BUSINESS

Business Notes

April 29 1991
BUSINESS

Business Notes

April 29 1991

Business Notes

BUSINESS

UP IN SMOKE

A 20.3-per-cent jump in the price of cigarettes helped boost the annual inflation rate in March to 6.3 per cent from 6.2 per cent in February. The price increase resulted from the Feb. 26 budget, which imposed an extra three-cent tax on each cigarette. Statistics Canada said that the price of all other items surveyed declined by an average of 0.1 per cent.

FLYING LOW

Air Canada, which lost $74 million in 1990, announced plans to cut 400 of its 2,300 management jobs, including eight of its 23 vice-presidents. The cuts, which the Montreal-based airline hopes to achieve through early retirements and severance packages, come after 2,900 layoffs announced last October. The airline now has about 21,000 employees.

WHO EARNS WHAT

The Ontario Securities Commission said that it is drafting proposals that would require the top executives of publicly traded companies to reveal how much they earn each year in cash, bonuses and stock options. Until now, such information has been available only for those Canadian executives whose companies are listed on U.S. stock exchanges, where disclosure standards are more stringent.

CROSS TALK AT THE CRTC

The Canadian Radio-television and Telecommunications Commission opened formal hearings in Hull, Que., into the application by Toronto-based Unitel Communications Inc. to compete in the $7-billion-a-year long-distance market. Montreal-based Bell Canada and some consumer groups are opposing the bid. The hearings are expected to last about three months, and the CRTC is expected to announce its decision in 1992,

MAXWELL GOES PUBLIC

Robert Maxwell, the British publisher who bought the ailing New York Daily News in March, said that he will sell almost half of his family-owned Mirror Group Newspapers to the public and use the $1 billion in expected proceeds to pay off part of his publishing company’s estimated $1.9 billion debt.

BREAKING THE BARRIER

For the first time, the Dow Jones Industrial Average ended a trading day above 3000. On April 17, the index closed at 3004.46, before ending the week at 2964.11. The TSE index closed the week at 3495.97, compared to a record close of 4112.86 on Aug. 13, 1987.