Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 23, 1996, Winnipeg, Manitoba B4 Winnipeg free August Mission targets America Trade staff a delegation of Manitoba business and government representatives is to leave Winnipeg tomorrow on a 16day Mission to explore Trade opportunities in South the Trade Mission will be led by Manitoba Trade and tourism minister Jim Downey and will include 14 Manitoba business the group will visit Argenti Brazil and this is Manitoba first major Trade Mission to these and the timing is Downey said in a statement announcing the mis the minister noted that the three South american countries present a wide Range of business opportunities for Manitoba for has a huge Grain and beef Industry in need of modern production live Stock genetics and Brazil also is a Strong potential Market for agriculture As Well As Grain and pulse and Chile needs forestry and mining Machin Light manufacturing equipment and professional Downey also noted that All three countries act As gateways into the entire latin american he said Chile is attempting to establish itself As a Central distribution Centre for South while Argentina and Brazil can provide virtually Tariff free Access to Paraguay and Uruguay through a new Trade agreement called during the the minister also intends to promote Manitoba As the Ideal entry Point for latin american goods destined for Canada and the Northern United with the building of a mid Conti rental Trade corridor up through Mexico and the United it makes Good sense to use Manitoba As an entry Point to other markets in the Northern part of the he Well be making these coun tries aware of our excellent capabilities for transportation and Dis Tribu including our plans for win the 11 Manitoba business and organizations sending representatives on the Trade Mission Are Behlen Indus Cosmo info magnetics technologies International beef Prairie farm and ranch ram for equip red River Community Sunshine Ridge Ostrich Cinpak and Vansco electronics Yokich rear gestures during news conference on talks with Auto general motors Canada strike virtually Union warns business watch Toronto up More than a month into contract Canadian autoworkers Union Boss Buzz Hargrove says a strike at general motors Canada looks its difficult to imagine us find ing a with general motors without a president of the Canadian Auto workers said i think its going to be a strike regardless of what happens at the other the Canadian Union is also negotiating with Ford and in United Auto workers Union president Stephen Yokich said the Law is putting off its announcement of a target company in negotiations for a National contract with the big three profits slip Toronto up net profits of Canadian companies slipped in the second Quarter As the weak Economy took its toll on Many Industry especially Wood products and statistics Canada reported yester Day that Canadian companies earned billion in net profits during the Down 17 per cent from the same period last Naftal ruling delayed Ottawa up Canadian officials who whispered words of optimism when an inter Naftal report indicated Canada had won an agriculture dispute with the United states were quiet yesterday Over the panels decision to delay its final Washington says the five Mem Ber panel overlooked key the panel has delayed release of its final report until september so it can consider the the panel has reminded both parties of the need to respect con said Elizabeth Black a spokesman for Canadas Trade bid for Sun Rype fails Vancouver up Canadian beverage has fallen Well Short in its bid to take Over Sun Rype the Kelowna based drink and snack clearly Canadian said yesterday it will take up the class b common shares tendered under a bitterly fought acquisition but it will end up owning Only per cent of Sunry Pes class b excluding shares held by Sun Rype hold realtor audited Vancouver up Revenue Canada is auditing failed hrs Block realty to determine what happened to million Worth of employees income tax the bankruptcy trustee the company claims payments were made to Revenue Canada and they applied them somewhere said George Aba Khan of trustee Eloitte and the Bay takes it on the Chin sales gains elude historic Chain by Sandra Rubin Canadian press Toronto it is turning into a Chilly summer for the Hudson Bay As it Battles to outwait Cash strapped Canadian statistics Canada said yesterday that retail sales were up Over half a percentage Point in but the grand old Canadian department store retailer didst see much of the Hudson which owns about 395 Bay and Zellers said yesterday it made a profit in the second Quarter of fiscal Down from million in the same period last that works out to an average profit of just under per a Day per outlet for All of june and we Are disappointed in the chief financial officer Gary Lukassen said in an but its a very difficult retail Cli mate out and the weather did it the picture for the first half of 1996 is fairly Hudson Bay has lost million so far this year after digesting a million first Quarter the main culprit is a first Quarter restructuring Cost from breaking leases and paying Severance As part of centralization of administration for the and there was another million in the second Quarter for closing six Zellers but Mother nature is far from the miserable Spring and Early sum Mer weather meant both chains had to Mark Down a wide Range of Merchan from clothing to Garden to tempt Consumers into that eats into so while sales for the first six months of the year were Down to Bil lion from operating prof it was really for the 100 Bay operating profit profits made on Normal Day retailer names Economy Hudson Bay released its second Quarter results some facts about the company Headquarters business owns the Zellers and Fields stores 100 Bay stores 295 results second Quarter Down from million loss in first six months Down from lion loss in first half of quote we Are disappointed in the but its a very difficult retail climate out and the weather didst chief financial officer Gary today operations fell to Mil lion from million in the same period last Zellers had a six month operating profit of Down from million Midway through president and chief executive George who did not get a Bonus last year because of his Compa nys dismal said in yesterdays statement that the first half results cannot be considered Indica Tive of the Outlook for the Allim por Tant second the Bay is certainly not the Only Large retailer bleeding red according to statistics traditional department stores the Bay and Sears Canada combined have seen their year overhear sales drop per cent last per cent in 1994 and per cent in Consumers distributing is Mil lion in under court Protection from its and closing All its stores outside Ontario and finding your place in the internet global Market can be it Sells subsidiary first Federal Sale nets firm big profit Canadian press consulting training site design site maintenance name registration us help Toronto the Cost of expanding in the rapidly Chang ing financial sector was just too Rich for the Parent company of Canada so it financial said yesterday its Selling its american subsidiary for million and pocketing a hand some this was an economically driven it president de Clark said in an economics Tell you to buy Low and sell High and that what we Marine Midland Bank of Buffalo will pay million for first Feder Al savings and loan association of in first fed eral will give it financial a dividend of about the company pretax gain on the Sale will be about a sub Stantial return on our Clark the transaction is subject to regulatory approval and is expected to close within three to six it a division of Montreal based Ilasco bought the Rochester savings and loan in 1991 and helped expand its Branch network across new York state and parts of by the end of 1995 first Federal had assets of deposits of billion and profits of but Clark said More growth would have been too costly in the Light of recent mergers and acquisitions that have made Banks very when it financial weighed whether to pump More Money into first Federal or sell the company to Marine it decided to he we determined we were a not a buyer at today Terri an analyst with Richardson said it estimates it would have had to pay about billion to expand first federals Branch network to compete More new Media email join the big 3 Microsoft Tel August 27 7 seminars free lunch great prizes free admission sessions include he networking in the 90s Microsoft internet solutions Call 947 5000 to Register space is limited province approves million in Loans to help Farmers diversify staff nearly million in Loans have been approved under a Provin Cial program that was launched late last year to help Manitoba Farmers adjust to the loss of Federal Grain transportation agriculture minister Harry Enns said yesterday that a total of Mil lion in Loans to eight applicants have been approved thus far under the diversification loan guarantee pro this program has received tremendous response from its initial target hog and potato pro and has also received some interest from Dairy Enns the loan diversification program is designed to help Farmers adjust not Only to the loss of Grain transportation but to the subsequent reduction in returns from traditional Grain the program helps producers move to More profitable commodities and value added projects by guaranteeing a portion of Startup funds they borrow from private the program guarantees 25 per cent of Loans ranging up to the Loans can be used to Start up or expand a wide variety of including potato production and hog operations and beef Enns said the program is expected to generate million in private Lender ;