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New Mexican (Newspaper) - October 2, 2005, Santa Fe, New Mexico In brief Ritas rig damage could be worst ever DALLAS Hurricane Rita may have caused more damage to rigs and platforms than any Gulf of Mexico storm even its formidable predecessor Hur ricane Katrina according to oil and gas analysts The doublewhammy of those hurricanes has already cost the Gulf almost 7 percent of its annual oil production and 5 percent of its yearly natural gas output according to a report from the Minerals Manage ment Service ODSPetrodata which pro vides data and information to die industry reported 13 rigs already seriously damaged or destroyed by Rita Platform damage still is being assessed said Tom Marsh ODS analyst Meanwhile 9 of 12 pipelines that move gas and oil onshore remain shut down or operate at less than 100 percent capacity according to the latest report by the Association of Oil Pipelines More Fannie Mae accounting woes WASHINGTON Investiga tors combing through Fannie Maes finances have found new and pervasive accounting viola tions on top of whats already been disclosed Dow Jones Newswires reported citing unnamed people close to the probe The investigation showed executives embellished the companys earnings over the years by overvaluing its assets underreporting credit losses and misusing tax credits the sources said Several of these people exam ining Fannies books also said evidence indicates the company purchased socalled finite insur ance policies to hide earnings losses after they were incurred Securities regulators includ ing New York State Attorney General Eliot Spitzer are crack ing down on corporations they say bolstered earnings by using abusive financial reinsurance policies that are more akin to loans where little or no risk is transferred to the insurer Union leader sees Northwest deal ST PAUL Minn North west Airlines and its unions will settle their differences one way or the other by the end of the year forecasts pilot union leader Mark McClain Well have a successful reor ganization or McClain said in an interview Thursday But he said hes confident that Northwest which is in bank ruptcy and its unions creditors vendors and other key parties can devise a successful reorga nization plan The only other option is We go out of said McClain Largest health insurer expands INDIANAPOLIS Well Point the nations largest health insurer moved last week to expand its reach by acquiring New Yorkbased WellChoice Inc in a move analysts said would thwart competition but physicians said could be bad for customers The deal valued at bil lion in cash and stock gives Indianapolisbased WellPoint an important inroad into the New York area with 5 million new customers and access to nationwide accounts company officials said Indianapolisbased WellPoint said it would pay in cash and stock per WellChoice share about percent more than WellChoices closing price Monday Merck kept silent on death data ATLANTIC CITY NJ Alzheimers disease patients who took Vioxx in two stud ies had higher death rates than those on a placebo but Merck Co never notified physicians or its sales representatives its former chief scientist conceded in testimony played in court Edward Scolnick former president of Merck Research Laboratories said last week under questioning by a lawyer for a postal worker suing the Vioxx maker that doctors pre scribing the popular arthritis drug should have been told about the data in 2001 Merck pulled Vioxx off the market last year after a study showed it raised the incidence of heart attacks and strokes The New Jersey trial brought by Frederick Mike Humeston 60 of Boise Idaho is the second of about product liability lawsuits brought against the Whitehouse Stationbased drug maker Humeston survived a 2001 heart attack two months after he started taking Vioxx to ease pain from an old war wound Ridership up as gas prices climb ALBANY NY Commuter rail bus and subway ridership has risen across the country with more people turning to public transportation amid skyrocketing gasoline prices officials say Transit authorities around the country are reporting increased ridership with higher revenue more crowded rail cars and buses and more hits on their Web sites From January through August the Niagara Frontier Transportation Authority in Buffalo saw ridership rise from last year accord ing to spokesman Douglas Hart mayer For the week of Aug 28 when gasoline prices reached a gallon in the Buffalo area ridership was up 12373 The next week the authority car ried more riders than the same week a year earlier Callaway Golf to cut 500 jobs Callaway Golf Co said Thurs day that it would cut 500 jobs as it consolidates manufactur ing trims its sales force and squeezes costs from other parts of its operations The restruc turing which will stretch into 2007 aims to reduce annual operating costs by million Fifty employees were let go Thursday at the companys headquarters in Carlsbad in San Diego County About 150 additional jobs in Carlsbad will be eliminated by yearend as Callaway consolidates golf ball manufacturing at two plants in Massachusetts and New York Callaway which began the year with employees will cut 300 jobs at other locations The golf equipment manu facturer will take a million charge against earnings with million corrting during the third quarter The company hopes to realize million to million of the anticipated savings during 2006 with the remainder coming during 2007 Callaway Chairman George Fel lows said the company would spend an unspecified amount of the savings on product develop ment and marketing initiatives New Mexican wire services Sunday October 2 2005 THE NEW MEXICAN D7 WORKPLACE When entrepreneurs call it quits IptraFFicdeveloper 505 988 5055 By Louise Witt Fortune Small Business They spend years nurturing and build ing their businesses then one day they decide to let it go Why Some want to focusTon the rest of their lives Paul Orfalea opened up his first Kinkos copy shop in Santa Barbara next to a hamburger stand in 1970 when he was 22 years old More than two decades later Kinkos had outlets around the world and was named one of the best places to work by Fortune magazine three years in a row Orfalea was a success but he was miser able Orfalea whose nickname was Kinko because of his curly hair constantly wor ried about the companys finances and operations And if a customerservice issue came up his heart sank After a while Orfalea didnt want to be Kinko anymore he wanted to be Paul I was not he said The company owned me I didnt own it It overwhelmed my So Orfalea started to step away from his company In 2000 he retired And four years later he sold the company to FedEx for billion In the last five years he founded a foundation started teaching made time to meet his friends for break fast set aside more time to be with his family and wrote a book Currently hes touring the country to promote his autobiography written with Ann Marsh Copy This Lessons From a Hyperactive Dyslexic Who Turned A Bright Idea Into One of Americas Best Companies Workman Publishing Company Orfalea said he always planned on get ting out of business by the time he was in his 50s his biological clock was ticking When he was a boy his mother told him that when hes in his 20s he should try everything in his 30s he should figure out what he does best in his 40s he should work at what he does best and in his 50s not work at all Well at least not work at running a business full time You dont he said You Martin Snider an organizational con sultant in Waban said many entre preneurs decide to sell their companies or shut them down when they think the costs outweigh the benefits You put up with things as long as its worth said Snider who is also the author of Compat ibility Breeds Success How to Manage Your Relationship with Your Business Partner Praeger Publishers But demands can erode ones More competition tough economic conditions rising healthcare costs or simply long hard hours at the office year after year can all increase demands on an entrepreneur Sometimes its gradual with people getting worn down over Snider said Or it could be a sudden mar ket change But more often its gradual Its like when you fill up a glass with water and you add one more drop everything goes every which way Pressures can pile Snider advises that entrepreneurs keep tabs on their emotional satisfaction with their professional lives just like they keep accounts on their financial success Periodically its good to take stock and see how youre getting he said Depending on your business and your personality you may want to evaluate your feelings about your business every quarter or every six months You want your mind set to be not only on financial success but also on satisfaction And if running your own business isnt as rewarding or as exciting as it once was then you can begin to take steps to sell your business But some entrepreneurs sell their com panies for other reasons Horst Rechel bacher the founder of Aveda beauty prod ucts decided to sell his company to Estee Lauder in 1997 because his son who was his business partner didnt want to stay with the company He wanted to get the money out of the company and do his own Rechelbacher said Rechelbacher stayed on as a consultant to Aveda but he had time to focus on nurtur ing his other company Intelligent Nutrients which makes organic food and nutraceu ticals Estee Lauder had an option to buy Intelligent Nutrients but passed on it So Rechelbacher is in completely in charge of building yet another business He plans to unveil a small shop in ABC Carpet Home in New York City before the winter holidays and open a flagship store next year Small is he said I like startups I dont like to run big companies Im a designer And not just a designer but a product designer as well So calling it quits doesnt mean that an entrepreneur simply retires It may just mean that another venture is just beginning If you pick the right field jobs abound By Banks Albach Knight Ridder Newspapers WASHINGTON Some jobs pay living wages are in fastgrowing fields have lots of openings and dont require bachelors degrees Most of them arent glamorous but they wont be offshored anytime soon either according to a newly published analysis by the nonprofit agency Jobs for the Future Among them truck and bus driving nurs ing construction and computertech jobs A lot of these industries are having dif ficulty finding reliable workers with the skills they agency official Jerry Rubin said His group which is based in Cambridge winnowed Bureau of Labor Sta tistics data for 725 job categories to find the best shots It looked for jobs that paid or more were in fields with at least openings a year offered at least some opportunity for advancement and had modest requirements for educa tion and experience Its report The Right Jobs profiles these winners Registered nurse Income range to Pro jected annual openings Education associate degree in nursing Note Acute nurse shortage is expected to double by 2015 Licensed practical vocational nurse Income range to Pro jected annual openings Education llthgrade math and reading required for admission to a 12month academic training program Note Easier to get into than registered nurse jobs Lots of jobs in longterm care Can lead to an career Customerservice representative income range to Pro jected annual openings Education high school or college plus training pro vided by employers Communication skills matter Note The work answering customers questions in person on the phone or via email or the Internet is stressful mechanic Income range car to truck to Projected annual openings auto truck Edu cation high school Training for those with out high school autoshop experience lasts six months to two years and costs to Computersupport specialist Includes helpdesk support personal computer technician network administrator and Web site development and maintenance Income range to Pro jected annual openings Education Entrylevel jobs are available without much formal training but vocational school certi fications and degrees help win promotions Building trades Carpenter electrician Income range carpenter to electrician to plumber to Projected annual openings carpenter electri cian plumber Education high school Preapprentice training lasts 12 weeks apprenticeship three to four years Note Wages are 50 percent higher in unionized jobs but theyre tougher to get A criminal record may be tolerated Commercial driver Heavy trucks or Income range Truck to bus to Pro jected annual openings truck bus Education high school Training programs usually run six to 12 months Fed eral law requires interstate truckers to be 21 or older New Mexico Cancer Care at the Cancer Institute of New Mexico welcomes Karen LoRusso MD Dr Karen LoRusso icccivctl tier MD from the University of Rochester School of Medicine Her Internal Medicine internship and residency training were at the University of New Mexico Hospital in Albuquerque She completed her fellowship training in al the University of Virginia Hospital in Chnrlottesville Virginia Her inlerests include breast cancer and other solid tumors lymphoina and leukemia and benign hemalology For appointments please call 5059557900 490A West Zia Road Santa Fi I CANCER INSTITUTE of Nt Mexico General Admission Enterprise
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