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Show ee eS ae eet a ee ees eT ay ee re FN NE Pe Daily3 Herald PAGE 6 THURSDAY, SEPTEMBER1, 2005 BUSINESS EDITOR| Grace Leong - 344-2910 - gleony@heraldextra.com As > Local Industry NEWS & NOTES" Dow Jones| Final 10,481.60 +68.78 Award com honored more than 40 Utah womenincluding 33 in Utah County for their contributions to business and humanitarian efforts. The women, who received the Zions Wow Awardat a luncheon Wednesday include Carolyn McGuire of Animal Medical Services in gagein Provo. County winners include: Mary Kay Kennedy of Lindon; Alison Hayes Larsen of Lehi; Krista Ashby Iverson of Provo; Karen. of Orem; Pam Elder of Alpine; Valerie Ryan of Pleasant Grove;Kristi: Reeves of Highland; Jeri Walton of Alpine; Chartina Voorheis of Pleasant Grove: Cheryl Carson of Pleasant Grove;Patti Hagler. of Midvale; oe MilaWiddop of. American Fork: Nam Miner of Alpine; Claudia Fosson of Highland;Joan Dixon of Provo; Sherri Walkenhorst of Alpine; Dana Layton of Orem;Janene Baadsgaard of Spanish Fork; Sheri Whittaker of Highland; Lynette Rasmussen of Alpine; Tamara Fackrell of Provo; Jeanette Bennett of Orem; Valerie Hudson of Orem;Heidi Heras of American Fork;Tracy Christensen of Provo; Pam Taylor of Pleasant Grove; Leta Harding of Pleasant Grove; and Ingrid Guzman of Provo; Other winnersinclude: Pamela O'Mara of Utah Helping Hands in ‘Salt hake City; Nancy Mitchell of Salt Lake Area Chamber Women's Resource Centerin Salt Lake City; Joyce Mathie of Sargent Steamin Salt Lake City; Tammy Coffman of Palmyra;Sara Jones of Salt Lake City; Nancy Pollogy of Salt Lake City; Kindra Brown (deceased) and Linda Llewellyn. People On the Move Final 2152.09 +22.33 | | Final 1220.33 +11.92 EXCHANGING THE DOLLAR Wednesday 1 si Silver feel $433.80 +$2.60 | | | Yen 110.71 Euro Per ounce $6781 -$0.129 a ae ound person, Dan Campbell and Jeanette Beckham,respectively. Prior to Campbell's appointmentto the Board of Trustees in 2001 by then-GovernorMichael Leavitt, he served on the UVSC Foundation Board, wherehe served as the chair of the finance committee. Campbell has served asa partnerat Price Waterhouseandas chief financial officer for WordPerfect. Heis a current partner with EsNet which manages properties and investments such as The Shops at Riv- erwoods. Beckham, who joined the board in 2004,has extensive community andecclesiastical experience, which includes serving as the General ‘Young Women’sPresidentof the Churchof Jesus Christ of Latter-day Saints and membershipin the Utah State Legislature. She also served as a memberof the Board of Trustees for Brigham Young University andpresidentofthe Provo Literary League. Other UVSCboard membersinclude Karen Acerson, Timothy Ti Clark, RonDallin, Tom Heal, Carolyn Merrill, Doyle Mortimer, Michael Mower, Jared Sumsion and BJ. Wright. Capital Community Bank names new executive—Tammy L. Stone will head Capital Community Bank's mortgagelending department at its Orem office at 49 W. University Parkway. The bank has three branchesin Orem,Provoand Pleasant Grove. Stonewill be responsible for setting up the bank's mortgage opera- tions, building a newclient base andoriginating long-term loans as well as newconstruction loans. The bank’s servicesincludeoriginating loans for the purchase and refinancing of homesand the purchase of investmentproperties in 1.7842 i‘eno, 1.1924 Mexican peso 10.7520 10.8330 Katrina expected to disrupt are) ) national economy ee Airlines cancel i. moreflights, preparefor possible fuel shortages aug) | Harry R. Weber THE ASSOCIATED PRESS CETTo! S Jeannine Aversa THE ASSOCIATED PRESS ATLANTA — Some major carriers have canceled flights tothe New Orleans and Gulf- WASHINGTON — Surging energy prices and busi- port, Miss., airports — popu- sness disruptions from Hurricane Katrina,likely the costliest natural disaster in USS.history, threaten to slow whathas beena steadily ex- lar destinations for tourists, convention participants and gamblers — until at least next week,increasing financial pressurefor the airlines as they also deal with Potential panding economy. UVSC Boardoftrustees name new members—The Utah Valley State College's Board of Trustees named a new chairperson and vice-chair- 111.35 $1.2205 Canadian dollar trina’s economic fallout 33 Utah County women honored by Zions Bank—Zions Bank Women’s Financial Group and Healthy Wealthy Wow/GrapevineRadio. Orem;Alice-Fulton-Osbome of LemonadeLife in Pleasant Grove; Annetta Gallagher of Utah Auto Sales in Lindon; Aimy Kersey of Alpine Playhouse in Alpine; and Teresa Douglas of Chase Financial Mort- Nasdaq | S&P 500 The powerful and deadly storm devastated much of the Gulf Coast areain the fuel shortages. Daily jet fuel Production na- tionwidehas been cut 13 percent because of damage from the hurricane to Gulf Coast refineries, according to Jack Evans of the Air Transport Association. “Whatit means is there is less fuel essentially,” Evans South,knocking out oil refineries, shuttering businesses and crippling the flow of commercethrough ravaged ports, While the damage has yet to be fully assessed, economists and other experts said Wednesday. “Carriers are having to take measures believe the disaster will rack up insuredlosses of up to $25 to conservefuelat airports wherethey are low and tanker billion. That would surpass the $21 billion (in inflation-adjusted losses) stemming from Hurricane Andrew in 1992, in fuel when serving some des- tinations on the East Coast.” Atlanta-based Delta Air Lines Inc., the nation’s thirdlargest carrier, hascanceled all flights into and out of the New analystssaid. “This will be oneof the — if not the — biggest single eventin termsofinsur: lossesin U.S.history,” said Julie Rochman, spokeswom- an at the American Insurance Association. From an economicpoint of view, the biggest worry is that fallout from the storm residential marketareasforall of the bank's branches. Stone graduated from BYU Idaho,formally knownas Ricks College; with her associate's degree and has morethan 24 years of bank- See ECONOMY, C5 fe JASON BRAVERMAN/Associated Press An unidentified QuikTrip employee directs traffic as cars line the street to get gas, Wednesdayin Lawrenceville, Ga. Gasoline prices closely with suppliers to make sure contingency plans are in place to deal with any potential shortages, Kelly said. leaped nationwide Wednesday as key refineries andpipelines remainedcrippled by Hurricane Katrina, crimping supplies and leading to caps on the amount of fuel deliveredto retailers. See AIRLINES, C5 ing andlending experience. . Oil shale deposits found in U.S. West NATIONAL BRIEFING Californians cut food, clothing to buy gas Reservethree times that of Saudi Arabia; SAN FRANCISCO — Thehigh price of gasoline is a serious matter for Californians, many of whom saytheyare cutting back on ‘spending for food and clothing, as well as other items, according toa poll released Wednesday. However. only13 percent saytheyare relying more on public transportation. The nonpartisan Field Poll foundthat 71 percentof the state's researchers urge careful development currentoil needs for the next 400 years. THE A Butthe risks are high.It's unclear how new technologies will affect the land,air and the ColoradoRiver, Bartis said. residents consider gasprices to be a serious matter. Women and younger-residentsare the most concerned aboutthe high price at the pump. A majorityofCalifornians, 54 percent, blameoil companies for has anoil reserveat least three times that of Saudi Arabialocked in oil shale deposits Thestudy, sponsored in part by the Energy Department, comesin the wake of beneath federallandin Colorado, Utah and the highprice offuel. But manyalso fault the Bush administration, Hurricane Katrina, which disrupted Gulf oil production and sent crudeoil prices surg- Wednesday. cars. STOCKS OF LOCAL INTEREST SYM Yesterday's perforniance of selected publicly traded companies COMPANY UST CHANGE SYM_—-COMPANY UST CHANGE BA ABS ALCOAINC ALBERTSONS: ABX BARRICK MSFT MU “Microsoft Corporation MICRONTECHNOLOGY Nature's Sunshine Products 21.60 +041 MYGN Myrad Genetcs Inc ARP AMER ELECTRIC POW,CO NATR ‘ANG AMER INTL GROUPINC NETM AMGN Amgeninc NetNManage, inc NOVL Novell inc AWA AMERICA WEST HOLGS 8 BAC BK OF AMERICA CP Bu «BALLCP BLS. BELLSOUTH CP BN BANTACORP 2738 +020 11.91, +060 19.77 +0146 522 +019 657 +002 NUS, NUSKIN ENTINC 2134 +022 NWN NORTHWEST NAT GAS. 3678 +053 RG PGRECP 3752 +025 PFE PFIZER INC 2548 +034 Q “QWESTCOMMINTLINC 390. ¢0i4 Cc CITIGROUPINC RD ROYALDUTCHPETADR CBAG CSSA wn CRESTED CORP Comcast Corp. CHEVRON CORP ‘SBC SCOX SHLD SBC COMMUNICATIONS 2408 +027 SCO Group, Inc. (The) 465 +007 Sears Holdings Comoration 13586 +058 ERICY ER. Fc GDW GE HCA LMEnkssonTelephone Co... ENTERGY CP FRANKLIN COVEY CO. GOLDEN WEST FINCP. GENELECTRIC CO HCAINC 4.91 BN 700 BM 361 4930 +115 AN -0.02 +069 +037 091 ‘SNTO. SPL STA ‘STR ‘SWFT sy Sento Corporation 255 SCOTTISH PWR ADS: 3623 ‘STPAULTRAVELERSCO 43.01 QUESTAR CP. 7802 Swift Transportation Co, Inc. 1996 ‘SYBASEINC 2233 +004 +082 094 +279 +044 +012 HRB HSIC. BM INTC JBLU KP HRBLOCK INC Henry Schein, inc. INTL BUSINESS MACH Intel Conporation JetBlue Airways Corporahon PENNEYJCCOHOLDIN. 269 4169 8062 2572 1905 +020 +118 +008 +0.15 +0.18 T Tor UDR UNH ‘USB AT&T CP NEW TARGET CP UNITEDDOMINRLTYTR UNITEDHEALTHGROUP US BANCORP 1968 5375 23.68 51.50 2922 +019 039 +058 +102 +024 JWN KRON ‘LEE NORDSTROMINC Kronos incorporated LEE ENTERPRISES 3358 +050 43.33 +090 340 0.00 USNA UTMD Vi USANA Health Sciences inc. Utah Medical Products, Inc. VERIZON COMMUN, 52.00 +095 24.77 +0.27 2271 +036 MCK MCKESSON CORP. %67 +088 | WN WEIDERNUTRITINTL MER MITY MLCOCMNSTK MITY Enterpnses inc 5716 +015 1717 +012 | of UNITED STATES STEEL XCEL ENERGYINC DAL —_DELTAAIRUNES INC DIS WALT DISNEY-DISNEY C DNEX Dionex Corporation UF LONGVIEWFIBRECO tU.—LUCENTTECHINC LUV SOUTHWEST AIRLINES Si. SHATH INTLINC ‘5KO. ‘SHOPKO STORESINC SKEW. SkyWest Inc 2 | 4863-003 | USEG US Energy Com. | 6477 +1.97 3474 +075 2487 +035 BN +052 380 +014 2020 +063 WEN. WENDYSINTLINC 474 +008 308 +003 | WFC WELISFARGO &CONEW 5962 +083 1332 +00 | WMT WALMARTSTORES 4495-023 MMS! Ment Medical Systems inc 1747 «0.11. | mat Zions Barcorporation 448 (017 4192 41.16 1924 +0.11 6985 +102 ing American oil consumersupto $20 billion a year and creating hundreds of thousands ofjobs. gennltenFathele WASHINGTON — The United States oil producing countries and Americans whodrive gas-guzzlig Produttion wouldalso likely cause oil prices to fall by as muchas 5 percent, sav- Wyoming,according to a study released But researchers at the RAND Corp. cautioned the federal government to go carefully, balancing the environmental and economic impacts with development pressure to preventan oil shale bust later. “We've got moreoil in this very compact areathan the entire Middle East,” said James Bartis, RAND seniorpolicy kesearcherandthe report's lead author. However, he added,“If we gofaster, there’s a good chance we're going to end upata dead end. You could end up bogged down.” Foryears, the industry and the governmentconsidered oil shale — rock that yields petroleum when heated — too expen- siveto be a feasible source ofoil. However,oil prices, which spiked above $70 a barrelthis week, combined with advances in technology could soon makeit possible to tap the estimated 500 billion to 1.1 trillion recoverable barrels, the report found. That could meet a quarterofthe nation’s ing. It also comes about a monthafter the president signed a new energy policy, which dramatically reversed the nation's approachto oil shale, opening the door within a few years to companies that want to tap deposits on public Bartis said he hopes lawmakerswill take the study’s recommendations into consider- ation as they makefuture decisions onoil shale. The U.S.has tried to developoil shale in the West before. Sky-highoil prices in the 1970s led Congress underPresident Carter to create the Synthetic Fuels Corp., to find new,domestic sources of crude. Entire towns in Colorado were created — andall but abandoned afteroil prices bottomed out in the 1980s. The RAND researchers estimate the federal, state and local governments would rake in about$10billion a year from lease payments,royalties and taxes if the indus- try produced 3 million barrels a day. The report also saysoil shale mining, above-ground processing and disposing of spentshale could cause significant environmental problems. Shell Oil is working on a process that would heatthe oil shale in place, which could haveless effect on the environment. “We need tobe focusing in on what are the implications,” Bartis said.“I'm not sayingthisis a show-stopper,I'm saying it’s important enough wehaveto have the answers.” The study recommends the federal governmenttake a few low-cost steps to move oil shale production forward, such as addingoil shale to the Energy Department's research and developmentprofile and archivinginformation on oil shale resources, technologies and impacts of development. Butit also urges the governmentnot to make any major investmentsin oil shale developmentuntil private firms arewill- ing to invest without major government subsidies. Sen.Orrin Hatch, R-Utah, a champion of oil shale development, said the report's statistics on the amountofavailable oil prove the United States must moveas quickly as Possiblle. “Our country runs on energy,” he said. “Wecan't sit back and hope we're going to get all we need from world production.” Judge rules lawyers get $15 million of Qwest settlement THE ASSOCIATEDPRESS DENVER — Attorneys who helped shareholders win a $50 million settlement from Qwest Communications International areentitled to $15millionin fees, a judgeruled. Thesettlement, reached in June, endeda class-action lawsuit alleging Qwest improperly avoided paying a $273 million quarterly dividendto investors whoheld shares of US West before the companies merged in 2000, The Association of US West Retirees had objected to the 30 percent cut sought by the attorneys, but DenverDistrict Judge John Coughlin said Tuesday the lawyers were entitled to it, Coughlin said a 30 percent fee is customary in class-action suits. He said the attorneys had earned it becauseof the risk involved in the case and because they had pursued it for more than five years. Law firms involved in the case included Lerach Coughlin WWW.HERALDEXTRA.COM — CALL 375-5103 TO SUBSCRIBE Stoia Geller Rudman & Robbins of San Diego, Dyer & Shuman of Denver, Weiss & Lurie of Los Angeles and Milberg Weiss Bershad & Schulman of New York. John Coughlin is not cat to anyoneat Lerach Lerach Coughlin sHoney Michael Dowdsaid the firms’ lawyersandparalegals logged nearly 16,000 hours on the case. “We werereadytotry this case, If any case ever deserved a 30-percent fee award, it's this case,” he said. Curtis Kennedy, a lawyer for the retirees group,called the fee a windfall. “Times arecl ‘ing. Shareholdersarestarting to see they need to stand up and object because these attorneys’ feesee getting out of hand,” he sai Qwest denied the estes in the lawsuit but agreed to settle to avoid the possibility ofa large verdict andto avoid spending more money in defending the case, spokesman Bob Toevssaid, |