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BUSINESS
BRIEFS
Dow nears record
territory
The D ow Jones industrial a v
erage has regained nearly all o f
its Ju ly losses and is nearing its
record high close o f 5,778.00,
set on M ay 22 Last w eek’s stock
rebound was knocked o f f course
late Frid ay by a s e ll-o ff in tobac
co shares, fo llo w in g a Flo rid a
ju r y ’s verdict against the indus
try But analysts say the m arket’s
upward momentum rem ains in
tact. A n alysts say the low long-
bond yield o f6 .6 9 percent should
also help stocks. Despite a gen
eral market optim ism , some skep
tics remain.
Week’s IPO
outlook heavy
Ron Perelm an’s C o n so lid a t-
e d C ig a rln c . is the star o f a heavy
schedule o f new offerin gs co m
ing this week, despite a tradition
al summer lull for initial pu blic
offerings. A s m any as 40 new
issues are expected th is w eek; 22
went public last week. C o n s o li
dated C ig a r should have a sm o k
ing debut, with prem ium s ex
pected, said John Fitzgib bo n o f
the IP O Afterm arket.
Blotechs battered
by selloff
Analysts say the biggest loser
in this sum m er’s W all Street
se llo ff has been the biotechnolo
g y sector. W hile most market in
dices have started to rebound in
recent weeks, anum berofbiotech
stocks remain stuck at prices low
er thanwhere they began the year.
Scores o f com panies have had to
put o ff equity offerings for lack
o f interest, and those that went
ahead with plans came away with
disppointingly slim proceeds.
Fed sees
inflation low
Philadelphia Federal Reserve
President Edw ard Boehne is pre
dicting the II.S . rate o f inflation
w ill remain low in the short term
as the econom y continues to grow
thanks to “ a happy confluence o f
events.” Boehne noted growth,
jo b creation and subdued in fla
tion as that “ happy com bination.”
US manufacturing
to soften
The U .S. m anufacturing sec
tor is expected to soften in the
third quarter as firm s slow the
pace o f inventory building. A n a
lysts say recent statistics suggest
there was a sharp inventory bu ild
up in the second quarter as most
companies increased their pace
o f production.
Microsoft
helping Apple
A published report says M i
crosoft has launched an effort to
help small software com panies
write Internet program s for its
struggling rival, A p ple. The W all
Street Journal says this unusual
strategy is designed to boost A p
p le 's efforts in the Internet arena,
w hich Apple has said is crucial to
its cam paign to survive.
Seagate sees
computer bounce
The president ofSeagate T e ch
nology says he expects the global
computer industry to begin re
co ve rin g from its slum p next
m o n th Alan Shugart says the ¡n
dustry should get a boost ahead
o f the Christm as holiday and as
companies begin upgrading their
networks.
HP new printers
Hew lett-Packard is introduc
ing a new fam ily o f professional-
quality, netw ork-capable co lor
inkjet printers that are expected
to be the first o f their kind to sell
under $800.
t
-------------------------------------------------------------- -------------------------------------------------- ----------- ------------------------ A ugust 14
B u sin e ss
&
Finance
People with disabilities: equality of opportunity
The European
EuroDean Commission
Com m ission adoni-
adopt
ed a Com m unication on equality o f
opportunity for people with d isab il
ities.
T h is document is aimed at bring
ing about a new impetus to the way
European society tackles d isab ility
issues. It focuses on equality and
human rights rather than impairment
and the traditional welfare perspec
tive. It looks at the principles in
volved and their importance at na
tional and European level, and de
tails plans for the C o m m issio n ’s own
contribution over the com ing years.
In this document, the C om m ission
sets out a rights-based approach to
d isa b ility w hich constitutes a new
departure for its p o licy in this field,
and w hich is in keeping with its long
standing concern to build a people’s
Europe based on inclusion and par
ticipation
The Com m unication review s the
extensive web o fe x istin g C om m uni
ty p o lic y measures which impact on
people with disab ilities and plots a
strategy for the future, focusing in
particular on developing the com-
hinpd
bined m u ltip lie r e ffe ct o f these
program m es on equal opportunities.
The Structural Fun ds are a key
element in this, and c ru c ia lly the
European S o c ia l Fund - the single
most important fin a n cial instrument
at C om m unity level for im proving
employm ent po ssib ilitie s for people
with disab ilities - w hich the C o m
m ission plans to ap p ly as an inte
gral part o f its broader d isab ility
strategy.
Fo r exam ple, more than 500 m il
lion E C U has been allocated to the
H O R IZ O N strand o f the C om m un i
t y ’ s E M P L O Y M E N T in it ia t iv e
which deals with the new approaches
to the integration o f disabled people
into the w orld o f w ork.
The C om m issio n is committed to
developing a coherent approach on
the issue o f em ploym ent for disabled
people by 1997. The Com m ission
w ill also be setting up a special task
force to explore w ays o f harnessing
the potential o f the Inform ation S o c i
ety and new Inform ation and C o m
m unication Tech n o lo gie s in secur
ing equal opportunities for people
with disabilities.
A s prim ary responsibility for pro
moting equal opportunities and end
ing discrm inatio n lies with the M em
ber States, the C om m issio n has also
put forward a Resolution for adop
tion by the C o u n cil, endorsing key
principles established by the United
Nations in 1993 on the equalization
o f opportunities for people with d is
abilities. T h is m arks a significant
shift o f em phasis away from an e x
clusive consideration o f the welfare
needs o f people with disabilities to
wards a p o licy o f commitment to
their active participation in society
and the labor-market.
In a people’s Europe, valu ing and
accom m odating human diversity is
everybody’s business. The challenge
ahead is to develop practical po licies
to ensure that disabled people can
participate fu lly as part o f the m ain
stream o f society rather than being
consigned to the sidelines.
The Communication specifical
ly proposes the following initia
tives:
♦ M a in s t r e a m in g .
In o r d e r to
$728,250 for environmental
restoration projects
Bureau o f Reclam ation C o m m is
sioner E lu id M artinez today made
available $728.250 for 13 fish and
w ild life restoration challenge grants
in 1 1 W estern states, in clu d in g one
grant to a N ative A m e rican tribe,
as part o f an effort to promote the
health o f ecosystem s o f the A m e ri
can West.
Reclam ation and the N ational Fish
and W ild life Foundation jo in e d in
partnership to jo in tly fund several
projects designed to meet this o b jec
tive. The successful applicants were
chosen from a pool o f 61 proposals.
Although there were not enough
funds available for all the projects.
Reclam ation and N F W F are w o rk
ing to expand the funding level next
year.
Am erican com m unity.”
A $21,500 grant was awarded to
the O ch o co Chapter o f Trout U n lim
ited to w ork with the Bureau o f Land
M anagem ent, the Forest Se rvice.
Oregon Department o f Fish and W i Id-
life, local school districts, and pri
vate landowners to restore riparian
and wet meadow com plexes in the
Crooked R iver Basin in Oregon Total
project cost is about $126,000.
A $ 2 1,000 grant was awarded to
the O regon W ater Trust to acquire
water rights from w il I ing sel lers with
in the Deschutes, Grande Ronde, John
D ay, and U m atilla river basins in
O regon. Total project cost is about
$63,000.
Reclam ation is requesting $2.5
m illio n in its fiscal year 1997 budget
to continue o ffering challenge grants
for projects in the Western U .S. that
enhance R e c la m a tio n ’s water re
source m ission by em p loyin g sound
environm ental practices.
"W e are delighted to offer these
chai lenge grants to projects that meet
the W est’s need for good natural
resource management,” said C o m
m issioner M artinez. “ We chose a
cross-section o f projects that we felt
to be the most environm entally worth
while. I ’m e sp e cially pleased to be
able to assist the needs o f the Native
Local businessman recognized
for community leadership
The Mutual L ife Insurance C o m
pany o f N ew Y o r k ( M O N Y ) an
nounced that W illia m ( B ill) Find ley.
C L U , C h F C is one o f four M illio n
D o lla r Round T a b le ( M D R T ) mem
bers featured in the o rgan izatio n 's
international cam paign reco gn izin g
members as “ Business and C o m m u
nity Leaders.”
Recognition is awarded for past
and present a c h ie v e m e n ts . M r.
Fin d lay is ju st one o f four selected
from am ong nearly 19,000 M D R T
members.
Mr. Fin d lay is being recognized
for his w ork with Portland’s Rotary
C lu b to build the largest barrier-free
park in North A m e rica and for his
role to expand free publ ic transporta
tion to more downtown districts as
committee chairm an o f the A sso cia
tion for Portland Progress.
Created in 1927, the M illio n D o l
lar Round T a b le is com prised o f pro
fessio nal insurance underw riters,
whom have met strict ethical and
production requirements to qualify.
T h is y e a r’s four selected members
w ill becom e part o f the second annu
al “ B u sin ess and C om m unity Lead-
ers” cam paign.
Mr. F in d la y jo in e d M O N Y in 1978
as a field underwriter and today is a
mem berofthe com pany’s prestigious
T o p Producer G roup 2. In 1995, this
group won Sa le s & M arketing M an
agem ent M a g a z in e ’s B e st Sa le s
Force Aw ard.
Mr. Fin d la y is a graduate o f Iowa
State U n ive rsity with a degree in
architecture.
A m e m b e ro fv a rio u sciv ic o rgan i
zations, inclu ding the O regon Public
B roadcasting Board, Mr. Fin d la y
resides in Portland.
optim ise the integration o f d isa b ility
issues into m ainstream Com m unity
p o lic ie s a n d actions, the C o m m is
sio n w ill strengthen the operation o f
its inter-service g ro u p on disability'
* C oop era tion. A H ig h L e v e l G ro u p
o f M em ber States ’ Representatives
on D isa b ility w ill be set up in order
to keep p o lic y developm ents in the
M em ber States under review a n d to
p o o l inform ation a n d experience.
* E n c o u ra g e m e n t o f the w ork o f
N o n -G o v e rn m e n ta l O rg a n iza tio n s
(N G O s). The C o m m issio n w ishes to
consolidate the coop eratio n devel
op ed d u rin g recen t y e a rs under
H E L I O S I L It a lso w elcom es the
establishm ent o f the new indepen
dent Euro p e a n D isa b ility Fo ru m an d
intends to develop a ctively the c o n
tacts a n d stim ulate the w ork o fN G O s
* Em p lo ym en t. In the p rep a ra tio n
o f the S in g le R ep o rt to the E u ro p e a n
C o u n c il in D u b lin , the next stage in
the E ssen p ro cess, the C o m m issio n
w ill take the initia tive to strengthen
p o lic ie s f o r the preven tio n o f lo n g
term unem ploym ent a n d f o r the inte
gra tio n o f d isa b le d p e o p le in w ork-
in g life.
• In fo rm a tio n a n d o m m u n ica tio n
T ech n o lo g ie s (L C T s ). The C o m m is
sio n is an xio us to harness the po ten
tia l o f the Inform ation So cie ty in the
p u rsu it o f eq ual opportunities, espe
c ia lly through the developm ent o f
I C T s a n d w ill set up an in te rn a l a d
ho c gro u p to that end.
♦ T h e S tru c tu ra l F u n d s. A total o f
5 .5 b illio n E C U is sp e cific a lly a llo
ca ted to com bating exclu sio n f o r the
p e rio d ¡994-99. As p a rt o f its fo rth
co m in g mid-term evaluation o f the
S tru c tu ra l Funds, the C o m m issio n
w ill try to assess the extent a n d im
p a c t o f actions in respect o fp e o p le
w ith d isa b ilitie s A new ro u n d o f
p ro je cts in the fra m ew ork o f the
C o m m u n ity In itia tive s, in c lu d in g
H O R IZ O N , is due to be la u n ch e d
tow ards the en d o f ¡9 9 6
Advertise In
(Lite P n rtla n b
(Ohscrucv
Call 503-288-0033
Summit shows
Latino art
The G allery at Sum m it Banco rp’s
headquarters in C arnegie Center,
Princeton, is a show place for some
o f N ew Je rsey’s brightest Latino -
Am erican artists.
The w ork o f eight artists is on
display through A u g. 16 for em
ployees, customers and the public
to enjoy.
T h is is the first in a Sum m it se
ries o f multicultural exhibits planned
for the G al lery, according to Patricia
H endricks o f Sum m it’s O rg a n iza
tion Development and D iversity D e
partment.
Each o f the eight artists, chosen
through referrals from em ployees
and co m m u n ity o rg a n iz a tio n s ,
w ill display several pieces h igh
lighting their ind ivid ual areas o f
expertise.
On Ju ly 17, a gala reception w ill
be held in the G a lle ry for the artists,
employees, customers and invited
guests.
Selected paintings by the eight
artists w ill be available for sale at
the exhibit, according to Hendricks.
The artists participating in the
Latino-American exhibit are:
♦ Pietro A n a s tac io, a Je rs e y C ity
resident o rig in a lly fro m A rgentina
H is artistic style encom passes his
c r o s s -c u lt u r a l re a lit y o f S o u th
A m erica a n d Europe.
♦ E d g a r Estrada, aM orristow nres-
ident who was born in Guatem ala
C ity Estrada is a painter a n d scu lp
tor who draws upon his talents to
create works o f art in two mediums.
♦ S o ra id a M artinez was bo rn in
New York C ity to parents o f P uerto
R ic a n origin. She is a very talented
g ra p h ic artist a n d currently resides
in Moorestown.
♦ M a u r ic io
M o re n o
is
a
M orristow n resident a n d has o ri
g in s in Colom bia.
♦ D uvan
Lo pez,
a n o th e r
M orristow n resident, was bo rn in
Q uinbaya, Colom bia. H is w ork is
g re a tly in flu en ced by the a rtist
Matisse.
♦ S o n ia G o n za le z was b o rn in
Puerto R ico a n d currently lives in
C h e r ry H ill. She stu died at Rutgers
U niversity.
♦ L u is M artinez, a talented artist
o f Puerto R ica n heritage, cu rren tly
liv e s in M ine H ill.
♦ H ild a C a stillo -D ia z, a teacher in
the Trenton S c h o o l D istrict, is the
c h ild o f Puerto R ica n parents. She
is o rig in a lly fro m Trenton a n d c u r
rently resides in F a irle ss H ills, Pa.
Th e Latino -A m erican M u lticul
tural exhibit is open for view ing
during regular business hours and
from 4:30 p.m. to 6:30 p.m. the day
o f the reception.
A cco rd in g to H endricks, other
exhibits planned for the M u lticul
tural series include A frica n -A m e ri
can, A sian -A m erican and women
artists. “ The series is intended to
promote and foster diversity within
Sum m it B ank and the com m unities
we serve,” she said.
Mitsubishi denounced for low minority ratio
an
Jesse Jackso n IC
is angered by an
“ u n p r o d u c t iv e ” m e e tin g w ith
M itsubishi M otors o ver alleged se x
ual harassment o f its w orkers in the
United States. Ja ckso n vow ed to step
up protests against the firm .
Jackson said M itsubishi was just
the first target o f an all-out campaign
against car firms in the United States in
the com ingyear with another Japanese
automaker, Honda , next on the list.
“ W e are gt m g to go down car line
by car line and challenge the automo
bile in d u s'ry,” Ja ckso n told a news
conference after a 90-m inute meet
ing with M itsubishi executives.
Jackson denounced M itsubishi and
other carm akers, both dom estic and
foreign, for not h irin g enough A fr i
can-A m ericans, H isp a n ics and w om
en, not putting enough m inorities in
executive positions and not g iv in g
enough dealerships to m inorities.
“ We w il I escalate our protests unti I
they (carm akers) include us (m inor
ities),” Jackso n said.
“ W e ’re go ing to expand the boy
cott p ro c e ss a g a in s t M its u b is h i
around the United States.”
Ja c k so n ’s R a in b o w C o a litio n — a
p o litical and c iv il rights o rgan iza
tion -a n d other m inority groups have
boycotted M itsu b ish i fo r several
months. H e did not say what other
steps w ould be taken.
M itsu b ish i M a n a g in g D ire cto r
T a iz o Y o k o ya m a , adm itting Jackson
n/ap
ln o r n J” with »L
was “ “ Jim
displeased”
the meeting at
the firm ’s T o k y o headquarters, said
the com pany still wanted to keep its
“ lines o f com m unication open” to
the c iv il rights leader.
The U .S. Equal Em ploym ent O p
portunity Com m ission ( E E O C ) has
charged Mitsubish with creating a “hos
tile and abusive” w ork enviroment at
its subsidiary M itsubishi Motors Man
ufacturing o f Am erica Inc (M M M A )
plant in Norm al, Illinois.
Il alleges women were groped,
grabbed and touched and forced out
o f their jo b s i f they com plained.
The suit seeks back pay with inter
est and benefits as wel I as damages that
could reach $300,000 for as many as
500 o f the 700 employees at the plant.
Jackson has met executives from all
o fJap an 's major carmakers; including
M itsubishi, Toyota, Nissan, Mazda
and Honda; since his arrival in Tokyo
on Saturday on what he describes as a
.
. i
••
. .
. . . .
“trade and human rights m ission.”
Jackson has also met executives
from Sony and the N ew O tani Hotel
C o rp , w hich is having labour prob
lems at its hotel in L o s Angeles.
After T o k yo , Jackson w ill visit
Indonesia on a sim ilia r m ission.
Jackson dism issed announcement
o f training program s for M M M A
executives on the eve o f his talks as
a useless “ pre-emptive strike.”
The training, w hich aim s to pro
tect and promote women and m inor
ities, was recommended by former
Labour Secretary Lyn n Martin who
w as brought in by the com pany as a
consultant to help solve its dispute
with the E E O C .
Jackson said Martin and her con
sultants did not directly represent, as
he did, the groups involved in the
dispute.
“ We were dealing directly with
M itsubishi. N ow they want us to deal
il
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p o licy was up to local subsidiaries.
“ W e understand M r Jackson is
very active in the c iv il rights m ove
ment so we found it valuable to listen
to his opinions,” Yo ko ya m a told a
separate news conference.
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with consultants. That is totally un
acce ptab le,” Ja c k so n said.
Y o k o ya m a said M itsubishi be
lieved there should be no discrim ina
tion in any o f its operations around
the w orld but the implementation o f
• • • • • • • • • • • • • • • • • a a a a a a a a a a
Off. 503-221-3050
Res: 503-697-9822
Î SA TISFACTION GUARANTEED :
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