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Winnipeg Free Press - PRINT EDITION

Business watch

By: Staff Writer

Posted: 06/1/2012 1:00 AM | Comments: 0

Solid start for crops

MANITOBA'S crops are off to a good start, Statistics Canada says.

Data issued Thursday from the agency's Crop Condition Assessment Program, which is a free, web-mapping application, shows Manitoba, southeastern Saskatchewan, Ontario, Quebec and Atlantic Canada have crop conditions ranging from normal to much better than normal because of early-seeding progress.

Growing conditions are normal in the rest of the Prairie region, the agency said.

Arctic Glacier Q1 revenue up

ARCTIC Glacier Income Fund increased revenue slightly in the first quarter while it operates under bankruptcy protection, but financing and professional fees caused losses at the Winnipeg packaged-ice company to balloon.

Sales for the quarter were $25.3 million, up $3 million from last year, but the company booked a loss of $62.7 million compared with a loss of $35.6 million during the same period last year.

Even during its heyday, Arctic lost money during the first quarter of the year and made up for it during the hot summer months when ice-purchasing is much higher.

Boost for weekly earnings

AVERAGE weekly earnings in Manitoba increased at the second-fastest pace in the country in March, new Statistics Canada data show.

The agency said earnings for non-farm payroll employees -- people who work for someone as opposed to being self-employed -- jumped by two per cent to $823.84 from $807.43 in February.

The year-over-year improvement was 2.7 per cent -- the sixth-largest among the provinces.

The only province to post a bigger month-to-month increase was Prince Edward Island, at three per cent.

Bombardier moves jobs south

VALCOURT, Que. -- Bombardier Recreational Products Inc. says 500 Quebec employees will be affected by a decision to switch watercraft assembly to Mexico.

The move will take place over the next 18 to 36 months, the company said in a statement Thursday.

The 500 employees affected at the Valcourt plant will be presented with options including retirement packages or positions within or outside of the company.

Hebron oil project OK'd

ST. JOHN'S, N.L. -- Federal and provincial regulators have conditionally approved development of the Hebron oil project off Newfoundland, a field estimated to hold 700 million barrels worth an estimated $20 billion over 30 years.

The Canada-Newfoundland and Labrador Offshore Petroleum Board approved Thursday an application by a group of oil companies led by ExxonMobil Canada, subject to 16 conditions.

They include requirements for plans to deal with skilled labour shortages and environmental issues.

Absent from that list is any demand for action on repeated calls from offshore union leaders for improved helicopter safety, particularly choppers that can run dry for 30 minutes without oil in the main gearbox.

CGI Group stock hits high

MONTREAL -- Montreal's CGI Group stock closed at its highest level in more than a decade Thursday after it said it will become the sixth-largest IT-services provider in the world under a friendly, $3.1-billion deal to acquire a U.K. company that will double the size of its global workforce and revenue.

Already Canada's largest IT services company, CGI Group said it has agreed to pay the equivalent of $2.8 billion to buy IT services firm Logica PLC. It will also assume Logica's net debt of $515 million, pushing the total value of the deal above $3.1 billion.

On the Toronto Stock Exchange, CGI stock jumped 13.99 per cent, or $2.94, to close at $23.95.

-- staff / news services

Republished from the Winnipeg Free Press print edition June 1, 2012 B9

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