Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 13, 2009, Winnipeg, Manitoba C m y k Page b4 business editor Steve Pona 697 7264 business free press. My. Ca i Market details b5 i Winnipeg repress. Com tuesday january 13, 2009 b 4 business watch experts want securities regulator Vancouver an expert panel urged Ottawa on monday to create a single National regulator to police the trading of securities in Canada even if provinces who hold jurisdiction wont come on Board. The recommendation of the seven member panel headed by Mulroney Era Cabinet minister Tom Hockin highlights a 97 Page report that May act As the first and important step toward creation of a National securities regulator. I think its time to give investors a stronger voice with better enforcement and quicker response Hockin said. Its time to create a common securities regulator applying one set of principles one set of rules and one set of fees. November new Home Cost Static new Home buyers caught a break in november after the Cost of a new Home in Winnipeg failed to increase for the first time in 2008, according to statistics Canada figures issued monday. Sta scan said Winnipeg was one of seven Canadian cities to record no change in its new housing Price Index from october to november. It said the Cost of both the land and the House which includes the Cost of building materials and labour were unchanged. November was the first time in 2008 that new Home prices did not Rise. The previous 10 months saw month Over month increases of Between 0.1 and 1.8 per cent in the new housing Price Index. U of w team marketing winners the University of Winnipeg became the first University in the 27 year history of the Manitoba International marketing Competition to finish first two years in a Row. The u of was five member team of tristan Friesen Terence Clinch Hamza Tariq James Finkbeiner and Michelle Choy outscored 12 other University teams from As far away As Germany France Switzerland Ghana and Columbia to finish first in the Competition which wrapped up this past weekend in Winnipeg. Hosted by the University of Manitoba ass i. H. Asper school of business the Misc has each team play a computerized marketing simulation game for four months before coming to Winnipeg to present their business cases to judges. Warning for Manitoba motorists the better business Bureau is warning Manitoba motorists to be wary of an american firm that is phoning Consumers to entice them to buy an extended warranty for their vehicle. The Bureau said the firm believed to be operating under a number of names including National dealers warranty inc., United warranty wholesalers and automotive warranty Protection is falsely telling Consumers that it is connected to their Auto dealer or Auto manufacturer. Mosaic trimming staff in sask. Regina Potash and fertilizer producer mosaic co. Has issued Layoff notices to a total of 1,000 workers at two locations in Saskatchewan. Mosaic headquartered in Plymouth Minnesota says the layoffs affect 700 people in Esterhazy and 300 at its Colonsay operation. The indefinite layoffs Are effective feb. 15 in Esterhazy and March 8 in Colonsay. Management cuts at Bell valiant Halifax Bell valiant Atlantic Canadas dominant Telephone company is cutting 500 management jobs in a move to streamline operations and improve its Bottom line. The Halifax based company said monday the cuts reflect about 15 per cent of the telecoms operators management positions or about five per cent of its Overall workforce of about 10,000 employees. Non management front line service positions Arentt affected by the cuts. Cessna laying off 2,000 workers Wichita Kan. Cessna aircraft co. Told workers monday that it will Lay off an additional 2,000 employees across its operations saying the Job cuts Are necessary to ensure its Long term stability and Success. The workforce reductions will be implemented across the Wichita Kan. Based company is facilities and affect All pay categories it said. From the news services a Steep drop in fertilizer prices since fall has Cost some Manitoba retailers millions of dollars As the value of their inventories plunged an Industry official said monday. Meanwhile Farmers have been putting off purchases As prices have fallen creating a potential Supply crunch next Spring the official said. Its a bit of a game of Chicken going on right now to see who blinks first said David Mackay executive director of the Canadian association of Agri retailers car. Fertilizer prices peaked last fall with a tonne of phosphorus fetching up to $ 1,500. They ave since plunged to Between $ 750 and $ 850 a tonne. Prices were nearly As High for anhydrous ammonia a popular form of nitrogen. They ave also fallen precipitously. Farmers who delayed making purchases saved a lot of Money while retailers convinced that prices would continue to Rise stocked up. The prices were so High last fall and the commodity prices so depressed that Farmers basically mostly took a pass said Ian Wishart president of Keystone agricultural producers. But when the Bottom fell out of the fertilizer Market their suppliers took one on the Chin. There Are some who have had to incur write Downs in the millions Mackay said. While Farmers generally apply 30 to 40 per cent of their fertilizer in fall that did not happen in 2008 because of the High Cost and the fact that Many producers were pressed for time due to a late Harvest. Maybe half the usual amount was applied or less Industry officials say. Rick Rempel manager of Western Canadian sales for wholesaler agrico Canada ltd., said normally 60 per cent of fertilizer sales occur by the end of March. He estimates Farmers have bought 25 per cent of their needs so far. That could create logistical problems in Spring As Many Farmers enter the Market at the same time. We Only have so Many trucks and warehouses around he said from his office in Oak Bluff. Wishart said some Farmers Are considering cutting fertilizer purchases particularly with phosphorus this year if they see no upward movement in Grain prices before Spring seeding. Mackay said he believes that while sales have been a Little sluggish its not been a result so much of demand destruction As deferred buying by producers. But if they wait too Long they May not be Able to secure All the supplies they need he said. Because of sluggish sales manufacturers have slowed production reducing inventories. Larry. Kusch free press. My. Ca fertilizer retailers losing millions by Larry Kusch value of inventories plunges with Steep drop in prices its a bit of a game of Chicken going on right now to see who blinks first David Mackay executive director of the Canadian association of Agri retailers Federal Industry minister Tony Clement got an earful from Winnipeg business people monday about Banks being Overly tight with credit even though Canadian Banks Are in better shape than most of their Peers in the g7 countries. Clement and members of the Toryus Manitoba caucus met a group of business people As part of what he said is an historically Broad consultation preceding the Jan. 27 budget. One of the main concerns expressed by business groups Here and across the country is Access to credit he said. The finance minister has Laid out our governments expectations that the Banks need to be part of the solution not part of the problem Clement said. Its not Good enough to just have solid Banks if the Banks Are not in the business of banking. Clement said Winnipeg business people echoed concerns from businesses across the country who say they demonstrate they have orders a track record with a Bank and collateral available to Back Stop a loan but Are still being met with terms and conditions that Are off the Richter scale. He said business people Are also complaining about Banks making unilateral decisions to no longer participate in certain segments of the Economy. Clement and Cabinet colleagues Vic Toews and Stephen Fletcher also discussed some Winnipeg specific issues including efforts to establish an Inland port. They heard from round table participants who Clement said included representatives from Small and medium sized enterprises aerospace telecoms tourism fashion and manufacturing about competitive taxation issues and government programs. Martin. Cash free press. My. Ca some customers of the North end furniture company Nesco Are catching their first big break since the retail Chain was forced into receivership last month. Court appointed interim receiver Eloitte & touche has begun releasing furniture to Nesco customers who had paid in full for their purchases but Hadnot received them before the Winnipeg based firm ceased operations on dec. 10. Nesco owned by Winnipeg Gas Adelman family had eight stores in Winnipeg and Calgary operating under a variety of names including Penthouse furniture furniture galleria and leather express in Winnipeg and Penthouse furniture leather express and Thomasville Home furnishings by Penthouse in Calgary. Steve Peleck of Eloitte said the receiver began contacting customers last thursday to arrange for either pickup or delivery of their goods. He said the Only customers who will be getting their furniture Are those who paid in full and whose goods were already in nef cons hands when it folded. Anyone who paid but their goods Hadnot yet been shipped by the manufacturer wont be receiving them he said. Peleck said about 250 customers from Winnipeg and Calgary Nesco had four stores in each City will Likely be getting their furniture and most will be contacted by the end of this week. He did not know if thatus All of the ones who had paid in full and he say How Many customers have submitted claims. Peleck said once Eloitte has dealt with the customers who paid in full it will begin contacting those who made partial payments to let them know what they can expect to receive. All he would say at this Point is that they wont be getting their furniture. Customers can Check the Eloitte website wow. Eloitte. Com Ca Nesco for further updates. Murray. Mcneill free press. My. Ca by Murray Mcneill some Nesco customers get furniture by Martin Cash Ottawa the flood of grim economic news continued monday with reports from the Bank of Canada that the mood among Canadian businesses has darkened significantly and statistics Canada that new Home prices have fallen for the second straight month. Also analysts with a major investment Bank warned its going to get worse when the global tsunami hits Canadas Export and commodity dependent Economy. Canadas coastline looks to us to be highly vulnerable with the ultimate devastation wrought by the global financial and economic tsunami Likely to be extensive David Wolf and Carolyn Kwan economists at Merrill Lynch Canada warned in a commentary. Finance minister Jim Flaherty in Victoria for the latest of his Cross country meetings to discuss what should be in his Jan. 27 budget warned this is going to be a very difficult year for Many canadians and indicated the budget will contain measures to strengthen the employment insurance system As Well As spending on infrastructure to stimulate the Economy. But Canadian businesses were already expecting tougher times ahead. Business sentiment has deteriorated markedly since the autumn Survey As the effects of the International financial crisis and the weak global Economy intensified and spread to Domestic demand the Bank of Canada said in releasing its Winter Survey noting that almost All indicators of that mood Are at their lowest level since it began its quarterly Survey More than a decade ago. The percentage of firms reporting tighter credit conditions reached a record High level it said confirming what Flaherty said he has been hearing from Canadian firms during his Cross country pre budget hearings. Firms meanwhile also expect sales to slow Over the next 12 months and the level of uncertainty about prospects has risen with risks skewed to the Downside the Central Bank said. Can West news service business people blast Banks Ruth Bonneville / Winnipeg free press Industry minister Tony Clement Centre talks with researcher gang Hong Tian right during visit to National research Council in Winnipeg on monday. Clement hears complaints Canadian businesses sour Over grim economic news a 04_ Jan 13 09. Ind b4 1 / 12/ 09 8 08 07 pm ;