The next overseas frontier for Canadas banks Chile

OTTAWA — The Harper government says it has upgraded its free trade deal with Chile, including obtaining greater access for Canadian banks to the south American country’s financial services market.As well, the upgrade in the 16-year-old treaty includes new rules on government procurement, customs procedures and dispute settlement.Trade Minister Ed Fast said ahead of a formal announcement that the financial services deal will ensure Canada’s banks, insurance firms and other business will enjoy enhanced access in Chile.The financial sector represents about 16% of Chile’s gross domestic product.Ottawa says it estimates trade with Chile boosts Canada’s economy by about $250 million annually, a relatively small number.Canadian Press

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Linamar reports firstquarter profit of 484M up from 384M a year ago

Linamar reports first-quarter profit of $48.4M, up from $38.4M a year ago AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Canadian Press Posted May 8, 2013 4:48 pm MDT GUELPH, Ont. – Linamar Corp. (TSX:LNR) said Wednesday it earned $48.4 million in its first quarter, up from $38.4 million a year ago, helped by improved margins.The auto parts maker said the profit amounted to 75 cents per share for the quarter ended March 31, up from 61 cents per share a year ago.Sales were $846.6 million, up from $839.8 million.Linamar chief executive Linda Hasenfratz said the results were a new record for the company.“Launches are performing extremely well, our launch book continues to grow and a strong focus on efficiency and productivity is driving fantastic margin improvement,” Hasenfratz said in a statement.“Despite a reasonably flat outlook for global markets our outlook remains extremely positive for double digit earnings growth in 2013.”The improved earnings came as the company’s powertrain business reported an operating profit of $57.5 million, up from $51 million a year ago.Linamar’s industrial business earned an operating profit of $14.2 million, up from $6.5 million in the first quarter of 2012.Linamar makes modules and systems for engines, transmissions and driveline systems for the automotive industry as well as components for other industrial customers, including the wind energy industry. read more

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