Voice of America, 97-08-19

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From: The Voice of America <gopher://gopher.voa.gov>

CONTENTS

[01] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

[02] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)

[03] O-S-C-E / SERBIA (S ONLY) BY ART CHIMES (PRAGUE)

[04] TUESDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

[01] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

INTRO: STOCK PRICES ENJOYED A HEALTHY REBOUND ON MARKETS IN WESTERN EUROPE TUESDAY. PAUL FRANCUCH HAS THE CLOSING FIGURES FROM THE KEY EURO MARKETS IN THIS REPORT FROM LONDON.

TEXT: AFTER THE BIG DROP ON WALL STREET LAST FRIDAY -- WHICH SPARKED A SELL-OFF IN EUROPE ON MONDAY -- THE BIG EXCHANGES IN FRANKFURT, LONDON AND PARIS ON TUESDAY ALL SAW INVESTORS CALLING THEIR BROKERS AND TELLING THEM TO "BUY."

HERE IN LONDON -- EUROPE'S BIGGEST STOCK MARKET -- THE "FINANCIAL TIMES" 100 INDEX CLOSED UP JUST OVER 79 POINTS. IN FRANKFURT, THE "DAX 30" INDEX OF STOCKS GAINED MORE THAN 91 POINTS AT THE CLOSE. AND IN PARIS, THE "CAC 40" INDEX POSTED A HEALTHY 50-POINT GAIN.

ANALYSTS SAY THE EUROPEAN MARKETS RODE THE UPWARD MOMENTUM OF THE DOW JONES INDUSTRIALS ON MONDAY, WITH MANY INVESTORS BELIEVING THE U-S ECONOMY WOULD NOT FACE A NEW INTEREST RATE INCREASE FROM THE CENTRAL BANK FEDERAL RESERVE.

[02] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)

INTRO: STOCK PRICES IN THE UNITED STATES WERE UP TODAY (TUESDAY) AS TRADERS CELEBRATED THE DECISION BY THE U-S CENTRAL BANK TO DO NOTHING ABOUT INTEREST RATES. V-O-A'S CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 79 HUNDRED 18, UP 114 POINTS -- ABOUT ONE AND ONE-HALF PERCENT. THE LARGER STANDARD AND POOR'S 500 INDEX CLOSED AT 926, UP 13 AND ONE-HALF POINTS. IN THE PAST TWO DAYS, THE DOW INDUSTRIAL AVERAGE HAS RECOVERED VIRTUALLY ALL OF THE 247 POINTS IT LOST FRIDAY.

STOCK PRICES WERE UP ALL DAY AS TRADERS ANTICIPATED THE MID-AFTERNOON ANNOUNCEMENT FROM THE U-S CENTRAL BANK THAT SHORT-TERM INTEREST RATES WILL REMAIN UNCHANGED. THE BANK'S GOVERNORS APPARENTLY DECIDED THERE IS NO SERIOUS INFLATION THREAT IN THE U-S ECONOMY NOW. BUT SOME ANALYSTS, SUCH AS ANTHONY CHAN OF BANC ONE SECURITIES, SAY THAT MAY CHANGE BY THE END OF THIS YEAR.

I THINK THE ODDS ARE THAT THEY WILL DO SOMETHING EITHER IN NOVEMBER OR DECEMBER AS AN INSURANCE MECHANISM.

THE GOVERNMENT REPORTED NEW HOME CONSTRUCTION IN THE UNITED STATES LEVELED OFF LAST MONTH AFTER A THREE PERCENT INCREASE IN JUNE.

THE AGREEMENT TO END THE TWO-WEEK STRIKE AT THE UNITED PARCEL SERVICE IS WIDELY VIEWED AS A VICTORY FOR THE TEAMSTERS UNION. THE DEAL INCLUDES WAGE INCREASES OF UP TO 36 PERCENT OVER FIVE YEARS AND THE CONVERSION OF 10 THOUSAND LOW PAYING PART-TIME JOBS INTO FULL-TIME JOBS. SOME ANALYSTS SAY THE AGREEMENT COULD SPARK NEW MILITANCY BY OTHER U-S LABOR UNIONS.

ANALYSTS EXPECT THE UNITED PARCEL SERVICE WILL REGAIN NEARLY ALL OF ITS LOST BUSINESS BECAUSE THE STRIKE DID NOT LAST LONG ENOUGH FOR COMPETING CARRIERS TO MAKE PERMANENT INROADS. GANNETT, THE NEWSPAPER AND BROADCASTING COMPANY, ANNOUNCED A TWO-FOR-ONE STOCK SPLIT AND AN EIGHT PERCENT INCREASE IN ITS STOCK DIVIDEND.

THE BRITISH PETROLEUM COMPANY HAS WON A COURT INJUNCTION AGAINST THE GREENPEACE ENVIRONMENTAL GROUP WHICH PREVENTS GREENPEACE FROM INTERFERING WITH B-P'S OIL EXPLORATION OPERATIONS IN THE NORTH ATLANTIC. BRITISH PETROLEUM HAS ALSO FILED A TWO MILLION DOLLAR LAWSUIT AGAINST GREENPEACE, WHICH CLAIMS THE EXPLORATION ACTIVITIES POSE AN ENVIRONMENTAL THREAT.(SIGNED) NEB/NY/BA/LSF/PT
19-Aug-97 5:18 PM EDT (2118 UTC)
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Source: Voice of America

[03] O-S-C-E / SERBIA (S ONLY) BY ART CHIMES (PRAGUE)

INTRO: THE ORGANIZATION FOR SECURITY AND COOPERATION IN EUROPE (O-S-C-E) HAS AGREED TO MONITOR NEXT MONTH'S PRESIDENTIAL AND PARLIAMENTARY ELECTIONS IN (THE YUGOSLAV REPUBLIC OF) SERBIA. V-O-A CORRESPONDENT ART CHIMES REPORTS FROM OUR CENTRAL EUROPE BUREAU.

TEXT: O-S-C-E OFFICIALS IN VIENNA SAY THEY WILL MONITOR THE VOTING ON SEPTEMBER 21ST, AS WELL AS THE CAMPAIGN LEADING UP TO IT.

SPOKESWOMAN MELISSA FLEMING EMPHASIZES O-S-C-E MONITORS GO IN WELL BEFORE ELECTION DAY TO ASSESS THE FAIRNESS OF THE CAMPAIGN LEADING UP TO THE ACTUAL VOTING.

THE CAMPAIGN AND HOW THE CAMPAIGN WAS CONDUCTED; WHETHER ALL PARTIES, POLITICAL PARTIES, HAD ACCESS TO THE MEDIA -- THESE ARE THE IMPORTANT ELEMENTS IN MAKING THE FINAL ASSESSMENT.

THE O-S-C-E IS ACTUALLY RUNNING -- NOT JUST MONITORING -- NEXT MONTH'S MUNICIPAL ELECTIONS IN BOSNIA-HERZEGOVINA. AND O-S-C-E OFFICIALS ARE EXPECTED TO DECIDE THURSDAY WHETHER TO SUPERVISE CONTROVERSIAL PARLIAMENTARY ELECTIONS IN BOSNIA LATER THIS YEAR. (SIGNED)
NEB/ART/JWH/KL
19-Aug-97 8:06 AM EDT (1206 UTC)
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Source: Voice of America

[04] TUESDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: THE POPULAR EDITORIAL TOPICS ACROSS THE UNITED STATES THIS TUESDAY ARE PRIMARILY DOMESTIC, WITH A NEW DEVELOPMENT IN THE PROPOSED TOBACCO SETTLEMENT WITH THE GOVERNMENT LEADING THE WAY. TWO OTHER SUBJECTS INVOLVE ALLEGED LAW ENFORCEMENT WRONG DOING BY THE NEW YORK CITY POLICE AND THE FBI.

INTERNATIONAL TOPICS INCLUDE THE LATEST U-S MESSAGE TO CHINA; THE FINANCIAL WOES OF SOME ASIAN "TIGERS" ECONOMIES; AND LASTLY, PRESIDENT CLINTON'S STATUS WHILE ON VACATION.

NOW, HERE IS _______________ WITH A CLOSER AND A QUOTE OR TWO IN TODAY'S U-S EDITORIAL DIGEST.

TEXT: SEVERAL PAPERS ARE EXPRESSING ANGER THAT JUST WHEN IT SEEMED THE BIG U-S TOBACCO COMPANIES WERE WILLING TO ADMIT THE DANGER OF THEIR PRODUCTS AND PAY FOR THE MEDICAL COSTS OF SMOKING, THEY HAVE EMERGED WITH ANOTHER BIG WINDFALL FROM THE CONGRESS. HERE'S THE PORTLAND [MAINE] PRESS HERALD'S VIEW.

VOICE: "HOUSE SPEAKER NEWT GINGRICH AND SENATE MAJORITY LEADER TRENT LOTT HAVE MANAGED TO MAKE A BAD DEAL WITH THE TOBACCO INDUSTRY WORSE. [OPT] THAT'S NOT TO SAY THAT CONGRESS AND THE PRESIDENT NEED ANOTHER REASON TO REJECT THE PROPOSED SETTLEMENT BETWEEN THE TOBACCO INDUSTRY AND THE ATTORNEYS GENERAL FROM 40 STATES. IT WAS A LOSER FROM THE DAY IT WAS HATCHED. [END OPT] ..... A NEW ITEM CAN NOW BE ADDED [TO] THE LIST OF OFFENDING PROVISIONS. [MR.] GINGRICH AND [MR.] LOTT SPONSORED AND THEN PUSHED FOR A PROVISION IN THE BALANCED BUDGET DEAL THAT WILL GIVE TOBACCO COMPANIES 50-BILLION-DOLLARS IN TAX CREDITS TO OFFSET THE DAMAGE AWARDS UNDER THE AGREEMENT. ..... THE GINGRICH-LOTT AMENDMENT MAKES THE TOBACCO SETTLEMENT AN EASY CALL [DECISION]. CONGRESS AND THE PRESIDENT SHOULD REJECT IT."

TEXT: THE NEW YORK TIMES IS EQUALLY UPSET BY WHAT IT CALLS A "FIFTY-BILLION DOLLAR GIFT TO THE TOBACCO INDUSTRY..."

VOICE: "JUST WHEN IT LOOKED AS IF BIG TOBACCO HAD HAD A CHANGE OF HEART, ALONG COMES A REMINDER OF THE INDUSTRY'S ARROGANCE. ..... THE INDUSTRY'S CLUMSY MUSCLE-FLEXING IN CONGRESS HAS AGAIN PUT EVERYONE ON NOTICE THAT IT REALLY DOES HAVE TO BE WATCHED, AND THAT THIS DEAL MUST BE MINUTELY EXAMINED WITH AN EYE TO MAKING IT EVEN TOUGHER ON TOBACCO [IE: THE TOBACCO INDUSTRY.]"

TEXT: ERRORS IN DUTY BY LAW ENFORCEMENT AGENCIES ARE DRAWING PLENTY OF COMMENT TODAY. THE NEW YORK CITY POLICE DEPARTMENT IS SHAKEN BY ALLEGATIONS THAT SEVERAL OFFICERS BEAT AND SODOMIZED A HAITIAN-BORN SECURITY GUARD, ARRESTED FOR ROWDYISM OUTSIDE A BROOKLYN NIGHTCLUB SEVERAL DAYS AGO. FOUR POLICE HAVE NOW BEEN ARRESTED AND CHARGED, AND MANY POLICE FROM THE 70TH PRECINCT HAVE BEEN REASSIGNED, INCLUDING THE COMMANDER. THE ATLANTA CONSTITUTION IS ONE OF SEVERAL PAPERS EXPRESSING OUTRAGE.

VOICE: "NEW YORK MAYOR RUDOLPH GIULIANI HAS MOVED SWIFTLY TO DEAL WITH ROGUE POLICE OFFICERS ACCUSED OF A GROTESQUE ASSAULT ON A HAITIAN IMMIGRANT IN POLICE CUSTODY. THE MAYOR'S NO-NONSENSE STAND AGAINST POLICE BRUTALITY CAN HELP PRESERVE NOT ONLY HIS REPUTATION BUT ALSO THE IMAGE OF HIS CRIME-FIGHTING PROGRAM. [MR.] GIULIANI CAME TO OFFICE VOWING TO FIGHT CRIME IN NEW YORK CITY, AND HIS ADMINISTRATION HAS BEEN REMARKABLY SUCCESSFUL AT IT. [BUT] CITIZENS NATIONWIDE WILL SUPPORT NEW YORK CITY'S ANTI-CRIME STRATEGY ONLY IF THEY ARE CONFIDENT THAT POLICE BRUTALITY IS NOT AN ESSENTIAL ELEMENT."

TEXT: THE LOS ANGELES TIMES ADDS:

VOICE: "[OPT] THE NEW YORK POLICE .....GARNERED INTERNATIONAL ACCLAIM BY RECORDING ONE OF THE MOST REMARKABLE REDUCTIONS EVER IN SERIOUS CRIME IN A MAJOR CITY. ....... BUT THE GRUESOME DETAILS OF ALLEGED AGGRAVATED SEXUAL ABUSE AND ASSAULT AGAINST A HAITIAN IMMIGRANT INSIDE A BROOKLYN POLICE STATION AUGUST 9TH HAS GIVEN NEW YORK OFFICIALS PAUSE. [END OPT] ..... ONE CAN'T HELP BUT WONDER WHETHER AN INCIDENT LIKE THIS MIGHT HAVE BEEN PREVENTED, HAD A BIT MORE ATTENTION BEEN PAID TO THOSE CONCERNED ABOUT POSSIBLE ABUSE OF THE NYPD'S NEW MANDATE [TO AGGRESSIVELY CUT CRIME]."

TEXT: THE NEW YORK POST, WHILE CONDEMNING THE ASSAULT ON THE HAITIAN, WARNS AGAINST AN OVER-REACTION AGAINST THE POLICE IN GENERAL.

VOICE: ".... IT IS IMPORTANT THAT A SENSE OF PERSPECTIVE BE MAINTAINED - - PARTICULARLY BY THOSE PLAYING KEY ROLES IN THE INVESTIGATION. IT WOULD BE VERY EASY TO FOMENT AN ANTI-COP WITCH HUNT - - THE CONSEQUENCES OF WHICH COULD BE TRAGIC. ....... WHILE SECURING JUSTICE FOR ABNER LOUIMA IS CRITICAL, PARALYZING THE NYPD SERVES NO LEGITIMATE INTEREST WHATSOEVER."

TEXT: THE F-B-I IS ALSO COMING IN FOR CRITICISM OF ITS HANDLING OF A 1993 STAND-OFF AT A REMOTE MOUNTAIN IN IDAHO CALLED RUBY RIDGE, WHERE AN F-B-I SNIPER KILLED THE WIFE OF A FUGITIVE, AS SHE HELD HER CHILD. NEWSDAY SAYS OF THE JUST-ANNOUNCED DECISION N O T TO PROSECUTE THE F-B-I OFFICIALS IN CHARGE OF THE CASE:

VOICE: "THIS KILLING TOOK PLACE UNDER EXTRAORDINARY RULES OF ENGAGEMENT THAT PURPORTEDLY ALLOWED F-B-I AGENTS TO SHOOT ON SIGHT. BUT IT HAS NEVER BEEN CLEAR WHO APPROVED THESE RULES - - [LARRY] POTTS [WHO HEADED THE F-B-I'S CRIMINAL DIVISION] AND HIS PEOPLE IN WASHINGTON OR AGENTS IN THE FIELD. THE JUSTICE DEPARTMENT MUST MAKE IT BEST JUDGMENT AND PENALIZE THOSE IT BELIEVES TO BE GUILTY. AN AIR FORCE GENERAL WAS HELD ACCOUNTABLE FOR FAILING TO PROTECT A BARRACKS WHERE 19 AMERICAN [SERVICEMEN] WERE KILLED BY A TERRORIST BOMB. THE F-B-I SHOULD BE NO LESS ACCOUNTABLE FOR ITS LETHAL SHORTCOMINGS AT RUBY RIDGE."

TEXT: INTERNATIONALLY, THE NEW YORK TIMES IS URGING THE CLINTON ADMINISTRATION TO PRESS HOME A NEW MESSAGE TO CHINA WHILE IT HAS THE ADVANTAGE OF A PENDING VISIT BY PRESIDENT JIANG ZEMIN.

VOICE: "THE CLINTON ADMINISTRATION HAS INVITED PRESIDENT JIANG ZEMIN TO VISIT WASHINGTON IN LATE OCTOBER, ENHANCING HIS PRESTIGE AT THE VERY MOMENT CHINESE LEADERS ARE SORTING OUT THE SUCCESSION TO THE LATE DENG XIAOPING. AS THAT VISIT APPROACHES, MR. JIANG IS EAGER TO ASSURE A HARMONIOUS MEETING WITH PRESIDENT CLINTON AND TO MUTE CONGRESSIONAL AND PUBLIC CRITICISM OVER CHINA'S ABUSES OF HUMAN RIGHTS AND RELIGIOUS FREEDOM. ..... THE ADMINISTRATION SHOULD MAKE THE MOST OF THIS NEW OPPORTUNITY, PRESENTING MR. JIANG AND OTHER CHINESE LEADERS WITH A LIST OF REALISTIC AND CONSISTENT STEPS BEIJING COULD TAKE TO IMPROVE RELATIONS AND AVOID THE REPEATED CRISES OF RECENT YEARS. ....THIS IS A PARTICULARLY APPROPRIATE MOMENT FOR WASHINGTON TO TAKE A MORE ACTIVE STANCE ON HUMAN RIGHTS ISSUES IN CHINA."

TEXT: ECONOMIC TROUBLES IN SOME OF ASIA'S EMERGING NATIONS DRAW THE ATTENTION OF THE WASHINGTON POST, WHICH SAYS:

VOICE: "THE CURRENT FINANCIAL CRISIS IN THAILAND, NOW REVERBERATING THROUGHOUT EAST ASIA, HAS LED SOME TO QUESTION WHETHER THE GOLDEN ERA FOR ASIA'S TIGER ECONOMIES IS COMING TO A CLOSE. IT NEEDN'T BE. ASIA'S SUCCESS STORIES, FROM SOUTH KOREA SOUTH TO INDONESIA, ARE FACING NEW CHALLENGES, DUE IN PART TO THEIR PAST SUCCESS AND IN PART TO THE ACCELERATING GLOBALIZATION OF THE WORLD ECONOMY. BUT WITH PROPER POLICIES, AND ABSENT UNEXPECTED GLOBAL ECONOMIC SHOCKS, THERE'S NO REASON THEY CAN'T STAY ON A GROWTH PATH OVER THE LONG TERM."

TEXT: NOTING THE SELECTION OF WHAT SOME ARE CALLING A RELATIVELY MODERATE CABINET BY IRAN'S NEW PRESIDENT, MOHAMMAD KHATAMI, THE WASHINGTON TIMES REMAINS SKEPTICAL, POINTING OUT:

VOICE: "ALL 22 OF THE PROPOSED CABINET APPOINTEES HAVE PREVIOUSLY HELD GOVERNMENT POSITIONS, REPRESENTING THE SAME MURDEROUS AND REPRESSIVE GOVERNMENT WHICH HAS BEEN IN POWER FOR THE LAST 18 YEARS. .... IN TRUTH, THE 'NEW' IRANIAN CABINET IS STILL PART OF THE SAME THEOCRACY IT HAS BEEN SINCE THE REVOLUTION IN 1979."

TEXT: AND LASTLY, REGARDING PRESIDENT CLINTON'S SITUATION AS HE VACATIONS ON MARTHA'S VINEYARD, OFF MASSACHUSETTS, THE SUN IN BALTIMORE SAYS:

VOICE: "EVEN BEFORE HE DEPARTED FOR A THREE-WEEK VACATION [HOLIDAY] ..... PRESIDENT CLINTON WAS HAVING THE BEST SUMMER SINCE HE MOVED INTO THE WHITE HOUSE. HIS POPULARITY IS HIGHER THAN EVER, THE ECONOMY CONTINUES TO PURR, HE HAS OUTMANEUVERED CONGRESS ON KEY ISSUES AND HAS COOPTED THE REPUBLICAN OPPOSITION ON MANY OF THEIR BEDROCK POSITIONS. ..... WHILE HE CATCHES UP ON HIS TAN AND HIS SUMMER READING .... THE PRESIDENT CAN SAVOR THESE HEADY TIMES. AFTER LABOR DAY, THINGS MAY NOT SEEM QUITE SO ROSY [WONDERFUL]."

TEXT: ON THAT NOTE, WE CONCLUDE THIS BRIEF SAMPLING OF THE DAY'S EDITORIAL COMMENTS.
NEB/ANG/EH
19-Aug-97 10:44 AM EDT (1444 UTC)
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Source: Voice of America

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