Voice of America, 97-11-24

Voice of America: Selected Articles Directory - Previous Article - Next Article

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

CONTENTS

[01] BOSNIA VOTE (L) BY ART CHIMES (SARAJEVO)

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

[03] FRANCE TRIAL (L-ONLY) BY JULIAN NUNDY (PARIS)

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

[05] N-Y ECON WRAP (S & L) BY MAX RUSTON (NEW YORK)

[01] BOSNIA VOTE (L) BY ART CHIMES (SARAJEVO)

INTRO: INTERNATIONAL ELECTION OFFICIALS SAY VOTING SATURDAY AND SUNDAY IN THE SERB PART OF BOSNIA-HERZEGOVINA WAS "FREE AND FAIR," BUT THEY CAUTION THAT SERIOUS PROBLEMS REMAIN IN THE POLITICAL ENVIRONMENT OF THE COUNTRY. OUR CORRESPONDENT ART CHIMES HAS BEEN COVERING THE ELECTIONS AND REPORTS FROM SARAJEVO.

TEXT: THE SPECIAL REPRESENTATIVE OF THE "ORGANIZATION FOR SECURITY AND COOPERATION IN EUROPE," WHICH CONDUCTED THE ELECTION, TOLD REPORTERS THE VOTE DOES REPRESENT A STEP FORWARD IN THE DEMOCRATIZATION PROCESS IN BOSNIA. JAVIER RUPEREZ SAYS BOSNIAN SERBS DID THEIR JOB BY VOTING IN A PEACEFUL MANNER.

HOWEVER, THE ELECTED INSTITUTIONS IN BOSNIA AND HERZEGOVINA ARE STILL NOT MEETING THEIR RESPONSIBILITY TO THE ELECTORATE AND ARE NOT FUNCTIONING IN AN EFFECTIVE MANNER.

IN HIS REPORT, MR. RUPEREZ SAYS IMPLEMENTATION OF THE "DAYTON PEACE AGREEMENT" FOR BOSNIA IS "UNACCEPTABLY SLOW." MANY OF THE BASIC STANDARDS FOR A DEMOCRATIC SOCIETY REMAIN ELUSIVE, INCLUDING FREEDOM OF MOVEMENT, RETURN OF REFUGEES AND FREE MEDIA. AND HE SAYS THE FACT THAT PEOPLE INDICTED FOR WAR CRIMES ARE STILL AT LARGE SERIOUSLY UNDERMINES THE DEMOCRATIC PROCESS.

BECAUSE OF ABSENTEE BALLOTS, A FINAL COUNT IS NOT EXPECTED UNTIL EARLY NEXT MONTH. INTERNATIONAL OFFICIALS SAY IMPLEMENTING THE ELECTION RESULTS WILL BE A BIG CHALLENGE.

VOTING WAS FOR THE BOSNIAN SERB ASSEMBLY WHICH WAS DISSOLVED BY PRESIDENT BILJANA PLAVSIC IN JULY -- AN ACTION NOT ACCEPTED BY HER RIVALS. IN MANY WAYS, THE ELECTION WAS A REFERENDUM ON THE PRO-DAYTON VIEWS OF MRS. PLAVSIC VERSUS HER RIVALS, THE HARDLINERS LOYAL TO INDICTED WAR CRIMES SUSPECT RADOVAN KARADZIC.

THE ELECTION COULD RESULT IN A DIVIDED PARLIAMENT, LEADING TO FURTHER STALEMATE ON THE BOSNIAN SERB POLITICAL SCENE. THE WESTERN POWERS' SENIOR DEPUTY HIGH REPRESENTATIVE, HANNS SCHUMACHER, REFUSED TO SPECULATE ON THE OUTCOME, AND SAYS IT IS CRITICAL THAT A FUNCTIONING GOVERNMENT EMERGE FROM THE VOTING. BUT HE DOES NOT SOUND VERY OPTIMISTIC.

I CANNOT FORESEE THAT THIS RIFT MAY BE OVERCOME OR HEALED. THE ONLY HOPE WHICH WE HAVE AT THIS STAGE IS THAT THE RESULT OF THESE ELECTIONS WILL PRODUCE US WITH A CONSTRUCTIVE COUNTERPART ON THE SERB SIDE, WITH WHOM WE CAN COOPERATE ON THE BASIS OF THE DAYTON AGREEMENT.

THERE'S NO DEADLINE FOR CONVENING A NEW BOSNIAN SERB NATIONAL ASSEMBLY. BUT THE O-S-C-E MISSION CHIEF HERE, ROBERT FROWICK, SAYS HE EXPECTS THE INTERNATIONAL COMMUNITY WILL HAVE TO GET INVOLVED TO HELP IMPLEMENT THE ELECTION RESULTS. (SIGNED)
NEB/ART/PCF
24-Nov-97 12:04 PM EST (1704 UTC)
NNNN
Source: Voice of America

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

INTRO: WESTERN EUROPE'S MAJOR STOCK MARKETS ALL CLOSED SUBSTANTIALLY LOWER IN THIN TRADING MONDAY. ANALYSTS ATTRIBUTED THE DECLINE TO THE COLLAPSE OF YAMAICHI SECURITIES IN JAPAN. PAUL FRANCUCH HAS THE CLOSING NUMBERS FROM LONDON.

TEXT: NEWS OF YAMAICHI'S COLLAPSE WAS IMMINENT AND TRADERS EXPECTED EUROPEAN MARKETS TO SELL ON THE NEWS. THEY DID -- SHARPLY AT THE OPEN, BUT WITH SOME RECOVERY LATER IN THE DAY.

GERMANY'S "DAX 30" STOCK INDEX LOST 129 POINTS MONDAY -- A DECLINE OF MORE THAN THREE PERCENT. IN PARIS AND LONDON, THE LOSSES IN TERMS OF MARKET VALUE WERE CLOSER TO ABOUT TWO PERCENT FOR THE DAY. THE "CAC 40" LOST 59 POINTS AND BRITAIN'S "FINANCIAL TIMES" 100 INDEX WAS OFF 87 POINTS AT THE CLOSE.

CURRENCY TRADERS SAW A HEAVY MOVE TO EUROPEAN MONEY, AS THE YEN DECLINED AGAINST THE HARD CURRENCIES OF EUROPE AND THE U-S DOLLAR. THE YEN MONDAY HIT A FIVE-YEAR LOW IN TRADING AGAINST THE BRITISH POUND.

ANALYSTS SAY TUESDAY'S RETURN TO TRADING ON THE TOKYO MARKET WILL PROVIDE INVESTORS WITH THE NEXT IMMEDIATE INDICATION TO BUY OR SELL, ADDING THAT CONTINUED VOLATILITY IN FINANCIAL MARKETS SHOULD BE EXPECTED. (SIGNED)
NEB/PCF/MMK
24-Nov-97 1:37 PM EST (1837 UTC)
NNNN
Source: Voice of America

[03] FRANCE TRIAL (L-ONLY) BY JULIAN NUNDY (PARIS)

INTRO: THIRTY-EIGHT MEMBERS OF AN ALLEGED ISLAMIC TERRORIST RING, OPERATING IN FRANCE AND BLAMED FOR ORGANIZING BOMB ATTACKS THAT KILLED EIGHT PEOPLE IN 1995, HAVE GONE ON TRIAL IN PARIS. JULIAN NUNDY REPORTS FROM PARIS.

TEXT: ALTOGETHER, 41 DEFENDANTS ARE ACCUSED OF PROVIDING LOGISTICAL HELP TO A TERRORIST NETWORK THAT IS BELIEVED TO TAKE ITS ORDERS FROM THE BANNED ALGERIAN ARMED ISLAMIC GROUP, OR "G-I-A." THREE OF THEM, INCLUDING THE NETWORK'S ALLEGED CONTROLLER, HAVE ESCAPED ARREST AND WILL BE TRIED IN THEIR ABSENCE.

THE SUSPECTED CONTROLLER IS ALI TOUCHENT, WHO OPERATED UNDER THE CODE NAMES "TAREK" AND "SAMIR". HE IS ACCUSED OF BEING ONE OF THE MASTERMINDS BEHIND THE BOMBING WAVE THAT HIT FRANCE OVER FOUR MONTHS IN 1995.

THE FIRST BOMB, IN A PARIS SUBWAY TRAIN, KILLED EIGHT PASSENGERS IN JULY 1995. ONE OTHER, PLACED BY A HIGH-SPEED RAILROAD TRACK NEAR LYON, DID NOT EXPLODE. FINGERPRINTS ON THAT BOMB LED POLICE TO KHALED KELKAL, A YOUNG ALGERIAN. HE WAS KILLED IN A GUNBATTLE WITH POLICE.

ALL THOSE WHO WENT ON TRIAL MONDAY LIVED IN THE LYON AREA. AS THE TRIAL OPENED IN PARIS, THERE WAS A SCUFFLE BETWEEN POLICE AND ONE OF THE DEFENDANTS. SAMIR MAHMOUDI, A 25-YEAR-OLD ALGERIAN, TRIED TO STAND UP IN THE DEFENDANTS' BOX TO TALK TO MEMBERS OF HIS FAMILY. THERE WAS A FIGHT WHEN POLICE TRIED TO FORCE HIM TO SIT DOWN. THEY FINALLY PUT HANDCUFFS ON HIM.

MOST OF THE DEFENDANTS ARE OF ALGERIAN ORIGIN. TWO, HOWEVER, ARE FRENCH CONVERTS TO ISLAM. SOME OF THEM HAVE TOLD INVESTIGATORS THEY WERE TRAINED IN AFGHANISTAN OR BOSNIA-HERZEGOVINA.

ALTHOUGH THEY ARE NOT ACCUSED OF ACTUALLY PARTICIPATING IN BOMB ATTACKS, THE DEFENDANTS ARE CHARGED WITH A VARIETY OF OFFENSES, SUCH AS THE RECRUITMENT OF MILITANTS AND KEEPING -- OR TRANSPORTING -- ARMS FOR THE G-I-A. THEY FACE JAIL SENTENCES OF UP TO 10 YEARS.

THE PROSECUTION WILL ARGUE THAT THE DEFENDANTS WERE PART OF A WIDER NETWORK THAT WAS ORIGINALLY RECRUITED BY AGENTS IN BELGIUM AND THEN RECEIVED MONEY FROM G-I-A BANK ACCOUNTS IN LONDON.

THE LAST TIME A SUSPECTED G-I-A BOMB HIT FRANCE WAS LAST DECEMBER. THAT EXPLOSION KILLED FOUR PEOPLE IN A PARIS SUBWAY TRAIN. TWO OF THE DEAD WERE MOROCCANS; A THIRD WAS CANADIAN.

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

INTRO: THE CONTINUING MELTDOWN OF ASIAN ECONOMIES AND A LEGAL MANEUVER TO SAVE AFFIRMATIVE ACTION FROM A POSSIBLE SUPREME COURT REVERSAL TOP THE EDITORIAL COLUMNS OF MANY NEWSPAPERS THIS MONDAY IN LATE NOVEMBER.

OTHER TOPICS UNDER CONSIDERATION IN TODAY'S PRESS INCLUDE: AN ASSAULT ON DEMOCRACY IN CROATIA; TROUBLE WITHIN THE DEMOCRATIC PARTY; AND THE IOWA SEPTUPLETS. NOW, HERE WITH A CLOSER LOOK AND SOME QUOTES IS ___________________ AND TODAY'S EDITORIAL DIGEST.

TEXT: "THE WASHINGTON POST," CONCERNED ABOUT THE CONTINUING PLIGHT OF ASIAN ECONOMIES, INCLUDING NOW SOUTH KOREA, SAYS THAT WILL GIVE THIS WEEK'S ECONOMIC SUMMIT IN VANCOUVER PLENTY TO TALK ABOUT.

VOICE: "PRESIDENT CLINTON WILL MEET WITH HIS ASIAN COUNTERPARTS THIS WEEK IN AN ATMOSPHERE VERGING ON CRISIS. [OPT] WHAT STARTED AS A RUN ON THE CURRENCY OF ONE RELATIVELY SMALL NATION (THAILAND) HAS BLOSSOMED INTO FINANCIAL TRAUMA THAT THREATENS THE ECONOMIES OF THE REGION, FROM JAPAN THROUGH INDONESIA. ON FRIDAY CAME THE SPECTACLE OF THE PROUD SOUTH KOREANS, POSSESSORS OF THE WORLD'S 11TH LARGEST ECONOMY, APPEALING FOR EMERGENCY AID FROM THE INTERNATIONAL MONETARY FUND. AND ALL THIS TOOK PLACE ONLY MONTHS AFTER EXPERTS HAD BEEN PLACIDLY SINGING THE PRAISES OF ASIA'S ECONOMIC 'MIRACLES' AND 'DRAGONS.' COULD THINGS REALLY HAVE GONE SO WRONG, SO FAST? [END OPT] THE SPREAD OF ASIA'S FINANCIAL CRISIS POINTS, ON THE MOST OBVIOUS LEVEL, TO THE NEW AND IMMENSE INTERCONNECTEDNESS OF THE WORLD ECONOMY. ..... AT BEST, ASIA'S ECONOMIES ARE IN FOR A ROUGH COUPLE OF YEARS. AS THEY CAN BUY LESS AND SEEK TO EXPORT MORE, THE U-S TRADE DEFICIT IS CERTAIN TO SOAR, AND THE U-S ECONOMY WON'T GROW AS FAST AS IT WOULD HAVE. WHETHER THE CONSEQUENCES BECOME MORE SERIOUS DEPENDS ON HOW WELL THE TURBULENCE IS HANDLED IN THE COMING DAYS AND WEEKS."

VOICE: "THE [BALTIMORE] SUN" SAYS THE RECENT CRISIS WILL TOTALLY SHIFT THE FOCUS OF THE VANCOUVER MEETING.

VOICE: "THE MEETINGS OF THE 18-MEMBER ASIAN-PACIFIC ECONOMIC COOPERATION FORUM WERE MEANT TO SPEED FREE TRADE THROUGHOUT THE PACIFIC RIM BY 2020 ..... INSTEAD, THEY ARE TRANSFIXED BY THE NEED TO HALT THE ASIAN DISASTER, BEGINNING WITH SOUTH KOREA'S RELUCTANT APPEAL TO THE INTERNATIONAL MONETARY FUND FOR 20-BILLION TO SHORE UP ITS CURRENCY AND BANKS. ..... WEAKENED ASIAN CURRENCIES MEAN LOWER PRICES FOR ASIAN GOODS HERE AND HIGHER PRICES FOR U-S AND CANADIAN EXPORTS TO ASIA, AND HELP EXPLAIN THE JUMP IN THE U-S TRADE DEFICIT, WHICH WILL GET WORSE IF ASIAN CURRENCIES DO NOT REVIVE."

TEXT: THE DAY'S MAJOR DOMESTIC ISSUE FOCUSING ATTENTION IS LAST WEEK'S SETTLEMENT OF A RACIAL DISCRIMINATION ACTION INVOLVING A NEW JERSEY SCHOOL BOARD. WHAT MADE IT UNUSUAL IS THAT SEVERAL MINORITY ORGANIZATIONS DONATED MOST OF A LARGE MONETARY SETTLEMENT FOR A WHITE TEACHER WHO SUED, CLAIMING SHE HAD BEEN THE SUBJECT OF REVERSE DISCRIMINATION, WHEN SHE WAS LAID OFF IN FAVOR OF A BLACK TEACHER. THE U-S GOVERNMENT AND SEVERAL MINORITY GROUPS FEARED THAT, IF THE CASE WENT TO THE SUPREME COURT, ALL AFFIRMATIVE ACTION PLANS MIGHT BE STRUCK DOWN. "NEWSDAY" FOR ONE IS GLAD TO SEE THE CASE OVER WITH.

VOICE: "THE AFFIRMATIVE-ACTION CASE FROM HELL IS OVER, AND GOOD RIDDANCE. BACK IN 1989, THE SCHOOL BOARD IN PISCATAWAY, NEW JERSEY, NEEDED A TIEBREAKER TO DECIDE WHICH OF TWO [EQUALLY QUALIFIED] HIGH-SCHOOL BUSINESS TEACHERS TO LAY OFF. ...... ONE WAS THE ONLY BLACK TEACHER IN HER 10-MEMBER DEPARTMENT, IN A SCHOOL WITH A 30-PERCENT MINORITY ENROLLMENT. THE BOARD ... MADE AN EMINENTLY REASONABLE JUDGMENT THAT STUDENTS IN BUSINESS CLASSES WOULD BENEFIT FROM BEING TAUGHT BY A RACIALLY DIVERSE FACULTY. THE BLACK TEACHER WAS KEPT ON. ....... AFTER A FEDERAL APPELLATE COURT DECIDED IN THE [WHITE] TEACHER'S FAVOR, THE JUSTICE DEPARTMENT ..... URGED THE SUPREME COURT NOT TO TAKE THE CASE, FEARING A PRECEDENT THAT WOULD DEVASTATE AFFIRMATIVE-ACTION PROGRAMS ACROSS THE BOARD. CIVIL RIGHTS GROUPS, DRIVEN BY THE SAME FEAR, AGREED LAST WEEK TO UNDERWRITE 70 PERCENT OF A 433-THOUSAND-500-DOLLAR SETTLEMENT BETWEEN THE SCHOOL BOARD AND THE REHIRED TEACHER - - A HIGHLY UNUSUAL INTERVENTION BUT IN THIS CASE A WELCOME ONE. AND AFFIRMATIVE ACTION SURVIVES - - JUST BARELY - - TO FIGHT ANOTHER DAY."

TEXT: "THE NEW YORK TIMES" SAYS IN PART, OF THIS EVENT:

VOICE: "AVOIDING A SUPREME COURT RULING, IN THIS SITUATION, WAS A SMART MOVE. THE PISCATAWAY CASE WAS A DIFFICULT ONE WITH UNUSUAL FACTS. ..... THE DISTRICT'S GOAL OF MAINTAINING RACIAL DIVERSITY WAS HONORABLE, BUT ITS APPROACH WAS CLUMSY. THE CLINTON ADMINISTRATION, WHICH FIRST SUPPORTED THE ACTION, REVERSED ITSELF THIS SUMMER. AT SOME POINT, THE SUPREME COURT WILL ADDRESS WHETHER THE CIVIL RIGHTS ACT OF 1964 PROHIBITS CONSIDERING RACE IN ANY EMPLOYMENT DECISION, EXCEPT AS A REMEDY FOR ACTUAL DISCRIMINATION. THE PISCATAWAY CASE .... WAS A POOR VEHICLE FOR THAT LEGAL DEBATE."

TEXT: TODAY'S "BOSTON GLOBE" TALKS ABOUT THE ROLE OF INFORMATION TECHNOLOGY IN THE U-S ECONOMY.

VOICE: "A NATIONAL STUDY HAS CONFIRMED WHAT MANY SUSPECTED: INFORMATION TECHNOLOGY HAS BECOME THE LARGEST SINGLE PLAYER IN U-S INDUSTRY. AND MASSACHUSETTS WILL CONTINUE TO BENEFIT FROM THE TREND, ACCORDING TO THE STATE'S OWN STUDY ON THE DYNAMIC IMPACT OF INFORMATION TECHNOLOGY ON THE BAY STATE ECONOMY. THE NATIONAL STUDY....FOUND A 57 PERCENT GROWTH IN THE FIELD SINCE 1990, BRINGING ANNUAL SALES TO 866 BILLION DOLLARS. THIS FIGURE IS LARGER THAN SUCH TRADITIONALLY MAJOR SECTORS AS AUTOMOBILES, FOOD PRODUCTS, AND CONSTRUCTION.

TEXT: STILL IN NEW ENGLAND, THE CHRISTIAN SCIENCE MONITOR COMMENTS ON FIGURING OUT THE STOCK MARKET IN TODAY'S COMMENTARY.

VOICE: "THERE ARE OODLES [MANY] OF WAYS TO FORECAST THE STOCK MARKET. ONE LETTER THAT LANDED ON OUR DESK THIS WEEK DOES SO WITH THE GLOOMY CLAIM: 'THE PLANET MARS HAS BEEN SITTING IN A RETROGRADE POSITION FOR TEN MONTHS NOW.' WELL, WE DON'T HAVE ANY FAITH IN ASTROLOGY. .... BUT WE DO NOTE WITH SOME WONDER THE RESILIENCE OF THE UNITED STATES STOCK MARKET. PRICES HAVE BOUNCED A LONG WAY BACK FROM THEIR PLUNGE ON MONDAY, OCTOBER 29. THE STANDARD & POOR'S 500 STOCK INDEX - - CONSIDERED A GOOD BROAD MEASURE OF THE STOCKS OF LARGER COMPANIES - - CLIMBED TO 964-POINT 55-LAST WEEK. THAT'S NOT SO FAR UNDER ITS PEAK ABOVE 980 IN EARLY OCTOBER. WHERE TO NEXT? WHO KNOWS!"

TEXT: TURNING OVERSEAS AGAIN, "THE WASHINGTON POST" IS UPSET AT THE WAY FRANJO TUDJMAN IS, IN THE PAPER'S VIEW, STIFLING DEMOCRACY IN CROATIA, BY BATTLING THE OPEN SOCIETY INSTITUTE FOR DEMOCRACY SET UP THERE BY AMERICAN FINANCIER GEORGE SOROS.

VOICE: "ONE CAN UNDERSTAND MR. TUDJMAN'S VENDETTA AGAINST OPEN SOCIETY INSTITUTE-CROATIA. HE KNOWS HOW FRAGILE IS HIS CLAIM TO DEMOCRATIC LEGITIMACY AND HOW POTENTIALLY STRONG AND CHALLENGING TO HIM THE BUILDING OF AN OPEN SOCIETY WOULD BE. FOR WHAT OTHER REASON THAN FEAR WOULD HE BE EXPOSING HIMSELF TO THE WORLD AS THE PERSECUTOR OF AN OPEN-SOCIETY MOVEMENT THAT IS ALMOST EVERYWHERE ELSE UNDERSTOOD AS A NECESSARY AND EVEN NOBLE EXERCISE IN POST-COMMUNIST GOVERNANCE?"

TEXT: IN BALTIMORE, "THE SUN" SEES THE DEMOCRATIC PARTY IN DISARRAY, SPLIT OFF FROM THE DIRECTION OF ITS THEORETICAL LEADER, BILL CLINTON.

VOICE: "THE DIVIDE BETWEEN PRESIDENT CLINTON AND MEMBERS OF HIS OWN POLITICAL PARTY IN THE HOUSE OF REPRESENTATIVES WIDENED THIS MONTH WITH THE PRESIDENT'S FAILURE TO WIN 'FAST TRACK' TRADE-NEGOTIATING POWER. LIBERAL DEMOCRATS - - NOT CONSERVATIVE REPUBLICANS - - UNDERCUT THEIR TITULAR LEADER. THAT LEAVES BOTH MR. CLINTON AND HOUSE DEMOCRATS VULNERABLE AS THEY GO INTO AN ELECTION YEAR. THEIR PARTY IS IN DISARRAY."

TEXT: LASTLY, SOME THOUGHTS ON THE BIRTH OF SEPTUPLETS IN IOWA LAST WEEK FROM "THE WASHINGTON TIMES."

VOICE: "THE MIRACLE OF THE MCCAUGHEY [PRONOUNCED MCCOY] SPETUPLETS CONTINUES: ON SATURDAY, THE LARGEST OF THE FOUR BROTHERS AND THREE SISTERS, THE ONE FIRST ABLE TO BREATH ON HIS OWN, ATE REAL FOOD (WELL, REAL NEWBORN FOOD ANYWAY) FOR THE FIRST TIME. HIS SIX SIBLINGS ALSO SEEM TO BE COMING ALONG VERY NICELY, THOUGH THEY'RE STILL OFFICIALLY IN SERIOUS CONDITION. THE BABIES' CONCEPTION WAS ITSELF A MIRACLE, PROMPTED BY A FERTILITY DRUG, UNAVAILABLE UNTIL FAIRLY RECENTLY, THAT MAKES IT POSSIBLE FOR WOMEN LIKE BOBBI MCCAUGHEY TO CONCEIVE. IT WAS ALSO MIRACULOUS THAT MRS. MCCAUGHEY WAS ABLE TO CARRY THE BABIES AS NEAR TO TERMA AS SHE DID - - AND THAT THEY WERE BORN AS STRONG AND HEALTHY AS THEY ARE. AND ONE OF THE THINGS THAT MAKES THE MCCAUGHEYS' STORY SEEM PARTICULARLY REMARKABLE TO MANY AMERICANS IS THAT THEY CLEARLY RECOGNIZED THAT THEY WERE THE BENEFICIARIES OF A MIRACLE."

TEXT: ON THAT NOTE, WE CONCLUDE THIS BRIEF SAMPLING OF EDITORIAL COMMENT FROM MONDAY'S U-S PRESS.
NEB/ANG/RRM
24-Nov-97 10:55 AM EST (1555 UTC)
NNNN
Source: Voice of America

[05] N-Y ECON WRAP (S & L) BY MAX RUSTON (NEW YORK)

INTRO: STOCK PRICES ON WALL STREET WERE BROADLY LOWER TODAY (MONDAY), IN RESPONSE TO THE COLLAPSE OF ONE OF JAPAN'S LARGEST BROKERAGE HOUSES. V-O-A'S MAX RUSTON HAS THE LATEST FINANCIAL NEWS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE ENDED THE DAY DOWN 113 POINTS -- ABOUT ONE-AND-ONE-HALF PERCENT -- AT 77-HUNDRED-68. THE BROADER STANDARD AND POOR'S 500 INDEX CLOSED AT 947, A DROP OF 16 POINTS.

THE COLLAPSE OF JAPAN'S YAMAICHI SECURITIES COMPANY WAS BLAMED FOR THE DROP. SOME INVESTORS ARE CONCERNED FINANCIAL TROUBLES IN JAPAN COULD TRIGGER A GLOBAL ECONOMIC DOWNTURN. BUT MOST ARE ADOPTING A WAIT AND SEE ATTITUDE, AS THE JAPANESE GOVERNMENT DETERMINES HOW IT WILL RESPOND TO THE PROBLEMS.

FINANCIAL STOCKS IN THE UNITED STATES WERE AMONG THE BIGGEST LOSERS ON MONDAY -- CHASE MANHATTAN, CITICORP, BANKAMERICA AND J-P MORGAN AMONG THEM. MANY STOCKS OF COMPUTER MAKERS ALSO FELL AS ANALYSTS CONTINUED TO REVISE THEIR EARNINGS ESTIMATES DOWNWARD.

ANALYSTS SAY THEY WILL BE WATCHING INTERNATIONAL MARKETS CLOSELY OVER THE NEXT FEW WEEKS, AMID SIGNS THAT FINANCIAL TROUBLES IN ASIA ARE UNDERMINING MARKETS AROUND THE WORLD. JAPAN, THE WORLD'S SECOND LARGEST ECONOMY, IS CONSIDERED AN IMPORTANT FACTOR AS ANALYSTS TRY TO FORECAST SECURITIES PRICES.

NARIMAN BEHRAVESH IS CHIEF INTERNATIONAL ECONOMIST AT D-R-I-MCGRAW HILL. HE SAYS HE IS WATCHING TO SEE WHAT JAPANESE FIRMS WILL DO WITH THEIR LARGE SECURITIES HOLDINGS IN THE UNITED STATES.

I THINK THERE IS GOING TO BE SOME IMPACT ON THE U-S. BUT RIGHT NOW, WE THINK THE IMPACT IS STILL GOING TO BE SOMEWHAT LIMITED, IN TERMS OF THE U-S. THE REAL CONCERN IS IF THERE IS SORT OF A MELTDOWN IN THE JAPANESE FINANCIAL SECTOR, THAT THE JAPANESE WILL THEN PULL THEIR ASSETS BACK, REPATRIATE THEIR ASSETS OUT OF THE U-S AND OTHER PARTS OF THE WORLD.

THE REST OF THE WEEK IS EXPECTED TO BE RELATIVELY QUIET AS THE U-S HOLIDAY THANKSGIVING APPROACHES. THIS IS TRADITIONALLY ONE OF THE QUIETEST TRADING WEEKS OF THE YEAR. (SIGNED) NEB/NY/MPR/LSF/PT
24-Nov-97 4:40 PM EST (2140 UTC)
NNNN
Source: Voice of America

Voice of America: Selected Articles Directory - Previous Article - Next Article