Also in the news today, Canadian debt payments are climbing at a record pace as interest rates rise
“The chosen political remedy – to throw the province’s legal and financial relationship with its federal government into uncertainty – is considerably out of step with its economic realities.”Canada looks to seal the deal for Volkswagen’s battery plant - and achieve a major milestone in its EV ambitions
“The more that [Industry Minister François-Philippe Champagne] brings his provincial colleagues in on the sales job, the more it may strike a contrast to political dysfunction south of the border, strengthening the argument for Canada’s stability.”“Pimblett is the rare sort who can fight and talk at the same time. He’s able to walk that line between being sweet-natured and giving off a vague whiff of sociopathy. That combo sells.
A winder crewman inspects the Jumbo roll as it prepares to unwind newsprint into rolls at Resolute Forest Products in Gatineau, Que., on Jan. 12, 2018.A privately held pulp and paper maker controlled by a member of an Indonesian business dynasty is tightening its grip on Canada’s forest sector with a flurry of takeovers, prompting environmental groups to raise concerns about the company’s influence and accountability.
Paper Excellence Group is owned by Jackson Widjaja, of the billionaire Widjaja family, and headquartered in Richmond, B.C. Earlier this year, it took the industry by surprise with the proposed takeover of Resolute Forest Products for US$2.7-billion. That deal is still being examined by the Competition Bureau after Resolute shareholders gave their approval.
If the sale goes through, it would cap an unprecedented, rapid-fire expansion for a forestry products company operating in Canada – one that’s generating mixed feelings across the country. Many industry consultants and analysts give Paper Excellence credit for investing in assets no one else wanted and keeping things running in mills that rival producers might have given up on years ago. Others are sounding the alarm.Evening Update is presented by S.R. Slobodian.
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