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Winnipeg Free Press - PRINT EDITION
Business watch
New Flyer order delayed
NEW Flyer Industries (TSX:NFI) says a large U.S. customer has delayed placing its order for 90 Xcelsior buses while the purchase undergoes an independent review.
As a result, the Winnipeg-based bus manufacturer has lowered its projected 2012 output rate to the equivalent of 34 units a week, down from the 36 EUs a week projected in March.
New Flyer said its customer has financing but a review is required by the state for sole-sourced orders before a notice to proceed (NTP) is issued.
"Every agency is different in their unique processes and paperwork. We have situations ranging from building buses a year after we get the NTP, and some we begin building before we get the NTP but based on board approval," New Flyer CEO Paul Soubry said in an email exchange.
New Flyer said it expects to get the go-ahead from the unidentified customer in early October. It expects adjusted earnings before interest, taxes, depreciation and amortization will be flat compared to the first half of 2012.
New Flyer shares were down 20 cents to $7.76 on Tuesday.
Better shot at jobs here
UNEMPLOYED Manitobans have a better chance of landing a job than many of their provincial counterparts, Statistics Canada data released Tuesday show.
The agency said there were 3.4 unemployed people for every vacant job in Manitoba in June.
That was the third-lowest provincial ratio behind Alberta's 1.6 and Saskatchewan's 1.9. It was also nearly two points below the national ratio of 5.3, and a modest improvement from a year earlier, when Manitoba's ratio was 3.7.
Statistics Canada said there were 1,700 fewer jobless workers in Manitoba in June -- 33,100 versus 34,800 -- and 400 more job vacancies -- 9,900 versus 9,500.
Nationally, Statistics Canada said there were 263,000 job vacancies in June, 20,000 more than in the same month of 2011. There were 1,381,200 unemployed people, which was 26,900 fewer than in June of last year. At that time, Canada's ratio of unemployed workers was 5.8 per vacant job.
Provincially, Newfoundland and Labrador had the highest ratio, at 10.6.
$180-M contract awarded
THE Winnipeg Convention Centre confirmed Tuesday that Stuart Olson Dominion Construction has been awarded the contract for a $180-million-plus expansion of the facility, with work to begin before the end of the year.
Stuart Olson has agreed to design and build the 250,000-square-foot structure for a guaranteed maximum price of $147 million, the convention centre said in a statement.
An additional $33 million will be spent furnishing the new wing and connecting it and a new hotel to the main convention centre building, board chairman David Glass said in an interview.
The new wing, which will be built on a parking lot immediately south of the Convention Centre, and the new hotel are both expected to open in the fourth quarter of 2015, Glass said.
Building a 250- to 300-room four-star hotel was a condition of landing the project, but Glass said the convention centre isn't controlling where it will be built or the cost, and doesn't yet know those details.
-- staff
Republished from the Winnipeg Free Press print edition September 19, 2012 B8
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