Voice of America, 97-08-18

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

CONTENTS

[01] BOSNIA / DISPLACED BY ART CHIMES (SARAJEVO)

[02] CROATIA / SUSPECT (S-ONLY) BY ART CHIMES (PRAGUE)

[03] CYPRUS TALKS (L-ONLY) BY PAUL FRANCUCH (LONDON)

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

[05] GERMANY / ECON (L ONLY) BY KYLE KING (BONN)

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

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

[08] WORLD STOCKS WRAP (S-ONLY) BY BRECK ARDERY (NEW YORK)

[01] BOSNIA / DISPLACED BY ART CHIMES (SARAJEVO)

INTRO: THE WAR IN BOSNIA FORCED MORE THAN ONE-HALF-MILLION REFUGEES TO LEAVE THE COUNTRY, MOST OF WHOM STILL HAVE NOT RETURNED. TENS OF THOUSANDS MORE LEFT THEIR HOMES BUT STAYED WITHIN THE COUNTRY, MOVING FROM AREAS WHERE THEY WERE IN THE MINORITY TO AREAS CONTROLLED BY THEIR OWN GROUP -- MUSLIM, CROAT OR SERB. V-O-A CORRESPONDENT ART CHIMES VISITED SOME OF THESE INTERNALLY-DISPLACED BOSNIANS TO TALK ABOUT THEIR LIFE, AND THEIR EXPECTATIONS FOR NEXT MONTH'S MUNICIPAL ELECTIONS.

TEXT:

TEXT: A PET PARAKEET KEEPS WATCH OVER THE SELIMOVIC APARTMENT IN SARAJEVO. GUESTS JOIN THE FAMILY IN A SNACK OF SWEETS AND COCA-COLA. THE WALLS ARE FRESHLY-PAINTED, AND EVERYONE TAKES THEIR SHOES OFF TO HELP KEEP THE PLACE CLEAN. BUT IT IS NOISY, BECAUSE INSTEAD OF GLASS, THE WINDOW FRAMES ARE FITTED WITH PLASTIC SHEETING THAT FLAPS IN THE BREEZE, A REMINDER THAT THE POSTWAR RECONSTRUCTION OF THIS APARTMENT IS STILL A WORK-IN-PROGRESS.

MR. AND MRS. SELIMOVIC ARE MUSLIMS WHO FLED HERE AFTER BEING DRIVEN FROM THEIR HOME IN FOCA (FOE-CHA), 50 KILOMETERS SOUTHEAST OF SARAJEVO.

THEY HAVE REGISTERED TO VOTE IN FOCA, BUT DO NOT KNOW HOW THEY WILL GET THERE SAFELY. THE INTERNATIONAL COMMUNITY SAYS THERE IS FREEDOM OF TRAVEL, AND THAT ESPECIALLY DURING THE ELECTION THERE WILL BE NO TROUBLE. BUT SUADA SELIMOVIC IS SKEPTICAL. I ASKED HER IF SHE IS WORRIED ABOUT WHAT HAPPENS IF THE NATO-LED STABILIZATION FORCE (S-FOR) LEAVES NEXT YEAR AS SCHEDULED.

I DON'T KNOW HOW TO ANSWER THAT, SHE SAYS. YOU SEE THE TROOPS IN SARAJEVO. BUT IF YOU WANT TO GO SOMEWHERE, TO SEE YOUR HOMETOWN FOR EXAMPLE, YOU NEVER SEE THEM.

MR. AND MRS. SELIMOVIC ARE BOTH PESSIMISTIC ABOUT NEXT MONTH'S VOTING. THEY FEAR THAT POLLING PLACES WILL BE SET UP OUTSIDE OF TOWN, SO THEY WON'T ACTUALLY BE ABLE TO SEE THEIR HOME.

THE SPOKESMAN FOR THE ORGANIZATION FOR SECURITY AND COOPERATION IN EUROPE, DAVID FOLEY, CONFIRMS THEIR WORRIES.

THE RULES AND REGULATIONS ALLOW PEOPLE TO RETURN TO THEIR MUNICIPALITY, NOT SPECIFICALLY TO A SPECIAL PLACE INSIDE THE MUNICIPALITY UNDER THE RULES AND REGULATIONS OF THE ELECTIONS. THE KEY THING IS, ELECTION WEEKEND IS NOT FOR VISITING YOUR OLD HOUSE, IT'S NOT FOR VISITING GRAVEYARDS, IT IS FOR PARTICIPATING IN THE DEMOCRATIC PROCESS BY CASTING YOUR BALLOT.

TINY FOUR-DAY OLD BABY [BOY] JASMINE IS THE CENTER OF ATTENTION IN ANOTHER REFUGEE APARTMENT IN SARAJEVO, WHERE THE MUSLIM HODZIC FAMILY HAS BEEN LIVING. RAGIB HODZIC IS AN UNEMPLOYED TAXI DRIVER WHO LOOKS AS DEPRESSED AS HE SOUNDS, UNABLE TO SUPPORT HIS FIVE CHILDREN. HE SAYS THE IDEAL OF A MULTI-ETHNIC BOSNIA IS DEAD.

BECAUSE OUR WOUNDS ARE SO DEEP, HE SAYS, IT IS IMPOSSIBLE. AND MR. HODZIC SAYS WAR WILL BREAK OUT AGAIN IF S-FOR TROOPS LEAVE AS PLANNED NEXT YEAR. IT IS JUST A FALSE PEACE NOW, HE SAYS.

ACROSS THE INTER-ENTITY BOUNDARY LINE IN SERB-CONTROLLED PALE, UNEXPECTED AFTERNOON VISITORS AWAKEN RANKO COROVIC, A MIDDLE-AGED TELEVISION TECHNICIAN. HE LIVES IN A TINY WAGON, ALONG AN UNPAVED PATH -- A BIG STEP DOWN FROM THE SARAJEVO APARTMENT WHERE HE LIVED BEFORE THE WAR.

OVER GLASSES OF STRONG BRANDY, HE SAYS HE LEFT SARAJEVO AFTER HE WAS FIRED FROM HIS JOB AT THE TELEVISION STATION THERE -- HE SAYS BECAUSE HE IS SERB. HE SAYS THERE IS NOW A SARAJEVO POLICEMAN LIVING IN HIS OLD APARTMENT. AND AS FOR HIS VOTING PLANS --

I'M GOING TO VOTE HERE, HE SAYS, BECAUSE FOR ME, SARAJEVO DOES NOT EXIST ANYMORE.

U-N SPOKESMAN KRIS JANOWSKI DESCRIBES DISPLACED PERSONS ISSUES AS THE LEAST IMPLEMENTED PART OF THE DAYTON AGREEMENT. HE SAYS THE PROBLEM IS POLITICAL.

THE PROBLEM IS THAT WE'VE GOT THE SAME PEOPLE IN POWER WHO HAD BEEN IN POWER DURING THE WAR, WHO PURSUED THE POLICY OF ETHNIC CLEANSING AND PURSUE THE POLICY OF ETHNIC ENGINEER[ING] AND ESSENTIALLY SUBSCRIBE TO EXACTLY THE SAME PHILOSOPHY, WHICH IS A PHILOSOPHY OF ETHNIC PURITY AND DIVISION, RATHER THAN REUNIFICATION.

THE RESETTLEMENT OF REFUGEES HAS GONE MORE SLOWLY THAN HAD BEEN HOPED. ONLY ONE OUT OF SEVENTH OF THE PEOPLE DISPLACED BY THE WAR HAVE RETURNED HOME, AND WITH FEAR AND DISTRUST STILL WIDESPREAD, IT SEEMS UNLIKELY THAT THE PACE WILL BE SPEEDED UP ANY TIME SOON.
NEB/ART/JWH/EH
18-Aug-97 10:34 AM EDT (1434 UTC)
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Source: Voice of America

[02] CROATIA / SUSPECT (S-ONLY) BY ART CHIMES (PRAGUE)

INTRO: A BOSNIAN CROAT WAR CRIMES SUSPECT HAS BEEN ARRESTED AND IS NOW IN CUSTODY IN A ZAGREB AREA JAIL. V-O-A CORRESPONDENT ART CHIMES HAS BEEN FOLLOWING THE STORY FROM OUR BUREAU IN PRAGUE.

TEXT: PERO SKOPLJAK WAS A SENIOR POLICE OFFICIAL IN THE VITEZ AREA OF BOSNIA-HERZEGOVINA, WHERE HE IS ACCUSED OF OVERSEEING INHUMANE TREATMENT OF MUSLIM PRISONERS IN 1993. REPORTS FROM CROATIA SAY HE IS BEING HELD IN THE ZAGREB AREA AND WILL BE SENT TO THE HAGUE TO STAND TRIAL BEFORE THE INTERNATIONAL WAR CRIMES TRIBUNAL THERE.

CROATIA HAS BEEN UNDER MOUNTING PRESSURE TO ENSURE THAT BOSNIAN CROATS ACCUSED OF WAR CRIMES BE BROUGHT TO JUSTICE. RECENTLY, U-S ENVOY RICHARD HOLBROOKE URGED CROATIAN PRESIDENT FRANJO TUDJMAN TO CALL ON BOSNIAN CROAT SUSPECTS TO SURRENDER -- WHICH MR. TUDJMAN PROMISED TO DO.

THE MOST-WANTED BOSNIAN CROAT SUSPECT, DARIO KORDIC, HOWEVER, IS STILL AT LARGE. (SIGNED)
NEB/ART/PCF/RRM
18-Aug-97 11:46 AM EDT (1546 UTC)
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Source: Voice of America

[03] CYPRUS TALKS (L-ONLY) BY PAUL FRANCUCH (LONDON)

INTRO: A TOP BRITISH DIPLOMAT IS CALLING ON THE INTERNATIONAL COMMUNITY TO SUPPORT EFFORTS BY GREEK AND TURKISH CYPRIOT LEADERS TO REACH A SETTLEMENT ON REUNITING THE MEDITERRANEAN ISLAND NATION. THE APPEAL FOLLOWS A BREAKDOWN LAST WEEK IN SWITZERLAND IN THE LATEST SERIES OF CYPRUS TALKS. MORE FROM PAUL FRANCUCH IN LONDON.

TEXT: BRITAIN'S FOREIGN OFFICE MINISTER FOR EUROPE, DOUG HENDERSON, MADE THE CALL AFTER MEETING IN LONDON MONDAY WITH VISITING UNITED NATIONS MEDIATOR AND SPECIAL CYPRUS ENVOY, DIEGO CORDOVEZ. AT A SECLUDED SWISS RESORT LAST WEEK, MR. CORDOVEZ TRIED UNSUCCESSFULLY TO SHEPHERD NEGOTIATIONS BETWEEN TURKISH CYPRIOT LEADER RAUF DENKTASH AND GREEK CYPRIOT LEADER GLAFCOS CLERIDES. THE TALKS ENDED LAST FRIDAY, WITH THE TWO CYPRIOT LEADERS DISAGREEING OVER EFFORTS TO BRING CYPRUS INTO THE EUROPEAN UNION.

IN ANSWERING REPORTERS' QUESTIONS IN LONDON MONDAY, MR. CORDOVEZ CONTINUED TO EXPRESS OPTIMISM THAT THE TWO SIDES WOULD RESUME TALKING UNDER THE AUSPICES OF THE UNITED NATIONS. THAT'S THE IMPRESSION, HE SAYS, THE CYPRIOT LEADERS GAVE HIM.

BOTH TOLD ME THEY WANT THE SECRETARY-GENERAL TO CONTINUE HIS EFFORTS AND TO CONTINUE THIS PROCESS. WHAT WE'RE TRYING TO INSTITUTE, AS A MATTER OF FACT, IS A SUSTAINED NEGOTIATING PROCESS, AND I BELIEVE THAT THEY HAVE ACCEPTED THAT.

BUT WHAT HAPPENS NEXT IS UNCERTAIN. LAST WEEK'S TALKS BROKE DOWN WHEN MR. CLERIDES SUGGESTED THERE SHOULD BE NO DELAY IN CYPRIOT NEGOTIATIONS FOR MEMBERSHIP IN AN EXPANDED EUROPEAN UNION, SCHEDULED TO BEGIN NEXT YEAR. MR. DENKTASH, HOWEVER, CALLED FOR THE E-U TALKS TO BE DELAYED, UNLESS TURKISH CYPRIOTS TOOK PART IN THE TALKS. ON MONDAY IN BRUSSELS, THE EUROPEAN UNION SAID THE MEMBERSHIP TALKS WILL PROCEED, AS PLANNED, BUT APPARENTLY ONLY WITH THE GREEK CYPRIOT SIDE.

BRITAIN TAKES OVER THE ANNUAL ROTATING PRESIDENCY OF THE E-U ON JANUARY FIRST. FOREIGN OFFICE MINISTER HENDERSON TOLD REPORTERS HE HOPES PROGRESS CONTINUES IN EFFORTS TO REUNITE CYPRUS.

I BELIEVE THAT ALL OF THE PARTIES HAVE A SPECIAL RESPONSIBILITY TO TRY TO MAKE PROGRESS -- THAT IS, THE EUROPEAN UNION HAS, GREECE AND TURKEY CLEARLY HAVE, AND THE PEOPLE OF CYPRUS HAVE AND THE BRITISH GOVERNMENT AND I THINK THE AMERICAN GOVERNMENT AS WELL HAVE AN OBLIGATION.

THE UNITED STATES HAS APPOINTED FORMER STATE DEPARTMENT OFFICIAL RICHARD HOLBROOKE AS ITS TROUBLESHOOTER ON CYPRUS. THE U-N'S DIEGO CORDOVEZ HOPES TO VISIT CYPRUS TO SPUR FURTHER TALKS DESIGNED TO ESTABLISH A GREEK-TURKISH FEDERATION.

RENEWED TALKS ON THE FUTURE OF CYPRUS BEGAN LAST MONTH OUTSIDE OF NEW YORK. THE GREEK-TURKISH GOVERNMENT COLLAPSED IN 1963. THE ISLAND WAS DIVIDED INTO GREEK AND TURKISH SECTORS 11 YEARS LATER AFTER TURKISH TROOPS INVADED THE ISLAND FOLLOWING A COUP SUPPORTED BY GREECE. (SIGNED)
NEB/PCF/WFR
18-Aug-97 2:37 PM EDT (1837 UTC)
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Source: Voice of America

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

INTRO: STOCK MARKETS IN WESTERN EUROPE MONDAY ALL CLOSED LOWER IN THE WAKE OF FRIDAY'S STEEP DROP ON WALL STREET. BUT VOA'S PAUL FRANCUCH REPORTS FROM OUR LONDON OFFICE THAT THE EUROPEAN LOSSES WERE NOT AS SEVERE AS SOME ANALYSTS WERE PREDICTING.

TEXT: THE DECLINES IN THE KEY MARKET INDEXES IN FRANKFURT AND PARIS WERE LESS THAN TWO PERCENT AND IN LONDON A LITTLE MORE THAN ONE-HALF OF A PERCENT. GERMANY'S "DAX 30" INDEX CLOSED DOWN JUST OVER 74 POINTS, WHILE THE FRENCH "CAC 30" INDEX ENDED TRADING ALMOST 52 POINTS LOWER. HERE IN LONDON, THE "FINANCIAL TIMES" 100 INDEX OF STOCKS CLOSED JUST UNDER 31 POINTS LOWER MONDAY. SOME ANALYSTS PREDICT PERHAPS SOME FURTHER CORRECTION IN THE STOCK MARKET, BUT THERE'S NO SENSE THAT A DRASTIC CHANGE IN DIRECTION IS IMMINENT.

ON THE CURRENCY MARKETS MONDAY HERE IN EUROPE, THE DOLLAR WAS VIRTUALLY UNCHANGED AGAINST BOTH THE MARK AND THE POUND.

GOLD LOST 90 CENTS IN THE LONDON CLOSING FIX AND WAS PRICED AT 323-DOLLARS-25 CENTS AN OUNCE. (SIGNED)
NEB/PCF/EH
18-Aug-97 1:23 PM EDT (1723 UTC)
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Source: Voice of America

[05] GERMANY / ECON (L ONLY) BY KYLE KING (BONN)

INTRO: GERMANY'S ECONOMICS MINISTER HAS ISSUED AN UPBEAT FORECAST, SAYING HE EXPECTS RECORD HIGH UNEMPLOYMENT TO BEGIN FALLING BY NEXT YEAR. V-O-A'S KYLE KING REPORTS FROM BONN.

TEXT: ECONOMICS MINISTER GUENTER REXRODT SAYS THE SUDDEN DROP IN THE VALUE OF THE GERMAN MARK HAS GIVEN A BOOST TO EXPORTS OF GERMAN PRODUCTS.

SPEAKING TO REPORTERS IN BONN, THE ECONOMICS MINISTER SAID BOOMING DEMAND FOR GERMAN PRODUCTS WILL BEGIN TO EASE RECORD HIGH UNEMPLOYMENT BY 1998.

MR. REXRODT ACKNOWLEDGED THIS YEAR'S JOBLESS RATE COULD EDGE HIGHER THAN ITS CURRENT LEVEL OF 11-POINT-FOUR PERCENT. BUT HE SAID COMPANIES WILL SOON REACH THE POINT WHERE THEY WILL NOT BE ABLE TO EXPAND FURTHER WITHOUT HIRING NEW WORKERS.

THE ECONOMICS MINISTER SAID HE DOES NOT SEE ANY DANGER OF INFLATION. AND HE SAID HE BELIEVES GERMANY'S ECONOMY IS ON TRACK TO MEET THE CRITERIA TO JOIN THE SINGLE EUROPEAN CURRENCY.

HE SAID HE EXPECTS INCREASED DEMAND FOR EXPORTS TO HELP PUSH THE COUNTRY'S ECONOMIC GROWTH RATE AS HIGH AS THREE PERCENT NEXT YEAR.

THE UPBEAT ECONOMIC OUTLOOK COMES AS BANKERS AND INVESTORS AWAIT WORD ON WHETHER THE GERMAN CENTRAL BANK WILL RAISE INTEREST RATES AS A WAY OF STABILIZING THE GERMAN MARK, WHICH HAS FALLEN SHARPLY AGAINST THE U-S DOLLAR.

MR. REXRODT SAID HE BELIEVES THE MARK HAD BEEN OVERVALUED AGAINST THE DOLLAR AND ITS RECENT DROP WAS A CORRECTION OF THAT IMBALANCE. (SIGNED)
NEB/KBK/JWH/EH
18-Aug-97 10:09 AM EDT (1409 UTC)
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Source: Voice of America

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

INTRO: SEVERAL FOREIGN SUBJECTS ARE BEING SCRUTINIZED IN MONDAY'S U-S EDITORIALS COLUMNS, INCLUDING THE SEARCH FOR TRUTH AND JUSTICE IN SOUTH AFRICA; BLAMING THE MIR COSMONAUTS FOR THE SPACE STATION'S TROUBLES; ECONOMIC REFORMS IN ROMANIA; HARVARD'S ECONOMIC ADVICE TO RUSSIA AND SOME TROUBLING INFORMATION ABOUT A CALIFORNIA SALAMANDER.

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

TEXT: SOUTH AFRICA'S CONTINUING QUEST FOR TRUTH FROM ITS LONG PERIOD OF APARTHEID HAS COME TO A VERY DIFFICULT POINT, THE MURDER OF COMMUNIST LEADER CHRIS HANI IN 1993. THE WASHINGTON POST DEALS WITH IT IN TODAY'S LEAD EDITORIALS.

VOICE: "THEN HEAD OF THE COUNTRY'S COMMUNIST PARTY AND LEADER OF THE ARMED WING OF NELSON MANDELA'S AFRICAN NATIONAL CONGRESS, THE WIDELY POPULAR MR. HANI, A POTENTIAL HEIR-APPARENT TO MR. MANDELA, WAS SHOT DOWN ON THE EVE OF SOUTH AFRICA'S HISTORICAL PASSAGE FROM APARTHEID TO MULTIRACIAL DEMOCRACY. ...... THE TWO MURDERS, [OPT] A FORMER CONSERVATIVE PARTY MEMBER OF PARLIAMENT NAMED CLIVE DERBY-LEWIS, AND JANUSZ WALUS, A POLISH IMMIGRANT, [END OPT] ARE SERVING LIFE SENTENCES. BOTH APPEARED IN PRETORIA LAST WEEK TO APPEAL TO THE TRUTH AND RECONCILIATION COMMISSION FOR AMNESTY. .... THE QUESTION NOW IS WHETHER THE TWO CRIMINALS MEET THE BASIC AMNESTY CRITERIA OF ESTABLISHING A POLITICAL BASIS FOR PAST OFFENSES AND TELLING THE WHOLE TRUTH ABOUT THEM. ..... THE PURSUIT OF TRUTH HAS NOT ALWAYS SERVED THE QUEST FOR RECONCILIATION. THE HANI CASE IS ONE IN WHICH THAT GOAL PLAINLY HAS NOT BEEN MET."

TEXT: THE SUN, ALSO TALKING ABOUT SOUTH AFRICA, SEES AN ENDING TO THE EUPHORIA OVER THE LEADERSHIP OF NELSON MANDELA, AS REFLECTED IN THE LATEST NATIONWIDE POLLS THAT SHOW A SLIGHT DROP IN HIS POPULARITY.

VOICE: " [OPT] BLACKS, WHO GAVE HIM AN 8-POINT-7 RATING ON A SCALE OF TEN A YEAR AGO, NOW ACCORD HIM 8-POINT-THREE, ACCORDING TO A NATIONWIDE SURVEY. THE PRESIDENT'S SUPPORT AMONG OTHER ETHNIC GROUPS HAS ALSO SOFTENED. [END OPT] .... BY AND LARGE, SOUTH AFRICA UNDER MR. MANDELA STILL REMAINS A SUCCESS STORY. THERE IS GROWING NERVOUSNESS OVER THE EPIDEMIC INCREASE OF VIOLENCE, HOWEVER, AND THE ANC GOVERNMENT'S SEEMING POWERLESSNESS IN COMBATING LAWLESSNESS. SOUTH AFRICA'S PROBLEMS LOOM LARGE AS IT TRIES TO FORGE A MORE EQUITABLE SOCIETY, BUT NONE OF THE FUTURE LEADERS HAS THE CHARISMA OR AUTHORITY OF MR. MANDELA ..... YET THREE YEARS IS AN AWFULLY SHORT TIME TO JUDGE HIS EFFORT EITHER A SUCCESS OR FAILURE."

TEXT: ON TO RUSSIA, WHERE RANKING GOVERNMENT OFFICIALS AND THE JUST-RETURNED MIR COSMONAUTS ARE TRADING ACCUSATIONS OF BLAME AND RESPONSIBILITY FOR THE SPACE STATION'S LATEST PROBLEMS. USA TODAY SAYS OF THE CONFLICT:

VOICE: "[OPT] BACK ON EARTH, MIR'S MOST TROUBLE-BITTEN COSMONAUT HAD NO PROBLEM LAYING BLAME FOR THE SPACE STATION'S INCREASINGLY ERRATIC PERFORMANCE: 'IT ALL COMES FROM EARTH.' AT A PRESS CONFERENCE SATURDAY ...... MISSION COMMANDER VASILY TSIBLIYEV BLAMED THE AILING RUSSIAN ECONOMY, INADEQUATE EQUIPMENT AND OTHER EARTHLY SHORTCOMINGS FOR THE HELLISH HALF YEAR HE SPENT ABOARD THE FALTERING SPACE STATION. SOME SENIOR RUSSIAN OFFICIALS, PRESIDENT BORIS YELTSIN INCLUDED ..... PREFER TO BLAME 'HUMAN ERROR' FOR MIR'S MISFORTUNES. [END OPT] FORGET BLAME. ..... THE IMMEDIATE NEED IS TO DETERMINE JUST HOW SAFE THE ELEVEN-YEAR-OLD SPACE STATION REMAINS FOR HUMANS."

TEXT: STILL IN EUROPE, EVERYONE KNEW SWITCHING ECONOMIES IN THE FORMER SOVIET BLOC NATIONS FROM COMMUNISM TO FREE-ENTERPRISE CAPITALISM WOULD NOT BE EASY. NOW, THE NEW YORK TIMES SAYS TWO MORE STATES ARE MAKING THE RIGHT, BUT PAINFUL AND BELATED DECISIONS IN THAT DIRECTION.

VOICE: "EARLIER THIS MONTH, THE ROMANIAN GOVERNMENT SHUT 17 MONEY-LOSING STATE FACTORIES, RELICS OF THE COMMUNIST ERA. THE CLOSURE IS THE LATEST SIGN THAT ROMANIA IS BRAVING WORKER PROTESTS TO STICK TO HARSH BUT NECESSARY FREE-MARKET REFORMS. UNTIL A FEW MONTHS AGO, ROMANIA AND BULGARIA CLUNG TO SOCIALIST SUBSIDIES AND STATE ENTERPRISES WHILE OTHER EASTERN EUROPEAN NATIONS LIBERALIZED THEIR ECONOMIES. IN BOTH NATIONS, ECONOMIC DEVASTATION FORCED A MORE RESPONSIBLE COURSE, INCLUDING THE ELECTION OF MORE DEMOCRATIC AND COMPETENT LEADERS. ..... THE PAIN OF SUBSIDY CUTS AND CLOSURE OF INEFFICIENT STATE ENTERPRISES WILL TRY THE COMMITMENT OF BOTH NATIONS TO REFORM. THEY WILL NEED SUPPORT FROM THE WEST..... THE TEMPTATION TO FLINCH WILL BE GREAT, BUT THE TWO NATIONS SHOULD NOT FORGET THE MISERY BROUGHT BY THEIR RELUCTANCE TO SHED OLD HABITS."

TEXT: IN OTHER ECONOMIC REFORM, THE WASHINGTON TIMES HAS SOME SHARP CRITICISM OF HARVARD UNIVERSITY ECONOMISTS WHO HAVE BEEN ADVISING RUSSIA ON ITS TRANSITION TO A FREE MARKET ECONOMY. SEVERAL ARE ACCUSED OF SERIOUS CONFLICT OF INTEREST CHARGES CONNECTED TO THEIR 50-MILLION-DOLLAR U-S TAXPAYER SUPPORTED MISSION.

VOICE: "THE FACT THAT U-S TAXPAYERS SPENT ABOUT 50-MILLION DOLLARS UNDERWRITING THE THINK TANK'S OPERATIONS MERELY COMPOUND THE PROBLEM. AND IF THAT WEREN'T BAD ENOUGH, IT NOW SEEMS ... THOSE VERY OPERATIONS WERE LADEN WITH CONFLICTS OF INTEREST INVOLVING THE CENTER'S TWO MOS POWERFUL EMPLOYEES, THE WIFE OF ONE AND THE GIRLFRIEND OF THE OTHER."

TEXT: TURNING TO DOMESTIC ISSUES, USA TODAY IS PLEASED WITH A NEW LAW PROTECTING THE RIGHTS OF FEDERAL WORKERS TO DISCUSS RELIGION IN THE WORKPLACE, AS LONG AS IT DOESN'T INTERFERE WITH BUSINESS.

VOICE: "... FOR TWO-POINT-EIGHT MILLION FEDERAL EMPLOYEES AND THEIR BOSSES, THERE ARE NOW COMMON SENSE GUIDELINES ABOUT RELIGIOUS OBSERVANCE, WATER-COOLER [CASUAL, INFORMAL] DISCUSSIONS, PROSELYTIZING AND HARASSMENT. THE GUIDELINES CAN BE A MODEL FOR PRIVATE EMPLOYERS AS WELL."

TEXT: AS CHINA PREPARES FOR ITS 15TH COMMUNIST PARTY CONGRESS IN LATE SEPTEMBER AND THEN PRESIDENT JIANG ZEMIN'S PLANNED VISIT TO WASHINGTON IN OCTOBER, THE WALL STREET JOURNAL SAYS READING THE TEA LEAVES [UNDERSTANDING THE POLICY] IN BEIJING, TO SEE WHAT THE CHINESE ARE THINKING, IS MORE IMPORTANT THAN USUAL THESE DAYS, BUT ALSO REALLY DIFFICULT. SUMMING UP, THE JOURNAL NOTES:

VOICE: "..... CHINA'S LEADERS ARE CAUGHT IN A DILEMMA: TO STOP REFORM NOW WOULD COURT DISASTER;, AS THE CHINESE EXPECT THEIR LIVES TO IMPROVE AND HAVE NO FAITH IN COMMUNISM. BUT CHINA'S COMMUNIST LEADERS ARE NOT LOOKING FOR A GRACEFUL EXIT, AND THEY KNOW THAT REFORMS COULD HAVE UNINTENDED CONSEQUENCES FOR THE PARTY'S DOMINANT POSITION. THIS CONTRADICTION IS GOING TO DOG [PERSISTENTLY TROUBLE] CHINA, AND ALL INTERESTED OUTSIDE PARTIES, FOR YEARS TO COME. AND IT'S ONE THAT U-S POLICY HAS YET TO COME TO TERMS WITH."

TEXT: LASTLY, THE LOS ANGELES TIMES IS WORRIED ABOUT THE ENVIRONMENTAL CIRCUMSTANCES THAT ARE KILLING OFF A TINY SALAMANDER OR NEWT, IN PARTS OF THE STATE. IS IT A WARNING FOR MAN, THE TIMES WONDERS?

VOICE: ".... SHADE-EATING WILDFIRE AND A THINNING OZONE LAYER ARE WIPING OUT THE NEWT'S FRAGILE EGGS IN THE SANTA MONICA MOUNTAINS. ..... IT'S EASY TO WRITE OFF SMALL, DRAB CREATURES AS DISPOSABLE CASUALTIES IN MANKIND'S PURSUIT OF BETTER LIVING. BUT MAYBE IT'S ALSO A LITTLE ARROGANT. WHO REALLY KNOWS WHICH THREADS ARE SAFE TO SNAP AND WHICH ONES HOLD LIFE'S COMPLICATED WEB TOGETHER?

TEXT: ON THAT WORRISOME NOTE, WE CONCLUDE THIS BRIEF SAMPLING OF EDITORIALS FROM MONDAY'S U-S PRESS.
NEB/ANG/RRM
18-Aug-97 10:09 AM EDT (1409 UTC)
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Source: Voice of America

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

INTRO: STOCK PRICES IN THE UNITED STATES WERE UP TODAY (MONDAY) IN A REBOUND FROM FRIDAY'S SHARP SELL-OFF. V-O-A CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 78-HUNDRED-THREE, UP 108 POINTS -- OR MORE THAN ONE PERCENT. THE LARGER STANDARD AND POOR'S INDEX OF 500 STOCKS CLOSED AT 912, UP 11 POINTS.

STOCK PRICES WERE AGAIN VOLATILE: UP IN THE MORNING, DOWN IN THE EARLY AFTERNOON, AND THEN RECOVERING IN THE FINAL HOURS OF TRADING. THERE WAS RELIEF THAT PRICES WERE ABLE TO RISE AFTER FRIDAY'S HUGE SELL-OFF, WHICH SAW THE INDUSTRIAL AVERAGE LOSE THREE PERCENT OF ITS VALUE.

THE U-S CENTRAL BANK MEETS TUESDAY TO CONSIDER INTEREST RATES. HOWEVER, THERE IS ALMOST UNIVERSAL AGREEMENT ON WALL STREET THAT THE CENTRAL BANK WILL NOT RAISE SHORT-TERM INTEREST RATES.

THE HEWLETT-PACKARD COMPANY, A MAJOR COMPUTER EQUIPMENT MAKER, REPORTED AN 11 PERCENT PROFIT INCREASE IN THE LATEST QUARTER. HOWEVER, THE EARNINGS RISE WAS BELOW WALL STREET EXPECTATIONS.

TOYS R' US, THE HUGE TOY RETAIL CHAIN, REPORTED BETTER-THAN-EXPECTED EARNINGS. THE COMPANY CITED STRONG SALES OF VIDEO GAMES AS THE MAIN REASON FOR THE PROFIT RISE.

SOME PROGRESS WAS REPORTED IN TALKS AIMED AT ENDING THE STRIKE AT THE UNITED PARCEL SERVICE -- A STRIKE WHICH HAS NOW ENTERED ITS THIRD WEEK. THE COMPANY SAYS THE WALKOUT HAS SO FAR COST ALMOST 700-MILLION DOLLARS IN LOST REVENUE. (SIGNED)
NEB/NY/BA/RRM
18-Aug-97 5:04 PM EDT (2104 UTC)
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Source: Voice of America

[08] WORLD STOCKS WRAP (S-ONLY) BY BRECK ARDERY (NEW YORK)

INTRO: FRIDAY'S HUGE DROP IN AMERICAN STOCK PRICES SEEMED TO HAVE ONLY A MODEST EFFECT ON OTHER WORLD STOCK MARKETS ON MONDAY. V-O-A CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: SOME ANALYSTS HAD PREDICTED THAT FRIDAY'S MORE THAN THREE PERCENT DROP IN THE DOW JONES INDUSTRIAL AVERAGE WOULD SPARK MASSIVE SELLING IN OTHER FINANCIAL MARKETS. HOWEVER, THE REACTION WAS MORE MODEST THAN MANY HAD EXPECTED. THE BIGGEST DROP CAME IN HONG KONG, WHERE THE HANG SENG INDEX LOST TWO AND ONE-HALF PERCENT. BUT ANALYSTS SAY MUCH OF THE SELLING IN HONG KONG WAS RELATED TO LOCAL CONCERNS AND NOT A DIRECT REACTION TO FRIDAY'S MARKET DROP IN NEW YORK. IN TOKYO, STOCKS WERE DOWN ONE AND ONE-HALF PERCENT. REACTION IN EUROPEAN MARKETS WAS RELATIVELY MODEST, RANGING FROM A ONE-POINT-EIGHT PERCENT DROP IN FRANKFURT'S DAX INDEX TO LESS THAN ONE PERCENT IN LONDON'S LEADING STOCK INDEX. ANALYSTS SAY THE QUICK RECOVERY IN U-S STOCKS ON MONDAY MAY HAVE MITIGATED SELLING IN EUROPE. THE INDUSTRIAL AVERAGE RECOVERED MORE THAN ONE PERCENT OF ITS VALUE MONDAY. (SIGNED)
NEB/NY/BA/RRM
18-Aug-97 5:06 PM EDT (2106 UTC)
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Source: Voice of America

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