Why Buffett is bullish on stocks: A Q1 letter to clients

By Dan Richards, Visiting Professor at Rotman School of Management

Introduction

Since 2008, I have posted templates to serve as a starting point for advisors looking to send clients an overview of the year that just ended and the outlook for the period ahead.

Advisors have told me they’ve received a great response to these letters and the templates rank among my most popular articles – that’s especially the case given today’s uncertainty.

This letter has three components:

  1. An update on performance
  2. Perspectives on today’s macro challenges from Warren Buffett’s most recent letters to investors
  3. Your recommendations for the period ahead

 

The first quarter in review: Why Warren Buffett is bullish on stocks

As we enter the second quarter of 2013, I’m writing to summarize markets developments since the start of the year and to share my thoughts on positioning portfolios for the period ahead. First though, a quick recap of the first quarter of 2013.

At the end of March, U.S. stock markets crossed the all-time high reached in October of 2007. This was due to an exceptionally strong performance to start the year following the agreement by U.S. Congress in early January to avoid the “fiscal cliff” that would have required dramatic reductions in spending and risked throwing the U.S. back into recession.

Three things worth noting about first quarter performance:

  1. Driven by a strong start in January, global markets were up by almost 9% in the first quarter, led by gains in the United States of over 10%. One word of caution: Last year global markets were up by 12% in the first three months before giving back almost all of those gains in the second quarter, in large measure due to concerns about Europe.
  2. On the topic of Europe,  in spite of recent headlines about the bank crisis in Cyprus and continuing issues in Greece, the European market was up by 7% (in local currency) in the first three months of 2013. While Cyprus and Greece got the headlines, the large bulk of Europe’s economic performance will continue to be driven by the larger countries.
  3. Canada continued to underperform the United States and global markets. Since the beginning of 2010, the Canadian market is up by about 15%; in that same time the United States is up by roughly 50%.

 
Here’s how first quarter performance looked:

Monthly Returns - Local CurrencyCanadaU.S.EuropeEmerging MarketsWorld Markets
January 20132.2%5.3%5.1%1.0%4.9%
February 20131.5%1.3%0.9%0.0%1.2%
March 2013-0.6%3.8%0.9%-0.8%2.3%
Q1 20133.1%10.7%7.1%-0.2%8.6%

Returns to month end, all in local currency, including dividends

 

Warren Buffett’s view: Stocks still offer value

Warren Buffett is generally considered the greatest investor of all time. From 1966 when he began running Berkshire Hathaway to the end of 2012, the overall U.S. stock market (including dividends) has returned an average of 9.4% annually. That means that $1000 invested in the US market in 1966 was worth just over $74,000 at the end of 2012. During that same time, the book value of Berkshire Hathaway increased by almost 20% per year, twice the U.S. market return. The result: That same $1000 invested in Berkshire Hathaway’s book value would have grown to over $5 million.

That’s why Warren Buffett’s views are worth heeding. And that’s also why his annual letter to investors is awaited each year with such anticipation. Three key messages in this year’s letter:

1. Invest in “wonderful”  businesses

Buffett is known for saying that he’d rather buy “a wonderful business at a fair price than a fair business at a wonderful price.”  He’s written in depth about the competitive insulation that makes for a great business. (In another well-known turn of phrase, he’s said that he wants to buy businesses “so wonderful that an idiot could run them, because some day an idiot will.”

In this year’s letter, Buffett touched on Berkshire Hathaway’s investment in American Express (of which he owns just under 14%) as well as Coca-Cola, IBM and Wells Fargo, his other three big holdings in which he owns between 6% and 9%. In all four cases, he increased his stake in 2012; he quotes the Mae West line that “too much of a good thing is wonderful.”

2. Look past today’s uncertainty

Buffett addressed the uncertainty that preoccupies many members of the media and which has dampened the willingness of American business to invest. He points out that uncertainty has been a constant in the United States since 1776; the only variable is whether people ignore the uncertainty (which typically happens in boom times) or fixate on it.

Buffett continues to express confidence in the resiliency of American business, just as he did in his famous New York Times article in the fall of 2008 titled “Buy American I Am” that appeared close to stock market bottoms during the uncertainty in the aftermath of the global financial crisis.

3. Stay in the game

In this year’s letter, Buffett addressed the temptation to, in his words “try to dance in and out (of the stock market) based upon the turn of tarot cards, the prediction of so-called experts or the ebb and flow of business activity.”
He went on to say that since the long-term outcome of investing in stocks is so overwhelmingly favourable “the risks of being out of the game are huge compared to the risks of being in it.”

In an interview that followed the release of his letter, Buffett reiterated his view that given that at some point interest rates will inevitably rise, stocks of quality businesses continue to offer good value relative to bonds, even in the face of the run-up in equity prices since last summer. He also repeated his skepticism about owning bonds saying that today “the dumbest investment is a government bond.”
 

What this means for your portfolio

In my email at the end of last year, I outlined some guiding principles in my approach to building client portfolios, three of which I repeat here.  I’d be pleased to discuss these guidelines at our next meeting.

1. Time to rebalance: Adhering to your plan

In light of stock valuations and the risk in bonds, early last year we recommended that clients increase equity weights to the upper end of their range. Given strong stock performance since the mid-point of last year, that has worked out well and we continue to advise that clients hold their maximum equity weight.
But strong performance by stocks means that today some clients are above the top of their equity allocation. In those cases, we have been recommending reducing equity weighting to bring portfolios back within their guidelines. Regardless of what happens to markets in the short term, barring a significant change in your circumstances, you should stick to your investment parameters.

2. Diversifying portfolios

When building equity portfolios, I’ve always advocated strong diversification outside Canada. This helped my clients through most of the 1990s, then hurt them in the decade after 2000, then helped them again in the past three years.

Going forward, I have no idea whether the Canadian market will do better or worse than global markets, but I do know that we represent fewer than 5% of investing opportunities around the world. In addition, because of our resource focus Canada’s market will tend to be more volatile over time than those of the U.S. and yes, even Europe.  For those reasons, I continue to recommend geographic diversification of stock portfolios.

3. Focus on dividends and cash flow

The final principle relates to the role of cash flow from investments. Amid the uncertainty surrounding economic growth and equity returns, I continue to place priority on the cash yield from investments. While the headlines talked about US markets hitting new highs in March, investors who reinvested their dividends saw their account values exceed the 2007 peak significantly earlier.

Dividends on stocks in selective sectors continue to make these stocks attractive. When it comes to equities, we do have to be increasingly discerning, however; in some traditional high-dividend sectors stocks that pay steady income are expensive by historical standards and show signs of stretched valuations.

Parliamentary Secretary for Foreign Affairs attends Armenian Presidential Inauguration

Parliamentary Secretary for Foreign Affairs attends Armenian Presidential Inauguration

Deepak Obhrai, Parliamentary Secretary to the Minister of Foreign Affairs, will be attending the inauguration of Serzh Sargsyan, President of the Republic of Armenia, on April 9, 2013 where he will convey congratulations on behalf of Prime Minister Harper and Canada.

The Parliamentary Secretary will also meet with the Armenian Foreign Minister to congratulate Armenia on the successful membership bid to La Francophonie and express hope for working closely with Armenia on Canada’s priority themes within this body. These themes include children and youth, equality between women and men, and sustainable economic growth among members.

Mr. Obhrai will also take the opportunity to reiterate Canada’s strong support for the efforts by Turkey and Armenia to normalize relations and address historical differences.

ATN Signs Animated Epic Series The Legend of Ponnivala for Canadian Broadcast: In Tete-a-Tete with Dr. Brenda Beck, Producer of the Series

Source: The Sophia Hilton Foundation of Canada

The Sophia Hilton Foundation of Canada and Soft Science Associates, Ltd., creators of the animated Legend of Ponnivala series, have signed on with the Asian Television Network for Canadian broadcast of the 26-episode series. The series is slated to launch in English on ATN in late April, with a Tamil-language broadcast planned for the summer.

The Legend of Ponnivala tells the story of the epic South Indian heroes Ponnar and Shankar. It also relates the origins of their family, back to the founding of the region two generations earlier. It is a surprisingly expansive tale for a local legend, and includes a wealth of historical and social insights into medieval Indian culture. It draws inspiration and characters from the great Indian epic, the Mahabharata, while keeping its focus on farming, the lifestyle central to its place of origin.

Speaking exclusively to AnimationXpress.com’s Zeenia Boatwala about this broadcasting deal, Dr. Brenda Beck, Creator and Producer of The Legend of Ponnivala shares, “I am very happy about this contract. When I met with ATN’s CEO, Dr. Shan Chandresekar, we realized we were on the same page with this series. He had seen the Legend of Ponnivala trailers and was enthusiastic about the prospect of adding it to the network’s family lineup. I felt that the broadcast potential and strength that ATN was offering would be a great vehicle to get the series out to the widest possible audience, Asian and non-Asian alike. The plan to broadcast in both English and Tamil reflects a fitting balance between the story’s Kongu roots and its modern re-telling in English”

The Legend of Ponnivala has previously been seen only as a feature film in select international settings. One extended excerpt received a nomination for Best Animated Film (Home Video) at the 2012 FICCI BAF Awards in India. Another extract was a featured presentation at the MOSAIC International South Asian Film Festival in Mississauga, Ontario.

Dr. Brenda Beck, Adjunct Professor, Department of Anthropology, University of Toronto, adds more, “ Now that its premiere Canadian broadcast has opened the door, we’re looking to build on that momentum and get in touch with additional networks in order to really move the story forward onto an international stage.”

The Legend of Ponnivala is derived from a vast, ancient Hindu folktale tradition from South India’s Kongu region. The story has traditionally been told through song and passed down through generations of singing bards. One such performance was captured on over forty hours of audio tape in 1965 by Dr. Brenda Beck, who directed the series. Art and animation on the project began in 2008. Animator Ravichandran Arumugam, whose grandfather was a traditional singer of the epic, was brought on board to lead the art and animation team.

Informing more on the story line of this series, Dr. Brenda, highlights, “In retelling The Legend of Ponnivala, I have tried to stay as faithful as possible to the story’s original style and content as I recorded it in 1965. At that time, the only place it existed was in the tales of the singing bards of the Kongu region, and it was only by chance that I was able to capture and preserve it on audio tape. This very colourful tale depicts the life of farmers in medieval South India through the adventures of three generations of local kings. Due to a curse, the royal family is forced to confront jealous outsiders who threaten their sovereignty over the land of Ponnivala.

Shares further, “The story has very close ties to other Indian epics, and has even been called a ‘local Mahabharata.’ Because this epic is only really known in selected parts of Tamilnadu, it is fresh and unique, but its size and scope certainly make it powerful enough to stand alongside other great world epics like the Odyssey or Beowulf.”

Also involved in the project is award-winning Celtic musician and world music expert Steafan Hannigan, along with the voice talents of Sivakumar, Sumit Bhatia, Lata Pada, Afroz Khan, Ishwar, and Sanjay Talreja.

“The Legend of Ponnivala” is an epic adventure story for all ages. Part mythology, part fairytale, part historical drama and part action series, Ponnivala promises to delight and entertain viewers of all ages and across all cultures.

On the closing note, Dr. Brenda, expresses, “The Legend of Ponnivala is more than just a TV series. We’ve already released a comic book set in both print and digital formats on our website. It is being taught in elementary schools in Canada, using our lesson plans plus creative added exercises thought up by teachers.  The story provides a unique window on ancient Indian culture, and is even being used as an exhibit at Canada’s Royal Ontario Museum this spring. The whole scope of the project is so much more than just a television series, but with this broadcast the breadth of its cultural, educational, and entertainment value will now be revealed to a much wider audience than we could possibly reach on our own.

If you would like to learn more about the Canada-India Legend of Ponnivala project, please contact Dr Brenda Beck at [email protected]

Indians break another ceiling in Canada as Bharat Masrani is appointed CEO of top bank TD Trust

Indians break another ceiling in Canada as Bharat Masrani is appointed CEO of top bank TD Trust

Source: News East West

TORONTO: Finally, an Indian-origin person is becoming CEO of Canada’s top financial institution.

Bharat Masrani, who is in charge of the bank’s US personal and commercial banking operations, will take over as the CEO of TD Trust – which is Canada’s top bank – from Nov 1.

It will be the first time that a person of Indian origin becomes the head of a bank in Canada. Currently, Sarabjit Marwah , who is the number two in Scotiabank in Toronto, is the highest-ranking Indian in corporate Canada.

But 56-year-old Bharat Masrani will now be the top Indian in corporate Canada when he takes the reins of the country’s top bank.

Masrani, who has been with TD Trust since 1987, started his career as a Commercial Lending Trainee where he rose to Account Manager, Commercial Accounts in 1988. He progressed through a number of positions and responsibilities before assuming the role of Vice President and Head, Corporate Banking Canada.

In 1996, he was appointed Vice President and Country Head for India and then to Senior Vice President, Corporate Finance and Co-Head in Europe in 1997.

In 1999, Bharat also served as Senior Vice President and Chief Executive Officer of TD Waterhouse Investor Services in Europe. Prior to his current position, Bharat was Vice Chair and Chief Risk Officer, Corporate Office, TD Bank Financial Group.

Bharat Masrani, who earned his Bachelor of Administration with Honours in 1978 and then his MBA in 1979 from York University’s Schulich School of Business, currently lives in Portland, Maine, with his wife Shabnam and two children.

“As we look to the future, the Board is confident that Bharat’s leadership, breadth of experience and global business insight will serve him well,” TD Trust chairman Brian Levitt said in a statement on Wednesday.

Outgoing CEO Ed Clark said, “Bharat brings a continuity of strategy, culture and values. I am extremely confident in the future of TD.”

The TD Board opted for Masrani for the top job because of his excellent execution of his boss Ed Clark’s strategies in the US where acquisitions of many banks, including those of Commerce Bancorp for more than $8-billion and some Florida banks, made TD Trust as one of the top ten banks in the US. In fact, the bank has more branches in the US (over 1,300) than in Canada (1,100).

Harper Government Drops India From List Of ‘Preferential Regime’, Increases 3% Import Tax

Source: International Business Times

Amid negotiations for Comprehensive Economic Partnership Agreement between the two countries, Canadian federal government this month decided to increase the tax on goods coming from India recently.

While announcing its budget, Canadian Finance Minister Jim Flaherty last week said that from January 1, 2015 onwards, its government will impose an extra three percent tax on goods coming from India.

India was one of the 72 countries that the Canadian government decided to drop out from the list of “general preferential regime” which offers lower tariff for export.

Canada introduced the special tariff system in 1974 to offer preferential market access to the list of developing countries.

Other than India, Canada removed Indonesia, South Korea, Israel, Mexico and Argentina and other BRICS countries – Brazil, Russia, China and South Africa from the special tariff deduction list.

However, the government decided to retain some of the India’s neighboring countries- Pakistan, Bangladesh and Sri Lanka under the list of lower tariff imposition.

According to Stephen Harper’s government, the decision was based on the economy status criteria set by the World Bank.

Though India was excluded from the favorable list, it is believed that the removal from the list won’t  impact India’s export if the Comprehensive Economic Partnership Agreement (CEPA) between the two countries is signed in time.

“Both governments have targeted to complete the agreement by the end of 2013. If that’s the case, clearly any potential impact of the removal from GPT (General Preferential Tariff) becomes irrelevant,” Business Standard quoted  the Former Canadian High Commissioner to India and Incoming President of the Canada-India Business Council Peter Sutherland, as saying.

The two countries have vowed to conclude the CEPA by end of this year. In an email sent to the International Business Times last February, Canadian government’s spokesperson Jennifer Chiu said that Canada could produce almost 40,000 new jobs once the CEPA was tabled.

The latest and the seventh round of Comprehensive Economic Partnership Agreement talks between the two countries was held in New Delhi February.

Fix education so we don’t have people without jobs, conference told

Source: MetroNews

Canada must fix its educational system to ensure that a looming demographics shift doesn’t leave result in a “people without jobs and jobs without people” scenario, experts warn.

“The demographic time bomb that’s ticking is getting louder and louder,” said John Manley, president and CEO of the Canadian Council of Chief Executives, which hosted a conference on the issue in Toronto on Monday.

“There’s a mismatch between the training and education that’s being offered, and the jobs that are being created.”

The influence of the postwar baby boom generation has long been known, but the potential impact is staggering. According to Rick Miner, former Seneca College president, by 2036 those under the age of 15 and over the age of 65 will represent 65 per cent of the Canadian population, compared with 44 per cent in 2010.

“That means nearly two-thirds of the population will be over 65 or under 15, compared to the population working full-time. That’s frightening,” Miner said.

These demographic changes can be mitigated by getting more people into the workforce who have been traditionally under-represented including immigrants, aboriginals, women, those with disabilities, those in their early 20s and older workers.

Miner also believes there also needs to be a revamp of post-secondary education, where institutions must work together.

He noted high school students sometimes do an extra year to get into a particular university program. And even after university, some graduates can’t find work so they return to do a community college program — meaning it can be as many as six or seven years of schooling, post-high school.

Others at the conference also cautioned that preparing students for the jobs of tomorrow is difficult, especially given that 25 per cent of today’s jobs didn’t exist 30 years ago.

Linda Hasenfratz, chief executive officer of auto parts company Linamar Corp., added that young people are often encouraged to study something they love, with promises they’ll find a job in the end.

“It doesn’t always work out that way,” Hasenfratz said, adding sometimes they discover they studied what they love, but they can’t get a job that gives them the level of income they want.

She believes more training needs to be done in secondary school, where students can be exposed to skills used by carpenters and machinists as a building block for learning.

They might then choose a skilled-trades apprenticeship or community college to become an engineering technologist, or university to become an architect, based on initial exposure to carpentry, she said.

Others also warned that job demands can fluctuate dramatically so governments and educational institutions must react carefully to deal with shortages. For example, teachers were desperately needed, so more teacher training spots were added. But now universities continue to graduate new teachers even though there are few job openings.

CAW economist Jim Stanford added that the top three jobs of the future are truck driver, retail clerk and health care assistant.

“We should be realistic about where the jobs are,” he said, adding if society needs truck drivers, those jobs need to be valued with appropriate wages and working conditions.

“There is a cultural bias against blue-collar occupations against the idealized white-collar occupations,” he added.

Looking for India’s Zuckerberg

Source: The Economist

A pioneer in outsourcing but a laggard in the internet era, can India become a leader in mobile technology?

Information technology has been a mighty force for good in India. Its first tech revolution began 30 years ago, when a few engineers came up with the unlikely idea of doing back-office IT work for far-off Western firms. Today that outsourcing industry is a capitalist marvel. It has annual sales of $100 billion, mostly from abroad, and these export earnings have been vital in a country with a weak balance of payments. Millions of good jobs in India have been created. Young Indians have seen that globalization creates winners. India’s reputation in the world has changed, too: Bangalore’s shining IT campuses have become as famous as the Ganges and the Gandhis.

Yet India has been a comparative failure in terms of innovation over the past decade. You might have expected India’s many advantages (the English language, abundant engineers and a thriving diaspora in Silicon Valley) to pay off spectacularly on the internet. But only a few start-ups have made clever technical innovations that have been sold abroad. And at home e-commerce is in its infancy, with sales only 6% of China’s. Thanks to lousy infrastructure, useless regulation and a famously corrupt telecoms sector, the web is available to only 10% of Indians, many of them squinting at screens in cafés.

India boasts no big internet firms to compare with Chinese giants such as Alibaba, Baidu and Tencent, nor start-up stars like Facebook’s Mark Zuckerberg. Instead, it has seen a succession of false dawns, from its version of the dotcom bubble in 1998-2002 to more recent hype over deal-of-the-day websites and text-based cricket updates. In 2010-11 lots of start-ups raised cash, but they have struggled since. Venture capitalists grumble that their returns have been poor. The original emerging-market tech pioneer has fallen behind in the internet era.

Feeling luckier

Catching up should be a priority for India—not least because its outsourcing champions are now reaching middle age. As the wages of India’s engineers rise, its IT industry cannot rely for ever on doing straightforward work cheaply for foreigners. The good news is that India now has a chance to lead again; the bad news is that this opportunity relies in part on Delhi’s bureaucrats not messing it up.

Optimism springs, first, from a healthy stock of young entrepreneurs (see article). Many have gained valuable experience working in America or for multinational firms. Many are battle-hardened through previous ventures that flopped, from dairy farms to bowling alleys. As in California, failure is no longer frowned upon in India. New firms such as Flipkart and Redbus are adapting Western e-commerce models to deal with India’s rickety logistics and cash-based economy. They are transforming mundane areas such as bus tickets, and opening up scores of smaller cities to modern retailing. Tens of millions of people are benefiting as a result.

The second change is the mobile internet. India’s fixed-line system may be abysmal, but cheap smartphones and fast wireless networks are rapidly spreading. India is poised to leapfrog the era of the personal computer and go straight to the mobile-internet age. Already a quarter of internet traffic is from phones, compared with a seventh worldwide. E-commerce sites are getting a surge in activity from phone-users.

But this budding revolution needs clever regulation. Outsourcing boomed in part because it avoided government: the product was exported through global networks. The mobile internet needs capital, payment systems, and wireless capacity. In all three areas the government is in the way.

The e-commerce industry appears stymied by the same restrictive rules on foreign investment that have bedevilled bricks-and-mortar retailing. Only a fifth of Indians have credit or debit cards—and using them online is a nightmare, again thanks to regulations (India could learn a lot from Africa’s use of mobile money). And India needs more and better wireless networks; some big players such as Mukesh Ambani, India’s richest man, have been tempted in, but the telecoms regime is a tangle of overcomplicated rules and graft.

India has the talent to lead in the mobile internet, as it did in outsourcing. But so long as Indians struggle to get a signal or to make payments, the revolution will be held back.

Adnan Sami to get Canadian honour

Source: Times of India

Singer-composer Adnan Sami will be honoured with an Award of Recognition in Canada for his contribution in the field of arts, culture and music. He feels “blessed”. He will receive the award March 21 by the speaker at the Legislature at Queen’s Park, the Ontario Parliament, Canada.

A special reception for him will also be organised by Shafiq Qaadri, member of Provincial Parliament, Etobicoke North, and he will be given a guided tour on the floors of the Parliament.

“I bow my head in humility for receiving this honour from such an esteemed house,” Adnan said in a statement.

The ability to make people smile through his music, is what makes Adnan happiest.

“God has blessed me with the in-born talent for which I pour my heart out in the form of music. I can never stop thanking god because my music influences people in their respective lives. If my life and music brings a smile or makes a difference in any individual’s life, then there is nothing beyond for me as a god’s gift,” he added.

Adnan, who recently launched his new album ‘Press Play’, will also take to the stage at the Roy Thomson Hall at Toronto, Canada, for a performance March 22.

As a classical pianist, he has rendered solo performances before heads of state. He also carved a niche for himself as a successful Indi-pop artist with songs like Tera chehra and Lift kara de.

Peter Sutherland, Canada’s Former High Commissioner to India Announced as Incoming President & Chief Executive Officer of the Canada-India Business Council

Source: PRWeb

Mr. Sutherland’s senior government and private sector experience an asset as free trade negotiations between Canada & India (CEPA) near completion.

The Canada-India Business Council (C-IBC) is pleased to announce that as of April 1, 2013, Peter Sutherland, the current Vice-Chairman of C-IBC and former High Commissioner to India will become the President and Chief Executive Officer of the Council.

Mr. Sutherland is taking over from Rana Sarkar, the outgoing President and CEO. Mr. Sarkar held this role for four years and is joining KPMG in a strategic advisory capacity. He will continue to serve on C-IBC’s Board of Directors.

Mr. Sutherland has a long history with the Council, having spent five years as its Vice-Chairman. He comes to this role following a distinguished diplomatic career that included service as Canada’s Ambassador to Saudi Arabia, the Philippines, High Commissioner to India and as a senior executive dealing with international business and investment in the Department of Foreign Affairs and International Trade.

Most recently, Mr. Sutherland has been a Senior Advisor at Aird & Berlis LLP where he counseled Canadian companies on doing business in India, the Middle East and other parts of Asia.

“I applaud Peter’s broad and extensive knowledge of India and I know he will do a first class job as the incoming Chief Executive of the C-IBC”, said Don Stewart, Chair of the Council, “I thank Rana for his many contributions to C-IBC and look forward to having his continuing contribution to the Board.”

“Under the leadership of Roy MacLaren and Rana Sarkar the C-IBC has grown in size, stature and leadership since my days as High Commissioner in New Delhi. With the support of the Council’s many stakeholders, I look forward to strengthening its position as the pre-eminent voice of business in Canada-India relations,” said C-IBC’s incoming President and CEO, Peter Sutherland.

Contact & Interviews:
To arrange to speak with Peter Sutherland about his leadership vision for the Canada-India Business Council, the state of Canada-India relations and/or the opportunities ahead, please contact:

The Canada-India Business Council
Emily Hamilton, Communications & Research Coordinator
T: 416-214-5947 x26
E: ehamilton(at)canada-indiabusiness(dot)ca

About the Canada-India Business Council:
The Canada-India Business Council (C-IBC) was founded in 1982 by the Bank of Nova Scotia, Bombardier and the late Thomas Bata. For almost 30 years, C-IBC has been the leading, bi-national member driven association dedicated to the sustained growth of trade, investment and services between Canada and India. C-IBC works to assist Canadian organizations by offering knowledge, experience and insight on bilateral trade and investment opportunities. With over 100 members, the C-IBC represents the leading companies in the Canada-India business corridor.

The C-IBC is governed nationally by a Board of Directors which is comprised of senior executives from Canada’s leading organizations as well as leaders from both small and medium-sized enterprises. C-IBC is headquartered in Toronto with operations in Delhi, Vancouver and Montreal.

For more information, please see: http://canada-indiabusiness.ca.

‘India is compelling example for Commonwealth’

Source: The Economic Times

LONDON: India is a compelling example for the Commonwealth nations on issues of human rights and democracy, Canada’s special envoy for the 54-member grouping has said.

Describing India as a “powerful, significant and important player in the Commonwealth,” Senator Hugh Segal, Canada’s special envoy for Commonwealth renewal, said, “We believe that both on issues of human rights and democracy India is a compelling example for the rest of the Commonwealth.”

He said “India’s presence is fundamental. India’s influence around the world is increasing because of the power of its economy, remarkable exports in terms of trade and technology and skills sets. It is one of the fundamental pyramids of the Commonwealth and fundamental to its survival and success.”

“Canada has always viewed India as an important bilateral ally and we see them as partners in efforts to modernize the Commonwealth and make it as effective in people’s lives as humanly possible.

“India has been a partner of growing significance. It has invested in the Commonwealth. It has been very active on issues like Commonwealth scholarships and technical assistance.”

He said aid from India to other Commonwealth countries has been a great value and importance and “we believe that the interest India has taken for championing human rights and other issues as it relates to Sri Lanka is a very constructive force.”

“A constructive force of engagement and we respect Indian participation and contribution. We also feel India can do even more.”

Anaroop Kerketta Wins Indo-Canada Student Innovation Award 2013

By Sparsh Sharma

Mr. Anaroop Kerketta from the Industrial Design Centre (IDC) IIT Bombay won the third Indo-Canada Student Innovation Award for 2013.  The short animation Inside My Mind was selected by the jury and the public from 15 finalists.  The Consul General for Canada in Mumbai, Mr. Richard Bale presented award to Mr. Anaroop Kerketta during the Best Animation Film (BAF) Awards Ceremony at the FICCI Frames Conference 2013 in Mumbai.  The winning short film can be viewed online.

The Government of Canada and Seneca College of Applied Arts & Technology (Seneca) in Toronto, Canada in association with Mumbai’s Frameboxx Animation & Visual Effects are excited to have sponsored this award for the third edition of the Indo-Canada Student Innovation Award 2013 (ICSIA 2013). Seneca and Frameboxx will provide Mr. Kerketta with a one-week training session in animation and visual effects at Seneca, a return economy class ticket from Mumbai to Toronto, as well as accommodation and living expenses for the week. Each year this competition provides an opportunity to Indian students to showcase their artistic creativity, animation technique and innovation.

On presenting the award, Richard Bale said “Canada is home to leading animation firms and technology and has a lot to offer through its innovative training institutions. Anaroop Kerketta will now have the exciting opportunity to work with leading technology and an exceptional talent pool in Canada.”

The jury consisted of Mark Jones from Toronto’s Seneca College, Steve Kahwati from Toronto’s 728 Digital Pictures, Munjal Shroff from Mumbai’s Graphiti Multimedia, Kireet Khurana from Mumbai’s Climb Media, and Richard Bale Consul General for Canada in Mumbai. The winner was selected based on a combination of technical marks from the jury and votes from the general public at the online poll portal.

Canada supports Safe Drinking Water Project in India

Source: Connect – Canada in India

The Canadian International Development Agency (CIDA) and Québec non-governmental organisation (NGO) SOPAR are working with Indian NGO Bala Vikasa on a unique project to provide safe drinking water, in a cost-effective manner, in many villages in Andhra Pradesh, India. With the first plant installed two decades ago in Gangadevipally, Canada has supported Bala Vikasa in setting-up over 250 such water systems. A noteworthy recent development on the project has been the use of Any Time Water machines, which dispense 20 litres of water by swiping a card at the machine, similar to the principle of an automated teller machine (ATM).

Vote for your favourite student animation

Source: Connect – Canada In India

Choose the winner of the third annual “Indo-Canada Student Innovation Award 2013” by voting for your favourite student animation clip. Results will be announced at the Best Animation Film Award Ceremony at FICCI Frames on March 15. The winner will receive one week of training at Seneca College in Toronto, Canada, sponsored by Seneca College and Frameboxx.

Canadian highlights at this year’s FICCI Frames, March 12-15, include participation by the Province of Ontario and Michael Longford, from York University, as a key delegate.

Richard Bale named as new Consul General for Canada in Mumbai

Source: Connect – Canada in India

Taking over as the new Consul General for Canada in Mumbai on March 5, Richard Bale said, “Canada has great potential for collaboration in the Indian market in the areas of education, energy, agriculture and infrastructure. I look forward to working with Canadian and Indian organizations and people to increase the linkages between our two countries.” As Head of Canada’s mission in Mumbai, Consul General Richard Bale leads the charge in promoting relations between Canada and Western India, including the states of Maharashtra, Gujarat, Goa and Madhya Pradesh.

Welcoming the new appointment, Stewart Beck, High Commissioner for Canada to India, said, “Canada and India are working together towards achieving the ambitious goal of increasing bilateral trade to $15 billion by 2015. We are happy to welcome Richard to India and are confident that he will play a significant role in helping us not only to meet our objectives but to surpass them.”

India launches Canadian satellites

Source: Connect – Canada In India

Two Canadian satellites were launched on board Indian Space Research Organisation’s (ISRO) PSLV-C20 rocket from the spaceport at Sriharikota, India, on February 24. The Canadian Space Agency’s (CSA) NEOSSat is the world’s first experimental microsatellite designed to detect and track space objects, debris and satellites, and, Canada’s Department of National Defence satellite Sapphire is Canada’s first dedicated operational military satellite. Team Connect spoke with CSA on their latest satellite and the cooperation with India, check it out!

Canada’s Minister of State for Tourism in India

Source: Connect – Canada In India

Maxime Bernier, Canada’s Minister of State (Small Business and Tourism), led a tourism delegation to India, from February 25-28 to promote Canada as a destination of choice for Indian travellers and highlight Canada’s bilateral relations with India. During his visit, Minister Bernier met with his counterpart, Dr. K. Chiranjeevi, India’s Minister of State, in Delhi, and, attended Focus Canada–India 2013, hosted by the Canadian Tourism Commission, in Jaipur. Minister Bernier also led a discussion on ways India and Canada can work together to facilitate travel and trade between the two countries.

Imax sets its sight on Bollywood and India’s audiences

Source: BBC News via Indian Economic Business News

With 689 movie theatres in 52 countries, the large-screen cinema operator Imax has emerged as a truly global player in the world of films. The Canadian company has yet to conquer India, home to the world’s second largest film industry after Hollywood. More than a decade after first entering India, there are still just four Imax theatres in India. And even as the company guns for growth, their number is expected to barely hit double digits by the end of this year. Mr Gelfond said it is difficult to compete in a country with as strong a cinema culture as India’s In India, Bollywood films that are often low-budget are shown all over the country, often in small, local cinemas where tickets cost $2-3. This makes it much harder to sell an altogether different entertainment proposition that costs five times as much or more, he says. Imax’s latest India strategy is much more comprehensive than its previous ones. At its core is a partnership with Bollywood production company Yash Raj Films Studios to shoot Dhoom 3 in the Imax format, in an effort to build on the success of blockbusters Dhoom and Dhoom 2.

Canada-India research centre builds healthier communities

Source: Networks of Centres of Excellence of Canada via Indian Economic Business News

Communities in Canada and India will be the first to try out new technologies related to water quality, infrastructure and public health, owing to the new India-Canada Centre for Innovative Multidisciplinary Partnerships to Accelerate Community Transformation and Sustainability (IC-IMPACTS). The centre was announced in November as the winner of the Canada-India Research Centre of Excellence competition, an NCE initiative introduced in the 2011 federal budget. “Canada needs to be connected to an international supply of ideas, research, talent and technologies in order to prosper in an increasingly competitive global environment,” said Prime Minister Stephen Harper in announcing the competition results. “This new Canada-India Research Centre of Excellence will build stronger bilateral research ties and create valuable learning opportunities while generating positive economic and social benefits for both countries.” Major Canadian and Indian universities, as well as various private and public sector partners in Canada and India, will pool their expertise in IC- IMPACTS’ efforts to develop and implement better ways of providing safe drinking water, building sustainable and affordable infrastructure, and preventing and treating diseases in the two countries.

Canada at the Delhi Sustainable Development Summit

Source: Consulate General of Canada, Chandigarh via Indian Economic Business News

Canada’s participation at the 2013 Delhi Sustainable Development Summit (DSDS), January 31 – February 2, included delegations from the Canadian provinces of Manitoba and Québec. The Premier of Manitoba, Greg Selinger, delivered the keynote address at a panel discussion on “Adapting to the Impacts of Climate Change and Mitigating Emissions of Greenhouse Gases and Associated Co-benefits” on February 2. The Québec delegation included Minister of International Relations Jean-François Lisée and Minister for Industrial Policy and the Banque de développement économique du Québec Élaine Zakaïb. Former Premier Jean Charest also attended the event. DSDS, an annual event organized by India’ The Energy and Resources Institute (TERI), is an international platform for exchange of knowledge on sustainable development.

Haryana offers trained manpower to Canada’s Manitoba province

Source: PTI via Indian Economic Business News

Haryana has offered the services of doctors, drivers and trained manpower to Manitoba province of Canada. The offer was made by Chief Minister Bhupinder Singh Hooda during his meeting with Manitoba Premier Greg Selinger and members of his delegation, who called on him recently. Mr. Hooda said drivers of Haryana are well known for their skill and enterprise. Haryana has three government-run Driving Schools in Kaithal, Bahadurgarh and Rohtak. He said Indian doctors are also doing well in the US, the UK and other countries and asked the Canadian authorities to provide their syllabus to fill in the gap and train them as per Canadian requirements. Indian doctors going to Canada will not have to undertake further studies in Canada and it will thus save them a number of years. Hooda said Haryana being an educational hub also has a number of prestigious technical institutions, which are providing skilled training to youth. Their skills can further be upgraded as per the syllabus of Manitoba.