Voice of America, 98-09-03

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

CONTENTS

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

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

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

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

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

INTRO: WEST EUROPEAN STOCK MARKETS, TAKING A DIRECTION CUE FROM WALL STREET, CLOSED LOWER ON THURSDAY. VOA'S PAUL FRANCUCH HAS THE CLOSING NUMBERS FROM LONDON.

TEXT: GAINS POSTED BY THE BIG STOCK INDEXES ON WEDNESDAY WERE WIPED OUT BY LOSSES POSTED THURSDAY. ALL OF WEST EUROPE'S MAJOR STOCK MARKET INDEXES CLOSED WITH DAILY LOSSES RANGING BETWEEN TWO AND THREE PERCENT.

FEW MARKET ANALYSTS, HOWEVER, WERE SURPRISED BY THE DECLINES. MANY SEE VOLATILITY IN WORLD STOCK MARKETS THROUGH PERHAPS THE END OF THIS YEAR.

AT THE CLOSE THURSDAY, THE GERMAN "DAX" INDEX OF STOCKS ON THE FRANKFURT EXCHANGE CLOSED OFF 151 POINTS, OR ABOUT THREE PERCENT. THE PARIS "CAC 40" INDEX DECLINED BY 83 POINTS, OR ABOUT TWO-AND-ONE-QUARTER PERCENT. AND THE LONDON "FINANCIAL TIMES" 100 INDEX POSTED A 117-POINT LOSS, WHICH IN VALUE TERMS WAS ALSO ABOUT TWO-AND-ONE-QUARTER PERCENT. (SIGNED)
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03-Sep-98 2:28 PM EDT (1828 UTC)
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Source: Voice of America

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

INTRO: WESTERN EUROPE'S STOCK MARKETS START FRIDAY TRADING WITH HOPES OF POSTING A GAIN IN A WEEK OF UP AND DOWN PRICES -- BUT MOSTLY DOWNWARD IN DIRECTION. PAUL FRANCUCH HAS MORE FROM LONDON.

TEXT: ALL OF WEST EUROPE'S KEY STOCK INDEXES THURSDAY ENDED TRADING WITH A LOSS, SOME STEEPLY LOWER BEFORE RECOVERING SOMEWHAT BY THE TIME TRADING ENDED. LOSSES WERE GENERALLY BETWEEN TWO AND THREE PERCENT IN VALUE

HERE IN LONDON, THE "FINANCIAL TIMES" 100 INDEX OF STOCKS CLOSED OFF 117 POINTS AND OPENS TODAY AT JUST UNDER 5119. THE PARIS "CAC 40" STOCK INDEX WAS OFF 83 POINTS THURSDAY AND OPENS TRADING AT 3646. AND THE GERMAN "DAX" IN FRANKFURT OPENS TODAY AT 4797 AFTER CLOSING DOWN 151 POINTS THURSDAY.

THE U-S DOLLAR CONTINUED TO DECLINE ON EUROPEAN MARKETS AGAINST OTHER MAJOR CURRENCIES THURSDAY. GOLD PRICES WERE HIGHER. THE METAL WAS SELLING AT NEARLY 285 DOLLARS AN OUNCE -- UP ALMOST 10 DOLLARS AN OUNCE FROM A WEEK AGO. (SIGNED)
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03-Sep-98 2:30 PM EDT (1830 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 TODAY (THURSDAY) IN ANOTHER VOLATILE SESSION. V-O-A CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 76 HUNDRED 82, DOWN 100 POINTS, MORE THAN ONE PERCENT. THE STANDARD AND POOR'S 500 INDEX CLOSED AT NINE HUNDRED 82, DOWN EIGHT POINTS.

STOCK PRICES WERE DOWN ALL DAY BUT PLUNGED AT THE START OF THE LAST HOUR OF TRADING, WITH THE INDUSTRIAL AVERAGE LOSING MORE THAN 200 POINTS. BUT, WITH HALF AN HOUR LEFT, TREASURY SECRETARY ROBERT RUBIN REITERATED ON TELEVISION HIS BELIEF THAT THE U-S ECONOMY IS FUNDAMENTALLY STRONG, A COMMENT WHICH SEEMED TO CALM SOME TRADERS.

SALES BY MOST MAJOR RETAIL CHAIN STORES IN THE UNITED STATES WERE SOMEWHAT DISAPPOINTING IN AUGUST. ANALYSTS SAY THE LATE LABOR DAY HOLIDAY THIS YEAR -- THIS COMING MONDAY -- PUSHED MANY "BACK-TO-SCHOOL" SALES INTO SEPTEMBER.

THE FORD MOTOR COMPANY SAID ITS DOMESTIC SALES JUMPED MORE THAN EIGHT PERCENT IN AUGUST, BEYOND WALL STREET EXPECTATIONS. BUT GENERAL MOTORS, WHICH IS STILL BEING HURT BY THE AFTERMATH OF TWO STRIKES, SAYS ITS SALES FELL 36 PERCENT LAST MONTH.

AIRBUS INDUSTRIES OF EUROPE AND AVIATION INDUSTRIES OF CHINA HAVE DROPPED A PLANNED JOINT VENTURE TO BUILD A NEW MODEL 100- SEAT REGIONAL JETLINER. AFTER AN EXTENSIVE STUDY, THE PARTNERS CONCLUDED THAT THE MARKET FOR SUCH AN AIRLINER WOULD NOT BE SUFFICIENT TO JUSTIFY ITS TWO BILLION DOLLAR DEVELOPMENT COST.

THE STRIKE AT NORTHWEST AIRLINES WENT INTO ITS SIXTH DAY WITH NO END IN SIGHT.

CONTINENTAL AIRLINES SAYS IT HAD A SPECTACULAR AUGUST WITH A RECORD LOAD FACTOR OF 78 PERCENT. THAT MEANS, ON AVERAGE, 78 PERCENT OF THE SEATS ON A CONTINENTAL FLIGHT WERE OCCUPIED BY PAYING PASSENGERS.

THERE IS ANOTHER SIGN OF CONSOLIDATION IN THE INTERNATIONAL OIL INDUSTRY. SHELL, THE ANGLO-DUTCH COMPANY, WILL JOIN WITH TEXACO OF THE UNITED STATES IN A JOINT REFINING AND MARKETING VENTURE FOR EUROPE.(SIGNED) NEB/NY/BA/LSF/WDC/PLM
03-Sep-98 5:45 PM EDT (2145 UTC)
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Source: Voice of America

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

INTRO: THE SUMMIT BETWEEN RUSSIAN PRESIDENT BORIS YELTSIN AND U-S PRESIDENT BILL CLINTON IS THE MAJOR TOPIC IN THURSDAY'S PRESS COMMENTARIES. OTHER SUBJECTS IN TODAY'S EDITORIAL COLUMNS INCLUDE: PRESIDENT CLINTON'S SEX SCANDAL; THE NORTH KOREAN MISSILE TEST; THE WORLD'S FINANCIAL CRISIS AND THE I-M-F ROLE; AND MORE PROGRESS TOWARD PEACE IN NORTHERN IRELAND.

NOW HERE IS _______________ JOINING US AT THE MICROPHONE FOR A CLOSER LOOK IN TODAY'S EDITORIAL DIGEST.

TEXT: BOTH "THE CHICAGO TRIBUNE" AND "THE WASHINGTON POST" DESCRIBE THE JUST-CONCLUDED MEETING IN MOSCOW AS THE "IRRELEVANT SUMMIT." HERE'S SOME OF WHAT "THE POST" HAS TO SAY.

VOICE: THE U-S AND RUSSIAN PRESIDENTS TRIED TO CONVEY AN IMPRESSION OF BUSINESS-AS-USUAL IN THEIR MOSCOW SUMMIT TUESDAY AND YESTERDAY. BUT THEIR SHOW DIDN'T FOOL ANYONE. RUSSIA HAS FALLEN INTO CRISIS. ... THERE IS NO WORKING GOVERNMENT. THE RUBLE HAS LOST HALF ITS VALUE IN RECENT DAYS, AND THE STOCK MARKET VIRTUALLY ALL ITS VALUE. ..... THE AGING, ERRATIC MR. YELTSIN SEEMED THE MORE OUT OF TOUCH OF THE TWO LEADERS. HE FLUBBED ON ANSWER AT A JOINT KREMLIN NEWS CONFERENCE. ... IN DESCRIBING 'A LIGHT AT THE END OF THIS TUNNEL' THAT RUSSIA COULD REACH 'QUICKLY' IF PARLIAMENT PASSED THE NEEDED LAWS, MR. CLINTON ALSO SEEMED TO UNDERESTIMATE THE DEPTH OF RUSSIA'S CRISIS. .... MR. CLINTON WAS NOT WRONG TO GO TO MOSCOW. THE U-S-RUSSIA RELATIONSHIP REMAINS CRITICAL. ... BUT NO ONE SHOULD BE MISLED ABOUT THE DANGERS THAT LIE AHEAD.

TEXT: TAKING A MORE POSITIVE VIEW OF THE MEETING, FLORIDA'S "ORLANDO SENTINEL" SAYS "THE ... EMBATTLED PRESIDENTS ... REAFFIRMED THE U-S-RUSSIA PARTNERSHIP AND BROKE NEW GROUND." "THE SENTINEL" ADDS:

VOICE: TWO PRESIDENTS ... BOTH EMBATTLED ON THE DOMESTIC FRONT, FOUND A MEASURE OF SUCCESS THIS WEEK DEALING WITH WEIGHTY INTERNATIONAL MATTERS. CEREMONY ASIDE, THEIR SUMMIT MEETING IN MOSCOW HELD KEY ACCOMPLISHMENTS FOR BOTH. SOME WERE CONCRETE, SUCH AS A COMMITMENT FOR EACH NATION TO DISPOSE OF [MORE THAN] 45-THOUSAND KILOGRAMS OF WEAPONS-GRADE PLUTONIUM AND ANOTHER TO EXPAND THE SHARING OF INFORMATION ABOUT MISSILE LAUNCHES. THOSE AGREEMENTS WILL HELP ... MAKE THE WORLD SAFER. PERHAPS MORE IMPORTANT, THOUGH, THE TWO PRESIDENTS HAD A GLOBAL STAGE FROM WHICH TO EMPHASIZE THEIR PRINCIPAL CONCERNS.

TEXT: "USA TODAY" IN ITS EDITORIAL HEADLINE SAYS THE "SUMMIT LEAVES U-S, RUSSIA STILL SEARCHING FOR ANSWERS," WHILE "NEWSDAY" ON LONG ISLAND LAMENTS BOTH THE STATE OF THE RUSSIAN ECONOMY, AND PRESIDENT CLINTON'S CAREER.

VOICE: THE CLINTON-LEWINSKY SCANDAL MET THE RUSSIAN GOVERNMENT CRISIS YESTERDAY IN MOSCOW. THE RESULT WAS UNSATISFACTORY, EVEN BIZARRE. ... [MR.] YELTSIN WAS AT BEST NONCOMMITTAL WHEN ASKED WHETHER HE WAS GOING TO SUBMIT A NEW NOMINEE FOR THE POSITION OF PRIME MINISTER IF THE RUSSIAN LEGISLATURE ... REJECTS HIS CURRENT CHOICE .... [PRESIDENT] CLINTON SAID HE THOUGHT HE HAD EXPRESSED HIS PROFOUND REGRETS ABOUT THE [LEWINSKY] MATTER AND SAID, YET AGAIN, THAT THE NATION SHOULD GET BACK TO ITS BUSINESS. ..... THE REAL POINT FOR RUSSIA IS THAT [MR.] YELTSIN HAS TO DEMONSTRATE THAT HE CAN END THE CRONYISM AND CORRUPTION THAT HAVE SO UNDERCUT RUSSIAN ECONOMIC REFORM. ... AS FOR [MR.] CLINTON, IT SHOULD BE CLEAR ... HE WON'T BE ABLE TO PUT THE LEWINSKY MATTER BEHIND HIM UNTIL THE INDEPENDENT COUNSEL MAKES HIS REPORT TO CONGRESS .....

TEXT: REGARDING MR. CLINTON'S RELATIONSHIP WITH A FORMER WHITE HOUSE INTERN, TODAY'S "NEW YORK TIMES" TALKS ABOUT THE EFFECT HIS ADMISSION OF GUILT, AFTER STRONG DENIALS, IS HAVING ON HIS FRIENDS.

VOICE: /// OPT /// IN AN ELEGANT TURN OF PHRASE, MICHAEL WINES OF THE TIMES'S MOSCOW BUREAU DESCRIBED THE ... SUMMIT MEETING AS AN EVENT TEETERING 'ON THE SLIPPERY BRINK OF SELF-PARODY.' THE SAME COULD BE SAID OF PRESIDENT CLINTON'S CLAIM AT A MOSCOW PRESS CONFERENCE THAT HE HAD ADEQUATELY APOLOGIZED FOR THE MONICA LEWINSKY AFFAIR. THAT VIEW IS NOT WIDELY HELD AMONG DEMOCRATS IN CONGRESS OR EVEN WITHIN THE WHITE HOUSE STAFF, AND MR. CLINTON'S COMMENTS ARE A TROUBLING SIGN THAT HE IS STILL RELYING ON OUTDATED REFLEXES IN DEALING WITH THE ... CRISIS. /// END OPT /// ... AS HE RESUMES HIS WHITE HOUSE SCHEDULE, THE PRESIDENT ... IS A POLITICIAN WHOSE MOST LOYAL SUPPORTERS HAVE FALLEN SILENT. HE IS THE LEADER OF A PARTY WHOSE HIGH-RISK CONGRESSIONAL CANDIDATES OFTEN DECLINE TO DEFEND HIM IN PUBLIC AND THEN BASH [CRITICIZE] HIM IN OFF-THE-RECORD CONVERSATIONS.

TEXT: "THE LOS ANGELES TIMES" ADVISES THE PRESIDENT TO "DIG IN .... INTO THE JOB OF BEING A PRESIDENT WITH A FULL AGENDA OF DOMESTIC AND WORLD ISSUES," WHILE IN NEBRASKA "THE OMAHA WORLD-HERALD" HAS A STINGING REBUKE OF HOW THE WHITE HOUSE, IN ITS VIEW, HAS SMEARED [DISCREDITED] THE PRESIDENT'S ACCUSERS.

VOICE: ....ONE OF ITS UGLIEST TACTICS HAS BEEN THE SMEAR CAMPAIGN BY DEFENDERS OF BILL CLINTON AGAINST CRITICS OF THE PRESIDENT, INVESTIGATORS AND GRAND JURY WITNESSES WHO TESTIFIED ABOUT PRESIDENTIAL MISBEHAVIOR. ... THE CLINTON CAMP WAS CONSIDERING A STRATEGY OF DEFENDING THE PRESIDENT BY CALLING ATTENTION TO THE SEXUAL INDISCRETIONS OF REPUBLICAN PRESIDENTS AND PUBLICIZING ALLEGATIONS OF SEXUAL MISBEHAVIOR BY CONGRESSMEN. .... THE IDEA WOULD BE TO FOOL AMERICANS INTO THINKING THAT [MR.] CLINTON'S MISBEHAVIOR IS NO DIFFERENT FROM THE ACTIONS OF A LOT OF PREVIOUS PRESIDENTS.

TEXT: TO ASIAN ISSUES, AND IN RHODE ISLAND, "THE PROVIDENCE JOURNAL" REACTS TO THE NORTH KOREAN MISSILE TEST OVER JAPAN, FOLLOWING DISCLOSURE OF A PREVIOUSLY UNDETECTED UNDERGROUND NUCLEAR WEAPONS FACILITY.

VOICE: NORTH KOREANS, BESET BY NATURAL DISASTERS, MAY NOT GET AS MUCH HELP FROM ABROAD AS THEY NEED BECAUSE OF THEIR COMMUNIST LEADERSHIP'S PROVOCATIVE BEHAVIOR. .... HOW SHOULD THE UNITED STATES REACT ...? WELL, AMERICANS DON'T LIKE TO STAND BY AND WATCH THE PEOPLE OF ANOTHER NATION SUFFER FROM SEVERE FOOD SHORTAGES - - EVEN IF THE SITUATION, INITIALLY BROUGHT ON BY NATURAL DISASTERS IS BEING COMPOUNDED BY THE MISGUIDED POLICIES OF THE FOREIGN REGIME. SO WE WILL UNDOUBTEDLY CONTINUE BEING THE LARGEST CONTRIBUTOR OF HUMANITARIAN FOOD AID .....

TEXT: WHILE "THE NEW YORK TIMES" SAYS OF THE TEST:

VOICE: NORTH KOREA IS BACKING ITSELF INTO A DANGEROUS CORNER BY SHOWING OFF ITS ABILITY TO MAKE AND MARKET ADVANCED WEAPONS. ... IF THE MISSILE TEST IS PART OF THE NORTH'S BARGAINING STRATEGY, THE REST OF THE WORLD CANNOT BE EXPECTED TO RESPOND POSITIVELY.

TEXT: STILL WITH INTERNATIONAL AFFAIRS "THE SUN" IN BALTIMORE IS ANGRY AT CONGRESS FOR WHAT THE PAPER SEES AS ITS SHORT-SIGHTED STANCE ON FUNDING FOR THE INTERNATIONAL MONETARY FUND.

VOICE: THE FARM BELT COULD BECOME THE NEXT VICTIM OF THE SPREADING FINANCIAL MELTDOWN. CUSTOMERS IN ASIA AND RUSSIA LACK THE FUNDS TO BUY U-S GRAINS AND CHICKEN. THAT IS JUST ONE SIGN OF CONGRESS' FOLLY IN PREVENTING THE UNITED STATES FROM MAKING 17-POINT-NINE-BILLION DOLLARS AVAILABLE TO THE INTERNATIONAL MONETARY FUND, WHICH LENDS MONEY TO OVEREXTENDED GOVERNMENTS IN RETURN FOR REFORMS. ... DENYING REPLENISHMENT TO THE I-M-F WOULD WEAKEN THE HAND OF THE U-S TREASURY TO DEAL WITH WORLD MONETARY TRAUMAS .... CONTRARY TO THE U-S NATIONAL INTEREST ... TEX: FINALLY, ON MORE PROGRESS TOWARD PEACE IN NORTHERN IRELAND, "THE BOSTON GLOBE" EXULTS:

VOICE: SINN FEIN, IN ITS CONVOLUTED WAY, HAS DECLARED AN END TO THE WAR IN NORTHERN IRELAND. THIS IS A MAJOR STEP FORWARD FOR PEACE AND OPENS THE WAY FOR A SUCCESSFUL VISIT BY PRESIDENT CLINTON. ... [WHO CAN BE] ... SECURE IN THE KNOWLEDGE THAT THE AGREEMENT HE HELPED BROKER RETAINS THE SUPPORT OF THE VAST MAJORITY ON THE ISLAND OF IRELAND.

TEXT: ON THAT NOTE, WE CONCLUDE THIS SAMPLING OF COMMENTS FROM THE EDITORIAL PAGES OF TODAY'S U-S NEWSPAPERS.
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03-Sep-98 11:17 AM EDT (1517 UTC)
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Source: Voice of America

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