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BEIJING, China – Canada is keen to get involved with a new international infrastructure bank in China, Prime Minister Justin Trudeau indicated Tuesday — a move that would help the east Asian country’s economic credibility around the world.
China founded the Asian Infrastructure Investment Bank late last year to provide other countries in the region access to capital for investments in things such as transportation, power and telecommunications projects.
The bank has already invested more than US$500 million in Bangladesh, Indonesia, Pakistan and Tajikistan, and Chinese officials have said it plans to loan out US$10-15 billion over the next five years.
“My government believes very, very much in the importance of investing in infrastructure,” Trudeau said Tuesday during a roundtable discussion with business leaders.
“That’s one of the reasons why we’re looking very favourably at the possibility of joining the AIIB).”
Should Canada announce Wednesday that it’s joining, it would be among 57 other member countries, including Australia, the United Kingdom, France, Germany and South Korea, which signed on last year in the face of opposition from the U…

Continue Reading On canadianbusiness.com »

BEIJING – Canada is keen to get involved with a new international infrastructure bank in China, Prime Minister Justin Trudeau indicated Tuesday – a move that would help the east Asian country’s economic credibility around the world.
China founded the Asian Infrastructure Investment Bank late last year to provide other countries in the region access to capital for investments in things such as transportation, power and telecommunications projects.
The bank has already invested more than US$500 million in Bangladesh, Indonesia, Pakistan and Tajikistan, and Chinese officials have said it plans to loan out US$10-15 billion over the next five years.
“My government believes very, very much in the importance of investing in infrastructure,” Trudeau said Tuesday during a roundtable discussion with business leaders.
“That’s one of the reasons why we’re looking very favourably at the possibility of joining the AIIB).”
Should Canada announce Wednesday that it’s joining, it would be among 57 other member countries, including Australia, the United Kingdom, France, Germany and South Korea, which signed on last year in the face of opposition from the U…

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CHICAGO – The iconic Tribune Tower on Chicago’s Michigan Avenue will have a new owner.
Los Angeles-based CIM Group has agreed to buy the tower for up to $240 million. Chicago-based Tribune Media announced the deal Tuesday. It’s expected to close by September’s end. Officials didn’t specify development plans for the 1925 neo-Gothic tower.
Tribune announced last year that it had hired a real estate investment banker to explore a sale or partnership for redevelopment.
The Chicago Tribune reports Tribune Media employees were told “operational headquarters” will remain in Chicago. Staff will be moved to a new space, likely in the second quarter of 2017.
The deal’s part of Tribune Media’s ongoing efforts to sell its entire $1 billion real estate portfolio.
The tower was named a city landmark in 1989.
The post Los Angeles developer buys iconic Tribune Tower in Chicago appeared first on Canadian Business – Your Source For Business News.

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