Province Invests In Local Shipbuilding Company

first_imgA Meteghan River boat-building company will use new technology to build larger boats and increase international sales. A.F. Theriault and Son Ltd. will buy a laser alignment system with the help of the province’s $21,000 investment from the Productivity Investment Program (PIP). “This investment will help A.F. Theriault and Son Ltd. become more efficient and competitive on an international stage,” said Percy Paris, Minister of Economic and Rural Development and Tourism. “That’s what jobsHere, our plan to grow the economy, is all about.” The new equipment will more accurately align the engines and propulsion shafts on vessels, allowing the company to construct larger, high-quality boats, to be sold in Canada and internationally. A family business employing about 150 people, A. F. Theriault and Son Ltd. was founded in 1938, and combines old techniques with the latest trends and technologies to build state-of-the-art fishing boats, pleasure yachts and catamarans. “The equipment purchased with the PIP funding enables us to build vessels with greater precision,” said Gilles Theriault, director, A.F. Theriault and Son Ltd. “The result is a better quality and safer vessel.” The PIP program provides financial incentives to encourage businesses to become more productive, innovative and globally competitive by supporting capital investments through the Capital Investment Incentive stream, as well as workplace training and certification through the Workplace Innovation and Productivity Skills Incentive stream. For more information on jobsHere and the PIP program, visit http://gov.ns.ca/jobsHere .last_img read more

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Starbucks cuts outlook as world economy struggles chain has challenges in Europe

NEW YORK, N.Y. – Starbucks Corp. on Thursday reported third-quarter net income that fell short of Wall Street expectations and cut its outlook for the current quarter, citing the challenging global economy.Its shares fell 9.6 per cent in after-hours trading.The Seattle-based coffee giant said net income rose 19 per cent during the quarter, as global revenue at cafes open at least a year rose 6 per cent. The increase in the metric, which is important to retailers because it excludes the effect of recently opened and closed stores, was driven by growth in China and Asia and the Americas. In the European market, where Starbucks has been struggling to turn around its business, the figure was flat.“Europe has been a challenge for us all year and continues to be,” said Troy Alstead, the company’s chief financial officer. But he noted that the flat sales were an improvement from the previous quarter, when the figure slipped 1 per cent.To perk up its business in the region, Starbucks has been instituting measures similar to those it took during the downturn in the U.S. a few years ago, such as introducing loyalty programs and improving service. CEO Howard Schultz has said he’s confident the measures will prove successful.Still, the company says its store expansions next year will be focused in the United States and the fast-growing China market.For the three months ended July 1, the company said it earned $333.1 million, or 43 cents per share. That’s compared with $279.1 million, or 36 cents per share, a year ago.Total revenue rose 13 per cent to $3.3 billion.Analysts on average expected a profit of 45 cents per share on revenue of $3.34 billion.Starbucks said the higher revenue was the result of increased customer traffic and customers spending more per visit.For the current quarter, Starbucks cut its profit outlook to 44 cents to 45 cents per share from a range of 46 cents to 47 cents per share. Analysts were predicting 48 cents per share.Shares dropped $5 to $47.40 in after-hours trading. During the trading day, shares had gained $1.99, or 4 per cent, close at $52.40. by News Staff Posted Jul 26, 2012 5:11 pm MDT Starbucks cuts outlook as world economy struggles, chain has challenges in Europe; shares dive AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

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