Ledger-Enquirer from Columbus, Georgia • 22

Ledger Enquirer Business C6 Tuesday January 26 1 999 Bizacts Germany Mexico Japan us EELhh KRT SOURCE: ECA Windham Tubes Average cost for a 22 inch color television set in selected countries: NATION Stocks gain despite mixed earnings reports forecasts NEW YORK Stock prices gyrated all day Monday but ended mostly higher after investors picked apart the nuances of divergent earnings reports and forecasts The Dow Jones industrial average gained 8265 points to 920332 about 70 points of that in the last hour of trading The blue chip index sank 57 points in morning trading turned around and surged 50 points dropped back a second time and rose again in the last hour The technology heavy Nasdaq composite index climbed 3043 to 236931 as Microsoft a high profile component rose 5 to 161 Microsoft announced a two for one stock split Monday The Standard 500 added 879 to 123398 A number of Dow components moved on earnings reports reported fourth quarter earnings on target with estimates but cautioned analysts to lower their expectations for the first quarter It finished 1 higher at 89 after being lower most of the day Minnesota Mining and Manufacturing rose 3 1316 to 75 operating earnings beat analyst estimates although they were lower than the fourth quarter of 1997 3M executives said improving foreign exchange rates further cost reductions and new products will help the company continue earnings growth in 1999 BP Amoco to sell gasoline with low sulfur in 40 cities DETROIT The oil giant BP Amoco will soon start selling a low sulfur gasoline in 40 cities worldwide within two years as part of an effort to cut vehicle pollution Chairman John Browne said up to 16 of those cities will be in the United States specifically identifying Detroit and Chicago The low sulfur gasoline will start selling in two years The reduction in the sulfur level will vary from city to city Browne speaking to business leaders did not specify if the reductions would involve bringing all brands below the current industry low of 200 parts per million for Amoco Ultimate In the 40 cities the low sulfur gasoline will not be in all brands but in a specific brand such as Amoco Ultimate Browne said eventually the company intends to reduce sulfur parts per million to meet or exceed the 2005 European goal of 50 ppm The industry average is 350 ppm with a cap per gallon of 1000 ppm according to the American Petroleum Institute BP Amoco which has 14000 gas stations in I the United States intends to completely convert to lower sulfur fuel within three to five years Browne said The conversion process at an estimatedcost of $1 million in the United States involves setting up refineries to specifically produce gasoline with lower level sulfur Intel Corp to offer software i that disables tracking device WASHINGTON Just hours after privacy groups began a boycott Intel Corp reversed itself Monday and said it will allow consumers to permanently disable a new technology that I helps identify computer users as they move across the Internet Intel the largest computer chipmaker with $262 billion in sales last year also said it will include software that turns off the feature by default in future copies of its Pentium III processors not yet distributed to the computer makers I The company promised to offer the software i to owners of existing Pentium III chips already in production making it easy to permanently turn off the tracking technology Consumers can choose to activate the technology which for security reasons would require restarting their computers Intel spokesman Chuck Mulloy said Monday Intel need to redesign its chips rom wire reports Buck to close Saturday Restaurant owners say restaurants to try to absorb about 50 employees By Tony Adams Staff Writer Buck Backyard Grill will serve its last meal on Saturday The restaurant located in Milgen Plaza shopping center off Woodruff arm Road opened about 2 years ago pretty popular but not making enough to cover our general manager Grif Mor peth said Monday Morpeth is the son of Jim Morpeth who owns Buck along with three Coun Barbecue restaurants in Co lumbus The restaurant is being sold complete with kitchen equipment through Waddell Realty But if a buyer wishes the equipment will be removed from the site Morpeth said the restaurant has about 50 employees The restaurants will absorb as many employees as possible into those operations Buck initial menu boasted of rotisserie chicken and vegetable dishes but Morpeth said the had passed so the decision was made to install wood grills and focus on a steak menu He said that move boosted revenue about 30 percent but still not enough Morpeth said the location in the northeast part of town was another drawback It is not as centrally located as the restaurants those being on Mercury Drive Broadway down town and in Main Street Village are no immediate plans to open another Morpeth said just going to concentrate on those we Sherri LaRose Ledger Enquirer rWWi The new Target off Bradley Park Drive stands in the foreground as the Books A Million and other stores are under construction next door Publix leads new wave of business openings Existing home sales Seasonally adjusted annual rate millions of units 60 AM A 0 ND 1998 50 Ptli 111 40 Im tri 1 301t fr 'itr jJoU jJlt Jib tm Writ 10 Dec 97 Nov 98 Dec 98 Existing home sales have another record year Low mortgage rates solid economy contribute to third straight year of record home sales Associated Press WASHINGTON The most affordable mortgage rates and lowest unemployment in three decades combined to push sales of existing single family homes to a record 478 million in 1998 That marked a 135 percent in crease over 1997 and the third consecutive annual record the Na tional Association of Realtors said Monday This residential real estate market should be good but not that good economists said 1998 was Mark McGwire hitting 70 home runs what we will Local shoppers to see several retailers open their doors in the next few months By Abby Brach Staff Writer Columbus shoppers will see a slew of new retailers open in the next few months kicked off by the opening of the Publix supermarket at Parkway Centre eb 17 Management at the new 7600 Schomburg Road location is plan ning the grand opening which typically includes food samples and specials Most of the 130 employees needed at the 37888 square foot grocery store have been hired Training begins Saturday said store manager Dave Wetherington begin stocking the store eb he said A full service SunTrust bank will be located inside the Publix along with a pharmacy Ticket Master outlet and other services When the store opens next month Publix will operate four locations in Columbus Two adjacent restaurants are under construction across from the new Target store on Bradley Park Drive Chik il A which will be located next to AM Peach Lanes bowling alley and next to Deli are scheduled to be completed by April or May This will be the first freestanding Chik il A restaurant The company also operates a loca tion inside Peachtree Mall restaurant which serves moderately priced American fare will make its debut in Colum La Shinda Clark Ledger Enquirer I 0 publix rf ft Uh nrA Construction is almost complete at Publix on Schomburg Road bus The Nashville based company operates about 80 restaurants in the Southeast and Midwest Target on Bradley Park Drive is scheduled to open March 7 The national upscale discounter is in the process of hiring 150 employees for the 123000 square foot store Located next to Target will be the $15 million amily Clothing store slated to open April 29 sells and family clothing to shoppers Also in the shopping center is arts and crafts store also scheduled to open this spring It will be another year before PetsMart also be located next to Target opens Atlanta based JDN Develop ment Co is handling the leasing for the shopping center Additional retail space restau rants and a hotel on property between Target and Jay Auto Mall is being negotiated by Bradley Real Estate are in the option period with a hotel developer said Leah Braxton director of commercial real estate development for Bradley Real Estate Details of the deal are not being released at this time she said Also in the area three of the five new 9000 square foot office build ings under construction at the corner of Bradley Park Drive and River Road are nearly complete Three of the buildings in the development called River Park have been sold but the deals close until next month Braxton said see in 1999 is 62 home runs something that would have been a record breaker except for the previous said economist Rob ert Barr of annie Mae Last sales were propelled by an ideal combination of unem ployment at a 29 year low of 45 percent mortgage rates under 7 percent since June the longest such stretch in three decades and contin ued solid stock market gains have a job and a low mortgage rate and a home affordable going to buy said economist David Lereah of the Mortgage Bankers Association of America He forecast sales of about 46 million this year The strong sales in turn pro pelled a healthy increase in home prices The median price of an existing home last year meaning half sold for more and half for less was $130600 up 52 percent from 1997 By contrast the increase in consumer prices 16 percent was less than a third of that By region the median price rose 72 percent last year in both the Midwest to $113700 and the West to $172000 59 percent in the South to $115400 and 32 percent in the Northeast to $149700 Sales by region soared 18 percent to 185 million in the South 13 percent to 120 million in the Midwest 11 percent to 104 million in the West and 8 percent to 684000 in the Northeast In December alone sales rose 31 percent from November to a sea sonally adjusted annual rate of 503 million also a record going back to when the Realtors first began track ing sales in 1968 Some auto insurers push knockoff parts on customers Parts made by companies other than manufacturer help insurers save but can put customer at risk Associated Press NEW YORK Many insurers push and even dangerous knockoff replace ment parts on car owners after a crash Consumer Reports magazine Ibund in a study issued Monday The study in the ebruary issue found replacement bumpers that crumpled with little resistance poorly fitting fenders prone to rust and hoods with faulty iatches that allow them to open at high speeds Consumers Union a nonprofit group that publishes the magazine is urging Congress and states to regulate the industry and require car consent before imitation parts are used Most insurers endorse imitation parts because they come as much as 65 percent cheaper Yet customers complain about knockoff parts twice as often according to a survey of 500 repair shops done for the auto industry by Industrial Marketing Research Daniel Della Rova grew con cerned over replacement parts after the hood of his Honda Accord flew into his windshield on the highway near Kutztown Pa in 1998 A damage appraiser blamed a cheap imitation hood made in Taiwan The difference in price can be substantial A replacement hood for the Accord cost about $100 com pared with about $225 for a hood made by Honda a major reason why insur ers call for imitation parts 59 percent of the time Industrial Marketing Research Only one major insurer of 10 questioned by Consumer Reports required replacement parts made by the original automaker: the Interinsurance Exchange of the Automobile Club of Southern Cali fornia The magazine said Allstate will pick up the cost for original parts if the customer insists State arm Travelers and Erie require the consumer to make up the difference Insurers warn that requiring parts from original equipment makers could drive up the $59 billion Americans spend esph year replac ing parts damaged Tn the 35 auto accidents that occur annually.