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Show wn PAGE 6 SCt: SATURDAY. MARCH 6, BUSINESS EDITOR A Local Industry News & Notes Manufacturing s Saturn Orem manufacturer acquired by Ohio technology firm Solutions Corp., an Orem maker of optical discs and supply chain services, was acquired by Inoveris LLC of Columbus, Ohio, for undisclosed terms. Saturn's 65 workers were retained by Inoveris. Inoveris, formerly Metatec Inc., was acquired in December by ComVesInvestment Partners II LLC The addition of the Saturn business is projected to expand Int. overis' customer base by 50 percent and raise revenues by 36 per-'cen- The optical disc manufacturing industry continues to be driven by price erosion due to technology advancements, offshore manufacturing and industry overcapacity, the company said in a news release issued Friday. "Like Saturn, Inoveris serves the publishing, software and entertainment markets. This market synergy provides increased market presence and greater industry expertise to help our customers address their industry specific supply chain challenges," said Chris Munro, Inoveris president and chief executive. interactive-- A Nasdaq S&P500 Gold Silver Final 10,595.55 7.55 Final 2,047.63 7.48 Final 1,156.87 1.99 Per ounce $401.30 $8.40 Per ounce -- THE ASSOCIATED PRESS - Here is a look at the jobless rate for the past year. WASHINGTON The nation's payrolls grew by just 21,000 in February and left the unemployment rate stuck at 5.6 percent, just as President Bush camrevved up a paign that is counting heavily on a revived economy. The frustrating news for Americans, contained in a jobs snapshot released Friday by the Labor Department, showed a continuation of the slow employment growth the country has been enduring. The net gain in "nonfarm" payroDs government and private emfell well short of the ployers 125,000 jobs that economists had been forecasting. The little growth there was came from the government. Private-secto- r employment was Seasonally adjusted 7 0 5.6 6.5 5.0 A S J J O N D J F 2004 the change in payroll employment. Here is a look at non-far- 150,000 21,000 100,000 JlLll 50,000 o. 50,000 . 200,000 250,000 MAM J J A SO ND SOURCE: 111. McDonald's Corp. 's sales jumped a (AP) percent in February over last year's numbers, the chain said Friday, extending a recovery that began last high. spring and sending its stock to a nearly two-yea- r restaurants worldComparable sales from McDonald's-bran- d wide, reflecting results from outlets open more than a year, were a 13.9 percent in a key measure of the strength of McDonald's comeback. The hamburger giant's 13,000-plu- s U.S. restaurants had the best showing, with comparable sales up 20 percent. Europe, where the recovery has been slower to take hold, posted a solid increase. J F 2004 ,2003 McDonald's sales jump over last year's numbers gleongheraldextra.com EXCHANGING THE DOLLAR Thurtday 111.06 $1.2188 $1.8232 1.3329 10.9550 Friday 112.02 $1.2378 $1.8477 1.3215 10.9250 Yen Euro British pound Canadian dollar Mexican peso' $6,981 $0,222 Department of Labor half-yea- flat. "This remains a jobless recovery, pure and simple," said David Rosenberg, chief economist at Merrill Lynch. "Mean- 100,000 150,000 National Briefing 0 viously thought. Total payrolls in December grew by 8,000 and were up by 97,000 in January, according to revised figures. "People are having difficulty finding a job because companies are still very cautious in taking on new employees," said Lynn Reaser, chief economist at Banc of America Capital Management. The hiring doors aren't fully opened." Mark Knold, senior economist with the Utah Department of Workforce Services, agreed. "This is disappointing. ... For the past the nation's economic indicators have been moving upward, suggesting hiring activity was just around the corner. Obviously, we haven't turned that corner yet," he said. "An increasing percentage of working-ag- e people aren't even marginally attached to the labor force any more. In other words, they have given up looking for work, possibly by refocusing their energies toward schooling or some other nonlabor-relate- d activity, or just plain discouragement, s Knold said. "Fortunately, here in Utah, we have turned that corner, Jeannine Aversa Unemployment MAM The The Utah Community Credit Union adds new management ' Utah Community Credit Union named Sue Brickson as branch Dickson office. Denzil was branch new for its Springville manager promoted to assistant vice president and named branch manager for the credit union's new Payson branch office. 344-291- Unemployment rate stuck at 5.6 percent 2003 Banking Grace Leong Dow Jones Brokerage Coldwell Banker Coldwell Banker brokerage adds new workers Residential Brokerage added two new associates to its Utah County sales team; Joe Keddington and Ryan Olson have joined the Orem office at 354 W..Center Street. I 2004 AP ingful job creation remains alarmingly elusive." The report also showed that job creation in December and January was weaker than pre r, and our employment situation is gathering momentum," Knold said. " A note of encouragement is that Utah's energy in employment gains should not be zapped just because the national employment situation is stagnant." On Wall Street, investors took the news about jobs in stride. The Dow Jones industrials gained 7.55 points to close at 10,595.55. The overall seasonally adjusted civilian unemployment rate stayed at 5.6 percent in February as 392,000 people left the civilian work force for any number of reasons. The weak job creation, however, comes even as the economy has been growing at a healthy rate. Productivity gains have allowed companies to produce more with fewer people, economists explained. Despite the backdrop of the sluggish job market, consumer confidence rebounded in early March as Americans felt better about their current financial situations as well as the economy's prospects in the months ahead, according to an index of consumer attitudes. . AP-Ip-s- OAK BROOK, 22.6 whopping fast-foo- d New chairman of Shell says predecessor was asked to resign due to lack of confidence LONDON (AP) The new chairman of Royal DutchShell Group of Cos. said Friday his predecessor and another key executive had been asked to resign because the group's two boards had lost confidence in their leadership. Jeroen Van der Veer took over the chairmanship Wednesday after chairman Sir Philip Watts and Walter van de Vijver, head of exploration and production, stepped down. The move followed Shell's announcement Jan. 9 that it had reclassified 20 percent of its proved oil and gas reserves into less cer- tain categories. lengthening study participants time to get off experimental drug Eli Lilly Eli Lilly and Co. said it will lengthen the INDIANAPOLIS (AP) withdrawal period to wean study participants off an experimental drug, mainly to ease concerns from test subjects after the suicide of a who participated in the study. Lilly required mental health evaluations of test subjects after the Feb. 7 suicide of Indiana college student Traci Johnson. Some participants complained of sleeplessness, anxiety or nervousness during their withdrawal from duloxetine, a molecule Lilly is testing for two different uses: depression and stress urinary incontinence. However, none reported symptoms that suggested a suicide risk, the company has said. Johnson was participating in a trial using duloxetine as an Stocks of Local interest Yesterday's performance of selected publicly traded companies SYM COMPANY SYM ' AA Alcoa ABS Albertson's, ABX BamckGold AEP Amer Eleclnc AKj Amer trrtl AMGN AWE Amqenlnc Amenca West Holdings AT&T Wireless Svcs BAC Bank of Amenca AWA BU Inc Inc Pwr Group 37.17 0.07 MYGN 24.57 0.02 NATR 21.18 0.69 NETM 34.05 0.06 74.28 63.25 COMPANY Myriad Genetics Nature's Sunshine Prod 18.27 0.56 12.93 0.22 1139 071 NOVl NetManagelnc Novell Inc 11.01 Oil 0.70 NUS Nu NWN Skin Enterprises Northwest Natural Gas 2U7 0.36 10.84 0.06 PCG PG&E 28.11 13.56 0.04 PFE Pfizer, Inc 37.17 033 002 027 020 82.74 0.62 PTZ Pulitzer Inc 51.94 0.09 66.15 1.07 Q 4.70 0.03 BIS 2884 0.23 RD Qwest Communications Royal Dutch Petrol ADR BN BantaCorp 45.06 0.05 S Sears,Roebuck C 50.00 0.62 SBC SBC CBAG Citigroup Inc Crested Corp 0.35 0.05 SCOX CMCSA Comcast CI 30.44 0.268 90.22 DAL ChevronTexaro Corp Delta Air Lines DtS Disney DNEX " 32.72 Corp Corp BellSouth Corp (Walt) Co Intl 5023 0.03 47.46 0.10 25.02 0.17 11.50 0.13 Sll SCOGroup Smith Int) 51.81 0.00 0.89 SKO Shopko Stores 15.23 0.03 SkyWestlnc 1962 0.16 4.611 0.109 9.12 0.00 SKYW 26.48 032 SNTO Commumcaoons DionexCotp 55.55 0.18 SPC SentoCorp St Paul Cos 4224 048 ER1CY EricssorKLM)Tel 31.00 0.81 SPI Scottish Power ADS 27.71 0.01 ETR 58.58 0.14 STR 36.40 0.05 2.68 0.06 21.11 0.09 21.78 0.15 FC EntprgyCorp Franklin Covey GDW Golden West GE Genl HCA HCAInc HRB Block (HSR) HSIC Schein IBM , bttt Hnl Electric (Heray) Bus. Machines INTC Intel Corp JCP Penney i (I.C.) JWN Nordstrom, KR0N Kronoslnc SWFT QuestarCorp Swift Transportation 3.36. SY Sybase Inc 32.77 0.13 T AT&T 19.94 0.06 41:75. 0.25 TGT 43.20 0.57 55.75 0.71, UCL TargetCorp Unocal Corp 38.67 0.70 71.05 0.81 UDR UntedDomnionRltyTr 19.65 028 96.45 0.06 UNH UnitedHealth Group 63.17 0.67 28.95 0.70 USB U.S. 2936 0.43 33.14 0.80 USEG U. 39.62 0.27 USNA Energy Corp USANA Health Sciences 34.94 0.08 UTMD Utal Meckal Products 12.49 0.06 VZ VenCornmunications 38.98 027 4.10 0.02 WEN 42.40 0.76 14.48 0.08 WFC Wendy's Intl W Fargo 5839 6024 027 4.42 0.11 116.33 Inc ' Corp Bancorp IfB Longview IUV Lucent Technologies Southwest Airlines Ma McKesson Corp 28.43 1.03 WMT WaUtat Stores MER Merrill 64.25 0.02 WNI Welder Nutrition Ind MITY MMSI ; MrfY&itaprises Merit MerJcal Systems MSfT MU Fibre Lynch ' 'US. 18.15 033 X 20.84 0.56 XU Xcel Microsoft Corp 26J5 0.02 ZION Sons Bancorp Mioon Technology 1631 0.m ry requirements. The enterprise corruption count was modeled after the NEW YORK federal RICO statute, often A state court judge, after sitting used to bring down organized crime operations or mobsters through five months of testilike John Gotti. mony, threw out one of the most serious charges on FriAlthough the enterprise corday against the former chief ruption count was thrown out, it would not affect the amount executive and chief financial of jail time facing the two exofficers of Tyco International Former CEO L Dennis ecutives if they are convicted. The other top count, grand lar57, and former CFO Mark Swartz, 43, remain on ceny, carries the same trial in Manhattan's state penalty, and the pair could face up to 30 years in prisoa Supreme Court for allegedly Obus's ruling came as the stealing $170 million from Tyco by hiding unapproved jury took a weeklong break before returning on Monday pay and bonuses and by abusto hear final arguments in the ing loan programs. They also are accused of il- extraordinarily lengthy case. On Tuesday, defense legally making another $430 million by pumping up the vallawyers had urged the trial ue of Tyco stock through lies judge in a session outside the about the company's finances jury's presence to dismiss all from 1995 to 2002. the charges, off ering a variThe two are still charged ety of arguments. The judge with grand larceny, falsifying rejected most of them. business records and violating Assistant District Attorney state business laws. John Moscow alleged that State Supreme Court Justice and Swartz misused Michael Obus dismissed the Tyco's relocation loans and Key Employee Loan Program enterprise corruption charge for purposes other than inagainst the pair. "The court does have seritended. ous reservations about the ap"The guys agreed they would take the money and plicability of the enterprise corruption count," Obus ruled, call it a key employee loan," Moscow said. "That's what adding it did not meet statuto Borrowing, overall debt up in January Samiyv- AAirfftO PRESS THE -- THE ASSOCIATED PRESS Mark Swartz ' 25-ye- ; ki Dennis Koziowski you call stealing." Tyco, which has about 270,000 employees and $36 billion in annual revenue, makes electronics and medical supplies and owns the ADT home security business. WASHINGTON Americans increased their borrowing in January by the largest amount in eight months, the Federal Reserve reported Friday. New debt rung up by consumers increased at a seasonally adjusted annual rate of 8.6 percent in January, or by $14.3 billion, from the previous month. That marked the largest increase since May and pushed total consumer credit outstanding to a record $2 trillion in January. January's borrowing pace marked a pickup from December, when consumer borrowing rose at a 5 percent rate. Demand for revolving credit, such as credit cards, rose at a 8.6 percent pace in January. That was up from a 1.4 percent growth rate in December and represented the fastest pace November 2001. For nonrevohing credit, Which includes loans for new cars, vacations and education, demand rose at an 8.5 percent rate in January, compared with a 7.1 percent growth rate in December. LAST CHANGE ' Ball Judge throws out top count in Tyco case 30.00,-031- 25.000299 0.81 Steel 38.00 0.63 Energy 17.84 0.05 5920 0.11 Understanding changing generations returned from New from a visit with I decided to pick them up from school one afternoon. As I sat in the playground of PS6, a young lady next to me was berating her mother about not understanding her and her friends. "You just don't understand me mom. You and dad will never understand me." I laughed as I thought about how important it is that as business people that we do learn to understand where the next buying generation is coming from. We must understand them not only from the standpoint of marketing, but also from the. standpoint of employment. They are our future employees and the nations leaders. I also thought to myself how important it is that they understand the older generatioa I sat down with my grandsons that night in their Manhattan home and talked about what it was like in my world at their age. I was bom before television, penicillin, polio shots, frozen foods, Xerox, contact lenses, (recently i Frisbees and the pilL They wanted to know what polio was. There was no radar, credit cards, laser beams or ballpoint pens. We had not invented air conditioners, dishwashers, or clothes dryers. Man hadn't yet walked on the moon and the idea of space flight was only in our dreams as we watched Flash Gordon at the movies each Saturday. We were before gay rights, computer dating, dual careers, day-car- e centers and group therapy. The Ten Commandments and common sense governed our lives. We were taught to know the difference between right and wrong and to stand up and take responsibility for our ac' tions. Living in this country was a great privilege. We, had never heard of FM radios, tape decks, CDs, electric typewriters, yogurt or guys wearing earrings. Our first phone was with a party line with sue other families and one operator in town that connected us to each call. We listened to the presidents on the radio and if I ever fw anything with "Made in 1 Japan" on it, it was junk. Pizza Hut, McDonald's and malls were unheard of. We had 5 and stores where you could buy things for 5 and 10 cents. Ice cream cones, phone calls, and a Pepsi were all a nickel In those days, "grass" was mowed, "coke" was a cold drink, "pot" was something your mother cooked in, and "rock music" was your grandmother's lullaby. Chips were pieces of wood and "hardware" was found in a hardware store, and "software" wasn't even a word. My grandsons have no idea what a record is and have probably never seen a typewriter. They have always had an answering machine and have no clue what a black and white TV is. They have always had screw off bottle tops and plastic bottles and have no idea what pong, Atari, or Pac Man might be. The idea of a TV without a remote is Popcorn has always been popped in the microwave, v W must have the knowledge to understand how things have changed and deal with uiamoer Kepon 10-ce- 25-ce- i mind-bogglin- , :. steve Densiey v i progress. Machiavelli wrote in "The Prince" that, "there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things, because the innovator has for enemies all those who have done well under the old conditions and lukewarm de- fenders in those who may do well under the new." Business people must adjust to a changing market place and change to master change. I Steve Densley is president of the ProvoOrem Chamber of Commerce. ' . |