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Show The Salt Lake Tribwne WORLDBRIEFS Page B-5 58 ee 5464.18 +9. +23.17 +87. -0.55¢ A TRIBUNE BLOOMBERGINDEX FOR UTAH 151.32 US WESTOffers Calling Options Distance no longer dictates the rates US WEST Communications customers payto call faraway Utah locations. The company nowoffersits in-state long-distance customersthree optional calling pians, thanks to a ruling by the Utah Public Service BRIEFLY ioimega Corp., whose disk drives and tapes have explcded in popularity this year, on their personal assets. The policies are ar- if the state’s securities regulators push for- ised an investment with high security, reasonable profit andlittle risk. Instead, they ended up backingpolicies that had huge environmental-cleanup exposure, in-state long-distance share has slipped to about 60%, according to the state Division of Public Utilities. Now, at least 80 other companies — many of them US WEST resellers -— sell long-distanceservices over Utah phone lines. US WEST says customers will enjoy savings of up to 20% through the optional packages. The customers also can opt to stick with the current system, whichis based on time of day and distance to the location called. Similar plans already are available from US WESTin its other 13 states. Iomega Will Buy Malaysia Facility Iomega Corp. said Thursday it agreed to buy a hard-drive manufacturing facility in Penang, Malaysia, from Quantum Corp. Termswere notdisclosed. Roy-based Iomega said the plant initially will produce the company’s Jaz drives and disks, but later will make other Iomega products, Production is expected to begin later this year. Single-Family Home Sales Rising in Utah Single-family homesales are on the rise in Utah, despite escalating prices, according to figures released Thursday. The sales have increased by 11.3 percent during the second quarter, the Utah Association of Realtorsreports. “This is one of the strongest quarters we've seen," Gage Froerer, president of the associa- tion, said in a prepared statement. At $147,072, Utah's average home price marks an 8.4% increase over the lasi quarter and a 13.6% jump since the sameperiod in 1995. The price is also 5% more than the national average, but 20.3% less than the average price in the West. Utah's climbing average home prices indicate most buyers are purchasingtheir second and third homes, making it more difficult for first-time buyers to enter the market, Froerer said. of $339,550 marks a 9.4% drop from the year before, while the $267,535 average condominium rice shows a 16.4% increase. ¥ ¥ ‘THE WASHINGTON POST WASHINGTON — Federal Reserve Chairman Alan Greenspan on Thursday predicted that U.S. economic growth would slow in the secondhalf of would raise short-term interest rates only if that doesn’t happen. However, Greenspan told the Senate Banking Committee that the economic outlook is even more uncertain than usual. “It’s still too early to basically argue that the relative exuberance [of the economy] that we saw in the spring and early summer has simmered downasyet, so thatthereis a very legitimate conFed chairmansaid. Consequently, the Fed has “movedtoa level of heightened surveillance of whatis going on” because developments in the next few weekswill be “crucial” to whether the economyis slowing fast the period immediately ahead,” he said. Both the stock and bond markets rallied on the basis of Greenspan's remarks because many investors and analysts had been expecting tougherlanguage that would signal an increasein rates soon. come at Zions was $25 million or $1.70 per share compared with net income of $20.5 mil- Instead, they got an unusually clear statement of lion or $1.39 per sharein the similar quarter of 1995, the Fed’s thinking about both growth andinflation that gave noindication that central bank officials o were eager to raise rates. Stock prices regained some of the ground they Scopes-Garcia-Carlisie, a lost earlier in the month as the Dow Jonesaverage Salt Lake advertising and PR agency, plans a television public-service campaign and fund- of 30 industrial stocks rose 87.30 points, or 1.62 percent, to close at 5,464.18. Meanwhile, yields on U.S, Treasury notes and bonds dropped by about a raiserthis fall for Canine Com- 10th of a percentage point, with those on 30-year panions for Independence, a nonprofit organization that bondsclosing at 6.92 percent, down from 7.02 Wednesday. In his prepared remarks, Greenspan did not mention the recent turmoil in the stock market provides trained dogs for people with disabilities. o But in responseto questions, hesaid the decline in equity values was due to investor concerns about Dayna Communications Inc. has reduced the prices of its BlueStreak 1OOBASE-TX hub, BlueStreak 10/100 PCI Card, BlueStreak 10/100 Bridge and BlueStreak Fast EtherPrint products. The Taylorsville company says the price reductions reflect a shift in the market to more wide- spread acceptance of fast Ethernet networking. a Salt Lake City-based Equity Oll Co. has purchased 332,000 barrels of proved developed oil reserves near the Rangely Weber Sand Unit in Utah. The reserves, linked to 14 produc- ing oil wells, were acquired from two private entities for $1.4 million. Equity Oil is an independent oil and gas exploration and production company with operations in 10 states and Canada. o Theboardof directors of the Union Pacific Resources Group Ine. has declared a quarterly dividend of 5 cents per share on its commonstock, payable Oct. 1 to shareholders is among the nation’s largest in ration and production. 0 Viney Stringham, a planner with the Salt Lake Division of American Express Financial Advisors, has placed first in her region (Colorado, New Mexico, Texas and Utah)forfinancial planning expertise She competed against some advisers in the competition to a Robert Jemison Jr., a driv- marks 9% growth Greenspan Says Growth Will Slow months of last year. For the quarter ending June 30, net in- er for Hadley Auto Transport efage price of $151,853 there billion during 1993. enough to keepinflation pressures low.“The process of slowing down hasto becomeevident within To the south, Grand and San sitigle-family home sales. The av Lloyd’s lost almost $12 billion in the late 1980s and early 1990s. The company recently reported it had record profits of some $1.68 $36.5 million or $2.48 per share recorded in the first six Juan counties are seeing a 108.3% inerease in home sales over the past year, reports s: The average prive of $1 Salt Lake had a 6.5% drop in not disclosing past problems. Bill Marcoux, a Lioyd’s attorney, says Utah’s lawsuit may lead to Lioyd’s not offer- half of 1996, up sharply from Hercent over the past year, with there marks a 19% increas the same peri: ties commission and defrauded investors by Lloyd’s representatives and more than a dozen Utah names met Thursday at what was supposed to be a secret meeting with Utah Insurance Commissioner Robert Wilcox, The commissioner becamevisibly upset after he “invited” news media members to leave the meeting and they refused. cern. . . about where the economyis headed,” the win one of 80 regional awards marking a 24.6% jump. Tn a lawsuit filed April 30, Utah claims Lloyd's failed to register with the state securi- oO 8,000 other company financial the average price of $189,240 win.” Zions Bancorp realized a net incomeof $48.7 million or $3.31 per share for the first Wasatch County's single-family homesales have increased 84.6 who joined Lloyd’s as a name in 1978. “The state. . . has a strong case. They're going to ago. independentoil and gas explo- Park City’s average homeprice “I'm glad the securities division is going ahead with its litigation,” says Calvin Gaddis, ter earnings of $355 million. Earnings per share for the quarter ending June 30 increased 14% to 80 cents per share from 70 cents per share for the same quarter a year “Most people are stepping up the past year. should remove Lloyd's concerns aboutoffer- ing Utahns a chance to individually participate in the Lloyd’s reorganization. this year and indicated that the central bank first-time home buyers are able to afford homes of up to $90,000. Realty sales in Park City are booming with a 136.4% increase in homepurchases and a 168% inorease in condominium sales over called ‘names,” to guarantee policies with Griffin says he signed an order Thursday that ades-old asbestosliabilities. oO of record as of Sept. 10. The Fort Worth, Texas-based firm the ladder,” he said, adding most has a practice of using members, who are in a reorganization plan that could further cut such as the Exxon Valdez oil spill and dec- lost $1.9 million, or 2 cents per share, in the same period a Quantum, based in Milipitas, Calif., makes disk drives and computer-memory products. The company has suffered recently from lukewarm demand related to shaky computersales, company contends the settlement would reduce the debt of its average investor in the United States by around 23%. “Threats from Lloyd’s of London are not anything new,” says Mark Griffin, director of the Utah Securities Division. “We wish we could participate [in the settlement], but, frankly, it is just not enough.” The 300-year-old insurance marketplace those losses by as much as 75%. “J find it hard to believe that people want to litigate,” Marcoux said. “The future forlitigation promises to be very tough on both sides.” times better than a year ago. The company’s profit amounted to 11 cents per share for the quarter that ended June30. It Banc One Corp. announced record second-quar- an market share of 87%-90%, that Utah is one of a handfulofstates that have rejected a settlement offer from Lloyd's. The of some $10 million, the chance to participate Twenty-four Utahns, many prominentin legal and business circles, say they were prom- sales that are more than five have one of US WEST’s moreprofitable pieces of business. While the company used to tions. ranged through syndicates associated with the company. lion second-quarter profit on year ago. Revenue was $283.6 million, up from $52.6 million in the same quarter a year ago. ing its Utah names, who corabinedface losses BY STEVEN OBERBECK ‘THE SALT LAKE TRIBUNE Lloyd's of London told its Utah members they stand to lose an average of $30,000 each Thursday reported a $14.1 mil- freed other companies to cut into throughout the United States has Page B-6 Lloyd’s: Suit Will Lose Money for Members ward with a lawsuit thattries to hold the companyliable for fraud and securities-law viola- Commission. The commission decided last week that US WEST, which has a NASDAQ +$0. 30 INDUSTRIALS monopoly on 97% of the local telephonelines in Utah, should be allowed to offer discount packages comparable to those of other long-distance providers already serving Utah. US WEST usedto be the only long-distance provider availiable to all of its local-telephone customers in Utah, so state utility regulators limited its rates and profits. But deregulation in Utah and PAGEB-4 Business FRIDAY, July 19, 1996 in South Salt Lake, has been named to the newly created long-term interest rates and ebout the prospect of Stephen Dunifer assembles a low-power“pirate” FM-radio transmitter. ‘Pirate’ Radio Broadcasters Want To Give Airwaves Back to People By DENNIS ANDERSON THE ASSOCIATED PRESS 5 LOS ANGELES — Stephen Dunifer isn’t going to let the government shut downhis radio operation. Call his Free Radio Berkeiey, and hear the leftist political activist urging rebel radio stations to defend their First Amendmentrights and not buckle under to federal reguiators trying to stop lowpowerbroadcasters. “Let a thousand transmitters bloom,” says Dunifer, who founded the San Francisco-based station as an alternative voice in 1993. Dunifer and other low-tech rebels insist they are taking radio back to the people with their unlicensed broadcasts. But to federal regulators, they are pirating the airwaves and threatening public safety. “It’s a terrible problem,” said Don Winston, a spokesman for the Federal Communication Commission’s Compli- ance and Information Bureau. “Without court intervention, there could be cha8. an FCC reguest to shut down an unli- censed station was not honored. Duniferalso sells kits that enable radio rebels to set up low-powerstations for $500 to $1,500. He’s sold about 300 of them in the past few years: “To call it pirate radio is highly inaccurate,” Dunifer said in a telephone interview. “We call it free radio, The FCC tries to use the term ‘pirate’ in some pejorative manner . . . that we are doing something illegal, skulking around taking something that doesn't belong to us.” Dunifer and brethren in the “Liberation Radio” game say the tens of fhou- sands of dollars required for an FCClicense application and the hundreds of thousands needed to opena station shuts out radic to all but the rich. “On paper,the airwaves are for everyone,butin practice, the governmentsells Eyes on both sides are watching for to the highest bidder andit pretty much iminates the public from the public air- ing on whether to shut down Dunifer’s See PIRATE, Page B-8 US. District Judge Claudia Wilkins rul- caught our attention is we haven't had much of that in recentyears, andit is that which is unusual. not the most recent period.” Mickey Levy, chief financial economist at NationsBank in New York, said Greenspan's testimony changed the mindsof someinvestors and analysts who were convinced the Fed would raise rates no later than the next policy-making session on Aug. 20. None of the Banking Committee members expressed anycriticism of Fed policy or offered any advice about whatit should do regarding interest rates in coming months. Farming Goes High-Tech With Links to Internet BYLISA CARRICABURU THE SALT LAKE TRIBUNE LOGAN -~ Until recently, farmers like those gathered here Thursday for the Utah Farm BuTeau annual convention looked forward to the eventas their sole opportunity te haggle, network, laugh and commizerate Nowadays, farmers wanting & shoulder ic lean on need only cozy up to a personal computer, click onto the Internet and type in the address http://utah.webmaster.net, Voila! With a few keystrokes, they are tied into Utah CyberFair, a Utah Agribusiness Council Internet site that provides hyperlinks to more than 10,000 different sources of agricultural information and access to online chat sessions on any farm topic Farmers can ask colleagues howte fix a particu- Davis Residents Embrace ‘Smart’ Card BY MONTE WHALEY THE SALT LAKE TRIBUNE KAYSVILLE — Steve Luchsingerand Ja- red Evans deny they shook hands with Big Brother on Wednesday at Bowman's supermarket. The Davis Cowuty residents prefer to believe they brushed up against a aw world of convenience. Both waited patiently for their IC One “smart” card, an innocent-looking chunk of plastic that one day may serve as phone card, Driver Excellence Team of the National Automobile Transorters Association. Jemison library card and driver license all in one, “It will be great,” said Evans of Kaveville. sand has driven more than million miles without an accident Evans was among 300 or so applicants from Kaysville, Fruit Heights, Bountiful and Layton who lined up for the card at Bow- worked for Hadley for 33 operation at the Federal Communications Commission request. Twice this year, the judge refused to issue a preliminary injunction against Free Radio Berkeley, the first case that future corporate earnings. Andthe Fed chairman added, ‘The reason why the most recent [stock market] volatility has “You won't have to have a wellet anymore.” a man’s this week, as part of a test to see how well the card could beutilized. So many had signed upfor the cards, that IC Gne officials could onlyissue 160 by Wednesday. More wereto be given out when all tke applications had been processed “We just reaily have to pace ourselves because the demand has been so great,” said Lowell Knighion, vice president of operations for 1C One. For now, the eards can only buy merchandise from six Kaysville stores, which offered disecunts of up to 12% to card users. Bat Evans and Luchsinger, along with IC One and state officials, see a big future for the smart card. See DAVIS, Page B-7 lar modelof John Deeretractor. They can monitor the weather, analyze brands of fertilizer and search out markets for homemadecrafts “Who would have thought that a computer would have becomeas valuablea tool as a hoe or a rake?” said George Emert, president of Utah State University, where the conference was heid Jima Beliiston, USU Extension information systems analyst, said many farmers know little about the Internet “Like other business people, they're primarily concerned getting their work done and often aren't all that interested in technology,” he said. But as Utahsolidifies its position as the nation's sixth-ruost urbanized state, with 77% ofits population living in urban areas, farmers are interested in advancing an industry economically challenged and increasingly misunderstood. “More farmers are recognizing the Internet and See FARMING, Page B-7 |