Winnipeg Free Press

Winnipeg Free Press (Newspaper) - December 5, 2000, Winnipeg, Manitoba B4 business Winnipeg free december 2000 look communications cuts 300 looks for buyers by David Paddon Toronto look which has been building a network to deliver wireless High Speed internet and digital television into said yesterday it is cutting 300 jobs and looking for buyers because of a Cash crunch Cre ated by the company rapid what we will be doing in the next few weeks will finding a Strate Gic partner or perhaps disposing some part of the business that will bring Cash into the company and allow us to continue with our look president David Parkes said in an interview after the none of the individual elements of our in Are unt ouch he i cant Tell you at this Point in time which direction this will the immediate plan for the company is to Stop Selling to single family Homes because of the upfront costs associated with installing he the company remaining 550 employees will continue to serve existing residential subscribers and pursue new Small and medium sized business sub which involve lower upfront for All of our existing were continuing to Supply our products and its business As Parkes besides the internet and digital to look offers web Domain name registration and other Interne related the company took its present form last year through a merger with id internet a Toronto based internet service provider with sub scribers in Ontario and since look has acquired a number of Small Isis to build its customer last look withdrew a plan for a Public Stock needed to raise much needed funding for its the company chief the Bank of Nova Scotia and Bank of attached several conditions in August to a revolving credit including that look raise at least Mil lion in equity by 31 and at least million in equity by next March Parkes said look will attempt to renegotiate its agreements with its he also said most of the borrowed Money has been with about million left in Cash and available cred it to maintain look had been spending about Mil lion a month but the cuts announced yesterday Are designed to make its operations profitable As quickly As pos within a matter of Parkes Canadian press Central Bank not Likely to Aid loonie by Sandra cordon crts Extension of deadline for comments canals the crts is extending the deadline for comments on the proposed amendments to our broadcasting pay television and specially services written comments must be submitted to the Secretary general k1a on2 and must now be received on or before 18 december you May also file your comments by email at for More information 1877249crtc Tollfree or internet reference documents Public notices crts 2000150 and w Canadian radio television and Conseil de la radio diffusion it Des telecommunications commission telecommunications Canad Ennes Stuart press president Steve Reinemund announces Pepsi cos plan to buy Quaker gatorade a Plum in Quaker Oats buy Pepsico now Leader in sports drink Market by skip Wollenberg crab a paper pick up a free press at any participating husky or Mohawk station for Only husky sunday Friday saturday plus applicable taxes limited the free press were there for you play Gas grab for your Chance to win 2000 litres of Gas new York while the sport drink gatorade was the big prize in the billion us Deal for Quaker Oats Pep Sico officials Are also salivating Over the possibilities that Quaker brings for boosting its sales of snacks and fruit the Allstock Deal announced yester Day instantly makes Pepsico the Leader in the fast growing sports drink where the nations second biggest soft drink concern was a bit player with its All sport gatorade is the sports drink category but Pepsico chairman and chief executive Roger Enrico said quakers clout in the no carbonated beverage aisle could also pay dividends by getting retailers to provide shelf space for its Tropicana divisions growing line of fruit drinks like Tropicana the Market for no carbonated soft drinks is about billion versus Bil lion for carbonated soft drinks but is growing much according to beverage Enrico said quakers Granola Rice cakes and fruit bars will complement the frito Lay divisions Industry leading lineup of Salty snacks like tos Titos Corn chips and lays potato Quaker gives Pepsico legitimacy overnight As a provider of nutritious foods that can be eaten on the run at breakfast or to provide Energy in the late he Enrico told analysts and investors that the Purchase would boost Pepsi cos sales and earnings growth by at least one per cent a investors applauded the Pepsi co which had Slid per cent on Friday amid reports it was close to a were up per or a at in late trading on the new York Stock pushing the value of the Deal up from its initial Quaker shares also were rising a share to at yesterdays late Quaker shareholders would get Stock Worth for each Quaker Pepsico had offered of its shares for every share of Quaker in Early but Quaker rejected the Over the past Quaker talked with both coca cola and Frances Danone but both companies backed away from possible Pepsico said quakers Board accepted the offer of shares for each Quaker the Deal is still subject to regulatory but Enri co expects it will close in the first half of Quaker Oats can Back out if Pepsi cos Stock dips below a share for a period of 10 random Days in the month before under this Pep Sico would have to increase the share Exchange ratio in order to keep the Deal when the Deal Enrico said Steve Pepsico president and chief operating will succeed him As chairman and Enrico had previously said he would step Down in favor of Reinemund As ceo by the end of 2001 and As chairman by the end of associated press Ottawa its unlikely the Bank of Canada will tinker with interest rates today when the Central Bank issues its first statement under a new system of fixed dates for changing monetary poli despite the continuing weakness in the Canadian the Bank wont want to intervene by boosting analysts with continuing Strong eco nomic growth expected to hit five per cent this year the Bank will Likely Indi Cate a Strong Bias toward higher interest rates to keep a lid on we expect the Bank of Canada not do anything on the interest rate said Jeff Market Strate Gist with Standard and poors mrs in its quite unlikely the Bank would hike just to defend the because the dollars four month downward trend has been rather than the loonie strengthened a bit yester closing at cents up of a cent from fridays positive prospects Bank of Canada governor Gordon Thiessen insisted there Are Strong eco nomic reasons for investors to support the loonie from balanced government books and falling debt to rising Gross Domestic the prospects for our Economy Are very said Thiessen in a speech yesterday in if we will also see a stronger Canadian Dollar Over the medium which usually Means one to two analysts say the Bank wont intervene to support the Dollar because it Doest set currency targets in the same Way As its strictly enforced Onet Othree per cent Range for Core inflation which excludes volatile Energy and food prices is the rate most closely watched by policy it has nudged up to per inflation int enough of a threat to justify higher rates just said Marc senior economist with Toron to Dominion nor does the Bank need to ease even though that expected Early next year in the United where the lengthy expansion is finally beginning to Cool they Bank of Canada dont have any reason to move on rates in any direction right said the Central Banks shift to scheduled interest rate announcements eight Are expected per year is part of its Effort Over the past several years to become More that been a particular theme of who retires next month after serving seven finance minister Paul Martin Hast yet named a although Mal Colm senior Deputy governor of the Central is thought to be a Seri Ous press Pacific Atlantic group telecoms advanced business technology from coast to with an extensive communications network that boasts 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