BlackBerry maker may sell handset business



REUTERS

Published — Wednesday 23 January 2013

Last update 23 January 2013 4:34 am

| نسخة PDF Print News | A A

OTTAWA: The Canadian government might have to review any sale of BlackBerry maker Research in Motion Ltd’s handset business to a foreign buyer, Industry Minister Christian Paradis said.
Asked if he would allow such a sale to a foreign company, Paradis said: “It’s speculation and each decision on each case is based on its own merit, so it would premature for me to speculate on any of these kinds of cases.
“So if something was going to occur, then we would have to determine if it was reviewable or not, depending on the threshold (of the value of the transaction), and then we go with the net-benefit test.”
He was referring to a provision in the Investment Canada Act that requires the government to determine whether certain foreign investments in Canada are of net benefit to the country.
The markets have gained renewed excitement over RIM because of its new BlackBerry 10 operating system and because Chief Executive Thorsten Heins said its strategic review could potentially lead to the sale of its handset business.
“We hope to see RIM remain a global leader and player, and make sure it can grow organically,” Paradis said by phone from Germany, where he is meeting with industrial leaders to promote Canada as a place to invest and to learn how they innovate.
Conservative Prime Minister Stephen Harper said last February that he wanted to see RIM grow “as a Canadian company.”
He singled out hostile takeovers and bids for what he described as “critical technology” companies as ones that Ottawa might block.
On a separate topic, Paradis said the government did not intend at present to lift foreign ownership restrictions on Canada’s large telephone companies.
In March, it eliminated foreign ownership restrictions on telecommunications carriers with a market share of 10 percent or less. But the rules remained for large companies including BCE Inc, Rogers Communications Inc, Telus Corp. and Shaw Communications Inc.
For such companies, foreign ownership is limited to 20 percent of voting shares and indirect control to 46.7 percent.
He said if Canada were to change rules for the large telecom carriers, it would get tangled up with separate rules on broadcasting companies, which are required to have a minimum of Canadian broadcasting content.
“This is not in the cards of our government to go further down this road as we speak,” he said.

What's happening around Saudi Arabia

Custodian of the Two Holy Mosques King Salman prays inside the historic Quba Mosque in Madinah. The king was accompanied by Prince Muqrin, Sheikh Abdul Rahman Al-Sudais, head of the Presidency of the Two Holy Mosques and Prince Sultan bin Salman, ch...
JEDDAH: Shop rentals at certain malls have risen by 200 percent, with this cost likely to be passed on to the consumer, the Jeddah Chamber of Commerce and Industry (JCCI) said here recently. Muhammad Al-Shehri, chairman of the JCCI’s textiles and gar...
JEDDAH: People with special needs can now visit a park that has dedicated services for them.Jeddah Mayor Hani Abu Ras opened Al-Erada Park in Al-Salama district on Prince Sultan Street on Thursday.“The Kingdom provides special care for people with di...
JEDDAH: Is involvement in social media the right thing or wrong, particularly in the month of Ramadan? There is a difference of opinion with some arguing that it eats into the time that should be spent praying while some backing it for its religious...
RIYADH: The Argentine government has thanked the Kingdom for previously hosting its Umrah pilgrims for free.“They were part of a group invited by then Custodian of the Two Holy Mosques King Abdullah,” said Ambassador Jaime Sergio Cerda on Thursday.“T...
RIYADH: The Ministry of Education’s counseling department has approved the Rifq Program for the physical and psychological well-being of students.Nabil Mohammad Al-Budair, director of counseling for boys, said the program aims to reduce violence in p...
RIYADH: Sales of fireworks at public markets and main roads in Riyadh have increased during Ramadan, despite the Ministry of Commerce and Industry announcing a SR5,000 reward for anyone providing information about warehouses storing these dangerous i...
RIYADH: The General Organization for Social Insurance (GOSI) has reported that there were 69,241 work-related accidents in 2014, with expatriates making up 65,509 or 94.6 percent and Saudis 3,732.The accidents were in nine sectors with building and c...
JEDDAH: The Health Ministry’s expenditures over the past five years increased from SR29.29 billion to SR53.73 billion, an increase of about 83 percent.According to a study detailing the ministry’s expenditures between 2008 and 2012 issued by the mini...
RIYADH: Five people from the southern Indian state of Kerala were killed in a road accident at Salwa near Dammam in the Eastern Province early Thursday morning.Manoj Kumar, community welfare attache at the Indian Embassy, told Arab News that the vict...
MAKKAH: The government has deployed eight helicopters over Makkah to track the movement of vehicles and people, and assist in security tasks and medical evacuations.Maj. Gen. Mohammad Al-Harbi, commander of the Interior Ministry’s aviation security d...
JAZAN: A Yemeni woman (A.M.) has once again experienced freedom and a renewed sense of hope in life after reuniting with her family last week on her release from Jazan General Prison, where she spent six years on charges of murder of a citizen in the...
RIYADH: A delegation from the Kingdom recently visited the United Arab Emirates (UAE) to explore that country’s successful experience in tourism, in a bid to further develop the sector. Saudi Arabia has been making all-out efforts to promote tourism,...
RIYADH: The Justice Ministry has appointed 1,145 candidates for jobs in the judiciary and urged them to complete the requirements for their final appointment. The candidates in the sixth and fourth ranks are requested to fulfill employment prerequisi...
JEDDAH: Four thousand Djibouti workers are expected to arrive in the Kingdom over the next few months following the labor pact signed between the two countries last month.Speaking to a local publication recently, Djibouti Ambassador Diaa Eddin Saeed...

Stay Connected

Facebook