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The government declined to comment further. TAKEOVERS RARELY BLOCKED Canada has rarely used its veto power to block a foreign acquisition of a Canadian asset under the Investment Canada Act. The legislation gives the government wide-ranging powers to review whether such deals are of “net benefit” to the country and whether they pose a threat to national security. In 2010 it blocked mining giant BHP Billiton’s $39 billion bid for the world’s top fertilizer company Potash Corp, stating that the deal was not of “net benefit” to Canada. This followed a 2008 decision to block MacDonald Dettwiler’s attempt to sell its satellite division to Alliant Techsystems Inc, due to national security concerns. The rejection of the Allstream deal comes as struggling smartphone maker BlackBerry Ltd, one of Canada’s best- known technology companies, is in talks with foreign players including Cisco Systems, Google Inc and SAP about selling them all or parts of itself, sources have told Reuters. Accelero said in a statement it was “very disappointed” by the Canadian government’s unexpected rejection of its proposed acquisition of Allstream. “Throughout this process, we were comforted by Industry Canada that our filings were in order, our submissions complete and constructive, and our proposed binding undertakings serious and substantive so that the transaction would meet the ‘net benefit’ test,” Sawiris said in the statement. “We are disappointed by the Government of Canada’s unfounded and unexpected decision.” The decision also raises questions about the government’s stated goal of attracting foreign investment to boost competition in the telecom sector. The government was locked in a war of words with Canada’s top telecom players – Rogers Communications, BCE Inc and Telus Corp – over most of the summer. The three Canadian telecom giants accused the government of skewing rules for its wireless spectrum auction that began last month in favor of foreign players. The government countered that its rules were designed to boost competition in the sector and reduce prices for Canadian consumers. The issue became a moot point last month, after no major foreign telecom player registered to participate in the auction process. Accelero said it believes its investment in Allstream would have contributed to increased competition in Canada’s telecom sector and sent a strong message that Canada’s telecom sector is open to foreign investment.
Canada hiring more Filipinos to fill out 14,000 job vacancies
Forward-looking Statements Disclaimer This news release includes forward-looking statements and information (collectively, the “statements”) about the Company’s corporate direction, business opportunities, operations, financial objectives and future financial results and performance that are subject to risks, uncertainties and assumptions. As a consequence, actual results in the future may differ materially from any conclusion, forecast or projection in such forward-looking statements. Therefore, forward-looking statements should be considered carefully and undue reliance should not be placed on them. Examples of statements that constitute forward-looking information may be identified by words such as “believe”, “expect”, “project”, “should”, “anticipate”, “could”, “target”, “forecast”, “intend”, “plan”, “outlook”, “see”, “set”, “pending”, and other similar terms. Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters identified in the “Material assumptions” section, and the “Risks and uncertainties” section, in the Company’s 2012 Annual MD&A and 2012 Annual Information Form, all of which are available on SEDAR at www.sedar.com . Please note that forward-looking statements reflect Management’s expectations as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About Manitoba Telecom Services Inc. (MTS Allstream) MTS Allstream is one of Canada’s leading national communication solutions companies, providing innovative communications for the way Canadians live and work today. The company has more than 100 years of experience, with 5,500 employees across Canada . MTS Allstream’s business is dynamic and consists of two operating divisions. In Manitoba , MTS is the leading full-service telecommunications provider for residential and business customers. MTS’s suite of services include the latest in wireless technology, broadband services, IPTV, voice services, home security, and an extensive range of business solutions. Across Canada , Allstream is a leader in IP communications and is the only national provider that focuses exclusively on the business telecommunications market.
Government of Canada Rejects MTS Sale of Allstream to Accelero Capital Holdings
Patinio, Philippine News Agency October 8, 2013 2:45 AM InterAksyon.com The online news portal of TV5 MANILA, Philippines – Job opportunities await many Filipinos planning to work in Canada with the signing of a Memorandum of Understanding (MOU) between the Department of Labor and Employment (DOLE) and the Canadian government. With the MOU, Labor undersecretary Danilo Cruz said that the signing of the agreement will open possible work prospects for Filipino workers as the Canadian government is looking at the Philippines and other Asian countries to fill out at least 14,000 job vacancies in Saskatchewan to keep up with the labor demands of its still growing economy. Over the last four years, the Philippines has become the largest source country for both immigrants and temporary workers for Canada, overtaking China and India as the traditional sources, he said at the sidelines of the signing held in Makati City on Monday. Cruz, together with the contingent from Saskatchewan province of Canada led by its Premier, Brad Wall, signed the MOU which aims to upgrade the provision of the previous MOU between both countries in 2006. According to the Canadian official, some employers from Saskatchewan, which is one of the economic powerhouses in Canada, are currently here in the country to hire workers for an initial 150 job vacancies. However, he noted that they expect to hire more workers in the coming months. Not very long ago, we have a hundred (migrants) per year. Now we have about 3,000 per year and we still have a labor shortage, Wall added. The updated MOU will contain the following new provisions: identification of cooperation priorities; exchange of information; prohibition of charging of recruitment fees to workers; enjoining the employers recruiting overseas Filipinos workers (OFW) outside the Philippines to course hiring in the nearest Philippine Overseas Labor Office (POLO); enforcement of regulations to protect workers. Among the most in-demand jobs in Canada are in the fields of business, natural and applied sciences, health, social science, education, government service, trade, transportation, oil and gas processing and manufacturing. If you go in a website called Saskjobs.Ca today there are usually around 10,000 unfilled jobs.