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Newspaper
Mesa Tribune
Location
Mesa, Arizona, United States of America
Date
Feb 01, 1994
Page
13
The Dow Jones rose 32.93 to 3978.36 in a markets upsurge led by cyclical stocks. January became the busiest month on record with about 6.6 billion shares traded while Americans saw income and spending rise 1993 levels and IBM moved to loosen tech ties with Intel, signaling shifts in the computer industry.
On Monday the Treasury sold $12.6 billion of three month bills at an average discount of 2.99 percent, up from 2.96 percent. Another $12.6 billion in six month bills went at 3.16 percent, up from 3.14 percent. A Federal Reserve report noted the one year Treasury yield held at 3.51 percent last week.
The Arizona Solar Energy Industries Association opened a consumer information hotline led by Michael Neary to explain solar applications for homes and businesses. Call 253-8180 for details. Xerox reports a 4th quarter loss of 577 million due to charges from a plan to cut over 10 000 jobs.
Washington The Federal Reserve will raise short term interest rates, potentially lifting consumer costs for auto loans, adjustable mortgages, and bank deposits. Chairman Alan Greenspan told Congress that rates are currently abnormally low and rising now would prevent harsher increases later. economists expect an overnight rate hike by spring, the first since 1992.
Dealerships earned a record overall profit in 1993, but only about 38,000 of the 260,000 average net per dealer came from new car sales. The National Automobile Dealers Association notes most profit came from used cars, parts, and service.
Valley auto dealers say profitability hinges on large volumes of new car sales to offset weaker margins in used cars parts and service. Brown and Brown Chevrolet in Mesa sold 5100 new Chevys in 1993 and aims to balance profits across departments amid strong demand and growth. Dealers note pressure from manufacturers to maintain market share with rebates price limits and other incentives while managing costs and leases.
Former President Michael Conway resigned from the America West Airlines board ending his ties to the carrier. He had been ousted as president on December 31 after a protracted power struggle with Chairman Bill Franke. Maurice Myers, the new president, expects to join the board eventually as the airline fought through bankruptcy and restructuring.
A Hewlett-Packard $100,000 equipment grant funds an advanced computer technology laboratory at Arizona State University. The CNEPA affiliated facility, partnered with Microtest Castelle APC and Datel, will help students faculty and local businesses merge technologies develop programs and access global networks.
The piece urges evaluating home and business coverage for home based work. It notes that typical homeowners insurance may not cover business records or office equipment and recommends consulting an insurance agent to determine appropriate home-business protection.
The guidance explains insuring for replacement cost rather than market value and suggests maintaining at least 80 percent coverage for partial losses and 100 percent for full catastrophe. It notes that home improvements can outpace old policy limits and raises questions about guaranteed replacement coverage and what is covered.
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