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Home My WebLink AboutTimes-Advocate, 1999-01-20, Page 5Wednesday, January 20, 1999 Exeter Times -Advocate it Business °��°� Uncertain'ty overY2K bug 'VP to speak at investment seminar EXETER — A seminar Jan. 26 at the Canadian Legion in Exeter will give audience members the benefit of hearing advice on the financial markets from a man with over 40 years of experience. Fred Ketchen, senior vice president and direc- tor of ScotiaMcLeod and former chairman .of the board of governors for the Toronto Stock Exchange, will be speak- ing at the Legion from 7- 9 p.m. Ketchen, a regular com- mentator on Global Television and CBC's "Business World", said in a press release that Canada's financial mar- kets suffered many prob- lems in 1998. Those problems, he explained, can be attributed to the Asian economic crises and the downward reevaluation of commodi- ties such as metal and minerals, gold and silver, oil and gas and forest and agricultural products. Ketchen said there should be a marginal improvement in commod- ity prices in 1999, but that improvement will depend 'on Asian, Russian and Brazilian economic revitalization. Also good news ror the Canadian economy is strong growth in the U.S. economy, but Ketchen said GDP growth in Canada and the U.S. will slow this year. This will impact corporate earn- ings. Ketchen said it is important for investors to take steps to protect their investments. He said this can be done through a process known as the 'B' and 'D' theory — balance your holdings and diver- sify your portfolio. Other tips from Ketchen for investors include: using a mixture of stocks and bonds, buying and holding profitable compa- nies, being patient -and cautious, seeking. profes- sional advice and invest- ing long term. Admission to Ketchen's seminar is free. RSVP by calling one of the follow- ing: Lynn Leppington of the Bank of Nova Scotia at 235-1142, Michael Skochinski of ScotiaMcLeod at 1-8(4)- 265-1242 or Beth Prouty of National Trust at 235- 0530. 1st & 2nd Mortgage MONEY AVAILABLE at 6.5% interest or Tess Personal Loans Totally Unsecured if you quali- fy, monthly payments as low as Amt. App. Mthly Payt. $5,000 $27.68 $10,000 $54.16 $15,000 $81.25 Consolidate Your Debts 1(800) 387-1932 Astral Funding By Scott Nixon TIMES -ADVOCATE STAFF EXETER — While experts are unsure about what exactly will happen to computer sys- tems in 2000, they do agree there will be dis- ruptions because of the Y2K bug. Put simply, the theory is since computers only recognize the last two digits of the year, on Jan. 1, 2000, computers will think the year is 1900 and won't function correctly. Addressing the prob- lem was part of a semi- nar last Saturday morn- ing at the Exeter Town Hall. Three Community Access Program (CAP) students, Matt Seabrook, Becky Robinson and Laura Jackson, explained the problem to audience members and showed a video on the possible Y2K ramifications. Seabrook, who works at the Exeter library, said the problem result- ed .from short -sight(' - ness on the part of cunt puter programmers, who only used two numerical digits to iden- tify the year because they wanted to save computer memory and money. They also didn't expect the pro- grams they "Prepare for the made back worst and hope for in the 1960s the best." would still everything with a com- puter chip that uses dates is at risk. The students recom- mended people contact their manufacturers if they are worried about a product they own. And while business owners can help prevent being affected by the bug by upgrading their computer systems, if one of their suppliers isn't Y2K- cJompliant, they could be hurt by the bug. This could result in a huge lawsuits, as. be in use at — LAURA JACKSON, the turn of HENSALL LIBRARY CAP the century. STUDENT Jackson, of the Hensall library, gave examples of what could happen at the stroke of midnight on Jan. 1, 2000: cash registers, security sys- tems, automobiles, air traffic control systems, airplanes, factories, trains and construction equipment could all fail because of Y2K. In fact, increase in companies sue suppliers for not giving them proper service. In fact, the video "A Guide to the Year 2000" estimat- ed legal costs resulting from Y2K could cost $3 trillion. Jackson warned peo- ple to "prepare for the worst and hope for the best, but according to the video, sponsored by Industry Canada, most people are doing noth- ing to prepare for Y2K. The video also predict- ed the stock market could be affected by Y2K because the stock mar- ket's success is deter- mined by the philosophy of investors and if peo- ple are feeling pes- simistic, they won't invest. Zurich library CAP stu- dent Robinson said Y2K has had some benefits on society. For one, it has made the public more knowl- edgeable about comput- ers and businesses have had to become more accountable to their customers by being Y2K compliant. In addition, businesses who are Y2K compliant have an advantage over those who aren't, Robinson said. W for Memories this Saturday HURON COUNTY — Residents have a chance to raise,- run4k for Alzheimer's •spport programs this Saturday at Walk for Memories at area local high schools. To participate, people can obtain pledge sheets from the Alzheimer Society of Huron at 482- 1482 or 1-800-561-5012 or in. the South Huron area from Keltie MacNeill -Keller at 235- 0108. The events will be held at the county's high schools — South ,Huron, Wingham, Goderich, Seaforth and Clinton — from 9:30 a.m. - 12:30 Usborne & Hibbert Mutual Fire Insurance Company Exeter, Ont. NOM 1S1 (Established in 1876) Provides Full Insu- rance Coverage for Farm Properties New Applications are Welcomed DIRECTORS & ADJUSTERS - chaNe, RR6 M4ch46 - 346-9705 , F.:,:noy, nr • < Dubin 345-2360 ln•iy Gardiner, -11112, Steffi _..... .....345.2976 Jack Hodder!, RR1, KirMon ...... 229-4152 Michael O'Shea MD Granton.... 225-2900 Morris Willows, I, % St. Paula 393.6546 AGENTS Wayn,: ).'.• ver Exeter ... .. 235.1915 David Ma -sire, Dublrtt 345-2512 Barb Worden Dublin 345-2777 Joseph Unlike, M4che6.,........ . _ 341-9012 Head Office, Exeter 235-0350 A refund from surplus was declared for all poli- cy holders who qualify, are on record and in good standing as at December 31, 1998. veginimmommiMilallIk p.m. Chapter.. co-ordinator Cathy. Ritsema said $8,000 was raised in last year's • Walk for Memories in Huron County and she hopes this year's event tops that figure. Ritsema said at least 600 people suffer from Alzheimer Disease in Huron County — one in every 100 people. Those are only the cases she is aware of and admits a higher number of people may have the disease. She expects the num- ber will increase "dras- tically" in the next 10- 20 years as baby boomers reach the age of 65 and people live longer. There is no set dis- tance people mMst:walk and if they are unable to participate on Saturday morning, they can walk this week in an area of' their choice, Ritsema said. Receipts will be issued if requested. Store Hours: Mon. -Fri., 7:00 a.m. - 5:30 p.m.; Sat., 8:00 a.m. - 3:00 p.m. FIVE SIMPLE STEPS TO MAKE YOUR RETIREMENT DREAMS A REALITY By Mark R. Hartman, Manager, Personal Investments, Scotiabank and National Trust If you're like most Canadians, you'd probably like to retire early with a decent living standard. A recent Scotiabank/Goldfarb poll found most - Canadians want to retire at 58, with an annual income of about $48,000. The best way to start is to invest in a Registered Retirement Savings Plan '(RRSP), and maximize your allowable RRSP. contribution. Yet although six in ten Canadians have RRSPs, only 40 percent of RRSP investors have ,. holdings of more than - $50,000. Here's the reality - retiring at 58 with $48,000 annually requires about $750,000. If you're thinking about retirement, but haven't quite feathered your nest egg with three-quarters of a million dollars, don't despair. Here Are Five Tips To Maximize Your Chances Of Financial Security in Retirement: 1. Contribute the maximum allowable amount to your RRSP, and take advantage of unused contribution room. 2. Ensure your portfolio mix is well -diversified among cash equivalents, . income, and growth -type investments. Your financial advisor can discuss the risk -return , rewards associated with a diversified asset mix that's appropriate to your ; investment goals. 3. Consider retiring'slightly Tater than planned. Letting your:E1RSP funds earn tax-free compound interest for several extra years can significantly enhance their value. 4. Consider converting non -registered assets Into income-producing investments at retirement (selling your home, for example). 5. Take advantage of the free retirement planning services available. Scotiabank, for example, offers Reality Check, a personalized analysis of your retirement goals which determines whether your current savings pattern is sufficient to support your target retirement income, and provides an action plan to help you meet your goals. For your free RRSP Reality Check call Mark Hartman , Personal Investment Manager at 1-888-219-9542 or www.Scotlabank.ca, or call our local branches. Scotiabank 280 Main St. Exeter 235-1142