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Found 21 results

  1. La première enchère pour un montant de 40 G$ devait avoir lieu dans la journée, avec des «cash management bills» d'une durée de 35 jours. Pour en lire plus...
  2. Trump Files Suit Against Lenders Developer Seeks to Extend $640 Million Loan on a Chicago Skyscraper Wsj.com By ALEX FRANGOS Tall Trouble: Donald Trump's Chicago skyscraper project, the Trump International Hotel & Tower, during construction in July. Mr. Trump is suing to extend a $640 million senior construction loan on the 92-story Trump International Hotel & Tower from a group of lenders led by Deutsche Bank AG and including a unit of Merrill Lynch & Co., Union Labor Life Insurance Co., iStar Financial Inc., a publicly traded real-estate investment trust, and Highland Funds, a unit of Highland Capital Management LP. The tower, which contains 339 hotel rooms and 486 condominiums, will be the second-tallest building in the U.S. behind Chicago's Sears Tower and is expected to be completed in mid-2009. The hotel, on the lower floors, opened earlier this year. But sales of both the hotel rooms and the condominiums have come in below original estimates and the project's current projected revenue remains short by nearly $100 million needed to pay off the senior lenders. The lawsuit, filed in New York State supreme court in Queens, is a further indication of the dysfunction in the real-estate lending markets as borrowers and lenders struggle to resolve troubled projects. People familiar with the matter say the lender group, which is made up of more than a dozen institutions, was unable to agree on the extension. The suit demands -- among other things -- that an extension provision in the original loan agreement be triggered because of the "unprecedented financial crisis in the credit markets now prevailing, in part due to acts Deutsche Bank itself participated in." This so-called force majeure provision is common in contracts and can be applied to acts of war and natural disasters. Mr. Trump already extended the loan once in May. From the Archives Mr. Trump asked for $3 billion in damages. The suit won't affect construction of the project, according to people familiar who say there is enough money to complete the $90 million work that is left. The suit says Mr. Trump attempted to resolve the impasse by offering to buy the project's unsold hotel units for $97 million. That money would be used to pay down the construction loan, along with the $204 million in proceeds from closed units and the $353 million that is expected from units that close in the next six months. A Deutsche Bank spokesman declined to comment. Mr. Trump has put $77 million of his own equity into the tower, which he would stand to lose in a potential foreclosure. Other than a $40 million guarantee to complete the project, Mr. Trump has no recourse obligations to the project. A Trump spokesman declined to comment. [Trump, Donald] Deutsche Bank originated the construction loan in 2005 and sold off most of it to others, retaining less than $10 million of exposure on that loan. The suit alleges that Deutsche Bank compromised the senior construction loan by selling pieces off to "so many institutions, banks, junk bond firms, and virtually anybody that seemed to come along," that the lending group is unable to come to a consensus on how to deal with the matter. It also alleges Deutsche Bank created a "serious conflict of interest" by taking a separate stake in the project's so-called mezzanine loan that was originated by private-equity firm Fortress Investment Group. The mezzanine loan, which is junior to the senior construction loan, had an original principal of $130 million but will eventually accrue to $360 million. Deutsche Bank purchased roughly one-quarter of the mezzanine loan, according to people familiar with the matter. The suit names the mezzanine lenders as defendants, including Fortress and its affiliates, Newcastle Investment Corp. and Drawbridge Special Opportunities Fund, as well as Dune Capital Management and Blackacre Institutional Capital Management, the real-estate arm of Cerberus Capital Management. Fortress didn't respond to a request for comment. The other lenders declined to comment. Unless sales of the condo and hotel units restart despite the worst housing market in generations, and quickly generate $400 million in new sales, it will be difficult for the project to pay off the mezzanine loan, which comes due in May 2009.
  3. Borealis Infrastructure Management propose 11 $ par part pour mettre la main sur le fournisseur de services électroniques. Pour en lire plus...
  4. New Website Studies Montreal for Students 9/6/2007 A new web portal highlighting Montreal as an excellent location for international students has been launched by TP1 Communication electronique, a Montreal-based technology and communications company. Study in Montreal (www.studyinmontreal.info) is a reference tool providing this clientele with information about the many resources, activities and attractions that Montreal offers. The portal for international students includes original photography by Montreal photographer Benoit Aquin. "TP1 has distinguished itself through its approach to integrating all of the project's components: visual design, photo acquisition, technology, hosting, site maintenance and support. The team understood the objective of the portal right from the beginning and demonstrated rigour and creativity throughout its development," stated Isabelle Hudon, president and CEO of the Board of Trade of Metropolitan Montreal, one of the partner organizations in the project. "A site like the Study in Montreal portal containing literally thousands of hyperlinks cried out for a tool enabling a small team of users to manage it efficiently," declared Joseph Blauer, Vice-President of Technology at TP1. Drupal, the chosen tool, is an open source web content management system published under the GNU Public License. Its content management capability along with its modular architecture, place Drupal among the most multi-faceted and flexible web content management systems currently available. For Study in Montreal, it clearly demonstrated its superiority for the creation of one of a new generation of collaborative websites. For more about Drupal, visit www.tp1.ca/en/drupal. TP1 will continue to work with the Board of Trade of Metropolitan Montreal in 2007, notably to optimize external referencing. The portal is an initiative of the Conference regionale des elus de Montreal and is an integral component of the "Montreal, city of learning, knowledge, and innovation" project, in collaboration with the "Ouverture aux citoyens du monde" committee. This committee brings together Montreal's four major universities (McGill University, UQAM, Universite de Montreal and Concordia University), the Regroupement des colleges du Montreal metropolitain, the City of Montreal, the Federation etudiante universitaire du Quebec, the Forum jeunesse de l'ile de Montreal, Montreal International, and the Board of Trade of Metropolitan Montreal. The site is supported by the Forum jeunesse de l'ile de Montreal as a principal financial partner and the Ministere des Affaires municipales et des Regions as a financial partner. TP1 offers consulting services in communications and technology, combining the strategic, operational and technological requirements of business through the common thread of communications. We offer a range of services in electronic communications, including: Website development, communications consulting, application development and managed services.
  5. La banque réduit son exposition aux risques dans au secteur immobilier résidentiel américain grâce à un accord avec Cerberus Capital Management. Pour en lire plus...
  6. The Ugly Canadian at global trade talks in Geneva Jeffrey Simpson Editorial - The Globe and Mail mardi 29 juillet 2008 When is failure a success ? For the Harper government, as for previous Canadian governments, failure in international trade negotiations means political success. Failure prevents the government from having to face the ire and political retribution of Canada’s supply management groups, which govern the production, sale and pricing of eggs, poultry and dairy. These are the lobby groups Canadian politicians bow down before. In 2005, the House of Commons unanimously passed a resolution instructing negotiators to defend the existing supply management arrangements. Any change, according to the Commons, would be unacceptable. This from a group who couldn’t agree today is Tuesday. Canada’s negotiators at the last-gasp meetings in Geneva this week are taking a position to defend supply management that will in effect lead to failure at the talks. After all, how do you negotiate in good faith when your negotiating instructions are that no changes must be made, ever, under any circumstances to the status quo ? Whenever International Trade Minister Michael Fortier and Agriculture Minister Gerry Ritz appear in public in Geneva, they are questioned, badgered and otherwise verbally accosted by the legions of supply management representatives who have descended on the city. Back home, these organizations issue threatening press releases at the hint of change to their cozy arrangements. On Saturday, when it looked as if progress was being made at the talks, Quebec’s farmers’ union denounced an "agreement concocted in secret" and demanded that Canada repudiate it. What are the supply management arrangements ? In part, they allow tiny levels of imports, after which tariffs are imposed at 299 per cent for butter, 246 per cent for cheese and at astronomical levels for other dairy products, turkeys, chickens, eggs. Every other advanced industrial country, including the United States and European Union members, are proposing cuts to subsidies and other barriers. Only Canada is against any change in its domestic arrangements. Predictably, Canada is completely isolated at Geneva. Canada stands hypocritically before the world. Canada’s negotiators demand that other countries lower their subsides and protection for agricultural products that we export (grains, pork, cattle and the like), while insisting that whole sections of Canada’s agricultural market remain effectively closed to imports. This hypocrisy has been widely noted abroad, but it apparently causes no ripples in Canada, where people either do not know about it or believe that Canada, being a moral superpower in its own mind, can afford the occasional lapse from unsullied virtue. An early text of a possible agreement would have lowered tariffs gradually by 23 per cent, thereby still leaving them for many products in the range of 150 to 225 per cent - still astronomically higher than for any other products. This possibility sent the supply-managed groups into paroxysms of anger. Dairy, poultry and egg producers jointly said such proposals would "destroy our farms by allowing Canada to be flooded with imported food." Such grotesque hyperbole is the stock and trade of these groups, but it frightens politicians of all stripes. Stephen Harper’s government is supposed to be a free-trading group, proposing new deals with Colombia, Peru, the Caribbean and the EU, and waxing indignant at any threats to NAFTA. But when it comes to supply management, it nervously eyes seats it must win in rural Quebec and Ontario and acquiesces to the demands of farmers. Quebec is the greatest beneficiary of supply management, since 47 per cent of the quota for industrial milk used to make butter, cheese, yogurt and other dairy products belongs to Quebec farmers. Half of Quebec’s production is therefore "exported" to the rest of Canada, which under supply management cannot import the same product from cheaper suppliers. It’s an across-the-board, across-the-country racket. Political will being completely absent in Canada, the only hope for trimming supply management lies in success at the WTO. If international trade talks succeed, Canada could never walk away from the entire agreement. If Canada tried, it would be outside the entire framework of international trading rules, a disaster for a trade-dependent economy. So what Canadian ministers must do, as they are doing now, is put forth a position on supply management designed to prevent success while publicly insisting on striving for it. It is the Ugly Canadian position.
  7. L'acheteur est le numéro deux bancaire helvétique, le Crédit Suisse. Le montant de la transaction est de 237 millions d’euros (360 M$ CAN). Pour en lire plus...
  8. http://www.ledevoir.com/economie/actualites-economiques/312376/rencontre-avec-henry-mintzberg-gourou-du-management-la-productivite-a-l-americaine-tue-les-entreprises#partager
  9. Montréal doesn't seem so bad when you compare to the project management of the NYC Port Authority..WOW http://www.nytimes.com/2014/12/03/nyregion/the-4-billion-train-station-at-the-world-trade-center.html?ref=nyregion&_r=2 How Cost of Train Station at World Trade Center Swelled to $4 Billion With its long steel wings poised sinuously above the National September 11 Memorial in Lower Manhattan, the World Trade Center Transportation Hub has finally assumed its full astonishing form, more than a decade after it was conceived. Its colossal avian presence may yet guarantee the hub a place in the pantheon of civic design in New York. But it cannot escape another, more ignominious distinction as one of the most expensive and most delayed train stations ever built. The price tag is approaching $4 billion, almost twice the estimate when plans were unveiled in 2004. Administrative costs alone — construction management, supervision, inspection, monitoring and documentation, among other items — exceed $655 million. Even the Port Authority of New York and New Jersey, which is developing and building the hub, conceded that it would have made other choices had it known 10 years ago what it knows now. “It looks like a bird carcass picked clean. Not the intended symbolism, I'm sure.” “We would not today prioritize spending $3.7 billion on the transit hub over other significant infrastructure needs,” Patrick J. Foye, the authority’s executive director, said in October. The current, temporary trade center station serves an average of 46,000 commuters riding PATH trains to and from New Jersey every weekday, only 10,000 more than use the unassuming 33rd Street PATH terminal in Midtown Manhattan. By contrast, 208,000 Metro-North Railroad commuters stream through Grand Central Terminal daily. In fact, the hub, or at least its winged “Oculus” pavilion, could turn out to be more of a high-priced mall than a transportation nexus, attracting more shoppers than commuters. The company operating the mall, Westfield Corporation, promises in a promotional video that it will be “the most alluring retail landmark in the world.” But whatever its ultimate renown, the hub has been a money-chewing project plagued by problems far beyond an exotic and expensive design by its exacting architect, Santiago Calatrava, according to an examination based on two dozen interviews and a review of hundreds of pages of documents. The soaring price tag has also been fueled by the demands of powerful politicians whose priorities outweighed worries about the bottom line, as well as the Port Authority’s questionable management and oversight of private contractors. George E. Pataki, a Republican who was then the governor of New York, was considering a run for president and knew his reputation would be burnished by a train terminal he said would claim a “rightful place among New York City’s most inspiring architectural icons.” He likened the transportation hub to Grand Central and promised — unrealistically — that it would be operating in 2009. But the governor fully supported the Metropolitan Transportation Authority’s desire to keep the newly rebuilt No. 1 subway line running through the trade center site, instead of allowing the Port Authority to temporarily close part of the line and shave months and hundreds of millions of dollars off the hub’s construction. That, however, would have cut an important transit link and angered commuters from Staten Island, a Republican stronghold, who use the No. 1 line after getting off the ferry. The authority was forced to build under, around and over the subway line, at a cost of at least $355 million.
  10. November 12, 2013, 8:55 a.m. ET National Bank Completes Acquisition of TD Waterhouse Institutional Services' Business -- This transaction further confirms National Bank Correspondent Network's leadership position by adding 260 market intermediaries, $35 billion of assets under administration and 130,000 end-clients to its book of business -- The acquisition marks another major step in National Bank's expansion of its wealth management platform across Canada MONTREAL, Nov. 12, 2013 /CNW Telbec/ - Following receipt of all required regulatory approvals, National Bank of Canada ("National Bank" or the "Bank") (TSX: NA) today announced the completion of its acquisition of TD's institutional services business known as TD Waterhouse Institutional Services (TDWIS). This business will be integrated into National Bank's Correspondent Network ("NBCN"), which is Canada's largest provider of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers. Building on its large existing client base, NBCN will be servicing over 400 independent market intermediaries across the country who collectively manage or administer $85 billion for almost one-half million Canadian investors once the TDWIS business is brought on board. This acquisition greatly extends NBCN's reach, further confirming its status as the clear leader in this growing and important segment of the securities industry. "This transaction is another major step in the implementation of National Bank's strategy of expanding across Canada by broadening the footprint of our wealth management platform" said Luc Paiement, Executive Vice President, Wealth Management, Co-President and Co-CEO of National Bank Financial. "It will add considerable scale to our operations and, in the process, bring a number of appreciable benefits to all National Bank wealth management clients in the form of new products and services". "In the last few months we have met with many of our new clients, and are very pleased with the trust and confidence they have shown by joining us. We are committed to delivering to them the same industry leading service and support we have been providing NBCN's clients with for the past 20 years." said Patrick Primerano, Co-CEO of NBCN. "We are proud that all 64 TDWIS employees to whom we made offers have accepted them, and we look forward to welcoming them into our NBCN team of professionals." This transaction is accretive to National Bank's bottom line, adding $0.12 of earnings per share for fiscal 2014 and $0.14 for fiscal 2015, assuming the full benefit of the acquisition is realized in fiscal 2014. As a result of the acquisition, National Bank's Basel III Common Equity Tier 1 ratio will be reduced by approximately 40 basis points as at National Bank's quarter ending January 31, 2014. Client conversion is expected to be completed in the 8 months following the closing of the transaction, and a transition services agreement will be in place in the interim. About National Bank of Canada With $187 billion in assets as at July 31, 2013, National Bank of Canada (http://www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the 20 strongest banks in the world by Bloomberg Markets magazine. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca. About National Bank Correspondent Network At the service of its clients for more than 20 years, National Bank Correspondent Network has become Canada's largest provider of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers by continually redefining the industry through innovative product development, expert client care and leading technology. NBCN's team is dedicated to giving its clients the very best service and the breadth of investment choices necessary to build a successful practice. Forward Looking Statements Certain statements included in this press release constitute forward-looking statements meant for its interpretation and shouldn't be used for other purposes. These forward--looking statements are made as of the date of this document. There is a strong possibility that express or implied projections contained in these forward-looking statements will not materialize or will not be accurate. The Bank recommends that readers not place undue reliance on these statements, as a number of factors, many of which are beyond the Bank's control, could cause actual future results, conditions, actions or events to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These factors include, without limitation, the ability to attract and retain key employees who will support the acquired institutional services business, including certain senior management of the acquired institutional services business; the ability to complete the conversion of the client records, systems and operations supporting the acquired business within anticipated time periods and costs; the retention of substantially all of the clients of the acquired institutional services business following the closing; together with general factors such as credit risk, market risk, liquidity risk, operational risk, regulatory risk, and reputation risk, (all of which are described in greater detail in the Risk Management section that begins on page 57 of the Bank's 2012 Annual Report available at http://www.sedar.com); the general economic environment and financial market conditions in Canada, changes in the accounting policies the Bank uses to report its financial condition, including uncertainties associated with assumptions and critical accounting estimates; tax laws in Canada; and changes to capital and liquidity guidelines and to the manner in which they are to be presented and interpreted. The Bank assumes no obligation to update or revise these forward-looking statements to reflect new events or circumstances and cautions readers not to place undue reliance on them. SOURCE National Bank of Canada /CONTACT: (The telephone number provided below is for the exclusive use of journalists and other media representatives.): Claude Breton Assistant Vice-President, Public Affairs National Bank Tel.: 514-394-8644 H ne Baril Director, Investor Relations National Bank Tel: 514-394-0296 Copyright CNW Group 2013 http://online.wsj.com/article/PR-CO-20131112-907876.html
  11. Akelius Canada, filiale de la suédoise Akelius Residential Property, vient d'acquérir quatre immeubles d'habitation au centre-ville de Montréal, un investissement de 120 millions pour 415 logements. Il s'agit du Westmount Estates, au 1800, De Maisonneuve Ouest, du Plaza Drummond, au 3435, Drummond, du 3421, Drummond et du 4555, Bonavista, dans Côte-des-Neiges. Les propriétés étaient auparavant contrôlées par Cromwell Management, propriété de George Gantchev et Stanley Zipkin. Akelius est entrée au Canada en 2011. Elle se concentre dans les marchés de Toronto et Montréal pour le moment. Elle vient de franchir le cap des 1000 logements à Montréal avec ces dernières acquisitions. http://affaires.lapresse.ca/economie/immobilier/201601/26/01-4943781-un-groupe-suedois-investit-120-millions-au-centre-ville.php
  12. Une entrevue avec François Colbert, titulaire de cette nouvelle Chaire, ce matin à RC. Très intéressant: http://www.radio-canada.ca/emissions/medium_large/2012-2013/chronique.asp?idChronique=303681
  13. (Courtesy of the Financial Post) :confused: Okay, I pay the bank like what $4 a month. That 0.13% for someone that has $50 million the bank, is going to lose like $65,000 per month ($780,000 per year). I have a feeling many people that deal with custodian banks, will look somewhere else. I guess the banks had to go after their largest customers.
  14. Date: 25 May 2010 Location: Montreal SITA opens unique command centre to manage the global operations of 3,200 air transport customers The world's first global command centre dedicated to the air transport industry was launched today in Montreal. This unique facility, operated by SITA, the specialist provider of air transport communications and IT solutions, will monitor and manage mission-critical systems for the industry that transports over two billion passengers each year. SITA's Command Centre is manned 24/7 by teams of IT experts who have real-time visibility of the IT and communications systems in use at airports, in airlines and aircraft by SITA's 3,200 customers. This real-time visibility enables SITA to proactively monitor and manage the systems so that issues can be mitigated before they arise, or resolved quickly and efficiently. Just about every airport or airline in the world does business with SITA and from Montreal the operations of more than 300 airports and 2,000 airlines will be supported. Francesco Violante, SITA CEO, said: "IT systems and communications are the backbone of the industry's business activity supporting mission-critical operations. Now, for the first time, in this centre in Montreal, we at SITA have brought air-to-ground, airport, data centre and network support together under one roof. We have invested in this centre to ensure the most integrated and proactive operational management possible for our customers around the world. "Here we have gathered our teams of operational experts and invested in the most advanced automation, monitoring and process management tools. Together these will improve agility and effectiveness of our customer service delivery. Our team in Montreal will work with our 1,500 customer service staff based around the world at, or near, our customer operations." Through the use of more than 10,000 routers, which have been installed at each of its customer airline and airport sites worldwide, SITA now has unique visibility at the edge of the air transport industry's communications network allowing its specialists to monitor activity and to be aware of issues where customer connections are impacted. SITA's extensive visibility involves the management of more than 300 vendor relationships with service providers globally. SITA can not only rapidly inform the customer of any possible disruption but can also work with the vendors to quickly resolve any issues. In particular, Orange Business Services, as the industry's primary network provider, will have a team based in SITA's Command Centre in Montreal to ensure a unified level of service and enhanced responsiveness globally. "SITA's major investment in Montréal once again highlights our city's leadership in aerospace and telecommunications," said the City of Montréal executive committee member responsible for economic development, infrastructures and roads, Richard Deschamps. "Montréal's position at the crossroads of Europe and North America places it in a unique strategic geographic location that greatly influences the decisions of large corporations such as SITA, which chose Montréal to establish its first global Command Centre for the air transport industry. This is big news for Montréal," added Mr. Deschamps. Violante added: "This command centre is visionary and will support our customers' globally distributed complex IT systems and networks. Our investment here, and in a second command centre which we will open in Singapore later this year, will provide "follow-the-sun" operational support. This will ensure more consistent, responsive and proactive service support and reduce disruptions or downtime for our 3,200 customers." All of SITA's operations for its customers worldwide will be managed from Montreal including; airport check-in services; self-service web, kiosk and mobile applications; baggage management and tracking; passenger management solutions including reservations, inventory and ticketing; messaging and network operations. In addition, SITA's AIRCOM services which are used by more than 220 airlines worldwide for air to ground communications will be monitored from here. Dave Bakker, Senior Vice President, SITA Global Services, said: "The opening of this, the first of our two Command Centres, is a significant step in our strategy to provide the highest levels of continuous service and management to our global customers. With our real-time visibility and management of all applications and infrastructure through one unified global team we can provide "best-in-class" service." More than 90 staff will operate SITA's Command Centre bringing the SITA staffing in Montreal to over 220. The team will consist of network and infrastructure specialists, process and quality assurance analysts and customer service technical support representatives who between them have hundreds of years experience in the air transport industry. The 24/7 operation is a true centre of excellence and strengthens the long-established relationship Montreal, which is the home of the headquarters of IATA and ICAO, has with the air transport industry. http://www.sita.aero/content/managing-world-s-air-travel-montreal
  15. Why is it that TD is the only Canadian bank that has an actual branch in NYC. While BMO and RBC have branches but in different cities. BMO and RBC both have their wealth management in NYC though :stirthepot: OT: A while back Gothamist had a small article on TD seeing it wasn't like other banks, it was more friendly and there wasn't like bulletproof glass protecting the teller from people and stuff.
  16. Will Quebec be a gas, gas, gas? Fund managers are making big bets on juniors targeting the Utica shale region SHIRLEY WON From Wednesday's Globe and Mail May 28, 2008 at 7:21 AM EDT Quebec may seem like an unlikely hot spot for natural gas exploration, but some investors are digging deeper into unconventional resource prospects in the province. Shares of junior gas explorers targeting the Utica shale region in the St. Lawrence lowlands have surged recently, with some fund managers making big bets on potential winners. "It could be a very large gas discovery for Canada and Quebec," said Eric Sprott, chief executive officer and a manager with Sprott Asset Management Inc. "We probably started [accumulating stock] six months ago, but we went in earnest eight weeks ago." Toronto-based Sprott Asset Management, through several of its funds, holds 14 per cent of Gastem Inc., 15 per cent of Questerre Corp. and 13 per cent of Altai Resources Inc., according to Bloomberg. Forest Oil Corp. The Globe and Mail The Quebec shale play, which involves drilling for gas by fracturing dense rock, focuses on an area south of the St. Lawrence River between Montreal and Quebec City. Interest has grown in the region since April, when Forest Oil Corp., a Denver-based oil and gas company, announced a significant discovery there after testing two vertical wells. Forest Oil said its Quebec assets may hold as much as four trillion cubic feet of gas reserves, and that the Utica shale has similar rock properties to the Barnett shale in Texas - the largest U.S. onshore gas field. Quebec has been known to have natural gas reserves, but advanced horizontal drilling techniques and higher gas prices are now only making the play potentially economically viable, observers say. Forest Oil, which has several junior partners in the region, will drill three horizontal wells in Quebec this summer. It has targeted its first production for next year, and full-scale drilling for 2010. Calgary-based Talisman Energy Inc. also plans to drill in Quebec in late summer. The presence of the majors gives this play more credibility, said Wellington West Capital Markets analyst Kim Page. "Talisman has indicated it is budgeting $100- to $130-million for Quebec," Mr. Page said. "The return opportunity, if this play is commercially viable, is very high." But it is the juniors that "provide the greatest upside potential," when investing, said analyst Vic Vallance of Fraser Mackenzie Ltd. The analyst has a "buy" rating on Gastem and Questerre, saying they have properties in the "sweet spot" of the play. He has no price targets on these juniors because "it's so early stage and speculative." Montreal-based Gastem is partnered with Forest Oil, Questerre and Epsilon Energy Ltd. in the Yamaska permit of the St. Lawrence lowlands. An important catalyst for Gastem's stock could come from results of the drilling of two of Forest Oil's wells this summer, Mr. Vallance said. Forest's third well is in partnership with Junex Inc. Drilling results are also a potential catalyst for the stock of Calgary-based Questerre, which is also partnered with Talisman in its drilling program, Mr. Vallance added. Toronto-based Northern Rivers Capital Management Inc. owns 11 per cent of Gastem through its four funds. "The fact that it is in all the funds reflects how bullish we are," said Alex Ruus, a hedge fund manager with Northern Rivers. Mr. Ruus was on site when Forest Oil began drilling on Gastem's property last summer. "I became quite convinced that there was probably a commercial discovery here." It was Gastem's management that got Forest Oil interested, he added. "Forest Oil is the operator that is driving this [play], going forward." He has scenarios valuing Gastem from $1 to $40 a share, but his target is now more than $10, based on current data. The play is attractive because there is a ready-made local market, as Quebec imports gas from Western Canada, and there is a network of nearby pipelines, he said. "If this thing becomes as big as we think it will, you will see Quebec starting to export natural gas to Ontario, and New York State." Paul MacDonald, with Marvrix Fund Management Inc., sold all of his shares in Junex during their recent rally, but still holds more than 750,000 of its warrants in three Marvrix resource flow-through funds. Mr. MacDonald bought Junex at $1.25 to $1.30 a share, but the stock shot well past his near-term target of $2.25. "With the best-case assumptions, you can see $30 on Junex," he said. "But there are still risks to the downside. ... It's still high risk, high return." http://www.theglobeandmail.com/servlet/story/RTGAM.20080528.wrgas28/BNStory/SpecialEvents2/Quebec/
  17. La branche canadienne de Société Générale rachètera pour 611 M$ d'instruments de dépôt sous-jacents aux placements de l'entreprise en faillite Portus Alternative Asset Management. Pour en lire plus...
  18. MONTREAL, May 7 /CNW Telbec/ - The media are invited to attend the inauguration of the new Canadian head office of Voith Siemens Hydro Power Generation. The inauguration will be held under the patronage of the Consul General of the Federal Republic of Germany in Montreal Mr. Jvrg Metger, and in the presence of the President and Chief Operating Officer of Voith Siemens Hydro Power Generation Canada Mr. Denys Turcotte and the members of the Management Board of the Voith Siemens Hydro Power Group, Dr. Hubert Lienhard, Dr. Siegbert Etter, Mr. Egon Krdtschmer, and Mr. Jurgen Sehnbruch. << Date: Wednesday, May 9, 2007 Time: 6 to 8 pm Speeches begin at 6:30 pm Location: Voith Siemens Hydro Power Generation 9955 avenue de Catania, suite 160 Brossard, Québec Media who wish to attend must confirm by telephone at 514 844-7338 or 514 943-6557. >>
  19. Montreal's BPR buys France's Saunier Engineering firm boosts international presence The Gazette Published: 9 hours ago Montreal's BPR engineering group is boosting its international presence with the acquisition of France's Saunier & Associés, a Paris-based firm specializing in energy and environmental work and building design. The merged company will have annual revenue of about $250 million and a staff of 2,400 in North America, Europe, South Africa and the Caribbean, chief executive Pierre Lavallée said yesterday. "This deal opens up the French and European markets to BPR and allows Saunier to market its specialized engineering services in Quebec, across Canada and in the U.S.," he added. BPR, which began 47 years ago in Quebec City with three engineers, grew steadily into a design, engineering, procurement and construction management firm. It moved its headquarters and main operations to Montreal in 2000, while retaining its offices in Quebec City and the Saguenay and taking on projects in Ontario and the U.S. Lavallée said BPR's focus is on heavy industry, mining, metals and petrochemicals, water, waste management, roads, bridges and other infrastructure, hydro and nuclear energy, and office buildings. "We're involved in the upgrading of Petro-Canada's Montreal refinery and Ultramar Canada's Quebec City refinery to produce the new low-sulphur diesel fuels," he said. "One of our strengths is instrumentation for industry." Saunier will add specialized skills in the energy and environmental sectors, such as the transfer of heat generated from waste processing to serve buildings, and other technologies for industry and municipal infrastructure. It has 19 offices across France. "We got to know each other when we were working on a massive waste water management upgrade in Paris," Lavallée said. "We were responsible for the design and were strangers in France. Now Saunier's technologies, experience and consulting skills can be applied here ... we'll both benefit from the synergies stemming from our alliance." CEO Bernard Saunier said the merger will provide Saunier with access to new markets and new opportunities for its engineers and technicians. "The alliance comes just at the right moment and it will help us accelerate our development, especially in energy."
  20. L'Industrielle Alliance, Assurance et services financiers a annoncé lundi avoir signé une entente afin d'acquérir la société de gestion de fonds communs de placement Sarbit Asset Management. Pour en lire plus...