Canadian Prime Minister Stephen Harper said he will toughen investment rules for foreign state-owned companies after approving bids by CNOOC and Petroliam Nasional Bhd.
Canada will no longer allow state-owned companies to takeover businesses in the nation’s oil sands and will toughen requirements in other industries. Today, he approved CNOOC’s $15.1-billion takeover of Nexen and Petronas’s $5.2-billion takeover of Progress Energy Resources Corp.
In a press conference, Harper said those two transactions are the end of a “trend.”
LONDON — Stephen Harper thanked British Prime Minister David Cameron for his “robust advocacy” on behalf of a free-trade pact between Canada and the European Union during his address Thursday in London to British lawmakers.
A 30-minute speech that touched upon topics ranging from the economy to global security and shared values between Canada and the United Kingdom was also notable for Harper’s pitch for the prized trade agreement his Conservative government has long sought.
TORONTO — It would be foolish for Canadian rules on foreign investment to be too clear because Ottawa needs a certain amount of discretion when considering takeover bids, Prime Minister Stephen Harper said on Friday.
Last December, Canada allowed China’s CNOOC Ltd to buy domestic energy firm Nexen Inc despite unhappiness among some legislators in the ruling Conservative Party, who said they did not like the idea of foreign state-owned enterprises buying Canadian energy assets.
The British bank has set aside $2 billion against fines, settlements and other expenses related to money-laundering accusations in the United States and claims against the inappropriate selling of financial products in Britain.
The British government may start selling its stakes in the Lloyds Banking Group and Royal Bank of Scotland as soon as next year, following a strategy similar to the one employed by the United States as it exited Citigroup.
As investigators probing the Boston bombers turned their attention to six months one of the brothers spent in Dagestan last year, the commander of a local rebel faction issued a statement Sunday distancing himself from the attack.
The search for the motive of the terror in Boston seemed to focus increasingly on Tamerlan Tsarnaev, the 26-year-old elder brother, who had come to the FBI’s attention in 2011 as an alleged “follower of radical Islam” before traveling to Dagestan in 2012.
Canada’s competition watchdog is weighing in on a draft code of conduct for the wireless industry and calling for a ban on “locking” handsets, minimal termination fees and other steps that would encourage mobility between different carriers.
I can say that it’s been given priority … we’re aware of the need for clarification
OTTAWA – Canada will announce eagerly awaited guidelines to clarify its rules for approving foreign investments “fairly soon,” Finance Minister Jim Flaherty said on Wednesday, as suspense builds around the government’s reviews of two bids for Canadian energy producers.
British companies will have better protection against so-called virtual bids under changes proposed by the Takeover Panel, which comes in the wake of the political furore over Kraft Foods’ takeover of Cadbury