateral business, but Mr. Ali says he and others are still waiting.

It’s not that global agribusiness is impossible for Canadian companies; in 2015 Canada enjoyed a worldwide $11-billion trade surplus in food and agricultural products, just slightly less than the year before but up from 2013.

Food and beverage processing is Canada’s largest manufacturing sector, according to Industry Canada statistics for 2012, which were published last year. The sector accounts for 15.9 per cent of our total manufacturing shipments and for 1.7 per cent of Canada’s gross domestic product (this includes tobacco products), according to a government report from September.

Ontario and Quebec together accounted for about 57.5 per cent of processed food and beverage sales, with Western provinces making up about 30.5 per cent and the Atlantic Provinces about 11.9 per cent. The sector provides nearly 250,000 jobs across Canada – more than 125,000 in Ontario alone, spread across about 3,000 businesses in that province.

While about half of the food processing shipments from Canada come from just 3.1 per cent of the companies, mostly the large ones, the other half comes from the nearly 97 per cent of companies that are small and medium-sized enterprises (SMEs) like Mr. Ali’s.

Competition is fierce in the sector, he says, but Mr. Ali was quite deliberate in choosing the food export sector as his business. He sold the condo he had purchased when he moved to Canada in 2007 to raise the money to start Riz Global Foods.

He started Riz to replace his first business in Canada, exporting construction equipment to Iraq.

“I was looking for something that wouldn’t be affected by recession. We started exploring the opportunities in food,” he said in an earlier interview with Export Development Canada.

Mr. Ali started by exporting pulses – Canada is a huge exporter of lentils and other beans – but found the margins were better in beef, despite the challenges. Today, 85 per cent of Riz Global’s exports are beef.

The challenges Mr. Ali faces come not just from trade barriers and sluggish negotiations to lower these.

“Both Canada and the United States have the same production methods, but the U.S. has more clout and they have been successful in meeting and monitoring regulatory requirements,” he says. Canada is not as effective “because of lack of resources, especially when it comes to beef,” Mr. Ali adds.

An Industry Canada report last year on the “technology readiness” of Canada’s food processing sector found that Canadian exporters find the disparity difficult between the size and scale of Canadian and U.S. companies.

“Scale is an important factor,” the report said. “Canadian firms operating in this sector are significantly smaller in scale than their counterparts in the United States … The existence of major scale differences exist in all food processing sub-sectors, with Canadian processing facilities using half the labour and generating less than half the sales revenue of U.S. facilities on average.”

Because Mr. Ali’s company is an exporter and not a producer, this challenge shows up mostly in his ability to procure Canadian beef and other products for export at globally competitive prices. Industry Canada notes that the U.S. food and beverage processing sector has been improving in productivity, “while Canadian firms are lagging.”

Mr. Ali’s approach aligns with Industry Canada’s solution, both for his own company and for the Canadian food producers from whom he obtains his products:

“In order to achieve appropriate scale, Canadian companies need to gain access to markets outside Canada.”

The global trade picture is generally unclear right now. At the same time, Canada’s biggest trading partner, the United States, is pushing to renegotiate the North American Free Trade Agreement, which could lead to unpredictable consequences for the food and beverage sector.

Mr. Ali has been travelling to his markets to determine what foods he might export along with beef. Ultimately, he figures, food has to be a good export – people have to eat.



Report Typo/Error

Follow us on Twitter: @GlobeBusiness

Former U.S. presidential helicopters pressed into service in Canada

American presidential helicopters bought by Canada six years ago are part of a bid likely to be worth more than $1 billion to upgrade the avionics on the country’s aging Cormorant search and rescue helicopters.

Tom Galley, executive vice president of IMP Aerospace & Defence, says the nine American presidential helicopters were part of a $164-million deal clinched in 2011 which included a lot of spare helicopter parts.

The value to Canada has so far been primarily in those parts. They have been used to service Canada’s Cormorant search and rescue fleet.

The reason those parts are for the most part interchangeable is that the Cormorants were built by aerospace giant Leonardo — formerly known as AgustaWestland — on the same general model as the Lockheed Martin-built EH-71, the helicopter which served the American presidents.

In Halifax, IMP Aerospace has been servicing Canada’s Cormorant search and rescue fleet, which currently consists of 14 aircraft, for the past 17 years under a contract that employs roughly 200 people.

Now, IMP Aerospace is hoping to get the Canadian defence contract to upgrade that aging fleet’s avionics system, essentially all the controls and electronics in the cockpit, and in some cases the equipment they control. There is, for example, a likelihood that the upgrades will include a more modern electro-optical infrared system which essentially allows the user to see by using heat signatures.

In order to get that contract, IMP Aerospace has re-established its longstanding working relationship with Italy-based Leonardo, which has developed an updated cockpit avionics suite for the Cormorants. The companies are calling their partnership Team Cormorant.

“The aircraft are reaching their 20-year point which is often viewed as the time to upgrade the aircraft,” said Galley. “(IMP Aerospace and Leonardo) have supplied an unsolicited proposal to the Department of Defence . . . and we are moving forward with them to discuss what should happen for this aircraft,” he said.

A nod from the federal government for that contract — if it comes at all — is expected in 2019 and could lead to the creation of another 100 jobs at IMP Aerospace in Halifax, said Galley.

The basic idea is simple: upgrade the former U.S. presidential helicopters, including adding rear ramps, re-assembling the choppers’ blades and repainting their bodies into the now-familiar yellow of the Cormorants. Then, at least some of those former U.S. presidential helicopters would be put in service on search and rescue missions to replace Cormorants as they are taken into the shop to be upgraded, likely 2-4 of them at a time.

“IMP Aerospace & Defence has provided full turnkey in-service support to the CH-149 Cormorant search and rescue fleet since its entry into service in the year 2000,” David Gossen, president of IMP Aerospace & Defence, said in a statement.

“The CH-149 fleet is actively operated by the Royal Canadian Air Force across Canada, delivering essential life-saving missions to Canadians in distress,” Gossen said. “The fleet has clocked more flight hours than any other AgustaWestland 101 fleet in the world and . . . Canada has an amazing opportunity to further enhance search and rescue delivery to central and northern Canada and beyond through the conversion of VH-71 (former U.S. presidential) aircraft.”

Once all the Cormorants have been upgraded, Canada could be left with as many as nine extra search and rescue helicopters, allowing the federal government to beef up its capabilities at Canadian Force Base Trenton in Ontario.

“We’d like to see them all stay in service,” said Galley. “With the Arctic opening up, there will be an even greater need for search and rescue helicopters.”

Long elusive, the Northwest Passage has been beckoning both the cruise ship industry and cargo carriers alike of late, as the Arctic ice seems to be gradually retreating.

In 2016, the giant France-based cruise ship Crystal Serenity became the first of its kind to navigate the Northwest Passage. Two years earlier the Nunavik, a Canadian cargo vessel, also made history by being the first such ship to make the crossing without an icebreaker.

Although the Arctic ice pack varies greatly from year to year, the dream for shipping lines is to be able to use the Arctic route in Canada’s far north to cut almost 5,000 kilometres from the trip from New York to Shanghai by being able to simply avoid the Panama Canal.

Canada’s fleet of Cormorants are currently stationed at the Canadian forces bases of Gander, N.L., Greenwood in Nova Scotia, and Comox, British Columbia.

Since 2005, the Canadian forces base at Trenton has been using the smaller and shorter-range CH-146 Griffon helicopters for search and rescue missions, despite an internal air force document reportedly describing this practice as risky.

IMP Aerospace is one of the six business units that are part of IMP Aerospace & Defence, which has more than 2,400 engineering, technical and support employees across Canada.

Leonardo, which trades on the Milan Stock Exchange under the symbol LDO, recorded consolidated revenues of $12 billion euros on Dec. 31 last year.

Report Coverage on Financials Stocks: Power Corp of Canada, Sun Life Financial, Genworth MI Canada, and Industrial Alliance Insurance and Financial Services

LONDON, UK / ACCESSWIRE / June 6, 2017 / Pro-Trader Daily has lined up these stocks for our daily research reports coverage. Before the markets open, Pro-TD makes a brief technical snapshot of select stocks with the Insurance – Specialty industry and that trades on the Toronto Exchanges. This Morning, our team have regrouped these stocks for study: Power Corp. of Canada, Sun Life Financial, Genworth MI Canada, and Industrial Alliance Insurance and Financial Services. Register for these free reports at:

http://protraderdaily.com/register/

On Monday, June 05, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,409.78, 0.21% lower, with a total volume of 233,982,877 shares.

Additionally, the Financials index was slightly down by 0.20%, ending the session at 279.03.

Pro-Trader Daily’s complimentary research reports on the following stocks are now available: Power Corporation of Canada (TSX: POW), Sun Life Financial Inc. (TSX: SLF), Genworth MI Canada Inc. (TSX: MIC), and Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG). Sign up now for your free membership and research reports at:

http://protraderdaily.com/register/

Power Corp. of Canada

Montréal, Canada-based Power Corp. of Canada’s stock edged 0.82% lower, to finish Monday’s session at $28.90 with a total volume of 600,691 shares traded. The Company’s shares are trading below its 50-day and 200-day moving averages. Power Corp.’s 200-day moving average of $30.72 is above its 50-day moving average of $30.30. Shares of the Company, which operates as a diversified international management and holding company with interests primarily in the financial services, communications, and other business sectors in Canada, the US, and Europe, are trading at a PE ratio of 10.42. See our research report on POW.TO at:

http://protraderdaily.com/optin/?symbol=POW

Sun Life Financial Inc.

On Monday, shares in Toronto, Canada headquartered Sun Life Financial Inc. recorded a trading volume of 847,512 shares. The stock ended the day 0.43% lower at $44.09. Sun Life Financial’s stock is trading below its 50-day and 200-day moving averages. The stock’s 200-day moving average of $49.61 is above its 50-day moving average of $46.69. Shares of the Company, which provides protection and wealth products and services to individuals, businesses, and institutions worldwide, are trading at a PE ratio of 10.89. The complimentary research report on SLF.TO at:

http://protraderdaily.com/optin/?symbol=SLF

Genworth MI Canada Inc.

On Monday, shares in Oakville, Canada headquartered Genworth MI Canada Inc. ended the session 0.03% lower at $31.48 with a total volume of 245,049 shares traded. The stock is trading below its 50-day and 200-day moving averages. Furthermore, the stock’s 200-day moving average of $34.74 is greater than its 50-day moving average of $33.43. Shares of Genworth MI Canada, which through its subsidiaries, operates as a private residential mortgage insurer in Canada, are trading at a PE ratio of 6.65. Register for free and access the latest research report on MIC.TO at:

http://protraderdaily.com/optin/?symbol=MIC

Industrial Alliance Insurance and Financial Services Inc.

Quebec City, Canada headquartered Industrial Alliance Insurance and Financial Services Inc.’s stock closed the day 0.38% higher at $50.05. The stock recorded a trading volume of 98,002 shares. Industrial Alliance Insurance and Financial Services’ shares have gained 17.13% in the previous one year. Shares of the Company, which provides various life and health insurance products in Canada, are trading below their 50-day and 200-day moving averages. Moreover, the stock’s 200-day moving average of $55.69 is greater than its 50-day moving average of $54.24. Get free access to your research report on IAG.TO at:

http://protraderdaily.com/optin/?symbol=IAG

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst, for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 464945

LONDON, UK / ACCESSWIRE / June 6, 2017 / Pro-Trader Daily has lined up these stocks for our daily research reports coverage. Before the markets open, Pro-TD makes a brief technical snapshot of select stocks with the Insurance – Specialty industry and that trades on the Toronto Exchanges. This Morning, our team have regrouped these stocks for study: Power Corp. of Canada, Sun Life Financial, Genworth MI Canada, and Industrial Alliance Insurance and Financial Services. Register for these free reports at:

http://protraderdaily.com/register/

On Monday, June 05, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,409.78, 0.21% lower, with a total volume of 233,982,877 shares.

Additionally, the Financials index was slightly down by 0.20%, ending the session at 279.03.

Pro-Trader Daily’s complimentary research reports on the following stocks are now available: Power Corporation of Canada (TSX: POW), Sun Life Financial Inc. (TSX: SLF), Genworth MI Canada Inc. (TSX: MIC), and Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG). Sign up now for your free membership and research reports at:

http://protraderdaily.com/register/

Power Corp. of Canada

Montréal, Canada-based Power Corp. of Canada’s stock edged 0.82% lower, to finish Monday’s session at $28.90 with a total volume of 600,691 shares traded. The Company’s shares are trading below its 50-day and 200-day moving averages. Power Corp.’s 200-day moving average of $30.72 is above its 50-day moving average of $30.30. Shares of the Company, which operates as a diversified international management and holding company with interests primarily in the financial services, communications, and other business sectors in Canada, the US, and Europe, are trading at a PE ratio of 10.42. See our research report on POW.TO at:

http://protraderdaily.com/optin/?symbol=POW

Sun Life Financial Inc.

On Monday, shares in Toronto, Canada headquartered Sun Life Financial Inc. recorded a trading volume of 847,512 shares. The stock ended the day 0.43% lower at $44.09. Sun Life Financial’s stock is trading below its 50-day and 200-day moving averages. The stock’s 200-day moving average of $49.61 is above its 50-day moving average of $46.69. Shares of the Company, which provides protection and wealth products and services to individuals, businesses, and institutions worldwide, are trading at a PE ratio of 10.89. The complimentary research report on SLF.TO at:

http://protraderdaily.com/optin/?symbol=SLF

Genworth MI Canada Inc.

On Monday, shares in Oakville, Canada headquartered Genworth MI Canada Inc. ended the session 0.03% lower at $31.48 with a total volume of 245,049 shares traded. The stock is trading below its 50-day and 200-day moving averages. Furthermore, the stock’s 200-day moving average of $34.74 is greater than its 50-day moving average of $33.43. Shares of Genworth MI Canada, which through its subsidiaries, operates as a private residential mortgage insurer in Canada, are trading at a PE ratio of 6.65. Register for free and access the latest research report on MIC.TO at:

http://protraderdaily.com/optin/?symbol=MIC

Industrial Alliance Insurance and Financial Services Inc.

Quebec City, Canada headquartered Industrial Alliance Insurance and Financial Services Inc.’s stock closed the day 0.38% higher at $50.05. The stock recorded a trading volume of 98,002 shares. Industrial Alliance Insurance and Financial Services’ shares have gained 17.13% in the previous one year. Shares of the Company, which provides various life and health insurance products in Canada, are trading below their 50-day and 200-day moving averages. Moreover, the stock’s 200-day moving average of $55.69 is greater than its 50-day moving average of $54.24. Get free access to your research report on IAG.TO at:

http://protraderdaily.com/optin/?symbol=IAG

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst, for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

ReleaseID: 464945

Source URL: http://marketersmedia.com/report-coverage-on-financials-stocks-power-corp-of-canada-sun-life-financial-genworth-mi-canada-and-industrial-alliance-insurance-and-financial-services/205456

Source: AccessWire

Release ID: 205456