Business Watch

Cleaners buy buildings

THE owner of a local cleaning/janitorial business is one of the new owners of two long-vacant heritage buildings in Winnipeg's Chinatown.

Land Titles lists the buyers of the former Salvation Army Citadel building at 221 Rupert Ave. and a 108-year-old building at 216 Pacific Ave. as Jose and Luisa Lojo. Jose Lojo is a partner in Sun & Moon Cleaning Services.

The identity of the new owners was not revealed when the buildings were sold earlier this year, and calls since then to Lojo and to Sun & Moon have not been returned.

It's unclear what the new owners plan for the buildings, which have been vacant for more than two decades and are just down the street from the historic Shanghai restaurant building, which is facing the wrecker's ball to make way for a new Asian seniors complex.

Heritage Winnipeg executive director Cindy Tugwell said Tuesday she's anxious to hear what the new owners intend to do with the 110-year-old Citadel building, which has Grade 3 heritage status. She said she would fight any bid to demolish it.

Toronto tops Vancouver

TORONTO -- Toronto tops the list of the most expensive places to live in Canada for expatriates, and a soaring loonie has driven up costs in other cities across the country as well, according to a survey released Tuesday by consulting firm Mercer.

The annual survey -- which looks at items like housing, transport, food, clothing and entertainment -- indicates higher rents helped Toronto surpass Vancouver as the Canadian city with the highest cost of living.

The survey ranked Toronto as the 59th most expensive city in the world, while Vancouver ranked six places lower. The survey points to Ottawa as Canada's cheapest big city to live in, ranking 114th in the world. Montreal and Calgary take 79th and 96th places respectively.

Canada cuts trade deficit

OTTAWA -- Canada's trade deficit narrowed in May, as exports -- particularly to Europe -- grew moderately faster than imports, even as sales to the United States slowed.

The overall trade gap narrowed to $814 million during the month from a revised $857 million in April, Statistics Canada said Tuesday, with total exports rising 1.2 per cent and imports increasing 1.1 per cent in May.

The May deficit -- the fourth consecutive monthly shortfall -- was in line with most economists' forecasts.

Exports rose to $36.9 billion as volumes increased 1.5 per cent.

"The higher volumes were mainly led by the machinery and equipment as well as the automotive-products sectors. The energy-products sector was the main contributor to the decline in prices," Statistic Canada said.

Netflix prices rise

SAN FRANCISCO -- Netflix is raising its prices in the U.S. by as much as 60 per cent for millions of subscribers who want to rent DVDs by mail and watch video on the Internet.

The company is separating the two options so subscribers who want both will have to buy separate plans totalling at least $16 per month. Netflix Inc. had been bundling both options in a single package for as low as $10 per month.

New subscribers will have to pay the new prices immediately. For current subscribers, the changes take effect Sept. 1.

Netflix isn't changing the $8 monthly price for an Internet streaming-only option. But instead of charging $2 more for a plan that also offers one DVD at a time by mail, the company will charge $8 for a comparable DVD-only plan. That brings the total to $16.

Baird heads to China

OTTAWA -- News that John Baird is set to make his first trip to China as foreign affairs minister was welcomed Tuesday by members of Canada's business community, which is anxious to boost economic ties with the ever-growing superpower that has, at times, butted heads with the Conservative government.

"It's hard to do business in China without the government being engaged, so this is really valuable to us if he goes and he makes contacts," Canadian Council of Chief Executives president and former Liberal foreign affairs minister John Manley said.

Baird will be in Beijing and Shanghai from July 16 to 20.

Officials said the China visit will include a number of bilateral meetings with senior members of the Chinese government and is aimed at boosting diplomatic and commercial interests.

GM invests in U.S. plants

DETROIT -- General Motors Co. says it will invest another $130 million in three plants in the Midwest.

The money is part of the $2 billion GM has pledged to invest in 17 U.S. facilities over the next 18 months. The company says the investment will create or retain 4,000 total jobs.

-- from the news services