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Show 6 CCEMEREEEECLE OE CCLRCEEE, The Salt Lake Tribune UTAH/WORLD START I Gets a Nod From Russian Duma Saturday, April 15, 2000 the treaty if the United States proceeds The Technoloay vou Need for the Times that Matter Most! But the Communists lost a sig- nificant number of seats after Par- 1 Continued from A-1 entire system of treaty relations on the limitation and control of strategic and conventional armaments,” Putin said. During the Cold War, the foundation of nuclear security was “mutually assured destruction,” with a stronger. Butat this stage, the treaty that former Presidents Boris Yeltsin en eins become something of a strategic anachronism.It was designed for a Cold War world with two super- the idea that because neither side could defend itself from annihilation, neither side would launch an attack. But since the collapse of the Soviet Union,the United States has grown to believe that so-called “rogue” states such as Iraq or North Korea could pese more of a threat, and it would like to build a missile-defense system — something Russia strongly opposes, be- il- ct camcorder a majority of votes. The Communists and their allies in the Agrar- Bytying the ratification to the ABM treaty, Russia puts the United States in a difficult spot. powers, both of which have been dior AT Thetreaty, however, is important symbolically. Its ratification is a sign that Putin, unlike his pre- cause it does not have the resources to design andbuild its own missile defense. decessor, has the support of the Parliament in pursuing more sub- treaty was the result both of do- stantive cooperation with the United States after years of deteriorating relations — exacerbated last year by the Yugoslav conflict and NATO’s eastward expansion. As a goodwill gesture, the ratification was not unequivocal. The Duma added a protocol saying that Russia intends to withdraw from Market Massacre a Russia's delayin ratifying the mestic politics and U.S. military actions. The Duma twice before had scheduled ratification votes but postponed them — once in December 1998, when the United States and Britain launched airstrikes againstIraq, and againlast spring when NATO launched at- “The ratification of the treaty is the final disarmamentof the country, the dismantling of heavy missiles which could protect our sov: ereignty for another 15 years.” In the years since the Soviet collapse, Russia’s army has suf- fered from poor funding and poor morale, and its conventional armaments have deteriorated. As a result, the country’s defense doctrine has come to rely ever more heavily on nuclear weapons. Still, most of Russia’s heavy missiles are nearly at the end of their service lives and will have to be dismantled anyway. Before coming into force, the STARTII treaty must be voted on bythe Russian Parliament's upper house, the Federation Council, and then signed bythe president. Both are considered formalities. In addition, the separate proto- cols — including one changing the original disarmament deadline tacks against Yugoslavia. from 2003 to 2007 — must be passed bythe U.S. Senate. “ththe rapid run-up og stock market in recent months, many Utah Start-Ups % . Raises the Fears buy investors hat borrowed money to May See Their stocks, whichis called buying OfBig Rate Hike Dreams Shattered 5"LCD Prey) on margin. Whendeclines in stock prices push investors’ equity below minimum margin require- COSTES STEVE TST T STEP UTES EST TTUTTE TRE ER TOOT ESTE ECROCES ROS SET TESTES COSTE FERC EUUTEEN TUVERS PUNE EUUU ESTEVE EEREECECERY @ Continued from A-1 earnings don’t justify their lofty stock prices, a process that began several weeks ago, Johnson said. “We're seeing more ofthe same, but with greater magnitude,” he said. After the government released consumer price numbers early Friday, blue-chip stocks joined technology shares in their tumble. The inflation report raised the specter of more aggressive interest-rate increases by the Fed- eral Reserve, which has been raising rates since last summerto keep inflation undercontrol. “Now, instead ofa soft landing for the economy, we might have a hard landing,” Johnson said. He worried that, instead of the quarter-point increase that Fed Chairman Alan Greenspan has all but promised in May, the Fed mightgo for a bigger increase. The central bank has raised short-term rates five times since last Juneto slow the economy. But the increases haveall been modest, a quarter-percentage point each. If rates rise more than expected in coming months,it “will be another kick in the pants for stocks,” said Daniel Goldfarb, a portfolio managerat David L. Babson & Co. “People were thinking maybe we were close to the end of rate increases.” Several technical factors added selling pressure right from the start of Friday's session. After Thursday’s losses, margin calls wentout Friday morning,traders ments, they mustsell stocks to pay back the money they borrowed. Investors tend to sell the stocks @ Continued from A-1 from their portfolios that have the biggest gains so they can raise the Financial.com, a company that tracks IPOs and-publishes a news- needed cash. Suchaction tends to exacerbatea sell-off. The Nasdaq indexalso fell below the intraday low of 3,650, set April 4. For many traders) and letter on the subject. market analysts who carefully monitor price and volume movements, such a move represented a major break in the market. After the Nasdaq opened below that key level, it intensified the selling pressure and drew demands for more margin calls. Few market watchers were willing to venture a guess at where theselling will stop. Pamela Gerson Segal, vice president and portfolio manageratFi- duciary Trust International in Miami, believes investors might wade back into the market when they begin to see the large companies post solid earnings. But on Friday, earnings didn’t seem to matter. Sun Microsystems, one of the stalwarts of the high-tech arena, reported strong quarterly earnings after the markets closed Thursday. Despite such news, the stock wasn’t shielded entirely from damage. It ended the day down The IPO marketwill be dead for a while,he said. “We are going to go through a culling process where all the froth blow-out quarter, no one out there was willing to buy thestock,”Segal said. Learn about Panasonic’s New Camcorder Technology at Our in-Store Seminars! while and it can be pretty vicious.” A lot of the IPOs now in the pipeline are companies like Trainseek, the so-called “business to business” Internet companies that sell products and services to one another, Menlowsaid. Even traditional Utah retailers eventually could be pinched if the decline continues, said Rick Evans,a research economist with Thredgold Economic Associates in Salt Lake City. Consumers flush with stock market profits often spend money more freely, a phenomenon de- scribed as the “wealth effect.”Ifthe stock marketcontinues its descent, Sales experts will give 15-20 minute presentations on the newest Panasonic camcorders available. 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