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Show submit a press release, announce a new business or comment on Utah - To ST! County busiEditor Travis Jacobin during normal business hours at 344-256es.s- - cal1 Business ! 111,) &MBS SW5K The Daily Herald Friday, October 13, 1995. EEflfe) (ID October DOW (Industrials) FCC Effiff 12, 1995 NYSE S&P 500 frees By JEANN1NE AVERSA Associated Press Writer NASDAQ WASHINGTON UITA AM EX 1 Declines: Federal regulators decided today to free AT&T Corp. from regulations that govern the rates it charges residential customers, dismissing the objections of some groups. The Federal Communications Commission voted 0 to lift price regulation that now applies to 80 million AT&T residential customers. The plan takes effect 30 days after the FCC releases a text of today's action. The commission, however, also provisions agreed to adopt designed to protect the rates of customers and people w ho make less than $10 a month in calls. Nonetheless, the Consumer Federaiion of America along didw ith rivals MCI and Sprint n't like the FCC plan, w ith the con long-distan- NYSE Diary Advances: AT&T ,468 808 5-- 779 Unchanged: Total issues: 1994 avg. comp. vol.: 352,288,590 3,055 Volume: 420,714,100 Business Highlights WASHINGTON The (AP) summer drought that withered crops contributed to a 0.3 percent increase in wholesale prices in September, the first advance in tour months and the largest since the 0.5 percent rise in January. Still, analysts attributed the big boost to transitory factors and predicted inflation will remain muted. The Labor Department also reported Thursday that 348,000 laid-ofworkers filed first-tim- e f for claims jobless benefits last week, up 6.000 from a week earlier and the second straight advance. low-inco- long-distan- major banks that stand to benefit from most of the proposal. Executives from Chase Man- hattan Corp., BankAmerica Corp. and KeyCorp, in an open letter Thursday to House Republican leaders, strongly objected to an aspect of the bill that restricts banks from expanding into the insurance business. Stock market business. Ford disclosed Thursday in a Securities and Exchange Commission filing that it would be buying back the publicly held preferred stock in Ford Holdings Inc., the subsidiary that owns and manages the two units. That filing also said Ford is "reviewing possible strategic actions" that could include sale of part of The Associates and all or part of USL Capital. The Associates is the second-largeindependent finance comin the United States. pany third-quart- st )j Federal Aviation Administration has announced new rules barring the use of substandard airplane parts as two New York dealers pleaded guilty to supplying bogus equipment to the maintenance crew for Air Force One. Two top executives of Tec-AServices Inc. pleaded guilty Thursday in U.S. District Court in Uniondale. N.Y.. to five felony counts of providing substandard emergency equipment to customers including Continental Airlines. USAir and the Boeing Defense & Space Group, which services the president's Air Force One and Air Force Two. ir - The NEW YORK (AP) -Xerox machine is no longer just a copier. Xerox Corp. on Thursday took the wraps off two machines that not only copy but scan. fax. collate and staple papers, all at the direction of software placed in a desktop computer. They are the first Document Centre Systems." a family of products Xerox hopes will become a key accessor) in offices. WASHINGTON (AP) compromise major bank reform bill came criticism from an unlikely chief executives of three hard-foug- A on a f whose Instruments, er shares 78 to 74 18, pulling rose computer-relate- d i. shares with it. Four out of DETROIT (AP) five American drivers don't smoke or let passengers light up in their cars, according to a survey that reinforces moves by automakers to make ashtrays optional. The survey released Thursday by the Farmington Hills, Mich., company found that 78 percent of drivers said they never smoke in the car. Five percent smoke on 7 percent some trips, while almost always light up behind the wheel. Eighty percent said they don't allow passengers to smoke. The WASHINGTON (AP) head of American Airlines urged the United Stales to open aviation talks with Japan and accused the Clinton administration of protecting the interests of two rival air carriers. American Airlines Chairman Robert Crandall said Thursday that United and Northwest airlines have a lock on most passenger Japan. French francs, up from 4.9485: 1. 5879 Dutch guilders, down from 1. 5894; I.603.I0 Italian lire, up 1. from 600.00; 1. 3377 Canadian dollars, up from 1. 3368. The British pound was quoted at $1.5736, up from $1.5735 late Thursday. dealers ; London's major bullion fixed a recommended gold price ol $384 (X) per ounce at midmorning. down from $384.40 bid Thursday. at In Zurich, gold traded late $384.40 $384.00. down from Thursday. In Hong Kong gold dropped 55 NEW YORK ( AP) Spot metal prices Thursday. Aluminum - 75.3 cents per lb. London Metal Exch. Thu. Copper - $1.3200 Cathode full plate. U.S. destinations. Copper - $1.2900 per lb. NY Comex spot Thu. Lead - 44 cents per lb. Zinc - .4825-.5X)- 5 - $4.1054 per lb. delivered. Tin Week Wed. Metals composite price per lb. Gold $384 45 Handy non-ferro- llarman (only daily quote). Gold - $384.80' troy oz.. NY Comex spot month Thu. Silver $5,375 Handy & llarman (only daily quote). Silver - $5,356 per troy oz., NY Comex spot month Thu. Mercury - $250.00 per 76 lb flask. New York. Platinum 5.00 troy oz., N.Y. $4 13. (contract). Platinum - $413,90 N.Y. Merc spot per troy oz. Thu. & -- -- 4 adjusted. 1 0.1 0.4 -- lilillililii 0.2 ONDJFMAMJJAS 1994 199S AP Source: Bureau ol Labor Statistics long-distan- low-inco- By JAMES H. RUBIN Associated Press Writer Retail sales WASHINGTON rose 0.3 percent in September, the second straight gain and the fourth advance in the last five months. The Commerce Department also said today that sales increased 0.5 percent in August, slightly weaker than a previous estimate of 0.6 percent. Sales totaled S 197.5 billion last month, up from $197 billion in August. The latest figures are generally in line with economists' predictions and signal a modest rebound from last spring's near stall. Car dealers reported a percent decline in September after sales 1 Intermoun-tai- n SUNDANCE Health Care and the Chamber of Commerce Thursday announced the winners of the 1995 Utah County Summit Award for Employee Health Promotion. Nu Skin International was named winner in the large employee category, while Central Bank was honored in the small category. The award was presented at the Chamber's Annual Leadership Conference held Thursday at Sundance. The Summit Aw ai d was created in 1994 to recognize companies who show exemplary commitment to promoting the health of their employ ees and to encourage other organizations to adopt health promotion programs "Promoting wellness and healthy lifesty les must be high on our community's agenda. We are pleased to be a sponsor of the AT&T, like MCI and Sprint, would still have to submit rate and service changes i the FCC. but it would get much more flexibility to change them. AT&T would be permitted to implement a rate or sen ice change one day after filing a plan w ith the FCC the same rule for MCI and Sprint. AT&T now has to w ait 45 days when proposing changes to residential rates or sen ice and 14 Jays for changes affecting busines- customers. The company says thai aids its competitors. e As the nation's largest AT&T controls company. 56.6 percent of the market. It has been pressing the FCC for price freedoms for nearly a decade. MCI and Sprint, with 17.7 and 8.7 percent respectively of the market, fear AT&T could use the new freedom to hamper competition. - long-distanc- long-distan- er-ce- long-distan- ; Council predicts growth, modest inflation in 1996 increase by $7 per month. While senior citizens groups have charged that this is just a backdoor effort to cut Social Security, supporters of the change argue that it is justified because the CPI overstates inflation by about I percentage point. This suggestion, however, is highly controversial and so far it had not been included in either the Senate or House versions of hud- - Kn,: By JAMES H. RUBIN Associated Press Writer Producer v prices i WASHINGTON Leaders of the nation's biggest corporations are praising the economy's performance and say it could do even better, depending on a deficit reduction agreement by Congress and the White House. The elite Business Council, ml Index of finished goer's prices. 1982100. Seasonally adjusted. iy. N ' I N ia 127 ' ' 126' 125 Change from previous month 124 -- 'V'. '23 Sept Aug Ju!y 122 120 comprising chief executives from some 100 corpotatte giants, said the evidence points" 0.3 -- 0.1 0.0 lifLiifi MJ A jASOND 1994 jfMAMjjAS 1995 AP Source: Bureau of Labor Statistics get bills for next year. In the September price report, the Labor Department said that energy prices plunged 1.4 percent, the third straight monthly decline. Gasoline pump prices were down 1.6 percent while the cost to residential customers for electricity fell by 1.9 percent, the biggest drop in nearly eight years. Food prices were up 0.4 percent in September, the biggest jump since a 0.7 percent rise last April. Analysts blamed the spurt on the summer drought, w hich K.s caused shortages and driven up prices for fruits and vegetables. Retail sales up 0.3 percent in September By TRAVIS JACOBSEN Daily Herald Business Editor cents to close at $384.35. Silver traded in London at $5.37 a troy ounce, down from $5.41 late Thursday. 00-$- u 2002. have suggested that the cost surged 2.8 percent the previous month. Excluding autos. retail sales were up 0.7 percent last month compared to a 0.3 percent drop in August. Analysts said the latest figures suggest businesses have succeeded in paring excess inventories that built up earlier this year, clearing the way for moderate growth. Sales of durable goods including appliances, autos and other goods expected to last more fell 0.3 percent than three years last month after increasing 1.8 percent in August. Building materials and home furnishings rose in September, helping offset the decline in car bu vim.:. Nu Skin, Central Bank hit loiters Metals Marke 1 r years the government has been providing annual cost of living adjustments. The small gains the past two years rellect the fact that inflation has remained well under control despite the fact that the economy is in the fifth year of an expansion. For the year so far. inflation at the consumer level has been rising at an annual rate of 2.8 percent. The adjustment for Social Security is based on a slightly different measurement that tracks inflation from the third quarter of last year. The 2.6 percent cost of living increase will mean that the average monthly Social Security check of $702 will increase to '$720 next year. of living adjustment be shaved by percentage point. That would reduce next year's average 8o 0.2 doen 1 0 kN oth- under area: 1 seasonally 06 travel between the United States and Asia because the administration refuses to initiate talks with The dollar LONDON (AP) was higher against most major currencies in European trading today. Gold prices were lower. The U.S. currency was trading at 00.30 Japanese yen. up from 00.26 ven late Thursday. Other dollar rates in Europe compared with late Thursday included .4228 German marks, up from 1. 42 8; 1. 530 Swiss francs, down from 1. 532; 4.4558 prices Percent change, month to month, One catalyst in Thursday's market runup was Texas The (AP) "It has more psychological impact than anything else because AT&T has been virtually deregulated (on most business services and rates)." said John Hoffman, a senior vice president. Competition on the residential end. he said, would prevent AT&T from price gouging. However, to protect the most those vulnerable customers w ho generally are not enrolled in a discounted calling plan, where there is robust competition among the companies for AT&T has offered customers and would be required to: Provide a 15 percent discount to residential customers for three years. Provide a guaranteed rate for low volume residential customers starting out at S3 a month for the first 20 minutes of service in the first year offered. Provide regulators with five days notice of proposed residential rate increases above certain levels. 1 Some powerful members of Congress, trying to meet the goal of a balanced budget by the year Consumer Va. WASHINGTON long-distan- in the 2 WASHINGTON Consumer prices rose a tiny 0.1 percent in September as a big drop in energy prices kept inflation well under control. The modest increase in prices so far this year will translate into a 2.6 percent boost in Social Security benefits come January, the government reported today. The increase in benefits for the 47 million Americans receiving Social Security and Supplemental Security Income benefits matches the increase they received this year and is the second smallest advance NEW YORK (AP) Stocks rose Thursday, further pulling out of a steep slump, as the corporate earnings picture brightened and bond prices advanced. The market's advance was led by technology shares, which pushed broad market indexes higher. Investors, expecting the worst from earnings reports, had bid stocks sharply lower earlier in the week. But the earnings picture is "coming out right about where it was anticipated, maybe a tiny bit better." said Don Hays, director of investment strategy at Wheat First Butcher Sinser in Richmond. DETROIT (AP) Ford Motor Co. is exploring the possibility of selling all or part of The Associates and USL Capital, the units of its finance sumer group saying it could lead to higher phone rates. The FCC and AT&T disagree. They say the action would let AT&T act more competitively, which eventually should lower residential rates and speed new services to the public. "AT&T will be free to quickly bring its full range of capabilities to the marketplace, benefiting competition and consumers," said AT&T executive vice president Alex Mandl. The FCC's action lets AT&T, like its rivals, charge whatever it wants for residential service and would no longer be subject to rate caps. AT&T has been subject to price regulations since before its breakup in 1984 because of its size and market power. The price regulation does not apply to MCI and Sprint. "We're disappointed." said MCI spokesman Robert Stewart. Sprint appeared less concerned: Energy prices hold inflation in check; Social Security gets 2.6 percent boost By MARTIN CRUTSINGER AP Economics Writer has big gains from residential rate rules J ,'. s Total retail sales in billions of dollars. adiusted. Seasonally $197.5 $290 li 190 Change from previous month 18C 17f J 1 . MAMJ J Sept Aug 0.3 0.5 July 0.4 muni AbON 1994 i) JFMAMJJASI 1995 Source Depannent of Commerce the 'Summit' Summit Award and feel that it is a natural fit with our organization's mission to promote the overall health of the communities we serve. We salute Nu Skin and Central Bank for their leadership in promoting the health of their employees." said Earn Durstel-er- . CEO. 1HC Hospitals of Utah County Central Bank launched its employee health program some 10 years ago. The theme for this year's effort is called "We're Gonna Jive in '95." Central Bank describes its program as a wellness program designed to reward and encourage personal fitness and achievement. The program is structured on a basis, with testing for all employees annually. Participants are rewarded on a monthly basis with fitness incentives. Vicky Curtis, who helps coordinate the program, stated that "because employees look and feel better about themselves, it th Retail mild toward a soft landing growth with moderate inflation. The outlook for the election year of 996 could be better even though a deficit agrees ment undoubtedly will mean slower government spending next year, the council said. "A budget that points, toward fiscal balance in ,the future could stimulate business confidence and investment, fuel the stock market a,nd strengthen housing construction." the report said. The report was issued in Williamsburg. Va.. where the business leaders began gathering Thursday, and was made available in Washington. President Clinton was expected to address the council this evening. The report to the chief executives by their corporate economists said the economy, js making a steady recov ery attir nearly coining to a halt iniHe spring as businesses pared excess inventories. "Now that the inventory correction is completed, the economy is expected to retlirn to a more sustainable growth rate of around 2.5 percent. "'the council said. The council said that 997 is likely to be the earliest a recession could hit. The uncertainty is almost all on the plus side, the report said, with the chance the growth rale could reach around 3.5 percent in 996. There is a chance that tax cuts next year could exceed spending reductions, the leaders said, giving the economy boost. another short-terA few months ago. many economists were concerned that the economy was headed for recession alter booming expansion last year -- - as growth in the spring slowed to a l.l percent annual rate. Some said the federal Reserve went too far in raising interest rates seven times over a one-yea- r stretch, dampening consumer spending by raising borrowing costs. But the Led ended its credit tightening in July, lowering a interest rate for key short-terthe first time in nearly three years. And recent data have inspired nonparticipants to join the program. The numbers on the program have increased every year." More than 40 percent of Nu Skin's employees are participating in a health promotion program known as Nu Health. According to coordinator Christine Mc Alpine, morale has increased lor employees who participate in the contests offered. McAlpine describes the program as providing an opportunity for employees to be rewarded for healthy lifestyle habits, including proper nutrition and exercise. Nu Skin offers regular brown bag topics on health issues as well as cholesterol screenings, blood pressure tests, body composition testing and a lifestyle assessment class. McAlpine notes that because ol the prog' am. the number of employees who exercise regularly has increased. POOR COW AP pointed toward a modest recovery in the summer and early fall The Business agreed, growth placing Council cconohiic in the pattern the Eedeial Reserve ', sought. A survey ol" council mem1 bers that accompanied the report of its coqwale economists said more than four out of five accepted the scenario. soft-landin- g soft-landin- g |