OCR Text |
Show DAILY HERALD Tuesday, April 25, 2006 Wal-Mart main skeptical. Continued from D6 Wal-Mart rival iin and First Data Corp. own them already. ‘Will that list lengthen? Ana- lysts say it will, Ds seek to challengei “There's no reason why (Wal- titans like Bank of America or Mart) shouldn't start doing regional outfits like BB&T. But eenstores,” Wal-Mart could pave the way said Punk, for motivated companies to do Richard Bove. Sani it's going _—_just that. to ee banks would face graduating from UVSC this _Ling moved to Utah in 2002 lysts estimate Wal-Mart could eee auto companies or oth- spring, of those students, and began teaching at UVSC. ably suggest to other companies poneseis sass Hn er will be receiving bachelor’s ought to be looking at,” says Peter Wallison, a scholar atthe a tie ected berweee LS Bancorp and Wachovia when ee eee in easily — and neither will Graduates to be honored during ranked by deposit size, the ana- Hh‘Federal Reserve. Follow- ‘All will prob- that there's ¥ here they Enterprise Institute. lot of companies outside of financial services are find out about these things and saypecs ought ae’" says ing, banking consultant ILCs, which are pail: tered and state-regulated — but not overseen by the Federal Reserve — differ from ene mercial banks in important ways. Chiefly, they dont elie checking accounts. But they do collect deposits, and allow their parent companies to issue credit CIBC World Markets ana- retail deposits. That would _lysts said. Wal-Mart, argued Bove, push Congress tochange banking law by taking a page from Sandy, Weill’s book. Weill, who recently stepped as chairman ofCiti challenged Congress in 1998 by merging Citicorp'and Travelers Group — a movethat was illegal at the time. The Glass- Steagall Act prevented banks from merging with insurance cards. Toyota, for example,is aiming to introduce a credit card to customers next year. But it's ownership of banks by big commercial firms that But ress balked and changed the law in 1999, passing the Gramm-Leach-Bliley Act, which allowed broader consolidation in the financial- makes opponents of Wal-Mart's services industry. bid uneasy. Companies areallowed to ownindustrial banks, thanksto legal loophole, but they're prohibited from owning commer: . Critics argued during two days of FDIC hearings that Wal-Mart's bid to ownan industrial bank was simply a back doorinto commercial banking. The retailer saidit had no such plans. But analysts and bankers re- Issues Continued from D6 to improvedata about production and reserves to give oil markets better information. The G-7 countries also called for increased investment in exploration and refinery capacity to boost supplies. The meetings went ahead without anyof the large-scale demonstrations that in years past havefilled the streets around the IMF and World Bank headquarters, a few blocks from the White House. This year’s events were ona small scale; one man among a group of 30 protesters was arrested Saturday and charged with carrying a stun gun. Anti-poverty activists ex- pressed disappointment that more was not accomplished toward meeting the U.N.-sanctioned goal of cutting poverty in half by 2015. “By their next meeting, we wantto see real change — not “Tt is quite pe that WalMart could,at somepoint, follow a similar course by simply opening a thousand bank branches in its stores and then challenging Congressto close them down,” Bove wrote in a _recentnote. “Wethink WalMart will do this and that Congress will back down.” That's not tosay every company that owns an ILC would just pocket change — for the 100 million poorchildren out of school,” said Max Lawson, policy adviser for OxfamiInternatior Getting the go-aheadat these meetings was what supporters hope will prove to be a broad overhaul of IMF operations. Proposals include giving rapidly growing economies such as China, South Korea and Mexico greater voting power. The U.S., with the world's largest economy,has the largest voting share, about 17 percent. The administration has said it would go along with reallocating votes. But many nations in Europe, which now holds sevenof the 24 seats on the IMF's executive board, are resisting. That&issue is on the agenda for the IMF's annual meetings in Singapore in September. There, the policy-setting committee will review recommendations from Managing Director Rodrigo Rato on how the IMFcan advise countries 'ed challengeif { VSC rial firms were permit- ted to own commercial will attend for 10 weeks, also dents will receive associate's degrees and 15certificates wil’ _will be attended by several well-known mathematicians ing the lead of recently retired Chairman Alan Greenspan, new Federal Reserve Chairman Ben Bernanketold senators in February he's concerned about commercial companies owning ILCs, and whether they're correctly supervised. Possible designs on commercial banking aside, more compa- commencement be given. The Utah Valley State Col¢ 2006 Commencement Ceremonywill be Friday at 10:30 a.m. in the McKayEvents Center, ceremony, ed by UVSC President William A. Sederburg,will include a keynote speaker and presentation of four honorary degrees. Math professor invited to attend Berkley of the transaction-processi savings industrial banks offer. jon M. Huntsman, founder and chief executive officer of miere center for collaborative research in mathematical Wal-Mart said it would save Huntsman Corporation and science. The MSRI is also the nies maytry to take eae millions of dollars by paying _its own bank te process credit, debit and electronic check payments. Other ry find options like that attractive. industrial becomealmost the last way a commercial companycan get someof the advantages that bankers can enjoy,” said Robert McKew,general counselof the American Financial Services Association. McKew supported ILCs during the Wal-Mart hearings earlier this month. He argued thatrestricting their growth would reduce available credit to consumers. on reducing trade imbalances, including America’s soaring deficit, and addressing other problems before they get out of hand, threatening the markets. On the flip side of America’s trade deficit are huge surpluses in Chinaandin oil-producing nations such as Saudi Arabia. The U.S. wants more forceful IMFlecturing to countries , aboutthe valueof their currencies;this is seen as a way, for example, to pressure China to allow its currency to rise in value against the dollar. U.S. manufacturers contend Chinais manipulatingits currency to keepit low, making Chinese goods cheaper and moreattractive to U.S. consumers, and American products more expensive in China. President Bushfailed to win new commitments on the issue when Chinese President HuJintaovisited the White House on Thursday. Keynote speaker will be | | | the Huntsman Cancer Institute. He is married to Karen Huntsman andis the father of nine children, including Utah Gov. Jon Huntsman Jr. Huntsman will receive an | honorary doctorate in business | affairs and his wife, Karen, | will-receive an honor | eetin humane letters. | Jack Zenger, practitioner in | te field of leadership developmentand organizational change,will be awarded an honorary doctoratein leadership studies, andhis wife, Holly Zenger,will receive an honorary cormsincommunity affair: A total of 1,725 students are ‘The program, which Ling degrees. In addition, $27 stu- from various universities in- Jun Ling, associate professor of mathematics at UVSC, has been invited to be a general member of the Mathemati_cal Sciences ResearchInstitute at the University of California at Berkley, the world’s pre- government's top resource for mathematics assistance and _the largest non-classified mathematics project of the National Security Agency. The program will be engaged in is titled, “Geometric Evolution Equations and Related Topics.” It will be held next spring andwill focus on mathematical researchin gery. Ling,origi from China, moved to the United States in 1992. Hereceived his Ph.D.in mathematics at the State University of New York at Buffalo, and shortly after began teaching at Savannah College of Art and Design in Georgia. cluding MIT and Princeton. While there, Ling will have the opportunity to further his research, including his current researchon differential geometry. Comin: ul g p.. f THURSDAY BASEBALL: The Wolverines take ‘on Utah at 7 p.m. in the UVSC Baseball Stadium. UVSC Students, faculty and staff get in free with ID. Fortickets, call (801) 863SHOW. THROUGH APRIL 28 EXHIBIT: UVSC's Woodbury Art Museum presents its aeial Student be Exhibition, Tuesday to Saturday, noon to 8 p.m. The exhibition features artwork of graduating students from UVSC's bachelor offine arts program. The Woodbury Art Museum is in the University Mall (on the second floor between Nordstrom and The Gap), 575 E. University Pkwy. in Orem. Colorado House committee approves water charter Steven K. Paulson THE ASSOCIATED PRESS DENVER — Hoping to someday. end Colorado's instate battles over scarce water, a House committee on Monday approved an unprecedented charter for compacts between usersin different river basins meantto bring together groups ranging from fishermento farmers. “We're walking on ground that hasn't been walked on before,” said Marc Catlin, a member of the Inter Basin Compact Committee that drew up the proposed charter. Battles for limited water supplies can be fierce in the West, oftenpitting fast-growing cit- ies that want water for drinking and lawn-watering against other groups that depend on farming and recreation for their well-being. Catlin said waterusers and providers who havebeenat each other's throats for years cametogether to comeup with a plan that will force them to discuss the best ways to keep waterin Colorado and reduce the impact on the state’s water basins, which are facing heavy demands. The state's seven majorriv- ers also are facing heavy demand from millions of people in'10 downstream states who depend on Colorado water for their survival. Catlin said his father negoti- ated water deals for years, andthe negotiations alway started out the same wa’ hell no.” “Now we're saying, ‘Let's talk aboutit.’ They're start- ing to understandthereis. more than a wolf standing at the door,” he told the House Agriculture, Livestock and Natural Resources Committee, which approvedthe proposed charter. It nowgoesto the House Appropriations Committee to determine how to paythe estimated $1.2 million cost The charter urges water us- ers and providersto consider leasing and other temporary arrangements rather than buy- ing waterrights. The US.trade deficit with China was at a record $202 billion last year. Leading the way in Mortgage Lending Heart and soul, you’ve invested. Allow us to give you credit. Are youin the market for anew home? Confused aboutthedifferent home mortgagesand which oneis right for you? We can help! After all, we've been helping Utah County families get into new You run your own business. Key gives youcredit...as in the respect and the financial help you need to move your business to the next level. Your Key Business. Relationship Manager is prepared tolisten, learn and lend you advice and support you need, including access to cash for: Working capital « New equipment ¢ Real estate transactions . Equipmentlease financing ¢ And more homes for over 100 years. Our knowledgeable and experienced mortgage officers are uniquely qualified to help youfind the terms, loan and rates that will best meet your circumstances, Getting a home mortgage doesn’t have to be hard. We'll make it quick and easy as we help you through each step of the loan process. Andas an added benefit your mortgage stays right here at the bank. So no matter what kind of questions or concerns you might have, you'll be able to make a Jocal call and talk with people you know and trust. Very few banks or mortgage companies can make that promise Come in today andlet us put our experience to workforyou. To get started on creating the ideal financing solution for your business, visit a KeyCenter, call 1-888-KEY4BIZ or visit Key.com/smallbiz. CENTRAL ee | Achieve anything. BAN K 95 North University Avenue, Provo To set-up a no obligation consultation to see what mortgage loan might be right for you call ‘All credit and lease products are subject to credit approval. ‘KeyBank: Member FDIC. ©2006 KeyCorp. Ron Heap at 655-2194 or Howard Gurney at 655-2196. |