Image provided by: Texas A&M University
About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (July 16, 2002)
m Riviera Day Spa 10% OFF all services thru July 695-0327 680-0527 Tuesday, July 16, 2002 THE BATTALI GIG THIS! Awesome Specials — Awesome Fun Pepper Tree Apartments College Station 693-5731 - 2701 Longmire Quizno's SUBS NORTHGATE 110 College Main 846-7000 BRYAN 3203 Freedom Blvd. (across from WaUMart) 774-6689 Value of euro tops dollar for first time in over two years Havens Landing Presents Live in Concert July 19, 2002 August 9, 2002 Sept. 13, 2002 Larry Gatlin and the Gatlin Brothers also appearing: Larry Butler and the Lone Star Revue Cross Canadian Ragweed Ray Price also appearing: the Larry Butler Show Don’t miss this opportunity to see Live and in Person at their “Reunion Tour” Larry Gatlin & the Gatlin Brothers For reserved seating please call Havens Landing at 1-800-535-8351 and ask for concert reservations. Continuous recorded music with Doors opening at 6:00 p.m. *** * 1.00 draft beer and *2.00 Margaritas until 8:00 p.m. Show begins at 8:00 Kuntry Katfish Catering providing food service 1.5 miles East of Montgomery TX on 105 Check 66t our newest Web Site www.havenslandingresort.com r)f , for updated detai/s of concerts and our resort FRANKFURT, Germany (AP) — The dollar was worth less than the euro Monday for the first time in 2 1/2 years, reflecting worries about the U.S. economy and stocks. The breakthrough lent a psy chological boost to the euro’s supporters, but economists said it was less a sign of new strength in Europe’s economies than a milestone in the decline of the dollar. Huge U.S. trade deficits and the accounting scandals rocking Wall Street have had experts predicting the dollar’s fall and the euro’s eventual rise above $ 1 for weeks. “It was about time,” said Dorothea Huttanus, an econo mist at DZ Bank in Frankfurt. The euro, which has gained about 15 percent in value since starting its rally in early April, hit parity at around midday Monday and later touched $1.0087 before easing. In mid day trading in New York, the euro was quoted at $1.0071. A stronger euro means more expensive European vacations for U.S. tourists and higher prices for imported goods from French wine to German sports cars. But it offers relief to U.S. manufacturers by making their goods cheaper compared to those of foreign competitors. From Europe’s point of view, it helps keep inflation under control and makes it less likely the European Central Bank will raise interest rates to control prices, a move that can hurt eco nomic growth. The euro has rallied despite an absence of encouraging eco nomic news from the 12 coun tries using the currency. First- quarter growth in the euro zone was an anemic 0.3 percent, though most economists predict a pickup in the second half of this year. Instead, the euro’s rise has been driven by bad news from Wall Street, where stocks have fallen for eight consecutive weeks. On Monday, the Dow Jones industrial average was down another 3.8 percent in afternoon trading in New York. “It’s still a dollar-negative story, not a euro-positive story,” added Commerzbank economist Michael Schubert. The euro’s strength could also help its supporters blunt criticism that businesses — restaurants and bars, for instance — jacked up prices when euro cash was introduced in January. And it could improve the euro’s image in Britain, Sweden and Denmark, which have stayed out so far. But the stronger euro also Euro finds strength in dollar’s decline The euro surged passed the dollar Monday for the first time in more than two years, amid unsteadiness on Wall Street. The euro against the dollar $1.05 —— 1.00 0.95 0.90 0.85 Monthly averages ' tmffia 0.80 except tor final figure JF MAMJ J ASONDiJFMAMJ J AS ON D:JF MAMJJ 2000 2001 2002 U.S. Imports from euro countries, January-April 2002 Germany France Italy Belgium Netherlands Spain Austria Finland snisa One implication of the euro’s growing strength against the dollar istha: European imports become mae expensive. Of the countries that use the euro. Germany and France are the biggest importers to the United States Kvrr lorient Lance Arms dominating f in Tour de Fr The three recorded a finish in Moi taking 11 se Colombian S complete a ' through Britt: Armstronj allowed him spots into se< 26 seconds b Gonzalez Wc NOTE: Figures for Greece. Ireland. Luxembourg and Portugal not included SOURCES: European Central Bank: Bureau cuts into the price advantage held by European exporters — often the industries that European countries, especially Germany, expect to lead their economies out of the doldrums. Foreign investors kept the dollar high for years because of Economic Analysis U they needed dollars to buyi piece of the U.S. stock markc boom. That offset soaric; trade deficits — American: buy more from overseas Ik they can sell abroad — ill tend to undermine a country currency. Senate passes sweeping changes to corporate accountability laws WASHINGTON (AP) — Without dissent, the Senate approved on Monday the most sweeping changes in corporate accountability since the Depression, creating stiff penal ties and jail terms for company All Tickets On Sale Now! anniversary season Great Shows! Great Seats! Great Prices! RENT October 29 - 30 For Adult Audiences GREATER TUNA Starring Joe Sears and Jaston Williams September 5-7 LA BOHEME Stanislavsky Opera Company October 1 and 2 All tickets to all shows on the landmark 30th anniversary season of MSC OPAS are on sale now! Order yours today and get great seats at great prices.To purchase, logon to OPAS On-Line at www.MSCOPAS.org - or call the MSC Box Office at 845-1234 for a ticket order form. Student discounted tickets available for all shows! SING ALONG SANTA a. Perfect for the Family, Tickets $10-$20 December 14 j SOUTH PACIFIC January 24 and 25 Sponsored by: |IEj GIRLS CHOIR OF HARLEM February 7 GREASE Februar y 11 and 12 It* mrtec tm« wo** 0 For Mature Audiences Buy tickets now at www.MSCOPAS.org! MSC Three Decades of Performing Arts Michael Flatley's ;y: LORD OF THE DANCE March 18 and 19 MOSCOW SOLOISTS with YURI BASHMET April 3 THE MUSIC MAN April 22 and 23 OPAS JR Tickets Only $7.50! • Student Intimate Gatherings Tickets Only $10! fraud and tightening oversight of the accounting industry. The vote was 97-0 for the bipartisan bill, lifted by a rising tide of unease over a string of corporate accounting scandals that have shattered Americans’ confidence in business and the markets and threatened the frag ile economic recovery. “It is high time we call cor porate executives on the carpet and hold them responsible,” Sen. Max Cleland, D-Ga., declared on the Senate floor before the vote. Sen. Charles Grassley, R- lowa, denounced “the crooks running these corporations.” As the Senate neared passage of the legislation after nearly a week of debate and votes on amendments. President Bush told business leaders, “We intend to hold people accountable.” “We can’t pass a law that says, ‘You will be honest,”’ the president said in a speech at the University of Alabama at Birmingham. “We can pass laws that say, ‘If you’re not honest we’ll get you.’” Bush urged Congress to get him a bill to sign before adjourn ing for its summer recess. Congressional leaders indicated they would try to do that. GULLAI — Tiger Wo match at the After fir round M before the v off the Firtl headed dire range. But 1 rity guard v nize him ar credentials. She thre\ blocked hin farther unt Woods’ entc ii We can’t pass laws that say you will he honest. We can pass laws that say If you’re not honest, we’ll fret ,9.9 you. George W. Bush U.S. President In a show of bipartisanship, a spokesman for House Speaker Dennis Hasten, R-I1L, said law makers would try to begin Tuesday resolving differences between the bill in the Democratic-controlled and a version passed in j the GOP-led House. measure is widely considt'j weaker, because U lacks pcu ties for corporate fraud and not go as far toward reininf i accountants. “That’s something that we going to try to aim for, said® Hasten spokesman. » Feehery. Senate Majority Leader k Daschle, D-S.D., went fur* asking Republican leader Sr Trent Lott, R-Miss., to join hi in a request to Hasted for 1 House to vote on the ne" passed Senate measure. In rare shows of unaniirr senators voted last week to a i series of new penalties, inct ing 10-year prison terms securities fraud. Chief executf officers and chief financial or cers who certified false colo ny financial reports wou slapped with prison terms five to 10 years and fm eS $500,000 to $1 million. Pfizer to buy Pharmacia Corp NEW YORK (AP) — Pfizer Inc. announced Monday that it is buying Pharmacia Corp. for $60 billion in a deal that would give the world’s biggest drug company a medicine chest full of treatments for baby-boomer ills like baldness, arthritis, impotence and high cholesterol. The all-stock deal continues the trend toward consolidation in the pharmaceutical industry, which is scrambling to produce new blockbuster medicines while coming under growing public and government pressure to hold down drug prices. “That this brings cost savings is obvious,” Pfizer chief execu tive Henry McKinnell said. “But it creates a company that can grow more than the two compa nies could separately.” The new company would have annual revenue of $48 bil lion and a research-and-devel- opment budget of more than $7 billion. It would combine Pfizer’s marketing prowess with Pharmacia’s eye care and cancer drugs, treatments where Pfizer is not strong. Pfizer already has a lineup that includes Lipitor (high cho lesterol), Viagra (impotence) and Zoloft (depression), and its over- the-counter products include Listerine mouthwash and Visine eye drops. Pharmacia’s major drug is the arthritis medication Celebrex. It also makes Rogaine for hair loss, Nicorette stop smoking products, the bladder- control drug Detrol, Luden’s cough drops and the anti-diar rhea syrup Kaopectate. The companies said the merger should save $2.5 billion by 2005. The deal was approved by the boards of both companies. It still needs the OK from shareholders and regulators. The timing was a surprise, given the slump in the economy and the plummeting stock market. Pfizer stock fell $3.42, or 10.6 percent, to $28.78 in trad ing Monday on the New York Stock Exchange. Pharmacia rose $6.66, or 20.4 percent to $39.25. Under the deal, Pharmacia stockholders would receive 1.4 shares of Pfizer for each share of Pharmacia. Analysts predicted the deal will prompt other mergers. “It is a good fit for both com panies, said Banc of America analyst Len Yaffe. “And it should be interesting to watch what the other companies do.” Two labs are better than one If only th Muirfield c easily. Woods h£ in the first I onships of tl Masters by no one mou winning the same margi with a 2-ove That ma player since 197%to win the Grand favorite to \ in the same The next unfolds — Muirfield, links which ern champ (7,034 yard as one of t tests amon British Ope “It’s a f Faldo, who jug in 1987 two times tl played at play well, y That’s from Wood competitiv* tapped in a 72nd hole a New York 1 Still, the in golf, ant nothing for He has Muirfield, ety of sho attention rarely hit even on tl centrated < With the addition of Pharmjf I Corp., Pfizer Inc., the wofia largest pharmaceutical cornP 3 1 would be able to expand | S ; research and developm© 11 capabilities. Top pharmaceutical compa n ' By 2001 sales, in millions gc Pfizer Inc. $26.3 GlaxoSmithKline $24-6 Merck & Co. $18.6 Astrazeneca $16 1 m Jo Johnson & Johnson $15.6 Total number of blockbust®^ drugs approved and sub . for approval by the Food an Drug Administration* 30 ■CONI INS !$ Approv 20 10 Submitted 1997 1998 1999 2000 20 •Inspect •Inspect • Perforn * Run pei Appro' cos, IsgTc hwtt i JuAaa. ‘fsrfiicje.a «#<«. Afpo
