Voice of America, 97-01-17

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

CONTENTS

[01] FRIDAY'S EDITORIALS BY DAN NOBLE (WASHINGTON)

[02] ALBANIA MONEY BY BARRY WOOD (PRAGUE)

[03] BULGARIA STUDENTS BY KYLE KING (SOFIA)

[04] EAST EURO STOCKS (S-ONLY) BY BARRY WOOD (PRAGUE)

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

[01] FRIDAY'S EDITORIALS BY DAN NOBLE (WASHINGTON)

INTRO: MANY AMERICAN NEWSPAPERS THIS FRIDAY ARE CONTINUING TO SPEAK OUT ABOUT THE HEBRON ACCORD BETWEEN ISRAEL AND THE PALESTINIANS. THE AGREEMENT RESULTED IN ISRAEL'S AGREEING TO WITHDRAW MOST TROOPS FROM HEBRON AND RURAL AREAS IN THE WEST BANK. OTHER EDITORIAL SUBJECTS INCLUDE MEXICO'S EARLY LOAN REPAYMENT TO THE UNITED STATES.

NOW, HERE WITH A CLOSER LOOK IS _________________AND TODAY'S EDITORIAL DIGEST.

TEXT: TRUDY RUBIN, WHOSE COLUMN APPEARS IN THE PHILADELPHIA INQUIRER, MAKES THE POINT THAT "THE INSIDE STORY OF HOW ISRAELIS AND PALESTINIANS FINALLY CLOSED A DEAL ON HEBRON REVEALS A LOT ABOUT THE MIDEAST PEACE PROCESS -- AND ITS PLAYERS."

VOICE: "IT IS A TALE OF HOW ISRAEL AND ARAB LEADERS HAVE COME TO DEPEND ON EACH OTHER, IN WAYS NO ONE WOULD HAVE BELIEVED LIKELY FIVE YEARS AGO. THE HEBRON DEAL WAS SALVAGED THANKS TO TIMELY INTERVENTION SUNDAY BY JORDAN'S KING HUSSEIN, WHO HELICOPTERED IN FROM JORDAN TO GAZA, THEN MADE A CRUCIAL TRIP TO TEL AVIV TO MEDIATE WITH ISRAELI LEADERS. THE STORY ALSO FEATURES AMERICAN HEROES, LIKE TIRELESS U.S. MEDIATOR DENNIS ROSS AND HIS TEAM. ONLY THEIR LABORS BRIDGED THE IMMENSE GULF OF ALIENATION BETWEEN THE TWO SIDES."

TEXT: ROBERT POLLOCK, AN EDITORIAL PAGE WRITER FOR THE WALL STREET JOURNAL, FOCUSES ON THE ROLE OF BENJAMIN NETANYAHU, ISRAEL'S PRIME MINISTER.

VOICE: "IT MAY BE THAT MR. NETANYAHU HAS STRUCK THE KIND OF COMPROMISE THAT WILL PLEASE NO ONE. CERTAINLY THE WORLD SHOULD UNDERSTAND THAT IT TOOK COURAGE TO SIGN A DEAL THAT WILL NOT ENDEAR HIM TO HIS LEFT-WING CRITICS, NOR PLACATE ISRAEL'S DISAFFECTED RIGHT. BUT IT MAY ALSO BE THAT 'BIBI' HAS DONE THE RIGHT THING. NOBODY EVER SAID THAT GOOD GOVERNANCE IS A POPULARITY CONTEST.... IN RETURN FOR ISRAEL WITHDRAWING...MR. NETANYAHU RECEIVED COMMITMENTS FROM THE PALESTINIANS, GUARANTEED BY A LETTER FROM THE U.S., TO HONOR THEIR AGREEMENTS UNDER THE OSLO ACCORDS. ONCE AGAIN, THE PALESTINIANS HAVE PLEDGED TO AMEND THE PORTION OF THEIR CHARTER CALLING FOR THE DESTRUCTION OF THE STATE OF ISRAEL, TO RENOUNCE VIOLENCE AND TO REDUCE THEIR POLICE FORCE TO THE OSLO-MANDATED 18,000 MEN."

TEXT: AND, ON THE SAME SUBJECT, A.M. ROSENTHAL OF THE NEW YORK TIMES HAS THIS TO SAY:

VOICE: "I NEVER FELT MR. NETANYAHU HAD TO PROVE HIS DESIRE FOR PEACE. NOW HE HAS TAKEN RISKS FOR HIMSELF AND HIS COUNTRY TO FIND OUT IF THE ARABS WILL AT LAST LET ISRAEL LIVE IN PEACE AND SECURITY -- INDIVISIBLE AND SAFEGUARDED. MAY HE BE THE FIRST ISRAELI LEADER TO ACHIEVE IT -- WITH GOD'S WILL AND AMERICA'S CONSTANCY."

TEXT: IN EARLY 1995, PRESIDENT CLINTON IMPLEMENTED AN AMERICAN-BACKED BAILOUT OF MEXICO TO SAVE THAT COUNTRY FROM WHAT WAS DESCRIBED AS "IMMINENT FISCAL CATASTROPHE. THIS WEEK, MEXICO MADE THE FINAL REPAYMENT OF THE $13.5 BILLION TAXPAYER GUARANTEED FUNDS. NEW YORK'S NEWSDAY RECALLS OPPOSITION TO THE PLAN.

VOICE: "CONGRESSIONAL CRITICS, LOUDEST AMONG THEM SEN. ALFONSE D'AMATO, HOWLED THAT THE MONEY HAD BEEN PICKED FROM TAXPAYERS' POCKETS AND THROWN DOWN A BLACK HOLE.... WELL, HERE IT IS: THE MEXICAN GOVERNMENT HAS FULLY REPAID THE LOANS AHEAD OF TIME. THE UNITED STATES -- THE TAXPAYERS D'AMATO RIGHTLY WORRIES ABOUT -- MADE $500 MILLION IN PROFIT ON THE DEAL, MORE THAN THE MONEY WOULD HAVE EARNED OTHERWISE. MEXICO IS ENDURING SEVERE ECONOMIC HARDSHIP, SOME OF IT THE RESULT OF CONDITIONS WASHINGTON IMPOSED FOR THE BAIL-OUT. BUT ITS PROSPECTS APPEAR BRIGHTER."

TEXT: THE WASHINGTON TIMES, ON ITS EDITORIAL PAGE, DISAGREES WITH NEWSDAY'S ASSESSMENT:

VOICE: "THIS BEING MEXICO, HOWEVER, THE NORM IS THAT THAT NATION'S ECONOMY WILL GO INTO ITS NEXT TAILSPIN SOMETIME SHORTLY AFTER THE MEXICAN PRESIDENTIAL ELECTION IN 2000, PROVIDED THE RULING INSTITUTIONAL REVOLUTIONARY PARTY (PRI) GETS ITS TIMING RIGHT. AFTER ALL, LIKE CLOCKWORK, SINCE 1976 MEXICO HAS EXPERIENCED MAJOR ECONOMIC DOWNTURNS EITHER DURING OR IMMEDIATELY AFTER EACH OF THE PAST FOUR PRESIDENTIAL ELECTIONS, ALL OF COURSE WON BY THE PRI. EACH TIME, AN INTERNATIONAL BAILOUT WAS NECESSARY TO REPAIR THE DAMAGE THAT THE CORRUPTION-INFESTED PRI HAD INFLICTED UPON THE RAPIDLY GROWING MEXICAN POPULACE. THE PRI HAS HELD ABSOLUTE POWER IN MEXICO FOR NEARLY 70 YEARS, AND CORRUPTION IS NOW SO PERVASIVE THAT MEXICO IS IN DANGER OF EVOLVING INTO A NARCO-STATE.... THE OPERATIVE QUESTION THEN BECOMES: WILL MEXICO AND THE WEALTHY, PRIVATE, PREMIUM-SEEKING INVESTORS BE BAILED OUT YET AGAIN, FOR THE FIFTH TIME IN A QUARTER CENTURY? AND BY WHOM?"

TEXT: YESTERDAY, TWO BOMBS WENT OFF NEXT TO AN ABORTION CLINIC JUST OUTSIDE ATLANTA, GEORGIA. DESPITE A LAW PASSED IN 1994 TO PROTECT THE CLINICS, THE USA TODAY NEWSPAPER OBSERVES THAT "THERE'S NO PERFECT PROTECTION FROM TERRORISTS."

VOICE: "ANY PERSON WHO IS WILLING TO KILL BY HAPPENSTANCE HAS DRIFTED BEYOND THE REACH OF REASON OR DETERRENCE. IN GEORGIA, NO ONE DIED. BUT A SECOND BLAST, WHICH SEEMED CALCULATED TO INJURE PEOPLE RESPONDING TO THE FIRST BLAST, WOUNDED AT LEAST SEVEN. SOMETIMES WE ARE SAVED FROM GENUINE TRAGEDY BY SHEER LUCK.... INVESTIGATORS IN GEORGIA WERE CAREFUL THURSDAY TO POINT OUT THAT THEY HAD NO PROOF THE BLASTS WERE AIMED AT THE CLINIC. BUT THE CLINIC HAS BEEN BOMBED BEFORE -- IN 1984 -- SO IT IS REASONABLE TO SUSPECT AN ABORTION OPPONENT PLANTED THE DEVICES."

TEXT: SINCE 1986, THE BIRTHDAY OF THE LATE AMERICAN CIVIL RIGHTS LEADER MARTIN LUTHER KING, JR. HAS BEEN CELEBRATED AS A NATIONAL HOLIDAY. MONDAY IS THE OFFICIAL DAY OF OBSERVANCE. THE CHRISTIAN SCIENCE MONITOR SAYS THAT DR. KING'S WORK "HAS NEVER BEEN MORE RELEVANT THAN IT IS TODAY."

VOICE: "AMERICAN SOCIETY HAS LEFT THE INSTITUTIONAL SUPERSTRUCTURE OF RACISM AND BIGOTRY BEHIND. BUT RACIAL TENSIONS ARE ALL TOO TANGIBLY WITH US. THE NATIONAL DEBATE OVER THE USES AND POSSIBLE ABUSES OF AFFIRMATIVE ACTION TOO OFTEN EXHIBITS THOSE TENSIONS. DISCRIMINATION STILL HAUNTS SOME WORK PLACES. POLITICAL RHETORIC TOO EASILY INVOKES RACIAL STEREOTYPES. WHAT WOULD BE KING'S RESPONSE TO TODAY'S ENVIRONMENT, WITH MANY BLACK AMERICANS PROSPERING, WHILE OTHERS STILL LANGUISH IN POVERTY? HOW WOULD HE HELP BRING AMERICANS TOGETHER IN USEFUL DIALOGUE AND ACTION? HE'D ALMOST SURELY STRESS THE MORAL AND SPIRITUAL UNDERPINNINGS OF ALL GENUINE REFORM, AND REPEAT HIS INSIGHT THAT THE RECORDING OF LAW CAN'T BE TREATED AS 'THE REALITY OF THE REFORM'. THE LAWS, BY AND LARGE, ARE IN PLACE. THE REALITY -- MANIFEST AS FAIR TREATMENT OF PEOPLE REGARDLESS OF RACE -- HAS TO EMERGE, ULTIMATELY, IN THE HEARTS OF INDIVIDUALS."

TEXT: THAT CONCLUDES THIS SAMPLING OF EDITORIALS FROM FRIDAY'S U-S PRESS.
17-Jan-97 9:45 AM EST (1445 UTC)
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Source: Voice of America

[02] ALBANIA MONEY BY BARRY WOOD (PRAGUE)

INTRO: THOUSANDS OF ALBANIANS THIS WEEK HAVE HAD THEIR MEAGER SAVINGS WIPED OUT FOLLOWING THE COLLAPSE OF FRAUDULENT INVESTMENT COMPANIES WHICH LURED IN SMALL INVESTORS WITH THE PROMISE OF EXCEEDINGLY GENEROUS RETURNS. V-O-A'S BARRY WOOD HAS MORE ON A GET-RICH-QUICK SCHEME GONE BUST IN EUROPE'S POOREST COUNTRY.

TEXT: ANGRY AND DISTRAUGHT PEOPLE DEMONSTRATED IN AT LEAST THREE ALBANIAN TOWNS THIS WEEK, PROTESTING THE FAILURE OF INVESTMENT COMPANIES TO MAKE GOOD ON THEIR PROMISES TO PAY UP. IN THE CAPITAL TIRANA THURSDAY, A YOUNG WOMAN OPERATING ONE INVESTMENT COMPANY WAS DETAINED BY POLICE IN THE WAKE OF THE FAILURES. THE SAME DAY, ALBANIA'S GOVERNMENT SEIZED SOME 225 MILLION DOLLARS IN ASSETS DEPOSITED BY INVESTMENT COMPANIES IN ALBANIAN BANKS. THE INVESTMENT COMPANIES WERE FORCED TO SUSPEND OPERATIONS, PENDING AN OFFICIAL INVESTIGATION. AT LEAST THREE COMPANIES HAVE ALREADY COLLAPSED.

FABIAN SCHMIDT, AN ANALYST AT THE PRAGUE-BASED "OPEN MEDIA RESEARCH INSTITUTE," OR "OMRI," SAYS THIS WEEK'S FINANCIAL DEBACLE IN ALBANIA MAY HAVE POLITICAL IMPLICATIONS.

AS LONG AS THESE COMPANIES EXISTED, THEY COULD SHOW TO THE PUBLIC THAT IT WAS A SUCCESSFUL CONCEPT. IN THE VERY BEGINNING (BACK IN 1995) THEY WERE NOT REALLY DISCOURAGED BY THE GOVERNMENT. THE REAL MEDIA ATTENTION OF THESE COMPANIES ONLY CAME THIS PAST SUMMER, AND THE GOVERNMENT DID NOT VERY EXPLICITLY WARN INVESTORS NOT TO DO THIS.

MR. SCHMIDT SAYS IT WAS GENERALLY KNOWN AND REPORTED THAT SEVERAL INVESTMENT COMPANIES WERE INVOLVED IN CRIMINAL ACTIVITIES, INCLUDING SMUGGLING OPERATIONS FROM SOUTHERN ALBANIA TO ITALY.

BUT IT WAS THE APPARENT LEGITIMACY OF THE INVESTMENT COMPANIES THAT ATTRACTED INVESTORS. IN MANY CASES, PEOPLE SOLD THEIR HOMES AND CARS TO RAISE MONEY TO INVEST IN THESE COMPANIES, WHICH WERE PROMISING RETURNS AS HIGH AS 200 PERCENT IN JUST WEEKS OR A FEW MONTHS. THE ATTRACTION WAS ENHANCED BECAUSE ALBANIA'S INFLATION RATE IS BELOW 15 PERCENT AND THE ECONOMY IS GROWING AT AN EIGHT PERCENT PACE -- ONE OF THE HIGHEST IN EUROPE.

SIMILAR TYPES OF INVESTMENTS, CALLED "PYRAMID SCHEMES" BY SOME, HAD PREVIOUSLY MADE NEWS IN RUSSIA, BULGARIA, ROMANIA AND ELSEWHERE. THE NAME PYRAMID DERIVES FROM THE NEED OF THE COMPANY TO CONSTANTLY ATTRACT NEW INVESTORS IN ORDER TO PAY OUT CLAIMS THAT HAVE ALREADY COME DUE. WHEREVER THESE SCHEMES HAVE OPERATED, THEIR MERCURIAL RISE HAS BEEN FOLLOWED BY SIMILARLY SPECTACULAR COLLAPSES. // OPT // FOR SOME MONTHS NOW, BOTH THE INTERNATIONAL MONETARY FUND AND WORLD BANK HAVE URGED ALBANIAN AUTHORITIES TO MOVE AGAINST THE INVESTMENT COMPANIES. // END OPT

OMRI'S FABIAN SCHMIDT SAYS, TRAGICALLY, ALBANIAN INVESTORS IN PYRAMID SCHEMES ARE DEMONSTRATING THEIR LACK OF UNDERSTANDING OF HOW A MARKET ECONOMY REALLY OPERATES.

THERE IS CERTAINLY A DIMENSION TO IT WHERE PEOPLE WHO DON'T KNOW THE ECONOMIC RULES ARE BEING CHEATED BY PEOPLE WHO KNOW HOW TO CHEAT, WHO ORGANIZE IT VERY WELL. AND WHO PUT ON A SERIOUS FACE.

ALBANIAN BANKS ARE STILL STATE-OWNED. MANY FINANCIAL ANALYSTS APPLAUD THE GOVERNMENT'S SEIZURE OF THE INVESTMENT COMPANY ASSETS. AND AT THIS STAGE, ANALYSTS SEE NO SIGNS THE SCAM CAUSED ANY PERMANENT DAMAGE TO THE ALBANIAN ECONOMY. (SIGNED)
NEB/BDW/PCF/MMK
17-Jan-97 1:13 PM EST (1813 UTC)
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Source: Voice of America

[03] BULGARIA STUDENTS BY KYLE KING (SOFIA)

INTRO: ONLOOKERS WAVED AND CHEERED AS THOUSANDS OF STUDENTS MARCHED THROUGH THE STREETS OF THE BULGARIAN CAPITAL TODAY (FRIDAY) IN A DAILY RITUAL AIMED AT FORCING THE SOCIALIST GOVERNMENT FROM POWER. AND LIKE PROTESTERS IN NEIGHBORING YUGOSLAVIA, THE STUDENTS IN BULGARIA HAVE HELPED INSPIRE A WAVE OF OPPOSITION SUPPORT WITH THEIR ENTHUSIASM AND COLORFUL TACTICS.

TEXT: THEY GATHER EVERY AFTERNOON AT THE NATIONAL PALACE OF CULTURE IN DOWNTOWN SOFIA. THEN COMES THE SLOW AND OFTEN NOISY MARCH TO THE "ALEXANDER NEVSKI" CHURCH ACROSS FROM BULGARIA'S NATIONAL PARLIAMENT.

SOMETIMES WEARING COSTUMES AND MASKS OF BULGARIA'S UNPOPULAR SOCIALIST LEADERS, THE STUDENTS ALSO ARE FOND OF JUMPING UP AND DOWN AT THEIR RALLIES, AND SHOUTING "EVERYONE NOT JUMPING IS A POLICEMAN."

THE LEADER OF SOFIA'S STUDENT PROTESTS, IVAN VASILEV, SAYS IT'S BEEN PRETTY EASY TO COME UP WITH NEW IDEAS EACH DAY TO LIVEN UP THE PROTESTS.

ALTHOUGH PARTLY INSPIRED BY THE PROTESTS IN SERBIA, THE YOUNG ARCHEOLOGY STUDENT SAYS THE SITUATION IN THE TWO COUNTRIES IS VASTLY DIFFERENT.

MANY OF THE PROTESTERS, INCLUDING UNION WORKERS AND TAXI DRIVERS, SAY THEY HAVE BEEN DRIVEN TO THE STREETS BY SOCIALIST PARTY'S POLICIES, WHICH HAVE RESULTED IN A 300 PERCENT INFLATION RATE AND THE NEAR COLLAPSE OF THE ECONOMY.

AND UNLIKE THE PEACEFUL PROTESTS AGAINST SERBIAN PRESIDENT SLOBODAN MILOSEVIC, THERE WAS A BRIEF OUTBREAK OF VIOLENCE LAST WEEK IN SOFIA WHEN PROTESTERS RUSHED INTO THE PARLIAMENT, BREAKING WINDOWS AND BRIEFLY TRAPPING SOCIALIST LEGISLATORS INSIDE.

SINCE THEN, THERE HAVE BEEN NO VIOLENT INCIDENTS AND STUDENT LEADERS HAVE STRESSED THE PEACEFUL NATURE OF THEIR PROTESTS. POLITICAL POINTS ARE NOW MADE BY GIVING FLOWERS TO POLICE AND CHANTING SLOGANS.

AT THIS DEMONSTRATION, STUDENTS BLEW WHISTLES AND SHOUTED ONE OF THEIR FAVORITE RALLYING CRIES, ROUGHLY TRANSLATED TO MEAN, "THROW OUT THE RED GARBAGE."

IVAN VASILEV SAYS HE WANTS TO WORLD TO KNOW THAT THE STUDENTS SIMPLY WANT TO MAKE LIFE BETTER IN BULGARIA.

MR. VASILEV SAYS YOUNG PEOPLE IN BULGARIA WANT FREEDOM AND DEMOCRACY AND BELIEVE THEY LIVE IN A BEAUTIFUL COUNTRY. "WE DON'T WANT TO EMIGRATE AND BE GUESTS IN SOMEONE ELSE'S HOUSE," HE SAYS, "WE WANT TO FEEL GOOD IN OUR OWN HOMES AND HELP OURSELVES." "FOR THAT," HE SAYS, "WE NEED POLITICAL AND MORAL SUPPORT" -- SOMETHING THE STUDENTS SURELY GET EVERY DAY WHEN THEY ARE JOINED BY HUGH CROWDS OF ORDINARY PEOPLE, WHO SAY THEY ARE FED UP WITH THE CURRENT SOCIALIST GOVERNMENT AND WANT NEW ELECTIONS SOON. (SIGNED)
NEB/KBK/PCF/CF
17-Jan-97 11:18 AM EST (1618 UTC)
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Source: Voice of America

[04] EAST EURO STOCKS (S-ONLY) BY BARRY WOOD (PRAGUE)

INTRO: THE MAIN STOCK MARKETS IN EASTERN EUROPE CLOSED HIGHER THIS WEEK AS INSTITUTIONAL MONEY FROM THE WEST CONTINUED TO FLOW INTO THE FAST-PACED BUDAPEST AND WARSAW MARKETS. V-O-A'S BARRY WOOD HAS MORE.

TEXT: IT WAS BUDAPEST THAT AGAIN LED THE WAY FORWARD, DESPITE A DECLINE ON FRIDAY. THE "BUX" INDEX GAINED 318 POINTS TO 5,033. THAT IS A STRONG SIX PERCENT GAIN ON THE WEEK. THERE WERE NEW RECORD HIGHS IN BUDAPEST WHERE THE STOCK MARKET HAS BEEN OPERATIONAL FOR SIX AND A HALF YEARS. IN WARSAW, THERE WAS A STRING OF 33-MONTH HIGHS. THE MARKET HAS MOVED HIGHER ALMOST WITHOUT PAUSE SO FAR IN THE NEW YEAR. THE "WIG" INDEX GAINED 557 POINTS -- OR FOUR PERCENT -- TO 15-THOUSAND-847.

PRAGUE WAS UNCHANGED FOLLOWING SIGNIFICANT RISES LAST WEEK. THE "PX 50" INDEX ENDED WHERE IT BEGAN AT 557.

IN BRATISLAVA, SLOVAK SHARES WERE MOSTLY HIGHER, ALTHOUGH ONLY 12 COMPANIES ARE TRADED. IN ZAGREB, CROATIAN STOCKS SCORED NEW GAINS ALL WEEK.

IN SLOVENIA, THERE WAS A CORRECTION AFTER LAST WEEK'S STRONG RALLY AND THE "10 SHARE" INDEX WAS DOWN 13 POINTS.

THERE WAS OPTIMISM IN BUCHAREST AND SHARE PRICES WERE HIGHER. (SIGNED)
NEB/BDW/PCF/MMK
17-Jan-97 1:16 PM EST (1816 UTC)
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Source: Voice of America

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

INTRO: KEY STOCK MARKETS IN WESTERN EUROPE CLOSED THE WEEK FRIDAY WITH RECORDS ALL AROUND. PAUL FRANCUCH HAS THE NUMBERS FROM LONDON.

TEXT: IT WAS THE THIRD CONSECUTIVE DAY FOR RECORD-SETTING CLOSES IN FRANKFURT, LONDON AND PARIS.

THE FRANKFURT "DAX 30" INDEX OF GERMAN STOCKS GAINED EIGHT POINTS FRIDAY, PUSHING THAT INDEX ABOVE THE 3000 MARK. THE DAX GAINED 68 POINTS FOR THE WEEK.

HERE IN LONDON, THE "FINANCIAL TIMES" 100 INDEX ADDED 10 POINTS AT THE CLOSE TO PUSH ABOVE THE 4000 MARK FOR THE FIRST TIME EVER. THIS PAST WEEK, LONDON'S "FOOTSIE" INDEX ADDED 151 POINTS IN VALUE.

THE PARIS "CAC 40" INDEX ALSO SET A RECORD AT THE CLOSE FRIDAY, GAINING MORE THAN 17 POINTS FOR THE DAY AND ALMOST 98 POINTS FOR THE WEEK.

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