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InBC open for business, investments to support clean, inclusive growth | BC Gov News – BC Gov News

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InBC Investment Corp (InBC), the Province’s newest Crown corporation, is open for business and has launched its investment policy statement to guide decision-making to support a stronger, more resilient economy for British Columbians.

Developed through the StrongerBC Economic Plan, the Province is providing InBC with $500 million to invest in venture capital funds and growing companies that demonstrate a measurable impact in driving climate action, innovating for the future, advancing reconciliation and elevating inclusive communities in B.C.

“Fostering innovative ideas and solutions is crucial to growing our economy, and creating more sustainable, inclusive and quality jobs and opportunities for British Columbians,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “InBC investments are about optimizing not just financial returns, but also generating social, economic and environmental returns for generations to come.”

With its investment policy statement launched, InBC expects to start investing in venture capital funds this fall and in businesses by spring 2023.

“We are a strategic investment fund that focuses on valuing people, planet and profit as part of our decision-making process and long-term impact,” said Jill Earthy, chief executive officer, InBC. “Our purpose is to catalyze a more sustainable and inclusive future for B.C. through investment in innovation of both traditional and emerging sectors.”

InBC’s investment policy statement will guide its investment decisions and priorities. It outlines policies, values and the corporation’s triple-bottom-line mandate to support people, profit and the planet. InBC investments will be a patient, long-term source of capital to better support B.C. companies, create good jobs and develop inclusive, innovative technologies, products and services.

With this innovative strategy, InBC will influence positive systemic change by incorporating diversity, equity and inclusion, as well as environmental, social and governance values into every investment decision.

The creation of InBC is part of the StrongerBC Economic Plan, which moves B.C. forward by tackling the challenges of today while growing an economy that works for everyone.

Quotes:

Leah Nguyen, chief investment officer, InBC –

“InBC will invest in opportunities that align with our triple-bottom-line approach to develop an inclusive and sustainable economy. We look for funds and companies that have a strong connection to British Columbia, can demonstrate measurable social and environmental impact and have the potential to deliver risk-adjusted market returns.”

Jeff Ward, founder and CEO, Animikii Indigenous Technology –

“As a purpose-driven Indigenous entrepreneur, finding values-aligned funding is key to my company’s growth ambitions; I know how challenging finding the right fit can be. Finding a group like InBC to work with would have been amazing when I was starting up, because of their focus on supporting businesses working towards positive social impact in their communities. I’m glad this type of model finally exists in B.C. and I look forward to seeing how they invest in innovators who are making a difference.”

Lesley Esford, executive director, SFU VentureLabs –

“We know that successfully starting and growing an innovative business takes the right kind of resources at the right time. SFU VentureLabs works with companies as they scale their commercialization efforts to become profitable and sustainable businesses on a provincial, national, and global scale. We know first-hand that the need for early-stage funding is critical, especially for companies developing science and deep technology products, and are thrilled to see that InBC will be able to provide that support to B.C. entrepreneurs.”

Quick Facts:

  • Legislation was passed in May 2021 to establish InBC as a provincial Crown corporation.
  • Since then, InBC has appointed a chief executive officer, chief financial officer, chief investment officer, a nine-member board of directors and a growing team of business professionals as they worked toward the creation of an investment policy statement.
  • While decisions are independent of government, InBC is subject to the same accountability and regulatory requirements as any other Crown corporation in B.C.
  • Every five years, an independent third party will conduct an external review of InBC’s investment performance. 

Learn More:

Groups interested in engaging with InBC can learn more and apply online: www.inbcinvestment.ca  

To read the investment policy statement, visit: https://www.inbcinvestment.ca/corporate-reports/

To register for the InBC public information sessions to be held on Oct. 12 and 13, 2022, visit:
https://www.inbcinvestment.ca/investment-policy-statement-online-information-sessions/

For more information about InBC, visit: www.inbcinvestment.ca

To learn more about the creation of InBC, visit: www.news.gov.bc.ca/24304

For more about the StrongerBC Economic Plan, visit: www.strongerbc.gov.bc.ca/plan

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

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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.

The Canadian Press. All rights reserved.

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

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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)

The Canadian Press. All rights reserved.

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

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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)

The Canadian Press. All rights reserved.

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