Thursday, June 25, 2009

Daily Digest June 25, 2009


The DAILY DIGEST: INFORMATION and OPINION from ST. JOHN'S to VICTORIA.
ARCHIVED at http://cdndailydigest.blogspot.com/
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        The Nortel sale has been raised with little interest so I thought I'd go farther afield and have done so.

        Aase is very efficient in packing so there was time available to collect the links above and write the following post.

                  Joe
_____________________________________
To: National Media <joe.hueglin@bellnet.ca>
From: Joe Hueglin <joe.hueglin@bellnet.ca>
Subject: Why is Export Development Canada funding Nortel sale?


Export Development Canada "will help finance the breakup of Nortel Networks with $300 million in loan guarantees."

The revised Investment Canada Act made law without debate in the recently passed Bill C-10 Budget Act. The stated "purposes of this Act are to provide for the review of significant investments in Canada by non-Canadians in a manner that encourages investment, economic growth and employment opportunities in Canada." At $650 million US the sale price is "reviewable under section 14"

The sale of other "icons" Inco and Stelco were reviewed and conditions agreed upon. That they have not been lived up to and no .action taken is beside the point which is there has been no mention of a review of the Nortel sale or any agreement of benefit being made by Nokia Siemens Networks.

Is Export Development Canada's proper role that of financing the export of Canadian assets?

If you see "economic growth and employment opportunities " flowing to Canada for the $300 million dollars, please explain in wha manner because a precedent is being set.

Joe Hueglin
905-356-3901

QUOTES AND INFORMATION DRAWEN FROM:
Nortel: tragic end of a Canadian icon
http://www.montrealgazette.com/opinion/editorials/Nortel+tragic+Canadian+icon/1729712/story.html

Feds guarantee $300 million loan to break up Nortel
http://www.theprovince.com/Feds+guarantee+million+loan+break+Nortel/1717478/story.html

HOUSE OF COMMONS OF CANADA BILL C-10 PART 13 .(3.1) 448. 14.1 (1), (3.2) 445,
http://www2.parl.gc.ca/HousePublications/Publication.aspx?Docid=3656090&file=4

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