Brandon Sun (Newspaper) - June 27, 2002, Brandon, Manitoba
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Markets drop in wake of scandal
People aren’t panicking as stock markets decline, “but they are becoming frustrated,’’ says Darrell Juliak.
“They’re saying, ‘when will it end? When will we get back to normal?”’ observes the Brandon certified financial planner of Assante Financial Management.
Stock markets closed mixed yesterday after investors were sent reeling by corporate America’s latest accounting scandal, which could turn out to be the biggest corporate fraud ever.
Former Nasdaq darling WorldCom announced Tuesday that it disguised $3.8 billion in expenses last year and early in 2002.
American indexes pulled back from steep declines but the Toronto index was dragged down by three of its major stocks — Nortel Networks, BCE and Royal Bank.
“... For the average investor, it means if you haven’t got the stomach for the volatility, you should review with a planner where you should be. If you can stomach it, sit tight and try to get through this,” says Juliak.
Heather Tymoschuk, certified financial planner with Barkers Financial, says she hadn’t received a single call yesterday from a client worried about the market slide.
“Just hold out for the long term,” she advises. “You go for a ride and stay on it.”
Grant Starko, regional director of Investors Group, agrees.
“We’re not getting any pamc calls at all. You don’t want to be selling when you have a market like this.”
Young investors who buy funds through dollar-cost averaging can actually benefit from the drop, Tymoschuk says.
That’s a system of investing a fixed amount per fund monthly, regardless of its price. When the price drops, the investor gets more units for the same money.
“They’re able to buy units on sale,” Tymoschuk says.
Older investors have less time to wait for funds to recover, Tymoschuk admits, but they are often more calm about market dips.
Investors can reduce exposure by investing in equity stocks not affected by the WorldCom scandal or fixed-income investments like bonds, Juliak said.
SEE DESPITE’ — PAGE A4
BRUCE BUMSTEAD/BRANDON SUNBrandon Police Services Const. Jay Palmer looks down at his canine partner, Scout, who has been fitted with a new K-9 Storm body armour vest purchased by the Ashern school's Protect-a-Dog club.
Students raise money for police dog’s body armour
By Dean PRITCHARD
A police dog’s best friend may just be four young kids from Ashern.
Brandon Police Service’s newest canine member Scout is sporting his own custom made body armour thanks to Heather Cameron, her brother Scon, Juiie Anderson and Dana Emilson.
Calling themselves Protect-A-Dog, or PAD, the group raised more than $2,000 for the bullet
proof protective vest.
“Those dogs protect us and I think it’s our turn to protect them,” says Heather, 12.
The club will formally present Scout and handler Const. Jay Palmer with the new vest July 3 at Brandon Police Service headquarters.
Scout, a two-year-old Belgian Maiinois, is one of two Brandon police dogs and the first Brandon dog to be equipped with a protective vest.
The vest is supplied by K9
Storm, a Winnipeg company that specializes in canine body armour.
Last year Heather successfully appealed to a U.S. organization called Vest-A-Dog to supply her dad Tim— a dog handler with Manitoba Conservation—with a vest for his dog Duke.
“I was worried that maybe some day that during his dudes Duke might get shot or stabbed or something," Heather says.
SEE PUPILS’ — PAGE A2
image at stake, city told
By Rod Nickel
City council risks tainting Brandon’s business reputation if it delays construction of two big-box stores further, says city manager Glen Laubenstein.
Council has pushed back a decision on a critical conditional use order for Staples and IGA by two weeks to July 8.
Councillors say there are many concerns about the South End project, including traffic, drainage and the proposed position of the new stores.
“It sends out some messages about (being) open for business, so I’m concerned about our image, absolutely,” Laubenstein says.
Delaying it once is “not unreasonable,” he says, but adds that developers generally prefer a quick rejection to a drawn-out approval.
Deputy mayor Rick direst says his intent isn’t to stall, but improve the project.
“Equally, we don’t want to send out the message that we’re slamming (rn) development . . . to me, it’s delayed for some benevolent reasons.”
direst, who is also a director of the Brandon Area Planning District, says positioning the new stores along 14th Street, east of Canadian Tire, facing 18th would limit commercial development possibilities for land between 14th and 13th.
Retail stores thrive when clustered, says direst, who manages a furniture store.
Wes Norosky, owner of South End Lumber, says the stores should be moved south to allow for more development.
“We just want the city to realize they’re missing an opportunity.”
District planner Beth Sanders
says there are limited options to move the stores.
Moving them south would require construction on a site that’s now a marsh.
Laubenstein says it’s not possible to build on the marsh without “major dollars” and changing the area’s drainage system.
It would also hide the stores from view of 18th Street traffic.
It’s unclear whether the proposed project will be any different when council takes a second look next month.
City staff are using the delay to try mitigating neighbours’ concerns.
Aberdeen resident Ross Eastley says he’s pleased the city has agreed to build a walking path but also wants a way to restrict traffic from outside of the area.
Canadian Tire dealer Merv Dillabough, says he’s satisfied the developer has addressed his concerns. Shindico Realty wants to create a 14th Street access for most trucks and has agreed not to narrow the Aberdeen access, he says.
“These businesses should attract customers. Hopefully, a percentage of them will shop with me too.”
Council approved a subdivision of the property this week. The project still requires subdivision approval by the planning district board July 4.
Officials with Shindico and the engineering company working on the project couldn’t be reached.
EDITORIAL PAGE .
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Mideast peace plan overshadows G-8 talks
By Robert Russo
KANANASKIS, Alta. — The G-8 leaders spent the first day of their summit yesterday talking about the global economic recovery, freer trade, the war in Afghanistan and a plan to help
Russia dispose of most of its weapons of mass destruction.
But the discussions inside the meeting room in this remote mountain resort were largely drowned out by the buzz outside over the controversial Mideast peace plan put forward by U.S. President George Bush.
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Pnme Minister Jean Chretien said he reached an agreement with Russian President Vladimir Putin on a $20-billion proposal to help the country eliminate much of its nuclear, chemical and biological arsenal under the terms of treaty signed recently between the U.S. and Russia.
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Details weren’t provided for the deal, which was to receive final approval last night, but it involves the U.S. paying half the money to pay for the destruction of the weapons, and an extra two years for Russia to comply.
SEE CHRETIEN’ — PAGE A4
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