Kenosha News from Kenosha, Wisconsin • 22

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Contact Dave Backmann reporter (414) 656-6293 C6 KENOSHA NEWS SATURDAY SEPTEMBER 19 1998 I daj sha is 1 abr 1 2U bui nev anc 7i Briefs Russian bank plan may cause hyperinflation MOSCOW (AP) The Central plan to print more money to revive the ailing Russian economy prompted warnings Friday of hyperinflation and a return to Soviet-style restrictions The government wants to infuse the economy with enough rubles to ensure the debt-ridden banking system does not fail and to pay off many months of back wages owed state workers and pensioners But economists said the government will have to introduce price controls establish an artificial exchange rate and impose tight controls over export revenues to prevent hyperinflation Internet entrepreneurship a cyber success story Valley is home to electronic chip industry Wisconsin has a similar high concentration of metal-working shops that build capital goods' An expert in the global economy Nichols offered a gloomy economic forecast Friday while addressing the fall conference of the Wisconsin Economic Development Association meeting at the Radisson Hotel The conference was devoted to discussing the effects of exports and international trade on Wisconsin Case Corp also is feeling the effect of depressed worldwide grain prices Nichols said Because farmers getting a good price for grain they are holding off on buying tractors combines and other machinery could go into Nichols warned is time for concern and Wisconsin is in the trenches I would Concern for the economy of his home state lies in the concentration of metal-working shops as well as the current strong US dollar When the dollar is strong against other currencies American exporters face a tough challenge in selling their products abroad In other nations especially where a recession has hit companies are less likely to buy high-priced American goods if and when they -do choose to spend money A more technical sign that a slowdown in the American economy is on the horizon is the near crossing now of long-term and short-term bond rates Nichols said When one-year bond rates and 10-year rates intersect with BY DAVE BACKMANN KENOSHA NEWS PLEASANT PRAIRIE If Don Nichols were Federal Reserve Chairman Alan Greenspan he would lower interest rates now for the benefit of the American economy Especially for Nichols a University of Wis-consin-Madison economics professor for 32 years says the 1000 layoffs announced last week by Case Corp are a tipoff to tough times ahead for state companies that manufacture capital goods such as tractors Because capital goods make up half of all goods and services exported from America their manufacturers are more vulnerable to economic downturns in other nations As Silicon one falling and the other rising a recession historically has followed he said One-year rates are on the verge of moving above the 10-year average rate While his eyes are set short term on economic storm clouds Nichols said any recession should be short lived because America is a global leader in the manufacturing of computer chips software and bio-tech products Businesses in other countries will have to come to the United States to buy those goods The global economy will continue to grow but only after a pause that could last up to two years Nichols said Economic troubles in Asia Europe and South America already have lowered the $8 trillion US gross domestic product by $100 billion this year from this international problem never seen this economy so he said have more people working now than ever We have found ways for people to get into the workforce that before because our unemployment rate is so low long-run forecast is very bright But I see a ripple WEDA is a non-profit economic development group with 450 members from government education and the private sector statewide The organization holds three conferences around the state each year The highlight is the Economic Development Conference staged annually in Madison UAL president quits after CHICAGO (AP) United president resigned Friday under pressure from the unions which opposed him as the eventual chief executive John A resignation came the same day The Wall Street Journal reported leaders of machinists pilots and flight attendants unions were working to have an outsider named the eventual succes Property sales for week of Sept union opposition 3 sor to Gerald Greenwald citing mistrust of Edwardson believe it is in best interests our the and mine for me to step aside and clear the way for eventual Edwardson said in a statement does not need a distracting or disruptive succession 7 -11 1998 pm Tuesday through Sunday for lunch and dinner The restaurant has a maximum seating capacity of 130 Kacka who has 16 years experience In the food service Industry said she has Invested nearly $500000 in upgrading the Allcja Kacka has opened restaurant 5917 39th Ave serving ethnic Polish Hungarian Slavic and German food In a casual dining atmosphere and buffet style our food Is homemade The chicken soup Is from the she said hours are 10:30 am to 9 State retraining funds in to help Outokumpu 6 i H) fine Tofc Jon rM Ad' 7-to NY sha mat ed S2- HI I 45 34V 65' 37 72V 20 61 27 S3 39 20 58V 13V 59V 62 37 8V 17 65 37 7 25 37 12 69V 49V 31" NTS Stock Topfh SpgWit BuriRsO CapSeri OEA DetaFn Top ft Cytec wpeG Trtmp Quanex Top ft GieOes Brunswc PhAtor Compaq lucent CMCttC WHEAT 5000 bu Sep 96 Dec 98 Mar 99 May 99 JU99 Sep 99 Dec 99 Thu sales Thu open CORN 5000 but Sep 96 Dec 96 Mar 99 May 99 Jul 99 Sep 99 Dec 99 Dec 00 Thu sales Thu open OATS 5000 bui Sep 96 Dec 96 Mar 99 'May 99 JU99 Sep 99 Thu sales Thu open N1 Frid man ingf tracl In worl late Gen Di the 3 ly It Japa dem strei New resp day from SAN FRANCISCO (AP) Youthful entrepreneurs are finding more than just virtual success on the Internet which is proving to be an e-cash cow for more people than ever Nearly a third of the 100 wealthiest members of the high-tech industry are involved in Internet-related businesses according to the annual list by Forbes ASAP a technology supplement to Forbes magazine Also much of the more than $150 billion in estimated wealth was amassed by people under 45 during the last six years as Internet businesses soared FCC vows to continue push for minorities WASHINGTON (AP) Federal regulators forced by a court ruling plan to propose new rules aimed at bolstering minority employment in the TV and radio industries important thing here is we got to keep this alive We got to do whatever we can to address this Federal Communications Commission Chairman Bill Kennard said Friday in a speech to the National Association of BlackOwned Broadcasters Three days earlier the FCC lost a legal bid to resurrect its equal employment opportunity policies which had been declared unconstitutional by a three-judge appellate panel in April California grower agrees to pay fines WASHINGTON (AP) A subsidiary of Sun Diamond Growers of California has agreed to pay $480000 in federal fines for illegally funneling about $37000 in contributions to the 1992 Bush-Quayle campaign and a conservative political action committee The agreement worked out with federal prosecutors required Sun-Land Products of California to plead guilty to criminal charges and pay fines to both the court and the Federal Election Commission Chemical company alters expansion plans NEW ORLEANS (AP) A chemical company averted a national test case over by suspending plans to build a plastics plant in a poor black community Shintech Inc said Thursday it will instead try to open the plant in an industrial area near Baton Rouge The Environmental Protection Agency praised the decision while activists said they will fight to keep the plant from being built anywhere in Louisiana TV giant to trim staff by 20 MEXICO CITY (AP) Grupo Televisa SA largest television network plans to slash about 4000 jobs or 20 percent of its work force the end of September as part of a yearlong cost-cutting effort The cuts which will leave Televisa with about 17000 employees aim to achieve $60 million in annual cost reductions executives said Friday That would add to $25 million in annual savings from layoffs during the first six months of the year The latest cuts span across all departments and all seniority levels Many of the affected employees were leaving the company this week i 1 BY DAVE BACKMANN KENOSHA NEWS Help is on the way to the 260 employees of Outokumpu Copper Kenosha who will be losing their jobs as the factory shuts down over the next six months The Wisconsin Department of Workforce Development this week allocated $160000 to pay for retraining both hourly and salaried workers John Milisauskas executive director of the Southeastern Wisconsin Private Industry Council Inc said more state money could be coming depending on how many displaced Outokumpu workers wind up going back to school PIC is the agency coordinating retraining efforts for the workers want to serve about 120 based on how many start Milisauskas said more than half of the folks who seek retraining information follow through more start retraining and we use up the money the state may look at giving us more we may need an- flowing workers most of those who will lose their jobs to stay with the company until they are laid off because of an attractive severance package got some time for people to start thinking and really get a jump on A number of workers have shown interest in learning how to operate computer numerically controlled machines through classes offered at the Racine campus of Gateway Technical College he said Area metalworking shops likewise are seeking people with CNC skills Computer-assisted design and computer repair are other areas where Outokumpu workers have indicated an interest have developed a shortterm training program so instead of someone going to regular classes for several hours every other day you go from 8 am to 4 Milisauskas said you can learn CNC operation in 16 weeks rather than taking a full year or two The intent is to get them back into the labor force as quickly as possible Housing starts Seasonally adjusted annual rate millions of units 1997 1998 Aug July Aug l98 Source Department of Commerce AP Please note' Most of the transactions listed are typical arm's length property sales Some may have prices -below market value because of varying circumstances Some addresses are not listed because street numbers haven't been assigned For more information about properties contact the Kenosha County Register of Deeds Office 653-2414 More than one parcel other $43000 depending on the interest of people who come Outokumpu announced last December it would close the 112-year-old factory at 1420 63rd St: because of unprofitability Production of strip metal for the electronics industry is to be shifted to a sister plant in Buffalo NY Layoffs are to begin with the elimination of 20 to 30 jobs at the end of October and continue up to the scheduled April 30 1999 plant closure The bulk of the layoffs are expected to come in the January-March period Outokumpu Copper is an affiliate of metals conglomerate Outokumpu Oyj of Espoo Finland Milisauskas said the Outokumpu workforce generally is older Most employees have many years with the company Of 188 who responded to a PIC survey conducted to plan retraining programs 80 percent said they have more than 20 years with the company while 75 percent are age 45 or older Milisauskas said he expects ago reflecting a surge in activity propelled by falling mortgage rates and low unemployment will be the best year for housing since said David Seiders chief economist at the National Association of Home Builders have had the best of all possible worlds with great job growth consumer confidence close to record levels and interest rates coming This week a national survey showed that 30-year mortgages have now fallen to 666 percent the lowest level since Freddie Mac the mortgage company began its survey in 1971 Housing starts in the Midwest fell 31 percent to an annual rate of 309000 units Housing construction dips Historic Lows! REFINANCE Call today to lock in your rate! As of Sept 16 1998 WASHINGTON (AP) After hitting an 11-year high construction of homes and apartments dipped in August but remained on track for a banner year with mortgage rates at a nearly three-decade low The Commerce Department said Friday that construction of homes and apartments fell 55 percent last month to a seasonally adjusted annual rate of 161 million units While the August setback was the biggest decline in 20 months analysts noted that it was occurring after construction activity had surged to an annual rate of 171 million units in July the fastest pace since March 1987 Even with the decline housing activity in August was 166 percent above the level of a year 4 Loans over $100000 C3CZJ SOUTHEAST WISCONSIN Serv'nJSEWI MORTGAGE John Match 91 LeRose CPA President 7649 Pershing Blvd Kenosha: 414-942-8305 Kenosha Fax: 414-942-1632 Racine: 414-632-5311 Visit our website at wwwradnecountycoinsewi and call for the latest rate updates 4.