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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 29, 2003)
THE BATTALIO 1.4 ition n in the public recni will be able ini recover the funds in n false research.” rmer star analysts- pert Henry Blod^ nch and telecomi* rlyst Jack Grubitir- > brokerage busie Smith Barney - iart of the settlemem million in fines a nd to be banned ps from the securitis ilodget and Gnki admitting nor doing, m will pay dosed conflicts, ■time ban fromv nvestment firm one investment advise broker. His penal? imbursed or indei- ; penalty portionci )ff on taxes, will pay $4 million ■ SEC commission;? the settlement ■ meetings last wed •oving it. In thei /all Street firms wi to deduct any o gainst their taxes n the tentative acral sn demanded by Sea assley, R-Iowa, wit axpayers should in ; up part of the tab, NATION THE BATTALION 9A Tuesday, April 29, 2003 Spending up in March discount rates actual return - 1.141 percent Id h bills selling for $9,971,1 percent for a selling for $9,9421 parate report, serve said Mo erage yield for ry bills fell to 1| WASHINGTON (AP) — Even with a war on, Americans streamed to the shopping malls in March, boosting spending by the largest amount in three months. The Commerce Department said Monday that consumer spending rose by 0.4 percent as fears of worst-case scenarios in Iraq dissipated with the onset of the war. In February, spending had risen by a lackluster 0.1 percent after having fallen by 0.1 per cent in January, reflecting harsh winter weather and plunging consumer confidence because of growing anxiety about the war. Personal incomes also rose by 0.4 percent in March, double the February gain. Analysts took the increases as a positive sign that the econo my, which has been struggling for months, could start seeing stronger growth now that the war is over. “Given all the worries in March, the fact that consumers still spent money provides hopes going forward we will see even more visits to the malls,” said Joel Naroff, chief economist ofNaroff Economic Advisors. But analysts also cautioned t any sustained rebound in incomes and spending will require an improvement in the nation’s job picture, which they said was still some months off. Many analysts are predicting jobless rate, at 5.8 percent in March, will increase to 5.9 percent or perhaps 6 percent when the April report is released on Friday. Lynn Reaser, chief econo mist at Banc of America Capital Management, said she was looking for the unemployment report to show another 30,000 jobs lost. “Jobless claims suggest that companies are still laying off workers at a significant pace in Personal spending Here is a look at the nation’s personal spending. Seasonally adjusted $7.60 trillion - — - 7.40 7.20 7.00 6.80 6.60 6.40 6.20 6.00 ■ Change from previous month March 0.4% Feb. 0.1% Jan. -0.1% A M J JASONDJ FM 2002 2003 SOURCE: Department of Commerce AP April while only a few compa nies were hiring,” she said. However, a drop of 30,000 jobs would be far below the 465.000 combined jobs lost in February and March. The overall economy grew at a sluggish rate of just 1.6 per cent in the first three months of the year, but the more opti mistic analysts believe growth will strengthen to above 2 per cent this quarter and 3 percent or more for the second half of the year. Federal Reserve Chairman Alan Greenspan, one of those in the optimistic camp, is to testify before Congress on Wednesday, an appearance that will be close ly watched to see if he moder ates his view on the need for fur ther tax cuts to bolster growth. Greenspan earned the ire of a number of conservative Republicans in January when he told Congress he did not think President Bush’s new round of $726 billion in tax cuts would be needed to bolster growth. Bush, who announced last week he wanted Greenspan to serve a fifth term, has contin ued to lobby vigorously for as much of his tax cut package as possible, saying he wants to achieve the higher $550 bil lion figure in the House ver sion of the budget rather than the $350 billion included in the Senate bill. Treasury Secretary John Snow will be holding a number of meetings with lawmakers as Congress returns from a two- week recession and resumes work on the tax measure. Snow remains optimistic of achieving all the components in the presi dent’s original bill including the controversial elimination of taxes on stock dividends, spokesman Robert Nichols said Monday. The Commerce Department report on incomes and spend ing showed that the jump in spending in March included gains in all categories. Spending on big-ticket durable goods, such as automobiles, posted a sizable 1.5 percent gain following two straight months of declines. Still, the increase was much more subdued once the impact of rising prices on purchases of gasoline and other items was removed. Adjusting for infla tion, the March increase was a tiny 0.1 percent, while February was transformed from a gain of 0.1 percent to a decline of 0.4 percent. Americans’ disposable income, the amount left over after taxes are paid, rose by 0.3 percent in March, following a 0.2 percent increase in February. But with spending ris ing at a faster pace, the personal savings rate dipped slightly to 3.6 percent, down from 3.7 per cent in February. * * A cA H t Leases That Fit Your Needs • Summer Term Leases • Fall Term Leases (Ending December) Aerofit Health Club Passes Movie Rentals Bus Route • Great Location • Spacious Closets • Extra Storage Space 2701 Longmire Drive • College Station • 979-696-848 >£ WE SPECIALIZE IN 1 THE EXTRAORDINARY B BEAUTIFUL JEWELRY, ART. GIFTS 6 HANDICRAFTS FROM AROUND THE WORLD I ( Ecrir-tlm^Vr'i:) Clas* of ’79 • Handpainted Kites • Chimes • Puzzle Boxes • Puzzle Rings • Religious Art • Velvet Shawls Spectacular Silver Jewelry A MOST EXTRAORDINARY STORE AUDIT SUBMISSION: May 5 - June 24 DELIVERY DATE: September 4. 2003 ORDER SESSIOW: 1.) May 27-30 2.) June 2-5 3.) June 9-12 4.) June 16-19 5.) June 23-26 UNDERGRADUATE STUDENT REQUIREMENTS: 1. 95 cumulative completed undergraduate credit hours 2. 60 undergraduate resident credit hours completed atTAMU, or degree posted in SIMS 3. 2.0 cumulative GPR at Texas A&M University 4. Be in good standing with the University. (No blocks, etc.) GRADUATE STUDENT REQUIREMENTS: 1. Degree posted in SIMS or present an original letter of completion from the Office of Graduate Studies 2. Be in good standing with the University (No blocks, etc.) HOW TO GET YOUR AGGIE RING ON SEPTEMBER 4, 2003: If you meet the requirements after Spring '03: 1. Submit a Ring audit online at www.AggieNetwork.com/AggieRing or visit the Aggie Ring office to complete an audit between May 5 - June 24, 2003. 2. 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