Feds hope approval of Nexen deal will open door to more Canadian investment in China
DANIEL PROUSSALIDIS, PARLIAMENTARY BUREAU
The Winnipeg Sun (Final) News, Page 5; the Calgary Sun (Final)
OTTAWA -- With Chinese government-owned CNOOC getting the thumbs-up to buy its way into the oilsands, the feds are raising hopes that the Chinese economy will become more open to private Canadian investment.
"The Chinese government said to our government that they are seeking, of course, a win-win outcome," Industry Minister Christian Paradis told Sun News Network on Saturday. "We believe they will have a pragmatic approach and this is what we want."
Late Friday, the feds approved CNOOC's $15.1-billion bid to buy out Canadian oil company Nexen, along with Malaysian state-owned Petronas' takeover of natural gas player Progress Energy.
If China's mining sector becomes more open to Canadian investment, it would put a smile on the president of the Canada China Business Council, Sarah Kutulakos.
"With the welcoming nature we have had to mining investment in Canada, we would like to see it be easier for Canadian companies in China, especially, to go from exploration to production," said Kutulakos.
NDP natural resources critic Peter Julian says he doubts Beijing is about to dismantle the great wall around its notoriously closed economy.
"(The prime minister) has already lost that window," said Julian. The NDP has been resolutely against the CNOOC takeover of Nexen for months.
Meantime, Julian dismisses new investment rules announced by the Conservatives as just "a few tough words."
The rules allow the government to more closely scrutinize how a foreign state-owned enterprise's takeover of a Canadian company would put the target of the buy-out, or an industrial sector, under foreign influence.
The Tories have also said
new attempts by foreign state-owned enterprises to gain control of Canadian oilsands companies would only be approved in "exceptional" cases.
Prime Minister Stephen Harper explained Friday he believes foreign investment will still come into Canada.
"Canada is a society that is stable," said Harper. "It has none of the attributes of the other developed countries that have caused grief to the global economy in the past three or four years. Canada is a society with an unprecedented regard for the rule of law."
The Canadian Council of Chief Executives (CCCE) seems to agree.
CCCE president John Manley says in a statement that it appears the investment guidelines "will safeguard the national interest while ensuring that Canadians continue to reap the benefits of a welcoming approach to foreign investment."
ILLUS: photo of CHRISTIAN PARADIS Hope for win-win
NDP Critic for Canadian Heritage Peter Julian issued the following statement:
"It has come to our attention that a consultant for a federally funded anti-racism project has a disturbing track record of spewing hate speech online against Jewish and francophone communities. This is completely unacceptable. We call on the Minister of Heritage to take drastic action and terminate his contract.
NDP Heritage Critic Peter Julian issued the following statement:
“Today’s announcement by Hockey Canada is another attempt to delay the important and urgent work to deal with the toxic culture in this organization. While a former Supreme Court Justice is a credible appointment to conduct the review into Hockey Canada, this won’t be the first time the organization undergoes this process.
NDP critic for Canadian Heritage, Peter Julian, made the following statement:
“Canadians are horrified by the incidents of sexual assault and by what they’re hearing from Hockey Canada. They are left with many questions about how this toxic culture is allowed to persist in our sports organizations and what the government is actually doing to ensure this doesn’t happen again.