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CALGARY Canada still welcomes foreign direct investment despite the federal government’s refusal late last week to approve the C$ 5.17 billion ($ 5.17 billion) acquisition of Progress Energy Resources Corp by Malaysian state oil company Petronas [PETR.UL}, the country’s finance minister said on Sunday. Finance Minister Jim Flaherty told CTV’s “Question Period” program proposed acquisitions needed to be correct and that Canada’s industry minister can impose conditions on any transactions. However, he said in the transcript of the interview that Industry Minister Christian Paradis and the companies were continuing discussions on satisfying the government’s concerns with the deal. ($ 1 […]

CALGARY Canada said on Saturday it still invites foreign investment in natural resources despite its surprise rejection of a C$ 5.17 billion ($ 5.2 billion) takeover of Progress Energy Resources Corp by Malaysia’s Petronas, a deal that had been expected to pass muster easily. The rejection late on Friday of the buyout of Progress, a natural gas producer, has sparked criticism from some investors about perceived protectionism and raised questions whether the larger and more controversial bid for Nexen Inc by China’s CNOOC Ltd has a chance of being approved. “Canada has one of the best investment climates in the […]

DUBAI Etisalat , the Gulf’s No.2 telecommunications operator, will not completely sell out of any its foreign markets, the company’s chief executive said on Sunday. The United Arab Emirates firm, which operates in about 17 countries in Africa, Asia and the Middle East, sold a 9.1 percent stake in Indonesian mobile firm PT XL Axiata for $ 510 million in September, but retained a 4.2 percent holding. The Indonesian sale, which followed Etisalat’s exit from India, was seen by some analysts as part of a broad push to trim back underperforming foreign units. But chief executive Ahmad Julfar insisted on […]

MUMBAI/HONG KONG India’s proposal to allow more foreign investment in its $ 41 billion insurance business provides a lifeline for an industry starved of capital and squeezed by regulation – but it may not pass parliament and it may not be enough. India’s insurance business was full of promise when it was thrown open to competition in 2000, but has instead been brought to its knees by losses, regulatory change, uncertainty and a sharp slowdown in economic growth. Many firms are fed up and looking for the exit. “What is required is some stability in the regulatory regime, for companies […]

China has long been a desired destination among the world’s biggest multinationals looking to fill labor-intensive positions on the cheap. But recent riots there may have some foreign manufacturers thinking about moving production closer to home.   From Apple’s (AAPL) biggest iPhone manufacturer, Foxconn, which employs tens of thousands of people in China, to Toyota (TM) and Caterpillar (CAT), manufacturers have long taken advantage of China’s low-cost labor, solid infrastructure and softer regulations. But calls for better wages and working conditions have been growing louder in China over the last decade, recently exploding in a 2,000-person fight at Foxconn just […]

Foreign investors bought a net $ 60.2 billion of long-term U.S. securities in July, up sharply from the $ 5.5 billion purchased in the prior month, Treasury Department data released Tuesday showed. This is the largest amount of purchases in a month since January. In the key Treasury sector, overseas investors were net buyers of $ 50 billion in July, up from $ 32.5 billion in June. They purchased $ 4.5 billion of government agency bonds in July after net sales of $ 600 million in June. Foreign investors purchased a net $ 6.4 billion of U.S. equities in the […]

Hong Kong – A group representing international companies in China has warned members that police in Beijing, Hebei and Shandong have required international firms to purchase Internet monitoring devices or risk having their connections cut.The Quality Brands Protection Committee (QBPC), a group aimed at safeguarding intellectual property rights in China, sent an email to its 216 members late last month warning of the police visits, saying it would cause serious concerns from our members.The emailed alert, copies of which were provided to CNN, raise particular concerns for international businesses operating in China because many companies often use private networks that […]

Sheikh Abdullah Al Thani (right) purchased Spanish La Liga team Malaga in June 2010 and proceeded to spend millions bringing top players to the Costa del Sol. Under the guidance of former Real Madrid coach Manuel Pellegrini, players such as Santiago Cazorla and Dutch defender Joris Mathijsen helped Malaga finish fourth and qualify for the Champions League for the first time. However, Pellegrini was reportedly not paid for several months this year, while sporting director Fernando Hierro quit in May. As Malaga began cutting costs, the big-name players left the club. Cazorla was transferred to English team Arsenal, while Mathijsen […]

Foreign investors bought a net $ 5.5 billion of long-term U.S. securities in June, down from the $ 50.9 billion purchased in the prior month, Treasury Department data released Wednesday showed. In the key Treasury sector, overseas investors were net buyers of $ 32.5 billion in June, down from net purchases of $ 45.9 billion in May. They were net sellers of $ 600 million of government agency bonds in June compared with purchases of $ 12.4 billion in May. International investors were net sellers of corporate bonds in June. They purchased a net $ 4.3 billion of U.S. equities […]

BERLIN German Foreign Minister Gc after a weekend of ugly exchanges in the German press over Italy and Greece. Italian Prime Minister Mario Monti told magazine Der Spiegel that he needed Germany’s moral support but not its cash and that Berlin should “cut some slack” for those countries implementing budget cuts demanded by the European Union. He also said governments needed to keep some room for maneuver independent of decisions taken in national parliaments – a thinly veiled attack on the role Germany’s Bundestag lower house has played in slowing up action on the crisis. Westerwelle’s remarks looked like as […]

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