Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 12, 1990, Winnipeg, Manitoba 1fl Winnipeg free Quebec isolation National shame Montreal up the chair Man of the Royal Bank of the country biggest financial in branded Quebec constitutional isolation a National shame yesterday and warned of economic chaos if the deadlock Over the Meech Lake Accord is not failure to preserve National political Unity would have far reaching and permanent consequences for the Canadian econ Allan Taylor told the Banks annual the economic and financial costs to most canadians would be enormous and would be very Long institutions in the Public and private this one would be said adding his voice to con Cerns expressed by other leading business Taylor said he is not a member of the recently formed friends of Meech Lake but wanted to speak out to focus attention on the eco nomic Impact of a threatened political breakup of Canadas creation in 1867 resulted from Compromise on All sides and a similar spirit of cooperation is needed now Over Meech said who got warm applause from shareholders in the huge meeting the name of the game is National Unity through give and said adding his statements were not an endorse ment of the Only an Appeal to ensure Quebec remains a part Ner in which endorsed the Deal intended to get Quebec approval of the 1982 now wants and Manitoba and new Brunswick have yet to ratify the pact which will die june 23 unless passed by All the prov the among other would recognize que Bec As a distinct Taylor joined doomsayers in warning the Economy is on the Brink of rising prices and failure to control the deficit mean Canada is ill prepared for an Allan Taylor addresses Royal Bank economic downturn or for the tougher Competition that lies he Taylor issued a ringing approval of the Bank of Canadas tight Money saying it is a Neces sary tool to curb and Tough choices will be needed to control the debt whose servicing took 31 cents out of every Dollar Ottawa took in last he the Royal Bank posted net earn Ings of million for a drop of 26 per cent from profits were reduced by the royals move to boost its reserves against shaky third world Loans by Church Praise the Bank now has billion or 70 per cent in Reserve against billion in foreign Taylor said the Bank now is comfortably positioned and did not forecast any further Reserve Edward executive vice said the Bank anticipated an economic slowdown so it should not affect its performance this profits should equal the billion which the Bank would have earned if it had not added to its loan the Bank won unaccustomed Praise from Church represent often at loggerheads with financial institutions Over their third world loan the Banks recognition that some form of debt reduction is necessary in any solution of the debt crisis was hailed by the task Force on the churches and corporate an ecumenical the churches will continue to press the Bank to accelerate forgiveness of third world said William a senior offi cer of the United Church of Cana but Davis there was rather a Good spirit in the meet corporate profits Tumble As labor income climbs Ottawa for Canadian Industrial companies tumbled Dur ing August and september last year while total labor income Rose in sat stick Canada said yes operating excluding in vestment income and extraordinary fell a revised per cent during the third Quarter after adjusting for seasonal the government Agency statistics Canada had previously reported operating profits fell per cent during the third based on preliminary the drop in profits follows a percent decline in the second Quarter and brings profits to their lowest level since the first Quarter of third Quarter operating profits were Down from billion in the previous with declines widespread among manufacturing and mining statistics Canada the Agency also reported that october labor including benefits and any increase in the size of the labor Rose per cent from octo costly streets new York you could buy some Nice things at the Tokyo glittery shopping if youre looking to rent Commer Cial space will get you one Square foot for a according to a Survey of the worlds priciest streets released the Ginza topped the list for the second straight according to Huberth and a commercial real estate moving into second place was Nathan Road Queens Road in Hong relegating new Yorks East 57th Street to another asian or Chard Road in bumped Bloor Street in Toronto out of the top 600 Laid off Vancouver woodwards is laying off More than 600 employees in a bid to reduce the presi Dent of the department store Chain said Hani Sayadi said 623 people will be Laid but he said 130 of those employees affected will be eligible for Early after thoroughly analysing All aspects of woodwards we recognised that the need Tor restructuring was critical and in Sayadi said in a business watch woodwards is Western Canadas largest department store retailers with 26 woodwards stores and 30 Wood Wynn stores in British Colum Bia and Potash earnings dip Regina North american and offshore Potash markets Are blamed for a slump in 1989 earnings by the Potash of Saskatchewan and january layoffs at three of its four profits for the final Quarter of 1989 Are expected to total Between million million once the totals Are said Chuck corporation fourth Quarter profits of Mil lion would raise the company prof its for 1989 to Well below the 1988 net income of the company claimed 42 per cent of Saskatchewan Potash production in record profits in 1988 showed a dramatic turnaround for the Compa a provincial Crown corporation that was privatized last latins reduce debt Washington latin american countries Are reducing their debt to Banks even As american debt to the rest of the world a government report the debt of latin american coun tries to Banks declined by 4 billion in the three months ended september falling to 3 the Federal Reserve reported though latin american debt to the world has been rising Banks in the United states have been accepting repayments and their new lending has not kept up with the Ford cuts jobs More than 400 Auto workers at three of Fords five Windsor area plants have been Laid Ford spokesman Jim Hartford blamed plummeting sales in the North american car Industry for the layoffs of 325 production workers and 78 skilled trades the which take effect Are he Hartford said a slump in demand for Ford engines has Hurt plants across North America and forced one Windsor Plant to Cut production from to 925 engines a subsidiary sold Ottawa Lukonics a laser has agreed to sell photon a West German to photons general Man the Price of the Sale to Heinz Wegmann want although Lukonics said it retains worldwide rights to the photon name and Trade photon is one of Europe leading manufacturers of High Power Carbon dioxide Lukonics adding that it sold the subsidiary to allow both companies to pursue sep Arate Lon term business contract landed Montreal mar Coni and new Yor based part Ner Harris have been awarded a contract Worth million to Supply electronic test equipment and related software for the Canadian forces cf18 the from the depart ment of Supply and includes options to increase the value to More than the portable test systems will be used to maintain and test the elec tronic instruments on the fighter aircraft while there on the sed systems of Saskatoon is a subcontractor in the Stock value soars Montreal value of stocks traded on the Montreal Exchange has grown an average 43 per cent for each of the last 10 the strongest performance among Cana Dian Stock exchanges and second in North the Exchange said during the same the aver age annual growth rate for the to Ronto Stock Exchange was 18 per the Philadelphia Stock Exchange per the Midwest Stock Exchange 38 per the new York Stock Exchange 30 per cent and the Pacific Stock Exchange per ten years ago Montreal had 10 per cent of the Canadian Stock Market which grew to 19 per cent in president Bruno Riverin said the Exchange benefited from a favor Able economic context prevailing in Quebec and in but that Competition will make it hard to keep up such a performance in the Bank rate dip slight despite soaring Dollar by Larry Welsh Ottawa up the Canadian Dollar climbed to another nine year High yesterday As the Bank of Canada lowered its important Bank rate Only the Small decline in the Bank rate came As the chairman of Canadas largest Bank gave full Marks to John governor of the Bank of Cana for keeping Short term interest rates but a consulting firm said separa Tely that two thirds of Canadian Small businesses believe lowering the Bank rate would help improve the the Bank rate edged lower yester Day to per cent from per cent last week As Crow keeps a tight grip on High Short term interest rates in an attempt to Cool Infra Money markets had thought ear Lier this week that Crow could be poised to lower interest rates signify Cool our jets but the Bank of Canada stamped out any Hopes for Relief from costly borrowing charges by propping up Short term rates earlier this leading to Only a tiny decline in the Bank the Bank of Canada was in the Money Market quite forcefully making it Clear for the time being at we should Cool our said Marc chief economist at Merrill Lynch Cana with no sign that a Gap of More than percentage Between Canadian and american Short term interest rates will narrow in the next few the Dollar climbed to cents us from cents at the end of trading that the highest closing level since As the Dollar also gained ground against the Brit ish German French franc and the japanese a Strong Dollar makes imports but also makes it tougher for Canadian exporters to compete on International Many economists have said a Strong Dollar and High interest rates have brought the Economy to a near the Canadian Economy has Al ready slowed Allan chairman of the Royal Bank of Canada told the Banks annual shareholders meeting in whether we will have two consecutive quarters of therefore meeting the technical definition of is not the he the Point is we Are dangerously close to that but Taylor gave Crow Strong sup the Bank of Canada rate was set at Down from last week Bank rate 1980 1981 1982 1983 1984 1985 1986 1987 1988 port for keeping interest rates High to curb the nation still has an inflation we have to get rid of he while the Royal Bank believes Crow is doing the right Survey of Small business people showed 66 per cent want lower inter est rates to help improve this econ quite Canadian Small business is highly sensitive to the fluctuations of interest rates and the resulting influence this has on the Canadian Arthur Andersen said in its annual Small Busi Ness the Small decline in the Bank rate came As statistics Canada is scheduled to report today the a employ a Monipeo free press ment rate for december and its expected to be at least a slight increase from per cent in no but a Steep drop in the number of help wanted ads appearing in news papers reported earlier this week could signal a de increase in said John senior economist at Canadian Imperial Bank of com a big jump in unemployment would be one More sign that the Economy is slowing quickly and strengthen arguments for interest rate Clinkard a High unemployment rate will certainly increase the pressure on Crow to lower he u of m management school seeks accreditation in by Glen Mackenzie the University of Manitoba management faculty wants to be the third i Canada accredited by a Dean William Mackness con firmed yesterday his faculty applied to the american Assembly of collegiate schools of and that a study team was Here this Mackness said the University of Alberta and the University of Cal Gary have already been he refused further Charles projects and member services director of the said yesterday he expects a decision in april on whether u of is undergraduate and masters programs will be Hickman said accreditation would give u of m a better shot at hiring business pad graduates from else where in North he Are in Short Supply because business pad pro Grams Are and the fact there Are few helps graduates seeking jobs in a Market with a 15percent vacancy in you Are going up against the Harvard and Stan lords and the big state schools to attract Hickman Hickman said the biggest hurdle most faculties face in accreditation is having enough professors doing we want to see a lot of people doing research not just a few us he Varity corporation dividend notice notice is hereby Given that the regular quarterly dividend of cents per share has been declared on the out standing class series a preferred shares of the payable january to shareholders of record at the close of january by order of the Board Secretary Ontario december hottest franchise available Audi us German engineering at its finest View it at Winnipeg exc Chiue Audi Dealership 305 Madison at Ness 1 Block from Polo Park 8880260 Brake Check prime Winnipeg locations for franchise information please Contact Barry Oscar Brake Check Alberta 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