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Show ‘ D" ~ THE HPMRAID Provo Utah. Sunday. March?. 1995 ~ “ Firms"Increase security following blast been a boon to the $65 billion prI~ \ate security industry. which re ports a surge In calls trom clients and companies seeking help In re~ By STEFAN FATSIS AP Busmess Writer NEW YORK r; 1 S corpora.- tions are on red alert after the World Trade Center bombing. . sponding to fears ofterrorism Given the location and type of The explosion at the landmark sky scraper in the world‘s financial hub has prompted companies to blast. prominent L. S. financial In— tighten surveillance of cars. pack- 101C11r.security professionals said. ages and people. and review mer— all security plans. While big companies already have policies covering everything from building security to e\ecuti\e travel. the bombing has revived stringent measures implemented during the Gulf War two years ago. Like the war. the bombing has sti moons and big multinationals with familiar names have the most Such institutions report far tighter checks of mailrooms. parking garages and people entering buildittgs. Btit no company wants to attract attention. A half dozen big institu— tions. including prominent New York residents Citicorp and Mer~ rill Lynch a; Co. refused to discUss security steps. "Any corporation that that can garner the interest of the mass media to publicize the event is a tar— get." said the corporate security director of a major New Yorkbased company. Some measures are visible. At the New York Stock Exchange. located blocks from the World Trade Center. blue police sa‘ whorses prevent parking in front of a building already fortified with antiterrorist sidewalk barriers. Companies and landlords are notifying workers of increased protection. "Security measures in— stituted during the Persian Gulf War to inspect packages arriving by messenger and truck have remained in effect. Entrance to load- ing docks is limited. and truckers must have proper paperwork to make a delivery." American Ex— press Co. told employees in a memo. But experts caution against frightening workers and custom— ers. The prospect of a terrorist at— tack for most US. companies is minuscule. A bigger risk is unpre— dictable crime. by a disgruntled employee. for instance. “You have to operate somewhere between prudence and paranoia. That‘s the dilemma.“ said Brian Jenkins. senior managing director of Kroll Associates. a corporate investigation agency. Wall Street explosion tests yuppie spirituality They‘re mostly male and mostly white. It’s a tough. insular world with a fondness for metaphors of "It was a real test of our spiritu— ality." said Ray Lang. a 34-year— old lawyer with Yamaichi Interna- war and conquest. It‘s the kind of world where the two books most prominently displayed in the lobby tional who walked down 96 flights in darkness and smoke. "My first hire temporaries. Labor Department data shows ECONOMY: workers compensation insurance. regulations and taxes. The survey. conducted by SMC/Pennsylvania Small Business and the Center for Economic Development at Carnegie-Mellon University. found that 52 percent of respondents expected improved business the first half of this year. But how many intended to add employees? Disturbingly enough. only 4 percent. More grim tidings for the un— employed come from a national membership survey released this week by the Financial Executives Institute. Despite overwhelming optimism about corporate profits. some 90 percent of executives surveyed expected that US. businesses would continue to cut their staffs over the next two to three years. that temporary agencies in— creased their rolls by 221.000 jobs in 1992. a staggering number considering that total private-sector employment was up only 304.000 positions for the year. Under Internal Revenue Serv— .ice regulations. employer-paid health plans must include all full— time workers to qualify for a tax deduction. but temps can be excluded. Gordon Mason. owner of Electromagnetic Products. 3 Moorestown. Pa. manufacturer of telephone components. says he uses this loophole to keep costs down. “My health insurance for a family costs $7.000 per year per employee. So I don't put on fulltimers We have six to 12 pan- (Continued from Page D1) 11le with 50 or more workers to let employees take unpaid leaves of absence. a provision that prompted United Chemical's president Mike Telepchak to vow he would never let his payroll grow to beyond 49 people. "We’ve had escalating costs in social security and health insurance. and we‘re also saddled with workman‘s comp. and now on top ofthat we are looking at being hit as we grow with the new family— leave law.” Telepchak said. United Chemical. which manuiactures drug-testing kits. says its healthInsurance premiums for families with HMO coverage have men 68 percent in about two timers here all the time. but not the same ones." said Mason. The evidence that a big chill hovers over the job market is not merely anecdotal. In a recent survey. small busi— ness owners in Pennsylvania reported that health care costs were the largest single factor keeping them from hiring more employ— ees. followed by increases in years. Premiums for single HMO users and for employees in a traditional Blue Cross plan. have ris— en less but still plenty: anywhere from 23 to51 percent. "1 have been real strong in hir— ing people. would rather (do) that than go to automation. but it's getting to point where it's not eco— nomically feasible." said Telep— chak. For the average company. an employee earning 525.000 a year actually costs the employer between S30.000 to 840.000 a year when benefits. unemployment and taxes the included. according to Godwins lnc.. a benefits consulting firm In Conshohocken. kind of brought us out of our little l hour. “When it‘s going good. you don‘t stop no matter what." said Carroll. who‘s made more than $1 million on the floor and enjoys such luxuries as a late—model Acura and a 21-foot powerboat. "But we started looking out the window and saw smoke and all these cops pointing up at us. Then we thought about closing down. " AP Photo Flags fly at half staff beneath the World Trade Center in New York. Bombing may enhance NY’s'Image the disaster couldn t have been matched by any other city. AP Business Writer Instead of souring more compa— NEW YORK — The World nies on New York. the trade center Trade Center bombing could easi- episode illustrated why the city has ly have become another reason for managed to retain its allure to busicompanies to beat up on New York nesses. as a hostile place to do business. “This should be seen as a victothe explanation many big employ- ry for New York City." said Steers have given for moving out. phen Spinola. head of the Real EsBut business and political lead- tate Board of New York. “We‘re ers say the remarkably swift re- not going to give up the tremensponse by the world’s financial dous advantages of New York City capital to help business victims of and the World Trade Center to go By PETER ALAN HARPER v to the suburbs. Still. the size and speed of New York‘s move to help companies affected by the trade center shutdown also refiected the city's nervousness about losing businesses. along with their thousands of jobs and millions in tax revenue. New York is in its worst eco— nomic slump since the 197054103; has gone to extraordinary lengths in recent years to peraude 13:13.5: nesses to stay. 1 .4... . wit/31.; The Financial Executives Insti— This Week Only tute should know. ‘ Just six months ago it spent $50,000 to install a voice-mail not system in its headquarters In Morristown. NJ. The institute didn't fire its receptionist. but it reassigned her to other secmtarial duties. .i ‘. 'n PI'OVO 'w ward. 3 Trade Center. But the bombing has caused even yuppies to look in- n . Lang is among thousands who deal in enormous sums of money in the plush offices of some of Wall Street's most powerful firms. E - ,,.4L».'4’,3‘:<.'4:., .. q, investment bankers. traders. lawyers and stockbrokers at the World gressive tenants were so engrossed in their work that they ignored the blast — even when the jolt hit the trading floor of the Commodities Exchange and the lights dimmed. Grant Carroll. 31. and his feilow traders in the pit barely looked up. They kept trading for another it”. 3 each other. " world." Some of the center‘s more ag- , g... ..,. WWW-u- . among the swashbuckling young Associated Press Writer bookstore are "Victory: Secrets of Attila the Hun" and "Profiting from the Savings and Loan Cri— Sis. That insular world broke wide open when a bomb exploded in the parking garage under the twin towers. "We‘re cocky and arrogant.” said Chris Brenn. a 23-year-old options trader who lives on the Upper East Side and drives a BMW. “But terrorism is something we never had to worry about. It‘s really shaken up the routine. It J’-2m... 2. .pmi‘yw'thA NEW YORK — Until last week. risk was a mere financial concept reaction w as to just get out of there and not worry about anyone else. But then I decided to stay and help. It was the first time I saw people in our company really reach out to By DANA KENNEDY “We take the worry out of income taxes.” 11. Pa. izi linotttt-1.i\cs.II'c.ill And those additional costs are \\t‘ thI .ll llk\l\l lil (K is escalating at a rate that is about 'w- \ottt' s.tlisl.n iioit Is five times the annual increases in salaries. tilt\.i\'s i .1 \l( \\ll l ll Ho tloit'i \‘titli\ Increasingly. businesses are willing to go to extraordinary lil‘si li'l Iitii' Itl lllt' l‘t‘\l measures to avoid new hiring. One way is to work the existing staff harder and longer. In the manufacturing sector. the length of the average work week at 41.4 hours. the longest it has been since World War II. Overtime hours are at a 25-year high. 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