National Post from Toronto, Ontario, Canada • 11

ANNOUNCEMENT MERIT INVESTMENT CORPORATION 111 to discuss stability fund Bloomberg HONG KONG The U.S. yesterday agreed to work with Southeast Asian nations to prevent turmoil in regional stock and currency markets from slowing financial reforms. Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam and Brunei will meet the U.S. to discuss creating a currency stability fund. Japan and China may also participate.

By joining the talks, the U.S. aims to reduce the risk Asian countries may respond to turmoil in their financial markets by curbing foreign access to trade and investment The task will be to shore up countries in trouble without offering them a blank cheque. That would let governments off the hook from taking unpopular steps to boost their finances, such as tax increases or spending cuts. Stanley Fischer, the International Monetary Fund's first deputy managing director, said he welcomed a support fund provided it isn't a "pot of money" with no strings attached. The IMF requires borrowers to meet the fiscal targets it sets.

Last month, it arranged a rescue package for Thailand that is contingent on the govern- Weinbach, 57, succeeds James Un-ruh, who said in June he would leave the helm of Unisys, which is seeking to transform itself from a computer manufacturer into a technology service supplier. Unisys said its board selected Weinbach for his background in technology information and financial services. Weinbach, who had been with Andersen since 1961, said at the start of the year he would retire to pursue a second career when his term as CEO of Andersen Worldwide ended in August Reuter Flat poised for Russian comeback MILAN Fiat SpA is poised for a comeback to the Russian market 31 years after itsTogliattigrad Russian carmaking venture. The Italian company yesterday confirmed it was in advanced negotiations with Russian car manufacturer Gaz to assemble 150,000 cars a year at the Nizhnij Novgorod plant 400 kilometres east of Moscow in a joint venture. Nizhnij Novgorod governor Ivan Sklyarov said European Bank for Reconstruction Development would participate in the project It is likely to take an equity stake and help attract additional financing from a syndicate of Italian banks.

Financial Times Dana to fire 1,100 workers TOLEDO, Ohio Dana Corp. said it will fire 1,100 workers at its structural components manufacturing division, or about 41 of its workforce at plants in Reading, through the first half of 1998 to cut costs. The company employs about 2,700 people at the facilities. The automotive parts manufacturer will fire 325 employees by year's end, in addition to 275 cuts announced in January, and expects to let go another 500 by the first half of 1998. Canada in venture with Sudbury Hydro SUDBURY, Ont Canada Long Distance Services Co.

and the Sudbury Hydro-Electric Commission have formed an advanced telecommunications network that will allow the local utility to deliver telecommunications systems to its community. The network will act as a local telecommunications backbone for Sudbury Hydro and is expected to serve a consortium of 23 health, education, municipal and private-sector stakeholders, called the Sudbury Regional Network. The local network is based on fibre-optic technology. As part of the agreement Canada will install next-generation asynchronous transfer mode, or ATM, switching technology for the network by yearend. Dow Jones Vengold now has 9.4 stake in Lihir VANCOUVER Vengold Inc.

has purchased nine million shares of Lihir Gold Ltd. on the open market lifting its stake to 9.4. The purchase was arranged by ANZ Securities Ltd. and was funded by an credit facility provided by ANZ Investment Bank. The Lihir gold mine should reach full production by the end of September.

Dow Jones Bombardier has 68 firm orders for Global jet MONTREAL Bombardier Inc. has accumulated 68 firm orders, worth about $3.5 billion, for its Global Express corporate jet The planes, which sell for $52 million each, are "ultra" long-range business jets that can carry eight to 19 passengers, depending on the seat configuration. Bombardier says they will fly farther and faster than any other corporate jet in the world. The company said flight testing and certification of the Global Express was proceeding as planned and customer deliveries were set to begin around mid-1998. Reuter Cadillac Fairview completes mall purchase TORONTO Cadillac Fairview Corp.

has completed the acquisition of a 100 interest in the Montreal Eaton Centre for $113 million. The deal was first announced in August The Montreal Eaton Centre is a five-level, shopping centre. Dow Jones U.S. sales boost Bertelsmann GUTERSLOH, Germany Bertelsmann AG said yesterday profit rose 13 for its latest year, helped by a strong performance in the U.S. It forecast higher profit for the current year, which ends next June.

Bertelsmann said net profit rose to 1.02 billion German marks ($789 million) in the year ended June 30 from 905 million marks a year earlier. Sales rose 4 to 22.4 billion marks from 21.5 billion marks, making Bertelsmann the world's third-largest entertainment company after Time Warner Inc. and Walt Disney Co. Sales edged lower in Germany but rose in the U.S. Chairman Mark Wossner projected sales would grow to 30 billion marks by 2000 as music, television, film and online services grow to 45 of sales from the current 35.

Sales at U.S.-based music unit BMG Entertainment rose 10 to 7.3 billion marks while book publishing sales were up 3 to 7.1 billion marks. Reuter Lawrence Weinbach named Unisys chairman BLUE BELL, Pa. Unisys Corp. said yesterday Lawrence Weinbach, former chief executive of Andersen Worldwide, had been elected chairman, president and chief executive, effective immediately. HENRY G.COLE Barry H.

Kasman, Chairman CEO of Merit Investment Corporation is pleased to announce the appointment of Henry G. Cole as President. Mr. Cole has over thirteen years of experience in the Financial Services Industry, including Senior Advisory Positions with major Wall Street brokerage firms. Prior to joining Merit Investment Corporation, Mr.

Cole was a Vice-President and Senior Financial Consultant at CIBC Wood Gundy. In addition to being President, Mr. Cole will continue to serve clients as a Senior Investment Advisor. He will play a strong leadership role in the continuing development of business opportunities and future direction of the firm. Merit Investment Corporation is an independent full service brokerage firm, and is a wholly owned subsidiary of Rampart Mercantile a publicly traded company.

ment raising taxes ana aiming expenditure. Stocks and currencies in Thailand, the Philippines, Malaysia and Indonesia have tumbled in the past two months as governments stopped defending their currencies. The rout also reflected widening current account deficits, concerns about a regional property bust and slowing economic growth. Those same concerns caused Indonesia yesterday to delay billion of government-related spending on power and other infrastructure projects to help narrow its current account deficit Bloomberg More power means more responsibility too. X- Coming this fall, the all-new Accord.

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