Slump hits Bay Street as firms trim staff and pay
Ontario reports show deep cuts across major firms as investors pull funds from equities. McLeod Young Weir laid off 53 salaried workers and cut pay by 10 percent while Midland Doherty froze hiring and eliminated 60 positions. Greenshields and Pitfield Mackay Ross reduced staff, Dominion Securities Ames shed about 100 employees.
MENTIONED IN THIS ARTICLE
Gord McIntosh
Toronto
Bay Street
Pearce Bunting
Toronto Stock Exchange
McLeod Young Weir Ltd
McLeod
Midland Doherty Ltd
P.N. Holtby
Merger sinks A E Ames and Dominion Securities as layoffs hit
Two historic investment firms A E Ames and Co Ltd and Dominion Securities Ltd merge to form a new company. About 300 workers face pink slips or leave for rivals as staff cuts continue despite senior management staying. Industry analysts note Bay Street volatility and a break-even daily volume around 70 million, with past slumps and multiple mergers shaping the current downturn.
MENTIONED IN THIS ARTICLE
A.E. Ames and Co. Ltd
Dominion Securities Ltd
A.E. Ames
Canada
Ames
Ontario Securities Commission
Bunting
TSE
Bay Street
Holtby
CDC launches VASE fund to back high tech ventures
CDC Ventures Inc announces the Ven tures in Applied Science and Engineering fund to promote practical science in Canada. The fund's first major project is a $6 million investment in HSA Reactors Ltd of Toronto, pursuing electrochemical tech for metal recovery and pollution control. Ian Kennedy of HSA says the tech could spawn a new industry and reduce chemical use.
MENTIONED IN THIS ARTICLE
Toronto
Canada Development Corp
Canada
CDC Ventures Inc
John Shortly
CDC Ventures
Vase Fund Inc
VASE
HSA Reactors Ltd
Ian Kennedy
HSA
Kennedy
Warland Metal Services
Cincinnati
Ohio
National Association of Metal Finishers
U.S. Environmental Protection Agency
East Coast pair seize opportunity in offshore oil field
Kenneth Harvey and Austin Greene of St. John’s founded Newfoundland Offshore The Atlantic Oil Magazine to serve offshore oil readers with local coverage. The first print run of 5,000 reached Houston Calgary and the Shetland Islands. The duo expect growth if offshore reserves near Newfoundland and Nova Scotia prove substantial with forecast extraction in 1987 and two billion barrels at Hibernia.
MENTIONED IN THIS ARTICLE
ST. John’s
Mld
Kenneth Harvey
Austin Greene
Atlantic Canada
Newfoundland Offshore
Houston
Calgary
Shetland Islands
Harvey
Newfoundland
Nova Scotia
Hibernia
Oakville builders offer heavy downpayments plus five year plans
Rishelgh Chase Developments Ltd in Oakville advertises homes priced 105 900 to 130 000 with downpayments 40 to 50 percent and monthly payments of about 1158 on a 120 000 home at six percent for five years, after which the house is paid. Sundance Homes Inc in Woodbridge Illinois offers a 33 percent down payment on a 55 900 home with 60 monthly payments of 621 to cover remaining 37 269, claiming down payment covers most subcontractors.
MENTIONED IN THIS ARTICLE
Ments Ltd
Oakville
U.S
Sundance Homes Inc
Woodbridge
Ill
Gary Kuehl
Sundance
Also Mentioned on This Page
Greenshields Ltd
Pitfield Mackay Ross Ltd
Greenshields
Pitfield Mackay Ross
Dominion Securities Ames
Business & Finance
Saul de la Paz
Hughes Aircraft Company
California
CDC
Kingsway S.E
Prime Commercial
Terry Bus
Medicine Hat News
EL Acca
Elevers
RCA
Financial Times
Rouge
Rislelgh Chase
MAZDA
Ria
Bill's Automotive Ltd
Kingsway
S.E. Medicine Hat
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