Ironwood Daily Globe from Ironwood, Michigan on September 11, 1998 · Page 6
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September 11, 1998

Ironwood Daily Globe from Ironwood, Michigan · Page 6

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Ironwood, Michigan
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Friday, September 11, 1998
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THE DAILY GLOBE, tronwood. Ml — Friday, Sept. 11, 1998 Page 12 Daily market roundup September 10, 1998 7615.54 lilisLliTlLOuj Hi^div- -249.48 Low j 7,469.04] /-• r '"•"• 9600 9300 September !0, I'WS -j-j, ^ 980.19 .JliShlLOWJOl Highest clo* Lilll ~ 2601 - L °* ' %8 - M i A! ' /7 -'- w _ 1210 1.186.75 iS 1175 1140 1105 1070 1035 — 1000 965 930 7/1/98 8/1/98 9/1/98 10/1/98 Business Briefs Intel, Oracle results strong NEW YORK (AP) — Intel Corp. and Oracle Corp., two of the most prominent technology companies, announced surprisingly strong financial results late Thursday that sent a double dose of reassurance to a shaken Wall Street. •Intel, the world's largest maker .of computer microprocessor chips, said it would report, unexpectedly high third-quarter sales 'due to strong demand from computer makers in the United States and Europe. The late-day announcement came as Oracle, the largest maker of corporate database software, reported stronger-than-expected- profits for the quarter ended last month. The separate disclosures came too late in the day to staunch a powerful Wall Street selloff. Stocks plunged broadly for a second straight session Thursday, erasing all of Tuesday's gains. Trade deficit pushed higher WASHINGTON (AP) — Global economic turmoil pushed the broadest measure of the nation's trade deficit to a record high in the April-June quarter. And foreigners are using earnings on their export sales to snap up U.S. assets, including government-guaranteed Treasury securities, a report from the Commerce Department showed' Thursday. The current-account deficit, which includes trade in merchandise, services and investments, rose 20 percent to $56.5 billion from the previous record, $46.7 billion in the first quarter. Mortgage rates at 5-year low WASHINGTON (AP) — Mortgage rates fell to a five-year low this week, nearing a level not seen since the late 1960s. The average interest rate on 30-year, fixed-rate mortgages Metal Prices NEW YORK (AP) — Spot nonferrous metal prices Thu. Aluminum — G1.1 cents per lt>., London Metal Exch. Thu. Copper — S82.00 Cathode lull plate, U.S. destinations. Copper — 77.50 cents per Ib., N.Y. Merc spot Thu. Lead —• 48 cents per Ib. Zinc — 5147-51 97 cents Ib., delivered. Tin — S3.6774 Metals Week composite price per Ib. Gold — $290.50 troy oz., Handy & Harman (only daily quote). Gold — S290.70 troy oz., NY Merc spot Thu. Silver — S5.070 Handy & Harman (only daily quote). Silver — $4.995 troy 07., N.Y. Merc spot Thu. Mercury — S 175.00 per 76 Ib flask, N.Y. Platinum — S363.50-S366.00 troy oz,, N.Y. (contract). Platinum — $365.50 troy oz., N.Y. Merc spot Thu. n.q.-not quoted, n.a.-not available. Time is money But it only takes an instant to call a classified salesperson and get your merchandise moving. Daily Globe Classified 932-2211 The Ticker Edward D. Jones and Co. David Rieglar— 932-3090 Dow (i,, m Diil'mil Kxi.m Kuril C.inn.'tt C.-n Kli'c )i;irr.ih« Km Inlii.ilS I lul.-l HIM K ru.ul [,, I'.uinr 20'/« Ford CEO Trotman retiring Jan. 1 Will be replaced by W.C. Ford Jr. DETROIT (AP) — Ford Motor Co. chairman, president and chief executive Alex Trotman will retire Jan. 1 and will be replaced as chairman by William Clay Ford Jr., the great-grandson of Ford founder Henry Ford. Trotman, 65, had run the world's second-largest automaker since 1993, and has worked for the company for 43 years: He had planned to retire at the end of 1999, but said the company had made more progress than expected on cost-cutting and global business plans, and he made the offer to retire early. "The next five years will require us to go to the next level, and continue to improve and take competitive advantage of the changes we have made," Trotman said. "I believe — and the board agrees — that this is the time for the next generation to take charge and lead us into the 21st century." In an expected move, the company's board of directors affirmed William Clay Ford Jr. as Trotman's successor as chairman. The board also chose Jac Nasser, who runs Ford's automotive operations, as president and CEO and made him a member of the board. "Over these past several months, the board has discussed succession following my retirement and has concluded that the roles of the chairman and of the chief executive officer should be separated," Trotman said. "Jac is already running the largest part of the company and, with Bill as chairman of the board, we have tremendous strength and continuity as we move forward." The company said that the operations Trotman ran will report to Nasser. Trotman earned $10.7 million in 1997 in salary and bonuses. During his tenure as chairman, Trotman led the company to rec- ord profits; one reason was the boom in sport-utility vehicles that began with the Ford Explorer. The company has earned $3.9 billion in the first six months of 1998. Trotman also started the Ford 2000 program, which combined Ford's separate operations and was aimed at boosting quality, lowering costs and quickening product development. "I think he'll go down in history, because of the Ford 2000 program, as one of the great visionaries to lead Ford in its .postwar history," said analyst Scott Merlis of Merlis Automotive International Inc. dropped to 6.77 percent from 6.82 percent, Freddie Mac, the mortgage company, said Thursday. That's the lowest since 6.74 percent in late October 1993 and nearly half a percentage point lower than the high for the year, 7.22 percent, .reached in late April. IMF delaying Russia payment WASHINGTON (AP) — The International Monetary Fund is delaying a $4.3 billion payment to Russia until the country forms a' now government and institutes economic reform, officials said Thursday. Russia had been scheduled to rccLMve the payment, the second installment on a $22.5 billion IMF rescue package, next Monday. IMF Deputy Director Stanley Fischer declined to predict when the payments to Russia might resume. "The money is at the end of the process, not the beginning," Fischer said. Complicated issues are involved "and we hope the Russian government wants to move on them sooner rather than lat- Global woes hit Silicon Valley SAN JOSE, Calif. (AP) — Asia is in crisis, Russia is imploding and Latin America may be next. The ripples of global crisis have reached Silicon Valley, making some technology stocks look like a thing of the past and leading to pay cuts at some of the best- known high-tech companies. Still, the daring that made this area the hard-driving engine of the Information Economy doesn't show signs of waning. Europe still set to merge FRANKFURT, Germany (AP) — With financial turmoil buffeting much of the world, it might seem that Europe's economic merger — just three months away — couldn't be happening at a worse time. Yet, despite the economic woes in Asia, Russia and Latin America, Europeans remain confident they can pull off their ambitious project to create a unified economic zone of nearly 300 million people, rivaling the United States. Ford withdraws pursuit for Korea's Kia Motors DEARBORN, Mich. (AP) — Ford Motor Co. said Friday it has ..withdrawn from the auction of bankrupt, South Korea-based Kia Motors Corp., citing that company's sizable debt. Ford's withdrawal came a day after the No. 2 automaker joined three South Korean automakers in submitting letters of intent to take part in a new. auction of Kia, South Korea's second-largest automaker. But on Friday, Ford Vice Chairman Wayne Booker said its' pursuit of Kia made little business sense, given what he called Kia's "unreasonably high amount of debt" totaling about $8.4 billion. Ford already owns 16.9 percent of Kia. "We believe that the level of debt that the creditors have specified will make it very difficult, if not impossible, for Kia and Asia Motors to be successful, internationally competitive companies," Booker said. The auction — the second involving Kia — follows one earlier this month that failed to find a buyer. Potential buyers now include Hyundai Motor Co., Dae- woo Motor Co. and Samsung Motors Inc. New bids must be submitted by Sept. 21. The winner will be announced Sept. 28. Kia's creditor banks rejected previous bids by the Ford and the existing pursuers because they included demands for a writeoff . of at least part of Kia's debt. Rules .for liivestiiig in Todays Stock Market During jJL'riotis of uncertainty in llic sto<:k iiKirki't. it's more important than c.vor to remember... the Basic Rules of Successful Investing I Buy Quality I Diversify I Invest for the long term Whether your investments arc with Edward Jones or elsewhere, I'd be hnpjiy to discuss how well your investment portfolio may stand the test of time. /-^ n .1 i Call or stop by today for more information. Member SIPC Dave Riegler Investment Represenutire 232 Aurora St., Iron wood 932-3090 www.cdwardjoncs.com New Toil-Free Number 1-800-282-3090 Edward Jones Serving (*4iTM»l l Star* 1171 M a r q ii e Me- G e n e r a I H o s p i tal KAYE AVENUE IIMIMIIIIIIIIIMIIII PAR KING LOT A route for patient drop off (£ fc " ~ COLLEGE AVENUE PARKING LOTB Information booths & parking attendant Elevators Ahtx.l Ul« 41% Mirh.F.C 3,'jV. Ani.K-r, r,U"j M'-I)onalJ'« 59 1.V16 AT&T .I.IWIfi N(.lirm»ICilyCon)62'A Ani.-ril.rh 4. r >V. Ndrth .Si I'wr. ..27 7/16 11,'th Stcrl 7 11/lli .l.('..\' r .nnr.y 513/16 Ct,r, m[ ,i,,r> Inl .TOl/lli [VnUir 20 1& Clirvslcr , -,1',0 I>,., )nlcn ' l ";'; ir l' • h!l "< H.ickwrll DAN 17:1/10 ,. S.Mrs 77 !)/l(i Slf " v ' ( ' ont !l 1/1S i.'i IVK; ^'•""'• ; '" ^ i.) [in r,M 7/1 Ii "ni'T. <'rtrbi(lr.:iH I.I/IB 7M ;. H l;in,,v» ,,,22',^ -jjji.j I'luirni A Ilpjhn 4. r i 1 -^i 4] (I *.' t-'.nrrgy 2HV, 47'., USX '...ZiyiS IT, Wi.1 Marl UO IH'-j \\'IM Kricr^'y t'drp '^( J /'« R'l". Wi^ I'ub Kc-rv ... .a.'lli IV.'. 1 .< X.-ri.n . HT/, <.'!'•« l):>w ,l,,npn Inrlunlrinl i:i7/lli Av.-riik-r «l !1 « m »t<x»j I'l 1 1/lli ;|I7V."I US EMERGENCY ENTRANCE MAGNETIC STREET M ARQUETTE General Hospital u fc•-.<-; i o N'A i u i ivi r A;i Visit the MGH website at: www.mgh.org — O m 111 mrmiiimimi u Lnrn iniiinn PARKING LOT C Call MGH by pressing * MGH on your Cellular One phone. Hospital parking & access during construction We want to minimize the inconvenience to our patients, their families and visitors. During our renovation, we would like to encourage patients and visitors to: «park In Parking Lot A or the Parking Deck *u$e the skywalk to enter and exit the hospital *call ahead for our Escort Service if you have special needs: 1-800-562-9753 ext. 3302 *call our Patient Assistance Center with questions or concerns: 1 -800-562-9753 ext. 7700 *ask any employee for assistance Thank you for your patience and understanding during this time of positive change. ' H el pi n g to bull da he a 11 h i e r c o m mil n i t y

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