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Show BUSINESS 6A Friday, Jan. 17, 1992 China agrees to patent-standard pact orders in the face of sluggish demand. The trade deficit is the royalties from the agreement. The International Intellectual Property Alliance, a trade group representing 1,500 American companies in the computer, motion picture, recording and television industries, praised the results. “This agreement ... demonstrates that the Chinese government is difference between what America sells abroad and what it im- now committed to implement internationally accepted high stan- WASHINGTON (AP) — The United States and China reached a last-minute agreement to provide new copyright and patent protections for American companies after being pushed to the brink ofa trade war. The agreement Thursday came etale ers flit | Billions of dollars, seasonally adjusted; import figures exclude shipping and insurance. 8 in nearly nine years as export The sharp improvement re9 successful conclusion of the talks should serve as a precedent for resolving other trade disputes be- tween the two nauons by “mutual accommodation.” flected the fact that American export sales climbed 0.9 percent to a record high of $37.46 bil- D J OMAMJ JASON 1990 1991 Nov.'90 Oct. '94 Nov. ’91 9.54 | | 6.32 } | 3.57 1 lion, besting the old mark set the previous month. Imports, which had surged to Source: U.S. Dept. of Commerce The Associated Press they were losing $430 million annually from Chinese copyright violations On everything from drugs and computer programs to clothing and movies. For their part, Chinese negotiators issued a statement saying the — sales climbed to an all-time high, the government said today. The Commerce Department said the November deficit was down 43.5 percent from a revised October deficit of $6.32 billion. begin imposing tariffs of up to 100 percent on a range of Chinese ex- ceremony today, called the results “most welcome. ... This means the need for retaliation is avoided, which 1s a happy circumstance for both the United States and China.” American companies claimed (AP) dramatically to $3.57 billion in November, the lowest imbalance line, after which the the Bushadministration had threatened to Hills, who participated in a signing WASHINGTON America’s trade deficit shrank only hours before a midnight dead- ports to the United States. Under terms of the settlement, Chinaagreed to bring its protection of copyrights, patents and trade secrets up to international standards. U.S. Trade Representative Carla Deficit shrinks to nine-year low the second highest level on re- cord in October, fell by 5.5 percent in November to $41.03 billion as retailers cut back on ports. The good November showing guarantees that the deficit for the entire year will drop below the $100 billion mark for the first time since 1983. For the first 11 months ofthe year, the deficit is running at an annual rate of $64.7 billion, compared to the 1991 total of $101.72 billion. However, manyprivate econSee TRADE on 7A While both sides had praise for the final agreement, it capped an goods, including beer, children’s clothing and shoes. lectual propertyrights and to stiffen its laws protecting computer often contentious series of negotiations in which both countries had Chinese officials had said last week that if those tariffs went into software, sound recordings, tarm chemical products and pharmaceu- threatened to impose punitive tariffs against the other nation. The settlement came only hours effect, they would retaliate by im- ticals. posing their own higher tariffs on shipments of American airplanes and farm products to China. China agreed to join two interna- briefing reporters, said the Ameri- before a midnight deadline set by ihe Bush administration for the imposition of 100 percent tariffs on up to $1.5 billion worth of Chinese tional conventions that establish global rules for protection of intel- A senior U.S. trade official, can side achieved all of its objectives and U.S. industry should begin seeing immediate results in the form of increased sales and BUSINESS PEOPLE dards of copyright protection,” said Eric Smith, general counsel for the group. U.S. Assistant Trade Representa- tive Joseph Massey, who led the U.S. negotiating team, had branded China as the “greatest source ofpiracy of U.S. copyrighted works.” The copyright dispute is only one of several contentious trade issues between the two nations. Next week negotiators are to start talks aimed at opening China’s markets to the sale of more American prod- ucts. Since 1985, the United States has watched its trade deficit with China skyrocket as imports from that country increased almost four- Torgerson ; Moss Janet Torgerson and Cory Mosswere recenily namedvice presidents at Enable Industries Inc. Torgerson supervises the administrative, financial and case management departments and has been with the company since 1979. Mosswill supervise production, supported employment and theHill Air Force Base commissary contract departments and has fold. The United States is now China’s biggest single foreign market, been with the company since 1979. while American exports to China MnP have showed only marginal gains. For 1991, the U.S. trade deficit with China was estimated to have topped $13 billion, second onlyto Japan. Utah’s perks lure jet firm to Salt Lake Standard-Examiner BRIEF CASES BULLETIN BOARD Tuesday. Businesses Against Crime monthly meeting to reduce shoplifting at your store. At OPD Investigative Div., 457 26th St. Sgt. Terry Shaw 399-8550. Wednesday. Better Business Bureau seminar, collections and credit management, 8 a.m. breakfast, University Park Hotel, Salt Lake City. $20/members, $50/nonmembers. 487-4300. ff and wire service Wednesday.“The inside story on Alaska Airlines SALT LAKE Cc ITY — McDonnell Douglas’ decision to relocate advertising,’ Utah Advertising Federation luncheon, 11:40 a.m., Red Lion Hotel, Salt Lake its commercial jet tail manufacturing Operations in Salt Lake City could not have happened without incentives the state has offered the company. Gov. Norm Bangerter said. The move could expand the company’s local work force to 1,000 over the next three years and will City. $14.50/members, $18.50/guests. 355-9001. NATIONAL Stocks go ali day nies can borrow from the $10 mil- NEW YORK — Insomniac investors will be able to buy and sell stocks in the middie of the night when the National Association of Securities Dealers launches a new computerized trading network next week. The system, NASDAQInternational, is intended to allow European investors to trade U.S. stocks during their normal business hours. lion fund, and reduce repayment according to the level of their in- Valley part of deal transfer equipment to Utah from the operation now based in Macon, Ga. We think it’s a direct result of the Industrial Loan Fund which was set up last year and will continue to benefit our city and state.” the governor said late Thursday. The controversial ILF offers companies loan credits which are earned as they create Utah jobs and bring in new business. Compa- WASHINGTON — Phoenix-based Valley Nationai State investments. While no other companies have been able to draw from the fund, state officials havesaid they arereviewing two applications for the balance of the fund McDonnell Douglas has drawn Bank of Arizona was one of the 98 banks and securities firms that reached a $5 million settlement with federal financial regulators for inflating about $8.3 million from the fund, said Russ Behrmann, spokesman for the Department of Economic and Community Development. Legislation is also pending that would makethe ILFa revolving SUSAN LATHAM/Standard-Examiner Lee K. ‘Bucky’ Andrews, new general managerof the Radisson Suite Hotel, sits in his office overlooking the Municipai Building. Radisson manageraimsfor excitement fund The Utah workforce should begin to grow by year’s end, Bangerter said, and by 45 the additional work could create about 400 more jobs at the plant here, which now employs OUU “In the aircraft industry as a whole there have been major reductions in force over thelast few months. We feel very fortunate that we have not suffered any of those losses and do not feel we will,” Bangerter said The stat als has offered McDonnell Douglas $500 million in incentives 1 cate a d Snag et eee yn Utah. Salt Lake cities vying for plant in y IS among nine the plant which would eventually create 7,500 tobs for the winning community in addition to Sait Lake City, other candidates include Kansas City, Mo.; Shreveport, La.: Tuisa Okla.; Belen and Ill.. Houston | Ala., and Mesa Fort Worth 5 Mol Impressed with Ogden, he wants hotel to be ‘a focal point of the community’ By KATHARINE BIELE Standard-Examiner staff OGDEN — A few months ago, Lee K. “Bucky” Andrews was still a little hesitant about broadcasting his decision to move to Ogden, Utah “I called about 20 people and at first, I was kind of making excuses,” the newgeneral manager of the Radisson Suite Hotel. “But everybody I talked to said I was lucky coming to this beautiful place. ... i had nothing but glowing reports about this area, so then I got Saying it a little more forcefully.” Andrews, whostarted work Jan. 2, has already become one ofthecity’s most forceful advocates. He came to Ogden at the urging of a Logan native — John Olsen, senior vice president in charge of development for the Radisson hotels. Olsen persuaded him to end a brief respite in Arizona after sev en years of managing the Hilton hotel in Houston, Tex. He told An- drews, who had tired of big-city living, that Ogden has a “fun little hotel for you. irews savored the opportunity to try ‘We want to do something special here. You’l! see all kinds of things evolving here.’ — Bucky Andrews something new, he said. “In Houston, half the time | was playing detective, crime was so bad.” Andrews once thought his career would revolve around music. A drummer, he played with bands throughout his home state of North Dakota and eventually began managing supperclubs and nightclubs, he said. That led to managing the Mapes Hotel in Reno until Philadelphia companyin the mid-’80s. He then ran the Embassy Suite Hotel near Denver’s Stapleton airport for another four years until, in 1989, he moved to Houston. In Ogden, Andrews has plans for some updating and wants to create excitement about the Radisson, a 148-suite hotel that long was known as the Ben Lomend Hotei. The hotei affiliated with the Minneapolis, Minn.-based Radisson Hotel Corp. in mid-!984, but suffered through spurts during a $7 million renovation that was fraught with problems over building codes and legal issues. “This place has history. I want to make it a focal point in the community — a place where activity goes on, where politicians hang out.” he said. He has always had music at his hotels, he point, it represents an attractiveinvestment opportunity for the many people who lend the government money. The U.S. government issues three kinds of direct, marketable debt obligations m Treasury bills (called T-bills) which mature in a year or less and ate sold at a discount. That means you pay less than face value for each bill but receive face value at maturity. The minimum T-bill denomination is $10,000 with increments of $5,000 thereafter YOUR MONEY James W. Barlow Certified Financial Planner g Treasury notes, which mature in two to 10 years require a minimum investment of $1,000 to $5,000, depending on their maturiy U're asury notes are sold at or near face value and pay interest semiannually WASHINGTON — Industrial production was cut 0.2 percent in December, the third straight decline contributing to a 1.9 percent loss in outputfor ail of 1991, the governmentsaid today. ian WORLD Truck firm probed TOKYO — Prosecutors said today they were investigating whether a trucking company made questionable payments to politicians, in a case that many believe could blow up into a major scandal. Meanwhile, rumors linking some of the nation’s most powerful politicians to Sagawa Kyubin, a mob-tainted trucking said, but he wants to get a good feel for Northern Utah before committing to bands or tea dances here. company, have been until Canadian developers bought it and tore it down,” he said. He moved to the 335-unit “We want to do something special here. You'll see all kinds of things evolving here,” he said. “I’m a positive kind of guy and this Japan's Capitol Hill — and the Park Suite Hotel in Denver, until 11 iS a neat little city ment guarantees payment of interest and principal on these securities. Remember, though, that government securities, like all debt instruments, are subject to market risk. Their value rises if interest rates fall after you buy them, and vice-versa. However, if you hold treasury securities to maturity you are guaranteed full payment of principal and interest The market for Treasuries is huge and liquid. it amount to nearly $3 trillion in outstanding debt at any given moment. That means w Treasury bonds, which mature should the need arise or you decide in 10 to 30 years. The face value of to take profits, you can sell Treasury securities quickly and easily. And unlike most other bonds, many Treasury issues are not call- each bond is $1,000. and they also pay interest semiannually. Treasury securities are among the safest investments available. This is because the U.S. govern- Production is off 1980, when his first wife died and he decided 14 soia tO a We're impressed.” Budget deficit has a bright side for investors how to reduce the U.S. budget defi cit of more than $209 billion, the federal government continues to borrow to financetheshortfall between its receipts and expenditures Worrisome though the defi may be from a public policy stand quasi-government agency bonds. The bank is owned by Valley National Corp. which owns Valiey Bank in Utah. to make a fresh start. “] drove to Denver with a trailer on my car and then managed the Cosmopolitan Hotel Ar While the debate goes on over customer orders for abie before maturity, so you can count on receiving the stated rate - oo for the life of the security. Income from Treasuries is exempt from state and local taxes You can buy suries directly branch Federal charge, or from newly issued Treafrom a district or Reserve Bank at no an investment firm or bank for a nominal fee. If, however, you wish to sell a Treasury security or purchase older issues (which, for example, may betrading at a discount to their issue price), you can do so only through an investment firm or bank. Investing in government securities at an investment firm makes good sense. First, you can immediately start earning more money on your interest. The firm immediate- ly credits interest payments to your account. Then, your investment consultant can arrange to “sweep” your interest into a money-market fund or quickly reinvest the earnings into other securities Investors who, with the aid of their investment consultants, look realistically at any economic environment will find opportunities. In the case of the U.S. budget deficit government securities represent an opportunity to achieve an attractive real rate of return (determined by subtracting the current inflation rate from the yield on your investments) that is both safe and exempt from state and local taxes And considering that interest in- terest earned on government securities can be compounded when bought from an investment firm, and that these securities also are marginable, they truly represent the bright side of the deficit. Barlow is a local CFP. flourishing in Nagatacho — Tokyo stock market. Russia gets Coke ATLANTA — The Coca-Coia Co. and the city of Moscow are teaming up to make and sell Coke products under what the company said is the first independent business system for consumer goods in Russia Atlanta-based Cokeis making an initial investment of $12 million in the operation, CONSUMERTIP Virgin woos babies NEW YORK — While most airlines are fighting for high-paying adult passengers, the British carrier Virgin Atlantic Airways said Thursday it's trying to woo more babies Virgin Atlantic will now fet passengers book infants into specially designed safety seats similar to those used in cars But the extra comfort won'tbe free ; — Standard-Examiner staff and wire services |