CCCC International Holding

May 24, 2018

May 24, 2018 Canada's Aecon Group helped build Toronto's iconic CN Tower Canada has blocked Chinese state-owned CCCC's acquisition of construction firm Aecon Group, citing on Thursday national security concerns in a decision widely expected to create a rift between Ottawa and Beijing. China Communications Construction Company Limited (CCCC), one of the world's largest engineering and construction groups, had reached a deal last October to buy Aecon for Can$1.5 billion (US$1.2 billion). The purchase was to be made through CCCC's overseas investment and financing arm CCCC International Holding Limited, also known as CCCI. But after a national security review of the purchase under the Investment Canada Act, Prime Minister Justin Trudeau's government blocked the deal. "As is always the case, we listened to the advice of our national security agencies" throughout the review process, Innovation, Science and Economic Development Minister Navdeep Bains said in a statement. "Based on their findings, in order to protect national security, we ordered CCCI not to implement the proposed investment." Canada and China had been seeking closer economic ties. They entered preliminary talks on a free trade agreement last year but the negotiations stalled. Ottawa's Aecon decision is another blow to the relationship. Aecon helped build Toronto's iconic CN Tower and Vancouver's Sky Train, and has significant roles in critical infrastructure projects including the refurbishment of nuclear plants and construction of a massive hydroelectric dam in British Columbia. US and Canadian intelligence services have warned that Chinese state-owned firms are prone to passing on information and technologies to China's Communist regime to serve its agenda, which may be at odds with Canadian interests. China's acquisitions of Canadian technology firms Norsat and ITF Technologies, as well as a stake in a retirement home chain, had also raised eyebrows—but were approved by Ottawa. The Aecon transaction would have been the largest by a Beijing-backed enterprise outside of Canada's resources sector. Large-scale Chinese investment in Canada is a relatively recent phenomenon and remains small compared to United States and other foreign sources. April 15, 2018 Spanish construction giant ACS said Sunday it had won a 775 million euro ($955 million) contract to build and maintain a new light railway line in Toronto, Canada's largest city. May 5, 2018 Toyota announced Friday it would invest Can$1.4 billion ($1.09 billion) in two factories in central Canada where the Japanese manufacturer plans to build its largest hybrid hub in North America. June 27, 2017 China has pledged not to carry out state-sponsored cyberattacks against the intellectual property of Canadian firms, the two sides said Monday. April 30, 2018 Online retailer Amazon, with Canadian Prime Minister Justin Trudeau on hand, announced Monday it will add 3,000 jobs in Vancouver, about 150 miles (240 kilometers) north of its Seattle headquarters. July 29, 2014 Canada accused China on Tuesday of hacking into the computers of its research and development arm, which partners with thousands of Canadians firms each year to roll out new technologies. September 14, 2017 U.S. President Donald Trump on Wednesday blocked a Chinese government-financed firm's acquisition of an Oregon semiconductor maker on national security grounds. Recommended for you May 24, 2018 A 'self-eating' rocket engine which could place small satellites in orbit more easily and more affordably is under development at universities in Scotland and Ukraine. May 22, 2018 Using electric vehicles (EVs) as mobile power storage could eliminate the need to build costly stationary grid storage for energy from renewable sources. May 21, 2018 If you want to know how to make a sneaker with better traction, just ask a snake. That's the theory driving the research of Hisham Abdel-Aal, Ph.D., an associate teaching professor from Drexel University's College of Engineering ... May 21, 2018 A 10-fold increase in the ability to harvest mechanical and thermal energy over standard piezoelectric composites may be possible using a piezoelectric ceramic foam supported by a flexible polymer support, according to Penn ... May 20, 2018 For its updated news application, Google is doubling down on the use of artificial intelligence as part of an effort to weed our disinformation and help users get viewpoints beyond their own "filter bubble." May 20, 2018 Jurors return to a Silicon Valley courtroom Monday to put a price on patented iPhone design features copied by Samsung in a legal case dating back seven years.