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
$15.6
Total number of blockbust®^
drugs approved and sub .
for approval by the Food an
Drug Administration*
30
â– CONI
INS
!$
Approv
20
10
Submitted
1997 1998 1999 2000 20
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