Thursday finance with alan kohler of the news media

In a first, an American bank has partnered with a foreign bank to invest in Canada’s financial sector.

Investment from UBS and TD Bank in Scotia Financial Group Ltd. will build $1 billion into the firm’s investments over 10 years in the United States and Europe, said a news release announcing the investment.

The two firms will build an integrated Canadian financial centre that will generate $6 billion of added economic activity over the next 20 years, with the investment to be financed by a 50 per cent federal corporate tax cut and a 10 per cent federal sales tax cut to help offset its cost.

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The Canadian government has offered to spend as much as three-quarters of the $2.8-billion (U.S.) investment on infrastructure natyasastra.comand development over 15 years, including $6-billion over five years.

On Monday, a 바카라사이트U.S.-Canadian finance team met for the first time with officials of the Canadian finance ministry and the Canadian securities regulators.

„Together, the U.S.-led investment team and the TD and UBS teams will help improve our shar바카라사이트ed regulatory environment while helping our countries better compete for international investments,“ said Chris Wilson, U.S. deputy secretary of state for trade and economic affairs.

Mr. Kaushal is vice-president at TD Canada Trust, one of the world’s biggest investors in Canadian financial services. He was previously vice-president and chief investment officer at Bank of Nova Scotia Ltd. and has helped oversee a $16.1-billion investment plan over 10 years that also will produce a number of Canadian jobs and a boost to the Canadian economy, according to the announcement.

At a press conference announcing the investment this week, Mr. Kaushal pointedly described the U.S. as „one of Canada’s global competitors“ with „more than 200 financial institutions.“