Canada is to raise the maximum share groups foreign investors may hold in its airlines from 25 percent to 49 percent in order to stimulate the industry, the Canadian Ministry of Transport said on Thursday.
The move would “set the conditions for lower fares and increased competition,” Canadian Minister of Transport Marc Garneau said in a speech. “This will lead to more options for Canadians and allow the creation of new, ultra-low-cost airlines.”
The changes come with caveats. A single international investor would not be able to hold more than 25 percent of voting interests, and no combination of international carriers could own more than 25 percent of a Canadian competitor. Canada would also retain the current 25 percent foreign ownership limit for specialty air services.
The consumer cost of travel within Canada is among the highest anywhere because of the country’s size. The world’s second-largest nation by territory, it spans 9,306km from the Atlantic Ocean to the Pacific Ocean.
The Canadian government plans to introduce legislation to bring about the change soon, Garneau said.
In the meantime, the former astronaut said he would grant exceptions to allow two upstarts — Canada Jetlines Ltd, which has secured a European partner, and US-backed Enerjet Ltd — to immediately seek out foreign investment.
Both ultra-low-cost airlines applauded the measures.
Canada currently has two national airlines — Air Canada and WestJet Airlines Ltd, both profitable — and a handful of regional carriers.
Garneau also promised measures aimed at boosting the quality of airline services, shortening airport security lines, reducing travel fees and clearly delineating minimum compensation for passengers’ missed flights and lost luggage.
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Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day
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