Show !2F The Salt Lake Tribune Sunday August Z 1987 The Economy of Nicaragua Is the 'Sickest’ in Region By Sallv Jacobses I Associated Press Writer Nicaragua— The economy pummeled by the toontra war the US trade embargo firrd scarce foreign aid has deteriorat-l&- t sharply and is now probably the Weakest in impoverished Central lAOierica analysts say Shortages of such basic goods as beans meat soap and cooking oil are "widespread Residents stand in line lot hours for meager allotments ! After inflation in 1986 consumer prices could skyrocket as jnpch as 2000 percent this year to a private estimate The ccfrdoba the national currency is so a stack of vfsak that a five-incnotes is worth only about riiro on the black market With government tolerance an underground economy thrives in food ‘ciOthing and spare par' J‘The economy here as gone out of control” said Rog' Cerda Perez y general manager o' ie private Plasticos Mo rnos and a mem--he- r of business e r ips opposed to the leftist Sandinxs i government A diplomat fom a Western Euro-Dea- n country agreed: ‘‘This economy does not work in the modern sense ' ’ MANAGUA Nic-grpgu- 1000-ccfrdob- h - com-jwjn- 1 anymore” president Daniel Ortega has ac-- - Enowledged the economy’s troubles ! TcaJling it an “economy of survival” brought on by the Reagan administra-ItiOn’- s opposition to his government gnd Washington's support of the Con-tirebels -I The Western European diplomat 'who spoke on condition of anonymity said top Sandinista officials describe each day they survive as a day won “They just want to stay alive” he said The economy began its slide several ago a decline that has worsened years ' recently The government did not to Associated Press requests ' far interviews with top economic officials but the statistics paint a dismal picture: jThe economy contracted 04 per-'eelast year after a sharp 4 percent -- decline in 1985 N trade deficit worsened $661 million in 1986 com- pared to $593 million in 1985 Such exports as coffee cotton sugar and bananas were down 27 percent last ' year to $219 million ’ The foreign debt for this nation ‘‘6f 34 million people stood at $57 n at the end of last year The government has blamed the deadline in experts on both falling world prices especially for cotton and low- er export volumes i As for the debt the government said only 10 percent of the service indye in 1986 was paid because of the Scarcity of foreign currency A US banking source who demanded ano-- 1 'flymity said Nicaragua has made no payments at all since early 1983 on the $13 billion it owes private foreign -- -- rl '- reg-isteri- bil-'li6- rlbenks uA country with a ‘ ( low population density abundant land and agricultural resources Nicaragua now may well have the sickest economy in Central America In neighboring Honduras long ranked as the region's poorest coun3 try the economy grew percent last year El Salvador's economy a wracked by a lengthy civil war and deadly earthquake last fall was up 1 percent The United States provides aid to both those countries In its 1987 economic plan the government said "foreign aggression — meaning the Contra war — and depressed commodity prices have hampered economic recovery “The sum of the economic costs of the aggression in 1986 amounts to approximately $150 million which is equal to more than half the revenue from exports” it said The Sandinista government which came to power in July 1979 has been Contra rebattling the bels for 5Vk years Without the war said private economist Francisco J Lopez "we would be making clothes for the civilian mili-tar- y population Instead of making boots we would be making shoes Instead of pi oducing food and sending it to the war front the food would be in the market” As much as 60 percent of the government’s budget is channeled to defense according to analysts Lopez director of the Nicaraguan Institute of Economic and Social Research estimated that 20 percent of the working population of about 1 million was engaged directly or indir rectly in the w-- effort Because of Washington’s strong opposition the government has found foreign aid hard to come by The Reagan administration suspended its aid in April 1981 In May 1985 it imposed a trade embargo that effectively halted commercial relations between the two countries The economic cost of the embargo has been difficult to estimate One Western diplomat calculated it at less than $50 million in lower export earnings and higher import costs from May 1985 through the end of last year “The sanctions have hurt” said the diplomat "but not severely” Businessmen said they can easily get needed spare parts for US machinery from other countries although at prices often 15 percent higher "It increased our costs but we find anything we want through Panama” said Cerda Perez Lopez and others however contended the embargo’s impact has been substantial since Nicaragua like all Central American countries always had close ties to the United States Without US help the Sandinistas have turned to the Soviet Union and its allies Soviet-blo- c countries have provided Nicaragua with about $500 million in aid each year since 1985 a West European diplomat said Badly needed crude oil accounts for about j $70 million of that ’ US-backe- d Elvis ’ Fans Get a Blue Ribbon Day By Don Finefrock United Press International HOLLYWOOD Fla — A South Florida promoter is betting Elvis Presley fans will want to mark the 10th anniversary of the rock 'n' roll performer's death in a special way So Barry R Epstein has come up with a special promotion he calls Tribute in Blue aimed at faithful followers of the singer who died Aug 16 1977 The souvenir kit which costs $2495 includes a blue suede ribbon that Epstein wants Elvis fans to tie to trees car antennas or themselves “We hope this will add a little spice and excitement” to the anniversary said Epstein a local publicist and former president of the Greater Hollywood Chamber of Commerce In addition to the blue ribbon Epstein's tribute kit features a bumper sticker a poster and a with the face of Elvis hoverd ing over his Memphis home Gra-celan- Patsy Andersen public relations coordinator at Graceland said organizers expect 50000 fans to attend this year’s Elvis In- ternational Tribute Week in Memphis Aug 6 “It’s really a fun fun time” she said “It s like a huge family reunion” Epstein who describes himself as an Elvis fan hit on the idea for his tribute after reading about the anniversary in a magazine The Tribute in Blue kit is one of several souvenirs licensed by Presley’s estate Epstein drew his inspiration from the yellow-ribbo- n tribute given to American hostages held in Iran “We came up with a blue ribbon since he Elvis did a lot of songs with ‘blue’ in them” the promoter said Epstein launched his tribute with the help of 15 investors who put up $80000 in seed money and a newly formed company — Sivle Enterprises Inc Sivle is Elvis spelled backwards Although Epstein said he is unsure how many kits will sell — “Your guess is as good as mine” — he ordered an initial supply of 10000 Since the beginning of July Epstein said he has sold 2000 kits Money-Mark- Life on Farm Can Be Tough for Piglets ) Neiv Crate Will Keep the Pressure Off Percy Ross Dear Mr Ross: I'm a farmer’s wife who truly loves her husband I can assure you the farming hardships you hear about are real We are proud people and have managed to get by but it's getting harder each year After putting two older children through school — we still have four young ones at home My husband is in dairy and grain fanning but has scraped together enough to buy three bred gilts (pregnant female pigs) and material to fix for them He is up an old desperately trying to boost our needed income However there is no extra money to buy the farrowing crates Without them there is sure to be a loss as the sows often crush their young without the protective crates If you could help I promise to repay you with the sale of our pigs — Mrs JM Fort Wayne Ind Dear Mrs M: Mr Ross is out of town In his absence he has asked that 1 his entrusted secretary respond to your request Only problem is my knowledge of “bred gilts” and “farrowing crates” is diddly squat So after conferring with him by phone he said “Miss Webber you’ll always be a city girl” emIn behalf of my ployer please accept his check for g protective crates for your venture kind-hearte- d Dear Mr Ross: Having seen your profile in Gallery magazine I’m seeking your donation to aid me in becoming the person I was destined to be I've been called to sail the ocean wide in quest of the only remaining dodo bird Somewhere out there my fine feathered friend is waiting for me I don't think a quarter-millio- n is Funds Hit Record Level et NEW YORK (AP) — Assets of the nation’s 390 money-markmutual funds rose $105 billion in the latest week the Investment Company Institute said The increase to a record high of $24190 billion in the seven-da- y period ended Wednesday followed an increase of $2 billion in the funds’ assets the previous week according to the Washington-basemutual fund trade group The Investment Company Institute said that in the latest week assets of d 200 general purpose funds fell $111 million to $6823 billion assets of 90 broker-deale- r funds increased $6835 million to $10601 billion and assets of 100 institutional funds increased $4783 million to $6766 billion The seven-da- y average yield on money market mutual funds fell in the week ended Tuesday to 595 percent from 601 percent the previous week according to Donoghue’s Money Fund Report a trade journal based in Holliston Mass th® first MMDA yoof Annual tttecttve Yield (Natl Avg Empire of America Houston Lite Savings Austin IX 725 Sunbelt Savings Dallas 7 23 Paris SAL Paris TX 723 Gill Savings San Antonio TX 723 CD Annualised Yield (Natl Avg Annualized yields are lor 12 months and are based upon rate In effect at time account Is opened 817 Peoples SAL Uano TX Stockton Savings Dallas 8 16 TX 8 14 Credltbanc Savings Austin Alamo Svgs of Texas San Antonio TX 8 03 7 98 United Savings of Texas Dallas Annual Hfeettv Yield (Natl Avg 8 87 Stockton Savings Dallas ' 8 78 Sunbelt Savings Dallas 8 51 Alamo Svgs of Texas San Antonio TX Gill Savings San Antonio TX 8 50 TX 8 45 Peoples SAL Uano 665) 703) Average annual yields below show the average return per year over the life of the CD The total inter- est earned on the account is divided by the number of years of the CD and the result is the average annual yield in percentage terms 25-YeAverage Annual Yield (Nafl Avg 787) Charter S&L Corpus Christl IX 961 Sunbelt Savings Dallas 9 52 Gill Savings San Antonio TX 936 Richardson S&L Dallas 924 USA Savings Rockville MD 916 Average Annual Yield (Nafl Avg 930) First Federal Svgs Bonk Slidell LA 1136 Charter SAL Corpus Christl TX 1116 Beniamin Franklin Savings Houston Paris SAL Pans TX Home Savings Midland TX $100000 CDs Yield First City Savings Irving IX Continental Savings Bellaire Vernon SAL Vernon IX TX First City Savings living TX North America SAL Santa Ana CA Continental Savings Bellaire TX Continental Savings Bellaire TX First City Savings living TX Universal Savings Chickasha OK 1083 800 800 800 875 875 875 tv Now accepting applications for SERIES XIX the EXECUTIVE DEVELOPMENT PROGRAM beginning in October OBJECTIVES k To Increase working knowledge of finance accounting marketing human resource management etc To broaden management perspectives and knowledge of current business concepts strategies and practices 7 to Telephone (801) ensure your place in Series XIX 581-557- To stimulate fresh thinking I LUV q H OVE ITLO LOVE IT LEAVE ITM29500 30 days to fall in love with our Extra cash at your fingertips easy —just call classified to schedule an ad We'll help you with the wording so you'll get the response you want Extra cash has never been easier It's so We’ll give you high perfor- - mance — I J — Minolta eaaaa Model 270 or we will take it back Call today for details 12 Copies Per Minute Copies In a Variety of Colors a Universal Paper Tray (one tray fits all) a By-Pa- a Plain a Compact people read classified Is a personal copier just a little too personal for your Slza WANT-AD- S business needs? Paper MARATHON BUSINESS PRODUCTS - 621-408- 484-647- 9 S40 W 24th Street PROVO SALT LAK- E- OGDEN I I 6 2005 S 300 WEST 375-651- 327 N — 8 200 WEST 237-200-0 Utah advertisers outside the local area Dial TOLL FREE 650 649 648 637 636 632 3 Vanguard M M R Federal 4 Pinnacle Government Fund 5 Kemper Gov't Money Market 6 First Lakeshore M MGoVt Series k 7 Cash Equivalent Govt Only Gov't Sec Trust 8 Prudentlal-Bach-e 625 ‘ 9 Cardinal Gov’t Securities 10 American Capital Gov't MMT k General Purpose Money Funds Average 1 Vanguard MM R Prime 623 623 619 684 671 A 70 666 665 664 663 663 663 662 2 American Capital Reserve 3 Kemper Money Market 4 Newton Money Fund k 5 MarketMaster MMF k 6 Strong Money Market Fund k 7 NLR Cash Portfolio 8 CBA 9 d Money Fund MMF k 10 Cash Assets Trust Tax Free Money Funds Average 1 Calvert Reserves MM 2 Midwest Group Tr 367 439 423 422 618 412 MM e M M F k 3 Strong 4 Money Management PtusTF MF 5 Van Kampen Merritt 411 6 Vanguard Muni BondMM 7 First Lakeshore MMF 406 405 402 400 MMF 8 USAA 9 Municipal Cash Reseive Mgt 10 UST Master Short-Ter- Yield column represents compounded effective rate of return to shareholders for past seven days Past returns are not necessarily indicative of future yields Investment quality and maturity may vary among kinds k - manager absorbing a portion of fund expenses Reprinted in condensed form with permission from Donoghue's MONEYLETTER of Holliston Mass 01746 3 800 ‘Source: 100 HIGHEST 7 33408 800 "Source: ’ YIELDS DONOGHUE'S (c) CONSUMER GRADUATE SCHOOL OF BUSINESS three-weeprogram designed to assist experienced managers improve their current and future managerial effectiveness Course builds on management development activities of individual companies in developing managerial attitudes skills and knowledge Fund 2 Mariner Government 900' tw A 21 Mass 01746 800 4 J - Seven-Da- Highest 913 900 of UTAH : of Compound Yields tot Period 1987 Government-Onl- y Money Funds Average 515 1 The Galaxy Funds Gov't Fund 683 10 Ended July 1083 10 B3 j t MONIY PUNDI YIILDS 560)730 University V ® 1987 Percy Rom Distributed by King Features Syndicate YlliW Highest yields reported by federally Insured banks and thrift as of July 22 bated on stated rates ana method of compounding lor lowest minimum deposit available Figures In parentheses are average annual effective yields ottered by 100 large banks and thrifts in the top 10 markets Individual yields for 2 5- - and live-yeCDs are average annual interest earned over entire life of account not "annual effective yield" which only would show interest earned i !r vately Highest Money Market Yields ! it You may write to Percy (low the Salt lake tribune p o Box 35000 Minneapolis Minn 55435 Include a telephone number If you with AS letters sent iu Mi Ross are read Only a lew are answered m this column although others may be acknowledged pri- Dear Mr Ross: I’m not a happy camper to say the least I’m a single parent trying to raise two kids without any child support With a lot of hard work and tough luck I finally managed three yr r the starter has gone out I can barely afford the monthly payments insurance and gas let alone a repair bill Would you be kind enough to send me $250 so I can get it fixeaand get back on track? — Ms PG Fort Lauderdale Fla Dear Ms G: There’s nothing worse about a ear than when the engine won't start and the payments don I stop Let’s hope It's not a matter of throwing good money after bad my $250 should help asking too much for obtaining a bird I remain awaiting your careful consideration and favorable reply — VK Santa Ana Calif Dear Mr K: I hate to let the wind out of your sails but who’d be the real dodo if I granted your request? rV 'i months ago to make a down payment on an '83 Chevy Chevette It was a dream come true after depending on public transporation for two years Now the damn thing is sitting outside my apartment building and refuses to start Among other things North Palm Beach Fla MONEYLETTER Holliston 3 FINANCIAL NEWS SERVICE INC |