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By: Staff Writer

Posted: 10/17/2012 1:00 AM | Comments: 0

Manufacturing sales fall in Manitoba

MANUFACTURING sales in Manitoba fell 4.7 per cent in August -- the biggest month-over-month decline among the provinces, Statistics Canada said Tuesday.

The agency said local factories shipped out $1.27 billion worth of goods during the month, down from $1.33 billion in July. It said lower sales of durable goods, such as machinery and transportation equipment, were responsible for the decline.

The only other province to see a drop-off in sales was Quebec, where sales dipped by 0.3 per cent. The other eight provinces posted increases ranging from 0.5 per cent to 7.8 per cent.

Manitoba's decline came after three consecutive months of modest sales gains. It left sales running 1.9 per cent ahead of last year's pace after the first eight months of the year -- $10.34 billion versus $10.15 billion.

Nationally, manufacturing sales rose by 1.5 per cent to $49.5 billion in August -- their highest level since March of this year. Statistics Canada said the gain was largely due to higher sales in the motor vehicle industry and in coal and petroleum products.

Citigroup picks bank veteran as CEO

NEW YORK -- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank -- a sharp contrast to Vikram Pandit, his suddenly departed predecessor.

Corbat, 53, has spent his entire career at Citigroup and its affiliated businesses. A former All-American offensive lineman on Harvard's football team, Corbat worked his way up the ranks at Salomon Brothers, helped Citi navigate the 2008 financial crisis, rebuilt its credit-card business and, most recently, ran the bank's operations in Europe, the Middle East and Africa.

Perhaps partly because he has spent so much time at one bank and partly because of the sudden nature of his elevation, few on Wall Street had a quick opinion about him on Tuesday.

-- staff, news services

Republished from the Winnipeg Free Press print edition October 17, 2012 B7

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