Albuquerque Journal from Albuquerque, New Mexico • 21

ALBUQUERQUE JOURNAL sttphakis Stress-free route through December at the office oow NASDAQ Slil NYSE SEcnor lziJ Cinema's Grand Opening Lights Up Downtown Spirits Central, will remain open until 2 a.m. on Friday and Saturday nights, owner Nick Manole said. He previously closed at 9 p.m. "It's like a rebirth for us," Manole said of himself and other Downtown business owners. who has operated Downtown restaurants for 20 years, said the Century Theatres' opening has created a buzz among business owners in the city.

"Now, all of a sudden, people are taking the Downtown seriously," he said. "If really emotional for us." Amy Garcia, 22, and her 2-year-old son drove in from the West Side and met with her aunt to see an afternoon showing of "Monsters, Inc." "I think it will make me want to go to the local shops," Garcia said. There's a lot of old buildings Downtown, which is historic. But I think new buildings will bring people Downtown." Padillas with bis two children, Johnny Jo, 8, and Vanessayll, to see "K-PAX," one of nine movies showing Friday. "Harry Potter and the Sor- cerer's Stone" showed on five screens; "Monsters, Inc." on two.

They've been hearing about it and they wanted to know what if like the first day," Mirabal, 46, said of his children. They go to Rio 24 sometimes, but they re excited to come to this one." Rio 24 is Century's sister "theater near Interstate 25 and Jefferson NE. Mirabal and other moviegoers parked free at the city's garage on the theater's south side. The 650-space garage is unfinished but opened about 300 spaces on Friday. No one expressed more glee about the grand opening than Central Avenue business owners, who hope the new theater will send customers their way.

This is the day I've been waiting for," said Victor Samuels, owner of the Blue Mesa Cafe at 215 Central The cafe lies within sight of the new theater. "All of a sudden, there's a reason to walk down this block," Samuels said, noting the added foot traffic on Central. Samuels opened his sidewalk cafe two years ago with the expectation that the theater would open by last Christmas. Since then, business has been "touch and go," he said. Now Samuels has high hopes that his investment with finally pay off.

Starting Friday, Samuels delayed his closing time to 9 pan. and planned to open Saturdays as well He previously closed at 3 p.m. and remained closed on weekends. He may also expand his four-person staff. Samuels isn't the only Downtown merchant extending Fresh Choices restaurant, at 402 By Olivier Uvttebrouck -Journal Staff Writer 'I Curiosity and 14 screens lured 'moviegoers to downtown Albuquerque for the grand opening of the city's newest movie theater Friday, lifting spirits of area business 'owners.

Central and Second swarmed with activity late Friday afternoon. as people hurried into the marble-lined lobby of the $30 million Century Theatres movie house. "I wanted to'ctieck out the new theater" said Jennifer Doodeman, 26, explaining why she drove Downtown from her home on the West Side. Doodeman said she and her boyfriend might stop in at a Down-; town club after-the movie. "I think this is a good idea," she Said.

"People will go to a movie, then go dancing or something." John Mirabal drove up from Los ROBERTO E. ROSALES JOURNAL FAMILY ATTRACTIONS: John Mirabal of Los Padillas brought his children, Johnny Jo, left, and Vanessa, to see a movie at the new 14-screen Century Theatres movie house Downtown on Friday. Parking was free In the new city garage. OFEG Braces for Free Fall 1 'Sim- 1 (' v. SUDING OIL The recent slide in oil prices caused lead OPEC delegates to agree to reduce daily output of crude oil by 1.5 million barrels, but only if non-OPEC producers also cut production.

West Texas Intermediate crude Daily spot prices, per barrel NO! FMAMJ JASON '00 1 2001 SOURCE: Energy Information Administration AP 48.84 cents a gallon, a 29-month low. In trading Friday, oil prices rebounded somewhat December crude futures rose 58 cents to finish at $18.03 on the New York Mercantile Exchange. The global economic slowdown has dented demand for crude, and lingering uncertainty from the terrorist attacks on the United States has worsened OPEC's financial problems. Prices have tumbled by a third since Sept 11. Although analysts warned that a prolonged slump in oil prices could discourage companies from exploring new fields and developing older ones setting the stage for sharply higher prices in the future the immediate fallout could be lower prices for consumers for gasoline and home heating oil For the short term, at least it could also provide relief to airlines skirting bankruptcy since the attacks by lowering the price of jet fuel for Doctors year, and only Congress can change the formula, CMS said.

Sen. Jeff Bingaman, D-NJhL, is sponsoring legislation with Vermont independent Sen. James M. Jeffords to scale back the cuts. It would set 2002 rates at 0.9 percent below 2001 levels and order CMS to come up with a better formula.

"New Mexico doctors already receive too low reimbursement" Bingaman said. The formula served physicians well during good economic years, CMS said. Between 1998 and 2001, payment to physicians increased 15.9 percent compared with medical inflation of 9 3 percent However, in the past 10 'years, Medicare payments have trailed inflation by 13 percent according to the American Medical Association. 1 1 )vj 30- i tig-- y-'- If if' il If II iJ i 1 1 Philips Cuts 120 More Jobs Layoffs at City Plant Total Nearly 30 By Aaron Baca Journal Staff Writer Philips Semiconductors has cut another 120 jobs from its Albuquerque plant a company spokesman said Friday. The cuts, 80 of which were layoffs and 40 voluntary separations, were part of a work force reduction the company began two weeks ago because of poor global economic conditions for semiconductor manufacturers.

"We are continuing to face diffi cult business conditions along wit the rest of the industry," compat spokesman Paul Morrison said. Philips had hoped to make tiv. reductions without any layoffs, he said. But only 40 workers had volunteered to resign. During the wek of Nov.

5, Philips laid off another 80 workers "to meet program objectives," he said. Affected employees include both manufacturing-line workers and management Morrison said. Laid-of workers will receive severance packages, extended health benefits and job location services, Morrison said. Counting the recent layoffs, Philips has trimmed its staff in Albuquerque by nearly 30 percent in the past six months. Last spring, there were about 1,250 working at the plant In June, Philips announced it was laying off 250 workers because of both poor economics and a coinpa-nywide reorganization that relocated jobs to other plants.

At the time, Philips officials isaid the cuts were necessary to keep the Albuquerque plant a viable piece of Philips' manufacturing arm in coining years. The local plant makes chips for cellular telephones and other Communications devices, as well frame automotive industry. Brian Morris, a spokesman, for Albuquerque Mayor Jim Baca, said the mayor was still confident that Philips has a strong commitment to Albuquerque. "The mayor understands this is a national economic issue," Morris said. "It's not just this one company.

We hope Philips will hire more workers again when the economy is better." Philips has been especially hard hit by a monthslong downturn in the computer and semiconductor industries that has all but evaporated profits for many companies. With the reorganization that was announced in June, Philips said it was planning to streamline its Albuquerque operations to put mote emphasis on its main product lines. 's ju -fat. AriouryD IN3EIV MEXICO Journal Staff and Wire Reports i Pecbcdy Plsns Cccl Power Plctt Peabody Energy plans to build a 300-megawatt cod-fired power 'plant next to its Lee Ranch coal "mine about 45 miles iiorthwest of Grants, St Louis, Peabody -'expects to break ground for the plant in 2003 and begin operations in 2006. Power from the plant will be sold on the wholesale market to -meet demand in New Mexico and other Western states.

Construction of the plant will create about 750 jobs in McKinley County, the company said. The completed plant will employ about 1 50 full-time workers and generate 1 1 about $15 million in wages and "taxes for the local i 5 Cun Croup's Qucrtcr Report Lcto Nursing-home operator Sun Healthcare Group will be late I filing financial statements for the quarter ending Sept 30, the company informed the Securities and Exchange Commission. Sun said that preparing its reorganization plan for emergence from Chapter 111ankniptcy court protection took the resources required to prepare its report to the SEC Sun also said its new board of 1 directors will need more time to review and approve the filing. -'Z The company began bankruptcy I proceedings in October 1999. It hopes to implement its reorganization plan in the first 'quarter of 2002.

Jax or email your New Mexico business I briefs to (505) 823-3994 or eookOstxtfoumaLcom. NATION Investors Psuso Fcr a Profit NEW YORK Investors opted for safety in lethargic stock trading Friday, locking in some I recent profits and leaving prices Analysts had expected a bigger downturn after a three-day rally in which the Dow Jones industrials climbed 318 points; The Dow closed down 5.40, or 0.05 percent, at 9,866.99. For the week, the blue ips climbed 284.46, or r-3-1 percent i The broader market also registered negligible losses Friday I but posted a solid advance for the week. The Nasdaq composite index slipped 1.99, or 0.1 percent, to 1,898.58. The index finished the I week up 70.10, or 3.8 percent I The Standard Poor's 500 index declined 3.59, or 0.3 percent, to 1,138.65.

For the week, the trosel834. rr nriP Oil Market Edges Closer to Price War By William' J. Kole The Associated Press VIENNA, Austria (hi prices plunged to their lowest level in more than two years despite eff arts by OPEC to stop the free fall. Analysts said that could further push down prices at the gasoline pump. Setting up a showdown with Russia and other producers outside the cartel, the Organization of Petroleum Exporting Countries struggling to stabilize plummeting prices agreed Wednesday to cut output beginning next year, but only if non-OPEC producers also tighten their taps.

OPEC delegates said they would reduce their daily production target by 13 million barrels, or 6 percent starting Jan. 1, on the condition that outsiders such as Russia, the world's No. 3 producer, cut their own output by 500,000 bar rels a day. Kuwaiti Oil Minister Adel al- Sabeeh said Thursday that crude prices could fall to $10 a barrel if the standoff between OPEC and non-OPEC producers over oil output persists. As the market moved closer to an oil price war, traders reacted almost instantly to the uncertainty with a sharp sell-off in petroleum futures.

December crude oil futures dropped as low as $17.15 a barrel on tiie New York Mercantile Exchange on Thursday before closing down $2.29 at $17.45 a barrel, the lowest level for a front-month contract since June 1999. December heating oil futures tumbled 5.03 cents to close at 51.09 cents a gallon, their lowest level since August 1999, while the December gasoline futures contract ended down 453 cents at "The frustrating thing for all the physicians is the formula they (Medicare) use is antiquated and very said New Mexico Medical Society president Allan Haynes a Govis urologist "This really makes it harder and harder for a physician to keep his office open, lure staff, provide benefits for employees and make a living for himself." The funding formula, enacted in 1997, factors in changes in gross domestic product medical inflation, the number of Medicare beneficiaries, and costs, according to the Centers for Medicare and Medicaid Services, The agency, called CMS, administers Medicare. The slowing economy and higher spending for physician services will drive physician rates lower next 1 THE ASSOCIATED PRESS CSOSMQ CEEPEib North of Aztec last summer, driller Tom Compton raises another section of pipe to the drilling platform at Bearcat's Rig No. 5. Prices for crude are falling.

Slump Means Lower Medicare Fees decline as welL "You're really looking at a 5.4 percent cut in total rev- enue," Cox said. The state's largest managed care organization, Presbyterian Health Plan, said it will resist cutting physicians' "We do not want to see the pay-' ment rates of our physicians on our standard fee schedules decline," said Presbyterian spokesman Todd Sandman. "We are already receiv- ing (from Medicare) 9 to 10 percent less than average" because of geographic adjustments made to the rates, A Lovelace Health Systems spokeswoman said its insurance operation is "quantifying the impact of Medicare changes: Cimarron Health Plan did not respond to a Journal's request for comment Formula Will Cut Payments 5.4 Percent By Winthrop Quigley Journal Staff Writer A federal formula that'' ties Medicare fees to the health of the VS. economy will payments to physicians by 5.4 percent Jan. lr barring congressional Changes in government fees could also trigger changes in commercial insurance payments to physicians, said Dennis Cox, executive director of Southwest Medical Associates a 24-physi-dan, Albuquerque-based practice.

Many commercial insurance contracts link the fees they pay to Medicare rates. If Medicare goes down, rates could rwland.