BUSINESS
Paris Goodnight, Business Page Editor, 704-797-4255 pgoodnight@salisburypost.com
SUNDAY February 20, 2011
SALISBURY POST
1C
www.salisburypost.com
LOOKING FOR TROUBLE
Personal finance with Ralph and Al
RALPH KETNER
AL CARTER
Catawba College is offering a one-hourcredit personal finance course led by retired (2002) Catawba College Professor Al Carter and Food Lion co-founder Ralph Ketner. The Post plans to attend the weekly class and share nuggets of the information presented by Carter, Ketner and guest speakers. This is the fifth installment.
Read your lease before signing for a rental property BY MARK WINEKA mwineka@salisburypost.com JON C. LAKEY/sALisbuRY post
officials are trying to keep from repeating a ‘flash crash’ from happening when traders at the New York stock exchange or other markets sell too much in a stressed situation.
Officials say new market rules must anticipate issues to avoid plunges BY MARCY GORDON Associated Press
A special committee said federal regulators have made positive changes, but they also need to create new rules that anticipate market problems to avoid another disruption like the May 6, 2010, plunge that rocked investor confidence. The joint advisory committee of the Securities and Exchange Commission and the Commodity Futures Trading Commission recommended, in a report Friday, that the SEC consider new incentives or rules that would restrain market strategies commonly used
by high-speed trading firms. The report says there are limitations to some restrictions the regulators put in place after the plunge, such as curbs that briefly halt trading of some stocks that make big price swings. Given the complexity of the market, rules “have to be more forward looking,” it says. The joint committee was established a few days after the May 6 disruption, which sent the Dow Jones industrial average careening nearly 1,000 points in less than a halfhour. A months-long investigation by the SEC and the CFTC determined that the so-
called “flash crash” occurred when a trading firm executed a computerized selling program in an already stressed market. The firm’s trade, worth $4.1 billion, led to a chain of events that ended with market players swiftly pulling their money from the stock market, the agencies’ review found. The “quick” actions of the SEC, the CFTC and the major stock markets following the plunge “addressed several glaring issues (and) were an excellent start to restoring confidence,” the new report says. It says, however, that the
Stout Heating & Air honored
submitted photo
Robert ‘bo’ Vaughn will get a service dog similar to this one.
Specially trained dog going to boy with epilepsy Food Lion and the Milk-Bone are changing Robert “Bo” Vaughn’s life by donating a specially trained service dog to the 10-year-old Mooresville boy. Bo lives with his parents and siblings in Mooresville and has been diagnosed with epilepsy. This disease makes it difficult for Bo to perform many common, everyday tasks. Instead of Bo needing to ask someone for assistance, his new service dog will provide the help and independence he needs and deserves. Among other tasks, his dog will assist with retrieving dropped objects, opening doors, turning on and off lights, and obtaining help in case of an emergency.
See DOG, 2C
Trane Residential Solutions, a division of Ingersoll Rand, announced that Stout Heating & Air Inc. of Salisbury has been awarded the prestigious Top Ten Award by the Trane Charlotte/Greensboro Dealer Sales Office. The Top Ten Award is based on Trane purchase volume in the Replacement, New Construction and Light Commercial arenas. The Top Ten winners are the companies that have attended all the technical and business training and have implemented sound business STOUT growth strategies that are focused on Retail Selling. This is Stout Heating & Air Inc.’s first time to receive this award. For more information, visit or www. stoutheatingandair.com or www.trane. com.
Girls night out scheduled for Stitchin’ Post Gifts
committee is concerned about the “limited applicability” of the trading halts put in place by the SEC. While they cover many of the problems raised by extreme price swings across the market, the socalled circuit breakers don’t “address the potential of extreme price movements” of smaller stocks that have less trading volume, it said. The report recommends that the regulators expand the rules on trading halts to cover all securities except for the most infrequently traded. It also urges the SEC to
See TROUBLE, 2C
Business Roundup be the speaker. He specializes in helping homeowners and Realtors sell un-sellable houses to unloanable buyers. He is an expert in unconventional real estate transactions and will be speaking on mortgage assignments and related investment strategies. Mortgage assignment is a solution to the three most common problems in the real estate market today. The group meets on the fourth Tuesday of each month. The meeting is open to anyone who would like to attend. (China Buffet is on Arlington Street behind O’Charley’s near Interstate 85 Exit 76).
Betsch opens massage clinic at Salisbury Chiropractic
Ceili E. Betsch, a licensed massage therapist, has opened a new practice at Salisbury Chiropractic, the office of Dr. David Godwin, 2907 South Main St. Ceili offers Swedish massage, deep tissue massage, myofascial stretching, hot stone massage, pregnancy massage and Reiki energy work in 30-, 60- or 90-minute sessions. Office hours are MondayWednesday 10 a.m.-6 p.m., Thursday 10 a.m.-2 p.m. and Friday 10 a.m.-5 p.m., by appointment. Betsch graduated from Delaware Valley College in Pennsylvania, and she has a two-year massage therapy certification from Chesapeake College in Maryland. Rowan real estate investors She is certified by the National Certificameeting Tuesday tion Board of Therapeutic Massage & The Rowan County Real Estate In- Bodywork and holds licenses to practice vestors and Associates meeting will be massage therapy in Maryland and North Tuesday at 7 p.m. at the China Buffet. Investor Bob Yon, who has been inSee ROUNDUP, 2C volved in real estate since the 1980s, will
The third annual girls night out is scheduled for Thursday, March 24, 5:307:30 p.m. at Stitchin’ Post Gifts, 104 S. Main St. Representatives from Brighton, Magnabilities, Jay’s Jewelry, Onex shoes, Kameleon Jewelpops, Mogo, Amore dei Cani will be there along with promotions and door prizes. A percentage of proceeds will be donated to Rowan Relay for Life and The American Cancer Society. Call 704-636-4121 or visit www.spgifts.com for more information.
College students who leave their residence halls for the brave new world of renting a house or apartment often run into misunderstandings with their landlords. But it’s not just college kids. Retired Catawba College professor Al Carter stressed the importance recently of renters’ reading their leases thoroughly and knowing their rights as tenants. Typical lease clauses include, Carter said, an “implied covenant of fitness for use,” meaning the landlord must keep the premises in good repair. In signing a lease, the renter stipulates that he has examined the premises and they are, at the time of his lease, safe, clean and in good repair. But Carter advised being proactive before signing a lease, taking pictures and making the landlord aware of potential problems that should be corrected as soon as possible. “It’s up to you to change it,” Carter said. He also warned that while many leases follow the same language, “there is no standard lease form — at least I’ve never seen one.” Most leases allow for the tenant to sublet the home or apartment to another party. This often happens to college students who must sign a one-year lease but only need the rental unit for nine months before they leave for home. When that happens, they look for someone to sublet the property for the remaining months. Carter said the original tenant must realize, even with subletting, that he is responsible for the rent. Getting back to previous class discussions about credit, Carter said some landlords will run a credit check on potential renters before leasing a unit. A bad credit score could disqualify the applicant or lead to the landlord’s charging him or her more per month, Carter warned. A short quiz about renting follows. True or false: 1. By N.C. law, the security deposit on rental property cannot be more than 50 percent of the monthly rent. 2. The term “quiet enjoyment” applies to a tenant’s right to use property without undue interference from others. 3. Improvements made by the tenant become property of the landlord unless otherwise agreed. 4. A lease cannot prohibit subletting if rent is more than $600 a month. 5. If the rental property is taken by eminent domain, the lease is terminated. 6. A lease can list the number of people who will occupy the premises. 7. Implied covenant of fitness only applies if the tenant has a yearlong lease. 8. If a lease is assigned to another party, the original tenant can be liable for the rent. 9. A landlord can require that assignment and subletting of the property have his approval. 10. After a year’s lease is through, a holdover by the renter will result in a month-to-month occupancy in most cases. Answers: 1) false; 2) true; 3) true; 4) false; 5) true; 6) true; 7. false; 8) true; 9) true; 10) true. Contact Mark Wineka at 704-797-4263.
Business calendar February 23 — Rowan partners for education board of directors – Chamber of Commerce – 7 a.m. 28 — Chamber board of directors – Chamber – noon
March 2 — Chamber Leadership Rowan steering Committee – Chamber – 7:30 a.m. 3 — Chamber executive Committee – Chamber – 8:00 a.m. 3 — Chamber Women in business membership mixer – Chamber – 5 – 6:30 p.m. Call 704-6334221 or e-mail info@rowanchamber.com to RsVp