Indianapolis Recorder, Indianapolis, Marion County, 1 November 2002 — Page 29

FRIDAY, NOVEMBER 1,2002 ■ PAGE D1

INSIDE*D*SECTION*CLASSIFIED*REAL ESTATE

Oil prices could tumble; Iraq the wild card WMNS—Ordinarily, the price of oil would decline during a period of economic weakness. But that isn't happening this time around. Federated Investors Inc. vice chairman of investment management J. Thomas Madden was asked to explain what’s going on, and what it may mean for energy companies. Why have oil prices been moving up? Most of that is attributable to tensions in the Middle East. Due particularly to threats of an invasion of Iraq, the market is pricing in a war premium to reflect the disruption in supplies that could result. Where is oil likely to go from here? The war issue clouds everything. But, barring the start of a conflict prior to January, we think oil holds around its current price of about $27-$30/barrel through year-end. But next year, we think prices could decline close to the long-term average of $20. That outlook, by the way, is lower than the current consensus. Why do you think consensus could be wrong? We think consensus may not adequately account for changes in the supply/demand picture. From a supply point of view, lots of oil is coming out of the ground, although adecline in Iraqi exports and buildups in government supplies — our own Strategic Petroleum Reserve, for instance—have tended to mask this. The Organization of Petroleum Exporting Countries—OPEC—sets a quota for the amount each member can produce, but there's usually some cheating going on. That level of cheating — non-compliance with quotas — is at its highest level since 1997. Meanwhile, demand growth has been relatively stagnant, given three years of high prices. Another drag on demand is current consensus estimates for tepid economic growth next year. Where could you be wrong? The world economy could improve more rapidly than expected. OPEC members could start honoring their production commitments more closely, as they did in 1999-2001. And a prolonged war that takeseither oil fields or transport systems off line would certainly squeeze supplies. Of course, that brings us back to the wild card in all of this: Iraq. Speaking of Iraq, what would be the likely impact of the sort of military action we’ve been reading about? First, start with what everyone knows: Disruption in Middle East See OIL, Page D2

Miller Urban Entrepreneurs Business Grant Competition BY NICOLE C. COOPER calRSOO) 585-2910 or visit

Recorder Correspondent Everyday, someone is starting his or her own business. They are adults from various backgrounds economic levels, and geographic areas with one thing in common — their entrepreneurial spirit. Do you dream of the day you are your own boss? Do you dream of running your own business? Are you willing to develop a written business plan, seek business advice and make the necessary sacrifices (decrease in and lack of steady income)? Are you willing to dedicate your time to your dream by working long hours? But you still need the financial resources to take control of your destiny and become an entrepreneur. Well here is your chance. Miller Brewing Co. is offering entrepreneurs the chance to vie for $20,000 business grants, by submitting their business plans in the Miller Urban Entrepreneurs Business Grant Competition. A team of national judges will select a total of three grant awardees based upon the business plans developed and submitted by entrepreneurs 2130 years old. Entrepreneurial applicants who are legal U.S. resident and

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21-30 years of age must submit their business plan along with an official Miller Urban Entrepreneurs Series Application by Dec. 20. Interested applicants may

(800) 585-2910 or visit

www.MillerBrewing.com for more information or to request

an official Business Grant Application. Judges include

individuals from the business community, college/university

business schools, and local

business owners.

“To encourage economic empowerment in urban communities and help entrepreneurs obtain the information and insight that is needed to grow and succeed in business. Miller created the Urban Entrepreneurs series,” stated Karen McDowell, senior brand manager, trademark and business development for Miller Brew-

ing Co.

The Miller Urban Entrepreneurs Series - Your Life. Your Time. Your Business. - partners w ith several community-based organizations across the country, to offer a comprehensive business series for urban entrepreneurs 21 and older. The Miller Urban Entrepreneurs Series offers motivated and up-and-coming entrepreneurs key advice on how to start and maintain a successful business. A registration fee of $30 will allow each participating entrepreneur entry to the seminar, luncheon and reception. Participants also receive a one-year See MILLER, Page D3

Steps to take if you’re facing the loss of your home

By LT. GOV. JOE KERNAN Special to The Recorder

Due to the state’s high rate of homeownership and the ongoing national recession, Indiana currently has an unusually high percentage of foreclosures. A recent study by the Mortgage Bankers Association of America showed that 2.22 percent of Indiana’s homes are in the foreclosure process, compared to 1.23 percent nationally. The Department of Housing and Urban Development/Federal Housing Administration, the Department of Veterans Affairs, the Department of Labor and the mortgage industry have worked together to

Lt. Governor Joe Kernan

produce important basic information that can help Hoosiers get through these difficult times without losing their homes. Contact your lender as soon as you have a problem: Many people avoid calling their lenders when they have money troubles. Generally they are embarrassed to discuss money problems with others or believe that if lenders know they are in trouble, they will rush to collection or foreclosure. The reality is lenders want to help borrowers keep their homes. Foreclosure is expensive for lenders, mortgage insurers and investors. Asa result, lenders have workout options to Help you keep your home. However, these options work best when your loan is only one or two payments behind. The farther behind you are on your payments, the fewer options are available. Some options that lenders may have include:

Special forbearance: Your lender may be able to arrange a repayment plan based on your financial situation. Your lender may even provide for a temporary reduction or suspension of your payments. Mortgage modification: You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. Partial claim: Your lender may be able to work with you to obtain an interest-free loan from HUD to bring your mortgage current. When your lender files a partial claim, HUD will pay your lender the amount necessary to bring your mortgage current. You must execute a promissory note, and a lien will be placed on your property until the promissory note is paid in See FORECLOSE, Page D3

American companies lose 86 workdays a year being unproductive

(NAPSI) — When managers don't manage, workers often produce less. That’s a key finding of a recent study on global productivity and lost employee time. This second annual study observed the managerial practices and operating systems used by over 1,350 managers and workers of large global companies from the U.S., Germany, Austria, Australia, France, U.K., and South Africa. The study also found that U.S. companies work at an average rate of 62 percent of total productivity and waste 86 workdays a year. Germany was the only

country with a higher rate of productivity. There, workers were productive 63 percent of the time, wasting 83 workdays a year. Globally, there was actually a modest rise in productivity of 2 percent since the previous survey. The average rate of productivity was 59 percent, with 92 working days lost per person, per company, per year. This is five fewer days lost than in 2001. According to this year’s study, the key contributing causes behind lower worker productivity are: • Insufficient planning and control.

• Inadequate management. • Poor working morale. According to Alan Steelman, executive vice president. North America, of Proudfoot Consult-ing-the firm that conducts the yearly study — managers just do not spend enough time thinking ahead. “Instead,” said Steelman, “most managers spend far too much time putting out fires that proper planning could have prevented." Steelman advocates the management principle of “plan your work, work your plan” as a way managers can increase worker productivity.

The study also contends that insufficient planning and control on the part of managers accounted for 31 percent of the wasted days. What the survey referred to as inadequate management was the second leading cause of lost productivity, accounting for 22 lost workdays per year. Other factors cited for low productivity were an inappropriately qualified workforce, information technology related problems, poor working morale and ineffective communication between workers and managers.

Black Business Profile Information provided by business owners

Full Name of ^ r Business: Continental Cleaning Ser-

vice

Address: 311 Harvard Place, Indianapolis, IN 46208 Phone: (317) 925-8235 Year Opened:

1988

Owner:

Linda Moore

Number of paid Linda Moore

employees:

Four

Products/Services: We offer total cleaning services for residences and commercial businesses. Significant business advances / achievements: One of my first cleaning jobs was for attorney Milton Thompson. Providing reliable, quality service landed me a contract with him and many others such as, Mark St. John, co-owner of Lambda Consulting Inc., Indiana Coalition on Housing and Homeless Issues Inc., ICLU, Indiana Association for Community Economic Development, Neil & Associates, and attorney Susan L Macey. The growth of my business and the appreciation shown to me by clients is very rewarding and personally fulfilling. Future goals: I would like to expand my client base, while remaining a small business. This would enable me continue to provide quality service to each of my clients, as well as maintain my reputation as a person who takes pride in her work and customer satisfaction. I would also like more commercial contracts. Why did you start your business and how has it grown? I startedjpSffiujiness at the suygesWn'o^ ^ ^iiiqd who pointed oufpWelitfth for independence and financial growth in the cleaning business. I tried it, liked it, and I realized that I was good at it. The rest is history. I will always be grateful to that friend. What are some of the obstacles you faced and how have you overcome them? Getting good key people to work is always a challenge. I insist on reliable people who take pride in their work. Clients love quality and dependable service. Competition is great so if you want to keep a client, you must maintain consistent service. Who does your business best serve and why? Professionals make up the majority of my clientele, but I serve anyone who wants to have a clean and immaculate office, home or apartment yet doesn’t always have the time or resources to do it themselves. The people I serve want someone who is honest, trustworthy and dependable. If I have to stay until after midnight to get the job done right, then so be it. The client’s satisfaction is a must. How has your experience helped to meet the need of your clients? I love my business and I love to clean. I am very detailed with my cleaning. I will clean your business or home as if it were my own home. My motto is “Keep my clients happy,” and that’s what I strive to do. Where did you get the name of you company and does it have any significant meaning? I picked the name Continental because it is conservative. I am a conservative person and wanted a name that reflected myself.