nber 10, 1989 Confidence Have Canadian OTTAWA (CP) business executives lost their nerve After nearly sev economic growth, there 1 years of strong a consensus in the boardrooms and executive sites that it’s time for, caution rather than daring The Conference Board of Canada says its index of business confidence has taken an-alarming plunge — the largest drop since the éve of the 1981 recession And that has already increased the risk of another recession in 1990. which rolls the responses to a battery of questions fell by 23 points in The confidence index into one number June The survey found just three per cent of the 400 chief executives polled ex pect the economy to improve in the next six months and 62 per cent believe it will get worse George Saba, chief economist at Montreal executives are seeing tangible signs the slower growth in Trust, said ‘business economy is slowing Job fi OTTAWA (CP) The proposed federal salestax would cause a loss of 48,000 jobs over three years, the Con ference Board of Canada said, admit ting it earlier A Board official admitted there was an error in one of its own reports projecting 222,000 jobs will be lost by 1993 under the tax scheme. The right story is that the 222,000 (lost) jobs is not reported inaccurate figures correct," chief economist Jim nk said mistake on our part Frank said employment will grow more slowly during the first three years under the new sales tax, but the net loss of jobs will only amoung to 48,000 in 1991 to 1993 The study shows the economy will initially slow in 1991, takes effect. It will resume growing for a total when the tax increase domestic product over the three years of .0S per cent MORE JOBLESS Frank said the unemployment rate will study shows the be higher than it would be without the tax over each of the three years. In 1991, the rate will be 8.3 per cent instead of 8.1 per cent; in 1992 it will be 8.4 per cent instead of 8.1 per cent; and in 1993 it will be 8.1 per projections are in a report on thé effect of the propposed nine-per cent sales tax prepared for the tourism branch of the federal Industry Depar tment The proposed sales tax would apply to most goods and services and would replace the 13.5-per-cent’ manufac turers’ sales tax, which applies only to manufactured good: Frank said one of the board's was known in the old days as animal spirit you have to make a judgment The problem is, if too many businesses start foreS¢eing a dismal future a downturn or recession could become a self-fulfilling prophesy “trteedsomitself,”” said Saba OD CAUTIOUS Saba said he believes the mood now is one of caution rather than despair Most economists still believe which economists def as at least six months of negative growth The mood of Canada’s business executives has a direct effect on most nadians. can be avoided So far this year, the economy has continued growing, mainly because of the willingness of business to keep in vesting in new factories, expanding of fices, buying computers or updating machinery All that investment means growth. profits and jobs But according to the Conference index product in the sales, the gross domestic second quarter, lower car reduced home construction ATES CAUSE WORRY High interest rates year high for short-term loans — are the key factor in putting business into a bearish frame of mind, says the Con: ference Board, an Ottawa-based economic think-tank Those high interest rates have been a keys policy of the Bank of Canada, which is trying to fight inflation Jim Frank, the board's chief economist, has said the Bank of Canada can still help restore business confidence by cutting interest rates. But there’s no sign yet .that bank governor John Crow is ready tq follow Frank’sadvice. But in the final analysis, business decisions to hire or layoff, to expand or retrench, come from the gut Any business decision has to be based on how good you feel about what is going to happen,” said Saba *What ultimately drives you is what near a five ure lowered analysts made an error by adding up the projections of jobs lost Earlier this year, the board released Projections on the economic impact of the tax in 1991, the year it’s scheduled to be implemented. But on Wednesday, a Toronto newspaper using the Access to Infor mation Act secured a copy of the report covering the impact over three years, That was how the erroneous material became public KELOWNA (CP) British Columbia will push for a combined federal-provincial tax of 10 per cent in talks this fall on the proposed federal goods and set Vices tax, Finance Miniger Mel Couvelier said B.C. is the only jurisdiction of any size which has balanced their budget and therefore has shown its ability to manage their money,” he aid It is the most capable jurisdic tion to carry the concept forward © get the federal government to reduce their expenditures.” Couvelier said the proposed nine per-cent goods and services tax could be reduced to five per cent if ral spending was cut Provinces could then be per aded to reduce their sales tax to That would create a ax on goods ople would accept if it rnment spen yes not have a 1 be persuaded Minister says B.C. to push for combined tax MEL COUVELIER . balanced budget “Alberta is experiencing large If international oil prices were to stay in the doldrums, 1 Alberta can avoid having a provin deficits every year wonder how long cial sales tax Weekly stocks TORONTO (CP) Toronto edged down Stock price marginally as i sitive to interest rate The Toronto Stock Exchange's 300 Jipped 0.74 to finish 47, a drop of $2.09 composite index The Dow! Jon Justrials ro 2.66 for the week to 42.55 t 709 reducing it poin U.S, and Canadian analysts said in vestors shied away from the market this week as doubts persisted about the chances for any concerted move soon S. Federal Reserve to further Dow ecord st ma oO have clling by investor spilled over arket ) nut the 1 Bank of Canada. Governor would take the Canadian ECONOMY SOFTENS The economy le Stein, ar continue sof ten,” said L analyst with Nesbitt Thomson Deacon Mr. Crow is not relaxing his grip on the money supply and we're seeing that in the high interest-rate spread between the U.$. and the high Canadian dollar The Car market was also hampered by a report from a Wall Street guru earlier in the week urging investors to sell 10 per cent of their Canadian and New Zealand stocks for fear the two countries are heading into a recession On other Canadian markets Friday, the Montreal Exchange portfolio in dex rose 1.35 points to 2027.46, for a loss of 26.34 points on the week. The Vancouver 1.4210 847 Stock Exchange was up 91 fora 3.91 weekly gain to ov Ist Prize Mina Briggeman 2nd Prize Chris Cook 3rd Prize Kenneth Esovoloff The Castlegar News and Participating Merchants would like to thank all the students who par- ticipated and made the Back-to-School Promotion so successful. Castlegar News lunges Board survey, the percentage of executives who think the time is ripe to invest fell to 30 per cent in June from 49 per cent in March. It will likely take some time for that loss of confidence to start affecting the economy Infact, the last Statistics Canada survey on investment intentions found Canadians have planned to invest 11.4 per cent more in the economy this year than in 1988 However, capital expenditures take a lot of planning. A building under constfuction this fall was probably planned last year There’s bound to be a lag and the Conference Board is worried about the npact The index of business confidence is demonstrating many features similar to those seen just prior to the last recession,"’ it said And that should make everyone alit tle nervous. Jobless rate drops slightly OTTAWA (CP) Canada’s unemployment rate fell slightly to 7.4 per cent in August from 7.5 per cent in July despite mounting evidence that the economy is slowing, Statistics Canada reported The rate with just 6,000 fewer Canadians out of work in August compared with a rise of 20,000 jobless the month before John Crow, the governor of the was virtually unchanged, = =* : + Oilcmatic R Bank of Canada, has been looking for hard evidence that economic growth is nough to allow him to ease in. terest rates slowing + Valuable Stihl worth $65.00 Those rates are currently at a five year-high as Crow attempts to rein in economic growth and keep a lid on in flation The federal agency said the number of people unemployed fell slightly to 1,001 ,000 from 1,007,000 in July using figures that are adjusted to take into account changes that are due only to AVAILABLE AT: the time of year Statistics Canada said there were 2,561,000 August, an increase of 73,000 from July. That number has changed little since the beginning of the year Canadians working in Kootenay Tractor & Supply itd. | 323 Vernon Street, Nelson, B.C. Chain Loop + 5-litre Gas Container. - 250 mi 2-cycle Engine Oil Mix + Extra Spark Plug - Winter Toque - File Handle * “Sharp Advice” Filing Manual Coupons Number One Worldwide Phone 352-5301 Unless otherwise stated, all figures are seasonally adjusted 034 Wood Boss. 034 “Avatable while quantihes last with purchase of Sthi 08.011 O11T, 012, 024 Supe 028 Wood Boss Super 038 ‘Super Pro chan saws FALL VALUES vir (Sale ends Sept. 16) GYPSUM BOARD 2", 4'x8 $549 Cash and Carry Other Sizes Available PORTLAND SUPER Buy! K3° PARTICLE BOARD No.2 Grade 4'x8' Sheets CEMENT 88 Lb. Bag Cosh and Carry $799 i Excellent tor Sheathing baie Gra FLOURESCENT TUBE Sylvania Cool White. 48 3648-495 301 Reg. $2.49. Special 179 ==s9 8130 Old Waneta Rd., Trail, B.C. Monday-Wed. 8 ae 5:30 Saturday 8-5: Thurs. & Fri. 8: 208 00 364-1311 We deliver anywhere in the West Kootenay September 10, 1989 Castléav News PORTS Talk to us today. Where You Belong Rebels open camp By GUY BERTRAND Staff Writer If you're Only as good as your last game, then the Castlegar Rebels are on aroll heading into the new season. The Rebels closed off last season with an 18-3 thrashing of. the Grand Forks Border Bruins but, despite the lopsided score, it was the Rebels who were on the short end of most of last year’s game summaries. Their record of 14 wins and 31 losses didn’t get them in to the playoffs and new head coach, Don Soroke, will have his work cut out for him if the team wantsa shot at the title this year The Rebels open training camp today and the new word around this year’s camp will be discipline. “I'M definitely be stressing discipline,"” Soroke said prior to the start of camp. Soroke was handed the Rebels job Aug. 4 after the team went through two coaches last year “He's from the old. school of hockey,”” said Rebels president Tom Batchelor the day of the announ cement Soroke has also added an assistant coach to his staff. Eddy Cooper, a teammate of Soroke’s when: they played together with the Nelson Jr Maple Leafs, will join the Rebels for the 1989-90 season “Eddy has some professional ex perience,’ Soroke noted, and Bat chelor added that Cooper can be a big help in working with the team’s for wards As camp opens, the players will go through 14 sessions prior to the start of the season. Batchelor expects 45 to. 50 players to come out for a shot at the team “We have guys coming in from out of town this year and of course we have the local boys also."” The axe will begin to fall after the fif th session or the intra-squad game, Batchelor said the boys can do. He added that there are always some yers who drop out before the first ts are made Soroke admits he'll be going into camp without any knowledge of the players he has to work with ‘It’s tough to say right now,” says Soroke. ‘I hope we get some of the older players back.”” Soroke will need to get some ex perience into the lineup if he plans to instill his discipline theory throughout the team. “*We want to see what and eight bronze. 10 by 0 acquitted themselves well at the sie = “py eet aie Women take the plunge at the B.C. Senior Games in Trail. West Kootenay participants games, bringing home 26 medals — seven gold, 11 silve: Pezim goes long to buy Lions VANCOUVER (CP) — Murray Pezim insists he’s no sugar daddy, but that’s how the wealthy stock promoter is perceived by those associated with the B.C Pezim purchased the debt-ridden Ganadian Football The League team Thursday, ending a soap opera-like’ serial surrounding thesale of the franchise. “It's good to have the sale completed,” acouple of belts, Lions Lions weeks. said head coach Joe Galat. ‘‘Obviously the players are concerned and the sale relieves the football team. The Lions, 4-5 in league play, have won four straight despite suggestions they might not be paid by the cash-short team Former team president Norm Fieldgate, a member of the Canadian Football Hall of Fame, gave a huge sigh of relief after a hastily called news conference to announce the sale. were advanced television revenues to meet payroll obligations “When we (officially) sign that deal, I’m going to have "’ said Fieldgate. * with the team being funded by the league It's been a difficult time money from league recent The,team has an accumulated debt of about $9 million after losing $3.1 million an 1988 operations. GOT MESSAGE Pezim, 68, a.flamboyant player on the Vancouver Stock Exchange, of Cliff Michael, vices minister struck Michael met with Pezim said he purchased the Lions at the urging provincial government management ser Lions officials and CFL chairman Roy McMurtry over dinner Wednesday night After 18 hours of marathon negotiations the deal was BRIGITTE NIELSEN JOINS LEO BOARD VANCOUVER (CP) have joined the board of dir new owner Murray Pezim said Pezim also said he believes the NFL will eventually replace the CFL and he is negotiating with some former NFL players and coaches to join the board. He declined to release their names. “*I think that in three or four years the NFL will be here and I want to have the right people at time,"’ he said He didn’t specify what role Nielsen would play with the team. “Brigitte will represent the women’s side of things,”* said Pezim, who announced Thursday that his newly formed company, Prime Sports Inc., football club. Gastineau Former NFL player Mark Gastineau and his actress-girlfriend Brigitte Nielsen ctors of the B.C six-foot-six, 260 pounds and a five-time NFL all-pro — announced last month he will train in Lions, not work out, he might play for the Lions say what happens to the Lions’ ac cumulated debt of about $9 million, including $3.5 million owed to the B.C He said, however, that he did not agree to take over the Lions’ debt, but * Pezim won't he right thesituation."* Pezim said he can make money on the team ** I'ma great promoter.’ He has begun working on ways to fill B.C will acquire the | Pezim Vancouver as he embarks on a heavyweight boxing career. Pezim will act as his business manager Pezim has said that if Gastineau’s boxing career does Stadium for Lions’ home games. Forty thousand empty seats is a disgrace,"’ said “LT want B.C Lions as Toronto feels about the Blue Jays, just like the old days. I really need the support of the public, and I'm going to plead and beg for it if | have to. Pavilion Corp we will do what we can to alleviate because Place to feel the same way about the No terms were announced, but Pezim indicated it will cost him at least $3.7 million during the next few weeks. ‘I'm not a sugar daddy,’’ Pezim told reporters “We're going to make this work to help the league. They need a character likame, a guy who shoots off his mouth, We're going to fill B.C. Place stadium. I wantto prove lcandoit.” Pezim has been a Vancouver stock promoter for three decades. In 1972 he backed a heavyweight fight between champion Muhammed Ali and Canadian boxer George Chuvalo in Vancouver Now he’s fronting a possible ring career for Mark Gastineau, a former all-star defensive end with the New York Jets of the National Football League. ‘They need a character like me, a guy who shoots off his mouth. We're going to fill B.C. Place stadium. | want to prove I can do t.' — new Lions owner Murray Pezim One of the directors of Prime Sports Inc., the firm Pezim used to buy the Lions, is Ernie Gastineau of Phoenix, Ariz., father of Mark Pezim is chairman of the board of Prime Sports, with Stu Kehoe named president and chief executive officer Kehoe was the executive vice-president of the community owned version of the Lions B.C. entered the CFL in 1954 as a non-profit society The society must be disbanded before the Pezim purchase can be final There are many matters to be completed,"” said CFL president Bill Baker. ‘‘That’s why we haven't been able to discuss any details."” Baker said the CFL board of governors agreed in prin- ciple to the purchase, although it was not unanimous. He did not name the dissenter, other than it wasn’t owner Harry Ornest of the Toronto Argonauts Orniest earlier opposed the proposed purchase of the Lions by a group that included businessman Steven Funk and rock music promoter Bruce Allen of Vancouver The Lions are the first team in the West Division to be privately owned, although it’s possible the Calgary Stam- peders are headed in that direction DEAL SIGNED Pezim did disclose that the Lions have reached a new five-year agreement with the B.C. Pavilion Corp. that manages B.C. Place Stadium, home field of the Lions. The Crown corporation is one of the major creditors of the Lions, along with the league and the Royal Bank of Canada “I'd prefer not to comment on how we're going to handle the creditors,’’ Baker added. **We're trying to do it the cleanest way we can, with the fewest people possible bearing the pain “But in the end, there’s no question there’s going to have to be some pain some place. Pezim said he would offer two million shares in the Lions through Prime Sports for private sale. He indicated the Corona Corp. had already expressed interest Last month the Supreme Court of Canada ended an €ight-year legal battle over Canada’s richest gold mine, ruling in favor of Corona in a billion-dollar decision. Prime Resources holds 4.5 million shares of Corona stock Pezim also is chairman of a company whose current gold exploration in northwest British Columbia has sparked the heaviest trading in VSE history COMPLETES THREE-QUARTER SWEEP Graf wins Open NEW YORK (AP) — Steffi Graf won her third major tournament of the, year Saturday, beating the heat and Martina Navratilova 3-6, 7-5, 6-1 in the born American who received an enor mous ovation from the crowd at the trophy presentation until those points go my way near-Slam. Navratilova failed to win a major for the second straight year. The 32-year-old No. 2 seed was trying to become the oldest woman to win the “Till keep trying Larionov PARKSVILLE (CP) — Soviet hockey star Igor Larionov admitted to makes us a better being alittlenervous ashe prepared for said his first workout Saturday as a member ofa National Hockey League team “I feel like an old fookie because it’s my first practice with the Canucks,"” win said Larionov, who’s among 65 players attending the Vancouver team’s training camp in this Van. couver Island community The 29-year-old centre, speaking in broken English, said his main concern was not being able to communicate with his linemates during training camp. “I speak a little English and I hope that gets me by until (former linemate Viadimir) Krutov arrives,” he said Canucks general manager Pat Quinn, who doesn’t expect Krutov in Vancouver until the end of the month, said Larionov is one of the best centres inthe game. has happeried here dog fights, Calgary in May the seventh game “This acquisition hockey team,” he “When a team comes close to win ning a playoff series with the best team in the NHL (Calgary Flames) you feel better about yourself and that’s what For the first time they feel they can win.” McCammon said this training camp will be the most competitive in the Canucks’ 20-year history LOTS OF TALENT “With the talent on hand, especially at centre and defence, * he said Expectations are running high after Vancouver's playoff losing in overtime in Sept and the signing of nervous immediately two Soviet stars. But Larionov said the pressure doesn’t bother him “I'll set up a lot of goals, like I did in Coach Bob McCammon said the the past with (Sergei) Makarov and team has changed hockey clup to one that believes it can from a “so-so Krutov, and I'll score some. What else do you want me to say?" McCammon said both players have a lot of pride in their work and “wil like this coach pretty well Larionov's signing has left the Canucks in an enviable situation with at least six centres “I know that some hockey players thai can play in the National Hockey League are’ not goi down to the minor, leagues,"’ Mc Cammon said “Lf we have six centres it might be to Pat Quinn’s benefit to make a trade. Training camp continues in this Vancouver Island community until 17. The first exhibition game is 20 against the Winnipeg Jets at the Pacific Coliseum to want to go 1 look for some series against Sept U.S. Open championship women’s final tennis The only blemish on the top seeded West German's record in Grand Slam events this year was a final-round loss to teenager Arantxa Sanchez Vicario in the French Open “It’s very difficult to play in the four (major) tournaments and do the best you can," Graf said I won another three.” The match ended with an ace on a second serve by Graf, who then sprin ted to the courtside boxes to hug her father and several others. She also signaled to a group of fans high in the stadium that had been chanting her name throughout the one-hour 50 minute match Graf has won seven of the last eight majors — the third woman to do so and first since Margaret Smith Court in 1969-70 — while Navratilova hasn't won one since the 19 beat Graf for the title “It was really just a matter of a Open, when she couple of points here and there," said Navratilova, the Czechoslovakian “I'm very happy The 20-year-old Graf has won each of the Grand Slam titles twice The comeback victory, in tem peratures above 35 degrees Celsius on the court, came less than 24 hours after Graf suffered leg cramps at the end of her semifinal match with Gabriela Sabatini. But, as usual, Graf was relen tless Saturday, showing no signs of any lingering health problems. EARLY PROBLEMS “She really had it all going for her,”” Graf said of Navratilova. ‘After such a tough match yesterday, | just hung in and gaveit all |had Boris Becker became the first Ger man player in a half century to reach the finals of a U.S. national champion ship when he blistered young American Aaron Krickstein, 6-4, 6-3 6-4 He'll meet the winner of a semifinal played later Saturday between top: seeded Ivan Lendl of Czechoslovakia and American teenager Andre Agassi, the tournament's sixth seed, in the men’s final today It was enough, and Graf celebrated.a Open and had rededicated herself with a stringent training regimen She even was up a set and a break, but wilted. Graf broke four of six ser vice games in the second and third sets. Navratilova has been beaten by Graf the last three times they've met, although Navratilova holds 7-6 lifetime edge. It was Graf's first win here over Navratilova The first set went on serve through seven games. Graf had three break points in the third game, but Navratilova saved them and held with anace She broke Graf in the eighth game at love and then held serve at love to take the opening set. Navratilova, serving superbly, hit 82 per cent of her first serves in the set Navratilova blew a break point in the first game of the second set, then broke in the third game after once again easily holding serve Graf, 69-2 this year, won $300,000 for her 11th tournament win this year Navratilova earned $150,000.