Tuesday, October 14, 2003

Morning Memo


Hot tips and news to start your business day

Today's number: $4.73 billion

Worldwide disk storage system sales in the second quarter, down 3.9 percent from a year earlier, research firm IDC said; Hewlett-Packard Co. led the market with 26.7 percent of revenue.

Today's career talk

Americans invented the video camera, recorder and fax. Europeans invented the CD player but measured in terms of sales, employment and profits, all there have become Japanese products, Lester C. Thurow argues in his book Head to Head: the Economic Battle Among Japan, Europe, and America. The lesson for an individual or company is simple: "Those who can make a product cheaper can take it away from the inventor."

Today's mover

Dr. Devinder S. Mangat, president of Mangat-Kuy Plastic Surgery Centers, has been elected president of the American Board of Facial Plastic and Reconstructive Surgery for a two-year term. Dr. Mangat has been active in the board and also the American Academy of Facial Plastic and Reconstructive surgery for many years, serving in varying positions.

Today's money tips

An annuity is one method of saving designed to generate future retirement income. But understanding how annuities work is not always easy. There are different types of annuities and tax rules that accompany them. To help sort out questions about annuities, several Web sites offer a range of information. If you're interested in this retirement income option, you might want to visit U.S. Securities and Exchange Commission at www.sec.gov/investor/pubs/varannty.htm. It spotlights variable annuities, how they work and tax considerations.

TODAY'S COMPANY: FURNITURE FAIR

FAMILY A-FAIR: Bob Daniels started his furniture company in 1963, gradually expanding from the original store in Erlanger to sites around the Tristate. He retired in 1979, passing the business along to sons Rick, Bill and Steve. Sister Jenny Wynne heads the design division, and five members of the next generation are involved in the company.

SUITE OF STORES: Currently, Furniture Fair boasts locations in Erlanger, Eastgate, Fairfield, Northgate, Florence and, most recently, the Fields Ertel area. The new store and the stores in Fairfield and Florence have Thomasville Furniture components.

RISING NUMBERS: Furniture Fair has experienced steady growth, as shown in the company's expanding staff and facilities. Three years ago the Northgate store expanded into the adjoining J.C. Penney Outlet, more than tripling its size. Warehousing was centralized in 1985 and since then the facility has been enlarged three times; it will soon measure 200,000 square feet. The company employs more than 400 people.

FURNITURE FLAIR: The chemistry and size disparity between spokesmen Anthony Munoz and Ed Hartman has proved a marketing hit for the company. Hartman is also Furniture Fair's advertising manager and upholstery buyer.




LOCAL BUSINESS HEADLINES
Work starts at old McAlpin's
Government groups look for workers
Insurers send out Prilosec samples
Chamber backs $500M bond issue
Tristate Summary
Morning Memo

NATIONAL BUSINESS HEADLINES
Kroger workers strike at 44 stores in W.Va., Ohio, Ky.
Kroger grapples with strike
Martha Stewart does not anticipate time in prison
States battle fed for cheaper, imported medicine
Business Digest