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Show The Salt Lake Tribune c3 CONSUMERCORNER wn Refinancing movementgets boost as economystruggles to recover BY JEANNINEAVERSA WASHINGTON tors Corp. percent reached in late July. Mortgage rates have beenfalling amid growing signsof a sluggish economic re- THE ASSOCIATED PRESS WASHINGTON They just keep on ind going Kia Mo is recalling about 200,000 Sephia sedans and Sportage sport-utility vehicles from the 1995 through | model years to fix seat belts may not latch properly, the tional HighwayTraffic Sz Administration (NHTSA) said also said Gen eral Motors Corp. is recalling about 80,000 Chevrolet Trail blazer and other 2002-model Friday, September 6, 2002 Mortgage Rates Fall to New Low Kias, Trailblazers, Hondas Recalled BUSINESS Rate: on 30to a ne" low th more fuel for the boom In a age mor nationwide k, providing even e refinancing survey released Thursday, Freddie Mac, the mortgage company, reported that t terest rate on a gage fell to 6.15 30-yez lowest level in 32 yearsof record keeping. It’s the third newlowreached on 30- year mortgagerates this Last week, rates on 30-year mortgages dipped to 6.22 percent, matchingtheprevious recordlow set in mid-August. That covery and a turbulentstock market that has sent investors to the bond market, helping push long-term rates down. “Looking for safety from the current uneasiness in domestic and foreign markets, nervous investors pumped their moneyinto the U.S. Treasury bond market causing yields to fall to record levels. Mortgage rates followed, also dropping to yet another historic low,” able mortgages nudged upto 4.35 percent this week from 4.34 percentlast week. A year ago, 30-year mortgages averaged 6.89 percent, 15-year mortgages were 6.44 percent and one-year ARMS stoodat 5.64 percent. To Get $23M Rate Increase Questar Won’t Find It Easy BY STEVEN OBERBECK the engine, fray and possibly fail, the agencysaid. The recall includes Honda Accord sedans, Odyssey minivansandPilot sport-utilities, as tion when it appears before the Utah well as Acura CL coupes, TL sedans and MDXsport-utilities. October seeking a $23 million general ‘THE SALT LAKETRIBUNE Questar Corp. will face strong opposiPublic Service Commission in midrate increase. The Utah Committee of Consumer Services, the voice for consumers and small businesses in utility rate cases, and thestate's Division of Public Utili- Lawn-Boy Pulls 36,000 Mowers WASHINGTON A Minne- sota company is recalling about 36,000 lawn mowers with defec- tive mulch plates that could crack or break if struck by a stone or stick while moving, causing injury. Lawn-Boy received five reports of broken mulch plates, but noinjuries, the Consumer Product Safety Commission said Thursday. The recall includes the 21 inch Lawn-BoyEasy Mulch Sil- ver, Silver Pro and GoldProSeries walk-behind lawn mowers. The mowerswere sold from Hollywood’s screenwriters ties intend to speak against Questar’s proposed increase. Instead of Questar’s proposed $23 million rate hike, which will raise the typical Utah homeowner’s monthly gas bill by about $3, the committee will ask that rates be reduced as much as $14 million. The division, whose job is to find a balance between the needs of customers and theutilities that serve them, will request Questar be allowed to raise its rates by $1 millionor so. Oneissue the division wants the PSC to look at closely is Questar's request thatit be allowed to earn 12.6 percent on its equity. It believes that figure is too high. February to August. Consum- “We'd like Questar to be allowed to ers can receive a free replacementcoverplate by contacting earn up to 10.5 percent, which would be comparable to othernatural gas utilities the company at 866-336-5207. ofits size,” said Lowell Alt, director of the Division of Public Utilities. The natural gas company’s requested 12.6 percent return and the division’s suggested 10.5 percenttranslates into a difference of about $10 million a year in customerrates, Alt said. Questar Gas, which provides most Utahns with their home heating fuel, said it needs the $23 million increase to offset rising costs associated with record customer growth and to maintain ser- vice levels. The committee’s and division’s requests are shortsighted, Questar spokes- man Chad Jones said. “If either one is successful it will be detrimental to our ability to serve our customers.” In June, Questar Corp.’s newly appointed president and chief executive Keith O. Rattie said an acceptable outcometo the rate case “is absolutely crit- ical” to the future of Questar Gas. into Questar Gas but we've seenlittle benefit,” he said. “The return we're earning from Questar Gas has been flat over the past decade and we’re not going to let that continue.” Jones noted that Questar Gas in the past 10 years earned aboveits allowable rate of return only once — in 1995. steve@sltrib.com 2255 N. University Parkway, 5632 S. 900 East, Murray. Krispy | Kremeis based in North Carolina and operates two fullservice stores in Utah. Idahobased Albertson's has nearly 50 stores in Utah. Q EquiMark Properties Inc. hasrelocated its offices to 299 S. Main St., Suite 1710, Salt Lake City. EquiMark is a multifamily dwelling brokerage, counseling and apartment research company. are QO Legan-based Cache Valley Electric announced the open- | seven CleanFlicks franchises in Utah, Idaho and Colorado. The Writers Guild of AmericaWest issued a statement Tuesday in support ofthe directors being sued by CleanFlicks LLC of Colorado, which ing of a new teledata branch office in Portland, Ore., that will enable the company to expand its business presence in the Northwest. Theoffice will focus on structured wire ca- wants a judge to rule on whether the company hasa constitutional right to bling andwill offer skilled engineers capable of integrating edit violence, profanity and sexuai content out of movies for home view- data, voice and video solutions into a single Internet protocol- ing. The company ownsfranchises of the Pleasant Grove-based videoediting company CleanFlicks LLC. based network. Q “Weare astounded that acompany would target some of our country’s Store Outlet today and Satur- most esteemed directors in a mis- daywill hold a grand opening guided effort to claim a rightto alter artistic work for commercial exploi- outlet sells products from more Last than 12 department store chains,inciuding clothing,formal dresses, shoes, handbags, housewares, rectors Guild of America (DGA), which he expects to sue Utah’s CleanFlicks and other companies Q Christopherson and Travel GroupofSalt Lake City said it signed a contract to provide full-service travel management for epixtech Inc., a Provo-based specializing in third-party editing of videotapes and DVDs. The DGA is weighing its legal options, a spokesman forthe guild said Thursday. — Sean Means Food Courts Customers In Discount Store Trend jewelry accessories. names as Robert Redford, Steven Spielberg and Martin Scorsese — was a pre-emptive strike against the Di- Department at 1515 S. State St., Orem. The tation,” WGA-W president Victoria Riskin said in the statement. Korey Smitheran, who owns CleanFlicksof Colorado,has said his lawsuit — filed against such famous “Over the past 10 years, we've invested over $600 million of new capital an- Kremes are | } Writers Back Directors Tn CleanFlicks Lawsuit backing 16 famous movie directors Inc. Krispy eons.ae =2300 East, Salt whoare being sued by the ownerof gine’s timingbelt to rub against Albertson's nounced now available in 10 Albertson's stores in Utah. The stores are at 370 E. 200 South. Salt Lake City; Rates fer 15-year fixed-rate mortgages, a popular option of refinancing, also fell this week to 5.56 percent, the lowest level since Freddie Mac began tracking these rates in August of 1991. Last week, Low mortgage rates are feeding a boom in mortgage refinancing. Savings or extra cash comingout of refinancing deals is helping to support consumer spending, including home buying, amid uncertain economic times and eroding 17,551 of its 2003-model Honda and saw last October and November,” said Phil Colling, economist with the Mortgage Bankers Association of America. rates on 15-year mortgages averaged 5.64 percent. However, rates on one-year adjust- low had bested the prior low of 6.34 Krispy Kreme Doughnuts weeks is now on pace to eclipse the unprecedented refinancing activity that we said Frank Nothaft, Freddie Mac’s chief economist. sport-utilities to fix fuel-filter assemblies that may become disconnected. The problem can cause aspill or result in the en gine stopping for lack of gasoline, the agency said. da Motor Co. recalled and Acura vehicles because an improperly machined waterpumppulley can cause the en- consumerconfidence. ‘The refinancing waveof the last six provideroflibrary automation logy. Epixtech has re- gional offices in Illinois; On: tario, Canada; the United Kingdom; Europe; andAsia. | Newmont Mining Chief Gives $3M to Business School at U. BY STEVEN OBERBECK BY JONATHAND. EPSTEIN GANNETT NE’ S SERVICE In a bid to attract busy con- sumers and boost business, major discount retailers such as Wal-Mart ae Inc., Target Corp., Wholesale corp! Wholesale Clubs are adapting the concept of food courts to provide someplace to eat in their free-standing stores. Their goalis to satisfy consumers’ hunger or thirst and pro- videa brief respite so they don’t burn outon shopping. “When you're hungry, they don’t want you to have to leave “We alwaysfelt that the greatest gift one who earned a master’s of can giveis the gift of service to our guests,” he said. ‘THE SALT LAKE TRIBUNE “We know that they are purchasing more.” Newmont Mining Corp. President Pierre Lassonde, Food courts have been standard fare in malls for years, and were popular in defunct discounter Woolworth’s. But business administration degree from the University of Utah in 1972, donated $3 million to the school’s David Eccles School of Business on major free-standing retailers that offered food — including Kmart generally limited items to on-the-go snacks such as soft pretzels and sodas. An exception was Swedish furniture giant IKEA, which has Jennifer Corbett/Gannett News Service Tommy Ferree, 7, of Westchester, Pa., drinks at a Target while siblings Danielle, 12, Ricky, 10, and mother Erin look at photos. long featured Swedish meatballs and other light fare in a sit-down area. Since many discountretailers are independent buildings York hot dog carts outside the home improvement retailer’s stores. Interest in mall-style eating their stores to go someplace else,” said Meryl Gardner, as- without food stores nearby, consumers are forcedtoget in also comes as discountretailers at the University their cars anddrive toget a bite toeat or grabadrink. In the last the expense of traditional department stores. Same-store sociate professor of marketing “Once youle of Delaware. goingto driveb: Thein-store eating trend has becomeparticularly important to retailers duringthe past year as they seek ways to draw consumers in a weak economy, experts said. Not only do custom- ers spend more time and money ina store with food service, but they visit more often, said Douglas Kline, spokesman for Target, the nation’s No. 2 discount store chain. “It is a convenience and a few years, more discount chains have beguntooffer fast food in a cafeteria setting. Be- sides giving people a reason to stay when hunger pangsstart, having food helps make it a place to gofor a family outing or to meetupwith friends for a continue to grow and profit at sales have generally fallen at Federated Department Stores Inc. and May Department Stores Inc., as well as other up- scale retailers, while discounters like Target and Kohl's Corp. have drawn in new business. “The whole issue of having few hours, Gardnersaid. food Kmart has teamed up with Little Caesars tooffer the pizza stores is becoming more and chain’s products in someofits stores. And Lowe's Cos. Inc. has contracted with FoodNet Inc. to set up Dominic's of New available in discount more important. That's where America is doing all of its shopping,” said C. Britt Beemer, chairman of America’s Research Group,which foundthat 51.3 percent of consumers are buying back-to-school supplies at Wal-Mart, up from 46 percent last year. In-store food service has becomeespecially popular among mothers with young children, experts said. Mothers oftentote their children with them while shoppingandfind that the food is a welcomedistraction for the kids. In fact, Beemer noted, that grouprepresents a target marketfor discounters. “Tf you have a young child with you, youcan. . . get a hot dog, feed the kids and keep on going, rather than be forced to stop your shopping, go ree the store and come back,” said. “It becomes a major ie vice and allows the customer notto be rushed.” Thursdayto launch thestate’s first “business germinator.” The goal of the Lassonde New Venture Development Center will be to provide U. researchers with a place they can go to get help to determine whether the technology they are developing someday can be used to create a business. “This will help researchers at the University ofUtah with that first critical step,” Lassondesaid. “It will be a business germinator and it will comeeven before the business incubator.” ‘The ae will work by hooking w with teams of Tone students — both graduate and undergraduate — who will conduct market studies to evaluatea technology’s potential, said Pete Johnson, student director for the U.ofU.’s business school. Lassonde said he and his late wife, Claudette education.” PIERRE LASSONDE President, Newmont Mining Corp. MacKay-Lassonde, discussed setting up such a centerprior to her death more than two years ago. She also attended the U. and earned a master’s in nuclear engineering. Lassonde left the U. and served as president and chief operating officer of FrancoNevada Mining, a company that was acquired by NewmontMiningearlier this year for $3.5 billion. His late wife also was an entrepreneur and founded a high-tech company that eventually produced revenue of more than $100 million a year. “We always felt that the greatest gift one can give is the gift of education,” Las- sonde said. “And looking back at where we were both coming from — science and business — this centerreally speaks to that.” PLA ‘She Ltus 2oOe2 ES 300 2002. GS 300 LARRY H: MILLER POL 1s! 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