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Show Tuesday, September 20, 1994 Court takes bite out of Apple suit r - SAN FRANCISCO (AP) Apple Computer Inc. doesn't have sole claim to computer screen symbols such as file folders and trash cans, an appeals court said in refusing to reinstate the company's S5.5 billion copyright lawsuit. Apple claimed in 1988 that Microsoft's Windows and Hewlett-Packard- 's NewWave programs aaaW Hi far .mi - NEW YORK Evidence is that banks are not ademounting quately informing customers about the risks of mutual funds and the difference between the funds and traditional bank accounts. 3 screen display on its Macintosh personal computers. Both programs are widely used with le f ri- -- - jvr " mmii ft c ,J vals. The 9th U.S. Circuit Court of Appeals ruled 0 Monday that most of the screen display was covered by a 1985 licensing agreement from Apple that allowed Microsoft to continue marketing a similar " r?M: 1 3-- . . J. - Hewlett-Packar- ... Those risks include that mutual funds are not insured by the federal government and investors could lose some of their original investment if the fund does poorly. Last week, two independent studies said banks are selling mutual funds without properly disclosing their risks. The number of customers com- The rest of the display consists mainly of symbols that are not protected by copyright law because they portray generic ideas or functional items, like a wastebasket AT&T, plaining to state and federal regulators about being misled by banks selling mutual funds has surged in recent months. For example, the OCC received 55 complaints in the past five months, compared with 1 8 during the prior 15 months. The OCC survey was disclosed in a letter to the American Bankers a McCaw complete merger - HavWASHINGTON (AP) ing gotten federal blessing for their 512.6 billion marriage, telecommunications giants AT&T and McCaw Cellular are charting plans for their new life together. AP Photo Spud nuts AT&T Corp. Chairman Robert Allen and McCaw Cellular Communications Inc. President James Barksdale arranged a news conference today to discuss their plans John Wade, 10, in foreground, races to become the champion of the 66th Annual Idaho Potato Harvest Festival in Shelley, Idaho. Foreign trade report depresses stocks - - LicenWASHINGTON (AP) ses for the next generation of mobile phone service will be put on the block for the first time in December, quelling concern among anxious bidders that the auction would be delayed until early next year. The Federal Communications Commission on Monday said 99 licenses allowing companies to offer a single phone number for home work or anywhere else, will be auctioned off Dec. 5. Companies interested in providing the e new services have said delay could dampen interest from investors. 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But before that happens, Steinberg predicted that the higher trade deficits would depress growth in the current putting the country well on track to its worst merchandise deficit since a record $152. 1 billion imbalance in 1987. Last year's merchandise deficit was $132.6 billion. Today's report served as a stark reminder to the Clinton administration that despite its aggressive campaign to lower barriers around the world, focusing especially on Japan, America's trade performance has continued to deteriorate. er quarter. The gap between what America sells overseas and what it im- ports was the worst showing since the government began tracking both goods and services on a monthly basis two years ago. 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Mil SOItlMldGra H n ii Sku 956 0 Nimt HITEM 151 UUlm 114 11 04 chm 2iii 2iil PnRll Pnri Fn SMSHOd 00 SpftSt 4.03 1147 4 lit bid SNitUri7$iJSlFdl SpOCHA MCAHnn .. SpEtn 12.57 IN 10 1304 ail 12.57 l'64 0i7 1246 12 002 SoTiVSin 16.22 136 1202 401 1290 Oil 1095 402 HvHulii 1699 11M 1521 Htnclin HUM TiEiBn ItCBm litem 11 ISN toil isli chna Hmi 164 116 nrtc 16 lU The deficit with Japan widened to $5.67 billion in July, the boiling point. 1641 1451 HIVIn 10 - bid re- economic worries closer to the SM SOOwSctnllM 1161 Sanfili SoTrVSdi 9M 1517 J" 0O"i GUnlm 0.01 10.20 urn 717 FAalla G8d 001 1115 NJWuAft 761 00 004 004 26 2 n DwShia 10 M 0.01 HVHuAb 741 tmi 9 24 92 971 0.03 GuncAm 761 ICVIN Mnrlni irtVlm 971 402 FMuAll 762 0.1... I 0.09 SI 714 721 7 75 .ti. TFta. 1045 CMi) 747 NVTlU OlaTrf Colin GSmh 0M 1177 SktnTml 770 101 777 HI ) l7S 716 773 7 47 7 14 TiENCAn sc.,. SMiy 111 101 ,,, h,,,. 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The unexpectedly large monthly trade gap raised 1985. growth in Europe and Japan will soon translate into accelerating U.S. exports," said Bruce Stein- re- worse-than-expect- of $15.9 billion in December prove in America's major overseas markets. port rattled financial markets, pushing stocks, bonds and the value of the dollar all lower in early morning trading. The Commerce Department said that the overall deficit in goods and services jumped 21.6 percent to $10.99 billion, reflecting weakness in American exports, especially sales of commercial aircraft, and a rise in foreign oil prices. However, private economists insisted that the July figure overstated the country's trade troubles because so much of the weakness came from a huge drop in sales of commercial airliners, 19-3- 1 areas. - The U.S. WASHINGTON trade deficit worsened dramatically in July as the imbalance in merchandise soared to the second highest level in history, the government said today. The chandise deficit on record, exceeded only by an all-tihigh a category that can be volatile month to month. Many analysts said they believed the trade gap would show improvement in coming months as economic growth starts to im- By MARTIN CRUTSINGER AP Economics Writer -- stock index dropped 1.97 to 468.88. The Nasdaq Stock Market composite fell 3.81 to 772.91 while the American Stock Exchange market value index went dipped 0.17 to 460.96. Losers swamped gainers by about 3 to in the early Big Board tally with 1,224 issues down in price, 394 up and 7 unchanged. Volume on the Big Board's floor amounted to 42.19 million in the first half hour of trading. The stock market took its cue The licenses, which will allow companies to provide a telephone service that is supposed to be cheaper and more mobile than existing cellular service, will cover 51 geographic areas that vary in size from regions to metropolitan Trade deficit soars in July from bonds, which tumbled in response to news of a dramatic worsening in the country's merchandise trade deficit. Weakness in the dollar against its foreign counterparts contributed to the jittery mood in the financial markets. The slide in bond prices drove interest rates higher. The key 30 V year Treasury bond skidded 2 point, pushing up its yield to 7.81 percent from 7.75 percent late Monday. The Dow Jones industrial average lost 18.17 to 3,918.55 by 10 a.m. on Wall Street. Market indicators that cover a wider range of stocks also fell. The New York Stock Exchange composite index slid 1.01 to 258.62 and Standard & Poor's 500 capital-intensiv- bid pools of profes Mutual funds phone services Nimi py to use the findings as a stepping-ston- e for further education on the issue." FCC to auction cling ABA executive vice president Donald G. Ogilvie. "We are hap- The festival launches the Idaho Potato harvest season. This year, more than 400,000 acres of Idaho Potatoes will be harvested. g potato-pickin- for moving the new company ahead in the rapidly growing wireless communications business. lib quested a meeting with the ABA and other banking groups to discuss disclosure practices. ABA officials said that the OCC examined brochures shortly after it issued disclosure guidelines in February, and many banks probably did not have time to incorporate changes into the brochures before they sent them to the agency. "We don't see the OCC's review as a 'gotcha' at all," said r . 1 bid Association. Comptroller of the Currency Eugene A. Ludwig re- A The deal, the nation s largest merger between telecommunications companies, was completed Monday just hours after the Federal Communications Commission approved it and 13 months after beifl announced. Nimi chures or advertising booklets showed that even when the materials did say that funds were not insured, the disclosure was made in fine print or on the back of the brochures. The brochures were voluntarily submitted to the OCC by 700 banks after the agency issued disclosure guidelines in February. Nearly 17 percent of the 8,500 mutual fund and annuity brochures and advertising booklets the OCC examined failed to say that the products were not federally insured like savings or checking accounts. The FDIC backs all bank deposits under $100,000. Nearly 23 percent did not spell out the difference between mutual funds and other bank accounts that are guaranteed. And about 29 percent either omitted any disclosure about the risks involved in putting money into a mutual fund specifically that customers could lose part of or said their original investment it in a way that was not clear. Two studies released last week were also critical of bank mutual fund sales practices. A study by Barry Leeds & Associates Inc., a New York marketing firm, showed that 26 of 100 banks surveyed did not tell customers that stock and bond funds are risky and that they could lose money. Another study of 400 bank offices by the San Francisco research firm Prophet Market Research & Consulting revealed that 20 percent of bank representatives failed to tell customers that investment products such as mutual funds are not insured by the government. required to give customers, according to a study released Monday by the Office of the Comptroller of the Currency, which regulates national banks. d. that represents destruction of computer file, the court said. Most funds are sold through Promotional materials that ; ; fund companies or brokerages. Banks now manage 1 1 percent of the $2,086 trillion in mutual funds and are aggressively competing for more. The OCC said a study it conducted this year of 8,500 bank bro- banks use to sell investment products lack important risk information that financial institutions are product. Microsoft later granted the same rights to are the sionally managed money most popular way for Americans to invest in stocks and bonds. By KAREN GULLO AP Business Writer vi- olated Apple's copyright for the computers. Apple's Risk of mutual funds subject of bank study 4 ;'7 ; 10 . |