Canada-Asia News Service
A daily summary of Canada-Asia business and government news including top headlines from the region. Following a story? Search the archives.
Fairfax Agrees to Acquire Sri Lankan Insurance Business
Toronto-based Fairfax Financial Holdings Limited has announced the signing of an agreement by its wholly-owned subsidiary, Fairfax Asia Limited, to acquire 78% of the general insurance business of Union Assurance PLC, a Sri Lankan insurer. The transaction is expected to close by the first quarter of 2015. Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
APF Canada Releases Paper on Japan’s 'Russian Embrace'
As part of its Canada-Asia Agenda series, the Asia Pacific Foundation of Canada (APF Canada) has released a piece entitled Japan’s ‘Russian Embrace’ Faces Awkward Trajectory which analyzes changes in Japan-Russia relations in the last year. Japan’s Prime Minister Shinzo Abe has prioritized improving relations with Moscow, particularly in the areas of energy security and security and defence issues, but Russia’s recent actions in Ukraine have cooled the bilateral relationship in part due to Tokyo’s concern that Moscow’s actions could create an international legal precedent affecting its own territorial disputes with Russia (over the Southern Kurile Islands, known as the Northern Territories in Japan) and China (over the Senkaku/Diaoyu Islands). To read the article, please click here.
Metal Tiger Signs MOU for Thailand Equity Interests from Canadian Subsidiary
Metal Tiger PLC, a London, UK-based natural resources company primarily focused on mining in Southeast Asia, has signed a Memorandum of Understanding (MOU) with South East Asia Exploration & Mining Company Ltd (SEAM), a Thailand-based mining and exploration firm and a unit of Toronto-based Southeast Asia Mining Corp. Under the agreement, Metal Tiger will pay US$10,000 in cash up front to SEAM to provide a 90-day window for Metal Tiger to complete due diligence and finalize a joint venture with the firm. That joint venture has been created in order to allow Metal Tiger to acquire interests in exploration applications in Thailand and will involve Metal Tiger paying an initial US$150,000 to SEAM over two years, with a concurrent investment of US$150,000 to be applied to permit and exploration costs over the same period.
APF Canada to Host ‘Canada’s Asia Challenge: Building Skills and Knowledge for the Next Generation’ Conference
The Asia Pacific Foundation of Canada (APF Canada) announced it will host Canada’s Asia Challenge: Building Knowledge and Skills for the Next Generation, a national conference that will take place from October 15-17, 2014 in Calgary, Alberta. It will feature Canadian and international speakers who will share experiences, perspectives and good practices in preparing Canadian students and young professionals for the rise of Asia. APF Canada is partnering with the Government of Alberta and Manulife Financial to organize the conference which will bring together members of governments, education institutions, the private sector, civil society and leaders of Canada’s next generation to identify priority initiatives and next steps, create networks to support priority initiatives, and exchange program ideas and best practices. For more information and to register, click here.
Hong Kong Company Acquires C$25.5 Million Stake in SouthGobi
Hong Kong-based National United Resources Holdings Limited (NURHL) has announced it has entered into an agreement to acquire 29.95% of the common shares in SouthGobi Resources Limited from Vancouver-based Turquoise Hill Resources Limited for approximately C$25.5 million. NURHL is engaged in coal trading, natural resources logistics, outdoor media advertising and media services. Turquoise Hill is a mining company with interests in Mongolia, including the Oyu Tolgoi mine. SouthGobi is a coal mining company in Mongolia which is listed on the Toronto and Hong Kong Stock Exchanges.