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Winnipeg Free Press (Newspaper) - February 15, 2001, Winnipeg, Manitoba B12 BUSINESS WINNIPEG FREE FEBRUARY 2001 BUSINESS Watch Housing starts on rise OTTAWA Housing starts across the country should reach units this year and in up from in Canada Mortgage and Housing Bright spots for house building in the next two years are Ontario and Starts should also rise in Manitoba and starts should partially In Man itoba starts are projected for this year and for CAE buys Tampa firm TORONTO CAE a world leader in flight is paying mil lion US for the flight simulation and training division of BAE Systems of The deal will strengthen CAEs access to the defence while a relationship with BAE Systems will enhance CAEs global position in the defence simulation and training said CAE chief executive Derek Last year tough to match TORONTO Tough times in the stock market will make it difficult for Cana das big banks to measure up to last years record profits as reports on firstquarter earnings begin analysts The first indication came as discount brokerage TD Waterhouse Group per centowned by the Toronto Dominion reported yesterday that profits fell 35 per cent from the same period last Vehicle sales drop seen TORONTO New vehicle sales in the United States could fall by almost two million units this with job cuts and an economic decline plaguing American consumer an industry analyst warned The party appears to be both here in Canada and the United Connecticutbased analyst Maryann Keller told auto executives at an indus try conference in Fraudsters not a threat TORONTO The worlds most pow erful central bank was never in danger of losing billion US to fraudsters caught wielding a stack of bogus American bonds in the Secret Service But theres always someone willing to believe a snakeoil sales Spe cial Agent Tim Koerner said yesterday at a news conference about one of the largest fraud busts on Canadian Cinar gets extension MONTREAL TVfilm company Cinar struggling with red lawsuits and a police says it has arranged an extension for million US in bank credit until The Montrealbased which paid off half of million US said yesterday it may also have to make more payments in certain cir cumstances before Inventories rise slightly WASHINGTON inventories of unsold goods on shelves and backlots rose by a tiny per cent in December and matched the increase in sug gesting that companies are working off excess Belluzzo to head Microsoft Microsoft has named Rick a longtime computer and software industry execu tive who joined the worlds biggest soft ware company about 17 months as president and chief operating Quebec mine shut down MONTREAL A financing crunch has forced gold producer McWatters Mining to indefinitely shiit down operations at its SigmaLamaque open pit mine and mill in northwestern Que cutting about 120 Compiled from the news services DO YOU BELIEVE IN LOVE AT FIRST SIGHT Several prime business locations have become available in and around Second Canadas Number 1 Specialty Coffee is seeking special individuals to operate cafes from these very desirable Were looking for enthusiastic entrepreneurs people who are passionate about life and about An initial cash investment of is THIS IS A RARE BUSINESS SO RARE IN THAT WE CANT DELAY AND NEITHER SHOULD YOU An IMMEDIATE REPLY is required Call 18888544402 650 to speak directly with a Franchise or email us at [email protected] Pension plans critics accused of scare tactics Economist says hidden agenda behind talk about time bomb By Stephen Thome OTTAWA Critics of the public pension system are engaging in scare tactics to promote a hidden says an economist who has written a book on the a demographic time bomb and conflict over pensions are deliberate attempts to undermine public confi dence in the Canada Pension said Monica Townson of the Canadian Cen tre for Policy The Canadian the Alberta government and private firms have been pushing for mandatory private savings or allowing people to opt out of the Own agenda They are clearly following their own political and ideological said author of the new book Pen sions Under Attack Whats Behind the Push to Privatize Public We should recognize these threats for what they she said They represent an attempt to justify reducing the role of government and eliminating collective responsibility for our aging population under the guise of preventing intergenerational Ken the Canadian Alliance deputy finance caused a stir dur ing the federal election campaign when he said his party would scrap oldage Alliance Leader Stockwell Day said Epp was adding the party would maintain current federal retire ment including oldage securi the guaranteed income supplement and the Canada Pension Day said the Alliance would also com mission a panel to determine whether seniors programs were working for Party documents suggest the Alliance is looking at mandatory independent RRSPstyle feeding claims by opponents that the party has a hid den agenda on social Townson says Canada already has addressed concerns raised by a payas yougo pension plan in the face of an aging population by increasing premi and other options are available without resorting to By 2040 there will be 41 seniors for every 100 workingage up from todays ratio of 18 to each putting greater stress on workers to sup port CPP benefits increased by per cent raising maximum retirement pen sion benefits for those 65 or older to The Canada Pension Plan pays month ly benefits to about four million The increases were in line with inflation as compiled in the consumer price index by Statistics The Canada Pension Plan Investment Board received and invested about billion from the Canada Pension Plan in the third quarter of the current fiscal it reported Due to declines in equity the board lost about million in the offsetting earlier gains and resulting in a loss of approximately million for the fiscal year to The market value of invested assets on 31 was billion compared with billion on By the CPP had total assets of about In addition to the funds under man agement at the CPP Investment the assets include a portfolio of bil lion at cost in provincial and federal government bonds as well as a short term operating Canadian Press UQUIDATtONfSfll 0NIM HURRY IN tor Great buys on floor reconditioned and oneofaicincfs 1 Queensize sofa Burgundy colour If Sears 747 1 Burgundy colour leather If Sears A m 1 Burgundy colour If Sears I 5547 1 Leather Beige If Sears 147 I 1 Franklin1 china If Sears 1 1 Computer Medium oak If Sears 1 Queensize sofa Brown plaid If Sears 847 1 Floral pattern love If Sears I 597 1 Doublesize sofa Beige colour If Sears m I 1 Light oak If Sears 1 Chapel Hill love Blue If Sears 1 twin sleep If Sears 397 1 twin sleep If Sears 297 Many as new Some may be slightly damaged and some items are All goods are subject to prior Items available while quantities Prices do not include delivery Personal shopping Installation 1 top mount Floor If Sears 1 97 1 stainless I steel Floor 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