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Winnipeg Free Press - PRINT EDITION

Business Briefs

By: Staff Writer

Posted: 08/1/2012 1:00 AM | Comments: 0

Restaurant, bar sales up

MAY was a good month to be in the bar, restaurant and food services business in Manitoba.

Statistics Canada data released Tuesday showed Manitoba's food-services and drinking-places industry rang up the country's second-biggest month-over-month and year-over-year sales increases in May.

The monthly tally of $132.5 million was a 1.8 per cent increase over April's $130.2 million, and a 9.6 per cent improvement from May 2011's $120.9 million.

The only province to post a bigger monthly gain was Alberta, at 2.3 per cent.

Manitoba's industry has been on a bit of a roll over the past year, thanks to two consecutive summers of sunny, hot weather, an unseasonably warm winter, and the return of an NHL team to Winnipeg.

Arbitrator backs airline

TORONTO -- Air Canada pilots are concerned that the airline's launch of a low-cost carrier could threaten their job security and working conditions, the union said Tuesday as the plans came closer to fruition after an arbitrator sided with the airline in a labour dispute.

A federal arbitrator chose Air Canada's final offer Monday, imposing a five-year collective agreement that includes, among other things, provisions allowing the airline to create a budget carrier.

The airline (TSX:AC.B) says the agreement, effective until April 2016, will give it the flexibility it needs to compete with budget carrier WestJet (TSX:WJA), which operates mostly domestic flights and doesn't have Air Canada's union and pension woes.

European slump hits Fiat

MILAN, Italy -- Italian carmaker Fiat reported Tuesday that second-quarter net income plummeted by 92 per cent as a slump in European sales offset a profit at its U.S. carmaker Chrysler.

Fiat, which is based in the northern city of Turin, posted a profit for the second quarter of 103 million euros (US$126.53 million), down from 1.3 billion euros in the same period last year. Without Chrysler, Fiat would have lost 240 million euros, Fiat said.

Weston profits down

TORONTO -- George Weston Ltd. (TSX:WN) says its second-quarter profit was down nearly 15 per cent from the same time last year and it expects the full-year 2012 results will be lower than in 2011, mainly due to costs at its Loblaw grocery division.

The bakery and grocery company, which is the largest shareholder of Loblaw Cos. (TSX:L), said its overall net income in the 12 weeks ended June 16 fell to $196 million, of which $137 million was attributable to common shareholders.

Americans optimistic

NEW YORK -- Americans breathed a bit easier about the economy in July, as a better outlook on short-term hiring and lower gas prices offset lingering worries about poor income growth.

The Conference Board said Tuesday its consumer confidence index increased to 65.9, from 62.7 in June, the first increase in five months.

Pfizer profits rise 25%

PFIZER Inc. posted a 25 per cent jump in second-quarter net income Tuesday due to aggressive cost-cutting and lower restructuring and other charges, shaking off the expected plunge in revenue from generic competition to cholesterol fighter Lipitor, the world's top-selling drug ever.

The world's biggest drugmaker easily beat analyst expectations. Pfizer's stock rose 33 cents, or 1.4 per cent, to close at $24.22 on the New York Stock Exchange.

-- staff / news services

Republished from the Winnipeg Free Press print edition August 1, 2012 B5

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