BUSINESS NOTES.FTC FTC
See Federal Trade Commission (FTC). PROPOSES NEW ``MADE IN USA'' RULES: The government wants to give manufacturers more leeway in promoting their products as ``Made in USA'' even if some of the parts originate overseas.
The Federal Trade Commission said it wanted to ensure that consumers are not deceived when they see a ``Made in USA'' label and also that American manufacturers have enough flexibility to meet global competition.
Under current rules, companies can't make that claim if a product has more than a small amount of foreign content. The proposed guides would allow a product to be called ``Made in USA'' if ``substantially all'' was made in America, or at least 75 percent of the toal manufacturing costs.
?13- Associated Press Associated Press: see news agency.
Associated Press (AP)
Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world.
SENATORS WANT TO DELAY IRS PENALTIES: A movement is building in the Senate to delay the stiff penalties the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. plans for small businesses that fail to meet a July 1 deadline to electronically deposit federal employment and business taxes.
Since 1994, the IRS has been phasing in a system requiring businesses to electronically pay their federal employment taxes. A growing number in Congress are concerned that the IRS isn't prepared to meet a July 1 deadline when 1.2 million small businesses are to begin electronic filing.
?13- Associated Press
BUFFETT WARNS OF MARKET SHOCKS: On a day when stocks rose to new heights, legendary investor Warren Buffett Warren Buffett
Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making told shareholders of his Berkshire Hathaway Inc. to prepare for future market shocks and to embrace downturns as buying opportunities.
``I can't predict where the market is going, but we do have the kind of conditions now that can cause some excesses in both ways,'' Buffett told a record 7,500 shareholders at Berkshire Hathaway's annual meeting.
?13- Associated Press
INTEL TO UNVEIL FASTER CHIP: Intel Corp., the world's largest maker of computer chips, is about to introduce its latest microprocessor, the Pentium II. The processor, running at speeds of up to 300 megahertz One million cycles per second. See MHz.
MegaHertz - (MHz) Millions of cycles per second. The unit of frequency used to measure the clock rate of modern digital logic, including microprocessors. and sporting a unique cartridge design, is Intel's latest attempt to extend its most advanced technology into the mainstream.
The sixth-generation Pentium II, to be unveiled in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on Wednesday, is based on Intel's Pentium Pro, a powerful chip used in personal computers for business. But it also incorporates the multimedia-enhancing MMX technology Intel recently added to its fifth-generation Pentium chips, used primarily in consumer PCs.
?13- Associated Press
NOVELL SUES FORMER EMPLOYEES: Novell Inc. has sued three former employees and their start-up company start-up company
A new business. , alleging they stole software secrets.
Novell obtained a temporary restraining order temporary restraining order: see injunction. last week against Wolf Mountain Group Inc., founders Jeff V. Merkey Jeff Vernon Merkey is an American computer scientist and entrepreneur. After working as chief scientist for Novell, Merkey left to create his own company, Wolf Mountain Group, to develop a set of clustering technologies. and Darren Major, and employee Larry Angus. The order prohibits the use and business development of the disputed technology. A hearing is set for today.
In its 29-page complaint, Orem-base Novell accuses the defendants of conspiring to steal trade secrets and breach employee contracts in the development and pending release of Novell's top-secret clustering technology.