Investment

Agreement with Korean sister province will bring more investment to B.C. | BC Gov News – BC Gov News

Published

2 years ago

July 20, 2022

As a part of the StrongerBC Economic Plan and the next step in B.C.’s Trade Diversification Strategy, the Province has signed an action plan with Gyeonggi Province in South Korea.

The action plan will better support mutual economic growth to create more opportunities for businesses and people in British Columbia.

“The pandemic and global challenges have shown us the importance of better protecting our supply chains from market instability,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “The renewal of this action plan with our Korean sister province will create mutual economic opportunities, strengthen our supply chains and create good-paying jobs for British Columbians.”

This is the fourth action plan agreement the Province has signed with Gyeonggi Province, the Korean sister province for British Columbia. This agreement focuses on exchanges and co-operation in six main areas: trade and economy, culture and arts, sports, disaster response and safety, education, and workforce development.

Signing this agreement is one of the next steps in the Trade Diversification Strategy. This strategy sets the direction for exploring targeted new international markets, while expanding existing ones. This will create more opportunities to get sustainable B.C. goods and services out globally. The Trade Diversification Strategy is being developed in collaboration with a diverse array of partners to provide more opportunities for under-represented groups to participate in international trade.

“Creating a strong, diverse network of trade partners and creating more channels of export are key factors for innovation and growth for B.C.,” said George Chow, Minister of State for Trade. “From trade and economy to workforce development and sport, I look forward to working with Gyeonggi Province to advance our shared goals. Strengthening this partnership will provide more opportunities and investments for B.C. businesses and workers as we continue to build a more resilient economy that works for everyone.”

Building off the Canada-Korea Free Trade Agreement (CKFTA), Canada’s first free-trade agreement in the Asia-Pacific region, this action plan provides a framework offering practical help to the economies of both provinces as they focus on collective recovery from the global pandemic.

“Gyeonggi Province is a massive market that accounts for 25% of Korea’s total population, so we anticipate active trade and reciprocal investment to further strengthen economic ties and co-operation between our two provinces,” said Ryu Kwang-yeol, assistant governor for economy, Gyeonggi Province. “We hope to host a training session in the near future on doing business in B.C. to promote opportunities for Gyeonggi companies and investors under the CKFTA.”

This initiative is a key action in the StrongerBC Economic Plan, which aims to tackle the issues that matter most to people while growing a high-care, low-carbon economy that works for people today and for generations to come.

The plan builds on B.C.’s strong economic recovery and works to address two long-standing challenges – inequality and climate change – by closing the skills gap, building resilient communities and helping businesses and people transition to clean-energy solutions. The plan sets two main goals for the province – inclusive growth and clean growth – and puts forward six missions to keep B.C. on track.

Quick Facts:

Gyeonggi and B.C. have been sister provinces since May 2008.
Since then, they have signed three consecutive action plans to promote friendly co-operation in the areas of media content, the IT industry, sports and cross-cultural exchanges.
When CKFTA is fully implemented, more than 98% of South Korea’s tariff lines on Canada’s products will be removed.
South Korea is British Columbia’s fourth-largest trading partner and export destination (5.4% share of B.C.-origin exports).
South Korea is Canada’s third-largest trading partner in Asia, with 50% of all Canadian exports to South Korea coming from B.C.

Learn More:

To learn more about the StrongerBC Economic Plan, visit: https://strongerbc.gov.bc.ca/plan

For more information about trading and investing with British Columbia, visit: https://www.britishcolumbia.ca/

For more about the Canada-Korea Free Trade Agreement, visit: https://www2.gov.bc.ca/gov/content/employment-business/international-investment-and-trade/trade-policy-negotiations/international-trade/ckfta

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

7 days ago

November 6, 2024

Anne Joseph

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

4 weeks ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

1 month ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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