Show - Zht5altakeZtibunt USRNESS Business Desk: SUNDAY April 26 1992 237-204- 5 Calculator Shock Hits Travelers ' t 0" ! 3 ' Ili ' i I f around 1200-to-- 1 And rather than go down in price to compensate the French Italians Germans and just about everyone else overseas are raising prices The reason: The Japanese are replacing Americans as the "new" tourist in Europe One small-hotowner in Florence Italy lamented to an American visitor recently: "Where have all you Americans gone? Five years ago 70 percent of all tourists in Florence were Americans Today only 5 percent are Americans The Japanese are everywhere el now" The bottom line is that the world's developed countries are growing up and the United States economy — for decades the world's strongest — is struggling by comparison And the Europeans and the Asians are drawing new economic alliances much more quickly than North Americans But with the North American Free Trade Agreement talks now under way among Canada the United States and Mexico perhaps we won't be that far behind The end result of all this as the new century dawns is that western Europe and the United States are coming closer to economic parity Not a bad situation A HELPFUL HINT: It is wise to take $50 or $100 worth of appropriate foreign currency with you as you leave the United States to have cash on hand for emergency purchases and cab fares upon arrival US American Express offices and some domestic banks will sell it to you but usually at a less attractive rate than you can find at your foreign destination Convert the bulk of your cash to foreign money after arrival Street-corn- er ex- change offices and those at train stations and airports usually are higher than at a foreign American Express office orrbank : i 1 1 1 - iti Editor three-cours- e ' C-- m 1 1 4i --- - ' t14-ot-- "- - i ' i ' is 4 4 ' - 'lel I 3 4 : : By Anne Wilson ' -- N Ni' !ipit In "" i'' kO ' ho t - r 3 ? - 41 ') ' ' :p A 4z' p ' 4 1 1 ''i ' V-- 1 4) i 1 4 i rip-of- ' - " : - k 't '''' ' ot P' '444 ' : "4 it c4 "k ' Al HartmannThe Salt Lake Tribune Fiesta Mall stores remain vacant as developer plans mall at another Sandy location Residents are concerned decisions will plague residents years from now when developers and politicians are gone that 30-acr- pro-grow- e th Mayor Sandy Debate Need for New Mall By John Keahey Some 200 Sandy citizens confronted their City Council earlier this month with a question: Why permit construction of a shopping center when stores in nearby malls many stand empty? Mayor Larry Smith has the answer: Developers know best "It's the private sector that needs to make the determination on Sandy's commercial-developmeneeds" the mayor told The Salt Lake Tribune in an interview last week "We should not be disapproving commercial projects just because we don't see an immediate need or because we have empty centers close by" Mr Smith said "Once something is even though it constructed takes a while an appropriate use will be found for it" Sandy resident Lyle Odendahl said the mayor's views run counter to those of some residents who see commercial de e nt Mr Odendahl and others are concerned that decisions made today will plague residents years from now when developers and current elected officials are long gone The focal point of this simmering issue is a proposed development on the southwest corner of 9400 South and Highland Drive (2000 East) As envisioned by Magna Investment and Development Ltd the project would include a mall on 30 acres 24 acres of apartments and 38 acres of housing Mr Odendahl who lives 150 TRENTON NJ — Americans are bouncing more and more checks as the pocketbooks and bank accounts are squeezed bankers and check-clearin- g agen- cies say The number of bad checks nationwide increased 33 percent from 1988 to 1990 the latest figures from the American Bankers Association show The American Collectors Association Inc estimates 482 million checks totaling $14 billion bounced in 1990 The number of bad checks rose again last year and may continue to increase in 1992 the services say Consumers have "depleted all their savings they've borrowed all they can from relatives or friends and they've reached the maximum limits on their credit cards or home equity loans" said Carl Williams president of JBS Associates in Ringwood NJ which clears checks for 37000 US merchants "People who've otherwise been honest all their lives will write a check to make a necessary pureven though there may chase not be enough funds in the account at the time to cover the draft" he said Retailers say they have taken much of the brunt of rubber checks "Retailers have seen a dramatic increase in bad checks by people who are not typical writers" said Melanie Willoughby of the New Jersey Retail Merchants Association "These are not common criminals they're individuals who are trying to make ends meet" check-clearin- g bad-chec- k Column 4 1 One woman who asked to be identified only as Charlotte 26 of Somerville Mass knows the feel- ing Until she got a raise late last year Charlotte's expenses exceeded her $22400 salary at a public environmental agency She floated checks every not month clear until her pay check did Sometimes they bounced "It was rotten I hated bouncing checks looking at my balance each month and seeing these big betting they would negative numbers" Charlotte said In 1991 JBS processed a record $245 million in bad or poten- tially bad checks and continued unemployment could make 1992 just as bad Williams said Tele Check Services Inc a Den- ver company that processes checks for 100000 merchants also saw a rise in bad checks last year spokeswoman Char la Allen said However the percentage of checks that bounce is still relatively low said John Hall of the American Bankers Association in Washington In 1990 for example just 065 percent of the approximately 50 billion checks written by businesses and individuals bounced down from 246 percent in the mid1980s Hall said Some checks are bounced by criminals trying to bilk retailers Others are returned because they are processed and cleared faster than in the past But the recession is a definite factor as more people live "with not as much income coming in as going out" Hall said Morris Ur to Begin Discount Jet Service in Northwest THE ASSOCIATED PRESS d SPOKANE — A Salt Lake charter service will begin operating discount jet flights between Seattle and Spokane on June 1 the company says Morris Air Service will offer round-triservice for fares as low as $118 said Doug ferry vice City-base- p '' ? 1:: 'i: president of sales and marketing The current low rate for the Alastrip is $190 on Seattle-baseka Airlines or its commuter line Horizon Air which dominate the market here Morris founded in 1984 has operated flights from Seattle for several years d i 4: ':'!: ! i4 $ 01 1 ' 7- litr-::"- 011-z77- 11 i:: A 1 IL'1---- J i high-pressur- I i t eo' ' j -- ""'"t 5' v ' '''' 14 NPi 7'k e low-ris- k O I - i 1 AV' - 1 :i A single-famil- y Blizzard of Bail Checks Batters Consumers — Not to Mention Retailers THE ASSOCIATED PRESS ''- - h See t c' - borhood" D-1- k Isor Sandy neighborhoods Developers generally take the "narrow view" Mr Odendahl told The Tribune and often don't "look at what's good for or how their projects Sandy are going to affect the neigh- pro-growt- r -? velopment overtaking key THE SALT LAKE TRIBUNE 30-acr- ies over-blow- n $ ' A i 1 f ? 4' ? I In the 1970s it was oil and gas leases In the '80s cellular telephone licenses Now tists are using wireless cable television lotteries tO ece investors Say what you will about those wh gage in fraud — they keep up with technology Utahns are being warned to walk away from promises of quick riches from the Federal Communication Commission lottery of wireless cable television licenses are These "phony sales promises almost identical to those made about previous lotteries This just goes to show how good swindlers are at f tactics that have finding ways to recycle worked well in the past" said Earl'Maeser director of the Utah Division of Securities t Wireless cable uses microwave tadio technology to transmit programming direct4 to a small antenna attached to a subscriber's roof Since 1983 the FCC has been taking applications for wireless cable licenses In the initial lottery rounds licenses were handed out for all of the 250 major metropolitan areas Today there are 170 systems operating with 350000 subscribers In 1988 the FCC began accepting applications for smaller mostly rural markets The applications came in a "torrent" bloated byl" mills" whose operators promised investors unrealistic returns according to the North American Securities Administrators Association In an investor alert issued this month the association estimates that lottery application mills have already "raked in" $50 million Securities agencies have investigated or taken action against such businesses in 17 states Although Utah officials have received only a few complaints they warn that scams operating in other ) states could spread "The thing we wanted to do is warn the public what these people are about" said Mr Maeser "They need to know what those characteristics of the deal are so they can deal with it appropriately" tactics and Typically mills use characterize the lottery as a investment Investors are asked for a fee ranging from $5000 to $6400 and are promised annual re- turns of up to $62500 Mark Griffin Nevada deputy secretary of state said his agency has shut down one boiler room operation and is investigating several others "The biggest fraud is these people hold out the value of wireless systems as being the same as wired systems" he said "They don't talk about what it takes in terms of the investment of assets to build up the system wire equipment in place advertising costs corporate and develdpment costs All they do is say the wireless cable V station is going to be worth what some reputa 0 cable TV company is - t i ' THE SALT LAKE TRIBUNE -- t I I 0 4 i -- - ' '' ' 1 -e t 4 '' 4 - t 1 ' '''' 4 Lit '4:4 ': $ 4 1 j:4':':'3::' 4 t4 v ' A ' -- t io " 31 ir - i it : 3 CIL: L--1 ' Ilusiness Europe has struggled mightily to rebuild itself — with impressive results Was it only the early 1920s when American expatriates flocked to Paris because the exchange rate for the French franc was 25 to the dollar and you could buy a meal with wine for three francs? As recently as 1985 the franc was seven or eight to the dollar That margin has slipped to 52 to the dollar just last month In 1986 the Italian lira was often more than 2000 to the dollar A few weeks ago it was down ' ': Keahey Post-wa- r I t 1 11 " John travelers 1 t 1 ' w: - ' i I !" ' 4 A 1 'I g ' - 404'- wi- - window-shoppin- ' 4r : shock — strange foods customs costumes tinged with a touch of jet lag — was the only surprise Today it is calculator shock That's what happens when a American traveler uses a pocket calculator to convert the price of a foreign product into US dollars The number that pops up on the digital readout is usually as high — or higher — than the same product on Main Street USA Rare are the bargains Americans used to bring home from abroad Clothes clocks toys They all cost as much as comparable products in the United States Those sets of pasta dishes in Italy? The traveler often can find the same set at a lower price in say Pier One Imports stateside That new designer dress or Italian silk suit displayed along the Via Conditi in Rome? The calculator never lies It shows that dress is as expensive as one in a window along New York City's Fifth Avenue Twenty years ago most European economies were struggling The dollar was king and Americans were arrogant Utahns Warned Not to Invest i In Wireless Cable "-- i Americans who have never traveled abroad and think the US dollar goes a long way overseas are in for a shock It used to be that culture - D12 r 1 s'vto ) '''' high-retur- n worth" Al While the wireless cable teehnology is promising it has limits: obstacles suc 1 as hills and buildings can interfere with transmissio and make wireless cable unsuitable for some areas( HartmannThe Salt Lake Tribune Sandy Mayor Larry Smith disagrees with residents who argue against more development I U of U Finance ProfessoT World of Commodity-Mar4ts- t By Steven Oberbeck N : THE SALT LAKE TRIBUNE Steven Manaster may soon become a giant in the world of soybeans frozen pork bellies and smoked rubber sheets A professor of finance at the University of Utah he is about to leap from his small office in the College of Business to one of the major seats of power in American industry The White House announced that President Bush plans to nominate Mr Manaster 43 as commissioner of the Commodity Futures Trading Commission It regulates the operations of some of the largest commodity markets in the world "I've know for some time that I was under consideration by the White House" he said Mr Manaster a University of Chicago-traineeconomist is already familiar with the workings of the CFTC whose five members serve staggered terms d x: - Iii4 741 ''d ':' '' ' 1:-: H 8 ' i St -- 1):: '1' —4' 1 —o'" JNd r 4 c' ' -- i -1- 4 1 4) :: Trading ?ngaged in analysis research nd market surveillance 110 7 1 ' MT Enter ':' "The commodity markets act everyone" he said "Finanal planners to farmers plan t' eir activities based upon ices in the commodity he said rks" r Manaster specializes in thk analysis of the terms and co4litLons under which commo ity contracts are settled A fut es contract is an agree mex4 to deliver a commodity at a fi d trice sometime in the tt' if - I Vii ' 't' I :'''"?"-- ( His C nomination is sub- nate confirmation "I am not re when that will be "' - ma- ject to held" hi said Steven Manaster of five years each From June 1989 to September 1990 he was the commission's chief economist He supervised a staff of about 100 Mr Malaster is a 1970 graduate of Oberlin College and earned a PhD from the University 0 Chicago He also served aschairman of the University oi Utah's finance department kom 1985 to 1989 Dan's Foods Tests Shopping Calculator By Steven Oberbeck THE SALT LAKE TRIBUNE Harried grocery shoppers who cannot shop and do math at the same time are getting some help from the electronics age and a Salt Lake supermarket chain Dan's Foods is test marketing "shoppers calculators" at three of its Salt Lake locations The calculators are the latest innovation Utah grocers have introduced in recent months Innovations like the calculators instant coupon machines and home delivery are being used to attract and keep customers away from competitors "There is a lot of pressure on grocery stores these days" said Ron Christensen buyer merchandiser at Associated Food Stores Salt Lake City "Companies Phar-Mo- r like and Pay Less while they don't offer everything that grocery stores have are competitive in some categories of merchandise" Traditional competition among grocery store chains in Utah have always been intense even without the new arrivals Darfs Foods in offering the calculators is trying to get a competitive edge by making shopping more convenient for customers said President Ted City-base- Wal-Ma- d rt - The calculators help custorrers monitor purchases against household budgets teduct coupons corn-- pare product values calculati food content or balance their checkbooks "We don't have an exclusivelicensing agreement so our competitors could offer calculators to their' customers also" Mr Gardiner said Mark Petersen Dan's marketing director said the $20 calculators are attached to the landles of shopping carts with theft proof screws IWhile some of our shopping carts do disappear 1003 time ID bine us" he said that has never been a big problem Dan's will gauge the response filr calculators in three stores before deciding whethei to place them in its three remaining locations "Right now I can say from the response we've gotten so far that is something we're definitely going to have to do" Mr Petersen said Chuck Hood president of ADDvantage Media sells the calculators said its Group in Tulsa which 474 percent of shoppers in that shows data research test markets utilized the calculators "And 106 percent actually drove extra distance to had the calculator available" he shop at a store that 1 said -- -- - DeAl paper ass ista versity commv |