Spring 2015 - Canada-United Kingdom Chamber of Commerce

Est. 1921
CANADA - UNITED KINGDOM
Chamber of Commerce
Over 94 YEARS OF NETWORKING
Spring 2015
Québec Premier Philippe Couillard
at the Chamber Pgs 10-11
Inside this issue:
Chamber News
Events
1-4
5-19
Economics
20-25
Provinces
26-29
Energy
30-31
Member News
32-37
New Members
37-39
Events Planner
40
Event Review
Since our last newsletter the
Chamber has hosted 12
events Pgs 10-19
Stephen S. Poloz
Governor of the
Bank of Canada
to address the
Chamber in March
Pg 5
Desjardins
Group’s
Monique
Leroux at
the
Chamber
Pg 6
Busy event programme for the Chamber Pgs 10-19
The Tables Have Turned: Provincial Outlook 2015
Budget season is upon us, and for
Canada’s provinces, it will be a very
different game than the one played
out only a year earlier. A dramatic
drop in oil prices, juxtaposed against
a still-healthy US economy, has turned
the tables on relative provincial growth
with Alberta at risk of a recession,
but central Canada’s prospects
brightening…
Pgs 26-27
BC Entrepreneurs Bring New Wireless Tech To the UK
Christos Sirros
(Québec
Government) &
Angelo Fasulo
(BlackBerry)
join the Chamber
Board
Pg
4
Spring 2015
Leading entrepreneurs from British
Columbia, one of the world’s fastestgrowing wireless and ICT clusters,
Newsletter Sponsors
visited London in February on their
way to Mobile World Congress in
Barcelona.
Pg 28
Canada House
Trafalgar Square
London SW1Y 5BJ
T: +44 (0) 20 7930 4553
[email protected]
www.canada-uk.org
Charter Members
Alberta UK Office
Air Canada
Astrazeneca plc
BlackBerry
BMO Financial Group
Canadian High Commission
Canary Wharf Group plc
CGI
CIBC
Dadco Group
European Trade &
Investment Office for
British Columbia
EY
Fasken Martineau
Gowlings (UK) LLP
HSBC Bank plc
Kinnear Financial
Madano Partnership
McCarthy Tétrault
Ontario International
Marketing Centre
Nexen Inc
Pharos Security
Québec Government Office
Royal Bank of Canada
Scotiabank
Shell International Ltd
Stikeman Elliott
TD Securities
New members:
Babcock International Group
Bruce Power
Cleary Gottlieb Steen & Hamilton
Credit Limits International
Export Development Canada
Keurig UK
Kingsley Napley LLP
Hanover Communications
PRCA
Productivity Media
Total APS
Dates for your diary:
March 12 Tech Forum on
customer feedback
March 26 Lunch with the
Governor of the Bank of Canada
April 29 CETA Reception with
former Premier Jean Charest
May 15 Annual Golf Day
May 22 AGM & lunch with
Lord Gus O’Donnell
June 12 6th Annual Canadian
Chief Economists debate & lunch
Page 1
Page 2
Spring 2015
President’s Remarks
In this edition CIBC’s Chief
Economist Avery Shenfeld
reminds us (Pgs 26-27) that
Budget season is upon us, and
for Canada’s provinces, it will
be a very different game than
the one played out only 12
months earlier. With a ‘dramatic
drop in oil prices, juxtaposed
against a still-healthy US
economy…’ the tables have
turned on relative provincial
growth ‘with Alberta at risk of a
recession, but central Canada’s
prospects brightening’.
Provinces with higher debt
loads such as Québec and
Ontario, will ‘actually see a
modest economic and fiscal
benefit from weaker oil prices’.
In the UK as Scotiabank’s UK &
Eurozone Economist Alan
Clarke observes (Pg 20), lower
oil prices have pushed inflation
down to within a whisker of 0%
y/y. It may be that the drop in
-Rob Brant
energy costs boosts household
real take-home pay which in turn
boosts growth and core inflation.
As a Chamber we continue to see
an increase in member
organisations from Canada
inwardly investing here, and key
personnel visiting these shores
promoting bilateral trade and
investment opportunities. At the
end of 2014 just as we were
preparing to move to the
magnificent new High
Commission premises at Canada
House, we hosted Bruce Power’s
President and CEO Duncan
Hawthorne (Pg 17), Ontario’s
Minister of Northern Mines
Michael Gravelle (Pg 18) and in
January Québec Premier
Couillard (Pgs 10-11). Over the
next 4 months our event
programme includes high profile
networking events with the
Governor of the Bank of Canada,
and the President and CEO of
Desjardins Group as well as
former Québec Premier Jean
Charest (Pgs 5-8). Our Forums
are also planning sector
specialist events and if you are
looking for B2B opportunities,
then once again I advise you to
talk to our Secretariat team.
Finally, a warm welcome to new
Board Directors Christos Sirros
and Angelo Fasulo, representing
the Québec Government and
BlackBerry respectively.
Happy networking.
Director’s Comments
We have now successfully
relocated to Canada House
along with the rest of the
Canadian High Commission.
Details of our new phone
numbers and address have
been circulated to members
and appear on the front page.
At the end of 2014 we bade
farewell, thanks and good luck
to Ekaterina for her time with us
as Business Development
Assistant, and welcomed
Archana Prasad as our new
intern.
Thanks are due this edition to
our newsletter sponsors CIBC,
BC Government and Dadco,
and our advertisers and
contributors especially
BlackBerry, CGI, Gowlings,
Should you wish to
advertise or raise your
profile in the next edition
please contact Nancy
Spring 2015
-Nigel Bacon
Fasken Martineau, Scotiabank,
Ontario Government, Ridgeford
Properties, and TD Securities.
Since our last newsletter we have
once again been event busy
hosting and co-hosting a further
dozen events including four
Energy and Tech Forum events,
four high profile lunches, a
seminar and a conference.
of the Civil Service in the UK,
Lord Gus O’Donnell, joining us at
the House of Lords (Pg 7) and
sharing his thoughts on the
make-up of the new Parliament
at Westminster post-UK
elections.
Our Winter and Spring event
programmes are very busy with
events including a Technology
Forum event focusing on the
Customer Experience (Pg 6),
March lunches with Desjardins
Group (Pg 6) and the Bank of
Canada (Pg 5), and in April a
CETA focused reception.
We do hope you can join us over
the coming months.
In May we have the former Head
Secretariat News
We are currently
completing the latest
editions of our
Corporate lists and
Members’ Directories.
The Canada-UK
Chamber of
Commerce is a
member of the
Council for
Foreign
Chambers in the
UK which
includes over 35
bilateral
chambers.
Apcar at:
[email protected]
Please contact the
Secretariat for information
on how to create a login
for your company for the
Members’ Area of the
website.
-Jen, Nancy & Archana
Our networking quote this
edition comes from
Robert Louis Stevenson:
‘Don't judge each day by
the harvest you reap but
by the seeds that you
plant.’
Editor, advertising,
design &
distribution:
Nigel Bacon
Executive Director
T: +44 20 7930 4553
[email protected]
Page 3
NEW CHAMBER BOARD DIRECTORS APPOINTED
Christos Sirros
Agent-General
Québec Government Office
The Québec Government Office is pleased to announce that Mr Christos Sirros has now taken up his new
post of Agent-General for the UK, Ireland and the Nordic countries. His first official engagement in London
was at the lunch organised by the Chamber in January to mark the official visit to London and Cardiff of
Québec’s Premier, Mr Philippe Couillard.
Mr Sirros has long been active in Québec politics and was first elected to government in 1981 as Liberal
party Member for the Laurier constituency. Various high-ranking positions followed over the years, including Assistant Minister for
Health in 1989-90 and Minister for Aboriginal Affairs from 1990 to 1994, culminating with his nomination as Minister of Natural
Resources and Aboriginal Affairs in 1994. Mr Sirros was subsequently First Vice-President of the National Assembly from 2003
until 2004.
London is in fact not his first EU posting: Mr Sirros was Québec’s Agent-General in Brussels from 2004 until 2012 and was
closely involved in the negotiations between Canada and the EU which culminated in the Comprehensive Economic and Trade
Agreement (CETA).
Prior to his posting to London, Mr Sirros was active in the media field, providing political commentary and analysis on a TV show
entitled “Le Club des Ex” which brought together three former members of parliament from different party perspectives to discuss
issues of the day.
A business graduate of McGill University, Mr Sirros has a keen interest in further developing Québec’s strong trading relationship
with the UK, Ireland and the Nordic region. The UK is one of Québec’s strategic trading partners and a priority for Québec public
diplomacy. There is much to be done both in terms of promoting trade in view of CETA and developing ties between business
and policy makers in the UK.
Angelo Fasulo
Vice President Global Emerging Channels
BlackBerry
As VP, Global Emerging Channels, Angelo Fasulo is responsible for BlackBerry’s distribution, e-commerce,
and retail, with focus on Europe and North America as well as B2B value add reseller channels in Europe.
Responsibilities include overseeing all aspects of the business between BlackBerry and Partners.
While living in Windsor UK for the past 3.5 years, Angelo’s most recent positions included Global Distribution
and European Telecom Operator Groups (Telefonica). Prior to that, Angelo spent 4 years in Canada managing
BlackBerry’s business with Rogers Canada and ATT.
Previous to his work in North America, Angelo lived and worked in Asia-Pacific for BlackBerry for 3 years. He was responsible for
RIM’s relationships with leading telecom operators, including Hutchison in Hong Kong, SingTel in Singapore, Globe Telecom in
the Philippines, Optus in Australia and Bharti in India. Angelo was one of the founding team members to build RIM’s operation in
Asia Pacific. He established the Hong Kong office and successfully launched BlackBerry for the first time in Asia in 2002.
Angelo holds an Honours Degree in Business Administration at Wilfrid Laurier University.
CHAMBER FORUMS
The Chamber currently has three forums: Energy Forum; SME Forum and Technology Forum. The Forums organise 3-4 events per annum specifically
targeting their sectors and members/potential members with a view to showcasing sector talent and expertise from Canada and the UK, and a view to
providing and contributing to sector debate. Members currently on the Forum organising committees are listed below:
Energy Forum
Mark Ledwell (Chair) (Gowlings)
Steve Schofield (Shell)
Chris Morritt (Nexen)
Michael Padua (Alberta UK Office)
Graham Hilton (BC Government)
Michael Evans (Madano Partnership)
SME Forum
Richie Clark (Chair) (Fox Williams)
Wayne Bewick (Trowbridge)
Jenny Hogan (The Relocation Consultancy)
Technology Forum
Matthew Grisoni (Chair) (CGI)
Angelo Fasulo (BlackBerry)
Aaron Rosland (Ontario International Marketing Centre)
Richie Santosdiaz (BC Government)
Terry Irwin (TCii)
Adrian McMahon (Halo Financial)
Steve Ord (Sarum Colourview Printers)
Susanne Rutishauser (HSBC)
Colin Williams (Crosshands Group)
Members wishing to participate in our Chamber Forums should contact the Chamber Secretariat team: [email protected]
Page 4
T: +44 (0)20 7930 4553
Spring 2015
Chamber lunch
with guest speaker
Stephen S. Poloz
Governor of the Bank of Canada
26 March 2015
Grange St Paul's Hotel
10 Godliman Street
London EC4V 5AJ
Registration: 12.00 - 12.30
Members Individual Places: £100+VAT
Member Tables of 10: £950+VAT
Lunch: 12.30 - 14.15
Non Members Individual Places: £120+VAT
Non Member Tables of 10: £1,100+VAT
Sponsored by
Contact the Chamber for further event details including attendance fees:
[email protected]
Spring 2015
T: +44 (0)20 7930 4553
Page 5
Technology Forum: Breakfast Panel Debate
‘Listen First, Act Fast: The Customer Experience’
Panel:
Richard Ashley Head of Marketing Northern Europe, BlackBerry
Mark Hill Managing Director UK & EMEA, Responsetek
Robert Markworth Senior Manager, Digital Transformation, CGI
Doug Pidduck VP Sales, International, Magor Communications
Richard Sinclair Founder & Managing Director, Sno Ltd
Thursday 12 March 2015
Pewterers’ Hall
Oat Lane, London EC2V 7DE
08.30 - 09.00 Registration & breakfast
09:00 - 10.00 Panel debate & Q&A
Members: FREE
10:00 - 10:30 Networking
Non Members: £25 inc VAT
Sponsors
Chamber lunch
With Guest Speaker
Monique F. Leroux
Chair of the Board, President & CEO
Desjardins Group
‘Desjardins: The largest co-operative financial group in Canada’
$212bn in total assets
Thursday 5 March 2015
The Law Society
113 Chancery Lane
London WC2A 1PL
Registration: 12.00 - 12.30
Lunch: 12.30 - 14.15
Members: £85 + VAT
Member tables of 10: £800 + VAT
Dress code: Business Attire
Non Members: £100 + VAT
Non Member tables of 10: £900 + VAT
Event partner
Gold Sponsors
Sponsors
Page 6
Spring 2015
SAVE THE DATE
93rd AGM & Lunch
Friday 22 May 2015
The House of Lords
Lunch Guest of Honour
Lord Gus O’Donnell GCB
Former Cabinet Secretary & Head of the Civil Service; Adviser to the CEO, TD Bank
Non-Executive Director, Brookfield Asset Management & Chairman, Frontier Economics
AGM
11.30 – 12.15
Lunch 12.30 – 14.30
House of Lords* (Black Rod’s Garden Entrance), London SW1
*Members and their guests welcome at the lunch.
SAVE THE DATE
Annual Chamber Golf Day
Friday 15 May 2015
Royal Mid-Surrey Golf Club
Old Deer Park, Twickenham Road, Richmond, Surrey TW9 2SB
Registration & Breakfast: 07:45
Drinks & Lunch: from 14:30
Members and their guests welcome at the Golf Day.
Contact the Chamber for further event details including attendance fees:
[email protected]
Spring 2015
T: +44 (0)20 7930 4553
Page 7
EVENT NOTIFICATION
Chief Economists Panel Debate & Lunch
With Guest Speakers
Warren Jestin, Senior VP & Chief Economist, Scotiabank
Richard Kelly, Head of Global Strategy, Rates & FX Research, TD Securities
Stéfane Marion, VP, Chief Economist & Strategist, National Bank
Douglas Porter, MD & Chief Economist, Bank of Montreal
Avery Shenfeld, MD & Chief Economist, CIBC
Craig Wright, Senior VP & Chief Economist, RBC
Friday 12 June 2015
Reception: 12.00 - 12.30
Panel Debate & Lunch : 12.30 - 14.15
Topics include:
Currencies, interest rates, equity markets, commodities, GDP growth, inflation & austerity
The Grange City Hotel
8-14 Coopers Row
London EC3N 2BQ
Sponsorship available
Contact the Chamber for further event details including attendance fees:
[email protected]
Page 8
T: +44 (0)20 7930 4553
Spring 2015
Spring 2015
Page 9
Québec Premier Philippe Couillard at the Chamber
On 15 January Québec Premier
Philippe Couillard addressed
over 200 chamber members and
their guests at the magnificent
Drapers’ Hall in London. Premier
Couillard’s address was entitled:
‘Québec-UK: Accelerating Trade
Relations Between Established
Partners’.
Premier Couillard was undertaking
a mission in Europe which took
him to the UK and Belgium, as
well as the World Economic
Forum in Davos, Switzerland.
Laying out Québec’s economic
priorities, and the province’s
attractiveness to business, the
Premier referred to key
components such as the Plan
Nord and Québec’s Maritime
Strategy.
Page 10
The event was kindly sponsored by
Caisse de dépôt et placement du
Québec, National Bank, Rio Tinto,
ArcelorMittal, Bombardier, CGI,
Genome Québec and Keurig.
The Premier was introduced by
new Agent-General to the UK
Christos Sirros (photo above left).
High Commissioner H.E. Gordon
Campbell delivered the Vote of
Thanks and Chamber President
Rob Brant acted as MC.
We are very grateful to Caroline
Normandin and colleagues at the
Québec Government Office in the
UK for their assistance with this
event. Thanks are also due to our
event sponsors.
For a copy of the presentation,
kindly contact the Chamber
Secretariat.
Spring 2015
Québec Premier Couillard lunch cont.
Spring 2015
Page 11
Québec Energy & Natural Resources Minister Arcand at the Chamber
Québec Minister of
Energy and Natural
Resources and
Minister Responsible
for Le Plan Nord
Pierre Arcand
addressed the
Chamber in November
at the Sofitel London
St. James with over 80
members and guests
in attendance.
The Minister’s speech
entitled ‘Le Plan Nord:
An Exemplary
Sustainable
Development Project’
was warmly received.
‘Le Plan Nord is
designed to ensure the
coherent and
integrated
development of an
immense territory that
covers 1.2m sq kms
Page 12
and accounts for 72% of
Québec’s geographic
area.’
Québec, Rio Tinto,
ArcelorMittal and
Gowlings,
The territory is home to
‘four Aboriginal nations
in thirty-one
communities, and is
immensely rich in natural
resources. Business and
investment opportunities
abound in sectors
ranging from mining to
energy, including
construction, logistics,
transportation, bio-food
and tourism’.
The Chamber is once
again grateful to our
event sponsors, and
Caroline Normandin and
Québec Government
colleagues for their
assistance with this
event.
Chamber Board Director
and outgoing Québec
Agent-General to the UK
Stéphane Paquet
introduced the Minister.
We would like to thank
Stéphane Paquet for his
time as a Chamber
Board Director, and
wish him all the best in
his future posting and
hope to see him once
more in the UK.
The event was
sponsored by Caisse de
dépôt et placement du
Spring 2015
Tech Forum: ‘Commercialising Technology Innovation’
The Chamber’s Tech Forum hosted a
breakfast panel debate in February on
‘Commercialising Technology
Innovation’ with over 90 members
attending. The event introduced the
latest quantitative research on the best
ways to invest in new technology to
enable sustainable and profitable
returns. The panel of senior business
people was drawn from a variety of
sectors and included: Mike Johnson
Divisional Director, Corporate
Spring 2015
Partnerships, MRC Technology; Sam
Goldenberg Director of Sales and
Business Development ME, Africa, APAC,
IMW Industries; Elena Cinquegrana
Associate Director, Global Energy & Oil &
Gas Practice, Navigant; and Adam Tacey
Chief Innovation Officer, Shell Global BU,
CGI. The Moderator for the debate was
Dr Uday Phadke Chief Executive,
Cartezia and Entrepreneur in Residence,
Judge Business School, University of
Cambridge.
The breakfast was kindly sponsored by
the Government of British Columbia,
Navigant and CGI with Chamber Board
Directors Matthew Grisoni acting as MC
and Susan Haird CB representing the
Government of BC.
The Chamber is very grateful to
Matthew Grisoni and BC Government’s
Richie Santosdiaz for their help with this
event, as well as the sponsors, panellists
and Moderator.
Page 13
Chamber Xmas lunch with Poppy Trowbridge from Sky News
The Chamber’s Xmas
lunch with guest of
honour Poppy
Trowbridge from Sky
News, was once again
held at Painters’ Hall in
London in early
December with over
120 attending.
Ontarian Poppy
Trowbridge is a special
correspondent covering
Consumer Affairs and
also presents business
bulletins, and personal
finance reports for
Yahoo! Poppy joined
the Sky News specialist
team in November
2012 as its Business
and Economics
Page 14
Correspondent. Prior to
joining Sky, she was the
London-based finance
and investing
correspondent for
Bloomberg Television.
Poppy has a master's
degree in media and
communication from the
London School of
Economics and an
honour's degree in
linguistics from the
University of
Ottawa/Université
Stendhal.
Head table guests
included Lord Giddens
and Canadian
psychologist Dr. Linda
Papadopoulos. Event
sponsors included
Scotiabank, Togeva,
TD Securities,
McCarthy Tétrault,
Validis and Pharos
Security. The event
featured live jazz
performances by
Butchers’ Brew and
Tammy Weis. The
Chamber’s annual Xmas
raffle in aid of Rugby
Canada raised over
£1,000.
The Chamber is very
grateful to Poppy
Trowbridge, Jennifer
Sheridan, raffle prize
donors, our event
sponsors, Butchers’
Brew and Tammy Weis.
Spring 2015
Chamber Xmas lunch cont.
Spring 2015
Page 15
Page 16
Spring 2015
Nuclear briefing with Bruce Power’s CEO Duncan Hawthorne
The Chamber’s Energy Forum was
delighted to host Duncan Hawthorne,
President & CEO of Bruce Power in
early December at TD Securities in
London. Mr Hawthorne is also Chair of
the Canadian Nuclear Association and
President of the World Association of
Nuclear Operators (WANO).
Spring 2015
Over 75 attendees listened to
Mr Hawthorne deliver his thoughts on
lessons the UK Nuclear Industry could
learn from Canada.
The breakfast briefing was sponsored by
TD Securities, Bruce Power and
Gowlings. MC for this event was Michael
Taylor (Gowlings –photo above right) with
Chamber Board Director Brian Smith
(TD Securities) welcoming attendees.
The Introduction and Vote of Thanks
were delivered by David McFadden QC
(Gowlings –photo above left).
The Chamber is very grateful to
Mr Hawthorne and our event sponsors for
making this event such a success.
Page 17
Energy Forum: Ontario Minister of Northern Mines at the Chamber
The Hon. Michael Gravelle, Minister of Northern
Development and Mines in Ontario addressed the
Chamber’s Energy Forum in early December at Pewterers’
Hall in London.
The Minister outlined opportunities in Ontario’s Mineral
Sector. Ontario is Canada’s top jurisdiction for the
exploration and production of minerals. In 2013, the value of
Ontario’s mineral production reached almost $10bn.
Page 18
Chamber Board Director Aaron Rosland (Ontario
Government –photo above right) introduced the Minister with
Chamber Board Director Derek Linfield (Stikeman Elliot –
photo immediately above) acting as MC for the breakfast
briefing.
The Chamber is very grateful to Aaron Rosland for his
assistance in organising this event and the Government of
Ontario for their breakfast sponsorship.
Spring 2015
Event Report: Martin Donnelly on UK Industrial Strategy
Madano Partnership kindly
sponsored a Charter member
lunch in February with guest
speaker Martin Donnelly,
Permanent Secretary for
the UK’s Department of
Business, Innovation and
Skills.
The main address at the
lunch was entitled:
‘Developing a national
industrial strategy for a
global economy’.
Spring 2015
Mr. Donnelly has been
intimately involved in the
creation of the UK’s industrial
strategy and the number of
questions from the floor
demonstrated the interest in his
remarks. Prior to his 2010
appointment to his current role,
Mr Donnelly was acting
Permanent Secretary at the
Foreign & Commonwealth
Office from May to August
2010, guiding the department
through the first months of the
new government. At the end of
2009 he led the Cabinet Office
review which produced the
Smarter Government Report,
and in 2008-09 was on
secondment to Ofcom as
Senior International Partner.
The Chamber is very grateful
to Mr. Donnelly for addressing
our Charter members, to
Chamber Board Director
Matthew Moth for his
assistance with this event, and
Madano’s lunch sponsorship.
Page 19
Page 20
Spring 2015
Seconds out - Round 2
The slump in the price of oil at
the tail end of last year is likely
to be the most significant
influence on the economy this
year. In particular, it has
pushed inflation down to within
a whisker of 0% y/y in the UK.
However, it is unclear whether
the second round effects of
lower oil prices are positive or
negative for underlying
inflation. Positive second
round effects are possible if
the drop in energy costs
boosts household real takehome pay; this boosts growth
and hence core inflation.
Meanwhile, negative second
round effects would be likely if
the drop in oil prices pushes
core inflation down via a
reduction in associated
products such as plastics,
distribution, chemicals, etc.
In the near term, the effects
are likely to be negative as
quasi-second round effects
kick in. These would include
the follow-through of lower fuel
costs into the airfares
component of the CPI and
domestic energy bills. The big
six energy providers have all
announced cuts in their tariffs,
but these will not take effect
until March and even May.
Similarly, since airfares are
sampled up to 6 months
ahead of time, the effect of
lower fuel costs on fares is
likely to take until H2 to feed
into the CPI.
In terms of pure second round
effects, correlation analysis
between headline and core
inflation over the last several
decades and individual subperiods suggests a high
contemporaneous correlation for
the most part (i.e. no lead or lag
between headline and core
inflation). In one case core leads
headline inflation, which implies
that oil price swings have no
information for future core
inflation.
That approach is an
oversimplification - blurring
periods of expansion and
contraction, when the behaviour
of headline and core inflation
varies. If instead we look at the
gap between headline and core
inflation during swings in oil
prices, we get a more targeted
gauge of second round effects
when oil has moved sharply.
Life is never simple and the
distortions from VAT hikes as
well as utility bill hikes have
polluted the data since 2008.
Nonetheless, there is tentative
evidence of positive second
round effects, but only with a
lead time of 6 months. Similarly,
over the period leading up to
2008 there is a similar lead time
between headline and core
inflation. That could simply be
capturing the quasi-second
round effects described above
(airfares etc). Moreover, past
sharp swings have typically
reversed pretty quickly. Hence,
before full-blown second round
effects have had a chance to
kick in, the trend has reversed.
Essentially this shows that it is
hard to gauge whether second
round effects will be positive or
negative. It seems more likely
than not that we will see quasisecond round effects bearing
down on core inflation over the
next 3-6 months. Thereafter, the
base effects scheduled for the
end of 2015 are huge – close to
100bp in the UK. That should
help to push headline inflation
back towards the 2% target.
Picking out pure second round
effects from both of these
influences is going to be like
finding a needle in a haystack.
Author:
‘...it is unclear
whether the second
round effects of
lower oil prices are
positive or negative
Alan Clarke
Director,
UK & Eurozone Economist
Scotiabank
[email protected]
www.gbm.scotiabank.com
Contact:
William Swords (Photo below)
Managing Director &
Deputy Head
Corporate Banking Europe
Scotiabank Global Banking &
Markets
201 Bishopsgate, 6th Floor
London EC2M 3NS
T: +44 (0) 20 7826 5795
[email protected]
www.gbm.scotiabank.com
for underlying
inflation. Positive
second round effects
are possible if the
drop in energy costs
boosts household
real take-home pay;
this boosts growth
and hence core
inflation.’
Scotiabank
Members Business Update 1
Air Canada reported Feb 17 that it
has been advised by UNITE, the
union representing the airline's UKbased employees, that its members
have ratified a new collective
agreement reached Jan 30.
BlackBerry announced Feb 10 that
David Kleidermacher has joined the
Company as Chief Security Officer.
Mr. Kleidermacher assumes
responsibility for the global Product
Security organization.
Bombardier said Feb 12 it would
issue about $600m of new equity
Spring 2015
and as much as $1.5bn in long-term
debt, depending on market
conditions, to shore up its balance
sheet. Bombardier also halted the
dividend on its Class A and B
shares, and named Alain Bellemare
as CEO, replacing Pierre Beaudoin.
12 innovative startups have been
selected as finalists for Canary
Wharf Group’s Cognicity
Challenge. These companies will
work alongside 4 other streams of
finalists to develop an interoperable
suite of smart city technologies,
which will be piloted on the Canary
Wharf estate.
CGI announced Feb 16 that DB
Schenker - part of part of Deutsche
Bahn Group - have renewed
an outsourcing agreement for the
overall IT management of the
company’s operations in Sweden
and other regions in Europe.
CAE is to acquire Bombardier’s
Military Aviation Training unit for
approximately C$19.8m to expand
its training systems integration
offering.
Page 21
Page 22
Spring 2015
Greece Cannot Be Allowed to Leave the Euro
Feb 10
Political brinkmanship over
the terms of Greece’s
financial bailout program is
an increasing risk to the
economic and financial
outlook for Europe, with
potential implications to the
broader world economy and
financial markets. We should
not be surprised that this is
happening.
From the perspective of
Greece, current economic
conditions are unacceptable.
Although the economy is
growing, the level of
economic activity has fallen a
shocking 26% in real terms
since early 2008. The
unemployment rate is 25.8%,
with youth unemployment at
51%. Although private sector
debt holders took a massive
haircut on their holdings of
Greek debt in 2012, the
country’s debt-to-GDP ratio
has gone from 148% at the
start of the fiscal crisis in
2010 to 175% today. It is
clear that Greece cannot
meet its financial obligations
over the long term. The only
reason that the financial
commitments are not
crushing the economy at the
moment is that interest
payments have been
trimmed, while the maturity of
principal payments have
been extended into the
future.
It should be noted that
Greece has made
considerable fiscal progress,
with the country running a
large primary budget surplus
(i.e. a surplus excluding
interest payments), but the
resulting fiscal austerity is
deeply constraining
economic growth. The
sustained dire economic and
financial conditions led to the
election in January of a new
government dominated by
the Syriza party on a platform
of renegotiating the terms of
the Greek financial bailout
program funded by the
Troika – the European Union,
the European Central Bank,
and the International
Monetary Fund. Given the
Spring 2015
plight of Greek citizens, it
should not be surprising that
an anti-austerity party did
well at the ballot box.
The incoming government is
faced with a very tight
deadline in negotiating with
the Troika, as the financial
support program expires on
February 28. Since the
government wants to
renegotiate the terms of the
financial aid – they have
stated that they do not want
to exit the euro currency –
the new government
launched talks with the major
governments in the
European Union and the
ECB. The talks have not
gone well. The request for a
bridge loan to allow time to
renegotiate the terms of the
financial aid has so far been
declined, and the appetite for
significantly changing the
terms appears close to nonexistent.
Push back against
demands
There are two reasons for
push back against the Greek
demands. First, in order to be
a member of the common
currency regime, it is
essential that Greece have a
competitive economy.
Greece fudged their fiscal
numbers when they applied
to join the euro area. Then,
the financial dividend earned
by joining the common
currency, such as the
financial savings created by
the lowering of interest rates
required on Greek
government debt, was not
invested profitably.
The Greek economy became
more uncompetitive over
time, with unit labour costs
higher than other countries in
the common currency.
Following the financial crisis,
two things became clear.
Greece could not meet its
financial commitments, but it
also needed deep structural
reforms if it were to remain a
euro nation. The problem is
that structural reforms mean
fundamentally changing the
nature of an economy to
make it more efficient,
productive and competitive.
To Greeks, this means
accepting fundamental
changes, which as one can
imagine is deeply unpopular.
It can also depress the
economy during the
implementation period.
Over the long term, reforms
can lift a country’s trend rate
of economic growth and raise
the standard of living of
citizens. But, the creative
destruction to get to the goal
can be incredibly painful. The
second resistance to the
Greek demands is the
precedent it sets for other
countries in the euro zone
that have undergone
financial aid programs. The
negative impact of fiscal
austerity and the hardship of
structural reforms are being
felt in other countries as well,
such as Spain. If Greece is
allowed to materially
renegotiate their financial
support, others could
demand a similar treatment.
This could also bolster the
political fortunes of antiausterity parties across the
euro zone, as voters will
know that new governments
can get better deals.
‘Over the long term,
reforms can lift a
country’s trend rate
of economic growth
and raise the
standard of living of
citizens. But, the
creative destruction
to get to the goal
can be incredibly
painful.’
TD Economics
All of this leads to today’s
political standoff, and the
clock is ticking. The
immediate deadline is the
February 28th expiration of
the current bailout
arrangement, but a case can
be made that the real
deadline could be as late as
July-August when significant
financial payments by
Greece are called for.
However, it is important to
stress that what political
brinkmanship does is take
one to the brink. It is when
politicians look over the
precipice and see that a
completely unacceptable
outcome will occur if they do
not change course that they
relax their demands and
return to the bargaining table.
In this case, the other side of
the brink is the possibility of a
Greece exit from the euro
zone.
Cont. next page
Page 23
Greece Cannot Be Allowed to Leave the Euro cont.
From previous page
‘If Greece leaves the
euro area, there will
be significant
financial market
volatility at a time
when the euro zone,
and the global
economy in general,
is very weak. This
would materially
increase the
downside risks
facing the
economy...’
TD Economics
Some have argued that the
euro zone could cope with a
Greece exit. Indeed, they
argue that both Greece and
the other euro countries
would be better off under this
scenario. It is partly true that
Europe has taken many
steps since 2010 to reduce
the potential fallout of a
Greece departure. The story
goes that banks are better
capitalized; there has been
time to reduce risk exposure
to Greece; and, private
sector exposure to Greek
debt was reduced by the
prior default. This view of
complacency over a Greece
exit is deeply misguided.
If Greece leaves the euro
area, there will be significant
financial market volatility at a
time when the euro zone,
and the global economy in
general, is very weak. This
would materially increase the
downside risks facing the
economy, which could
intensify the possibility of
deflation. However, the
bigger risk is the precedent it
would set for the future of the
euro zone. If Greece exits,
every time another euro zone
member experiences
significant economic, fiscal or
financial distress, financial
markets will bet heavily on
that country leaving the euro.
The problem with financial
markets is that if enough
investors believe in the worst
case scenario playing out,
the financial strains can
become so acute as to cause
that outcome. At the
moment, markets think there
is a possibility that Greece
could leave, but it is only
speculation. If Greece does
exit, they will know with
certainty that it could happen
to another country. The
central problem is that the
euro zone is not what
economists would deem to
be an optimal currency area.
The euro member countries
have not put in place the
political, economic and
institutional linkages to
achieve that goal. For
example, there is a currency
union without a complete
banking union. This makes
the common currency region
vulnerable. Future financial
strains in other member
countries are likely. So, a
case can be made that
Greece should never have
been allowed to adopt the
euro; but, now that it has, it
cannot be allowed to leave.
easily. Greece will strive to
get the best deal it can, while
the Troika will resist
changing the terms of
financial aid as much as
possible. Financial market
anxiety could persist and
there is a risk it could
intensify. But, the odds still
favour some sort of
resolution that keeps Greece
in the euro zone. All eyes will
be on the upcoming
meetings of the euro zone
finance ministers and their
heads of state for guidance
on how this issue will
ultimately be resolved.
The Troika wants to maintain
Greece in the euro zone.
Similarly, Syriza wants to
keep Greece in the monetary
union as the near-term
consequences of exiting the
euro zone could be
disastrous. The difficulty in
reconciling the positions of
both parties suggests that
the political standoff with
Greece will not be resolved
Brian Smith
Vice Chair, Head of Europe
& Asia Pacific
TD Securities
60 Threadneedle Street
London
EC2R 8AP
T: +44 (0) 20 7448 8354
[email protected]
www.tdsecurities.com
Read more at:
www.td.com/document/PDF/
economics/special/
GreeceCannotBeAllowedToLeaveT
heEuro.pdf
Author:
Craig Alexander
Senior VP & Chief Economist
TD Bank Group
www.td.com/economics
Contact:
Members Business Update 2
ReNew Canada magazine has
released The 2015 Top 100
Projects Report which ranks
Canada’s biggest infrastructure
projects by dollar value. This year’s
report lists over C$157.9bn in
infrastructure investments in
Canada. Hatch and Hatch Mott
MacDonald have participated in 28
of the Top 100 projects at some
point in their project life cycle, for a
total capital cost of over C$62bn,
up from 25 projects last year at a
total cost of C$43bn.
Jan 30: Audit committees around
the world said economic and
Page 24
political uncertainty and volatility,
regulatory compliance, and
operational risk pose the greatest
challenges for companies in the
year ahead, according to a
new survey from KPMG of 1,500
audit committee members in 36
countries.
how employment and labour laws
vary across multiple jurisdictions.
Norton Rose Fulbright has
compiled a comprehensive global
guide of employment laws
spanning 21 jurisdictions and every
continent in the world. It comes at a
time when more organisations are
growing their global footprint,
requiring a deeper understanding of
PSP Investments has announced
the appointment of André
Bourbonnais as President and CEO
effective March 30. André
Bourbonnais comes to PSP from
CPPIB where he was Senior
Managing Director & Global Head
of Private Investments.
Feb 12 Rio Tinto delivered
underlying earnings of $9.3bn and
announced a 12% increase in full
year dividend and a $2bn share
buy-back.
Spring 2015
Hey, Hey, My, My, Oil & Yields Can Never Rise?
Feb 6
The answer to that question
appeared to be a resounding
‘no, they can never rise’, at
least until this week. While it is
still early days, and the
rebound is fledgling, it does
appear that both are at last
trying to form a bottom. Even
with an ugly mid-week spill on
record US inventories, oil
prices did something
remarkable - they managed to
rise on a weekly average
basis for the first time in 20
long weeks. WTI is currently
up 16% from last week’s lows
of under $44, but Brent has
powered up an even more
impressive 25% in under two
weeks and is now at a 2015
high of $58. (Unsurprisingly,
retail gasoline prices have
been quick to respond, but I
digress.) We continue to
believe that oil will remain on
the defensive for some time
yet, given the ongoing buildup of inventories, but the
market is clearly impressed by
the rapid decline in active
drilling rigs in the US and the
run of spending cuts
announced by the major oil
producers in recent days.
Similar to oil, it tentatively
appears that long-term bond
yields have also found a
bottom, although given the
many false dawns previously,
we would stress the word
‘tentatively’. After approaching
a post-recession low of under
1.7% last week, the 10-year
Treasury yield bounced
roughly 25 bps this week to
above 1.9%. Rising oil prices
and solid equity gains started
the move, but the finishing
touch was delivered by the
robust January employment
report on Friday, which alone
triggered about half the yield
rise.
After a few weeks of so-so US
economic data, the jobs report
washed away any doubts on
the underlying strength of the
recovery. Above and beyond
the solid 257,000 payroll gain
for January, the two prior
months were revised up
sharply (November saw the
biggest rise in private sector
Spring 2015
jobs in 17 years at 414,000).
While the unemployment rate
edged up a tick to 5.7%, that
reflected a 1 million rise in the
labour force, and both jobs
surveys have averaged gains of
more than 300,000 over the past
three months. Piling on, wages
reversed the prior month’s
decline and remain nicely above
inflation at 2.2% y/y. The Fed
can certainly afford to remain
patient before hiking rates, given
the soggy global backdrop, the
strong US dollar and the
downward pull on inflation from
low oil prices. However, if this
type of job growth persists, few
would seriously doubt the
wisdom of some mild policy
snugging later this year.
Canadian bond yields
Canadian bond yields also
bounced off the bottom, finally.
After touching an all-time record
low of 1.23% at the start of the
week, 10-year GoCs rose 20
bps to 1.43%, and 30-years
pushed back above 2%. Still,
both are down roughly 35 bps
just since the start of the year,
and remain remarkably low by
any metric. The main reason
Canadian yields had plunged so
far was the dramatic dovish turn
by the Bank of Canada,
including the January rate cut,
and the widespread prospect of
more. However, this week’s
action at the very least cast a
shadow of doubt on a further
cut. First, there is the longawaited firming in oil prices.
Second, the long-standing
concern about household debt
raised its ugly mug again, with
McKinsey centring out Canada
as one of seven trouble spots.
(While we would sharply dispute
some of their comparisons, the
broader concern about an overly
loose monetary policy
threatening to aggravate this
vulnerability is valid.)
Finally, much of the economic
data from Canada was
surprisingly decent, especially in
light of the wave of ugly headline
news so far this year. To wit,
employment was up 35,400 and
the jobless rate fell a tick to
6.6%, auto sales rose 3.4% y/y,
home sales were still solid in
non-oil regions, and consumer
confidence rose to a five-year
high in January (take that
Target, oil patch, BoC etc etc
etc). Staggeringly, Alberta
continues to lead the country in
job growth (it’s now up 3% y/y
in that province), despite some
losses in the natural resource
sector. Even so, we suspect
that the Bank is still likely to trim
again in one of the next two
meetings, given their broader
list of concerns.
The natural follow-through from
firmer oil prices and a slightly
better economic backdrop was
a less negative Canadian
dollar. Following the nearrecord 9% drubbing in January,
the currency managed to
strengthen 2% to finish close to
80 cents, its first weekly gain in
almost three months. The
reprieve may prove temporary if
we are right on a) oil prices
remaining on the defensive,
and b) the Bank remaining
bound and determined to trim
again. Nevertheless, the main
message from this week’s
market action and from the
underlying economic data is
that there actually will now be a
bit more of a two-way trade in
oil prices, bond yields and the
Canadian dollar, and we
haven’t been able to say that in
quite some time.
‘We continue to
believe that oil will
remain on the
defensive for some
time yet, given the
ongoing build-up of
inventories, but the
market is clearly
impressed by the
rapid decline in
active drilling rigs in
the US...’
BMO
Read more at:
www.bmonesbittburns.com/economics/
focus/recent/150206doc.pdf
Author:
Douglas Porter, CFA
Chief Economist
BMO Financial Group
T: +1 416 359 4887
[email protected]
Contact:
Bill Smith
Managing Director & Head of
Europe & the Middle East
BMO Financial Group
95 Queen Victoria Street
London
EC4V 4HG
T: +44 (0)20 7664 8101
[email protected]
www.bmo.com
Page 25
The Tables Have Turned: Provincial Outlook 2015
Feb 17
sector, and new government
spending restraint, will shave
over 5% from real GDP
(Chart 3).
‘The focus in the
upcoming budget
season will be on
changes in the
revenue outlook
across the
provinces, and their
fiscal implications...’
CIBC
Cont. from front page
...Still, for bond market
investors, it’s important not to
lose sight of equally dramatic
gaps in these jurisdictions’
fiscal starting points.
A glance at our projections for
major indicators shows just
how sharply the growth
leadership is likely to swing
(Table 1). Alberta looks
headed for a mild, and shortlived recession. Even if we had
small positive for annual real
GDP growth, that would have
included at least two negative
quarters, and nominal GDP
would be well into negative
territory. Newfoundland and
Labrador, still coming off a
huge 7% climb in 2013, could
also be in negative territory. In
contrast, Central Canada and
BC should enjoy a small
upside surprise. That will
translate into commensurate
shifts in the employment
picture alleviating pressure in
some areas where, if anything,
workers are currently in scarce
supply, and lowering the
jobless rate in central Canada,
where it has been stuck above
the national average.
Key Drivers of the Growth
Swing
The key positives for the
national outlook are the
strengthening performance of
US demand, and the additional
Page 26
lift that exports will garner from a
now-weaker Canadian dollar. But
these lifts aren’t uniform across
the provinces. In terms of
leverage to the pick-up we
expect in US GDP, stripping out
the impact of oil prices, Ontario
is the standout, with a 1%
acceleration in US growth
typically adding about 1.2%
points to Ontario’s real GDP
pace (Chart 1).
The softness in the Canadian
dollar works its way through to
real exports. While resource
exports will be hit by soft prices,
the same isn’t true for
manufacturers. There, however,
the challenge is that, after a
spate of plant closures during the
strong C$ era, capacity use is
now fairly tight. Further growth
will therefore require capital
expenditures to add capacity, but
history suggests that, by making
Canada a more cost-effective
location, a cheaper Canadian
dollar does indeed boost factory
capital spending, particularly in
Ontario and Québec (Chart 2).
Focusing in on Canada’s largest
oil/gas exporter, Alberta, the hit
to GDP growth will be less about
producing fewer barrels and
more about the squeeze on its
energy sector’s capital spending.
In total, a small reduction in
planned output growth, the loss
of investment growth that might
have otherwise occurred, the
negative from year-on-year cuts
to capital budgets in the energy
There are some offsets, as the
province’s non-energy
exporters will be helped by the
weaker currency, and its
domestic spending will be
supported by interest rate
cuts. Nominal GDP, which forms
the base for most sources of
government revenue, is even
more clearly linked to oil prices,
since the change in the value of
the energy sector’s output will
far outstrip any shifts in the
number of barrels produced.
Note the strong historical
correlation between nominal
GDP and oil prices in Canada’s
three energy producing
provinces (Chart 4, left). The
linkage also captures swings in
business and household
confidence in these provinces,
and therefore in non-energy
spending decisions, that are
generated by energy price
booms and bust. Witness, for
example, the gap between the
significant drop in small
business sentiment in Alberta,
Saskatchewan and
Newfoundland and Labrador,
relative to the steady conditions
elsewhere (Chart 4, right).
Revenue Surprises and
Shortfalls
The focus in the upcoming
budget season will be on
changes in the revenue outlook
across the provinces, and their
fiscal implications. For ownsource revenues, nominal GDP
is a key determinant, with elbow
room being created when it
exceeds the government’s
assumptions. To varying
degrees, that looks to have
been true for…
Cont. next page
Spring 2015
The Tables Have Turned: Provincial Outlook 2015 cont.
From previous page
...the prior calendar year
(Table 2).
For 2015, our projections
suggest that both Ontario
and Québec could end up
with a revenue fillip if, as we
expect, nominal GDP runs
about a half-point above the
provinces’ original
projections, and those
released in recent mid-year
updates. Both of these
central Canadian provinces
are budgeting for virtually no
spending growth in an effort
to contain borrowing needs, a
tough bar to meet. The
additional revenue might
therefore give a bit of
spending elbow room that will
make 2015-16 deficit targets
easier to attain. At the other
end of the spectrum, Alberta
has published updates that
have slashed the outlook for
nominal growth, the latest
pointing to a 0.9% increase.
That figure’s well below the
original 4.7% forecast, but
there’s still room for further
disappointment. It has,
however, discussed a $7bn
revenue shortfall associated
with that miss, which it plans
to offset with roughly $2bn in
spending cuts (Chart 5, left).
That suggests a willingness
to live with a roughly $5bn
deficit in the coming year.
The bond market is well
aware of the linkage between
the energy sector’s fortunes
and the province’s fiscal
results. While there are other
drivers, including a recent
preference for the liquidity
associated with larger
issuers, Alberta’s spreads to
Ontario have been closely
Spring 2015
tracking Western Canadian
Select priced in Canadian
dollars (Chart 5, right). But
investors should also not lose
sight of the yawning gap
between Alberta’s fiscal
starting point and that of
provinces to its east. It alone
starts from a net asset
position, that leaves it the
latitude to run large deficits as
a share of GDP for a couple of
years without jeopardizing its
status as a safe haven asset.
nearly $0.8bn off its revenue
forecast in 2014/15, leaving it
with a deficit topping $0.9bn.
The province’s net debt of $9bn
at the end of fiscal 2013/14
represents roughly 25% of GDP
and will be backing up
materially in the current
environment, but is still miles
below the 60-70% range that
had prevailed until the early
2000s. Even here, as long as oil
recovers after 2015/16, the
province has time to adjust.
While we expect an oil price
recovery in the medium term,
coupled with some future tax/
revenue decisions, to bring
Canada’s federal government
will also see a revenue shortfall,
given that it too has oil
revenues, and more broadly,
has a tax base tied to nominal
GDP. But the damage to
Ottawa’s coffers, at this point,
will be roughly in line with the
contingency reserve that it
typically sets aside before the
fiscal year begins. Rather than
project a $3bn surplus, and then
deduct the contingency to
forecast a balance, it’s likely
that it will “spend” all or most of
that contingency upfront,
enabling it to project a balanced
budget without a significant
additional fiscal restraint effort.
deficits into line, it’s worth
noting that even if Alberta ran
a $5bn deficit year after year,
and nominal GDP growth was
held to only 1% beyond 2016,
it would take decades for
Alberta to have the same
debt/GDP ratio that was
planned for Ontario last year
(Chart 6). While not quite as
blessed, Saskatchewan also
enters fiscal 2015/16 as a low
debt province that gives it time
to allow energy-related
revenues to recover. But the
$600-$800m shortfall that the
government has recently
noted still represents over 5%
of government revenues. That
hole would swallow the $70m
or so surplus previously
expected, testing the
government’s resolve to run a
balanced budget.
Newfoundland is further up
the net debt scale. A planned
balanced budget in 2015/16
now looks out of reach even
with additional restraint
measures, given that even a
half year of below target crude
prices, coupled with lower
than forecast production, took
‘Provinces with
higher debt loads,
including Québec
and Ontario, will
actually see a
modest economic
and fiscal benefit
from weaker oil
prices...’
CIBC
Add it all up, and the biggest
budget shortfall, that of Alberta,
is in the province that is best
positioned to weather the storm.
Provinces with higher debt
loads, including Québec and
Ontario, will actually see a
modest economic and fiscal
benefit from weaker oil prices.
So while the tables have turned
on growth, for national fiscal
stability, they are turning in the
right direction.
Read more at:
http://research.cibcwm.com/
economic_public/download/
if_cdnprovinces.pdf
Authors:
Avery Shenfeld
Chief Economist
CIBC
T: +1 (416) 594 7356
[email protected]
Nick Exarhos
T: +1 (416) 956 6527
[email protected]
www.cibcwm.com
Page 27
Program makes Ontario Property Information Available to Developers
‘Our government is
working hard to
break down barriers
and make it easier
for businesses to
invest in Ontario...’
Ontario International
Marketing Centre
Ontario announced in
February The Investment
Ready Certified Site
Program, which gives
developers easy access to
important property
information such as
availability, utilities servicing
and transportation access.
This is Canada's first certified
site program.
Edwardsburgh/Cardinal, near
Kingston, Ontario add to the
growing inventory of certified
sites. This is in addition to
three sites that were certified
in 2014, including two in
London and one in Lakeshore,
Ontario. More than 45 sites
across the province are
moving through the
certification process.
The Investment Ready:
Certified Site Program
designation offers peace of
mind to decision-makers that
the site has completed a high
level of due diligence such as
environmental assessments.
By reducing unknowns
associated with development,
the program encourages
faster site selection and
helps get projects underway
faster in Ontario.
‘Our government is working
hard to break down barriers
and make it easier for
businesses to invest in
Ontario. By working with
communities across the
province, we can showcase
high-potential development
sites to businesses from
around the world, to attract
new investments, create jobs,
and facilitate an inviting
business climate,’ said Brad
Duguid, Minister of Economic
Development, Employment
and Infrastructure.
Two new sites, in StrathroyCaradoc, near London,
Ontario, and
QUICK FACTS
The Investment Ready Certified
Site Program provides easy
access to key information about
properties, including locations
and ownership, transportation
access and utilities servicing
and a completed due diligence
including:
-environmental site
-assessment
-archaeological assessment
-species at risk review, and
-built heritage assessments.
Contact:
Aaron Rosland
Counsellor
(Commercial – Ontario)
High Commission of Canada
Canada House
Trafalgar Square
London SW1Y 5BJ
T: +44 (0)20 7004 6212
[email protected]
www.ontarioexportsinc.com
BC Entrepreneurs Bring New Wireless Tech To The UK
From Front page
The delegation from the
province – now recognised
as a hotbed of innovation in
the wireless/ICT sector and
recently dubbed ‘Silicon
Valley North’ – will be
promoting a range of
groundbreaking new
products and looking for
commercial partnerships with
UK companies.
The business development
mission is being co-ordinated
by the European Trade and
Investment Representative
Office for British Columbia,
and Wavefront, Canada’s
centre of excellence for
wireless innovation
established in 2007.
BC has been the birthplace of
groundbreaking wireless
communications. Hootsuite,
the first social media
management and integration
system, was founded and
nurtured there. The first
commercial quantum
computing company, D-Wave,
was established there. The
leading provider of security
solutions for computers,
laptops, and portable devices,
Absolute Software, is also
from British Columbia, while
the multinational Sierra
Wireless is now the world’s
largest machine-to-machine
wireless company.
With an attractive business
climate, a sizeable creative
and innovation cluster and a
great talent pool, it is no
surprise global leaders like
Amazon, Disney, Microsoft,
IBM, Samsung, Sony
Imageworks and SAP have
chosen to expand or relocate
operations in the province.
Contact:
Susan Haird CB
European Trade and
Investment Representative for
British Columbia
6th Floor
1 Great Cumberland Place
Marble Arch
London W1H7AL
T: +44 (0)203 195 1178
[email protected]
www.britishcolumbia.ca
Business Update 1
The Telegraph Feb 17 Brit Insurance shareholders are
toasting a £1.22bn takeover by
Canadian rival Fairfax which will
see them collect a 30% profit on
their investment in less than a year.
Reuters Feb 9 Canadian asset
Page 28
manager Brookfield Infrastructure
Fund is to acquire broadcasting
and wireless telecom infrastructure
platform operator TDF S.A.S.
Canadian financial services group
Great-West Lifeco, is to acquire
Dublin based offshore insurer Legal
& General International (LGII) for
an undisclosed sum.
The Irish Times Feb 10
Canada Life, the UK subsidiary of
Spring 2015
Premier applauds Alberta-Shell-US collaboration
The US government is working
with Shell Canada to conduct
research at an Alberta carbon
capture and storage site.
Premier Jim Prentice met with
US Department of Energy and
Shell officials in Washington
D.C. to learn more about their
research collaboration on
carbon capture and storage
(CCS). The US government
will work with Shell Canada at
its Quest project in Alberta to
develop new technologies for
monitoring carbon dioxide
stored deep underground.
‘As an energy producing
province, it’s important that we
be innovative and explore new
ways to reduce our impact on the
environment. I’m pleased that
experts in Alberta are working
with the US Department of
Energy and Shell Canada to
encourage global emissions
reduction through new
technologies. This work
highlights the collaborative
nature of Alberta’s CCS
development program.’
Jim Prentice, Premier of The
Government of Alberta has
committed $1.3bn over 15 years
to support two commercial scale
CCS projects, including $745m in
the Quest project. Alberta’s
public investment represents
approximately one-tenth of
worldwide expenditures on
carbon capture and storage
technologies.
Once operational, CCS projects
in Alberta will reduce
greenhouse gas emissions by
2.76m tonnes per year, the
equivalent of taking 550,000
cars off the road.
Read more at:
http://alberta.ca/release.cfm?
xID=3767257400E28-E23C-AFD64A07238344F62D8B
Contact:
Michael Padua
International Policy Manager
Alberta - United Kingdom Office
Canada House
Trafalgar Square
London SW1Y 5BJ
T; +44 (0) 20 7004 6127
[email protected]
www.albertacanada.com/UK
‘As an energy
producing province,
it’s important that
we be innovative
and explore new
ways to reduce our
impact on the
environment.‘
Alberta Government
Funding Extended For Innovate Manitoba
The Manitoba government
has extended funding
through 2016-17 for Innovate
Manitoba, a not-for-profit,
community-based
organization committed to
accelerating innovation and
the commercialization of new
technologies, Jobs and the
Economy Minister Kevin
Chief announced Feb 11.
‘Innovation is vital to
Manitoba’s economy, and
innovative ideas and
companies start, grow and
thrive in communities that
provide a solid system of
support,’ said Minister Chief.
‘By investing in Innovate
Manitoba, we’re helping
small- and medium-sized
enterprise and ensuring local
innovators, entrepreneurs
and investors receive the
help they need to take their
innovations from idea to
market.’
Created in 2012, Innovate
Manitoba promotes
entrepreneurship, supports
the creation of
next-generation startups and
stimulates access to risk
capital for early- and midSpring 2015
stage enterprises. It serves
the needs of Manitoba’s
entrepreneurs, researchers
and inventors through a
variety of programs and
events including, but not
limited to:
-Pitch’Day – a dynamic event
that provides anyone with a
business idea the chance
present their pitch to an expert
panel of judges and an
audience of Manitoba’s
entrepreneurial community.
-Launch’Pad – a startup
workshop and intensive boot
camp presented by
experienced national and
international investors who
provide capital for business
startups. Launch’Pad helps
ventures improve their
business models and prepare
investor-friendly business
plans and pitches.
-Venture’Challenge –
Manitoba’s premier pitch
competition featuring the top
six ventures from Launch’Pad,
competing for cash and inkind prizes before reputable
judges.
-IndustryCONNECTS – training
academic researchers to
translate and position their
research more effectively with
industry players, and
connecting researchers and
industry to establish innovative
research partnerships.
‘The province’s financial support
ensures that we will continue
our momentum in supporting
Manitoba’s innovation,’ said Jan
Lederman, President, Innovate
Manitoba. ‘We’ve already hit
some excellent milestones and
witnessed quite a number of
early success stories, but it all
forms part of a longer-term
strategy to transform Manitoba’s
innovation capacity for
generations to come.’
Contact:
Brad Havixbeck
Senior Manager - US and
Europe
Manitoba Trade & Investment
1100 - 259 Portage Avenue
Winnipeg
R3B 3P4
Canada
T: +1 (204) 945 2397
[email protected]
www.gov.mb.ca/trade
Page 29
Bruce Power produces record amount of energy in 2014
Bruce Power’s eight units set
a company record for
electricity output in 2014,
with Bruce A and B
surpassing a site record
previously achieved in 1991.
‘Nuclear continues
to be a workhorse in
the province
providing 62% of
Ontario’s electricity
in 2014. Hydro
provided 24%,
natural gas, 9%; and
wind 4% while other
sources chipped
in 1%.’
Bruce Power
This record-setting
production allowed Bruce
Power to provide 30% of
Ontario’s power at 30% less
than the average price of
electricity in 2014, keeping
costs stable for families and
businesses, said Duncan
Hawthorne, President and
CEO.
‘I’m extremely proud of our
accomplishments in 2014,
and must recognize our
employees for the important
work they do in keeping our
eight units producing safe and
carbon-free nuclear energy
that’s there for the people of
Ontario when they need it,’
Hawthorne said.
owned assets during planned
maintenance outages on Units
3, 5 and 7. The result of these
outages is more reliable
reactors, which keep electricity
prices low and Ontario’s air
clean, he added.
Nuclear continues to be a
workhorse in the province
providing 62% of Ontario’s
electricity in 2014. Hydro
provided 24%, natural gas,
9%; and wind 4% while other
sources chipped in 1%.
‘Bruce Power plays a major role
in Ontario’s energy supply mix,
and we will continue to invest
millions of private dollars into
these provincially owned
reactors every year to maintain
their reliability,’ Hawthorne
added.
In 2014, Bruce Power
invested over $200m in
private dollars into publicly
Read more at:
www.brucepower.com/9788/news/
record-2014/
Amec FW -founding partner in EDF Energy Strategic Partnership
Jan 20
Amec Foster Wheeler has
signed to become a founding
partner in the EDF Energy
Strategic Partnership for
Lifetime Interface Agreement.
The contract positions it
among a select group of key
suppliers working with EDF
Energy to extend the life of its
UK Advanced Gas Cooled
Reactor (AGR) nuclear power
stations.
Dawn James, Vice President
of Amec Foster’s Wheeler’s
Nuclear Generation and
Defence business said: ‘We are
delighted to be part of this
agreement which will call upon
our industry-renowned nuclear
expertise and unique position of
knowledge of the UK AGR and
PWR stations.
In addition to being a founding
partner of the Energy Strategic
Partnership, Amec Foster
Wheeler is also part of EDF’s
Technical Support Alliance and
Projects Division Alliance.
Contact:
‘This agreement confirms us as
a key supplier to EDF Energy
and enables us, together with
our key partners, to help create
and deliver a world-class
capability for our customer that
ensures continued safe
generation of their nuclear power
stations.’
Duncan Guy
Head of Government Relations
Amec Foster Wheeler
Old Change House
128 Queen Victoria Street
London EC4V 4BJ
T: +44 (0)207 429 7507
[email protected]
www.amecfw.com
Rolls-Royce appoint new President & CEO North America
Rolls-Royce announced Feb
24 that Marion C. Blakey has
been appointed to become
President and CEO of RollsRoyce North America and
chair of the Rolls-Royce North
America Board of Directors,
replacing James M. Guyette
who will be retiring in May.
Ms. Blakey will leave her
position as President and
CEO of the Aerospace
Industries Association (AIA)
where she has served nearly
eight years. At AIA, she’s
been an authoritative and
influential voice for the
aerospace and defense
industry, representing
Page 30
approximately 340 of the
industry’s leading
manufacturers. She has also
played a leading role in
promoting the export of civil and
defense aviation products, and
supported the priorities of
America’s thousands of
suppliers to aerospace and
defense programs.
‘We are extremely pleased to
have Ms. Blakey leading the
North American region because
she brings deep industry
perspective and is a wellrespected voice in Washington.
These markets are critical to our
Aerospace and Land & Sea
Divisions and I am delighted to
have a person of her calibre to
join us in this role,’ said John
Rishton, Chief Executive, RollsRoyce Plc.
Rolls-Royce has been present
in North America for over 100
years and today it employs
more than 8,000 people across
the North America region in 26
US states, six Canadian
provinces and three Mexican
states.
Read more at:
www.rolls-royce.com/news/pressreleases/yr-2015/pr-240215-marionblakely-appointed-as-president.aspx
Spring 2015
Spring 2015
Page 31
BMW - Tighter security with improved user convenience
In a company like BMW, the
requirements of IT security
management are especially
rigorous. BMW's main focus
when it turned to CGI for
security management services
was on protecting sensitive
personal and product-related
data stored on mobile devices
such as laptops or
communicated via email.
‘CGI experts provide
all-in-one support
and maintenance for
BMW's security
solutions. This
begins with
ensuring software
launch readiness
and ends with the
secure transfer to
support.’
CGI
The Challenge
BMW's critical IT mandate was
not just about optimizing
security concepts. Security
management must be
continuously improved and
adapted to changes in the IT
environment. A global
conversion to Windows 7, for
example, necessitates adding
new IT security software
modules, such as MS
BitLocker for hard drive
encryption.
At the same time, efficiency
and user convenience in
security management must be
continuously optimized. A
competent partner should be
able to strengthen the
capabilities of a company like
BMW in all of these respects.
The Solution
CGI offers targeted security
management services for the
entire life cycle of a deployed
piece of software while
providing scalable resources
and access to our security
expertise and management
tools. We assumed
responsibility for the daily
operation and further
development of BMW
products so that BMW's IT
group could simply and quickly
implement its security
concepts.
CGI experts provide all-in-one
support and maintenance for
BMW's security solutions. This
begins with ensuring software
launch readiness and ends
with the secure transfer to
support. Software is
automatically distributed.
Before launch, new products
are checked for their security
performance and functionality,
consolidated into packets, and
Page 32
rigorously tested for their
installation performance.
Users can work quickly and
independently at BMW. For
example, they can create
new PINs or passwords
without consulting support
teams. This supports the
active distribution of security
programs and increases
support efficiency. Using
newly developed tools, we
ensure that instructions are
also upheld in centrally
administrated products.
In addition, we take
responsibility for requests
that are not resolved in the
first two levels of support. To
this end, we work closely
with BMW's support units,
give regular feedback, and
offer new ideas for the
organization of the
company's support structure.
The focus is always on highlevel user convenience and
the best possible efficiency
of the first two support levels.
This is demonstrated, above
all, in our communication
with users across various
media. We ensure that, on
the one hand, all technical
data is correct and, on the
other, that end users can
quickly and simply work with
the information.
The Results
We support user mobility
while maintaining stringent
security guidelines. Hard
drive encryption with
BitLocker provides protection
in the event of the loss or
theft of a computer. PGP
secures communication so
that even sensitive data can
be simply sent via email.
Above all, thanks to a high
level of convenience,
compliance and use of
security standards is a
matter of course to most
users.
The CGI team strengthens
BMW's IT and ensures that
more and more users are
provided with the same high
standards and resources. At
the same time, support costs
are reduced through user selfservice because there are
clear expectations for the
development of incidents in
terms of the life cycle. This
means the more established a
product is the less support it
requires. And, these goals are
being reached.
Why CGI?
We share BMW's view of user
convenience, which we are
sustainably harmonizing with
economic requirements. CGI is
one of BMW's long-serving IT
partners, particularly in the
security sector. Over the past
few years, our experts have
extended email encryption and
have also developed one of the
leading identity and access
management systems in
Germany.
In security management, our
expertise is combined with our
highly developed IT
management qualifications.
Thanks to our comprehensive
service portfolio, we also have
detailed expertise with
products such as BitLocker,
PGP Universal Server,
Cynapspro DevicePro
Management, and Finally
Secure, as well as background
knowledge of our clients'
existing IT environments. This
is an important advantage in
the configuration and updating
of interfaces.
But probably even more
important is our close
integration with the BMW team
because we have only one
goal - to make our clients' IT
projects better.
Read more at:
www.cgi.com/en/case-study/BMWsecurity-management
Contact:
Matthew Grisoni
Global Vice President
Shell Downstream
CGI
Kings Place 7th floor
90 York Way
London N1 9AG
T: +44 (0)1206 777 288
[email protected]
www.cgi.com
Spring 2015
Spring 2015
Page 33
Evidence of Security is Not Proof of Protection
‘...despite all the talk
of Advanced
Persistent Threats
and ‘sophisticated
attacks’, threat
actors of all types
are using simple,
well known methods
to achieve their
aims.’
Pharos Security
Invest in marketing, you gain
market share or grow your
market. Invest in sales, you
gain new customers and
make more from existing
ones. Invest in security and
you get… what, exactly? This
is the question facing Boardlevel business leaders - and
Security Officers - as
companies globally find
themselves in a Catch 22
situation.
Organisations worldwide,
large and small, in all
industry sectors are being
impacted by cyber attacks.
Some don’t spend much - so
it makes sense they can be
hacked. Others spend
significantly, have 100s of
experts and the best
technology - yet they too get
hacked.
The crux: despite all the talk
of Advanced Persistent
Threats and ‘sophisticated
attacks’, threat actors of all
types are using simple, well
known methods to achieve
their aims. What does this tell
anyone who’s about to invest
money in their security
department?
It seems you’re ‘damned if
you do, damned if you don’t’.
Damned if you don’t,
because you’re left wide
open to unacceptable
business impact from any
level of threat sophistication.
And damned if you do,
because you can’t get a
clean answer on the level of
protection you get for what
you spend.
Executives are left feeling the
best they can hope for is a
vague indication of ‘risk
levels’ - often based on
patchy metrics and unable to
stand up to basic scrutiny.
Really, all these add up to is
a report on yesterday’s
security activity, not a
repeatable protection result.
At the same time, Finance is
left with no clear evidence
that the level of protection
they are getting represents a
strong value return. All too
often, the evidence that is
available points to technology
being poorly leveraged and
delivering only a small
fraction of its potential.
Four questions the Board
need answered, defensibly
There is no shortage of
myths and red herrings about
what businesses need to
invest in to protect
themselves. Big data security
analytics. Threat intelligence.
Next generation firewalls.
Employee awareness. The
list goes on.
While all of these are
ingredients, none of them
provide the recipe to answer
the questions that the Board
care about:
-Do we have the right
protection from unacceptable
impacts?
-If no - what’s the prioritised
plan to get there; how do we
ensure progress at best
cost?
-If yes - are we paying more
than we should be; if so, how
do we get lean?
In either case, how do we
justify where we are to prove
and maintain strong control?
Doing the same thing,
expecting different results
Cyber Essentials is the latest
in a long line of ‘best practice’
standards asking business to
spend without proof of either
the result they have, or how
investment will improve that
result.
Unfortunately, business does
not invest based on faith
alone - and without that
proof, security clichés will
persist: executives don't get
'security'; the business only
wants a checkbox; we're
always playing catch-up;
business, tech and threats
change too fast; security is a
journey not a destination.
As the UK and Canada look
to take advantage of
opportunities from digital
society - and as growth in the
online economy continues
unabated -faith in security will
be insufficient, both to get the
right investment from
business, as well as the right
protection from that
investment.
Contact:
Douglas Ferguson
Founder & CEO
Pharos Security Ltd
24 Greville Street
London EC1 N 8SS
T: +44 207 111 7799
[email protected]
www.pharossecurity.com
Business Update 2
Bloomberg reported Feb 25 that the
world is expected to grow 3.2%in
2015 and 3.7% next year after
expanding 3.3% in each of the past
2 years, according to a Bloomberg
survey of economists. China, the
Philippines, Kenya, India and
Indonesia, which together make up
about 16% of global GDP, are all
forecast to grow more than 5% in
2015. The US and UK, which
combined account for about a
quarter of global growth, are
Page 34
expected to grow 3.1% and 2.6%
this year, respectively. ‘The euro
area probably will expand just 1.2%
as ECB President Mario Draghi
deals with a fragile Greece and
embarks on a bond-purchase
program to stimulate the region's
growth.’
Kentz Corporation, a member of
the SNC-Lavalin Group since
August 2014, has signed a Project
Management Contractor Agreement
in Iraq with one of the world’s
leading blue-chip International Oil
Companies for a three-year term
with a potential value of up to
approximately CAN$110m.
The Courier Feb 3 Standard Life has sold its
Canadian companies, Standard
Life Financial Inc and Standard
Life Investments Inc, to the
Manufacturers Life Insurance
Company for £2.2bn.
Spring 2015
Spring 2015
Page 35
Why EU trade marks are no longer black and white
The EU trade marks office
(“OHIM”) has recently
changed its practice
concerning EU marks filed in
black and white or colour. As
a result trade mark owners
should review their trade
mark portfolio to ensure that
the highest level of protection
for their brand is maintained.
‘...trade mark owners
should review their
trade mark portfolio
to ensure that the
highest level of
protection for their
brand is maintained.’
Fox Williams
The old OHIM rule was that a
logo filed in black and white
would protect the same logo
when used in colour. As a
result, a logo in black and
white provided the owner with
the broadest protection
possible.
But OHIM’s new practice
means that a logo in black
and white will not be deemed
identical to the same logo in
colour. This new practice is
advantageous to anyone
intending to file an identical
trade mark to yours in
different colours. Instead of
being able to protect your
rights by claiming the marks
are identical as a whole,
OHIM will now take into
account the colours of the
trade mark, which leaves a
black and white trade mark
open to infringement. For the
obvious reason it may prove
disadvantageous to owners
who only have protection for a
logo in black and white.
Also, when it comes to
showing that the mark is being
used (if attacked during the
process for applying for
registration or after registration
for non-use), OHIM will now
only consider the mark in use
if the use of colour does not
alter the distinctive character
of the registered trade mark.
As a result owners will have to
show that:
-the words/figurative element
are the distinctive elements;
-the colour does not have a
distinctive character in itself;
-the colour is not the main
contributor of the
distinctiveness of the mark;
and
-the contrast of shades of the
registered marks is respected.
Given OHIM’s new practice now
is the time to review your trade
mark portfolio. Are your logo
trade marks filed in black and
white but are used by you in a
specific colour? Do you have the
broadest protection possible? In
order to maintain your rights
under the OHIM; new practice,
now is the time to file new
applications for your logo marks
in all of the colours it is used.
Read more at:
www.foxwilliams.com/
news/1006/
Contacts:
Stephen Sidkin
Partner
Fox Williams LLP
Ten Dominion Street
London EC2M 2EE
T: +44 (0)20 7614 2505
[email protected]
www.foxwilliams.com
Sarah Redmond
Senior Trade Mark Attorney
T: +44 (0)20 7614 2532
[email protected]
Rationalising a fragmented IT support service
Contact:
Terry Irwin
Managing Director
TCii Strategic &
Management
Consultants
33 Cavendish Square
London W1G 0PW
T: +44 (0)20 7099 2621
[email protected]
www.tcii.co.uk
Page 36
Our client, the UK division of a
global logistics business, had
made a number of
acquisitions. As a result, its
support services - including IT
- were somewhat fragmented.
Another issue was the need to
increase shareholder value.
The key to this, in an industry
with little organic growth, was
cost reduction and the creation
of leaner operations. One
possible solution was to follow
the lead of some of the
company’s other divisions,
which had shifted IT support to
the new global IT division
located in the Czech Republic.
However, the advantages for
the UK operation of doing this
were unknown.
decisions had been taken.
Our challenge was therefore
to:
-create a plan to gather
information without alienating
the workforce;
-understand the role,
responsibilities and costs of
the IT support service;
-document the findings to
create a picture of the current
support model; and
-work with the Czech data
centre team to create a
future support model.
Next, we spotlighted as key
people certain individuals who
had previously been
successfully involved with and
supportive of change. We
planned each of the above
steps in detail, and presented
the board with a proposal that
would both rationalise the
fragmented IT support
operations and generate
substantial savings.
£3m annual savings
Detailed planning
The project was broken down
into several steps with
approval at each stage:
Workforce reaction feared
The board wanted answers but
was concerned about the
potential reaction of the UK
workforce – particularly if this
involved the loss of key
individuals – before any
it. Review and fine-tune as
necessary.
What does the service look
like today? What could it look
like tomorrow? What are the
implications and actions
required if a change is
advantageous? If the change
is advantageous, implement
The board approved our
proposal, and we helped the
company to implement it.
Moving the IT support arm of
the business to the Czech data
centre brought savings of £3m
a year. Redundancies did
occur within the UK, and we
worked closely with local
human resources teams to
ensure that those affected
received full support.
Spring 2015
New brand identity for Madano
Communications Consultancy
and Charter Member,
Madano, has recently
launched a new brand
identity. Madano has grown
significantly over the past year
and celebrated ten years as a
strategic communications
consultancy in 2014.
a new brand identity was
important to mark the next
phase of the firm’s
development. In the early
summer 2015, we will be
moving to a new office in
Central London, together
with our sister consultancy,
AXON Communications – a
specialist healthcare
business. Together we will
have nearly 100 consultants
in our new home and be one
of the largest offices in our
international network. The
first quarter of this year will
also see the launch of a new
integrated communications
training service and an
enhanced crisis
management service,
building on our decade of
experience.’
of dynamic systems. From
these elements, Madano’s
team developed a creative
treatment that both allows for
individuality but provides a
united and consistent look and
feel across the businesses
portfolio. A contemporary
expression of the logo font has
been introduced to anchor this
in the new brand identity, and
clear thinking, clear
communications remains the
consultancy’s mantra.
Madano’s new brand identity
is reflected in its new website
www.madano.com, designed
and created by its new inhouse creative practice.
Matthew Moth, Madano
Founding Partner, said:
‘While we very much hope
you like our new look, rest
assured the principles of
giving best advice, being
responsive, flexible and
trusted, and doing that with
a human touch, remain the
same.’
Matthew Moth
Partner
Madano
76 Great Suffolk Street
London SE1 0BL
T: +44 (0) 20 7593 4000
[email protected]
www.madano.com
‘After a decade of success,
we felt that the introduction of
The brand identity was
inspired by fractals, images
With a new management
structure in the business and
expanded Communication,
Research and Creative
Practices working across a
range of industries and
sectors from energy, the built
environment and professional
services to healthcare and
education, a refresh of the
firm’s branding has been
introduced to better reflect
where Madano is today and
will be in the future.
‘The brand identity
was inspired by
fractals, images of
Madano is part of Montreal
headquartered
communications group
NATIONAL PR, with offices in
10 Canadian cities, New York,
Copenhagen and London.
elements, Madano’s
Contact:
that both allows for
dynamic systems.
From these
team developed a
creative treatment
individuality but
provides a united
and consistent
look...’
Madano
NEW MEMBER PROFILE
Hanover Communications
We advise global brands, businesses and organisations on reputation, communications and public affairs.
Contact:
Charles Lewington
Managing Director
Hanover Communications
100 gray's inn road
London WC1X 8AL
T: +44 (0)20 7400 4490
[email protected]
www.hanovercomms.com
NEW MEMBER PROFILE
PRCA
PRCA promotes all aspects of PR and internal communications work, helping teams and individuals maximise the value they
deliver to clients and organisations. The Association exists to raise standards in PR and communications, providing members
with industry data, facilitating the sharing of communications best practice and creating networking opportunities.
Contact:
Steve Miller
PRCA
82 Great Suffolk Street
London, SE1 0BE
T: +44 (0)20 7233 6026
Spring 2015
[email protected]
www.prca.org.uk
Page 37
NEW MEMBER PROFILE
Babcock International Group
Babcock is the UK's leading engineering support services organisation with revenue of over £3.5bn (2014) and an order book of
circa £12bn. Defence, energy, telecommunications, transport and education are all sectors where Babcock can be found working
diligently behind the scenes, delivering critical support. We have 26,000 staff who design, build, manage, operate and maintain
assets vital to the delivery of many key public services in the UK and overseas.
Contact:
Trevor Cayless
Group Trade & Government Affairs Adviser
Babcock International Group
33 Wigmore Street, London W1U 1QX
T: +44 (0)2073 555337
[email protected]
www.babcockinternational.com
NEW MEMBER PROFILE
Bruce Power
Bruce Power is Canada's first private nuclear generator. Bruce Power’s 2,300-acre site on the shores of Lake Huron houses the
Bruce A and B generating stations which each hold four CANDU reactors. Over the past decade, Bruce Power has refurbished
all four units at its Bruce A station, returning 3,000 megawatts of low-cost, reliable electricity to Ontario consumers. Combined
with its Bruce B units, Bruce Power generates 6,300 megawatts, providing power to over one in four hospitals, homes schools
and businesses in Ontario.
Contact:
James Scongack
VP Corporate Communications
Bruce Power
P.O. Box 1540
177 Tie Rd., R.R. 2, Tiverton, Ontario N0G 2T0 Canada
T: +1 519 361 3900
[email protected]
www.brucepower.com
NEW MEMBER PROFILE
Cleary Gottlieb Steen & Hamilton LLP
Cleary Gottlieb is a leading international law firm with 16 offices located in major financial centres around the world. Our
worldwide practice has a proven track record for innovation and providing work of the highest quality to meet the needs of our
domestic and international clients. In recognition of the firm’s strong global practice, its effectiveness in dealing with the different
business cultures of the countries in which it operates, and its success in multiple jurisdictions, Cleary Gottlieb received
Chambers & Partners’ inaugural International Law Firm of the Year award.
Contact:
Michael McDonald
Partner
Cleary Gottlieb Steen & Hamilton LLP
City Place House
55 Basinghall St, London EC2V 5EH
T: +44 (0)207 614 2200
[email protected]
www.cgsh.com/london
NEW MEMBER PROFILE
Credit Limits International Ltd
Credit Limits International Ltd is an independent International Collection Agency with over 20 years experience in collecting
debts worldwide.
Contact:
Pierre Haincourt
Managing Director
Credit Limits International
7 Church Road, Oare, Faversham, Kent ME13 0QA
T: +44 (0)1795 594574
[email protected]
Page 38
http://creditlimitsinternational.com
Spring 2015
NEW MEMBER PROFILE
Export Development Canada
We are Canada’s export credit agency. Our job is to support and develop Canada’s export trade by helping Canadian companies
respond to international business opportunities. We are a self-financing, Crown corporation that operates at arm's length from
the Government. We provide insurance and financial services, bonding products and small business solutions to Canadian
exporters and investors and their international buyers. We also support Canadian direct investment abroad and investment into
Canada.
Contact:
Charles Edgeworth
Regional Manager- Europe
Export Development Canada
150 Slater Street, Ottawa K1A 1K3 Canada
T: +1 416 349 6541
[email protected]
www.edc.ca
NEW MEMBER PROFILE
Keurig UK
As a leader in specialty coffee, coffee makers, teas, and other beverages, Keurig Green Mountain Inc. is recognized for its
award-winning beverages, innovative Keurig® brewing technology, and socially responsible business practices.
Contact:
Stephen Stagg
Commercial Director
Keurig UK
M: +44 (0)7956 765 655
[email protected]
www.keurig.com
NEW MEMBER PROFILE
Productivity Media
Productivity Media is a late state, senior lender to film and television productions, providing Senior Secured debt to film and
television production. We provide innovative, short-term financing for quality projects serving Canadian and International
producers. In 2012, Productivity Media brought together a team that has extensive experience in financing, production, and sales
in both film and television.
Contact:
Andrew Chang-Sang
President
Productivity Media
2521 Wyecroft Rd, Oakville L6L 6P8 Canada
T: +1 647 317 3936
[email protected]
www.productivitymedia.com
NEW MEMBER PROFILE
Total APS Ltd
Total APS is a successful limited company set up in 2002 to offer the market place specialist supply chain Advanced Planning
Systems (APS) and Enterprise Resource Planning (ERP) consultancy. We remain unaffiliated to any of the APS software
vendors, giving us an almost unique position in the industry.
Contact:
Peter Breadmore
Director
Total APS
130 High Street
Hungerford
Berkshire RG17 0DL
T: +44 (0)7900 688001
Spring 2015
[email protected]
www.totalaps.com
Page 39
Chamber Events March 2015 - June 2015*
2015
05.03
Lunch with Monique Leroux, President & CEO, Desjardins Group at the Law Society, London
12.03
Tech Forum breakfast panel debate on the Customer Experience at Pewterers’ Hall, London
26.03
Lunch with Stephen S. Poloz, Governor of the Bank of Canada at the Grange St. Paul’s Hotel, London
29.04
CETA reception with Jean Charest, former Québec Premier at Canada House, London
15.05
Annual Golf Day at Royal Mid-Surrey Golf course, Richmond, Surrey
22.05
AGM & lunch with Lord Gus O’Donnell at the House of Lords, London
12.06
6th Annual Canadian Chief Economists panel debate and lunch at the City Grange Hotel, London
*The Chamber hosts and co-hosts 30+ events per year. Other events will be added to this programme.
For full details on the 2015 event programme visit: www.canada-uk.org
Future Deadlines for Newsletter Contributions & Advertising in 2015:
Spring: April 25 Summer: June 25 Autumn: Sept 25
Newsletter sponsors
Page 40
Spring 2015