The Palm Beach Post from West Palm Beach, Florida • Page 39

The Palm Beach Post THURSDAY, FEBRUARY 29, 1996 PAGE 5B Codes for 24-hour financial updates PAGE 6B ON ASSIGNMENT Danielle Herubin is on assignment. Her column will return in March. POSTLINiS TW falm Bcadi Pan KJJL i mm 11 U.S. trade deficit hits $111.04 billion, the worst in seven years ident's National Economic Council, U.S. Trade Representative Mickey Kantor and Commerce Secretary Ron Brown all held briefings to showcase the fact that for the first time in years, the growth rate in exports exceeded the percentage increase in imports.

Exports of goods and services were up 11.7 percent in 1995 to $783.66 billion while imports rose 10.8 percent to $894.70 billion. The trade deficit is the difference between imports and exports. The Associated Press WASHINGTON The United States suffered a $111.04 billion trade deficit last year, the worst in seven years. The deficit with Mexico was a record, a showing certain tp energize foes of the administration's free-trade policies. The Commerce Department's final tally on trade for 1995 showed the deficit with China also climbed to a record.

But the imbalance with Japan, while still the largest for any country, shrank for the first time in four years. Tyson said that strong export gains were recorded for a wide range of American goods from poultry and wheat in the farm sector to computer chips and other advanced technology products. Kantor said the gain in merchandise exports was the biggest in dollar terms in U.S. history and proved the success of Clinton's "tough trade policy that stands up for American workers and farm-ers. But GOP presidential candidate Pat Buchanan, the adminis- The deficit in goods and services represented an increase of 4.5 percent from a 1994 gap of $106.21 billion.

In goods alone, the imbalance was even worse, surging to an all-time high of $174.47 billion. The administration, which has made trade the centerpiece of its foreign policy strategy, sought to play down the rising deficit and focus instead on the advantages the U.S. economy was receiving from rising exports. Laura Tyson, head of the pres the new World Trade Organization'' and withdraw from the North-American Free Trade Agreement -with Mexico. Senate Majority Leader Bob Dole, also campaigning in Carolina, scheduled a stop at an auto plant built by the German carmaker BMW to underscore the" benefits of free trade and highlight his differences with Buchanan.

For December, the deficit in goods and services totaled $6.78 billion, up only slightly frony November's deficit of $6.71 tration's toughest trade critic, said the new government report highlighted the total failure of Clinton's policies. Campaigning at a South Carolina textile factory forced to close because of import competition, Buchanan said the increase in the trade deficit meant "we just lost 2.2 million jobs last year." Buchanan has pledged that as president he would boost tariffs on Chinese and Japanese products as punishment for their closed markets, pull the United States out of Fontina Foods, RJ Gators win business award Greyling charged with conspiracy, securities fraud Members Service, which at times has been into gaming, land and hotels, according to an affidavit filed with the conT-plaint. Part of the investigation Greyling has focused on iliiMi-iMiiMinmMiilMlnrrifiiiiiiiiini-i it.iwMiiMMmMliirtiinriifii'-rirf'iii iMiiiTi in mi inn i rrimn iiniiiiiniili.iliirrif..liriltiM.ni.iliiiilllll mill By KEVIN KRAUSE Palm Beach Post Staff Writer A Port St. Lucie food manufacturer and RJ Gators are standing out among Florida businesses for using creative strategies to dig themselves out of financial mudslides and succeed. Fontina Foods Inc.

and the RJ Gators restaurant chain based in Jupiter beat out 23 state applicants for the sixth annual Blue Chip Enterprises Initiative, a national award recognizing gritty and resilient small businesses. Also named were Sanwa Growers Inc. in Wimauma and Survival Products Inc. in Hollywood. Fontina, which took the top state award, will tell its success story along with other top state winners in an upcoming book and video.

The award is sponsored by Connecticut Mutual Life Insurance the U.S. Chamber of Commerce and Nation's Business magazine. Members of government, acade-mia and the business community judge the applicants, which must have between five and 500 employees to qualify. "They all faced enough of a challenge that they might have gone out of business," initiative spokeswoman Patty McQueen said about the four companies. Michael Buscaino formed Fontina, which makes sauces and spices, 11 years ago in his Miami home.

Now he sells his products to companies such as the Olive Garden Italian Restaurant, Chili's Grill Bar and Delta Airlines. The 36-year-old entrepreneur began by making pesto at home in a blender and selling it to specialty shops, delivering it himself. "It was a one-man show for about five Please see FONTINA 1 OB The South African littered Palm Beach with stock to cut deals, lease mansion. By DANIELLE HERUBIN Palm Beach Post Staff Writer Leslie Greyling, who used to tour the town in a Rolls-Royce and throw parties in his $6 million Palm Beach mansion, was arrested Wednesday on charges of stock fraud. The South African businessman already in jail and facing deportation was charged by the U.S.

Attorney's Office in Orlando with conspiracy, securities fraud, mail fraud, and lying to the Securities and Exchange Commission. The complaint against Greyling paints a picture of a man who used a public company he controlled, Members Service as his personal bank account: He used stock to lease the house at 710 S. Ocean Blvd. in Palm Beach, rent condos in New York, buy companies and pay off businessmen for deals that had nothing to do with Members Service. After millions of shares of the Winter Park company's stock were issued for various deals and consultants, it became almost worthless.

Some investors said they lost their life savings. The warrant is part of an ongoing federal grand jury investigation in Orlando into business activities of people associated with Greyling's use of stock to a person or business in lieu of Companies often use these actions called S-8s, for the SEC form companies must file when they are short on cash. Documents show Members Service issued 69 million shares for such payments in the first six months Greyling headed it. The complaint says a Palm Beach Gardens business and an Atlanta businessman both re-" ceived S-8 stock payments. Docu-' ments show other recipients in-1; elude former Gov.

Claude Kirk and international arms dealer Ad- nan Khashoggi, both of have lived in Palm Beach. Greyling's Palm Beach man-sion also is a key point of the probe. Although Palm Beach real estate agent Robert Wyner origi-, nally told The Post Greyling had bought the house in 1993, the complaint claims Greyling used his own Greyling Holdings to lease it Please see GREYLING 1 OB BOB SHANLEYStaff Photographer Michael Buscaino, president of Fontina Foods in Port St. Lucie, was honored for his perseverance and ability to survive a financial struggle. piiles praises Pratt jobs program for youths Business9 legislative goals include repeal of liability act -J a i I efforts of the Florida Council of 100, a coalition of state business leaders.

Chiles told the youths he wants to keep kids in jobs and out of trouble. "I'm delighted to see this," Chiles said. "A lot of it has to do with help from the private sector. We need to encourage a lot of our other companies to do the same." Chiles also said he wants to build a "constituency for children" during the next three years, which will create more youth programs. "We should not wait until they get in trouble," he said.

Under program requirements, Troy Zapf, 18, works 40 hours a week at the plant and attends a vocational training class for three hours each night. He told Chiles it's tough but that it's paying off. "It's preparing me for the world," said Zapf, who graduated from Forest Hill High School and wants to become an electronic technician. Cedric Granger, 20, a graduate of Palm Beach Gardens High School, told Chiles the program has created new opportunities for him. "It's the best thing that ever happened to me," he said.

By KEVIN KRAUSE Palm Beach Post Staff Writer i I Gov. Lawton Chiles visited Pratt Whitney Wednesday to meet 10 high school graduates who were hired by the company for two years through a program designed to point youths toward careers. Chiles, who has made fighting juvenile crime a major goal for his administration, took a brief tour through two departments where the youths work. Pratt Whitney created its Career Advancement Program last year for kids not headed to college to support the The Associated Press TALLAHASSEE An industry group trying to throw out the law that launched Florida's $4 billion tobacco industry lawsuit released a poll Wednesday claiming voters' support. As Associated Industries of Florida touted its poll, backers of Gov.

Lawton Chiles' effort to save the lawsuit handed out a year-old survey indicating opposite. Associated Industries is push ing for repeal of the Third-Party; Medicaid Liability Act in the legislative session opening Tuesday. Business goals also include stamping out a possible tax on computer Internet connections, the Florida Chamber of Commerce said in a separate news conference. More than 8,000 business' owners have contacted the chani- Please see POLL 1 OB 'I'm delighted to see Gov. Lawton Chiles said.

'We need to encourage a lot of our other companies to do the In Brief PALM BEACH POST STAFF AND WIRE REPORTS ft 6.50 6.40 6.30 6.20 6.10 6.00 i i 11 1 1 i i 1 i 5.90 11 30 12-14 12-28 1-11 1-25 2-8 2-22 Trading Ylds: Auction Dates 30-Year: 6.47 Not scheduled 1-Year: 5.18 Today 6-Month: 5.03 Monday 3-Month: 5.00 Monday St. Lucie generator started by accident Nuclear regulatory officials said Wednesday St. Lucie power plant workers accidently started one of four emergency diesel generators when a cable slipped out of the hands of workers and hit a relay switch to the generator. The generators supply electricity to safety systems and other plant components if power is lost suddenly. The workers were modifying the fire alarm panel Tuesday in the diesel generator building, which is adjacent to the Unit 1 containment building that houses the reactor, when the accident occurred.

Last week during a visit by Nuclear Regulatory Commission officials, Florida Power Light operators struggled with a malfunction in the nuclear reactor and another in the steam generator that kept Unit 1 down until Sunday. The latest incident did not affect power generation. Also on Wednesday, FPL said it was restructuring its environmental affairs division. Sixteen positions were eliminated. Nancy Roen will work with the public and press on environmental issues.

Randall LaBauve will supervise permitting matters. Both will report to FPL general counsel Dennis Coyle. DE'ANN WEIMER NABI loses $17.6 million in 1995 BOCA RATON NABI on Wednesday reported sales for 1995 of $202 million and a net loss of $17.6 million, or 52 cents a share, which compares with reported sales of $167.2 million and a net loss of $13.9 million, or, 50 cents a share for 1994. The increase in sales was attributed to increased plasma volume, in particular specialty plasma, and immunotherapeutic products. In the fourth quarter, NABI reported sales of $55.2 million and a net loss of $10.5 million, or 31 cents a share.

Management noted that the first quarter of 1996 may not be profitable. NABI also announced a $25 million, three-year contract to supply specialty plasma for the manufacture of RespiGam, Medlmmune's immune globulin for the prevention of a viral disease in certain children. Paxscn adding 2 more radio stations WEST PALM BEACH Lowell "Bud" Paxson is buying another pair of radio stations, Fort Lauderdale-licensed WRMA-FM 106.7 and Homestead-licensed WXDJ-FM 95.7, now that federal telecommunications reform allows broadcasters to own more stations, officials said. While the deal isn't complete, employees were told Tuesday that Paxson was buying the two Spanish language stations from New Age Broadcasting General Manager Kymm Abrahamson said. Paxson, who was unavailable for comment Wednesday, owns five other stations in the market.

Daiwa admits guilt, pays record fine NEW YORK Daiwa Bank Ltd. of Japan settled one of history's biggest bank frauds Wednesday, pleading guilty to an illicit cover-up of $1.1 billion in losses and paying a $340 million fine, a record for a U.S. criminal case. The plea deal court ends a wrenching financial scandal that aggravated relations and reflected what prosecutors called brazen disregard for American laws by a foreign bank. Inflation reaches two-year high WASHINGTON Inflation posted its biggest surge in more than two years in January, when consumer demand for heating fuel boosted energy prices.

The blizzard and cold also contributed to the largest drop in existing home sales in nine months. But analysts said the winter effects will be temporary. The Consumer Price Index shot up 0.4 percent in January, the steepest jump since a similar increase in October 1993, the Labor Department reported Wednesday. State Labor helping 11 find jobs TALLAHASSEE Only 11 percent of the hundreds of thousands of unemployed people who last year turned to Florida's Labor Department for help finding work got jobs, federal statistics show. A decade ago, 23 percent of the job-seekers who turned to the state agency ended up finding work.

"I'm worried about it, I'm very concerned about it," said Gene Rhodes, an administrator with the Labor Department. Boston Scientific Corp. rose $5 to $47.50: Net income for the core business prior to the recent acquisitions of Meadox Medicals Inc. and Heart Technology Inc. was 36 cents a share, beating the First Call projection by 2 cents.

The company reported earnings of 24 cents in the same period a year ago. Integrated Device fell $1.13 to $12.63: Smith Barney reportedly lowered the stock to hold from buy. The Santa Clara, company makes integrated computer circuits. Cable Design Technology fell $2.50 to $40: The company priced 5.7 million shares at $40.50 apiece. The Pittsburgh company makes electronic data transmission cables..