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Show .1 PAGE 6 2mltjHcmti FRIDAY. MAY 4. 2007 BUSINESS EDITOR I Grace Leong Local Industry News & notes A A A A A Dow Jones Nasdaq S&P 500 Gold Silver Final Final Final 13,241.38 29.50 2,565.46 1,502.39 7.62 Per ounce $681.80 $9.50 6.47 Per ounce $13,393 $0,179 344-29- 1 0 gleongOheraldextra.com EXCHANGING THE DOLLAR Wednesday Thursday 120.44 $1.3554 $1.9876 1.1073 Yen Euro Pound Canadian dollar Mexican peso 120.12 .$1.3598 $1.9896 1.1084 10.9196 10.9151 People on the Move Richard Zions banker retiring after 36 yean of service Roach, vice president and branch manager of the Spanish Fork office of Zions Bank, is retiring after 36 years of service. An open house will be at the Spanish Fork branch at 190 N. Main St., on May 11 from 5 p.m. A Spanish Fork resident, Roach began his career in 1971 in Zions Bank's bookkeeping department while he was attending Brigham Young University. He worked his way through a. management training program and became branch manager in 1979, a position he has held for 28 years. Since 1999, he also has served as chairman of Political Action Committee and has worked closely with the Utah Legislature and the state's congressional delegas tion. ; Roach also served as president of the Utah County Bankers Association, president of the Spanish Fork Chamber of Commerce, president of the Rotary Club, chair of the United Way campaign, and served as one of the original directors of the Nebo School District Foundation. In 2004, he was honored as Spanish Fork High School's Distinguished Alumni He also has received various employee awards and recognitions at Zions Bank, including the Roy W. Simmons Community Service Award in 1995. Business Openings New senior assisted living center opens in Alpine River Meadows Senior Living, an assisted living center at 137 E. Red Pine Drive in Alpine, is opening today. A grand opening will be today at 4 p.m. The center's main building has 22 bedrooms for level II assisted living care. There are 12 cottages with one and two bedroom units each for independent living. There are plans to add another 12 cottages this summer. Delta's stock begins tradinj Weber The company's shares are being traded under its familiar DAL ticker symbol. ATLANTA The initial market value is Shares of Delta Air Lines Inc's n$w short of the $9.4 billion to $12 billion that Delta had projected stock began trading publicly in its reorganization plan that Thursday on the New York Stock Exchange for the first it would be worth when it time, opening short of the com- emerged from bankruptcy. The opening stock price was pany's initial projeetioa also short of the $9.8 billion Shares of the Atlanta-baseUS that Tempe, company opened at $21.75, which pegged Delta's initial Airways Group Inc. had market value at $8.7 billion to buy Delta for before based on the 400 million shares the hostile takeover bid was Delta planned to issue. In defeated in January. But Delta Chief Financial trading, Delta shares fell to $20.66, dropping Delta's Officer Ed Bastian said he was excited about Delta's pros market value to $8.3 billion. Harry THE R. ASSOCIATED PRESS " d Ariz.-base- d pects, especially considering that its market value is second-highein the airline industry. d trading at levels, in comparison to its peers, that are unsustainable. Thursday was the first pub- lic trading day 'for Delta's new stock, but some creditors and others have been buying and selling shares in recent days on a when-issue- d basis, driving down the opening value. Bastian said stock price comparisons won't be meaningful until the close of trading Thursday. Delta exited bankruptcy on Monday after a 19 reorganization that saw it shed billions in costs. Its previous shares were canceled when it left bankruptcy. States rush to act on o Q O st Southwest Airlines Co. has a market value of $11.4 billion. "That's an affirmation of the job we've done," Bastian said. He also said that Delta's projected value in its reorganization plan was based on factors last fall Bastian said things have changed in the airline sector since then. Even so, one analyst at Prudential Equity Group said in a research note Thursday that Delta's stock is overvalued and Dallas-base- Touring in the Mideast The center is managed by Christina Curtis. Curtis, its executive director, has more than 20 years of experience in the industry and has helped develop other assisted living centers in Utah county. EmEmployer Solutions Group to hold grand opening ployer Solutions Group of Provo will host a ribbon cutting and grand opening at their new office at the Riverwoods Business Park at 4844 N. 300 West in Provo. Time: Ribbon cutting starts at 11:30 p.m. Open house starts at noon and ends at 5 p.m. '. reform for Of 'AYii ; J . mortgages Alan Zibel NATIONAL BRIEFING S&P closes THE above 1,500 for first time since 2000 1 i' j. The number of foreclosures nationally jumped 47 percent in March from a year ago, according to RealtyTrac Inc., a problem concentrated among borrowers with shaky credit who took out higher-priceloans. Amid fears that the distress in the subprime lending market could spill over into the broader economy, some members of Congress are demanding reforms. But industry officials counter that increased scrutiny from regulators and investors has already triggered self corrective measures, such as tenders demanding from borrowers more income verification and larger down dot-co- three-year-lo- d first-quart- Worker productivity, employee wages grow . payments. On Thursday, Senators Sher-roCharles Schumer, Brown, DOhio and Bob introduced a bill Casey, that would mandate tougher KAMRAN JEBRE1U Associated Press the Argentina stand during the Arabian Travel Market exhibition in Dubai, United Arab Emirates, on Thursday. Promoters from 4 countries, including Canada, Japan, Australia, Brazil and Argentina vied to lure Arab tourists to their countries. Envarati men visit Yesterday's performance of selected publicly traded companies SYM LMTCHANCf COMPANY ' ABSY ABSOtUTESKYINCNEV ABX BARRIOCGOLDCP 3506 020 3033 AMER ELECTRIC POW CO 50.63 AA AEP ALCOA INC : SYM COMPANY 0.18 MATH' NATURES 0.02 NETM NcManage, 0.75 NOVl Newt he LAST CHANGE SUNSHINE 11.60 0.10 Inc. 4.96 7.04 407 414 0.01 NUS NUSKJNENTINC 17.61 0.02 70.65 023 NWN NORTHWEST 51.76 0.82 ADV MICRO DEVICES 13.69 0,06 OMTR Omtfurt, kit AMGN Amgcnhc 63.91 1.16 KG PG&E 51.23 022 AK ' AMD AMERMTl ' Of GROUP NC . BAC BK BAM BR00KRELD BU BAUCP C CITIGROUP CBAG CRESTED CORP CMCSK Comcast Corporation CVX CHEVRON CORP 79.56 DAL DELTA AIRLINES WC 2472 D6 WALT DNEX Bonn Corporation LMEricroTdcphorw ERIC AMERICA CP PFIZER INC QWEST 0.19 SC0X SCO 3.14 0.11 SCPWF SCOTTISH 26.36 0.08 SHLD SeHor SI 3S.69 492 032 401 71.56 1.03 3837 4.44 039 SWFT S 116.44 SY SYBASE 7.68 0.01 T ATATMC 3734 0.03 TGT TARGET 22.64 402 418 TRV UOR UDRMC 058 21.7440775 Corporation 1027 41S HOUXN 79.19 4S1 C CP GE GEN ELECTRIC CO BLOCK WC he ' ' 53.05 102 JO Graft Inc. PAR SKYW ' STft , MC JBLU JiAiwsp USEG Ui USNA USANAHr 55S1 54.69 LEE LEE ENTERPRISES 27.15 LUV SOUTHWEST 14.51 AIRUNES 448 40S 423 405 Ma MCKESSON MER MLCOCMNSTk' 9228 000 109 MITY MIIYErrtRpristsInc 21.13 1.45 MMSI MKkJSyarmilnc 12.03 005 30 97 436 lAtraCorporatoM MICRON TECHNOLOGY 1139 4.06 3957 486 MyttadGtnetialrK. MSFT MU MYGN Mr CORP 59 41 0.00 1.98 407 022 58.58 437 GROUP 53.19 34.35 460 41S 39.56 427 420 Products, IX. 31.74 1.43 Energy Corp. Science Mrfci 402 38.90 5500 4440 29.41 401 ' US BANCORP INC 0.04 2732 THE TRAVELERS CO UNITEDHEALTH NORDSTROM 0.86 431 408 440 CP LSI Krorxxhcorporafed 410 24.19 UNH KRON 0.04 6.02 ARC? WTl JWN 9.43 15.85 PLC 033 027 9888 424 Transports Co, Inc 31 33 0.03 QUEST IrM Corporation PENNEY J C CO (The) SkyWcstlrc SwtoConxntion SNTO IBM JCP INC Corporation 18832 SMTHNTUNC ' 5234 WTC BUSINESS MACH .28 2187 C0MMINTLMC 53.95 INC Sdiein, PFE 0 RASER TECHNOLOGIES FRANKLIN COVEY CO Henry 51 RZ FC HR CP 0.03 ENTERGY HR8 17.81 0.0599 51.54 ETR HSK 6120 ASSET MGT NAT GAS 6.49 Inc. UTM0 Uur, VZ VERSONCOMMUN Wl 427 4725 WELLS FARGO I CO NEW 3584 41S WAl MART STORES 4836 0.08 SCWFF NUTMT NTL 6S3 411 UNfTED STATES STEEL 10454 095 XCH ENERGY WC 2420 401 82.60 020 2wBjroirporiton WEN WFC WMT WNJ X XEL HON WACHOVIA CP WENOYSMTLMC 41.07 5564 37.43 1.47 d D-P- d high-incom- Stocks of Local Interest PRESS WASHINGTON As state lawmakers rush to reform lending practices that have contributed to a recent surge of mortgage defaults and foreclosures, consumer advocates say these efforts fall short of what is truly needed: a federal law protecting home buyers. NEW YORK Wall Street extended its advance Thursday amid a burst of enthusiasm about the economy that gave th Standard & Poor's 500 index its first close above 1,500 since September 2000. The S&P 500, the index most closely watched by market professionals, made its first foray past 1,500 shortly after trading began and rose as high as 1,503.34 just over a week after the Dow Jones industrial average passed 13,000 for the first time. The index closed at 1,502.39, up 6.47, or 0.43 percent, and is now within striking distance of its closing high of 1,527.46, bubble began to burst set March 24, 2000, just as the decline. and Wall Street began a The Dow, meanwhile, had its third straight record high close. . earnStocks have soared in recent weeks as ings beat reduced expectations, and upbeat economic news added to the gains. WASHINGTON The growth in worker productivity slowed in the first three months of this year but so did wages, providing evidence that a slowing economy is holding down inflation. The Labor Department reported that productivity, the amount of output per hpur of work, rose at an annual rate of 1.7 percent in the January4o-Marc- h quarter, down from a 2.1 percent rise in the final three months of last year. Wages slowed even more sharply with unit labor costs rising at a 0.6 percent rate, compared with a 6.2 percent surge in the final three months of last year when year-enbonuses for e workers inflated the number. The increase in productivity was slightly better than expected, while the slowdown in unit labor costs was much steeper than economists had anticipated. ASSOCIATED Arabian Flights Most prominent U.S, face at Arab tourism show is Department of Homeland Security tails on America's tourist sights, such as ' the Grand Canyon and Las Vegas, while THE ASSOCIATED PRESS explaining that being fingerprinted by ProU.S. immigration officials doesn't mean a DUBAI, United Arab Emirates moters from 64 countries vied this week? person should feel like a criminal. "We tell them, 'We want you to come Arab tourists to their to lure to the United States,' " said DHS spokescountries at the Middle East's largest woman Kimberly Weissman. "They ask tourism convention. us about destinations and we give them But not a single promoter from the our personal anecdotes." United States turned up. The United States used to send small Instead, the U.S. government sent officials from the Department of Homeland delegations to the show the Arabian but those dried up afTravel Market Security to demonstrate its mandatory fingerprinting of Arab and other foreign ter the Sept. 11 attacks, organizers said. Show chairman Tom Nutley has said visitors. The only other US. presence inside the Americas hall at the show came American operators no longer see Arab tourists as a viable market. Tightened from a tiny boutique hotel in New York. U.S. visa restrictions on Arabs have also "It's bizarre," said Sarah Wood, prokept many tourists away. moting Canada's Ontario and Niagara Visitors at .the show said the lack of Falls at a nearby booth, "People ask us where the U.S. booth is and we point them U.S. promoters gives the impression that Arabs are no longer welcome in America. to the Homeland Security booth." A pair of U.S. Homeland Security officials at the show did their best to give de See TOURISM, D4 JimKrane federal standards for mortgage lenders. They also advocated for greater public and private financing of consumer education programs aimed at helping homeowners avoid foreclosure. Any new laws from Congress are far from certain, however. Senate Banking Committee Chairman Christopher Dodd, DConn., says increased regulatory oversight and voluntary actions by lenders are preferable to a ment bailout. Dodd announced this week that several major participants in the mortgage market, including Citigroup Inc., JPMorgan Chase & Co. and HSBC Holdings Corp., agreed to adopt a set of principles for dealing with homeowners who face possible foreclosure. Kurt Pfotenhauer, senior vice president for government affairs at the Mortgage Bankers Association, called Dodd's approach "responsible, thoughtful and forceful." A taxpayer-finance- d bailout plan doesn't make sense, Dodd said, because "the mortgage finance industry is already stepping up to help those bor- rowers." Determining what Congress should do is complicated by a lack of consensus about how much impact the subprime market's troubles may have on the economy. Steven Wieting, senior , See MORTGAGE, D4 |