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Gold/Mining/Energy : CGI Group (GIB.A) - -- Ignore unavailable to you. Want to Upgrade?

To: Fouad Nahas who wrote (125)	11/4/1997 12:14:00 AM
From: toccodolce	Read Replies (1) \| Respond to of 1673

Hi Fouad! I was wondering what is CBSL? Tom...

To: Fouad Nahas who wrote (125)	11/4/1997 11:30:00 PM
From: BM	Read Replies (1) \| Respond to of 1673

>> any idea when their earnings are coming out? Last year they were released on December 3 - too bad we didn't know about this stock at the time :-(

To: Fouad Nahas who wrote (125)	12/15/1997 11:16:00 PM
From: BM	Read Replies (3) \| Respond to of 1673

"Agreement opens world financial services markets" Hi Fouad, we've had our second share split this year and now more new highs - the hoped-for liquidity seems to be happening and I trust that you're still happy with your investment. I don't know if you've been wondering why CGI has been focusing so much in the financial sector but events on the weekend (see Globe & Mail article below) reveal where CGI's strategic vision has been. As I suggested at the time of the Republic National announcement (see posting #100), this is the just the start of more big, big things for CGI. Just my opinion. ===================== Agreement opens world financial services markets Canadian officials laud WTO pact for allowing freer access Monday, December 15, 1997 By Heather Scoffield OTTAWA -- Canadian banks, insurance companies and securities firms have gained greater access to international markets under a ground-breaking worldwide agreement signed on the weekend in Geneva. Negotiators worked past a midnight deadline Friday night to clinch a World Trade Organization agreement that commits 70 countries to liberalizing their financial services markets starting in March, 1999. The deal covers more than 95 per cent of the global financial services market. "I think it can help Canada and our financial institutions, which have become more aggressive of late in international markets," Trade Minister Sergio Marchi said in a weekend interview. "What this deal does is it basically gets [the world's financial services companies] all on the same level playing field." While the agreement is not perfect -- some major Asian and Latin American countries still cling to some protectionist measures -- it puts down a clear set of binding rules for trillions of dollars' worth of financial services business for the first time, a senior Finance Department official said. "I think people were pretty pleased we were able to do a permanent financial services agreement for the first time," he said yesterday after returning to Ottawa from the talks in Geneva. "It's been a long time coming. It was a long, tough struggle." The financial services agreement has been through years of negotiations. The United States scuttled an attempt at a deal two years ago when it walked out on the talks, complaining that emerging economies in Latin America and Asia were not generous enough with their offers. And the United States came close to scuttling the talks again this weekend, waiting until the last minute for concessions from Malaysia dealing with foreign ownership in its insurance industry. "I think there's an element of concern that remains [with the Americans]," the Canadian Finance official said. The WTO member countries still need to ratify the deal, but Mr. Marchi said he did not expect any trouble getting Parliament's approval. Canadian financial institutions will be able to operate more freely in key Asian and Latin American markets because of the deal. Countries such as Indonesia, South Korea, Malaysia and Mexico have agreed to allow more foreign participation in their banking systems. South Korea also agreed to remove some of its economic needs tests and liberalize interest rates on deposits. Indonesia promised to remove some of its capital requirements for foreign investors and India said at the last minute that it would increase the number of bank licenses it distributes to foreigners. "We were pleased to see that. There's lots of interest in India," the senior official said. "But there were some restrictions in the Far East and Brazil that we would like to have seen removed." In return, Canada has agreed to give all members of the WTO the same access to Canada's financial services markets as Mexico and the United States have under the North American free-trade agreement. Canada also has promised to allow foreign banks to set up branches in Canada *[flashback to the Republic National deal here]* without having to establish full-fledged subsidiaries first. And Canada said it would allow foreign bank subsidiaries that already operate here to expand through branches without having to seek government approval first. "It will provide Canadian financial services suppliers with greater certainty with respect to their investments," Finance Minister Paul Martin said in a statement. "As well, Canadian companies will benefit from enhanced access to markets abroad, creating new export and job creation opportunities. The agreement will also add increased stability and strength to financial sector regimes worldwide." Mr. Martin has said he plans to introduce legislation early next year that would make the required changes in the Bank Act to allow foreign bank branching. Canadian banks earn 40 per cent of their revenue from foreign markets but employ 90 per cent of their workers in Canada. The financial services sector made up 17 per cent of Canada's private-sector gross domestic product in 1996 and employed 1.2 million people directly or indirectly, according to data from the Canadian Bankers Association (CBA), which welcomed the agreement. "At first blush, it sounds like some substantial progress was made," said Alan Young, vice-president of policy for the CBA. "Any time you have an opportunity for greater openness in the markets and greater transparency, it's a plus for us." Since the agreement will encourage more foreign bank competition in Canada, consumers eventually may benefit from lower service charges and small businesses will find it easier to get loans, Mr. Marchi said. But Canada's commitment to the WTO will only allow foreign banks to make loans larger than $150,000, precluding them from retail banking for now. The WTO agreement marks the conclusion of the Uruguay round of all-encompassing trade negotiations and sets the basis for another round of talks in three years to further liberalize trade in services.