| Show Theaters Stocks D Health Standard-Examin- Wednesday May 1 9 1 999 er at Fed Mints Though board holds off for now inflation worries continue Business Edita: hike In Interest Despite a worrisome 07 percent jump in consumer prices in April - the biggest increase in tune years - Fed policy-makedecided at a meeting Tuesday that inflation is not yet enough of a threat to justify an immediate increase in interest rates The Federal Open Market Committee composed of Fed board members and regional bank presidents ended closed-doo- r discussions with a decision to leave the target for the federal funds rate the interest that banks charge each other unchanged at 475 percent But they put financial markets on no one-mon- th rs The Associated Press WASHINGTON - The Federal Re- serve is hinting strongly that it might raise a key interest rate soon - possibly this summer That would mean higher borrowing costs for millions of Americans “The Federal Reserve is very likely on a course to raising interest rates if it looks like inflation pressures will continue to build” said Alien Sinai chief global economist with Prim ark Decision Economics in New York tice that higher rates are likely in coming months warning of the “need to be alert” to possible inflationary pressures Changes in the federal funds rate are important to consumers because commercial banks normally follow suit in the prime lending rates Borrowers end up paying more for mortgages auto loans credit cards and business loans The Fed's next interest rate meeting is June 29-3- 0 While some economists believe a rate increase could occur then many believe the central bank will wait until its August meeting or later to start raising rates rates Gerald D Cohen of Merrill Lynch & Co is one of a few who still predict the economy will slow enough on its own to that no rate is prove to Fed policy-makeneeded this year “The US economy remains healthy and growth is already starting to moderate” Cohen said Tuesday’s Fed warning was the first use of a new procedure put into effect in December by which the central bank immediately informs the public of major shifts in its views about the balance of risks to the economy In the past the central bank rs See INTERESTED Buffett takes a twist in Donuts buy Billionaire investor makes rare move in overseas stock purchase consumer brands n shares in Allied Domecq as early as last month a source at the British company said Tuesday On the news Allied Domecq share prices shot up 47 percent to close at $9 a share or 5555 British pence in London Buffett’s skill at picking investments has earned him the nickname “Sage of Omaha” as well as a fortune of around $30 billion long-ter- m ft- - has Allied Domecq PLC Headquarter London 1998 Sale $7 24 billion A07 from 1997 1998 Earnings $460 3 million A 28 8 from 1997 O Retailing chain Dunkin' Donuts and Togo s In the United Stales pubs and restaurants across Britain and in other countries Baskin-Robbm- s Spirits and wine brands Ballantme s Teacher s Beefeater Kahlua Courvoisier Tequila Sauza Canadian Club Harveys Bristol Cream Tia Maria Source Company AP SALT LAKE CITY -- The Wayne Brown Institute a nonprofit corporation has established a July 2 deadline for accepting submissions from companies wanting to participate in the Cooperative Venturing Process and present investment opportunities at the Investors Choice East Equity Capital Conference in November in New York City The conference will highlight companies hoping to lure investment capital that will help propel them to rapid growth Submission requirement in MARTA STORWICKThe Associated Press Jason T reasure explains a smoke detector and other fire prevention equipment that his company T reasure Fire Equipment sells and installs The company which was started in 1 970 by his father Sheldon T reasure also services the equipment the sell with safety checks and by recharging fire extinguishers FIRE MAS: home-base- d Fire suppression firm not extinguished Home business doing fine says son who took over business from father A look at Treasure Fire Equipment staff PLEASANT bought a 2 2 percent stake in the British company Allied Domecq PLC A look at the company: Submission deadline July 2 DALLAS Standard-Examin- Billionaire Warren Buffett UTAH - Kimberly-Clar- k Corp preparing to close a pulp mill in Alabama said Tuesday it agreed to sell its southeast timberlands marine operation to CooperT Smith Corp Terms weren’t disclosed Kimberly-Clark’- s marine operation which includes 19 tugboats and 120 barges supplies 2 million tons of wood to the company’s Mobile Ala pulp mill which is scheduled to close in September The business also exports more than a million tons of hardwood chips and sells more than 60000 tons of poles every year The sale is expected to close By BRICE WALLACE Investing in donuts BRIEF CASES to sell operations ld Berkshire began buying 3009 KSmberiy-CIar- k er Neb-base- 1085704 NATIONAL best-know- d Omaha Hathaway Inc DOW JONES atllajn 595-114- LONDON - Billionaire Warren Buffett whose investments in have attracted loyal followers who view him as one of the world’s shrewdest investors has added the British owner of Dun-ki- n Donuts to his portfolio Buffett who is more at home with investments in Coca-Col- a Gillette and Dairy Queen than in Internet stocks has bought 22 percent of Allied Domecq PLC which owns the doughnut shop chain along with Baskin-Rob-biice cream stores and some of n the world’s liquor brands The investment is Buffett’s first overseas foray since he sank $265 million into Guinness PLC He the Irish beer-makloaded his Guinness shares in 1994 after holding them for just a few years a rare departure from his celebrated strategy Buffett’s investment firm 5 information is available by 1 or calling wwwventurecapital org The Associated Press well-know- 625-424- VIEW a company in fNtvMt kMHasd tw'wssn it 1 bay but Jason Treasure is doing his best to carry the torch passed on to him by his father Treasure has taken over at Treasure Fire Equipment a company his father founded in 1970 and operated until his death last June from cancer Even though Sheldon Treasure had figured on retiring a few months later and Jason's involvement in the company dated back 1 5 years Jason found himself at a bit of a loss because of his father’s management style “He did a lot of it with a ‘ handshake” said Jason 29 “And he kept a lot of things in his head When this was turned over to me I didn’t know a lot of the terms He kept a lot in his head with a great intention to put all on the computer and he did put some of it there “But he had a lot on his to if Utah Owner: Jason T reasure Number of employees: 5 Years in business: 29 Product: Fire alarms extinguishers suppression systems Address: 1460 W Pleasant View Dnve Pleasant View 5 Phone number: 6 Fax number: 546-758- shoulders and I didn’t realize it I tried to help him out in ways to take some of the pressure off him but he had to keep up with customer demands competitors keeping the company’s reputation up" But Jason also found that his father’s management style was among the company’s strengths “He was just He didn’t want it to be a big company He was the type of guy who wanted to make a good living for the family and help the customer Dad emphasized to always be honest with your dealings and you’d be OK “It’s solely because of him the company is where it is to- day” Where it is is solidly trenched among en- 737-072- www treasurefireequipment qpcom ing and suppression firms It offers smoke detectors fire alarms emergency lighting sprinkler heads hoses extinguishers of all sizes and range-hoo- d fire suppression systems -even extinguishers that use an evaporating gas to put out fires near electronic equipment like computers Many of the customers are corporations They include Smith’s Food and Drug Williams International Levelor Home Fashions Flameco IMC Kahum and several occupying the Freeport Center The customer base stretches from 2100 South in Salt Lake City to Idaho Falls So Jason emphasized rumors of the company’s demise following his father’s death are patently untrue Sheldon Treasure’s company was an outgrowth of electrician work he did for a company that went under An electrical contractor for a few months thereafter Fire Protection now called Mountain Alarm asked him to help with alarm systems and ultimately asked him to take over work on fire extinguishers Jason said his father took over at an opportune period right about the time businesses were required by law to have extinguishers Janette Treasure Jason’s mother said the emphasis in those days was selling the right product The focus now is dealing with competitors Jason said While older sons Rick and Marty helped Sheldon while in high school and eventually became contractors Jason chipped in and stuck with the company “I would be with him (Sheldon) and I grew up with the business I tagged along with him when I June Kimberly-Clar- Dallas-base- d has a diaper k manufacturing plant in Ogden BNTERNATTONAL Official: Russia is unprepared for Y2K MOSCOW - Russia’s government agencies are not working fast enough to tackle the Year 2000 computer bug and the Economics Ministry and Finance Ministry are among the least prepared a senior official said Tuesday Acting Deputy Pnme Minister Vladimir Bulgak also named the Federal Energy Commission and the State Land Committee as being slow in resolving the millennium bug the ITAR-Tanews agency reported As of May 7 not a single ministry or department had applied for money to finance work on the bug Bulgak told a meeting in Moscow on the Y2K glitch Russian news reports said ss MARKETS NORTHWEST Grain Tuesday - POCATELLO White wheat 2 47 (steady) barley 3 55 (steady) 14 percent apnng 3 32 (up 4) ordinary winter 2 43 (up 1) OGDEN White wheat 2 72 (down 4) barley 3 80 (steady) 14 percent spring 3 13 (up 3) 11 2 47 (up 2) winter percent PORTLAND-White wheat 3 18 (steady) barley 88 00 (up 2 to steady) 14 percent spring 4 13 (up 3) 11 percent winter 3 18 (up 2) CALDWELL White wheat cwt 3 93 (up 1) barley 4 (steady) - X - See HOME2D METALS PRICES Chrysler air bag tests raise concerns of Video game wars heating up The Associated Press WASHINGTON - Federal safety officials say tests show inflating air bags in some minivans could seriously injure or kill short female passengers Daim-lerChrysl- er DaimlerChrysler officials strongly disputed that the 11 tests performed on dummies representing short women cated they could be seriously inair jured by the passenger-sid- e bags Company engineers said the air bags in the tests were catch indi- ing between the dummy’s head and neck in a cavity real people do not have causing false high readings Officials at the National Highway Traffic Safety Administration said Tuesday they experimented with four types of dummy necks working to fill the space between the head and neck with protective wrappings Although the air bags appeared to catch in the crack between the head and neck of dummies in some tests six of the 1 1 tests indicated the air bags were generally exerting strong force on a variety dummy neck types government officials said The forces registered on the neck during the six tests indicated a high probability of serious injury or death Consumer advocacy groups urged the safety agency to force DaimlerChrysler to recall the more than 2 million minivans the company has built since 1994 and replace the air bags with less forceful ones Most of those minivans were built before Chrysler Corp’s acquisition last year by Germany’s with planned new consoles LOS ANGELES - Video game heroes the Mario Brothers Sonic the Hedgehog and Crash Bandicoot are about to go to war again And they’re stocking up on the latest technology in an effort to conquer the console gaming world Nintendo Sega and Sony announced plans at the Electronic Entertainment Expo last week for their newest generation of gaming consoles - all powered by Tuesday Aluminum 60 7 cents per (b London Metal Exch Copper - 70 1 0 cents per lb N Y Merc Spot Lead 48 cents per lb Zinc 53 63 54 13 cents lb delivered Gold $273 70 troy os NY Merc spot Silver S5 314 troy oz NY Merc spot Mercury - $150 00 per 76 tb flaak NY Ptatvtum $356 50 troy az N Y Merc spot speedy microprocessors muscular graphics chips and plenty of other technical wizardry Such advances should trans- late into graphics smoother animation better more-vivi- d 3-- D and eventually a bigger stake in the $6 billion computer gaming market But beyond that the new machines are designed to be so capable they could advance beyond g a family system to game-playin- See V1DEO2D Interest Rates n vji " Tuesday bond note Inflation note Ml bt$ Federal Funds Mumopai bonds - Standard-Examin- er staff and wire services |
