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Show Financial Markets D6 Mutual Funds D7 D8 Local Business D8 Th Dally Herald DOW (Industrials) Thursday, Januar 18, 1938 i January 17, 1996 NYSE S&P500 By TRAVIS JACOBSEN Daily Herald Business Editor NASDAQ " UiTA AMEX The ProvoOrem Chamber of Commerce members as well .as local business leaders got more than the ordinary dinner at the Chamber's Annual Installation Banquet Wednesday evening at the' Provo Park Hotel. That's because along with the i installation of a new chairman snd ' board of directors, attendees go a f night of entertainment laced "with humor and elegance. Humor by way of Bryce Chamberlain, Chamber membership director, portraying Mormon Prophet and Utah's first governor Brigham Young, and elegance by way of Orem's own Miss Utah, Amanda Moody, who stunned the audience with a beautifully played piano NYSE Diary Advances: 1,230 New highs ' 151 1,117 Declines: Unchanged: 770 New lows 32 Total issues: 3,117 1995 avg. comp. vol.: 422,909,640 Volume: . 545,727,530 Uatioaal Hifjhiijjh SAN JOSE, Calif. (AP) Losing money and market share, Apple Computer Inc. decided to become a different company, eliminating 1,300 jobs and abandoning some sales opportunities to other firms. Apple said Wednesday it will concentrate on "best-of-clascomputers in its key markets, including desktop publishing and debut was officially announced solo. Wednesday. The purpose of the gathering was to name the 1996 chairman of the board of directors of the Pro- WASHINGTON (AP) About two weeks after a milestone in the savings and loan cleanup, the closure of the Resolution Trust Corp., thrift regulators on proposed the first major overhaul of lending rules for the S&Ls that survived the crisis. Wednesday's proposals would s" education. Such machines are more profitable than those in the consumer market, entry-lev- voOrem Chamber of Commerce as well as induct 23 new board members and renew, three ad hoc which Apple now plans to leave to companies that clone its Macintosh computer. By JEANNINE AVERSA Associated Press Writer sidiaries and relax some investment restrictions, but would not weaken major reforms passed by Congress in the 1980s. .NEW YORK (AP) In one of the most stunning shakeups in the WASHINGTON Republicans are at odds over a provision in the telecommunications overhaul bill xthat would give broadcasters new channels for higher quality TV. Some call it a loan, others say it's a ..... giveaway. : a. House Thomas Bliley, Commerce committee chairman, says he supports giving TV broadcasters free use of the extra channels they would need to provide digital television. 7 Senate Majority Leader Bob attacked the provision Dole, last Wednesday, saying it is a $70 ; billion giveaway to the TV industry. ' House and Senate conferees last month crafted a compromise version of the sweeping bill that would let ; cable and local and 'telephone companies into each others' businesses deregulate , cable rates arid restrict smutty material on computer networks and on TV. Also . ; CHICAGO entertainment industry, Viacom McDon- (AP) ald's Corp., facing stiff competition in the United States, is look- inc', said its longtime No. 2 executive and heir apparent Frank J. ing overseas for growth. The fast-foo- d Piondi Jr. was abruptly leaving the giant will speed company. up expansion, opening about eight . Biondi, 51, has been widely restaurants a day over the next two ' V girded as the key manager in an years. " fcitipire that ranges from ParaBetween 2,500 and 3,200 mount films to MTV cable to restaurants will open each year, Jiroon & Schuster books. with roughly 59 percent of those .'Until Wednesday's announce- "outside the United States, Mary ment, he was long thought to be Healy, director of investor relathf Successor to Viacom Chairman tions for McDonald's, said. Surhner Redstone and played a WASHINGTON (AP) Hop-- ; decisive role in Viacom's rapid ing to turn tax pique to political' expansion of the past few years. advantage, a Republican commisWASHINGTON (AP) The sion recommended replacing the Internal Revenue Service is on nation's intricate tax code with a the World Wide Web, giving 40 single rate and personal exemp- . mjllion Americans with access to ; tions to shield the poor. the Internet a new way to look for GOP presidential front-runnBob Dole cautiously welanswers to their tax questions, v I The the effort! Wednesday to said home comed its page agency hits been up and running since last find a "fairer; ' flatter, simpler weelk and that 220,000 computer "approach," but warned that any users visited it during its first 24 change must not shift more of the hours and more than a million in tax burden from the rich to the ii first week even before the middle class. . " . ; . " , long-distan- ; ; community? on remarks concluded his Clyde omewhat of a moral platform with 1 call for "good" people to "get involved in the activities and actions of the community and its building and growth period," which Provo, Orem and the entire county is presently going through. The Chamber now has its new executive board in place and is prepared for the new year and the new challenges which will come. Top on the list of challenges is the growth and stability of the Chamneed to ber and the build and retain its membership. X banquet also served as the arena to present awards for outstanding service to the Chamber in 1995. : d The Chamber honored Nu Skin International as the business of the year, as well as gave honors to each of the eight 1995 Chamber committee heads for their exceptional community service to the business as business owners and leaders must overcome the attitude I and ask instead, 'What can give to my com" I munity?' WHford Cfyde, 1 996 chairman ProvoOrem Chamber of Commerce 'what's-in-it-for-m- e' ever-prese- stated Clyde. "Challenges such as" growth and community development can be overcome, within the The duty of the chairman of the board fell to Geneva Rock's Wil-for- d Cyde, Springville, who, along with being Geneva Rock's president, also was named the 1995 Utah Manufacturers Association executive of the year. Clyde's comments concerning his new position, the Chamber and the board of directors centered around the obligation that Pro- - "what's-in-it-for-- Provo-base- J attitude and 'what's- ask instead, What can I give to my voOrem businesses have with a 'giveaway' media companies could more easily expand their holdings. Bliley, primary author of the bill, said the provision on the digital TV channels was adopted by "substantial majorities in both the House and Senate and it was one of the easiest issues we were able to tackle" in the conference committee. "Contrary to what our critics have said, this isn't a 'giveaway.' It's a 'loan' a 'loan' of spectrum that will allow you to serve all your viewers, digital and analog alike, during the transition," Bliley said, in a speech he was to deliver today. A text was given to reporters on Wednesday. Dole has demanded the bill be rewritten so broadcasters would have to bid on the channels in an auction, which federal regulators have estimated would produce as much as $70 billion for the Treasury. .TV broadcasters will need two channels as they convert to digital television. On one channel they will Jobless transmit programs in the existing analog system; on the second channel the same programs will go out in the digital language of computers and would be viewed on a new generation of TV sets. That way, today's TV sets won't be rendered useless immediately. The bill, Bliley said, requires broadcasters to give back the analog channel after the transition to digital is completed. That channel, he said, would be auctioned. ' And, if broadcasters use the digital channels to provide services that they charge for, they iwould be required to pay the government a ' ' ' fee, he said. A vast improvement over analog,' digital television promises movie-qualit- y images ajid t sound. If the extra channels were auc tioned by the government' as Dole Americans be would favors, ir digital deprived of free, television, Bliley said. claims plunge WASHINGTON (AP) . New claims for jobless bene-- ', fits plunged by 67,000 last week when the recent blizzard kept many government offices closed. The drop was the largest in more two years.' The Labor Department 'said j today that new applications for-- " insurance unemploy ment totaled a seasonally adjusted ' 327,000 during the week eridC ed Jan. 13, down from 394,006: a week earlier. The report was the firstl since the. one including "datai for, the week ending Dec.9 The department had be"e"rC closed by the partial govern-- ; ment shutdown that begahj Dec. 16 and then by the bllz-- r zard. The number of new claitns last week was the smallest since 321,000 were filed duf ing the week ended July 29, -- CD-quali- ty ' '.- ; . . over-the-a- . er WTO: Environmental requirements .illegal ..... . world SSlff iillgjiltS ' H The dollar slipped against the Japanese yen today in Tokyo ahead of a German central bank meeting. Tokyo share prices fell in moderate trading. i TOKYO (AP) Nikkei Stock IThe fejC 200.22 points, or 0.97 percent, closing at 20,370.04 points. On 225-issu- e the index had risen 3.1 9 points, or 0.02 percent, after a gain of 279.65 points on Tuesday. The Tokyo Stock Price of all issues listed on the exchange's first section was down 17.70 points, or 1.10 percent, to 1,587.31. The TOPIX had gained 1.93, points,, .or. Q. 12. perceiruVihe. day before. An estimated 450 million shares changed hands on the Performance of key stock markets Amsterdam regulations forcing foreign producers to make cleaner gasoline than U.S. refiners gave American companies an unfair advantage, said officials in Geneva, who Milan 9324 504.46 0.2 Brussels '. Paris 1627.32 Wednesday, exchange's first section, down from Wednesday's 544 million j "0.1 0.3 the WTO, which was set up last year to police global trade. A WTO panel agreed that U.S. Previous close Percent change 0.7 0.2 2376.05 j 2245.10 j 0.2 Hong Kong 0.7 j Tokyo 20567.07 10671.151 mm 0.02 0.2 3710.8 1.1 3254-- . mmmmMMmMmmmmmmxmBBtBmmmstmi :i;.l845; 5.0215 French francs, up 5.0100; 1.6459 Dutch feuilders, up from ! .643 ; ,578.75 Italian lire, down from 1,580.50; 1 C31548 1 Canadian dollars, down rrem 1.3689. .The British pound was quoted t; $1.5227, down from $1.5245 ; Wednesday. London dealers fixed a recommended gold price of $397.50 per tAfrlce at midmorning, unchanged Rom late Wednesday. In Zurich, the. bid price was $397.50, " unchanged. Silver opened in London at $5.49 a troy ounce, up from $5.44 A WASHINGTON (AP) embraced Republican panel today the concept of moving America to a flat tax but steered clear of recommending any specific rate as GOP presidential hopefuls feud over how far to go with tax reform. The commission, chaired by former Housing Secretary Jack Kemp, seeks to capitalize on the issue's popularity and boost Republican prospects against Democrats in the November general election. But rather than endorse any specific plan, the commission outlined in what it's calling "The Tax a dozen principles and Test" should be followed in that policies tax code. the replacing The commission was appointed by Senate' Majority Leader Bob and House Speaker Dole, Newt Gingrich, Its findings . should heavily influence the tax plank in Dole's presidential campaign platform. The panel's failure to endorse a specific plan fits with Dole's recent warnings that Republicans need to make sure they don't embrace a plan in which "the 'middle class take it on the chin." Talk of moving America to a flat tax has dominated the campaign for the Republican 1 Zurich London DsliaisFMais lame! from '. Associated Press Writer Sydney 1 Other dollar rates compared Wfth late Wednesday included: LI 865 Swiss francs, up from 1 By DAVE SKIDMORE Frankfurt shares. Declining issues outnumbered advancing issues 903 to 85. The U.S. : LONDON (AP) 105.26 at currency was trading 105.40 from down Japanese yen, late" Wednesday,, but gained against the German currency, trading at 1.4698 marks, up from 1.4670. ' late Wednesday. The Mexican down 7.4600, peso was at from 7.5000. Nonferrous Metals NEW YORK (AP) Spot metal prices Wednesday. Aluminum - 72.9 cents per lb. London Metal Exch. Wed.Copper - $1.1900 Cathode full plate, U.S. destinations. Copper $1.1415 per lb, NY Merc spot Wed. Lead - 46 cents per lb. Zinc - .5086-.524- 0 per lb, delivered. Tin - $4.1589 Toe'i'M'etals Week composite price per lb. Gold - $397.70 Handy & Harman (only daily quote). Gold -$399.70 Troy oz., NY Merc spot month Wed. Silver $5,440 Handy & Harman (only daily quote). Silver - $5,475 per troy oz., NY Merc -spot month Wed. Mercury $250.00 per 76 lb flask, New York. 8.50 troy Platinum - $417.00-$- 4 oz., N.Y. (contract). Platinum $417.60 .N.Y. Merc spot per troy non-ferro- us -- 1 -- oz.Wed. Brazil, argued this violated the WTO's rule that domestic and foreign companies must be treated the same. ;': ,.'v U.S. environmentalists argued that the requirements are simply meant to ensure that, Venezuelan gasoline meets new standards set by the 1990 Clean Air Act. The law requires that pollutants be cut by 15 percent in gasoline to be sold in areas with severe pollu.'. tion. U.S. ; Trade Representative Mickey Kantor said he had not seen the decision and would not spoke on condition of anonymity. Venezuela last year accused the U.S. Environmental Protection of imposing stricter Agency Venezuelan on requirements refineries than it did on U.S. refineries. The Venezuelans charged that their refineries had to use an arbitrary baseline imposed by Congress in 1990 for reducing emissions, while U.S. refineries were allowed to use actual baselines established at each refinery. OPEC member Venezuela estimated it stood to lose about $150 million. Venezuela, later joined a. flat-ta- x' tial nomination. Most notable is publisher Steve Forbes' proposal for a 17 percent flat tax that would eliminate deductions for mortgage interest and gifts to charity. It also would not make individuals pay taxes on dividends, interest or capital gains. That plan has been ridiculed by Forbes' rivals as a "nutty idea," that would be a windfall for the rich at the expense of the middle class. Several candidates are advanc- ing modified flat-ta- x proposals an editorial today in The New York Times, wrote that Forbes' plan "should be taken into the body shop for major overhaul." Texas Sen. Phil Gramm, meanwhile, is advocating a 16 percent modified flat tax rate that retains popular deductions for mortgage interest and charitable contributions. Indiana Sen. Richard Lugar, H ;v . Claims had been drifting.-upwarduring the latter part" of 1995, which analysts said; suggested that job growth was! slowing togfether with th overall economy. ' The latest Federal Reserve; survey of regional economic;; activity, released Wednesday, appeared to confirm the slow- -, er activity, saying the econo-- t my was growing at a "general- ly modest pace at the end qC 1995." jj 1 1 tax sy stent;. te The commission's , - -- e-ra- hopeful said in a statement. that would preserve politically popular deductions. Forbes said today that the Kemp commission report moves the growing national debate, on the issue a positive "step forward." ' "I think they will help promote the idea of a flat tax," Forbes said today on "CBS This Morning" while declaring his proposal the best. "...Under my plan every individual American comes out ahead." Commentator Pat Buchanan, in who wants to totally abolish the income tax and replace it with a national retail sales tax, said the Kemp panel fell short because it would preserve the Internal Revenue Service. "We must make a decisive change in our tax system, not tinker at the edges," the presidential 1995. say whether Washington would : ' , appeal. - : J , by Commission calls for sing! 1952.10 MfflM Irt an impor- GENEVA (AP) tant test case, the World Trade Organization has ruled that U.S. clean-ai- r standards are' illegal because they discriminate against foreign oil refiners. The judgment issued Wedneswhich upheld a complaint day from an oil producer in Venezuela is the first by as well as Brazil nt .pctafion membership of the Chamber." also comments Clyde's addressed the attitude," which he feels many businesses have when they join the Chamber. "We as business owners and leaders must overcome the regard to the local community. Bliley: Telecom bill not allow expansion of commercial lending by certain thrift sub- el I 100-pl- ; "We ' "The Chambe)r is the place to bring together trip community and many organizations 'which can solve some pressingconcerns," members, Provo Mayor George Stewart, Orem Mayor Stella Welsh and Utah County Commissioner Gary Herbert. ' principles and policies fit the flat-rat- e income tax plans proposed by House Majority Leader Dick Armey, 1 Texas, and others. : A Republican panel has embraced - Currently, there are five tax the idea of a flat tax, but feltahort brackets ranging from 15 percent of making a spec recomrffenda- to 39.6 percent. -- k fc tion in a plan released Wednesday, : But trie commission carefully J ! spme highlights: avoided embracing the most polit A tingle, low tax rat wtthl I 4 ically unpopular elements of comf generous persona! exempjioni flat-ta- x CJ elimsuch as peting plans, A majority vote In ination of the deductions for mortincrease tax rates. iCongreno gage interest and charitable contrj ' rMoefonloteoclal Security and butions. : Msart pnyrajaxet. In a foreword to the report, Dole iv todlviciuel deductior,for ruw ' and Gingrich said they, too, ' investment and saving 6 believed the current tax system .Hamlrallng capital sin ax. should be replaced with something "fairer, flatter and simpler." Some major differences between a flat tax and the current, Among the commission's key recommendations: progressive system: Current Adopt a single, low tax rate Flat tax system with generous personal exemptions. if We many One . Five majority Require a two-thirlevels? vote in Congress, to increase tax Steven Forbes 15peftont .What! rates. : si cafe (or 17 , forthe s 1, Allow a deduction for Social percent; Sen.. poorest and j taxMedicare Security payroll Ft.il Gramm 39.6 tor the - . i es. 4i ; wealthiest. says 18 : Tax reform - , J two-thir- . 1 v j investment t Encourage by either providing individuals with a deduction for new investment and saving or eliminating taxation of investment earnings such as interest, dividends and capital gains. Abolish estate taxes. Permit businesses to immediately 'deduct investment in new equipment und buildings, rather than forcing them to take the deduction over time as deprecia- tion.' , ., fV.' I pswit will work, vMow many Two - Wht t dmwt dedutons 437" would be ' totirwM? - rfs paTnwta, camrtMons, Moogsas ; '. chanUMe Kate and local taxes. , .1 oi not bt tatl? caving! kjku vM fwm.wp from , . POOR COliS' ffT-ITO- lriM r 'I |
