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Show PAGE 6 I . FRIDAY. JANUARY 18, BUSINESS EDITOR Grace Leong :.VYV'': .W...; Iixsil Industry News & notes Nasdaq S&P500 Gold Silver Final Final 2346.90 -- 47.69 Final 1333.25 -- 39.95 Per ounce Per ounce $15.93 $0.12 12,159.21 -- 306.95 gleongheraldextra.com 344-291- THE DOLLAR EXCHANGING Dow Jones $879.10 -- $1.50 2008 Thursday Yen Euro 107.00 $1.4673 $1.9713 1.0299 10.9436 Pound Canadian dollar Mexican peso Wednesday 107.60 $1.4661 $1.9642 1.0234 10.9372 Government assistance UVSC launches Orem incubator e families get S3.75M to pay energy Utah's e families in Utah are getting $3.75 million bills in federal heat assistance funding for their energy bills. , Nationally, the U.S. Department of Health and Human Services released $450 million in heat assistance funding for the winter months. Utah's share is $3.75 million, a 27 percent increase over the current budget of $14 million, said Health and Human Services Sec. Mike Leavitt on Low-incom- Grace Leong DAILY HERALD Thursday. "This money will help us better meet growing demand in northern Utah, including Cache, Morgan, Davis and Weber counties," said Sherman Roquiero, manager of Utah's Home Energy Assistance Target Program. Applications for assistance in those areas are on track to meet or beat last year's numbers. -Some regions, however, are seeing fewer applications, including: Salt Lake and Tooele counties, the Uintah Basin and parts of central and southern Utah. "Statewide, we have 2,000 fewer applications than we did this same time last year," Roquiero said. "We've seen a decline for the past two years, which probably has something to do with the good economy. But we know there are people out there who need our help. Some don't know about our program, and others are too proud to ask." Retail CONTACTS to provide cheappartners with Stores Inc. is partnering with er contact lenses Wal-MaCONTACTS to help make eye care more affordable at Wal-Mastores and Sam's Clubs nationwide. ... its 3,000 The two companies will integrate store, web, and phone services this fall so customers can order their lenses when, how and where they want to have their lenses delivered," " "The majority of contact lens wearers experience high ' prices and limited service. This alliance can save these customers nearly 20 percent on their contact lenses," said JonaCONTACTS. than C. Coon, chief executive officer of Wal-Ma- rt rt r: Helping entrepreneurs get plugged into the latest intellectual property developments at Utah's top research universities is one reason why Steve Roy of USTAR is considering expanding to a new business incubator started by Utah Valley State College in Orem. Launched earlier this month, the incuba- tor is located at 1501 North Technology Way, Building L, within the Canyon Park Techformer home nology Center to Novell's Orem campus and WordPerfect's headquarters. The incubator will provide mentoring, support services, loan and grant assistance, office and conference space to seven small or startup businesses. Its goal to take startups from infancy to commercialization in two years, and eventually spin off companies that g can provide jobs. USTAR or the Utah Science Technology and Research ini high-payin- National Briefing tiative, a new state agency designed to leverage technologies developed at Utah's research universities into commercial ventures, is considering moving to a larger space at Canyon Park from its current location at UVSC's campus on 800 W. University Parkway. Steve Roy, director of USTAR's Technology Outreach and Innovation program, said the Canyon Park location is ideal because of its . proximity to numerous entrepreneurs and successful startups including Omniture, and Symantec, which have corporate headquarters e or offices at the technology park. "Now we'll be able to provide more insight to these technology companies and other regional universities about intellectual property generated by the two research universities, University of Utah and Utah State University," Roy Con-verg- 100-acr- said. He also welcomed the additional space. "We'll have a functional office to meet with companies and help entrepreneurs statewide, and we'll be complying with state legislation, which requires us to stay on buildings owned or leased by UVU," he said. Already, one Lehi business has made the Canyon Park incubator home. This week, Precision Exams and Surveys Inc., an online assessment and certification service for businesses, schools and govern- its ment groups, operations to Canyon Park. director with Certiport Inc., an American Fork corporate training company. Built primarily by WordPerfect in the '80s, Canyon Park now has more than 85 companies and 4,600 employees. Other tenants include Verio, -- er Founded in 2005, Precision Exams and Surveys wanted more office and conference room space at a basis, said Edson Barton, the company's founder. The company is occupying a space. "The program also seemed aggressive on helping our business grow with resources like marketing, student interns, and opportunities to collaborate with other businesses moving into the incubator space," Barton said. He was a former business development PeoplewiseLexis-Nexis- , Flowserve, Sento, Agilix, lOxMarketing and Task. Roy believes there's a need for more business incubators because of the entrepreneur-ialisand technology inno-- . vation in Utah Valley. Other existing incubators include: the" Provo Labs Academy, Novell Open Source Technology Center and the Commission for Economic Development in m Orem. The UVSC Foundation paid $2 million toward the cost of the Canyon Park building in 2006. Canyon Park donated $2.7 million to help cover the remainder of the property's cost. The building is also home to UVSC's Small Business Development Center and the culinary arts program. Money Where rr's Needed Aircraft firm lays off 300 people Adam Aircraft Industries has CENTENNIAL, Colo. Jaid off about 40 percent of its work force and suspended Utah operations while it works to get more money. I The privately owned aircraft developer is working on and plane improvements in the production of a turboprop ' ' : K seeking certification for a light jet. Company spokeswoman Shelly Simi says 300 employees were laid off: 170 in Centennial, Colo., 80 in Pueblo, Colo., and 50 in Ogden, Utah. The company is halting work in Ogden through early summer. In the meantime, executives are working to secure $75 mijion to $150 million. ? - , Stes on . - mortgages decline further 30-ye- ar WASHINGTON Rates on mortgages dropped for a third straight week to the lowest level since the summer of 2005 as worries intensified about the current eco30-ye-ar nomic slowdown. Freddie Mac, the mortgage company, reported Thursday fixed-rat- e that mortgages averaged 5.69 percent this week, down from 5.87 percent last week. .; It marked the second week that mortgages have been below 6 percent and the third straight weekly decline since rates closed out 2007 at 6.17 percent. This week's avmortgages were at 5.66 erage was the lowest since percent the week of July 14, 2005. Analysts attributed this week's decline to continued weak economic statistics which have increased worries that the country could be in danger of tipping into a reces- V f ' V r, s ' 4 t -- "'X 30-ye- id. 30-ye- sion. The government reported that retail sales fell by 0.4 percent in December, giving retailers their worst Christmas season in five years, while construction of new homes dropped again in December, closing out a year when housing construction plunged by 24.8 percent, the worst showing in 27 years. Consumer spending is being closely watched at present , s of economic activity. The because it accounts for worry is that consumers battered by the housing slump, falling stock prices and a widening credit crunch may stop two-third- spending. Stocks of Local interest Yesterday's performance of selected publicly traded companies 5YM COMPANY LAST CHANGE SYM COMPANY AA ALCOAINC 2879 MYGN Myriad ABSY ABSOLUTESKY NATR NATURES 84 1 INC 0.058 0 003 LAST CHANGE Gwefa. he SUNSHINE 45.14 1.07 8.05 0.02 5.8996 0.1704 6.13 0.20 15.54 019 49.44 0.14 BARPXKGOLDCP 46.52 079 NETM NetManage, AEP AMER ELECTRIC POW 46 16 2 36 NOVl Novell, AKi AMER 5477 3 64 NUS NU SKIN ENT INC AMD AOV MICRO DEVICES NWN NORTHWEST AMGN Amgenht OMTR Omniture, Inc 24.09 1.41 BAC BK KG PG&E CP 43.00 079 BAM BROOKFIEID 2296 0.44 ILL BALL CP S.56 0.11 C CmGROUP CMCSK Comcast Corporator! COST Costco CVX CHEVRON DAI DELTA AIR UNES DIS WALT DISNEY DNEX &cre Corporation ERIC LM ETR ENTERGY CP fC FRANKLIN COVEY CO GE BX Of INTl GROUP INC 6 34 47.42 AMERICA 3691 CP ASSET MGT 30.05 Wtwte CORP PFE PflZERINC QWEST 1.28 R2 RASER TECHNOLOGIES 14.12 2.97 17 35 0 64 SCOXQ SCO GROUP 0 003 64 30 0.20 SHLD Sean Holdings 0 087 8893 82 75 Sll SMITH INTL INC 60.50 3.40 15.19 350 081 SKYW SkyWestlnc 24.77 0.49 28.77 1 SNT0 SENT0C0RP 0 09 0.00 76 92 3 69 STR QUESTARCP 50.30 2384 078 SY SYBASE INC 286 068 057 95 2496 t Ericsson NAT GAS Q 00 42 INC 0 23 007 178 075 he Inc 06 C0MM INTL INC 1.32 6.17 T AT&T INC. 7.69 001 TGT TARGET CP 2584 3730 4994 GEN ELECTRIC CO 33 41 1.15 TRV THE TRAVELERS CO 47.43 2.72 HRB HR 20.36 UNH UNITEDHEALTH IBM Henry Sctmn. Inc INR BUSINESS MACH 10605 038 004 UDRINC HSJC 1784 6264 UOR 4.42 USB US BANCORP WTC Intel Corporation 33 0.53 USEG U.S. JBLU JetBlue Airways 484 0.06 JCP PENNEY I C CO HOLDtN 3902 073 JWN NORDSTROM INC 2904 LEE LEE ENTERPRISES 1105 11270 BLOCK INC 074 54.36 004 092 30 22 0.82 0.10 USNA 4 22 Energy Corp. USANA Health Sciences 40.32 UTMD Utah MpaVal Products 2900 072 1.00 V7. VERIZON COMMUN 4091 1 WB WACHOVIACP 32.35 2.44 WEN WENDY5 WELLS FARGO WMT WAL MART STORES 2570 2613 4748 0.45 WFC ,4945 019 016 179 564 MERRILL LYNCH 1975 0.15 WNI SCHIFF NUTMT INTL 15 92 0.72 X UNITED STATES STEEL MSFT Merit MeoVi Systems Microsoft Corporation 015 XEl IrlU MICRON 0 13 TON LUV SOUTHWEST HOC MCKESSONCORP MER MLCOCMNSTK MLR MMSI J 19 AIRLINES 1192 6663 , TECHNOLOGY 3311 6 06 GROUP INTL INC 0.09 41 174 0.01 5.63 0.16 XCEl ENERGY WC 9930 2165 0.71 pens Bancaporation 42.04 279 7 50 DENNIS COOKAssociated Press Federal Reserve Board Chairman Ben Bernanke discusses the near-ter- Washington, Thursday, before the House Budget Committee. economic outlook while testifying on Capitol Hill in Bush wants tax rebates in stimulus plan Jeannine Aversa and Andrew Taylor THE ASSOCIATED PRESS United WASHINGTON for urgent action, the White House and Congress raced toward emergency steps Thursday, to rescue the national economy from a possible recession, including tax rebates of $300 or more for many Americans. Federal Reserve Chairman Ben Bernanke endorsed the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy. All the talk of rescue efforts failed to soothe Wall Street. The Dow Jones industrials plunged 306.95 points, underscoring deepening concern about the country's economic health. The sudden scramble to take action came as fears mounted that a severe housing slump and a painful credit crisis could cause people to clamp down on their spending and businesses to put a lid on hiring, throwing the country into its first recession since 2001. President Bush told congressional leaders privately he favors income tax rebates for people and tax breaks for businesses, officials said. Bush spoke with congressional leaders as House aides worked behind the scenes on an emergency package that could also include more money for food stamp recipients and the unemployed. The president did not push for a permanent extension of his 2001 and 2003 tax cuts, many of which are due to expire in 2010, one official said. That would eliminate a potential stumbling block to swift action by Congress, since most Democrats oppose making the tax cuts permanent. Bush planned to lay out his position Friday, but he wasn't expected to go into specifics. Press secretary Dana Perino said he would demand that any package be effective, simple and temporary. Bernanke voiced his support for a stimulus package in an appearance before the House Budget Committee. He stressed that it must be temporary and must be implemented quickly so that its economic effects could be felt as much as possible within the next 12 months. "Putting money into the hands of households and firms that would spend it in the near term" is a priority, he said. New home construction plunges to lowest level in decades Martin Crutsinger percent from 2006. It was the second biggest annual decline on record, exceeded only by a The steep 26 percent plunge in 1980. WASHINGTON The year ended on a weak slump in housing intensified at note with construction dropthe end of last year, pushing home construction down by ping by 14.2 percent in December and applications for new the biggest amount in nearly three decades. t building permits, a good indicator of future activity, falling Analysts forecast more bad news in the months ahead with for a seventh consecutive the big question remaining month, indicating that activity whether the housing slump will will be weak at least through be severe enough to push the the spring of this year. Economists said the current " country into a recession. The Commerce Department housing slump has already sur-- " reported Thursday that conpassed the 191)0 downturn and struction was started on 1.353 will likely rival, if not surpass, million new homes and apartthe prolonged housing downturn in the kite 1970s and early ments last year, down 24.8 THE ASSOCIATED PRESS - 1980s, a period when the Federal Reserve was pushing interest rates to the highest levels since the Civil War in a successful efbout fort to halt a decade-lon- g of high inflation. Mark Zandi, chief economist at Moody's Economy.com. is forecasting that median sales prices for existing homes will fall by 2.5 percent for all of 2007, which would be the first annual price decline on records that go back four decades. "I think this housing downturn will be" unprecedented in terms of its breadth across the country and in its severity," Zandi said. "I don't think we have seen anything like this, certainly since the Great Depression, and back then housing was much less of a factor in terms of the overall economy because fewer people owned their own homes." The troubles in housing and other areas of the economy are expected to push overall economic growth to 1 percent or less, meaning the economy will be very near the stall level of a recession. Growing fears of a recession helped to push stock prices sharply lower again on Thursday. The Dow Jone's industrial declines since the start of the year have now given back all of its 2007 gains. |