Canada among the top innovators

Canada ranks 14th in a field of 110 countries when it comes to innovation in the manufacturing sector, a new report says.

The study, compiled by international consulting firm Boston Consulting Group, judged countries partly based on government support for innovation – through tax and education policies, and the quality of infrastructure.

But it also looked at the performance of innovative companies, measured by factors such as high-tech exports, the amount of intellectual property generated and employment growth.

Canada was in the top tier, ahead of traditionally strong innovators such Britain, Israel, Australia, Germany and France. But we fell behind some of our traditional trading partners and competitors such as the United States (in the No. 8 spot) and Japan (No. 9).

Singapore was rated highest, followed by South Korea and Switzerland.

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CIBC says increased Canadian exposure to benefit it during recession

VANCOUVER, B.C. - Canadian Imperial Bank of Commerce (TSX:CM) says its strategy to concentrate more of its business at home in Canada will benefit it during the current recession and that it will lessen its lending risk by limiting growth on credit cards.

CEO Gerald McCaughey said the bank is in better shape than its industry peers because of its lessened exposure in the United States.

"Our exposure in the retail and consumer areas that are having difficulty in other stressed markets such as the United States is nowhere near what any of our counterparts have in terms of exposures," CEO Gerald McCaughey said Thursday.

"That has been our strategic thrust to make sure we are highly concentrated within Canada and so we do believe, as we play out through the entire cycle, that will work to our benefit."

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