Business

Winnipeg Free Press - PRINT EDITION

Business Watch

By: Staff Writer

Posted: 06/16/2012 1:00 AM | Comments: 0

Original Apple nets $374,500

SAN JOSE, Calif. -- It took only one minute and fifty-two seconds Friday morning for a bit of Apple history to be written. Make that $374,500 worth of history.

Sotheby's veteran auctioneer Selby Kiffer sold a vintage Apple 1 computer to an unidentified bidder, blowing away the previous record price of $212,000 an Italian collector coughed up two years ago.

Sellam Ismail, a Livermore, Calif., software programmer and computer aficionado who maintains an index of the approximately 50 surviving Apple 1s, could barely stop laughing when he heard the price. "This is almost double what the guy in Italy paid -- and his came with a letter signed by Steve Jobs! I think we'll now see a lot of guys out there willing to part with their beloved Apple 1s, saying to themselves, 'Holy smoke... I can retire now.'"

Of the 200 hand-built machines that sold originally for $666.66 each, only a handful of the 50 survivors are believed to be in working order.

Moody's downgrades ING Canada

TORONTO -- Moody's Investors Service downgraded ING Bank of Canada on Friday after a two-notch downgrade of its Dutch corporate parent ING Bank N.V.

The debt-rating agency cut its senior deposit ratings of ING Bank of Canada to Baa1 from A2 on Friday after a two-notch downgrade of Dutch parent ING Bank N.V.'s financial strength rating to C-.

"Today's actions reflect the potential adverse effects of ING Bank N.V.'s lower capacity to support its Canadian subsidiary, as captured by its lower stand-alone credit assessment," Moody's said.

"Moody's expectation of the willingness or likelihood that ING would provide support to ING Bank of Canada if needed has not changed."

The agency also raised concerns about ING's narrow business model in Canada in an increasingly more competitive market.

No more Chorus cash for Pluna

MONTREAL -- Chorus Aviation says it won't invest more money as a Pluna shareholder to bail out the Uruguayan airline from the financial difficulties it faces.

Spokeswoman Manon Stuart said Friday the Halifax-based company "has no intention to invest additional funds," in the airline that has faced serious financial difficulties for several months, which has nearly led to its bankruptcy.

In 2010, Jazz, as it was then called, invested $15 million to acquire a 25 per cent stake in the South American national carrier, which connects the capital Montevideo to several neighbouring countries.

It marks the second failed attempt by Chorus (TSX:CHR.B) to become less dependent on Air Canada (TSX:AC.B), its former parent company for which it provides regional service under a capacity purchase agreement.

In April, tour operator Thomas Cook Canada Inc. made an early exit from its five-year agreement with Chorus, citing market conditions. The contract provided $100 million in annual revenues.

Longer review of Viterra takeover

BAAR, Switzerland -- Industry Canada's review of Glencore International plc's takeover of Regina-based grain handler Viterra Inc. has been extended by a month.

The review period was to end on Monday, but the company says it has agreed with Industry Minister Christian Paradis to add another 30 days to that schedule.

Glencore says it still expects to get all of the regulatory approvals it needs to close the $6.1-billion transaction by the end of July.

-- from the wire services

Republished from the Winnipeg Free Press print edition June 16, 2012 B13

Factual inaccuracy? Something missing? Help improve our journalism.

Know about news? Share your story suggestions, photos and video.

Spelling error? Punctuation problem? Send us an email if you’ve found a typo.

More Business

Undock

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.