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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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