Business in Winnipeg [Archive] - Page 9

newflyer

Jul 21, 2009, 5:52 AM

Vacancy rates in city stay low
By: Murray McNeill

Winnipeg's commercial real estate market is thumbing its nose at the recession, according to the author of a newly released market report.

In his mid-year report on the local market, called The Johnson Report, Winnipeg commercial leasing agent Wayne Johnson says vacancy rates have held steady through the first half of this year in both the industrial and retail sectors, and have increased only modestly in the downtown office sector.

"If you look at these numbers, you would say there is no recession," Johnson said in an interview. "The office (sector) is good, the industrial is very good, and the retail is fabulous."

Johnson pegged the overall downtown office vacancy rate for Class A, B, and C buildings combined at 4.6 per cent in June. That's 0.9 per cent higher than at the end of last year, when it was 3.7 per cent.

He pegged the overall industrial vacancy rate at 2.6 per cent (it was 2.5 per cent in December), and the retail rate, which was 3.3 per cent in December, at 3.4 per cent.

Johnson, a commercial and leasing agent with Royal LePage Dynamic Real Estate, said he remembers Winnipeg's downtown office vacancy rate was more than 10 per cent during the last major recession of the early 1990s.

But Manitoba's diversified economy is weathering the global economic storm much better this time around, he said, and the commercial real estate vacancy rates are further proof of that.

Johnson also noted that about half of the 0.9 per cent increase in the office vacancy rate was due to him adding nine more buildings to the inventory of Class C space he tracks. Some of them had vacant space, which bumped up the overall vacancy number.

CB Richard Ellis Ltd. also issued some second-quarter office vacancy rate numbers late last month. They showed Winnipeg's overall downtown office vacancy rate jumping to 7.9 per cent from 6.1 per cent at the start of the year.

But Paul Kuzina, an office and leasing specialist with the firm's Winnipeg office, CB Richard Ellis Chartier & Associates, said that's because CB Richard Ellis includes sublease space in its office vacancy numbers, while some others, including Johnson, do not.

Kuzina agreed that if you exclude the sublease space, there was only a modest change in Winnipeg's overall vacancy rate in the first half of this year.

"It's been very slow (for leasing activity)," he said. "I think a lot of companies have just been sitting on the fence... trying to ride out these economic times."

Kuzina said even when sublease space is included in the vacancy rate numbers, Winnipeg still looks good compared to cities like Calgary and Toronto.

The CB Richard Ellis report pegged Toronto's overall office vacancy rate (including sublease space) at 8.4 per cent in the second quarter this year. And Calgary's was 10.2 per cent -- more than double what it was a year ago.

The firm also predicted Calgary's rate will soar to 20 per cent by the end of the year as oil-industry-related firms continue to downsize and some newly built office buildings come on the market.

Kuzina said corporate downsizing by a number of U.S.-based firms with operations here is also why 76,000 square feet of new sublease office space came flooding onto the Winnipeg market in the second quarter this year. That included 46,000 square feet of Class A space and about 30,000 square feet of Class B space.

He said there are 94,304 square feet of sublease Class A space available in downtown Winnipeg and 43,954 square feet of Class B space. That's an unusually large amount of sublease space available at one time, he said.

Johnson said Winnipeg's overall retail vacancy rate has been on a downward trend for much of the last 11 years and is now at its lowest mid-year level in two decades.

"I think that (a vacancy rate of 3.4 per cent) would be amazing, even if there was no recession," he said, adding five per cent is usually considered healthy.

He said 2.6 per cent is also an extremely low vacancy rate for the industrial sector, which has also enjoyed low rates for much of the past decade.

"Most marketplaces would love to have that kind of number, even in good times," he said.

Know of any newsworthy or interesting trends or developments in the local office, retail, or industrial real estate sectors? Let real estate reporter Murray McNeill know at the email address below, or at 697-7254.

murray.mcneill@freepress.mb.ca

The Johnson Report, published twice yearly by Royal LePage Dynamic Real Estate agent Wayne Johnson, is considered the most comprehensive report on the commercial real estate market in Winnipeg. Here is what the 2009 mid-year report, released last week, says about vacancy rates in the three key sectors of the market:

June 2009 December 2008 June 2008

Office (A,B & C) 4.6 % 3.7 % 3.9 %

Industrial 2.6 % 2.5 % 2.3 %

Retail 3.4 % 3.3 % 3.6 %

In the downtown office sector:

Class of space June 2009 December 2008 June 2008

A 3.9 % 5.1 % 5.0 %

B 5.6 % 3.0 % 4.0 %

C 3.7 % 2.5% 1.7 %

Source: Winnipeg Freepress

1ajs

Jul 24, 2009, 10:02 PM

Merger Creates Richardson GMP

7/24/2009

There's been a major merger of financial services companies. Winnipeg based Richardson Partners owned by James Richardson and Sons is merging with GMP Capital in Toronto. Richardson Board Chair Sandy Riley says the new company will manage a combined 11-billion dollars in assets. It will have offices in both Winnipeg and Toronto. The new name will be Richardson GMP. Riley says the turbulent economic climate helped create the opportunity for the merger. He doesn't know yet how the deal will impact jobs in Manitoba

MooseJets

Jul 24, 2009, 10:39 PM

Does this mean Winnipeg will be losing another HQ?:shrug:

Merger Creates Richardson GMP

7/24/2009

There's been a major merger of financial services companies. Winnipeg based Richardson Partners owned by James Richardson and Sons is merging with GMP Capital in Toronto. Richardson Board Chair Sandy Riley says the new company will manage a combined 11-billion dollars in assets. It will have offices in both Winnipeg and Toronto. The new name will be Richardson GMP. Riley says the turbulent economic climate helped create the opportunity for the merger. He doesn't know yet how the deal will impact jobs in Manitoba

1ajs

Jul 25, 2009, 12:00 AM

technicaly yes but offialy no since it falls under the james richrdson and sons

grumpy old man

Jul 25, 2009, 2:52 AM

Not even close 1ajs...

The new company will be HQ'd in Toronto. The same place the two separate companies were HQ'd prior to the merger.

And the new company will be called Richardson GMP Ltd.

MooseJets

Jul 25, 2009, 9:58 AM

Not even close 1ajs...

The new company will be HQ'd in Toronto. The same place the two separate companies were HQ'd prior to the merger.

And the new company will be called Richardson GMP Ltd.

Am I the only one pissed off at this? I guess they will be selling the Richardson building soon. Damn traitors. The airport should be renamed to something else besides the Rchardson airport. This also hurts our chances of regaining an NHL team. :slob:

Andy6

Jul 25, 2009, 1:57 PM

It's already in Toronto. It is just one of many companies in the Richardson empire. I'm not sure what it has to do with NHL teams.

Pegger5

Jul 27, 2009, 12:02 AM

Am I the only one pissed off at this? I guess they will be selling the Richardson building soon. Damn traitors. The airport should be renamed to something else besides the Rchardson airport. This also hurts our chances of regaining an NHL team. :slob:

Over 75% of the Richardson employee base is based in Winnipeg. Their grain division (one of their larger divisions) is huge...and all based in Winnipeg so everyone relax..

Lets not forget where a lot of that revenue will filter to from that HO in Toronto. To the WINNIPEG BASED Richardson family!

1ajs

Jul 27, 2009, 2:30 AM

true the more fingers we can leach off toronto the better muhahahaah :P

wags_in_the_peg

Jul 27, 2009, 1:10 PM

Am I the only one pissed off at this? I guess they will be selling the Richardson building soon. Damn traitors. The airport should be renamed to something else besides the Rchardson airport. This also hurts our chances of regaining an NHL team. :slob:

are you nuts? this is huge for winnipeg as the parent company is HQ here. this division of the company is located in TO as it's a private wealth management company and they need to be close to their clients.

dennis

Jul 27, 2009, 3:06 PM

Assante is another wealth management firm. Aren't they based in Winnipeg. Anyhow, we are no longer the financial capital of western Canada, as we used to be. Hopefully, we could regain some of that title again.

ILYR

Jul 30, 2009, 6:12 PM

GDP in Maritimes, Manitoba to grow in '09
Last Updated: Thursday, July 30, 2009 | 12:02 PM ET

CBC News
Canada's three Maritime provinces and Manitoba will be the only parts of the country that will squeeze out some economic growth in 2009, according to a new study released Thursday.

The Conference Board of Canada said the eastern provinces of New Brunswick, Prince Edward Island and Nova Scotia and the Prairie province of Manitoba should see their gross domestic products expand in 2009.

That showing means that the four provinces will pull out of Canada's worst recession since the Great Depression faster than any other part of the country, the think tank said.

"Despite the negative [economic] headwinds, Manitoba's economy has proven resilient, as have the economies of the Maritime provinces," said the Conference Board in releasing its summer outlook for Canada's provinces.

Go east — or maybe to Manitoba

None of the four growing provinces will post increases greater than 0.8 per cent, with Nova Scotia barely expanding at 0.3 per cent.

The Ottawa-based Conference Board listed different reasons for why these provinces will keep their economic heads above the recessionary waves:

P.E.I. benefited from government spending and investment in wind technology.
Nova Scotia was helped by $700 million in spending on the province's Deep Panuke off-shore natural gas project.
New Brunswick also gained from public spending, along with a $1.7 billion investment from Potash Corp.
Manitoba's government is spending almost $2 billion on various infrastructure and construction projects.
Ontario, with its decimated automobile sector, and Newfoundland and Labrador, which is experiencing declining oil and gas production along with a poorly performing forestry sector, will be this year's biggest losers, both shrinking by more than three per cent.

Provincial GDP growth (%) 2009 2010
N.L. -3.4 0.0
N.S. 0.3 1.2
P.E.I. 0.8 2.2
N.B. 0.9 2.8
Que. -0.7 1.8
Ont. -3.0 3.1
Man. 0.8 1.8
Sask. -2.7 3.5
Alta. -2.7 3.3
B.C. -2.5 3.4
Source: Conference Board of Canada
Overall, Canada will shrink by 2.1 per cent in 2009, a dismal performance owing in part to the effects of the global credit contraction, which began in September 2008.

In that year, Canada's GDP only expanded by a paltry 0.5 per cent, less than that of the United States, which grew by 1.1 per cent, according to BMO Economics.

In 2009, the U.S. economy will contract more — by 2.7 per cent — according to BMO.

Next year's resurgence

Next year, however, should see Canada's overall economy and that of nine provinces grow, the Conference Board noted.

"Over the next year, all provinces will slowly recover," the Board said. "The provinces most affected by the global recession will see the strongest rebound, with growth averaging well over three per cent."

The exception to the growth will be Newfoundland and Labrador, which is expected to post flat economic growth in 2010.

newflyer

Jul 31, 2009, 2:15 AM

Guys .. lets grip reality. Richardson and Sons, a large comglomerate, is staying right where it is.. at Portage and Main. It owns several businesses, including Agriculture, Financial, Investment, Oil and Gas and Real Estate all of which are oqned and managed managed from Portage and Main.

A little history .. there used to by a company called Richardson Greenshields which was a high end brokerage... this company was sold to the Royal Bank back in 96 near the hieght of .com-mania when valuations were warped and the Richardsons made out like bandits. This company is now what is known as RBC Financial. One of the largest priavte shareholders of RBC remains Richardson and Sons to this very day.

A few years ago Richardson and Sons descided to start up a new wealth management company (Richardson Partners), and raided some of the top brokers of other firms, making them a very impressive private firm indeed, which was lead by Sandy Riley. This brokerage has been run out of Toronto to be among the the other big brokerhouses, but thats not to ignore the fact that Riley maintains an office in Winnipeg to stay in close touch with the mother ship.

The deal with GMP makes the new company the largest independant brokrage, which is now known as Richardson GMP, which will be a subsidary of Winnipeg's Richarson and Sons once the deal is complete. The board will be controlled by Richarson and Sons and thus control will be maintained from Winnipeg.

Also note that Richardson Capital is the private equity management company and is and will continue to maintain its Head Office in Winnipeg.

I invite you all to checkout the website:

Richardson Partners
http://www.rpfl.com/display.jsp?c=home.en

Richardson and Sons:
http://www.jrsl.ca/ENG/financialservices.html

Winnipeg is still every bit the financial centre it was before this deal was struck. Home to the largest mutual fund company in Canada and home to Great West Life, which also owns Freedom 55 and Canada Life and Putnum Investments. Winnipeg is home to ICE Futures which is a major international player and its Canadian opperations is based from Winnipeg, Wellington West Capital which is a highly rated wealth management company which has also seen significant growth the last number of years. Winnipeg is also home to several other independant brokerages, commodity trading offices and wealth management firms, so lets not get confused.

ICE Futures;
https://www.theice.com/futures_canada.jhtml

Investors Group:
http://www.investorsgroup.com/english/default.shtml

GWL co:
http://www.greatwestlifeco.com/008/home/index.htm

MGI Financial:
http://www.mgifinancial.com/contact_us/index.html

Wellington West
http://www.wellwest.ca/

ect.. ect

1ajs

Aug 17, 2009, 9:37 PM

University Students Close NASDAQ
CJOB News Team reporting
8/17/2009

University of Manitoba students will close the NASDAQ stock exchange tomorrow.

Only two other universities have had this opportunity in the past.

Glenn Feltham, Dean of the Asper School of Business, and students from the faculty will ring the closing bell in New York City.

The students are in New York for the Stuart Clark Venture Challenge, an Asper School competition with a track record for helping to launch multi-million dollar business ventures.

1ajs

Aug 17, 2009, 11:03 PM

Winnipeg's New Flyer cuts 320 jobs on bus-order delay

Last Updated: Monday, August 17, 2009 | 4:38 PM CT Comments3 (http://www.cbc.ca/canada/manitoba/story/2009/08/17/new-flyer.html#socialcomments)Recommend7 (http://www.cbc.ca/canada/manitoba/story/2009/08/17/new-flyer.html#)

CBC News (http://www.cbc.ca/news/credit.html)

http://cbc.stockgroup.com/charts/newchart.asp?P1=T.NFI.UN&P29=FFFFFF&P25=175&P8=3&P48=0&P31=000000&P33a=CCCCCCNew Flyer 3-month TSX chart Transit bus maker New Flyer Industries announced plans Monday to lay off as many as 320 people, citing the deferral of a major U.S. order.
The Winnipeg-based company said up to 270 unionized positions would be slashed at its plants in Winnipeg and in Crookston and St. Cloud, Minn. About 130 of the layoffs will be unionized workers at the company's Winnipeg plant. Company-wide, another 50 salaried jobs will also be cut — mostly in Winnipeg.
The cuts amount to 13 per cent of its North American workforce. The company employs about 1,200 in Winnipeg, 700 in St. Cloud and 300 in Crookston.
The company said some of the cuts would take effect immediately, and the rest by the end of the year.
New Flyer revealed in late July that the production of 140 diesel-electric hybrid articulated buses was being put on hold because a major U.S. customer has having difficulty getting funding.
New Flyer also said its Winnipeg and Minnesota plants would be idled for six production days during the last couple of weeks of the year.
News of the cuts came as the company released second-quarter results that showed a net loss of $14.7 million.
The company said it anticipates being able to maintain its current monthly distribution to shareholders. New Flyer is structured as an income trust. Units of the company fell 51 cents to $8.18 in Monday trading.

newflyer

Aug 18, 2009, 6:09 AM

1ajs

Aug 29, 2009, 9:43 AM

Lenders grant Canwest debt extension

8/29/2009

Lenders for Canwest Global Communications Corp. have granted a debt extension to the Winnipeg-based media giant's subsidiary.

Canwest Media Inc. will have until Sept. 11 to meet certain milestones, and agree on a recapitalization transaction.

The original deadline was Friday.

Canwest is struggling with a $4-billion debt load, and negotiating with creditors to recapitalize the company.

Only a small fraction of that debt has come due, but the recession's impact on advertising revenues has reduced Canwest's earnings power and devalued its assets.

The company has been selling off some of its struggling assets, including two of its local TV stations - CHCH-TV in Hamilton and CJNT-TV in Montreal - to specialty television company Channel Zero.

Canwest said Friday the CRTC approved the transfer of ownership of licences relating to stations to an affiliated company of Channel Zero.

grumpy old man

Aug 29, 2009, 12:54 PM

This is pretty predictable eh? Best give them an opportunity to climb out of the hole.

1ajs

Sep 11, 2009, 6:32 PM

MTS, Rogers get green light for alliance

Last Updated: Friday, September 11, 2009 | 9:48 AM CT

CBC News (http://www.cbc.ca/news/credit.html)

Regulatory approval has been granted for an agreement between Manitoba Telecom Services Inc. and Rogers Wireless that will allow them to share the cost of deploying a new high-speed network.
The corporations announced their intention in July to create a partnership to develop and to operate a new high-speed wireless network in Manitoba, but the agreement was subject to approval by regulatory authorities.
With that approval now in place, MTS and Rogers announced they will share the costs of deploying the expanded 3.5G high speed packet access wireless network.
The MTS Allstream division will also get access to the national Rogers network as a roaming partner and will have the opportunity to launch a national wireless business offering under the Allstream brand. No further details were provided on what that offering might be.
The various agreements will enable Rogers Wireless and MTS Allstream to offer more wireless customers across the country access to innovative mobile products and a wide variety of choice in network services, said Rob Bruce, president of Rogers Wireless.
It is expected the new network will be in place by the end of 2010.

newflyer

Sep 17, 2009, 11:10 PM

StandardAero throttles up with expansion
By: Martin Cash

WINNIPEG - With several hundred Winnipeg workers on hand in the bright sunshine this morning, StandardAero, WestJet and General Electric officials launched StandardAero’s most significant expansion in its 99-year history.

The Winnipeg aircraft engine maintenance, repair and overhaul company is now authorized to work on GE’s CFM56-7B engines — the kind used on all of Boeing's newest, next-generation 737 jets.

Earlier this summer, StandardAero signed a 12-year, $850 million contract to do all of the engine work for Calgary-based WestJet’s fleet of 81 Boeing 737s.

The official ground breaking took place today for construction of a 27,000 square foot extension to StandardAero’s Plant 6.

It will cap about $50 million worth of new capital investment Winnipeg’s StandardAero has benefited from in the last couple of years.

The latest GE designation means the Winnipeg company can now go after work from other carriers around the world for the 737 market, which is expected to more than triple by 2018.

source: winnipeg freepress

1ajs

Sep 23, 2009, 9:02 AM

Research in Winnipeg gets financial boost
CJOB News Team reporting
9/23/2009

Research into Health Sciences, the environment and new technologies in Winnipeg is getting more than 1.45 million dollars in Manitoba government support.

Science and Technology minister Jim Rondeau says research and innovation in the 21st century will be a major player in global competitiveness and provide good jobs and better lives for Manitobans.

Some of the projects being funded at the University of Manitoba are the Biofuels biotechnology and fermentation lab and the Neurobiology of obesity lab..

1ajs

Sep 24, 2009, 7:39 AM

RWB reporting another surplus
CJOB's Robert Holland reporting
9/24/2009

The Royal Winnipeg Ballet has reported a surplus of nearly 107,000 dollars for the 2008/09 fiscal year.
The Ballet’s 69th season saw a year of continued success. The RWB performed for 73,163 people in 51 performances (23 in Winnipeg and 28 on tour).

The Ballet's Executive Director Jeff Herd anticipates further successes and opportunities. And, the Ballet will continue training students for the profession of dance, and will continue to provide recreational classes.

The highlight of the season was the fall tour of Jorden Morris’ Peter Pan with ten performances in Calgary, Edmonton, Regina and Saskatoon.

1ajs

Sep 24, 2009, 4:30 PM

Canwest sells Australian TV stake

Price is 4.8% discount to recent share price

Last Updated: Thursday, September 24, 2009 | 11:08 AM CT Comments1 (http://www.cbc.ca/canada/manitoba/story/2009/09/24/canwest-sells-ten.html#socialcomments)Recommend6 (http://www.cbc.ca/canada/manitoba/story/2009/09/24/canwest-sells-ten.html#)

CBC News (http://www.cbc.ca/news/credit.html)

Shares of Canwest Global Communications Corp. soared Thursday after it announced it has sold its stake in Australian broadcaster Ten Network Holdings Ltd.
The shares rose 8½ cents to 21 cents, or 68 per cent, at midday on the Toronto Stock Exchange.
http://www.cbc.ca/gfx/images/news/photos/2009/05/05/canwest-cp-6327781.jpgCanwest Global Communications will use the proceeds to pay off part of its massive debt. (John Woods/Canadian Press) Australian investment bank Macquarie Capital Advisers agreed Wednesday to pay $634 million for all of Canwest's ownership interest.
"The sale of the shares of Ten Holdings is expected to facilitate continuing discussions with the ad hoc committee [of lenders] regarding a recapitalization transaction," the company said in a statement.
Canwest has tried repeatedly to sell its Australian media assets — which it bought 12 years ago — as it struggles to get its $4-billion debt under control. Creditors have granted 12 extensions of payment deadlines since it first defaulted this spring. The latest expire on Oct. 6.
Canwest plans to use $102 million to repay debt owed by subsidiaries Canwest Media and Canwest Television Limited Partnership. Another $85 million will be used for cash and to pay down a line of credit to CIT Business Credit Canada Inc.
http://cbc.stockgroup.com/charts/newchart.asp?P1=T.cgs&P29=FFFFFF&P25=175&P8=3&P48=0&P31=000000&P33a=CCCCCCCanwest Global, 3-month chart. Canwest also agreed to deposit $426 million with a trustee for the holders of its eight per cent senior subordinated notes. The transaction also lowers Canwest's total debt because it removes the debt of Ten from the parent company's books.
Ten shares have doubled

The sale is expected to be completed by Oct. 1. The price is a 4.8 per cent discount to what Ten's shares were trading at before the announcement. Ten shares have more than doubled as Australia's economy rebounds from the depth of the global recession last year.
Canwest, the Winnipeg-based media giant, owns daily newspapers in most major Canadian cities, including the National Post, the Calgary Herald, and the Vancouver Sun and the Global TV network. It also owns specialty channels such as Showcase and the History Channel with Goldman Sachs.
Canwest has sold numerous other assets including some of its local E! channel branded stations in Canada, indirect interests in four Turkish radio stations, and American political magazine the New Republic.
With files from The Canadian Press

1ajs

Sep 25, 2009, 8:50 AM

Confidence in city boosts organizers of Centrallia
By: Martin Cash
Winnipeg Free Press

24/09/2009

Strangely enough, the recent global recession has helped inject a dose of confidence in the idea that Winnipeg is a city that actually works pretty well.That's what happens when there is unemployment and economic disruption all over the place, and relative calm at home.

So now when there are discussions about CentrePort, for instance, people seem more inclined to talk about how it will work, rather than why it won't work.

That sense of confidence and enthusiasm about Winnipeg's place in the world is behind the organizers of Centrallia, a global small business forum taking place in Winnipeg in October 2010.

It was conceived of as an economic development event that can capitalize on and become part of Manitoba Homecoming 2010 festivities.

Centrallia will be the first anglo-North American event held in association with Futurallia, a French-based organization that has been holding intense international business-to-business speed-dating events all over the world for 20 years.

The idea to hold an event in Winnipeg was the brainchild of Mariette Mulaire, the energetic head of ANIM (Agence Nationale et Internaitonale du Manitoba).

ANIM, which is only a couple of years old, is effectively the province's subcontracted francophone trade development agency. With financial support from the province, it helps establish more links for Manitoba businesses throughout the francophone world.

Mulaire has been to Futurallia events and led a delegation of Manitoba businesses to one in Quebec City in 2008 as part of that city's 400th anniversary.

"When I go to trade shows and meet with business around the world encouraging them to come to Manitoba, they ask me what would be a good event for them to attend," she said.

Centrallia will be an excellent reason for small- and medium-sized enterprises from around the world to come to Winnipeg next year.

Mulaire has already enlisted the support of all of the key Manitoba business groups. She has rounded up financial support to organize the event -- the $1 million price-tag is an indication of the size and scope of the undertaking -- and is building momentum for the year-long task of securing delegates from around the world.

The magic formula of the event is getting hundreds of business people in the same room sitting across from each other in scheduled one-to-one pitches.

Centrallia has licensed Futurallia's unique match-making software that links compatible businesses to each other and then schedules meetings. Organizers are planning for 500 delegates (and hoping for 1,000), with about one-third of them from the region.

Centrallia will hold a kick-off event Oct. 20 when it might also announce a big name keynote speaker.

Among other things, it is seen as an opportunity to bring a lot of business people to Winnipeg so that they may advance their own self-interest and at the same time put Winnipeg on the global business map.

"ö "ö "ö

Loren Cisyk, IBM's Winnipeg territory manager, has been selected as one of only 17 Canadians to participate in IBM's Corporate Service Corp, thought of as the company's Peace Corps.

Next month Cisyk will travel to Chengdu, China (co-incidentally, a sister-city to Winnipeg), to participate with nine other IBM colleagues from around the world in a four-week project advising Chengdu small businesses about becoming part of the global marketplace.

It is a feather in Cisyk's cap just to get chosen to go and will add further sheen to IBM's 550-person strong Winnipeg operation that already does plenty of work for clients all over the world.

wags_in_the_peg

Oct 6, 2009, 1:00 PM

IT'S OFFICIAL NOW.... CanWest can avoid paying some bills while they restructre. I'm always leary when companies go bankrupt, money is funelled into other companies (for example Creswin).

CanWest Global Communications Corp. (CGS.A-T0.19-0.09-32.14%) said Tuesday it plans to file for bankruptcy protection.

The Winnipeg media company, owner of Global Television and the National Post, among a host of other media properties, plans to “voluntarily file for creditor protection under the Companies' Creditors Arrangement Act in order to implement the recapitalization plan.”

CanWest president and chief executive officer Leonard Asper said the company's operations “will continue uninterrupted” through the filing process.

grumpy old man

Oct 6, 2009, 5:48 PM

It's my understanding that CanWest and Creswin are two separate and distinct companies? Is it even possible for money to be funneled between those companies? Or are we making things up here? Best be careful when making such allusions...

rrskylar

Oct 6, 2009, 7:02 PM

Biff

Oct 6, 2009, 7:18 PM

It's not like the Asper's themselves are teaching the courses. You are still obtaining a degree from a reputable business school, it is just that someone has bought the naming rights or been recognized with naming rights and attached it to your degree.

Graduates from the Asper School of Business just rang the bell for the NASDAQ stock exchange in New York, that is surely something i would like to have on my resume. Some people on this thread really come off pretty stupid sometimes.

Link to article: http://www.umanitoba.ca/faculties/management/academic_depts_centres/centres_institutes/entrepreneurship/1145.htm

grumpy old man

Oct 6, 2009, 8:55 PM

Some people on this thread really come off pretty stupid sometimes.
Couldn't agree more. The Asper haters in Winnipeg mystify me...

UrbanPlannerr

Oct 7, 2009, 2:37 AM

Couldn't agree more. The Asper haters in Winnipeg mystify me...

As do many people who *hate* before they *think*...

wags_in_the_peg

Oct 7, 2009, 12:58 PM

A very good article.

http://www.theglobeandmail.com/report-on-business/izzys-vision-leonards-woes/article1313504/

Donovanf

Oct 8, 2009, 8:46 PM

Not exactly in Winnipeg...

HudBay to spend $85 million for ramp linking Chisel North mine to Lalor deposit
By: David Paddon, THE CANADIAN PRESS

TORONTO - HudBay Minerals Inc. (TSX:HBM) will get started within weeks on what's expected to be a $450-million gold and base-metals project in northern Manitoba, one that CEO Peter Jones says could become Canada's next great underground mine.

Phase 1 will see $85 million spent on the construction of a three-kilometre tunnel ramp from HudBay's Chisel North mine to the Lalor mineral deposit, which has a significant amounts of gold, copper and zinc that the company plans to mine and process over the coming years.

Work on the ramp to the Lalor deposit is to begin almost immediately, probably using a combination of HudBay's own workforce and outside contractors.

"And within a matter of weeks, if not months, we will have people there using equipment to actually drive this incline tunnel," Jones said.

The company's stock has been setting successive 13-to 15-month highs almost every day since HudBay announced on Sept. 22 that it had discovered what appears to be a major new copper-gold zone beneath a base metal zone and a gold zone that had already been identified by the company.

HudBay shares closed at $13.70 Wednesday on the Toronto Stock Exchange and gained $1.25 or more than nine per cent by mid-afternoon Thursday after the company announced it's got the go-ahead for Phase 1.

Since returning to head HudBay in March after a 14-month hiatus, Jones has staked his considerable reputation on finding a new path for a company that some investors had felt lost its way under previous leadership.

Since Jones' return as chief, HudBay has sold its minority stake in Lundin for $236 million, announced plans to close its copper smelter in Flin Flon by mid-2010 and focused on aggressive development of the Lalor deposit.

"Large mines, especially large underground mines, don't come along every year, so this is quite a bookmark for us," Jones said in an interview Thursday.

"And for me personally, it's great to see us discovering this and putting the company on a firm footing in northern Manitoba going forward. It will assist us in being successful with our other mines and our other plants for years to come."

There will initially be about 30 people to get Phase 1 going, rising to 70 as the construction advances.

"And when the project (mine) is at full production, we'll have between 350 and 400 people," Jones said.

HudBay said the development of the ramp is expected to take about 2 1/2 years and will provide approximately 1,200 tons of ore per day for processing at HudBay's concentrator at Snow Lake, Man., once completed.

The ramp, or inclined tunnel, will start inside the Chisel North mine at a depth of about 400 metres from the surface and will go down in more-or-less a straight line to the upper layer of the Lalor deposit at a depth of about 800 metres.

There will also be a vertical shaft dug from the surface above the deposit, initially to a depth of about 1,000 metres. This production shaft will be used to hoist large volumes of ore to the surface, for transport elsewhere.

"All of the mining activity will be underground and the processing of the ore that is broken and brought to surface, it'll be trucked to our existing plant in Snow Lake where it will be processed into what we call a concentrate, and that concentrate will then be taken to our facilities in Flin Flon and processed into metal," Jones explained.

Apart from providing access to the zinc-laden base-metals zone, the ramp will provide an underground drilling platform for advanced exploration of Lalor's deeper gold and gold-copper zones.

"We want to start on that ramp right away and we want to fast-track the entire thing," Jones said.

One reason the company can move so quickly with Phase 1 is that it doesn't need to wait for regulatory approvals, he said.

"For this ramp, because it starting inside one of our existing mines, our belief is that it will not be necessary to seek individual permits for it," Jones said.

"However, for other parts of the project - including the principle vertical access shaft - that will require, more than likely, provincial permitting and possible review at the federal level as well."

"We're very hopeful that we'll be able to get that in place in eight months time."

The company plans to complete a pre-feasibility study by the end of this year and a feasibility study in 2010, which will provide a detailed analysis of costs, schedules and other requirements for the project.

HudBay, with the equivalent of about $850 million in its treasury, expects to fund the ramp entirely from its own resources and it would be able to pay for the entire $450-million projected cost for all three phases of the Lalor development.

"Using alternate funding is always a possibility, but right now we're saying it will likely be funded through our cash in hand."

HudBay is an integrated mining company with assets in North and Central America. It is focused on the discovery, production and marketing of base metals.

Jones said it believes the zinc and base metal zone, by itself, justifies the launch of Phase 1 of the Lalor project and work will continue to more precisely identify the extent of the gold and copper deposits that are more than a kilometre beneath the surface.

"Most of the other mineralization, the base metals and the gold zones, are at a higher elevation than the 1,300 metres where we believe the most recent copper-gold zone has been discovered," Jones said.

rrskylar

Oct 13, 2009, 2:35 PM

http://media.winnipegfreepress.com/images/1551858.jpg

Winnipegger

Oct 13, 2009, 4:59 PM

http://media.winnipegfreepress.com/images/1551858.jpg

Hey, I go to school there. I'm sure the Aspers have almost no input in the school these days. It's just a way for them to divert funds to make them look good in spit of their recent failures.

WpG_GuY

Oct 14, 2009, 6:59 PM

Date:13/10/2009 URL: http://www.thehindu.com/2009/10/13/stories/2009101354640500.htm
--------------------------------------------------------------------------------
Back

Tamil Nadu - Chennai

Canadian province, Manitoba, to set up trade office in Chennai

Special Correspondent

CHENNAI: To help Indian businessmen to explore business opportunities or set up joint ventures in Canada, Government of Manitoba will set up a trade office in Chennai soon. It will be headed by Koteswara Rao of Global Network.

The Chennai Office will assist Manitoba companies to do business with Indian firms, facilitate business meetings, take trade delegations to Manitoba and advise Indian companies on various aspects of Manitoba.

Addressing the members of Consultative Committee of City Chambers of Commerce here on Monday, Bonnie de Moissac, Manager, International Business Development, Manitoba Trade and Investment Competitiveness, Training and Trade said, “Tamil Nadu and Manitoba has lot of things in common in business fields. There is so much to learn from you and firms from Tamil Nadu are good candidates for partnerships. If you are interested in doing business with North America, we are located exactly in the heart of North America.”

She mentioned that Manitoba had several advantages such as diversified and strong economy, third most cost competitive city in North America mid-west for doing business, world leaders in clean energy, Canadian leader in R&D, largest manufacturers of aerospace in Western Canada and buses in North America, good climate, culture and people.

B2B meet

Mr.Rao in his address requested the Indian firms to take part in the Centrallia, a B2B meet in which more than 500 small and medium enterprises would take part. It will be held in Winnipeg, Manitoba from October 20 to 22, 2010.

Shaun Wedwick, Canadian Consul and Senior Trade Commissioner in Chennai said that India was a top priority market for Canada and they were working hard to treble the bilateral trade of $4.5 billion by 2014.

“Two-way trade between Manitoba and India increased to $67 million in 2008 up from $45 million in 2004. There are immense opportunities for joint ventures, business in the areas of aerospace, ICT, agriculture, agro-food, life sciences, mining and energy.”

Ajay Pandey, Business Immigration Officer, Business Immigration and Investment Branch, Government of Manitoba gave an overview of investment opportunities in Manitoba.

© Copyright 2000 - 2009 The Hindu

1ajs

Oct 14, 2009, 7:11 PM

so the peacs continue to slip into place

SKYSTHELIMIT

Oct 14, 2009, 9:14 PM

She mentioned that Manitoba had several advantages such as diversified and strong economy, third most cost competitive city in North America mid-west for doing business, world leaders in clean energy, Canadian leader in R&D, largest manufacturers of aerospace in Western Canada and buses in North America, good climate, culture and people.

Had me until good climate:P

rrskylar

Oct 15, 2009, 5:33 AM

Wasn't sure what thread to post this in but it looks good here;

Winnipeg's First Family of millionaire moochers have outdone themselves

Last week it was announced that "Penny" Lenny, "Brother Can You Spare A Dime" David, and Gigglin' Gail Asper had managed to ride their daddy's Canwest Global empire into the toilet.

It's been an open secret for more than a year that these business sharpies were headed for bankruptcy court. It was last October that Canwest shares officially became a penny stock. In 2000 the stock traded at $18.55 a share; it had collapsed to 93 cents in the fall (pun intended) of 2008. It hit bottom at 12 1/2 cents before bouncing up to a whopping 20 cents a share in September.

And now we learn that the Aspers' plan for restructuring includes stiffing their employees for their vacation pay.

When it comes to their own pet projects, they've got their hands out; when it comes to their employees, it's "talk to the hand."

Among their victims are local favourites Meera Bahadoosingh and Andrea Slobodian who left Global TV Winnipeg last month for new jobs with Shaw TV (Andrea in Calgary, Meera in Murda City).

It turns out the former Global employees had been working to subsidize the millionaire owners of the TV station. They've been cheated out of thousands of dollars as the Aspers play Big Shot for their Winnipeg sycophants.

With more than a year to prepare, you would think that Penny Lenny Asper, Canwest Global president and CEO, would have set aside the cash to pay the money owed to employees leaving the company.

He prepared alright.

When filing for bankruptcy protection last week, Canwest requested the court to set aside $9.8 million in bonus payments for "key employees" to keep them on the job during the restructuring instead of bolting for the exit doors to find new jobs.

And just in case...the executives have strapped on their golden parachutes.

As of last September, Canwest Mediaworks president and CEO Dennis Skulsky was being paid $750,000 a year in base salary and bonuses. If he loses his job, he's guaranteed two years base salary and the average annual bonus collected over the previous three-year period

In an email to staff last week, Canwest chief executive Leonard Asper, who last year collected a $900,000 salary and a bonus of $153,780, cried crocodile tears over the 60 or so employees he's cheating out of the money they earned. "We sincerely regret the impact to them," he sniffed.

Meanwhile, Canwest spokesman John Douglas said that any ex-employee screwed out of money can take a number and line up with the other creditors. They could, he said pompously, " be part of the claims process."

Such callous treatment of the "little people" should be a huge red flag to the local governments who have been treating the Aspers like royalty instead of the panhandlers they've become.

...because stiffing the help is a pattern with the Aspers, not the rich man's burden they pretend.

In 2008, back when David Asper was still considered a "playa", he spent like a drunken sailor to win CRTC approval for his planned takeover of the license granted to radio station 107.9 FM. The license was for a campus radio station, but the owners had done an end-around the CRTC, dispensing with actually enrolling students, and running it as a commercial hip-hop station under the name 'Flava'.

Phat David bought up the private owner of 'Flava' and set up a company called YO Management to run the station. He promised the CRTC everything under the sun to let him keep the license, including taking over all the debts to former staff owed by 'Flava'.

Enter Duvol Dryden, a DJ and Flava radio host who was owed $10,000.

Dryden, taking Asper at his word, tried to collect his money after winning a federal Labour Board order, only to get the royal Asper runaround at every turn. He finally wrote to the CRTC during the hearing process to plead his case.

Frank Magazine found Dryden's letter in the CRTC files, from which we quote:

"I was supposedly a student representative on the board. For the record, I was never a student in any affiliated school course," he wrote in his intervention. "I was never invited to a board meeting, I never saw or approved minutes of a board meeting, and I was never invited to an Annual General Meeting."

"I see that the new supposed management of Harmony Broadcasting includes David Asper. Mr. Asper is behind a museum of human rights that going to cost a few million dollars. Human Rights? Here I am being treated like a black slave, being cheated out of my wages by someone Mr. Asper wants to reward with a high-paying guaranteed job, and he's sitting there saying 'Nothing personal, boy. Just business.'"

Nothing personal. Sound familiar?

Local governments fawned over the Aspers when they were known as the billionaire family owners of a media empire, promising them tens of millions of dollars for their pet projects. In return, the Aspers played their roles as rich benefactors, although the recipients of their largesse were usually themselves (the Canadian Museum for Human Rights) or their millionaire friends (The Friends of Upper Fort Garry).

Now that they've been exposed as the better-off brethren of the begging bums on Portage Avenue, it's time governments got off their knees and sounded the forbidden words: NOT ANOTHER PENNY.

C'mon. Does anybody believe David Asper can pull $100 million out of his hindquarters and buy the Blue Bombers, build a new stadium and finance a high-end mall for the luxury set? This year? Next year? The year after? The year after the year after?

Haven't we heard that chorus before? Little sister Gail has been singing it for years with her pet project, the Canadian Museum of Human Rights. You know, the one she's never been able to raise the money for despite years of begging.

Her last publicity stunt fundraiser was a grape-stomping event a local restaurant where she raised $25,000, which barely covers six months of globetrotting by the museum's Chief Operating Officer Patrick O'Reilly.

The museum hasn't been built yet and it's already on the verge of going belly up. $45 to $50 million in the hole. Not a hope of ever seeing that money without digging into the taxpayers' pockets.

The tradesmen better start asking for certified cheques in advance.

Just ask Andrea Slobodian and Meera Bahadoosingh what the Aspers' word is worth.

* H/t to The Great Canadian Talk Show

********
Professional Reporters at Work

Mary Agnes Welch, Winnipeg Free Press, Oct. 10, 2009, "Museum globetrotters"

"The museum is asking Ottawa to cover a $5.2-million budget shortfall this year by advancing money ear-marked for the 2010-2011 fiscal year. Museum communications director Angela Cassie says the original star-tup estimates first submitted to Ot-tawa have since been revised to allow more of the work to be done this year.
The museum will still be at least $5 million short of annual operating funds when it opens, thanks to main-tenance costs and property taxes not originally factored into the price of running the facility. The museum plans to fundraise to cover some of those costs, but warned in its annual report released Friday that future operating budgets presented to government could include requests for more money."

James Adams, Globe and Mail, Oct. 14, 2009, "Human-rights museum dodges financial crisis"

"The Canadian Museum for Human Rights, still an estimated three years from opening its doors in Winnipeg, has dodged a financial crisis, thanks to an accounting sleight of hand.

In its 2008-09 annual report tabled late last week in the House of Commons, the museum announced that the government has approved a request for an advance of $5.2-million to meet its operating budget for the current fiscal year. The money is being "reprofiled" from the $21.7-million the Conservative government previously had benchmarked for the Crown corporation's operations in 2011-12.

Previously, the CMHR, the construction of which began this year, had been budgeted to receive $3.4-million to operate during the 2009-2010 fiscal year ending March 31. The $3.4-million was part of a $6.1-million operating package Ottawa provided for 2008-09 and 2009-2010."

From Black Rod

rrskylar

Oct 15, 2009, 2:44 PM

Canwest receives notice of delisting from TSX effective Nov. 13

By: THE CANADIAN PRESS

WINNIPEG - Canwest Global Communications Corp. (TSX: CGS) announced Thursday it had received notice of delisting from the Toronto Stock Exchange effective at market close Nov. 13, 2009.

Trading in Canwest shares, which sit at 23.5 cents, is to remain suspended.

The media conglomerate's stock was halted Oct. 5 when it filed for creditor protection under a mountain of debt. The company made its first court appearance in Toronto Wednesday where it received approval for a timetable that would see its restructuring completed by the end of January.

Canwest is, however, facing stern resistance from U.S. investment bank Goldman Sachs which is concerned that a multibillion-dollar deal with Canwest could be jeopardized by too speedy a process.

Goldman suggested a time line that tight could threaten a key agreement forged between Canwest and the investment bank in 2007 when they paired up to buy Alliance Atlantis Communications Inc. for $2.3 billion.

Canwest has nearly $4 billion in debt, incurred mostly when it bought Conrad Black's newspaper assets in 2000 and the group of specialty channels from Alliance Atlantis in 2007.

Not all of its business units filed for creditor protection. The divisions included are Canwest Television Limited Partnership, which holds Global Television, MovieTime, DejaView and Fox Sports World, and the National Post Company.

The filing did not include Canwest companies that hold the urban dailies - including the Montreal Gazette, Edmonton Journal and Ottawa Citizen - and the specialty channels acquired in the Alliance Atlantis deal.

The TSX delisting was imposed for failure by Canwest to meet the continued listing requirements. Any appeal of the decision must be initiated by Oct. 21, 2009.

ILYR

Oct 15, 2009, 6:47 PM

So CanWest is in bankruptcy protection and the anti Aspers are out in arms.
Major corporate bankruptcies are a dime a dozen these days. The people who run CanWest made some poor decisions over the last decade, but they are by far not the only ones out there.

Well for perspective here is a list of some recent major corporate bankruptcies in North America (I'm sure there are plenty more):

Nortel
Air Canada
Lehman Brothers
Washington Mutual
Tribune Group
General Growth Properties, Inc
Chrysler
General Motors
Circuit City
Delta Airlines
Northwest Airlines
US Airways
Pacific Gas & Electric Co.
Enron
Global Crossing Ltd
Adelphia Communication
WorldCom
Tyco International Ltd
Conseco
Trump Entertainment Resorts
Delphi
IndyMac Bancorp Inc

Biff

Oct 15, 2009, 8:54 PM

Good reply ILYR.

MichaelM

Oct 15, 2009, 11:45 PM

WpG_GuY

Oct 16, 2009, 12:34 AM

http://farm3.static.flickr.com/2441/4015683020_e0421fdbb6_o.jpg

hexrae

Oct 16, 2009, 3:05 AM

I wonder if the shareholders that paid $28 per share are thrilled they are worthless now.

He's just putting it into perspective. I wonder if the shareholders that paid $124 per share for Nortel are thrilled they are worthless now.

1ajs

Oct 16, 2009, 7:11 AM

interesting bit on the northwest company i was not aware it was expanding into the south pacific and Caribbean find that rather fascinating.

as for cawest what you expect its economics and capitalism this is normal unfortunately just look at the big bank bust crap

newflyer

Oct 16, 2009, 6:27 PM

Staying awhile? New suite hotel coming
MainStay Suites to be chain's first extended-stay hotel in Manitoba
By: Murray McNeill

16/10/2009 1:00 AM

THE northwest quadrant is adding another property to its growing stable of hotels and motels, and this one has an added wrinkle -- it's for travellers who want to stay awhile.Choice Hotels International will break ground later this month on a new four-storey, 101-room MainStay Suites on King Edward Street, south of Sargent Avenue.

There are already at least 15 other hotels and motels in the Winnipeg airport/Polo Park area, including three other big ones that have been added in the last nine years -- The Sandman Hotel on Sargent, the Clarion Inn at Polo Park and the Greenwood Inn on Wellington Avenue.

And the $11-million to $12-million MainStay Suites isn't the only new addition slated for the area.

Construction is also to get underway early next year on the city's first Marriott hotel -- a 129-room Marriott Fairfield Inn to be built on a vacant lot on the north side of Ellice Avenue between Empress and Strathcona streets.

And Lakeview Developments still plans to build the city's first five-star hotel -- the 100-room Grand Winnipeg Airport Hotel -- at Richardson International Airport once it has completed the $14-million expansion of its Four Points Sheraton Winnipeg, which is also on the airport campus.

The MainStay Suites Winnipeg Airport hotel is expected to open in September of next year and will be Choice Hotels' first extended-stay hotel in the province. But Scott Richer, the chain's director of franchise sales and development in Canada, said it likely won't be the last.

Richer said extended-stay hotels are growing in popularity in North America -- Choice Hotels has about 100 franchises in the United States and 16 under development in Canada -- but he knows of only one other of a similar calibre in Winnipeg, and that's the Place Louis Riel Suite Hotel on Smith Street.

"So there could be room for another (MainStay Suites hotel) down the road."

Extended-stay hotels allow guests to rent rooms by the day, week, month or year. Richer said the kinds of people they expect to stay at the King Edward Street hotel include visiting businessmen, military personnel, university professors and college instructors; people visiting someone in a local hospital; and newly arrived residents waiting to get possession of a house or apartment.

The King Edward Street franchise will be owned and developed by a newly formed Winnipeg firm -- King Edward Extended Stay Group Ltd.

Company president John Owens said he and two other investors -- one local, one from outside the province -- already own the Best Western Pembina Inn & Suites on Pembina Highway, and were looking around for another hotel property to invest in.

When Richer offered them a MainStay Suites franchise, they jumped at it.

"It's a pretty healthy market," Owens said. "It enjoys pretty heathy occupancies and pretty healthy (rental) rates."

He said they haven't set the room rates yet, but it will be a "mid-range hotel."

The new $10-million to $11-million Marriott Fairfield Inn on Ellice, which was first reported last November, is being designed and built by Winnipeg-based Thomas Design Builders Ltd.

General manager/partner Ron Miller said Thursday the company is completing the design and hopes to begin construction in February or March. It's expected to take about a year to complete.

Manitoba Hotel Association president and CEO Jim Baker said the MainStay Suites hotel will be a good addition to the local hotel sector.

"It (Choice Hotels) is a good brand. It's also another sign that Manitobans are very serious about providing the public with accommodations at all levels of affordability."

Richer and Miller both said there's still room for two more mid-range hotels in the airport/Polo Park area.

"I think there's lots of demand," Miller said.

"And the Canadian Museum for Human Rights will also have a significant impact on the hotel industry, as well," he said.

murray.mcneill@freepress.mb.ca

Republished from the Winnipeg Free Press print edition October 16, 2009 B4

newflyer

Oct 16, 2009, 6:31 PM

:previous:

I didn't realize there was currently 15 hotels in the airport/Polo Park area ... and with 2 more hotels going up in the next couple years this area is really gaining steam. Of course most people staying so close to the airport are business travellers.

With the development of Centre Port this will only increase hotel development in the area.

jmt18325

Oct 17, 2009, 12:15 AM

You mean 3 hotels.

Pegger5

Oct 19, 2009, 9:02 PM

and has been a long time...

This article is HO's that are in the Canadian fortune 500.

Please note that Edmonton, Ottawa, Hamilton, Quebec City do not make the list...

New one (2009) Fraser Institute:

http://www.fraserinstitute.org/Commerce.....nada_1009ff.pdf

1ajs

Oct 20, 2009, 3:33 AM

bad link

dennis

Oct 20, 2009, 4:59 AM

Is this the one?

http://fraser.stg.devlin.ca/commerce.web/product_files/Oct04ffEsmail.pdf

1ajs

Oct 20, 2009, 7:40 AM

found it http://www.fraserinstitute.org/Commerce.Web/product_files/CorporateHeadquartersinCanada_1009ff.pdf

Jeff

Oct 20, 2009, 4:24 PM

prob won't be on that list for very much longer.. goodbye agricore, hudbay minerals, canwest....

Pegger5

Oct 20, 2009, 5:00 PM

prob won't be on that list for very much longer.. goodbye agricore, hudbay minerals, canwest....

Hudbay and Agricore were not a part of the list. as they left in 2008 and 2007 respectively..

Edmonton only has 3 or 4 top fortune 500 businesses.. This report is the top five cities and not a random 5 cities selected..

Also, Winnipeg has the 5th largest HO employee base. (employees that work at Head Offices) well above Edm, Ott, Hamilton, and Quebec City..

rypinion

Oct 20, 2009, 5:58 PM

Here looks to be the list of companies (the number is their 2008 ranking in the FP500):

48 - Canadian Wheat Board, Winnipeg (Jl08)
69 - Cargill Ltd., Winnipeg (My08)
84 - James Richardson & Sons Ltd., Winnipeg
118 - Canwest Global Communications Corp., Winnipeg (Au08)
148 - The Manitoba Hydro-Electric Board, Winnipeg (Mr08)
169 - Boeing Canada Inc.*, Winnipeg
170 - The Wawanesa Mutual Insurance Co., Winnipeg
172 - Manitoba Telecom Services Inc., Winnipeg
222 - North West Co. Fund, Winnipeg (Ja09)
280 - New Flyer Industries Inc.*, Winnipeg
300 - Paterson GlobalFoods Inc., Winnipeg (Jl08)
316 - The Manitoba Public Insurance Corp., Winnipeg (Fe08)
350 - Manitoba Lotteries Corp., Winnipeg (Mr08)
384 - Ridley Inc.*, Winnipeg (Jn08)
419 - Monsanto Canada Inc.*, Winnipeg (Au08)
417 - Manitoba Liquor Control Commission, Winnipeg (Mr08)
420 - Winpak Ltd.*, Winnipeg

Here is the link I used:

http://www.financialpost.com/magazine/fp500/list.html?search=winnipeg

1ajs

Oct 20, 2009, 6:20 PM

so gwl and investors group are not hqed here yet they have big offices here?

rypinion

Oct 20, 2009, 6:51 PM

so gwl and investors group are not hqed here yet they have big offices here?

Both GWL and IG are in some way owned by Power Corporation, which is second on the list and headquartered in Montreal.

http://www.powercorporation.com/

trueviking

Oct 21, 2009, 5:16 AM

newflyer

Oct 21, 2009, 9:25 AM

You mean 3 hotels.

Nope I mean 15 hotels.

newflyer

Oct 21, 2009, 9:39 AM

Both GWL and IG are in some way owned by Power Corporation, which is second on the list and headquartered in Montreal.

http://www.powercorporation.com/

GWL and IG are both headquartered in Winnipeg. Both are publicly traded.

There are literally thousands of shareholders of these companies, incuding many institutional funds, as are all the other large financial institutions in Canada and the US. Powercorp is a capital holding company, which is the largest shareholder of these very profitable companies above. The result has lead to interesting benefits to both companies in terms of cooperative efforts. Make no mistake though that these companies are run from Winnipeg both in terms of operations and strategicly.

Along that line of though GWL owns Putnum Investments, London Life and Canada Life.

Investors Group owns McKenzie.

grumpy old man

Oct 21, 2009, 12:19 PM

i think the anti-asper people should look at the top 20 charitable foundations list on that same link...and then maybe they should zip it.

Bravo. It won't shut them up of course but perspective might help a little.

hexrae

Oct 21, 2009, 2:08 PM

Entrepreneurs ecstatic about making contacts (http://www.winnipegfreepress.com/business/entrepreneurs-ecstatic-about-making-contacts-65138252.html)

By: Martin Cash

Premier Greg Selinger speaks to business leaders at the official launch of Centrallia on Tuesday.

THE official launch of Centrallia 2010 on Tuesday attracted serious star power including the new premier and the president of the French organization that developed the small business speed-dating conference concept 20 years ago.

Designed to be the signature business conference attached to the Manitoba Homecoming 2010 festivities, organizers are already talking about the two-day Winnipeg event beginning Oct. 20, 2010, as being the most significant business conference ever held here.
Related Items

Organizers of Centrallia -- spearheaded by co-chairs Mariette Mulaire, president of the Winnipeg bilingual trade agency ANIM, and Dave Angus, president of the Winnipeg Chamber of Commerce -- seem to have already co-opted the entire business community, as many were present for Tuesday's splashy affair.

The unique conference concept features hundreds of pre-arranged one-on-one meetings among decision-makers from small- and medium- sized businesses from around the world.

Ken Blanchard, author of the One Minute Manager and other business motivation books, has been confirmed as a featured speaker.

The secret to its success -- the events have been held around the world for 20 years -- is its proprietary match-making software. Participants fill out questionnaires about who they are and what they are looking for and the software links them up with the most appropriate potential partners for head-to-head meetings.

"It's like being a kid in a candy store," said Emile Chartier, a senior sales executive with Winnipeg's Labels Unlimited, who attended a similar event in Quebec City in 2008.

He said the Winnipeg commercial label company secured all sorts of business from new customers in France, Quebec, Newfoundland and the United States from the Quebec City event and continues to develop contacts that might materialize into more sales.

Gary Brownstone, director of the Eureka Project, the University of Manitoba's business incubator, said people rave about their successes at Quebec City or other events of its type.

"The enthusiasm people have expressed so far is an indication that the local community will be behind us." Mulaire said. "Now we have to spread the word to more of the businesses that could really profit from this."

She said early registrations from the local community will help attract businesses from around the world.

Organizers are hoping to get at least 500 businesses registered, with about one-third of them coming from this region.

Dave Angus said the idea that Centrallia might be a recurring event in Winnipeg is already being discussed. "We host international delegations all the time and it's frustrating to me because they always invite us to the big annual trade show in their city and we have nothing. If we can make this successful who knows, maybe we could do this every two or three years."

Angus, who is on the boards of Canadian and U.S. national chamber associations, said both groups are enthusiastic about sending delegations. "It will allow their members to get in front of potential customers from around the world without leaving North America.

"It's really a unique opportunity. They see that."

martin.cash@freepress.mb.ca

Pegger5

Oct 21, 2009, 4:29 PM

i posted this in one of the NHL threads...interesting comparison of how many top 800 corporations are in winnipeg.....kind of bucks our reputation especially if you consider that we are 3/4 the size of ottawa and edmonton....

http://www.financialpost.com/magazine/fp500/list.html

canada's 800 largest corporations:

Winnipeg: 32 + 3 subsitiaries = 35
Edmonton: 25 + 1 subsidiary = 26
Quebec City: 16 + 2 subsidiaries = 18
Ottawa: 15 + 1 subsidiary = 16

i think the anti-asper people should look at the top 20 charitable foundations list on that same link...and then maybe they should zip it.

Excellent Find !!! to all the naysayers about Corporate support in Winnipeg vs. other comparable cities and the anti-Asper people.
Thanks Viking !

Biff

Oct 21, 2009, 5:52 PM

i posted this in one of the NHL threads...interesting comparison of how many top 800 corporations are in winnipeg.....kind of bucks our reputation especially if you consider that we are 3/4 the size of ottawa and edmonton....

http://www.financialpost.com/magazine/fp500/list.html

canada's 800 largest corporations:

Winnipeg: 32 + 3 subsitiaries = 35
Edmonton: 25 + 1 subsidiary = 26
Quebec City: 16 + 2 subsidiaries = 18
Ottawa: 15 + 1 subsidiary = 16

i think the anti-asper people should look at the top 20 charitable foundations list on that same link...and then maybe they should zip it.

^^^ Yeah, but the naysayers will just comment that those statistics were taken 15 minutes ago and are not accurate and up to date - there is no way Winnipeg has more large corporations than Edmonton. Edmonton has way more people dressing up in suits than Winnipeg does and they have the Oilers and Winnipeg doesn't even have an NHL team. They will say they have no actual stats to back it up but they just know.

Andy6

Oct 24, 2009, 4:58 PM

To be fair, I don't think that "head offices" is really all that significant a statistic when it comes to predicting sales of hockey tickets, or even luxury suites. Edmonton obviously has a lot of employers and even if they are branch offices or smaller head offices, it doesn't really mean that they are less likely to buy hockey tickets or boxes. Winnipeg's head offices don't tend to be flashy companies that do tons of entertaining and have big expenses tabs. They're mostly very budget-conscious conservative companies like GWL or Crown corporations.

Andy6

Oct 24, 2009, 5:00 PM

Interesting article in the National Post today about the western manufacturing economy, noting that Manitoba is somehow dodging the recession bullet: link (http://www.nationalpost.com/related/links/story.html?id=2066547)

Winnipegger@Heart

Oct 25, 2009, 12:00 AM

Manitoba has been dodging the proverbial bullet since this modern-depression began...

chrisallard5454

Oct 25, 2009, 4:41 AM

Manitoba has been dodging the proverbial bullet since this modern-depression began...

Except maybe Newflyer laying off around 300 people. But that only happened because they lost a contract to Chicago 3 days before production began. Which is because the city couldn't afford it. Damn Americans affecting our economy (only joking!)

rrskylar

Oct 26, 2009, 5:20 AM

List of companies CanWest trying to stiff, third column down:

http://cfcanada.fticonsulting.com/cmi/claims.htm

Pegger5

Oct 26, 2009, 8:24 PM

List of companies CanWest trying to stiff, third column down:

http://cfcanada.fticonsulting.com/cmi/claims.htm

CanWest is not trying to stiff anyone. If they were they would just declare bankruptcy and not CCAA which gives them time to restructure (without creditors bugging them) and then they will re-pay these creditors. Know the law !!!

Boreal

Oct 30, 2009, 8:07 PM

1ajs

Oct 30, 2009, 9:27 PM

wonder if hes taking up any bad habbits from the stress...

1ajs

Oct 31, 2009, 8:52 PM

Court OK's new National Post ownership structure

Last Updated: Friday, October 30, 2009 | 9:03 PM CT Comments104 (http://www.cbc.ca/canada/manitoba/story/2009/10/30/canwest-court-restructuring.html#socialcomments)Recommend46 (http://www.cbc.ca/canada/manitoba/story/2009/10/30/canwest-court-restructuring.html#)

CBC News (http://www.cbc.ca/news/credit.html)

An Ontario court approved a new ownership structure for the National Post on Friday, heading off the shut down of its operations.
Owner Canwest Global will be allowed to shuffle the newspaper into a group alongside its other daily newspapers, a move it said would be the best hope for saving the paper from going under.
http://www.cbc.ca/gfx/images/news/topstories/2009/04/07/tp-canwest-cp-6327776%282%29.jpgA Toronto court Friday approved a plan to move the National Post into a company with Canwest's other newspaper holdings. John Woods/The Canadian Press Canwest has been restructuring under protection from its creditors and had asked to put the money-losing Post into the Canwest Limited Partnership — which is not among divisions of the company currently operating under creditor protection — in order to save cash.
The partnership includes the Montreal Gazette, Vancouver's Sun and Province papers and the Ottawa Citizen.
A lawyer for Canwest, Lyndon Barnes, had told court earlier Friday that the move was essential to restructuring the whole company because the businesses of all the newspapers are highly integrated.
"Without these agreements," said Barnes, "the ability to restructure either of these entities is in doubt."
The Post employs 277 people. The national daily was founded in 1998 by the Southam group of newspapers then led by businessman Conrad Black.
In a court filing earlier this week, the company had warned that shifting the Post into the Canwest Limited Partnership was essential to its survival, and important to its other newspapers and media properties.
Canwest, which also operates the Global TV network, is restructuring under protection from creditors after racking up a $4-billion debt.

newflyer

Nov 2, 2009, 2:24 AM

I'm not trying to run anyone's name through the mud, as I had wished CanWest the best, but Izzy in his late years, and Leonard had lost it. Debt was their friend, and the mechanism by which they expanded their empire that resembled a house of cards. Furthermore, their steadfast refusal to sell any assets to slash their debt loads was nothing short of crazy. the following article sites a particular meeting between Leonard Asper and the high and mighty of Bay Street as the moment CanWest lost it's lifeline.

In all fairness they have been trying to sell assets for over a year.. but not many buyers during the great recession.

The corporate culture of Canwest has always been one of accepting significant calculated risk to become the largest media company in the nation ... the problem was they never saw the economic colapse of the world coming.. and they couldn't back out fast enough. With that said it was also this culture which allowed this company to go from a dinky local TV channel to a massive international media company in 30 years. It grew very quickly. It was how this company was managed .. and nearly caused its dimise back in the 90's, but had always found a way to convert risk into success.

1ajs

Nov 2, 2009, 2:42 AM

its a game for some people though don't forget

1ajs

Nov 3, 2009, 10:15 PM

Legal fight brews between Goldman and Canwest

Last Updated: Tuesday, November 3, 2009 | 2:34 PM ET Comments5 (http://www.cbc.ca/money/story/2009/11/03/goldman-canwest-legal-fight.html#socialcomments)Recommend4 (http://www.cbc.ca/money/story/2009/11/03/goldman-canwest-legal-fight.html#)

The Canadian Press

A legal fight between U.S. investment bank Goldman Sachs and insolvent Canwest Global Communications Corp. is brewing after Goldman filed court documents suggesting creditors of the media conglomerate have been making moves without telling them.
The allegations centre on a numbered company created by Canwest at the request of Goldman to hold the specialty TV assets the Winnipeg-based company bought from Alliance Atlantis in 2007.
http://www.cbc.ca/gfx/images/news/topstories/2009/04/07/tp-canwest-cp-6327776%282%29.jpgGoldman Sachs is concerned creditors might be trying to tighten their grip on the specialty channels it co-owns with Canwest Global. (John Woods/The Canadian Press) Goldman says that company disappeared in the days before Canwest filed for CCAA protection in Canadian courts on Oct. 6, and it believes the decision was made by its U.S. and Canadian creditors.
The Wall Street firm is also concerned that the move could be a way for creditors to tighten their control on the highly lucrative specialty channel assets, which include HGTV, Showcase and Diva. The specialty channel division was not one of the pieces of Canwest that filed for creditor protection when the conglomerate could not meet repayment obligations for $4 billion in debt.
Goldman has asked the court to force Canwest to re-form the numbered company, which would ensure that the channels acquired from Alliance Atlantis would remain separate from the rest of Canwest's assets.
Last month, a lawyer for Goldman Sachs told the court that the firm was concerned its multibillion-dollar deal with Canwest could be jeopardized by an aggressive timeline for its restructuring plan. Canwest hopes to complete the restructuring process by the end of January.
Goldman lawyer Kevin McElcheran said the media conglomerate could use the timetable as a way to pressure the investment bank for changes to the contract, under which Goldman kept the rights to the lucrative CSI TV franchise, while Canwest kept the specialty cable channels.
Goldman isn't willing to renegotiate the agreement — which requires that Canwest's specialty channels meet certain financial targets by 2011 or be shifted back into the hands of Goldman — and will fight any attempts to make changes, McElcheran said.
At that time, he suggested the judge should carve out the Goldman Sachs agreement from the rest of the restructuring process.

Winnipegger

Nov 3, 2009, 11:49 PM

1ajs

Nov 4, 2009, 12:46 AM

mts?

Winnipegger

Nov 4, 2009, 12:54 AM

mts?

Yes, that would be great but do you know where I could get some recent numbers?

Edit: Never mind, found some Q2 2009 reports on their website.

newflyer

Nov 4, 2009, 1:35 AM

Yes, that would be great but do you know where I could get some recent numbers?

Edit: Never mind, found some Q2 2009 reports on their website.

Both MTS can CanWest are public companies ... both are required to submit complete audited financial reports 4 times a year. It really should be very easy to find the information you require.

With that said you can always rely on a publication like investorline... which contains major historic profiles and data of thousands of traded corporations.

I have often complained to the Winnipeg Public Library for there lack of many businesses resources of data. Other major city public libraries in Canada are much more equiped in this area. I expected the expaned library to be better, but was greatly disappointed.

You could also contact the Manitoba Securities Commision and the TSX for past data.

newflyer

Nov 4, 2009, 1:55 AM

Hey so I'm writing a University paper about the failures of Canwest Global (For a class in Asper's business school :haha: ) but I need to find a small comparison with a company in Manitoba that has actually significantly grown (with minimal layoffs) during this recession? Any of you experts know one?

Not many companies grow signifcantly during a recession, even if they are holding up financially, mostly because they want to keep there resources available if the recession prolongs and they need the cash. It is the uncertainty of the economy during a recession which leads many companies to look for ways to get lean, as a defense (build up cash reserves) if things get worse.

The problem Canwest faces is they were in the middle of a major expansion when the recession hit. They were not able back out of debt requirements, which paid for the latest expansion, quick enough, as nobody is looking to expand during a recession. (see above)

The worse thing that can happen to a business to a rack up huge debt in an expansion spree, just as the economy hits a major downward slide. Keep in mind that the media business is in the business of selling advertising. When the recession hits the advertising budget is ussually among the first thing to be retionalized in most companies. Ads go down .. revenue goes down ... but capital requirements to service debt is at an all time high. Its not a good scene. Nobody could have steered that massive media corporation to safety once the economy took such a massive hit. Infact media companies from across the world have been having servere difficulties.

The sad part of this is that once the economy fully recovers those same companies will be making money hand over fist again. The key is to keep them going until that time.

Winnipegger

Nov 4, 2009, 3:21 AM

newflyer

Nov 4, 2009, 3:46 AM

Yes, it is general knowledge that expansion and growth seldom occur in a business during a hard recession, however, I'm merely looking for a company who hasn't incurred massive layoffs as my main point is how employees are treated during a recession, and ultimately bankruptcy protection. Canwest is thinning their workforce in the midst of managerial screw ups, so I'm trying to outline a Manitoban business that has been "loyal" to it's workforce despite the economic downturn.

I really don't think its about loyalty... its about strategically running a company to maximize profits and manage risk. Most companies don't want to reduce there workforce unless necessary, unless other efficiencies can be realized. During an economic downturn, it is common for revenues to decline, which ussually means managment will look to cut costs to keep the cashflow on target.

I think you'd be wiser to think like business who is competing to maximize EPS and in the case of Canwest to adjust to the decline in the economy while managing very large debt loads. I think if they could have remained viable with there staff levels they would not have looked to cut staff. It was a necessary move, under the conditions.

All that aside ... look into Investors Group.

Winnipegger

Nov 4, 2009, 4:01 AM

I really don't think its about loyalty... its about strategically running a company to maximize profits and manage risk. Most companies don't want to reduce there workforce unless necessary, unless other efficiencies can be realized. During an economic downturn, it is common for revenues to decline, which ussually means managment will look to cut costs to keep the cashflow on target.

I think you'd be wiser to think like business who is competing to maximize EPS and in the case of Canwest to adjust to the decline in the economy while managing very large debt loads. I think if they could have remained viable with there staff levels they would not have looked to cut staff. It was a necessary move, under the conditions.

All that aside ... look into Investors Group.

That is all very well, however the business course stresses the difference between mainstream management (Bottom line, individualist/profit driven) and Multistream (an overarching care for environment, employees, shareholders/stakeholders, etc.) It's a bit of a stretch to find, but in some cases, for example, a CEO takes a pay cut to keep a few more employees, instead of commencing lay-offs. But I will look into investors group. Thanks for the suggestion.

1ajs

Nov 4, 2009, 4:29 AM

trust what newflyer has to say its his experties if i am not mistaken?

h0twired

Nov 5, 2009, 6:25 PM

jmt18325

Nov 5, 2009, 11:38 PM

It hasn't been dodging any recent boom.

1ajs

Nov 7, 2009, 3:14 AM

hes talking in comparison to the rest of the cities around the worlds building boom

1ajs

Nov 18, 2009, 6:46 PM

Convention Centre scores big events

By: Staff Writer
18/11/2009 9:20 AM | Comments: 2 (http://www.winnipegfreepress.com/breakingnews/Convention-centre--70367097.html#comments)

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WINNIPEG — Two financial services heavyweights have booked their hotel rooms and conference space in Winnipeg for their annual general meetings next year, an early indicator that 2010 should be a busy time for the city’s convention and tourism business.
The Bank of Montreal will hold its AGM at the Fairmont Hotel on March 23, while the Credit Union Central of Canada will host its annual meeting five weeks later at the Winnipeg Convention Centre. The two events are expected to attract up to 1,350 wallet-toting delegates to the city.
Stu Duncan, president of Destination Winnipeg, the city’s tourism and marketing arm, said that should be just the tip of the iceberg, since 2010 is expected to be jam-packed with events all year long.
"It’s going to be a good year," he said.
The crown jewel of gatherings will be Manitoba Homecoming 2010, a 12-month-long celebration that’s targetting former residents of the province to come "home" to see what they’re missing.
geoff.kirbyson@freepress.mb.ca

1ajs

Nov 18, 2009, 7:05 PM

Dump auditor general from Hydro review: Opposition

Last Updated: Wednesday, November 18, 2009 | 9:18 AM CT Comments11 (http://www.cbc.ca/canada/manitoba/story/2009/11/18/mb-hydro-conflict-audit-hydro-manitoba.html#socialcomments)Recommend6 (http://www.cbc.ca/canada/manitoba/story/2009/11/18/mb-hydro-conflict-audit-hydro-manitoba.html#)

CBC News (http://www.cbc.ca/news/credit.html)

http://www.cbc.ca/gfx/images/news/topstories/2008/12/22/tp-hydrobuilding.jpgManitoba Hydro's head office is based in a recently constructed downtown Winnipeg building. (CBC)Manitoba's provincial auditor general is in a conflict and shouldn't lead a review of Manitoba Hydro, the leader of the Opposition Progressive Conservative Party is charging.
The NDP government ordered the audit of the Crown corporation in late October after a former consultant raised questions about the power company's risk-management strategies.
The whistleblower, who has not been named, alleged Hydro is miscalculating how much power it can generate and sell, and the province could face significant blackouts in the future. She also alleged mismanagement has cost Hydro more than $1 billion.
The standing committee on Crown corporations held a meeting Tuesday night to consider Hydro matters and review Hydro's annual report.
http://www.cbc.ca/gfx/images/news/photos/2009/11/18/mcfadyen.jpgProgressive Conservative Party Leader Hugh McFadyen is questioning the independence of Auditor General Carol Bellringer in reviewing complaints against Hydro. (CBC)Following the meeting, Progressive Conservative Party Leader Hugh McFadyen criticized the NDP for keeping Auditor General Carol Bellringer on the case.
Bellringer was on the board of directors for Manitoba Hydro in 2006 when the whistleblower was under contract to the Crown corporation, McFadyen noted.
Bellringer also chaired Hydro's audit committee in 2004 and 2005, examining data immediately after the period when the whistleblower alleged that mismanagement, combined with a drought, led to the loss of more than $400 million.
"You've got an auditor that's conflicted [and] we have a former minister in Mr. [Greg] Selinger, who's [now] premier, who was obviously regularly updated at what was going on at Hydro and yet no accountability [has been given] to the people of Manitoba," McFadyen said.
http://www.cbc.ca/gfx/images/news/photos/2009/11/18/brennan.jpgManitoba Hydro CEO answers questions during a meeting Tuesday of the standing committee on Crown corporations. (CBC)Finance Minister Rosann Wowchuk, also the minister responsible for Hydro, has refused to remove Bellringer from the review.
There is no word on when the audit is to be completed.
Following the standing committee's meeting on Tuesday, Hydro CEO Bob Brennan dismissed the whistleblower's allegations, saying they are unfounded and the company is in excellent shape.
There may be some issues that need to be addressed but nothing significant, he said.
"I can't imagine when somebody is doing an in-depth review that they won't find something. I like to think we're perfect but you know, we're not."

hexrae

Nov 20, 2009, 4:43 PM

Eureka project expands (http://www.winnipegfreepress.com/business/eureka-project-expands-70604037.html)
Business incubator at U of M's Smartpark on road to self-sufficiency

By: Martin Cash

20/11/2009 1:00 AM | Comments: 0

The Eureka Project at Smartpark is significantly increasing the capacity of its business incubator and is aiming to cut its dependency on the provincial government for funding.

The small business incubator at the University of Manitoba will start a $3.2-million expansion project next week to increase its space by about 50 per cent to 10,000 square feet which will allow it to double the number of companies resident at the centre from to 20 from 10.

Part of the impetus for the project is a desire -- if not a necessity -- to become self-sufficient.

"There are a number of models out there for running a business incubator and the one that makes most sense to us is to build enough square footage to house more companies who we will then charge full cost for the services they receive," said Gary Brownstone, Eureka Project's executive director.

For the last three years it has relied on provincial government funding to make up about 80 per cent of its $300,000 budget. But Brownstone said the province has made it clear it would like the Eureka Project to become self-sufficient.

Doug McCartney, director of the province's science, innovation and business development division of Manitoba Innovation, Energy and Mines, said the province believes in incubators' ability to build capacity and position innovative companies to become competitive players on the global stage.

"We hope Eureka will become self-sufficient," he said. "But we are being realistic and we certainly have a desire to continue playing a role."

That desire would likely be enhanced by successes that emerge from the centre.

As it is, some of Eureka Project's computer, information and environmental technologies companies are already nearing the stage of graduation from the incubator.

One of them is SMT Research Ltd., a company that designs software and electronics for monitoring the integrity and performance of buildings.

SMT Research has about nine employees and a West Coast office to handle work monitoring rain soaked buildings on the coast.

"Being associated with Eureka means we are part of an important network," said Gamal Mustapha, SMT's president. "Gary has helped us meet lots of potential investors and customers."

Mustapha said maybe even more significant has been the company's ability to tap into research capabilities at the U of M.

"Just about every semester we are able to benefit from undergraduate research projects," he said. "We recently hired a graduate who had done some work on our technology for one of his courses."

But incubators have always been tricky things to manage. Not the least of the challenges is having the right kind of companies involved.

Alan Simms, president of Smartpark Development Corp. and associate vice-president of administration at the U of M, said there are 10 solid companies there now and he sees a growing market for more.

"We have the Monsantos and Cangenes (tenants in other Smartpark buildings), which are global companies," he said.

Half of the funding for the expansion, to be completed by next spring, comes from a pool of $32 million the U of M has secured from the federal government's Knowledge Infrastructure Program. The other half will be drawn from previously secured infrastructure funds from the province.

martin.cash@freepress.mb.ca

1ajs

Nov 20, 2009, 6:29 PM

Southern chiefs blast Hydro

By: Staff Writer
20/11/2009 12:00 PM | Comments: 13 (http://www.winnipegfreepress.com/breakingnews/Southern-chiefs-blast-Hydro-70620167.html#comments)

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WINNIPEG — The Southern Chiefs Organization is demanding a full environmental audit of Manitoba Hydro.
At a press conference this morning, the organization said 26 of its member First Nations are affected by the environmental, cultural and economic impacts of flooding on Lake Winnipeg and its basin caused by the Crown corporation.
Leaders of the First Nations say the situation has gotten worse in the last two decades, and they want the province and the federal government to promise an independent audit of all current and future hydro-related projects.
The Southern Chiefs' Grand Chief Morris Shannacappo said they are planning a trip to Minneapolis to show Manitoba Hydro's major export customers they're not buying clean energy, but power produced at the peril of people's communities.
city.desk@freepress.mb.ca

Boreal

Nov 20, 2009, 7:40 PM

Never a dull day in Manitoba.

For what it's worth there is no such thing as 'clean energy'. At least, not on scale that can feed major markets. Solar and particularly wind can be nice complementary power inputs, but they aren't now, and won't be "viable" in a mainstream sense for decades if ever.

I understand the anthropological and toxicological negatives of hydro power, and hydro power to that end isn't "perfect", but given current environmental morals generally accepted in the world today, it is the "cleanest".

Morris Shannacappo has a case, but the case isn't relative. Yes, hydroelectric power is more negative than solar power in terms of community impact, but you can't frame your arguement against inviable alternatives and still try and make a strong case. With that said, this is a marked improvment from Mr. Fontaine travelling to the Vatican chasing the world's emptiest apology, or the UofM students union yelling end poverty without even the slightest semblance of a plan of their construction.

rrskylar

Nov 26, 2009, 4:28 PM

Before giving a press release from Shindico's Head Office on Taylor, Mayor Katz had this to say:

No ties to Shindico, Katz says
Real-estate firm involved in numerous transactions

On a day when city council approved three separate deals involving real-estate company Shindico, Mayor Sam Katz was asked about the nature of his relationship with the Winnipeg company.

On Wednesday, council approved a $24-million parkade sale brokered by Shindico, a $30-million police-building purchase vetted by Shindico and a $9-million library-lease extension in a Shindico-managed mall. During a break in the proceedings, the mayor said the city does a lot of business with Shindico because the company does its job extremely well and said he has no special connection to the firm.

"My relationship with Shindico is no different than my relationship with any other real-estate company in the City of Winnipeg. They are out there doing a job, end of story," the mayor told reporters outside his office.

"Maybe someone should be extolling the virtues of someone who's getting things done in our city. Maybe someone should look at who's developing property and broadening our tax base. Maybe you should look at the big picture."

According to city officials, Shindico ranks No. 1 on a list of five commercial realtors qualified to handle large transactions on behalf of the city of Winnipeg, whose own real-estate staff does not have the capacity to handle large, unusual deals.

The list was compiled on the basis of objective criteria such as fee schedules and commission rates to ensure all decisions about realtors can be defended if they're ever challenged, said Deepak Joshi, Winnipeg's director of planning, property and development.

"Whoever provides the best deal for the city is the way we choose them," he said.

Shindico outperforms national firms when it comes to certain types of transactions, Joshi said. The company conducted the due diligence on Winnipeg's acquisition of the Canada Post building on Graham Avenue because it was best qualified to assess the 10-storey structure's suitability for the Winnipeg Police Service, he said.

Shindico is in line to receive a $400,000 commission on the $24-million Winnipeg Square Parkade sale because the company brought the highest bidder to the table, Toronto's Crown Realty Partners, he added.

But Shindico was not selected to handle the city's $3.4-million acquisition of the Midtown Car Wash as part of a rapid-transit-corridor expropriation, Joshi said. That job went to rival realtor Cushman Wakefield Lepage.

The presence of the Canada Post and Winnipeg Square Parkade deals on the same council agenda as a Henderson Library lease extension in a Shindico-managed mall merely illustrates how active the company is, Katz added.

But the mayor does have a connection to company officials. Shindico executives Robert and Sandy Shindleman sat on the board of Riverside Park Management, the non-profit organization that sublets city land to the Katz-owned Winnipeg Goldeyes -- and used to list Katz as president. That relationship has nothing to do with Shindico's deals with the city, said Katz, dismissing any supposed connection as "a ridiculous observation" -- especially since the company listed city properties when Glen Murray was mayor.

"They had that listing because they gave the best service and the best price," Katz said.

WPG Free Press

Winnipegger@Heart

Nov 30, 2009, 12:51 PM

Manitoba throne speech today to focus on economy

CJOB News Team reporting
11/29/2009

Manitoba's throne speech today is expected to focus on stimulating the province's economy.

Premier Greg Selinger says that's his government's priority over the next few weeks, despite an expected downturn in tax revenues.

Adding to the challenge are indications from the Feds that transfer payments to Manitoba are likely to be cut.

Today's throne speech opens an abbreviated nine-day legislative session.

Awwww...now the Government may actually have to stop waking up to money left on its nightstand, and do some serious work to have us stand on our own.

jmt18325

Dec 1, 2009, 12:58 AM

Transfer payments to Manitoba are being cut because we're doing better than the rest of the country, and under the new formula that means less for us faster. The new revenue that we're able to generate in province should offset most of the loss anyway.

WpG_GuY

Dec 2, 2009, 6:19 PM

M I N I N G & E X P L O R A T I O N • P O R T F O L I O
www.manitobabusinessmagazine.com MANITOBA BUSINESS MAGAZINE I SEPTEMBER / OCTOBER 2009 21
MANITOBA’S PUBLICLY
-TRADED COMPANIES

Few Manitoba investors are
aware of the success of publicly
traded companies with head
offices in Winnipeg. Some are
titans like Great-West Lifeco
which owns Great-West Life
Assurance Company or its sister
company Investors Group and
the remarkable package
company, Winpak and northern
retailer, the ever expansive
The North West Company.
At the other end are smaller,
but equally important
companies like the packaged ice
manufacturer, The Arctic Group,
which is growing rapidly in
Canada and the U.S., or The
Boyd Group, whose earnings are
in the top one per cent of North
American collision companies
and Cangene Corporation, a
biopharmaceutical manufacturer.
As always, it is up to the
investor on his or her own or
with a broker to determine
what is right for their portfolio.
In this article we feature two
companies: The North West
Company and Cangene
Corporation.

The North West Company
NWF.UN
The North West Company is a
retailer whose core business is
in the Arctic but has expanded
into other exotic locations. It has 242
locations in 11 countries including the
Caribbean and the South Pacific
trading under several banners
including Giant Tiger, and Northern
Store in Canada’s Arctic, as well as
Alaska.
There are 127 Northern stores,
offering a combination of food,
financial services and general
merchandise to remote northern
Canadian communities.
Other stores include seven
NorthMart stores, targeted at larger
northern markets with an emphasis on
an expanded selection of fresh foods,
fashion and health products and
services.
Giant Tiger 30 Giant Tiger junior
discount stores offering family fashion,
household products and food to urban
neighbourhoods, and larger rural
centers in western Canada.
Solo - one Solo Market store
targeted at a smaller, rural market.
The company is run by an
executive team led by President and
CEO Edward Kennedy. Mr. Kennedy
joined The North West Company in
1989. He has served in a number of
senior management positions
including Chief Operating Officer of
North West and Chief Executive
Officer of the Alaska Commercial
Company. In 1997 he assumed his
present position and he remains
Chairman and Chief Executive Officer
of the Alaska Commercial Company.
In December 2007, Edward also
became Chairman and Chief
Executive Officer of Cost-U-Less, Inc.
Edward was a Canadian Top 40 under
40 award recipient in 1999 and, in
2006, he received the Retail Council
of Canada’s Distinguished Canadian
Retailer of the Year Award. In 2007,
Mr. Kennedy was presented with the
University of Alberta School of
Retailing’s Henry Singer Award for
exceptional leadership in the retail
sector.
In 2008, company revenues
increased 30.8% to $1.393 billion and
trading profit (EBITDA) increased
14.7% to $122.3 million led by
acquisition-related growth and same
store food sales growth of 6.1%. Net
earnings increased 19.7% to $75.4
million or $1.56 per unit on a diluted
basis compared to $1.31 per unit in
2007.
The Fund is focused on delivering
top-quartile returns to investors over
the long term. The Fund's units
trade on the Toronto Stock Exchange
under the symbol NWF.UN and
during the past 10 years, have
produced an annualized compound
return of 21.4%. The Fund's track
record of delivering sustainable
growth has resulted in a 13.1%
compound annual growth rate for
distributions over the past 10 years.
Looking forward, the company
says it will continue to focus on
striking the right balance between
getting sales today and identifying
opportunities that will sustain the
business in the future.

PORTFOLIO
-enterprising since 1168
-1.4 Billion in annual sales
-6,503.00 employees
-226 locations worldwide

The units of the Fund trade on the Toronto Stock
Exchange under the symbol “NWF.UN”.