Voice of America, 00-07-19

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

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

CONTENTS

[01] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

[02] WEDNESDAY'S EDITORIALS BY ANDREW GUTHRIE (WASHINGTON)

[01] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

INTRO: U-S stock prices were lower today (Wednesday) across-the-board, pressured by a sell-off in technology. Investors also were somewhat cautious in advance of congressional testimony Thursday (Editors: Senate Banking Committee at 10AM) by Federal Reserve Board chairman Alan Greenspan. VOA correspondent Elaine Johanson reports from New York:

TEXT: The Dow Jones Industrial Average fell 43 points to 10-thousand-696, almost one-half of one percent. The Standard and Poor's 500 index closed 11 points, or three-quarters of one percent, lower. Meanwhile, the Nasdaq composite dropped almost three percent, on concern that the earnings of many technology leaders, including software giant Microsoft, do not justify their high stock value. New economic figures show the U-S trade gap moved up to a record 31-billion dollars in May. Economist David Ressler says this indicates a cooling U-S economy:

[02] WEDNESDAY'S EDITORIALS BY ANDREW GUTHRIE (WASHINGTON)

INTRO: There's a distinctly domestic note to many editorial columns in Wednesday's U-S newspapers, including more comments on the largest product liability lawsuit verdict ever awarded -- almost 145- billion dollars. Another favorite topic is electronic mail privacy, while internationally, there is more comment about German reparations for World War Two misdeeds. Other topics drawing comment include Syria's news president, the G-Eight conference of industrial nations : /// OPT /// Africa's diamond trade, /// END OPT /// U-S presidential politics and some good news about a sea turtle rescued from extinction with a cooperative effort by the United States and Mexico. Now here is ___________ with a closer look and some quotes in today's U-S Editorial Digest.

TEXT: An award of almost 145-billion dollars against the nation's tobacco industry by a Florida jury, in favor of a group of smokers made ill by their habit, continues to occupy center stage in many U-S editorial columns. Today's Dallas Morning News says the jury sent U-S business an important message: "Deceptive corporate practices don't pay."

VOICE: The verdict is a stern courtroom warning that the combination of a dangerous product and a deceptive style may be hazardous to corporate health. ... Big Tobacco [EDS: large tobacco companies] and the rest of Corporate America have been forced to confront the consequences of abusive behavior and broken trust.

TEXT: However there is concern among some newspapers that the jury award is excessive, and that proper regulation of smoking rests with the federal government and not with juries in smoking liability cases. Today's Cleveland, Ohio Plain Dealer:

VOICE: By any measure, 145-billion is excessive for an industry that sells a legal product stamped with a fat [Editors: slang again for "large, or clear" in this case] warning from the U-S Surgeon General.

TEXT: And in New Jersey, The [Trenton] Times says readers should "Shed no tears for the tobacco industry," but adds this note of caution:

VOICE: What should concern Americans ... is the way civil juries, with no visible qualifications for the job, are given total and arbitrary power to set the amount of punitive damages in a tort [damage liability] case.

TEXT: Another popular editorial topic is the privacy of electronic correspondence sent via personal computers [EDS: e-mail]. The issue has come to the fore, because several internet companies have gone bankrupt and are selling lists of their customers names and computer addresses after promising not to. The national daily, U-S-A Today, published in a Washington, D-C suburb, mentions three such firms, noting:

VOICE: ... bankruptcy lawyers argue that this personal information is a valuable asset that troubled businesses have the right to sell. That's more than an idle concern for the millions of Americans who will spend as much as 61-billion dollars shopping online this year.

TEXT: U-S-A Today says Congress should outlaw the practice. Meanwhile, Northern California's San Jose Mercury News is worried about what it sees as another threat to internet privacy, this one from the Federal Bureau of Investigation, which now can track anyone's electronic correspondence.

VOICE: ... there must ... be a clearly defined, legislatively created system of checks and balances that preserves the right of privacy from government's overreach.

TEXT: Another topic drawing comment is Germany's agreement to provide a five-billion dollar fund to compensate Eastern European slave laborers during World War Two. Milwaukee's Journal Sentinel has this opinion:

VOICE: Germany has once again taken steps toward coming to terms with its history, acknowledging its responsibility for the crimes of the Nazis and moving foreword with a clean conscience.

TEXT: Assessing the inauguration speech of Syria's new leader, Bashar Assad, The Los Angeles Times suggests:

VOICE: /// OPT /// Syrians who hope for improvement in their country's stagnant economy might take some small encouragement from their new president's inaugural address this week. But Syrians who yearn for an easing of one-party authoritarian rule are out of luck. /// END OPT