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Canada. The True North and Strong. Strong yes (well maybe not because of falling oil prices). True North? Maybe not so much. I don’t think we are true anymore. After all, our governments, both provincial and federal, are selling out to foreign investors. The reason why I am writing this is because I read this morning that Ontario’s premier Kathleen Wynne was in New York promoting Hydro One as it is slated to become privatized. We’ll get into that later, for the time being we’ll start off with Nexen’s foreign takeover.

Nexen is a major oil producer headquartered in Calgary, Alberta. It employs about 3,000 people and has a revenue of $6.7 billion making it a key factor in Canada’s oil leaning economy. Sadly for Canada, Nexen was sold to a Chinese oil company by the name of CNOOC in February 2013. They paid about $15 billion for the Canadian entity. What is also sad about this deal is the fact that (not so Canadian) Nexen owns hectares of Canadian land including Long Lake which is an oil extraction point. This land, Chinese land, is situated in heart of the Canadian economy. Also, as soon as Nexen was taken over by Chinese CNOOC, Canadian CEO Kevin Reinhart was replaced in favour of a Chinese guy who goes by the name of Fang Zhi. This is one example of the many Canadians who will lose their jobs because of Foreign corporations taking over Canadian ones. Sad eh?

Now we move onto Hydro One, the company that provides electricity to people across the Province of Ontario. Premier Kathleen Wynne is trying to sell shares of Hydro One to foreign investors as the company is being privatized. According to the “rules” put into place, the most a single investor can own of Hydro One is 10%. That does not mean anything at all in terms of keeping the company Canadian. If you get 6 foreign investors, 60% of the company will be foreign. The majority shareholders who have never have even step foot onto Ontario soil will be the ones who hike up our electricity bills. If Hydro One becomes Foreign owned, expect to see billionaires laughing at the way they can charge Canadian families. They’ll bring in their foreign workers just like Nexen did and we will lose even more Canadian jobs.

O Canada, what is happening with our corporations?

 

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