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.
- 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.
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
OMERS names capital markets head as next chief investment officer – The Globe and Mail
Ontario Municipal Employees Retirement System (OMERS) has named capital markets head Ralph Berg as its next chief investment officer, succeeding Satish Rai.
Mr. Berg starts as CIO on April 1 after two years as global head of OMERS Capital Markets, where he oversaw the public-market investments that make up more than half of investment assets at the pension plan.
In April, Mr. Rai will move to an advisory role and plans to retire from OMERS late in 2024. He has been CIO since 2018 and also led OMERS’ capital markets arm during his eight years at the pension plan, while helping guide its expansion into Asian markets. He was previously CIO at TD Asset Management, a division of Toronto-Dominion Bank.
Mr. Berg has been at OMERS since 2013. He joined the pension plan as global head of its infrastructure arm after a career in banking at Credit Suisse Group AG and Deutsche Bank AG.
“Ralph is a proven investor and a seasoned executive,” said OMERS chief executive officer Blake Hutcheson, in a news release.
Mr. Berg’s successor as head of capital markets has yet to be announced.
OMERS had $119.5-billion of assets as of June 30 last year. Over Mr. Rai’s tenure as CIO, it has shifted more of its assets from public to private markets, which helped OMERS post steady results in the first half of last year, losing only 0.4 per cent despite difficult market conditions.
That came after two volatile years in the COVID-19 pandemic that included an 11.4-per-cent loss in 2020 – when OMERS marked down real estate and private equity holdings that were affected by strict public health measures – and a rebound in 2021 that saw the plan’s assets gain 15.7-per-cent.
As Mr. Rai prepares to step down, Mr. Hutcheson said: “I look forward to his continued commitment and counsel” in his advisory role.
Ark Invest Cathie Wood: artificial intelligence chatGPT – CNBC
Forget ChatGPT — an AI-driven investment fund powered by IBM's Watson supercomputer is quietly beating the market by nearly 100% – Yahoo Canada Finance
While the language bot ChatGPT has gone viral, a Watson-powered ETF is making nearly double the returns of the broader market.
The AI Powered Equity ETF is up 10.4% in 2023, whereas the Vanguard Total Stock Market Index is up 5.67%.
IBM’s Watson supercomputer helps balance the fund’s portfolio holdings.
The popular language bot ChatGPT has shown a humanlike ability to render articles, emails, and even dating-app messages. But if you ask it to generate a portfolio that can beat the market, it spits out boilerplate information and reminds you it doesn’t have access to live stock data.
Yet, the $102 million AI Powered Equity ETF (AIEQ), which launched in 2017, has been quietly fulfilling that request so far this year. Issued by ETF Managers Group in partnership with the fintech firm Equbot, the fund leans on IBM’s Watson supercomputer to balance its portfolio.
That 114-holding portfolio is up 10.4% so far in 2023, while the Vanguard Total Stock Market ETF is up 5% over the same stretch.
Still, as ETF.com highlighted, the former is actively managed, and thus more expensive than the benchmark fund, cutting into actual returns to investors. The AI-powered ETF charges 0.75%, whereas Vanguard’s costs 0.03%. Both funds include JPMorgan and UnitedHealth Group in their top-10 holdings.
Chris Natividad, the chief investment officer of Equbot, said the Watson-powered fund can look beyond standard market data and cull information from tweets and earnings calls, according to ETF.com.
“We’re focused on investment related data, looking at how these different types of signals impact security practices across different time horizons,” Natividad said, per ETF.com.
“The best days of the fund are still ahead of it,” he added. “And just as you’ll see ChatGPT’s responses change and evolve with time and data, so will our fund.”
Meanwhile, ChatGPT’s parent company, OpenAI, this month secured a $10 billion investment from Microsoft this month, and the technology continues to make waves across sectors.
Online media outlet BuzzFeed announced last week it plans to leverage the technology to create content, educators are warning about the bot’s repercussions in schools, and chipmakers are poised to cash in.
Read the original article on Business Insider
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OMERS names capital markets head as next chief investment officer – The Globe and Mail
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