House of Commons photoWon his last election, in 2011, with 61% of the vote.
Mining Industry February 15th, 2011
Mr. Speaker, Xstrata made over $500 million last year on nickel but then avoided its responsibilities to pay taxes here in Canada by turning a massive Canadian profit and then selling off a property in Brazil. The result was that no income tax was paid here and there was no bonus for the Canadian workers.
Will the Prime Minister direct the Canada Revenue Agency to launch an investigation into this practice by Xstrata and bring that report back to the House?
Mining Industry February 15th, 2011
Mr. Speaker, since the decisions about the Investment Canada Act are made in secret, it is impossible to know what the net benefits for Canada are. For example is it years of lockout, the transfer of the takeover cost to taxpayers or the refusal to pay the Xstrata workers in Sudbury the bonuses to which they are entitled? Is this not the case?
Will the Prime Minister finally change the Investment Canada Act to protect taxpayers and workers?
Mining Industry February 15th, 2011
Mr. Speaker, yesterday it was Vale, U.S. Steel, Potash and Alcan. Tomorrow it could be the TSX. Today, however, it is Xstrata and Xstrata is taking Canadian taxpayers and workers to the cleaners.
Nickel prices are up 50%, production is at a record in this country, and Xstrata's profit on nickel was half a billion dollars. What does it do? It turns the massive profit into a paper loss by selling off a property in Brazil so that it would not have to pay taxes here in Canada or contracted wages to the workers.
Why does the Prime Minister let Canadians down like this?
Securities February 10th, 2011
Mr. Speaker, he spoke of words. We all remember the bizarre remarks of the Prime Minister with regard to the Potash takeover.
New Democrats raised the issue first and he first dismissed the claims saying that it was an American company, for heaven's sake. Luckily, Canadians brought him to his senses on this and eventually the Prime Minister agreed with New Democrats that the Investment Canada Act actually needed to be rewritten.
Canadians do not want another decision about our economic future made behind closed doors. That is clear. Will the Prime Minister commit to Canadians that we will have an open and transparent process?
Securities February 10th, 2011
Mr. Speaker, the Prime Minister may still be having trouble figuring out whether this investment needs to be reviewed or not but experts do not have any problem with it. The executive director of the Rotman School of Management says that this is a takeover, not a merger.
According to the Investment Canada Act, the Conservatives must agree to review the proposed takeover.
When will they stop dragging their feet and actually conduct a full review and make it a public, transparent process, the way it should be?
Securities February 10th, 2011
Mr. Speaker, the Prime Minister likes to say that the reason the banks of Canada weathered the recession so well was that Canada has strict rules, particularly with regard to controls on foreign ownership, and that banks have major strategic importance here in Canada.
If they are so important, why not apply the same concept to the Toronto and Montreal stock exchanges?
Securities February 9th, 2011
Mr. Speaker, we are being told that we should trust the Minister of Industry on this, but we have seen that he cannot be trusted when it comes to making the right decisions on foreign investments. The Conservatives cannot tell the difference between beneficial investments and damaging takeovers. We are talking about a takeover, not a merger, despite the spin.
Will the Prime Minister commit to public hearings, to full transparency, so finally Canadians could have some role in making this decision themselves, not just leaving it to the Minister of Industry?
Securities February 9th, 2011
Mr. Speaker, we cannot trust the guarantees given by the financial community about this transaction. The TMX CEO said that he came to build the Toronto Stock Exchange, and now he is selling it.
Let us look at what happened in Montreal when the stock market merged with Toronto. The merger did not produce the expected results and the derivatives did not compensate Montreal for the financial exodus to Toronto.
Why would it be different with London?
Securities February 9th, 2011
Mr. Speaker, the proposed TSX merger and takeover has Canadians worried. Canadian companies need access to foreign capital, but not at the expense of our own capital markets.
Will the Prime Minister take steps to ensure that this is a merger of equals and not a takeover, that there is access for smaller firms and that regional interests are respected? After having so badly mismanaged securities regulation, will he ensure continued Canadian oversight by Canadian authorities of our stock markets?
Conservative Party of Canada February 3rd, 2011
Mr. Speaker, who is dancing with whom?
The Conservatives had no problem counting on the Bloc to pass their first two budgets and then counting on the Liberals for all of the rest of them. What are the results? No job recovery, pensions at risk, the high cost of heating, the cost of the HST and the cost of living going up. That is what happens with these kinds of dances that go on.
We have offered practical solutions to make life more affordable. Why do the Conservatives dance with the Bloc instead of working with us to make life more affordable for the Canadian people?