Voice of America, 98-08-06

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

CONTENTS

[01] KOSOVO SITUATION WORSENS BY GARY EDQUIST (WASHINGTON)

[02] KOSOVO GRAVES (L ONLY) BY ART CHIMES (PRISTINA)

[03] KOSOVO EXERCISES (L-ONLY) BY JIM RANDLE (PENTAGON)

[04] U-S/KOSOVO (L) BY GIL BUTLER (STATE DEPARTMENT)

[05] RIGHTS / YUGO (L ONLY) BY LISA SCHLEIN (GENEVA)

[06] GERMANY UNEMPLOYMENT (L ONLY) BY SUZANNE KELLY (BONN)

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

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

[09] THURSDAY'S EDITORIALS BY GARY EDQUIST (WASHINGTON)

[01] KOSOVO SITUATION WORSENS BY GARY EDQUIST (WASHINGTON)

INTRO: THE INTERNATIONAL PRESS IS COMMENTING ABOUT THE SITUATION IN KOSOVO. WE GET A SAMPLING OF THE OPINIONS FROM _________________ IN TODAY'S WORLD OPINION ROUNDUP.

TEXT: RECENT FIGHTING IN THE YUGOSLAV PROVINCE OF KOSOVO HAS FORCED AN ESTIMATED 200-THOUSAND ETHNIC ALBANIANS FROM THEIR HOMES. U-S SECRETARY OF STATE MADELEINE ALBRIGHT ON THURSDAY WARNED YUGOSLAV LEADERS ABOUT POSSIBLE NATO INTERVENTION IN KOSOVO UNLESS SERBIAN FORCES HALT THEIR CURRENT OFFENSIVE AND ALLOW ETHNIC ALBANIAN REFUGEES TO RETURN HOME. IN FRANCE, "LE MONDE" HAD THIS COMMENT:

VOICE: THE REPRESSIVE OBSTINACY OF [YUGOSLAV PRESIDENT SLOBODAN] MILOSEVIC AND HIS REFUSAL TO HAVE ANY POLITICAL DIALOGUE HAS COLLIDED WITH THE DETERMINATION OF THE PEOPLE OF THE PROVINCE AND THEIR ARMY OF LIBERATION [THE KOSOVO LIBERATION ARMY]. ... IT'S TRUE THAT THE POLITICAL DIVISION IN KOSOVO MAKES IT HARDER TO SET UP A TEAM OF MEDIATORS, BUT THE TWO SIDES HAVE TO START A DIALOGUE.

TEXT: IN LONDON, THE "DAILY TELEGRAPH" HAD THIS ADVICE:

VOICE: WESTERN POLICY SHOULD BE TO WEAKEN MR. MILOSEVIC WHEREVER POSSIBLE, NOT TO ENTER INTO A DIRTY COMPROMISE OVER KOSOVO. AFTER MUCH PROCRASTINATION, NATO INTERVENED TO HALT SERBIAN DEPREDATIONS IN BOSNIA. IT IS SICKENING TO SEE THE [NATO] ALLIANCE STAND BY WHILE THE PATTERN OF OPPRESSION IS REPEATED IN KOSOVO.

TEXT: THE "TIMES" OF LONDON WARNS THAT A RESOLUTION OF THE KOSOVO CRISIS IS UNLIKELY.

VOICE: IT IS TOO EARLY TO IMPOSE A DAYTON-STYLE AGREEMENT; THE PARTIES HAVE NOT YET FOUGHT THROUGH THEIR DIFFERENCES. CURRENT ATTEMPTS TO FIND A RESOLUTION TO THE CONFLICT IN KOSOVO ARE THUS UNLIKELY TO SUCCEED. ... THE REALITY IS THAT THE WAR IN KOSOVO IS STILL TOO INCHOATE [I.E., UNCLEAR] TO RESOLVE. THE TRAGEDY IS THAT ONLY FURTHER BLOODSHED WILL PROVIDE THE PERSPECTIVE THAT RESOLUTION REQUIRES. PEACE IN THE BALKANS IS STILL A WAR AWAY.

TEXT: IN GERMANY, "AACHENER ZEITUNG" HAS THIS OPINION:

VOICE: KOSOVO WILL NOT GAIN ITS INDEPENDENCE FROM SERBIA, BUT IT WILL REMAIN A CONSTANT TROUBLE SPOT. MODERATE FORCES WHO ONLY WANTED TO ACHIEVE GREATER AUTONOMY AND GREATER CULTURAL SELF-DETERMINATION HAVE NOW BEEN PUSHED TO THE FRINGE. CHANCES FOR PEACEFUL DEVELOPMENT HAVE NOW BEEN FORFEITED. AT SOME POINT IN THE FUTURE, WAR CRIMINALS WILL BE TRIED IN COURT. BUT THE WORST OF THOSE CRIMINALS WILL THEN CONTINUE TO RECEIVE WESTERN DIPLOMATS AND LIE SHAMELESSLY.

TEXT: WITH THAT COMMENT, WE CONCLUDE THIS SAMPLING OF EDITORIAL COMMENT FROM THE INTERNATIONAL PRESS.
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06-Aug-98 3:49 PM EDT (1949 UTC)
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Source: Voice of America

[02] KOSOVO GRAVES (L ONLY) BY ART CHIMES (PRISTINA)

INTRO: SERB AUTHORITIES ARE DENOUNCING PRESS REPORTS THIS WEEK THAT A MASS GRAVE WAS FOUND IN YUGOSLAVIA'S EMBATTLED KOSOVO PROVINCE. V-O-A CORRESPONDENT ART CHIMES REPORTS FROM KOSOVO THAT SOME WITNESSES SAY THERE WERE HUNDREDS OF BODIES LEFT FROM FIGHTING MORE THAN TWO WEEKS AGO, BUT THERE IS NO EVIDENCE OF ATROCITIES OR OF A MASS GRAVE OF THAT SIZE.

TEXT: IN BELGRADE, GOVERNMENT INFORMATION SECRETARY GORAN MATIC CALLED THE REPORTS OF MASS GRAVES "RAVING, BAREFACED LIES." PUBLISHED REPORTS IN EUROPE AND AMERICA QUOTE RESIDENTS OF ORAHOVAC AS SAYING HUNDREDS OF VICTIMS, INCLUDING MANY CIVILIANS, WERE DUMPED IN A MASS GRAVE NEAR THE TOWN.

LOCAL OFFICIALS IN ORAHOVAC TOLD VISITING JOURNALISTS WEDNESDAY THERE WERE 40 BODIES THAT WERE PROPERLY BURIED. //OPT// THE GRAVE SITE, NEXT TO THE MUSLIM CEMETERY, WAS STREWN WITH GARBAGE AND STANK FROM A ROTTING COW. //END OPT// THERE WERE SOME MARKERS WITH NAMES ON THEM, BUT THERE WAS NO WAY TO TELL HOW MANY BODIES WERE BURIED THERE.

THE EUROPEAN UNION SAYS THEY MAY PURSUE THE MATTER. E-U MONITORS WENT TO THE SITE WEDNESDAY AND SAW THE GRAVE. EUROPEAN OBSERVER ANDERS JOHANSSON (EDS: YU-HAN-SON) SAYS HE SAW 10 MARKERS WITH NAMES ON THEM.

YES I SAW 10 GRAVES ON THIS PLACE, YES. ...

CHIME: IS IT POSSIBLE IN YOUR OPINION THAT THERE COULD BE 12, 15, 40?

JOHANSSON: I DON'T KNOW.

MR. JOHANSSON SAID THEY TALKED WITH SOME LOCAL RESIDENTS BUT DID NOT DIG UP THE SITE, OR USE DEVICES SUCH AS GROUND-PENETRATING RADAR THAT MIGHT HAVE CONFIRMED THE SERB VERSION THAT ONLY 40 BODIES ARE BURIED THERE.

EUROPEAN UNION OFFICIALS SAY THEY MIGHT CONTINUE THE INVESTIGATION, AND MAY ASK PERMISSION TO EXCAVATE THE SITE. (SIGNED)
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06-Aug-98 8:33 AM EDT (1233 UTC)
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Source: Voice of America

[03] KOSOVO EXERCISES (L-ONLY) BY JIM RANDLE (PENTAGON)

INTRO: PLANNERS ARE PUTTING FINISHING TOUCHES ON TWO MILITARY TRAINING EXERCISES THAT WILL BRING HUNDREDS OF TROOPS INTO NATIONS BORDERING YUGOSLAVIA'S TROUBLED KOSOVO PROVINCE. THE EXERCISES ARE DESIGNED TO SHOW THAT WESTERN NATIONS CAN MOVE TROOPS QUICKLY INTO ALBANIA. V-O-A'S JIM RANDLE REPORTS, PENTAGON OFFICIALS HOPE THAT SENDS A MESSAGE TO YUGOSLAV PRESIDENT SLOBODAN MILOSEVIC.

TEXT: YUGOSLAV FORCES ARE ON THE OFFENSIVE IN THE SERBIAN PROVINCE OF KOSOVO, POUNDING THE LIGHTLY-ARMED FORCES OF THE KOSOVO LIBERATION ARMY. THE K-L-A IS MADE UP MOSTLY OF ETHNIC ALBANIAN RESIDENTS OF KOSOVO WHO WANT INDEPENDENCE FROM SERBIA. SERBIA IS THE DOMINANT REPUBLIC OF YUGOSLAVIA.

PENTAGON SPOKESMAN KEN BACON IS PART OF A CHORUS OF WESTERN OFFICIALS URGING BOTH SIDES TO STOP FIGHTING AND START TALKING.

CLEARLY THE CURRENT LEVEL OF VIOLENCE IS UNACCEPTABLE. AND WE ARE TRYING TO MAKE THAT CLEAR IN ALL SORTS OF COMMUNICATIONS TO (YUGOSLAV PRESIDENT SLOBODAN) MILOSEVIC, AND TO HIS ARMY AND POLICE FORCE.

MR BACON SAYS TWO 'PARTNERSHIP FOR PEACE' EXERCISES IN ALBANIA AND THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA ARE PARTLY DESIGNED TO TRAIN TROOPS IN MILITARY SKILLS, AND PARTLY TO PERSUADE YUGOSLAV PRESIDENT SLOBODAN MILOSEVIC TO RESTRAIN HIS FORCES.

I DON'T THINK HE SHOULD DOUBT OUR ABILITY TO MOVE FORCES IN VERY QUICKLY SHOULD WE DECIDE IT'S NECESSARY. AND THEY CAN BE EITHER AIR FORCES OR GROUND FORCES. WHETHER OR NOT HE'S IMPRESSED BY THIS, IT SHOWS OUR ABILITY TO DO THAT, AND IT'S GOOD TRAINING IN CASE WE HAVE TO DO IT IN THE FUTURE.

THE FIRST EXERCISE INVOLVES PERHAPS 12-HUNDRED TROOPS IN ALBANIA BEGINNING AUGUST 17TH. THE SMALL UNITS FROM MORE THAN ONE DOZEN NATIONS, INCLUDING THE UNITED STATES, RUSSIA, LITHUANIA, TURKEY AND GREECE.

THE SOLDIERS WILL PRACTICE INFANTRY TACTICS, WHILE MILITARY MEDICAL, DENTAL, AND CONSTRUCTION EXPERTS WILL USE THEIR SKILLS TO HELP PEOPLE LIVING NEAR THE EXERCISE SITE.

PENTAGON OFFICIALS SAY UP TO 80 AIR CRAFT AND THEIR CREWS ARE EXPECTED TO PRACTICE MEDICAL EVACUATION AND OTHER TASKS IN THE EXERCISE.

A SECOND GATHERING IS SET FOR THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA IN SEPTEMBER. IT INCLUDES HUNDREDS OF SOLDIERS FROM 22 NATIONS FROM ALBANIA TO AZERBAIJAN AND MANY MAJOR NATO COUNTRIES. THIS LONG-PLANNED EXERCISE IS DESIGNED TO TEACH SOLDIERS HOW TO COPE WITH LARGE GROUPS OF REFUGEES AND PERFORM OTHER PEACE-KEEPING TASKS. (SIGNED).
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06-Aug-98 7:32 PM EDT (2332 UTC)
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Source: Voice of America

[04] U-S/KOSOVO (L) BY GIL BUTLER (STATE DEPARTMENT)

INTRO: THE UNITED STATES SAYS ITS NUMBER ONE PRIORITY IN THE YUGOSLAV PROVINCE OF KOSOVO IS ENDING THE SERB OFFENSIVE AGAINST ETHNIC ALBANIANS. U-S OFFICIALS SAY THEY ARE OUTRAGED BY THE CONTINUING VIOLENCE AGAINST CIVILIANS. THERE IS INCREASED DISCUSSION OF USING MILITARY FORCE -- THOUGH THE STATED GOAL REMAINS GETTING NEGOTIATIONS STARTED BETWEEN THE YUGOSLAV GOVERNMENT AND THE KOSOVAR ALBANIANS. CORRESPONDENT GIL BUTLER HAS MORE FROM THE STATE DEPARTMENT.

TEXT: AMERICAN AMBASSADOR CHRISTOPHER HILL ON WEDNESDAY DELIVERED WHAT IS DESCRIBED AS A VERY FORCEFUL MESSAGE FROM SECRETARY OF STATE MADELEINE ALBRIGHT TO YUGOSLAV PRESIDENT SLOBODAN MILOSEVIC TO END THE OFFENSIVE.

MILITARY CONTINGENCY PLANNING BY NATO IN CASE THE DECISION IS MADE TO USE FORCE IS ALMOST COMPLETED.

IN AN INTERVIEW WITH C-N-N TELEVISION, U-S DIPLOMAT RICHARD HOLBROOKE SAID THE SERB OFFENSIVE IN KOSOVO HAS DRAMATICALLY INCREASED THE POSSIBILITY OF MILITARY INTERVENTION.

AT THE WHITE HOUSE, NATIONAL SECURITY COUNCIL SPOKESMAN COLONEL P.J. CROWLEY SAID THE INTENSIFIED PLANNING WITHIN NATO SHOULD BE COMPLETED IN A FEW DAYS.

HERE AT THE STATE DEPARTMENT, SPOKESMAN JAMES FOLEY EMPHASIZED THAT A DIPLOMATIC AND POLITICAL SOLUTION IS ESSENTIAL. BUT HE TOO INDICATED THAT THE MILITARY OPTION IS REAL.

I CAN'T, FOR OBVIOUS REASONS, TALK ABOUT SCENARIOS OF MILITARY INTERVENTION. CERTAINLY NATO IS CURRENTLY LOOKING AT A RANGE OF OPTIONS TO DEVELOP FLEXIBLE WAYS TO USE AIR POWER, FOR EXAMPLE, WITH THE AIM OF ENSURING THAT WE CAN MEET ANY CONTINGENCIES AND TO REMIND MR. MILOSEVIC THAT, INDEED, MILITARY ACTION WILL BE FORTHCOMING IF THERE IS NOT AN IMPROVEMENT.

COLONEL CROWLEY PLACED THE BLAME FOR THE SITUATION IN KOSOVO DIRECTLY ON THE SERBS.

CLEARLY THE SERB OFFENSIVE IS MOSTLY RESPONSIBLE FOR THE CLIMATE THAT EXISTS THERE AND THE LACK OF PROGRESS IN TERMS OF MOVING FORWARD WITH NEGOTIATIONS. THIS HAS TO CHANGE.

ON THE DIPLOMATIC FRONT -- STATE DEPARTMENT SPOKESMAN FOLEY SAYS THE UNITED STATES FINDS PRESIDENT MILOSEVIC'S STATED READINESS TO NEGOTIATE "SOMEWHAT" ENCOURAGING. BUT HE SAID THAT STANCE IS BELIED BY THE CONTINUED ACTIONS OF SERBIAN POLICE AND MILITARY FORCES IN KOSOVO. ON FRIDAY, AMBASSADOR HILL IS TO TRAVEL TO THE KOSOVO CAPITAL, PRISTINA, FOR TALKS AIMED AT PUTTING TOGETHER A BROAD ETHNIC ALBANIAN NEGOTIATING TEAM THAT WILL SIT AT THE BARGAINING TABLE WITH THE YUGOSLAVIAN GOVERNMENT, IF AND WHEN TALKS ACTUALLY BEGIN. MEANWHILE, MR. FOLEY SAYS, THE NUMBER ONE PRIORITY IS TO END THE VIOLENCE AGAINST KOSOVAR ALBANIAN CIVILIANS. (SIGNED)
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06-Aug-98 4:07 PM EDT (2007 UTC)
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Source: Voice of America

[05] RIGHTS / YUGO (L ONLY) BY LISA SCHLEIN (GENEVA)

INTRO: A U-N HUMAN RIGHTS INVESTIGATOR SAYS OUTSIDE MILITARY FORCE MIGHT BE NEEDED TO END THE WAR IN YUGOSLAVIA'S KOSOVO PROVINCE IF A POLITICAL SOLUTION CANNOT BE FOUND. LISA SCHLEIN IN GENEVA REPORTS THE U-N INVESTIGATOR SAYS HE FEARS THE WAR IN KOSOVO COULD SPREAD TO OTHER COUNTRIES IN THE BALKANS.

TEXT: THE U-N SPECIAL INVESTIGATOR FOR THE FORMER YUGOSLAVIA, JIRI DIENSTBIER, SAYS HE IS CONCERNED BY DEVELOPMENTS IN KOSOVO. HE WARNS OF A POTENTIAL HUMANITARIAN DISASTER IN THE REGION IF A POLITICAL SOLUTION IS NOT FOUND SOON.

MR. DIENSTBIER SAYS MORE THAN 100-THOUSAND KOSOVO ALBANIANS HAVE BEEN MADE HOMELESS WITHIN THEIR OWN COUNTRY, AND MANY PEOPLE ARE WANDERING IN THE HILLS IN LIFE-THREATENING CONDITIONS.

HE SAYS THE WAR IN KOSOVO MUST NOT BE ALLOWED TO DRAG ON. HE SAYS IF THE SERBS AND ETHNIC ALBANIANS IN KOSOVO CANNOT AGREE TO END THE WAR, THEN BOTH SIDES WILL HAVE TO PRESSURED INTO ACCEPTING A POLITICAL SOLUTION.

IF THERE IS SOME AGREEMENT WITH THE HELP OR UNDER THE INFLUENCE OR PRESSURE FROM THE INTERNATIONAL COMMUNITY, IT MUST BE PROTECTED AND GUARANTEED, IF NEED BE, EVEN BY MILITARY FORCE. THERE IS NO OTHER POSSIBILITY.

THE U-N SPECIAL INVESTIGATOR SAYS HE APPROVES OF THE MILITARY EXERCISES WHICH NATO CONDUCTED IN ALBANIA AND MACEDONIA A FEW MONTHS AGO. BUT, HE ADMITS IT IS FAR FROM CERTAIN WHAT EFFECT THE SHOW OF FORCE WILL HAVE ON THE CRISIS IN KOSOVO. HE SAYS AFTER BOSNIA-HERZEGOVINA, THE INTERNATIONAL COMMUNITY MUST NOT AND WILL NOT PERMIT ANOTHER LARGE CATASTROPHE IN THE BALKANS.

IF THE KOSOVO CRISIS IS NOT CONTAINED, IF IT BREAKS OUT, IT MAY EVEN BE THE END OF DAYTON (BOSNIA PEACE AGREEMENT) AND THE BEGINNING OF A NEW WAR IN THE WHOLE AREA. SO, I THINK WE HAVE TO DO EVERYTHING TO CONTAIN IT.

THE BOSNIAN WAR ENDED WITH THE SIGNING OF THE DAYTON PEACE AGREEMENT. BUT, THE PEACE IN BOSNIA IS FRAGILE. MR. DIENSTRIEB SAYS IT IS UNDER THREAT FROM POLITICAL LEADERS WHO, HE SAYS, ARE NOT COMMITTED TO RESPECTING EVERYONE'S HUMAN RIGHTS, ESPECIALLY PEOPLE FROM DIFFERENT ETHNIC GROUPS. (SIGNED)
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06-Aug-98 9:46 AM EDT (1346 UTC)
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Source: Voice of America

[06] GERMANY UNEMPLOYMENT (L ONLY) BY SUZANNE KELLY (BONN)

INTRO: GERMANY'S JOBLESS FIGURES FOR THE MONTH OF JULY SHOW ANOTHER INCREASE IN THE COUNTRY'S UNEMPLOYMENT RATE. SUZANNE KELLY IN BONN REPORTS THE JOBLESS SITUATION IS A MAJOR ISSUE IN GERMANY'S FEDERAL ELECTION, SET FOR SEPTEMBER 27TH.

TEXT: THE REPORT RELEASED THURSDAY SHOWS GERMANY'S UNEMPLOYMENT RATE ROSE TO TEN-POINT-SEVEN PERCENT IN JULY, UP FROM TEN-POINT-FIVE PERCENT IN JUNE.

THE SITUATION REMAINS MOST SEVERE IN THE EASTERN PART OF THE COUNTRY, WHERE THE JOBLESS RATE IS 17-POINT-FOUR PERCENT. UNEMPLOYMENT IN THE WESTERN PART OF GERMANY WAS JUST OVER NINE PERCENT.

UNEMPLOYMENT REMAINS A MAJOR ISSUE IN GERMANY'S FEDERAL ELECTION CAMPAIGN. CHANCELLOR HELMUT KOHL PROMISED IN 1996 THAT UNEMPLOYMENT WOULD BE CUT IN HALF BY THE YEAR 2000. INSTEAD IT LOOKS AS THOUGH THE NUMBER COULD COME CLOSE TO DOUBLING. BOTH MR. KOHL'S CHRISTIAN DEMOCRATS AND THE OPPOSITION SOCIAL DEMOCRATS TRIED TO A GIVE FAVORABLE INTERPRETATION TO THE LATEST FIGURES.

BUT A GROUP OF PROTESTERS IN BONN DID NOT SEE MUCH TO BE HAPPY ABOUT.

IT MIGHT HAVE SOUNDED MORE LIKE A ROCK MUSIC CONCERT, BUT THE JOBLESS DEMONSTRATORS SAID THEY WERE MAKING A STATEMENT, THAT BEING UNEMPLOYED IS NO VACATION.

THE DEMONSTRATORS CALLED THEMSELVES THE UNEMPLOYED ARMY. THEY WORE BLUE GARBAGE BAGS AT UNIFORMS, AND CARRIED SMALL CLEANING BRUSHES AS THEIR WEAPONS -- SYMBOLS, THEY SAID, THAT THE ONLY JOBS AVAILABLE TO THEM OFFER MINIMAL PAY.

ONE DEMONSTRATOR, 28-YEAR-OLD UNIVERSITY GRADUATE CHRISTOPH WERNER, SAID HE SEES LITTLE HOPE IN THE NEW UNEMPLOYMENT FIGURES.

I WAS JOBLESS BEFORE I STARTED STUDYING AND IT'S A SITUATION -- YOU HAVE NO REAL CHANCES IN LIFE, YOU CAN STRUGGLE AND WORK PART-TIME JOBS, BUT IT'S SO DIFFICULT TO GET A REAL JOB IN THESE DAYS.

THE ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (O-E-C-D) ISSUED A REPORT THURSDAY THAT PREDICTED GERMANY'S UNEMPLOYMENT RATE WOULD RISE THIS YEAR TO 11-POINT-FIVE PERCENT, BEFORE FALLING BACK TO JUST OVER ELEVEN PERCENT IN 1999. (SIGNED)
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06-Aug-98 11:58 AM EDT (1558 UTC)
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Source: Voice of America

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

INTRO: PRICES ON EUROPE'S STOCK MARKETS CONTINUED TO SLIDE THURSDAY, BUT THE DECLINES WERE NOT AS SHARP AS IN RECENT DAYS. VOA'S PAUL FRANCUCH HAS THE CLOSING NUMBERS FROM LONDON.

TEXT: THE UPS AND DOWNS ON WALL STREET THURSDAY GAVE EUROPEAN TRADERS NO SIGN OF DIRECTION. THAT, COUPLED WITH MORE LOSSES ON FAR EAST MARKETS, KEPT THE BIG WEST EUROPEAN EXCHANGES IN FRANKFURT, LONDON AND PARIS IN A SELLING MOOD.

FRANKFURT'S "DAX" INDEX SUFFERED THE BIGGEST LOSS OF THE DAY -- DOWN ONE-AND-ONE-HALF PERCENT. IN POINTS, THE DAX WAS DOWN BY 86-AND-A-HALF. LONDON'S "FINANCIAL TIMES" 100 INDEX SHED 38-AND-A-HALF POINTS THURSDAY -- A LITTLE MORE THAN ONE HALF OF ONE PERCENT. THE PARIS "CAC 40" CLOSED OFF A NEGLIGIBLE EIGHT POINTS.

IN EUROPEAN CURRENCY TRADING, THE U-S DOLLAR WAS OFF ONE PFENNIG AGAINST THE GERMAN MARK, BUT HELD STEADY IN TRADING AGAINST THE JAPANESE YEN AND BRITISH POUND. (SIGNED)
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06-Aug-98 2:38 PM EDT (1838 UTC)
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Source: Voice of America

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

INTRO: STOCK PRICES IN THE UNITED STATES WERE UP TODAY (THURSDAY) AND SOME ANALYSTS SAY THE MAJOR DOWNWARD CORRECTION MAY BE OVER. V-O-A'S CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 85 HUNDRED 77, UP 30 POINTS. THE STANDARD AND POOR'S 500 INDEX CLOSED AT ONE THOUSAND 89, UP EIGHT POINTS.

STOCK PRICES MOVED IN A RELATIVELY NARROW RANGE WITH A POSITIVE BIAS COMPARED TO RECENT SESSIONS. SOME ANALYSTS SAY THE WORST OF THE DOWNWARD CORRECTION IN STOCK PRICES MAY BE OVER, WITH THE INDUSTRIAL AVERAGE DOWN ABOUT EIGHT PERCENT FROM ITS HIGH. THEY SAY THAT, BY NOT ENGAGING IN PANIC SELLING, INDIVIDUAL INVESTORS HAVE PROVIDED A STABILIZING INFLUENCE.

THE GOVERNMENT REPORTED FACTORY ORDERS WERE UP BY A VERY SMALL ONE-TENTH OF ONE PERCENT IN JUNE, LARGELY BECAUSE OF THE EFFECTS OF THE STRIKES AT GENERAL MOTORS.

NANCY KIMMELMAN, AN ECONOMIST AT THE THOMPSON INVESTMENT COMPANY, SAYS THE SLOW GROWTH OF FACTORY ORDERS MAY ACTUALLY BE A GOOD THING.

ANY SIGN THAT THE ECONOMY IS SLOWING A BIT IS A VERY GOOD SIGN BECAUSE IT SUGGESTS THAT THE PRESSURE IS COMING OFF OF WAGES. THE PRESSURE IS COMING OFF OF PRICES.

MAJOR AMERICAN RETAILERS REPORT SALES INCREASES IN JULY. ANALYSTS SAY SALES OF EXPENSIVE CONSUMER ITEMS SUCH AS APPLIANCES WERE ESPECIALLY STRONG.

THE WORLDCOM COMMUNICATIONS COMPANY HAS TIED THE RECORD FOR THE LARGEST CORPORATE BOND ISSUE IN HISTORY. WORLDCOM IS SELLING BONDS WORTH SIX POINT ONE BILLION DOLLARS TO HELP FINANCE ITS 37 BILLION DOLLAR ACQUISITION OF M-C-I TELECOMMUNICATIONS. THE FIRST SIX POINT ONE BILLION DOLLAR CORPORATE BOND ISSUE OCCURRED IN 1989 AND INVOLVED THE R-J-R NABISCO FOOD AND TOBACCO COMPANY.

AIRBUS INDUSTRIES, THE EUROPEAN CONSORTIUM, SAYS IT IS CONTINUING TALKS WITH CHINA ON DEVELOPING A NEW 100 SEAT PASSENGER JETLINER. EARLIER THIS WEEK, THE BOEING COMPANY OF THE UNITED STATES ANNOUNCED IT HAD ABANDONED PLANS TO BUILD A MEDIUM-SIZE JET IN PARTNERSHIP WITH THE CHINESE.

THE WORLD'S LARGEST FUNERAL AND CEMETERY COMPANY WILL BECOME EVEN LARGER WITH A PLANNED ACQUISITION. SERVICE CORPORATION INTERNATIONAL WILL PAY 578 MILLION DOLLARS FOR THE EQUITY CORPORATION, THE FOURTH-LARGEST FUNERAL HOME OPERATOR IN THE UNITED STATES.(SIGNED) NEB/NY/BA/LSF/PT
06-Aug-98 5:31 PM EDT (2131 UTC)
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Source: Voice of America

[09] THURSDAY'S EDITORIALS BY GARY EDQUIST (WASHINGTON)

INTRO: SOME OF THE TOPICS ON U-S EDITORIAL PAGES INCLUDE TESTIMONY ABOUT THE WHITE HOUSE SEX SCANDAL; WORLD STOCK MARKET JITTERS; AND ANOTHER SHOWDOWN WITH IRAQ'S SADDAM HUSSEIN. NOW, HERE WITH A CLOSER LOOK, IS __________________ AND TODAY'S U-S EDITORIAL DIGEST.

TEXT: FORMER WHITE HOUSE INTERN MONICA LEWINSKY WILL TESTIFY (HAS TESTIFIED) BEFORE A WASHINGTON GRAND JURY TODAY (THURSDAY).

VOICE: THE ROAD TO THIS MOMENT HAS BEEN A ROCKY ONE FOR THE FORMER WHITE HOUSE INTERN. ... IT IS NOT DIFFICULT AMID ALL THIS COMIC ABSURDITY TO FORGET THAT MS. LEWINSKY IS A WOMAN WITH A STORY TO TELL AND THAT HER STORY RELATES TO THE POSSIBILITY OF CRIMINAL WRONGDOING BY THE PRESIDENT OF THE UNITED STATES. /// OPT /// ... MS. LEWINSKY HAS NO DISCERNIBLE REASON NOT TO BE TRUTHFUL WITH THE GRAND JURY. THE IMMUNITY AGREEMENT SHE HAS REACHED WITH [SPECIAL PROSECUTOR KENNETH] STARR WILL NOT PROTECT HER FROM PROSECUTION IF SHE DOES NOT TELL THE TRUTH. /// END OPT /// ... THE PRESIDENT, ONCE UPON A TIME, PROMISED THE COUNTRY ANSWERS ... AND IT'S STILL WAITING. BUT THERE IS ANOTHER POSSIBLE SOURCE, AND MS. LEWINSKY CAN FINALLY SPEAK.

TEXT: INVESTORS ARE CLOSELY WATCHING THE ROLLER COASTER RIDE OF THE WORLD'S STOCK MARKETS. MOST ASIAN FINANCIAL MARKETS CLOSED LOWER AGAIN ON THURSDAY. TUESDAY, THE U-S DOW JONES INDUSTRIAL AVERAGE PLUNGED NEARLY 300-POINTS. "USA TODAY WRITES THAT "ASIA'S WOES SEND STOCK MARKET TEETERING."

VOICE: THE ASIAN CONTAGION FINALLY IS STRIKING HOME. ... NONE OF THIS SHOULD BE A SURPRISE. IT'S EXACTLY WHAT ECONOMISTS SAID WOULD HAPPEN LAST FALL, WHEN ASIA'S FINANCIAL TUMULT LED TO A ONE-DAY 550-POINT DROP IN THE DOW. /// OPT ///... JAPAN, THE WORLD'S SECOND-LARGEST ECONOMY, IS MIRED IN RECESSION, ITS NEW PRIME MINISTER, KEIZO OBUCHI, WILL OUTLINE HIS ECONOMIC REFORM MEASURES FRIDAY. ... BUT WHAT HAPPENS NOW IF JAPAN'S IRRESPONSIBILITY LEAVES ASIA FOUNDERING AND THE MARKET DOWNTURN CONTINUES AS MANY ANALYSTS PREDICT? /// END OPT