Voice of America, 97-10-17

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

CONTENTS

[01] EURO STOCKS (S ONLY) BY JACK HUIZENGA (LONDON)

[02] FRIDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

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

[01] EURO STOCKS (S ONLY) BY JACK HUIZENGA (LONDON)

INTRO: STOCK PRICES WERE DOWN IN TRADING FRIDAY IN EUROPEAN MARKETS. V-O-A'S JACK HUIZENGA HAS THE CLOSING MARKET REPORT FROM LONDON.

TEXT: SHARE PRICES CLOSED LOWER FRIDAY IN ALL THREE MAJOR EUROPEAN MARKETS.

THE BIGGEST DROP WAS IN FRANKFURT. THE DAX-30 INDEX ENDED THE FLOOR TRADING DAY OFF ALMOST 57 POINTS, MORE THAN ONE-AND-FOUR-TENTHS PERCENT OF THE FRANKFURT MARKET'S TOTAL VALUE. PRICES CONTINUED DOWN IN LATER COMPUTERIZED TRADING. IN PARIS, THE CAC-40 INDEX FELL ALMOST 35 POINTS, ABOUT ONE-AND-TWO-TENTHS PERCENT.

AND IN LONDON, THE FOOTSIE-100 INDEX CLOSED OFF ALMOST 17 POINTS, ABOUT THREE-TENTHS PERCENT.

ON THE LONDON CURRENCY EXCHANGE, THE U-S DOLLAR GAINED IN VALUE AGAINST THE GERMAN MARK, THE BRITISH POUND, AND THE JAPANESE YEN.
NEB/JWH/KL
17-Oct-97 1:53 PM EDT (1753 UTC)
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Source: Voice of America

[02] FRIDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: PRESIDENT CLINTON'S LATIN AMERICAN TRIP COMES IN FOR A GOOD DEAL OF COMMENT IN THE EDITORIAL COLUMNS THIS FRIDAY. AMONG OTHER TOPICS DISCUSSED: PAYING FOR AN EXPANDED NATO; FRENCH JUSTICE CATCHES UP WITH AN ALLEGED NAZI COLLABORATOR; THE PRESIDENT'S DEFENSE BUDGET VETOES; MALAYSIA'S FINANCIAL MESS AND THE SUCCESS OF THE CASSINI SPACE PROBE.

NOW HERE WITH A CLOSER LOOK AND SOME QUOTES IS ___________________ AND TODAY'S EDITORIAL DIGEST.

TEXT: PRESIDENT CLINTON IS WINDING UP HIS WEEK-LONG SWING THROUGH SOUTH AMERICA TODAY WITH A TRIP TO THE ANDES MOUNTAIN TOURIST RESORT OF SAN CARLOS DE BARILOCHE, IN SOUTHERN ARGENTINA. THE PRESIDENT'S TRIP IS CONTINUING TO ELICIT CONSIDERABLE COMMENT FROM THE U-S PRESS, SUCH AS THIS ASSESSMENT FROM THE CHRISTIAN SCIENCE MONITOR.

VOICE: "PRESIDENT CLINTON'S LATIN AMERICAN TRIP HAS AFFIRMED THE IMPORTANCE OF HEMISPHERIC RELATIONS. ........ EVEN [THE PROBLEMS OF DRUGS AND ILLEGAL IMMIGRATION] .... PALE IN COMPARISON WITH REMARKABLY POSITIVE DEVELOPMENTS. EVERY COUNTRY IN SOUTH AMERICA HAS A MEASURE OF DEMOCRACY. THERE MAY BE KINKS IN THE WAY COURTS OR LEGISLATURES FUNCTION. HUMAN RIGHTS ABUSES ARE ALL TOO COMMON. ..... BUT, OVERALL, THE REGION HAS COME A LONG WAY SINCE MILITARY JUNTAS WERE THE NORM. .... BACK IN THE U-S, MEANWHILE, DOUBTS MOUNT THAT PRESIDENT CLINTON WILL GET FROM CONGRESS THE 'FAST TRACK' NEGOTIATING AUTHORITY HE NEEDS TO PURSUE EXPANDED FREE TRADE IN THE HEMISPHERE. WHY? BECAUSE THE ADMINISTRATION HAS NOT GIVEN THIS PROJECT THE UNRELENTING PUBLIC BACKING IT NEEDS, AND PROTECTIONIST IMPULSES IN THE PRESIDENT'S OWN PARTY HAVE FILLED THE POLITICAL VOID."

TEXT: THE LOS ANGELES TIMES SAYS "[MR.] CLINTON'S SOUTH AMERICAN TOUR COULD HAVE SOME WELCOME PAYOFFS," ADDING:

VOICE: "[OPT] THIS WAS NOT A HARDBALL [FORCEFUL DIPLOMATIC NEGOTIATIONS ON DIFFICULT ISSUES] TRIP. THE CLINTON PARTY DID AS MUCH SIGHTSEEING AND CELEBRATING AS TRADE TALKING. BUT IT'S BEEN AN EYE-OPENING JOURNEY, LONG OVERDUE. AND [END OPT .....] IT IS NOT [MR.] CLINTON'S LAST OPPORTUNITY TO MAKE GOOD ON HIS MIAMI PROMISE OF A FREE-TRADE ZONE IN THE AMERICAS. HE WILL MEET WITH HEMISPHERIC LEADERS IN CHILE NEXT MARCH. THE GROUNDWORK PROVIDED BY THIS TRIP MAY PAY OFF THEN."

TEXT: AS REGARDS THE EXPANSION OF NATO, TODAY'S WASHINGTON POST IS STILL WONDERING WHO, EXACTLY, IS GOING TO PAY FOR IT.

VOICE: "YOU WILL NOT BE SURPRISED TO LEARN THAT THE COST ESTIMATES VARY, AND THAT THE ESTIMATES OF THOSE SKEPTICAL OF ENLARGEMENT ARE HIGHER THAN THE NUMBERS OFFERED BY ADVOCATES. SO MUCH HIGHER IN SOME INSTANCES, IN FACT, THAT THE SKEPTICS CAN BE SUSPECTED OF DEPLOYING THE NUMBERS TO CAMOUFLAGE THEIR REAL PURPOSE OF PREEMPTING ENLARGEMENT . IT WILL TAKE MORE HARD SCRUTINY - - AND MORE TOUGH BARGAINING - - TO ESTABLISH A ZONE OF CONSENSUS."

TEXT: STILL IN EUROPE, THE FRENCH TRIAL OF A FORMER RANKING GOVERNMENT OFFICIAL ACCUSED OF COLLABORATION WITH THE NAZIS IN SENDING THOUSANDS OF JEWS TO THE GAS CHAMBERS DRAWS THIS ANGRY RESPONSE FROM THE WASHINGTON TIMES AFTER THE JUDGE FREED HIM ON BAIL.

VOICE: "IT WAS DEFINITELY NOT A GLORIOUS DAY FOR FRANCE LAST WEEK, WHEN A JUDGE IN BORDEAUX AGREED TO BAIL FOR MAURICE PAPON, THE HIGHEST-RANKING VICHY OFFICIAL TO BE TRIED FOR CRIMES AGAINST HUMANITY - - FAIRLY ENSURING THAT HE WILL NEVER SERVE A DAY IN JAIL EVEN IF CONVICTED. [OPT] MR. PAPON .... ALLEGEDLY SIGNED ARREST ORDERS FOR 16-HUNDRED-90 JEWS DURING WORLD WAR TWO ...[WHO] WERE DEPORTED TO AUSCHWITZ .....IT IS EASY TO SEE WHY ATTORNEY ARNO KLARSFELD .... WHO REPRESENTS THE SURVIVORS, WALKED OUT OF THE TRIAL IN DISGUST. [END OPT] AND IT'S HARD TO DISAGREE WITH HIS [KLARSFELD'S] VIEW THAT 'THE JUDGE HAS SHOWN WHERE HIS SYMPATHIES LIE. THE TRIAL IS NOW MEANINGLESS.'"

TEXT: BACK HOME, PRESIDENT CLINTON'S VETO OF SEVERAL ITEMS IN THE DEFENSE BUDGET IS BEING CALLED "CURIOUS" AND "TIMID" BY FRIDAY'S MIAMI HERALD, WHICH GOES ON:

VOICE: "BY SENATOR JOHN MCCAIN'S RECKONING, THERE WAS ONE-POINT-FIVE BILLION DOLLARS WORTH OF PORK [UNNECESSARY SPENDING] WAITING TO BE SLICED FROM THE 247-POINT-SEVEN BILLION DOLLAR PENTAGON APPROPRIATIONS BILL. THE ARIZONA REPUBLICAN, A DEFENSE HAWK, URGED PRESIDENT CLINTON TO USE HIS LINE-ITEM VETO TO ELIMINATE 'LOW-PRIORITY, UNNECESSARY AND WASTEFUL SPENDING' THAT THE PENTAGON NEITHER SOUGHT NOR SUPPORTED. THE PRESIDENT SLICED JUST 144-MNILLION, LESS THAN ONE-TENTH OF ONE PERCENT. COUPLED WITH THE TIMID KNIFE WORK [CUTS] A WEEK AGO, WHICH CARVED 287-MILLION DOLLARS OUT OF THE NINE-POINT-TWO BILLION MILITARY-CONSTRUCTION BUDGET, THAT SUGGESTS POLITICS NOT SPENDING DISCIPLINE IS DRIVING THE VETOES."

TEXT: IN ASIA, THINGS ARE NOT GOING WELL THESE DAYS FOR MALAYSIA'S ECONOMY, BUT THE LOS ANGELES TIMES SAYS IT IS TIME FOR THE NATION'S PRIME MINISTER MAHATHIR MOHAMAD TO STOP BLAMING EVERYONE BUT HIMSELF FOR THE PROBLEM.

VOICE: "MALAYSIAN PRIME MINISTER ... MOHAMAD HAS BEEN POINTING A FINGER AT FOREIGNERS, BLAMING THEM FOR HIS NATION'S ECONOMIC WOES. WELL KNOWN FOR HIS ANTI-WEST RHETORIC, [MR.] MAHATHIR CROSSED A NASTIER LINE LAST WEEK BY BLAMING HIS TROUBLES ON 'THE JEWS.' HE KNOWS FULL WELL THAT THE FREE FALL IN MALAYSIA'S CURRENCY ... AND OTHER DISRUPTIONS ..... ARE, IN PART, OF HIS OWN MAKING. [OPT] .... IN FACT, IT IS THE PRIME MINISTER'S WORDS AND ACTIONS THAT ARE BATTERING CONFIDENCE IN MALAYSIA. ..... WHILE HE TRIES TO SHIFT BLAME, THE ECONOMIC SETBACK IS FORCING [MR.] MAHATHIR TO SCALE BACK HIS AMBITIOUS PLAN FOR AN INDUSTRIALIZED MALAYSIA BY [THE YEAR] 2-THOUSAND-TWENTY ....... [END OPT] FANNING NATIONALISTIC FIRES WITH ANTI-FOREIGN RHETORIC WON'T GET MALAYSIA OUT OF THIS MESS, AND PRIME MINISTER MAHATHIR SHOULD KNOW THAT."

TEXT: IN NEBRASKA, OMAHA'S WORLD-HERALD HAILS THE FLAWLESS LAUNCH OF THE PLUTONIUM-POWERED CASSINI SPACE PROBE TO SATURN.

VOICE: "LO AND BEHOLD. WEDNESDAY HAS COME AND GONE,AND SOUTH FLORIDA IS STILL INHABITED. THE U-S GOVERNMENT SUCCESSFULLY LAUNCHED ITS CASSINI SPACECRAFT TO SATURN. THE CRAFT DID NOT SHOWER FLORIDA WITH RADIOACTIVE DUST, AS PROTESTERS SAID IT MIGHT. THE PROTESTS WERE BASED ON EMOTION, NOT SCIENCE. ..... THE RIGHT TO PROTEST IN AMERICA IS CONSTITUTIONALLY PROTECTED. BUT PEOPLE WHO MISUSE THAT RIGHT TO FRIGHTEN OTHERS WITH FALSE OR MISLEADING STATEMENTS ARE IRRESPONSIBLE."

TEXT: ON THAT NOTE, WE CONCLUDE THIS BRIEF SAMPLING OF COMMENT FROM EDITORIALS IN FRIDAY'S U-S PRESS.
NEB/ANG/KL
17-Oct-97 10:34 AM EDT (1434 UTC)
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Source: Voice of America

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

INTRO: STOCK PRICES IN THE UNITED STATES WERE DOWN SHARPLY TODAY (FRIDAY) BUT MAJOR INDEXES DID RECOVER SUBSTANTIALLY FROM THEIR LOWS OF THE SESSION. V-O-A CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 78-HUNDRED-47, DOWN 91 POINTS. FOR THE WEEK THE INDUSTRIAL AVERAGE LOST 198 POINTS. THE STANDARD AND POOR'S 500 INDEX CLOSED FRIDAY AT 944, DOWN 11 POINTS.

IT WAS A WILD DAY AT THE NEW YORK STOCK EXCHANGE. AT ONE POINT, IN MID-AFTERNOON, THE INDUSTRIAL AVERAGE WAS DOWN AS MUCH AS 170 POINTS. BUT PRICES BEGAN TO RECOVER AFTER OFFICIALS INDICATED THAT THE UNITED STATES AND JAPAN WERE WELL ON THE WAY TO RESOLVING A MARITIME DISPUTE THAT COULD HAVE RESULTED IN THE BARRING OF JAPANESE SHIPS FROM U-S PORTS.

BUT EVEN WITH THAT OPTIMISTIC NEWS, MANY TRADERS REMAINED WORRIED. ANALYSTS SAY THE PSYCHOLOGICAL EFFECT OF THE 10TH ANNIVERSARY OF THE 1987 STOCK MARKET CRASH MAY BE TAKING A TOLL. ON OCTOBER 19TH OF 1987, THE INDUSTRIAL AVERAGE LOST ALMOST 23 PERCENT OF ITS VALUE IN THE WORST SINGLE-DAY LOSS IN HISTORY.

TWO REPORTS SHOW AN EXPANDING U-S ECONOMY. HOUSING STARTS SURGED IN SEPTEMBER AFTER TWO MONTHS OF DECLINE. AND OVERALL U-S INDUSTRIAL PRODUCTION WAS UP SEVEN-TENTHS OF A PERCENT IN SEPTEMBER, MORE THAN DOUBLE WHAT WALL STREET HAD EXPECTED.

CHINESE TRADE OFFICIALS SAY THE BOEING AIRCRAFT COMPANY WILL SOON RECEIVE A MAJOR ORDER. THERE ARE REPORTS THAT CHINESE PRESIDENT JIANG ZEMIN WILL ANNOUNCE THE ORDER DURING HIS VISIT TO THE UNITED STATES LATER THIS MONTH. SOURCES SAY THE DEAL COULD BE WORTH MORE THAN TWO-BILLION DOLLARS. KELLOGG, THE U-S-BASED CEREAL COMPANY, SAYS IT WILL CLOSE ITS PLANTS IN DENMARK, ITALY AND LATVIA IN A RESTRUCTURING OF ITS EUROPEAN OPERATIONS.

THE MCDONALD'S RESTAURANT CHAIN REPORTED A TWO PERCENT PROFIT INCREASE FOR THE THIRD QUARTER, SLIGHTLY BELOW ANALYSTS' EXPECTATIONS. (SIGNED) NEB/NY/BA/LSF/RRM
17-Oct-97 5:37 PM EDT (2137 UTC)
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Source: Voice of America

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