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2The Daily Tar Heel Thursday, April 10, 1986 TT T ' n a n , Ti n n u pij)(S(ai vein m mmm m Dy FELISA NEURINGER Americans will soon be paying more for Japanese imports now that the U.S. dollar is worth significantly less against the yen, say many economists. "Prices (on Japanese imports) will rise, and North Carolina consumers will pay as much as anyone else," said Jim Hinkle. director of the International Division of the North Carolina Chamber of Commerce. As for (major) exports, leaf tobacco won't be affected because buyers want the high quality of N.C. tobacco and are willing to pay the price." Hinkle said that consumers all over the nation will notice higher prices on Japanese cameras, television sets and automobiles in the near future. Other foreign currencies have been rising as well, but not as noticeably as the yen, which has risen close to 30 percent. The British pound and the West German mark have increased by By BRUCE WOOD Staff Writer These days of drastically reduced oil prices should remain, to be followed by a gradual rise in prices near the end of the year, according to Samuel Schwartz, executive vice president of Conoco. In the concluding speech of the business school's executive lecture w Cf.ccS n $ 1 OPE ( fCZK.! flX'.Y fa uL v,? X fit J ' I mm "More fun than humans should be allowed," that's what is happening here. Granville Towers active social programming allows you those necessary excapes from The Books. Special Dinners, Cookouts, Floor Parties, Sports, Movies, Bands . . . You name it we do it at Granville. ACCOMMODATIONS FOR FALL STILL AVAILABLE Granville Towers close to 7 percent. We have our largest trade deficit with Japan about $50 billion in 1985," said Hinkle, "and that is why they get the attention." The total U.S. trade deficit for 1985 was close to $150 billion, which was considerably larger than in 1983 and 1984. For 1985, the U.S. import total was $361.6 billion; 6 percent more than 1984's $341.2 billion total. The 1985 export total was $213.1 billion. "The dollar depreciation will ease the pressure on the North Carolina textile and apparel industries, giving more protection for imports," said Professor Dennis Appleyard with the UNC Department of Economics. This depreciation will also stimulate North Carolina's exports in the areas of furniture, tobacco, and agriculture, according to Appleyard. Many area businesses have already noticed the impact on prices of imported Japanese goods. G upi&1bM stooualdl keep oil prices low, speaker ay series, Schwartz discussed "The Oil Price Roller-Coaster or If I'm having so much fun why am I green?" The speech outlined the background of the Organization of Petroleum Exporting Countries (OPEC) and its manipulations of the market. It also explained the causes of the current low oil prices and speculated on the future. OPEC succeeded in keeping the price MILTON'S SPRIWC SALE! Super cuys on Uohtvcieftt Clothing and Accessories! New Pima Poplin Suit by Sussex Tailored like a fine wool 60 cotton40 poly Reg. $195 At Kitten's $129.3 I Inhf-ecf uoinht all vnnnl frnnlral ei iif- hi Pollono U-all :eg. 5235 Seersucker sport Coats, 55 cotton 45 poly, by Middlshade, Reg. $145 $79.9 All Cotton Knit Shirts by Country cotton, Open Sleeves, Reg. $27.50 $18X0 All CHU Cnnrf Pnofe CiillxlinaH Hw Dftherf AlovinHor nil i rx wi w wwatj, um j ui iwwi, you'll Find r.iany ? in me manor s iHtltnn's Clsting (ttnpbnarb 1G3E. FrsnHln St., Doivntovn Chapel H!!3 Hours: r.:on.-Sst. 10-G:50; Sun. 1-5 cat tha new psr&na 1st ct v;. Frcn'nn & Church 170 spsscsl r m t 1 j y r X 4 & v. Granvil e Towers inmnr mm: TM "The Place to be at UNC" at University Square 929-7143 immmw iwmom mmm Alex Tremel. a salesman at Foister's Camera Store on Franklin Street said his store's prices have increased 5 to 15 percent on Japanese cameras because of the depreciation of the dollar. Prices in Japanese stereo equipment have increased 5 to 8 percent across the board, according to Michael Weiner. president of Woofer and Tweeter. "However, there has been no drop in sales." he said. Weiner added he thought people were willing to pay a little extra for a quality product. The auto industry will definitely be affected by the rise in the dollar over the yen, according to Edward M. Graham, an associate professor with the UNC School of Business Administra tion. "In general terms, exports will be more competitive, and imports will be more expensive," said Graham. Area automobile dealers agreed. "All Japanese cars have experienced an adjustment in price because of at $2 a barrel and remained relatively inactive with the stable oil prices that followed. But an increasing demand caused it to become active again a few years later, according to Schwartz. The early 1970s brought a worldwide economic boom which in turn caused higher prices and a rapid acceleration of demand for oil. A major turning point was the Arab-Israeli War of 1973, hs y fxwtswi t nivAui lubi , of deselections Leaping shops ai i 1 f r rn-mri), MUMma.!.....! -cmM 4 differences between the yen and the dollar," said Don Cox, president of Cox Toyota in Chapel Hill. "This has given the domestic manufacturers the oppor tunity to raise their prices." Although the Toyota Corporation has raised its prices by about 3 percent. Cox said his business was still strong. Walter Brown, sales representative for South Square Motors in Durham, said Nissan car prices have increased by 4 percent. That results in an $1,800 increase on Nissan's most expensive model, a fully loaded 300Z. The current price for a 300Z is close to $22,000. Buck Copeland, general manager of Yates Motor Company Inc. on Franklin Street-said that American car sales should improve, but that the rising yen ". . . won't stop import sales too much." As for the future, Appleyard con cluded: "The depreciation of the dollar and the trade deficit are at their peak. They shouldn't keep rising unless something unexpected happens." when OPEC had to assert itself as being in control, Schwartz said. wOPEC essentially used two different methods at the same time," Schwartz said. "They invoked an oil embargo and simultaneously increased their prices," . Schwartz said. "The economic boom suddenly came to a halt and we were dealing with recession." . Schwartz said the next turning point was in 1 979 with the Iranian Revolu tion. Five percent of the world's oil was gone and there was a clamor for oil. This increase in demand resulted in a sharp price increase from $12 to $40 per barrel, with a leveling off at $34. These previously unheard of prices caused a drop in the demand for oil and stimulated exploration of other areas, such as the North Sea and t9 Avoid the Jottery blues. Apply now! All apartments on the "bus line to UNC. Fantastic Social Program Call today for full information. 967-223 1 or 967-2234. In North Carolina call toll-free 1-800-672-1678 Nationwide, calf tott-free .1-800-334-1656 mm 237 The Real Life Advanfures 0? A rJlalte-Oalisvd Cop. i i ' S f :' 1 If!' : I- ( o V !o i i j t Vr' 7 I ' "y : a i r -i , ,. i mm w&ttmmz&xm fcBoiiiifeii wmmx Umt IUI WN. M Ml M tWTMU N OOIMH U Crew was dead, but Challenger crew cabin went down intact From Associated Press reports CAPE CANAVERAL, Fla. Challenger's crew cabin hit the surface of the Atlantic Ocean intact inside the nose section of the space shuttle after the spacecraft blew apart on Jan. 28, a federal safety inspector reported Wednesday. Most experts do not believe the astronauts survived the nine-mile plunge to the ocean. They believe the seven probably were killed instantly from the the shock of the explosion or from aerodynamic forces as the nose section and enclosed cabin tumbled from the sky. Libyan diplomats expelled BONN, West Germany West Germany ordered two Libyan diplo mats to leave the country Wednes day, but officials said the move was Mexico. "OPEC was squeezed; its production fell about half, with Saudi Arabia bearing the brunt of the continuing decrease. They (the audis) concluded in 1985 that something had to be done, and their solution; was to increase their production'quota in OPEC," Schwartz said. This overproduction caused the low oil prices that are present today. The problems that came with this overpro duction were hidden though, according to Schwartz. Oil companies could soon discon tinue searching for petroleum in other countriesThis would reduce the total amount of oil being produced, and drive the prices up once again. "OPEC would be back in the driver's seat then and there would be a steep ascent (in prices)," Schwartz said. Another possibility that may affect future oil prices is that OPEC may become completely reunited in the near future and agree to manage excessive 'production levels. Scwartz said he Eastwood elected Carmel mayor Associated Press CARMEL-BY-THE-SEA, Calif. Clint Eastwood, hero of detective films and spaghetti westerns, proved to be as big a draw at the polling place as at the box office as voters turned out in record numbers to make him mayor. Smiling broadly, Eastwood said the triumph "ranks solidly" with his suc cesses as a director and star. "It's a hit movie at the moment," he said. "It'surpMpSg'ancet it's riot surprist"ie ojD movies and . . . . j f wk f i r 1 f. ' : - r not directly connected to "indica tions" of Libyan involvement in the bombing of a West Berlin nightclub. A U.S. Army sergeant and a Turkish woman died in the blast Saturday at the La Belle discotheque and 230 people were injured, includ ing 63 Americans. American officials have indicated they believe Libya was behind the bombing. West German government repre sentative, Friedhelm Ost, told a news conference the decision to expel the Libyans was made after police began investigating the Saturday bombing but was not directly connected to the bombing. He said they had been under surveillance for some time. thinks this is unlikely though because not only would each country have to adjust its lifestyle at lower production levels, but also two of the members, Iran and Iraq, are presently at war. "It's by no means evident that these various problems will be resolved; even though there are various benefits for their getting together," Scwartz said. "One does have to worry whether (low prices) represent a sustainable situation or just equlibrium. I suggest it's the latter." He said after enough time has passed, OPEC will realize it needs to remedy the situation quickly. They, along with the "new" oil countires such as Britain, Norway, and Mexico, will be able to accept prices at about $20, even though that represents a sizable reduction from two or three years ago. "Let enough of 1986 pass and you're a hero when you come in and say they can come up to $20," he said. "With enough history behind them, maybe they'll say: 'weVe had enough of this roller-coaster fun; let's work together.' " one election said in his victory speech Tuesday night. "I knew there was a lot of dissatisfaction." "I think the great turnout of the voters and the wide margin by which we won are very important." According to complete but unofficial results, Eastwood had 2,166 votes, or 72.2 percent, to 799 votes, or 26.6 percent, for two-time incumbent Char- I5tte 'Townsend; Two xther candidates v.ihad?d total of 37 votes or 1.2 percent. ' . AMiMMMmi 5 . t iiiv
Daily Tar Heel (Chapel Hill, N.C.)
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April 10, 1986, edition 1
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