Despite the current economic turbulence, the latest studies on video gaming show that Québec's video game industry should continue to grow in the coming years.

The level of confidence of Québec video game stakeholders can be explained by the expected dynamism in the industry worldwide. According to a study entitled Global Entertainment and Media Outlook: 2008-2012, published last June, PricewaterhouseCoopers expects global video game sales to post annual compound growth of 10.3% up to 2012. More >>>

In late October 2008, Pratt & Whitney Canada (P&WC), a world leader in the design, manufacture and maintenance of aerospace engines, unveiled two major investments in Greater Montréal:

First, on October 20, P&WC announced plans to invest $360 M in its R&D activities in Longueuil over the next three years. The Québec government's decision to grant the company $125 M in financial aid over this same period provided the trigger for this project. This contribution is repayable in royalties on sales. P&WC wants to use this money to bolster its technological expertise, which will be needed in the construction of a new generation of engines that are more ecologically friendly, economical, high-performance and durable. See all investments >>>

On December 2, 2008, EFG International, an international group providing private banking and asset management services, announced the opening of a Montréal office to continue the development of its operations network in Canada. Initially, this will comprise a team of two Client Relationship Officers and will build on existing operations in Toronto and Vancouver. EFG International has been in Canada for just over one year, following the acquisition of Bull Wealth Management in October 2007. The EFG International Group is currently operating from 55 sites in over 30 countries and has some 2,200 employees. See all investments >>>

On December 17, 2008, the Québec government published its new Renfort program to inject one billion dollars into funding companies and thus counter the negative effects of the credit crunch. Investissement Québec, which will administer the program, will grant up to $250 M in direct funding in the form of loans. The support will also take the form of loan guarantees on a maximum of $750 M in loans granted by financial institutions. The program is intended for successful companies, especially SMBs, whose cash flow problems are temporary and primarily due to the current economic and financial conditions. Financial interventions will vary from $250,000 to $15 M. The Renfort program will help companies meet their working capital needs, purchase equipment and refinance their debt.

Press release >>>

Renfort Program >>>

On November 27, 2008, the Communauté métropolitaine de Montréal (CMM) announced a grant of $100,000 to the new clean technologies cluster in the goal of mobilizing the industry and thereby stimulating the business competitiveness of this key sector of Greater Montréal and the province of Québec. The CMM, the Ministère du Développement économique, de l’Innovation et de l’Exportation (MDEIE), Ministère des Affaires municipales et des Régions (MAMR), l'Agence de l’efficacité énergétique and other partners will invest a total of $300,000 in the start-up of this cluster. More >>>

On October 17, 2008, Standard & Poor’s announced that it was maintaining the A+ credit rating awarded to the City of Montréal. This decision was based on the strong economic performance posted in 2007, on a high surplus after capital expenditure, on a sufficiently large liquidity and on the operating surpluses achieved over the past five years. Note that Standard & Poor’s could upgrade the City's credit rating if it continues along the same road and reduces its debt. As a general rule, a high credit rating means that the City of Montréal gains easier access to the capital market and advantageous financing conditions. Press release >>>

Montréal will host a major international gathering, the CIVICUS World Assembly, from 2009 to 2011. The Institut du Nouveau Monde was selected by the international organization CIVICUS (World Alliance for Citizen Participation) to organize the next three world assemblies. One thousand delegates from some 100 countries and from every sector, including NGOs and the business world, will gather at the Palais des congrès in Montréal. The first assembly, to be held August 28-31, 2009, will provide a platform for submitting proposals and action plans to strengthen civil society and citizenship around the world. A parallel gathering of the world's youth will unite 300 young people from every corner of the globe.

CIVICUS World Assembly >>>

CIVICUS >>>

On October 9, 2008, the QS Quacquarelli Symonds network, the world leader specialized in careers and teaching, and the Times Higher Education jointly launched an exhaustive website on high-level jobs for graduates, news and resources for university students, and its 2008 ranking of the 200 best universities in the world. This ranking is a composite indicator that integrates peer review, opinion and quantitative data. Two Montréal universities did well in this list. More >>>

As part of the 4th Québec-New York Economic Summit, Québec's Ministère du Développement économique, de l'Innovation et de l'Exportation (MDEIE) and the New York State Foundation for Science, Technology and Innovation (NYSTAR) signed a three-year collaborative agreement covering research and innovation. The five main areas targeted by the agreement are energy and the environment, health and life sciences, nanotechnologies and advanced materials, information and communications technology, and optical photonics. The agreement mentions plans to issue joint requests for proposals, including one within the next twelve months. Press release >>>

On November 17, 2008, Canada and Brazil initialled the Canada-Brazil Framework Agreement for Cooperation on Science, Technology and Innovation, in areas of common interest such as aerospace, agriculture, biotechnology, nanotechnology, pharmaceuticals, information and communications technology, and renewable energy development. Under the terms of this agreement, Canada will invest $1.5 M over the next two years to cover the costs (up to a maximum of 50%) of agreements and contracts between companies, governments, universities and scientific and research institutes in Canada and Brazil. In 2007, Brazil became the seventh largest source of direct foreign investment in Canada, with an equity holding valued at $12.8 B. Press release >>>

On December 18, 2008, the Belgian aerospace company Sonaca S.A., renamed its Canadian subsidiary Sonaca Montréal. This new identity is intended to highlight its installation, achievements and growth in Greater Montréal's aeronautical sector. "Our new identity underscores our feeling of belonging to the Montréal economic area, all the more since it coincides with the $17 M investment for the expansion and modernization of our plant," said Philippe Hoste, CEO of Sonaca Montréal. More >>>