B.C. First Nations develop China trade strategy
VANCOUVER — China is knocking on B.C.’s door looking for resources, and First Nations have answered. The B.C. First Nations Leadership Council, representing numerous native groups in the province, announced a China strategy aimed at growing stronger relations between the two.
Stewart Phillip of the Union of B.C. Indian Chiefs says First Nations are experiencing unprecedented inquiries from Chinese companies to develop projects on their territories. The council has set out a seven-point action plan including promoting trade missions, expanding market opportunities and setting up a China trade desk to help First Nations respond to business opportunities. First Nations Summit Grand Chief Ed John says the strategy recognizes the importance of informing Chinese investors that aboriginal communities must be involved in the decision-making process.
Yuen Pau Woo, president of the Asia Pacific Foundation of Canada, says the plan is a significant step forward in understanding the rise of Asia and its impact on First Nations communities.
Indigo Q2 loss widens to $24.2M from $7.3M
TORONTO — Indigo Books & Music Inc. (TSX: IDG), Canada’s largest bookstore chain, more than tripled its net losses in the latest quarter as the company sold fewer physical books and saw its revenues edge lower.
The Toronto company said late Tuesday its net loss widened to $24.2 million or 72 cents a share in the three months ended July 2. That compared with a net loss of $7.3 million or 22 cents a year ago.
Revenue for the quarter fell to $202 million from $204.3 million, driven primarily by lower physical book sales. At the same time, Indigo’s digital book sales business grew 170 per cent, accelerating late in the quarter with the launch of its Kobo Touch eReader.