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Show BUSINE EDITOR; NANCY BUSS (www hcmldcxtra com) THH DAILY 344-256- 2 B5! 11 Afiroeota filwew mraDiiey aft Y211 fcCjf WATCH Associated Prcs Writer - Bob VVeinstein WASHINGTON Moved by genuine fears that Y2K technology problems could disrupt everything from telephone calls to electricity, Americans stomped out the computer bug the way they spent it to death. The United States, easily the planet's most technology-dependen- t once-dreade- Who says techies cannot become superb salesmen? Don't tell Bill Lohse that techies make terrible salespeople. The lanky millionaire veteran of high-tecpublishing will tell you that many of technology's innovators are also incredible sales- d nation, spent roughly half the world's total repair costs. Its bill was an or estimated $100 billion for each resi roughly $365 dent buying new computers and repairing billions of lines of software code in the nation's largest industries. Hut days into the new century, the stunningly successful effort U raising questions about whether the government and corporate America threw too much notice and money at the problem, especially considering apparent States since 1995 as "somebody may have bought something they didn't need or figured it was a great way to get a replacement system." But Koskinen defended the overall expense uh "a marvelous accomplishment" and crucial to keeping the nation's most important comVice healthy. puters President Al Gore never com- plained about the government's $8.5 billion repair bill during briefings over the hol- victories overseas, where far less was spent. President Clinton's top Y2K adviser, John Koskinen, allowed Monday that as much as $10 billion may have been wasted in the United iday weekend, he said. "It's led some not to declare victory and say it's a marvelous accomplishment, which I genuinely believe it ih, but to say it basically must not have been a problem, that people must have spent $100 billion naively," Koskinen said. ."Corporations don't naively spent hundreds of millions of dollars." Major phone companies spent roughly $3.0 billion, one of the most expensive repair bills across any industry. They paid even lie cost of advertisements and hotlines to quell consumer fears, and advice and tips mailed with monthly bills. Bruce McConnell, head of the United Nations group I ld h people. Even the world's richest man, Microsoft's Bill Gates, is an extraordinary salesperson, according to Lohse. Lohse should know. He's been pals .with the world's most famous geek j since Gates was a teen-ages Formerly president of is Lohse now Publishing, president and CEO of San Francisco-baseservice SmartAge, an company serving small Internet companies. Although Lohse has a knack for launching successful technology companies, he is not a true techie. While he understands technology, especially the impact of thoroughbred Internet startups on the economy, he prides himself on being a crackerjack salesman. Y2E( bug a worldwide J J f no-sho- w f J v I d LOHSE UNDERSTANDS the subtle nuances of the selling process and what it takes to be a great salesperson. Lohse cites Gates, who many might consider an unlikely candidate, as an example of a brilliant salesperson. History proved that true. In 1975, Gates came up with the concept of "a PC on every desktop, a PC in every - home." - o Creating the technology that wouH change the world is one thing, but making the world believe in it took "brilliant selling skills, according to Lohse. Gates is only one example. Virtually every company head who has crafted a successful technology also boasts excellent selling skills. Yet most .techies consider selling "the dark side of the business," according to Lohse. More important, Lohse says, techies would naturally adapt to selling because it's a logical and structured , . process. "Once they taste the rewards of selling, a new dimension opens up," he says. "Technical people have critical attributes for making exceptional salespeople. To be successful you must believe in and understand your prod- fuct," Lohse explains.. EVEN SUPERGEEK Gates had to learn to be a salesman. "Selling is an acquired skill," he says. While honesty and passion about your product are important, you also have to know how to close a sale. This is where techies have the biggest problem," says Lohse, The most common mistake techies make in selling is not knowing when to shut up. "They get so passionate about what they're selling, they never stop talking," Lohse adds. "You have to listen to your customers, understand what they're saying and then stop talking when you get a 'yes.' Introducing too much information can confuse a buyer." Like everything else in life, practice makes perfect. If you think you've got what it takes to sell, start off small, Lohse advises. Don't quit your technical job until you've proven you can handle a sales position. Try selling in your spare time to see if you adapt to it. It can be especially exciting if you're peddling your own creation. Once you make that first sale, watch out, says Lohse. After that, there's no turning back. In case- you've forgotten, that's how Microsoft's Gates got started. - f Bob Weinstein ha nationally syndicated columnist and authority on high-tec- h careers. He welcomes questions and By DIRK BEVERIDGE AP Business Writer v- -' -- The first business day of the major millennium opened with few signs of Y2K computer glitches, much to the delight of stock markets worldwide. At least two stock indexes hit g trial average and Nasdaq Monday. The federal '. " , f-- : v r i -- ' H,o 7" VINC'KNT VlWhe Ax.iuUil I'rew. trader smiles at the Hong Kong Stock Exchnage Monday as the stock prices soared without a Y2K problem in sight. Y2 What? A composite index evaporated on interest rate worries. Stock indexes in Hong Kong and Singapore, both of which rang out 1999 at record levels, soared again today. Singapore's main index closed 4.2 percent higher, and Hong Kong shares rose 2.4 percent. Pakistan, one of the countries experts were most worried about, opened its stock market with success, as did India. In Germany, the index of the top 30 stocks hit a record high in the first hour before ending the day down 3 percent. Finland, Denmark, Sweden and Poland reported no Y2K problems, as did the Chicago Mercantile Exchange and the Chicago Board of Trade. Markets in Japan, Switzerland China, and London were closed Monday, but Britain's Cabinet Office reported business as usual and Swiss banks noted no signs of abnormalities. The French Ministry of Finance announced: "Today, there has been no bug, which is to say that all the great computer and electrical systems around the world successfully passed in the year 2000." The Y2K bug can affect older computers that read dates only by the last two digits of the year, and can malfunction if they misinterpret 00 as 19(H) father than 2000. Few prob- lems were reported during the millennium rollover at midnight Friday, and experts then turned their attention to today's opening of the financial markets and first business day, "We're seeing that there were no threatening effects in the companies," Salvador Bellido, vice president of the of Spanish Confederation Medium and Small Businesses, told the private news agency Europa Press. overnmeiit found it could scrap one of every five of its computer systems, which it discovered were outdated or redtindantJ Fears over spurred other computers to Ixj replaced earlier than expect ed with faster, more produc-tive ones. . J ! i street NEW YORK (Al) - Th first day of trading on W;jjl Street in the year 2000 lookcj very much like u typical sion of 1999. Souring bonij yields held most stocks lowt HONG KONG new heights. Those returning to work today found energy supplies and corporate computer systems operating smoothly. The U.S. banking system was "running smoothly" this morning, said the US. Federal Reserve. Bruce McConnell, director of Y2K the " International told the Center, Cooperation CBS "Early Show" that nothing serious was reported anywhere and "the risk is very low at this point." Not that the Y2K bug was nowhere to be seen: Glitches hit government computers in Hong Kong and mainland China. Police testing the sobriety of drivers in Hong Kong had to enter birth dates machine on breath-testinbecause of an apparent Y2K malfunction. Courthouse computers in Italy mixed up prisoner dates by 100 years. A few ATM machines shut down. But there were no reports of calamitous failures some feared and stock markets responded. U.S. markets followed the rest of the world with a smooth start to the first trading day of 2000. But an early rally in the Dow Jones indus- monitoring for Y'2K failure overseas, called the est mint-- ! ed $200 billion cost world wide' a "responsible ajid measured approach." "Without this work, serious disruptions would have occurred," McConnell said Wall r. Ziff-Davi- 7 Same old story on V ""n-i.t- MMY. JAM ANY 4. tags 16 By TED BRIDIS 1 the media pressure worldwide has been excessive, We're beginning to think that all this has been set up for "We think someone's benefit, I don't know if it was Bill Gates or who," Companies and governments around the world who had set up Y2K resixmse teams began disbanding operations and sending workers home. The few problems caused by the millennial bug were more a nuisance than a catastrophe. Government computers in Hong Kong failed to display the correct date, but no records were lost and everything ran smoothly, officials said. Weather observations in part of mainland China had to be made by hand after the circuit board of a solar measuring device in the remote of northwestern region Ningxia failed to roll over to 2000. but technology investors weathered a volatile inark4 and scooped up shares iff ' their favorite companies. According to preliminaj$ calculations, the Dow Joij industrial average fell H0.j ", to close at 11,35(5.89. Broader stock indicators were mixed. The Standard & Poor's 500 index fell, hut th Nasdaq composite rebounded from a loss of as much as 79 points to finish higher, The Nasdaq's gain brought it to d new closing record, launching the technology-dominateindex into 2000 in the sam.e fashion it wrapped up 999; All three market indicators set new closing records on Friday, rounding out a fifth straight year of double-digi- t returns. The strong per formance, which escalated in the closing weeks of 1999, set d 1 up some stocks for scattcrcc) ; today. Many investors had held onto stocks in December to avoid paying capital gains taxes. The start of the new profit-takin- g year means that investors who sell stocks now won't pay tax on their gains until 2001. Stocks initially rallied as trading began without any Y2K problems in the first session of 2(KM). But the good news for sux-kproved devastating to the bond market, which tumbled as investors bet that the Fed will return to a xlicy of higher interest rates. The Fed, which raised s rates three times last year irj Manufacturing growth slowed, still strong By EILEEN ALT POWELL AP Business Writer -- A.G. Edwards & Sons Inc. in Here is a look at the consumer confidence Index from a survey of 5,000 U.S. households, The indus-tria- l NEW YORK sector of the U.S. economy grew in December for the 1 1th consecutive month, but at a slower pace than in November. The numbers prompted new worries about inflation. The survey released today by the National Association of Purchasing Management confirms that the economy is on track toward equaling the longest expansion in U.S. history this month, but it also St. Louis. He noted that other gauges indicate that most of the price increases are for oil Seasonally adjusted T 150" 110- - Current 141.4 On month ago 137.0 One year ago 90- - 1287 1985100 70 D described rising wholesale prices. The renewed inflation jitters added to speculation that the Federal Reserve will raise interest rates in the weeks ahead, contributing to a sell-of- f in stock and bond markets. still have a lot of inflation concerns," said Gary R. Thayer, chief economist at Confidence soars to 31 year high J F M AMJ J A SO policy-maker- N D 1MB 19W Sourca: Tha Conarama Board AP index, based on a' national survey of executives who buy November. Any reading over 50 is a sign of expansion. Analysts had predicted a reading of 56.5 percent. Eighteen of 20 industries reported higher prices, with 35 percent of the: purchasing managers who were surveyed raw materials and other supplies for manufacturing companies, registered 65.5 percent in December, compared in 56.2 with percent prices saying had risen while just 6 percent said they were lower. The rest said they were unchanged. "What it means is that we The association said its v v raw-materi- i.- i i mi ir - and related products and added that there's fear these wilfspread to other products, "So we can't rule out action by the Federal Reserve in February," Thayer said. The markets already are assuming they will raise rates." s Fed raised rates three times in 1999 to try to keep the economy from overheating and igniting inflation. An increasing number of analysts expect further rates increases this year. The Fed's next meeting is a two-dasession beginning y Feb. I. Bond prices had been tumbling when the figures came out at midmorning and weren't helped by the report. Yields, which move in the opposite direction as prices, are at their highest level since September 1997, with interest rates on Treasury bonds rising above (5.(5 percent during trading today, The stock markets were unsettled by the inflation figures. The Dow Jones industrial average, which ended 1999 at an high, fell 140.23 points to close at 11,35(5.89. But the Nasdaq composite index reached a new high in volatile trading. The longest economic 30-ye- all-tim- e expansion in US. history lasted for 10(5 months, from February 19(51 until December 1969. The current expansion, which began in March 1991, will match the record if it continues through this month and pass it if it lasts until February. "The manufacturing sector continued to grow in December, though at a slightly slower rate than it grew in November," said Norbert J. Ore, chairman of the survey committee. "Both production and new orders grew during the month." He noted that the price index, which measures the cost of raw materials, rose for the eighth month in a row. an effort to stave off inflation, opted not to raise rates for 4 fourth time at the close of 1999, saying it wanted t ensure a stable monetary system into the new ytuir. With Y2K out of the way, analysts believd the Fed will raise rates as s(xm as Feb. 1, when its Open Market meets'. Committee next Central bankers received evit denceof the economy' strength today, when the of Association National Purchasing Management sail the industrial sector of tho economy grew in December foi the 11th consecutive month. The purchasing managers1 report also said its price index which men ' res the cost o' raw materials, rose for th eighth month in a row. Many, economists had expected, thr indexes to rise more shnrplj but the moderate increase! rattled investors nonetheless. "The figures were not suf ficiently restrained to sugl gest that the Fed may remaii on hold," said Michael Moran j - chief economist at Daiwa Securities America Inc. The report pushed the yield bond as high as on the 30-ye- 6.61 percent. |