Voice of America, 97-12-01

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

CONTENTS

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

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

[03] NY ECON WRAP (L ONLY) BY JOE CHAPMAN (NEW YORK)

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

INTRO: FOLLOWING OTHER WORLD MARKETS, THE MAJOR BOURSES OF EUROPE POSTED IMPRESSIVE GAINS MONDAY WHEN TRADING ENDED. PAUL FRANCUCH HAS MORE FROM LONDON.

TEXT: MARKET ANALYSTS SAY RENEWED CONFIDENCE IN WHAT WAS BEING VIEWED AS THE TROUBLED MARKETS OF ASIA HELPED DRIVE PRICES HIGHER. THE SHARP INCREASE ON WALL STREET MONDAY ONLY FUELED THE UPWARD DRIVE IN PRICES.

GAINS OF BETWEEN TWO AND THREE PERCENT FOR THE DAY WERE POSTED IN FRANKFURT, PARIS AND HERE IN LONDON. THE GERMAN "DAX 30" STOCK INDEX GAINED 119 POINTS, THE PARIS "CAC 40" WAS UP JUST OVER 59 POINTS AND THE LONDON "FINANCIAL TIMES" 100 INDEX WAS UP AN EVEN 90 POINTS.

THE U-S DOLLAR SHOWED SLIGHT GAINS AGAINST BOTH THE GERMAN MARK AND BRITISH POUND. GOLD, HOWEVER, CONTINUES TO LOSE VALUE. IT WAS SELLING FOR ABOUT 294 DOLLARS AN OUNCE IN LONDON -- A DECLINE OF ABOUT THREE DOLLARS SINCE FRIDAY. BUT COMPARED WITH A YEAR AGO, GOLD IS DOWN NEARLY 80 DOLLARS AN OUNCE. (SIGNED)
NEB/PCF /MMK
01-Dec-97 1:21 PM EST (1821 UTC)
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Source: Voice of America

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

INTRO: AS WE BEGIN THE MONTH OF DECEMBER, U-S NEWSPAPERS CONTINUE TO USE THEIR EDITORIALS COLUMNS TO CRITICIZE THE GOVERNMENT OF IRAQ AND SADDAM HUSSEIN'S POLICIES AS REGARDS WEAPONS INSPECTION IN HIS COUNTRY.

OTHER TOPICS RECEIVING ATTENTION THIS MONDAY INCLUDE THE GLOBAL WARMING CONFERENCE IN KYOTO; CITIZEN ANGER OVER MEXICO'S CRIME WAVE; A CLOSER LOOK AT THE FEDERAL BUDGET AND THE ASIAN FINANCIAL BAILOUT. NOW, HERE WITH A CLOSER LOOK AND SOME QUOTES, IS ___________________ AND TODAY'S EDITORIAL DIGEST.

TEXT: TURNING FIRST TO THE ON-GOING CAT AND MOUSE GAME WITH SADDAM HUSSEIN, TODAY'S "HARTFORD [CONNECTICUT] COURANT" SUGGESTS IN ITS EDITORIALS HEADLINE THAT "MR. HUSSEIN PLAYS WITH MATCHES." THE PAPER IS TALKING ABOUT HIS LATEST INVITATION TO U-N REPRESENTATIVES, BUT NOT WEAPONS INSPECTORS, TO LIVE IN HIS MANY PRESIDENTIAL PALACES TO SEE THAT HE IS NOT USING THEM AS WEAPONS STORAGE AREAS.

VOICE: THE INVITATION IS MEANINGLESS FOR TWO REASONS: IRAQ'S DEFINITION OF 'PRESIDENTIAL PALACES' IS VAGUE. IT HAS NOT ISSUED A LIST OF THE PROPERTIES OWNED OR USED BY MR. HUSSEIN.... THUS, IRAQ IS LIKELY TO APPLY THE LABEL 'PRESIDENTIAL PROPERTY' TO ANY PLACE IT IS STORING ILLICIT MATERIALS AND DENY U-N INSPECTORS ENTRY.... MEMBERS OF THE UNITED NATIONS SPECIAL COMMISSION, WHICH HAS BEEN OVERSEEING THE DISARMAMENT OF IRAQ, ARE NOT INVITED. BAGHDAD DESIGNATED THE GUEST LIST, WHICH IS MADE UP OF VISITORS FROM COUNTRIES OF ITS OWN CHOOSING. THE COUNTRIES MAY WISH TO SEND THEIR OWN WEAPONS EXPERTS OR DIPLOMATS, BUT THAT WOULD BE UP TO THEM.... A MILITARY RESPONSE WOULD BE JUSTIFIED IF MR. HUSSEIN DOES MORE THAN PLAY HIDE AND SEEK. FOR NOW, THE BEST WAY TO TEACH MR. HUSSEIN THE LESSON HE DESERVES IS SIMPLY TO DENY HIM ANY LIGHT AT THE END OF THE TUNNEL. THE UNITED STATES AND ITS FRIENDS CAN OUT WAIT HIM.

TEXT: ON LONG ISLAND, "NEWSDAY" ADDS:

VOICE: THE DEFENSE DEPARTMENT'S RELEASE LAST WEEK OF ITS ANNUAL REPORT ON THE SPREAD OF WEAPONS OF MASS DESTRUCTION WAS UNCANNILY APT. IT CAME JUST AS IRAQ'S SADDAM HUSSEIN WAS DENYING INSPECTORS ACCESS TO SITES SUSPECTED OF HIDING HIS BIOLOGICAL AND CHEMICAL WEAPONS PROGRAM. THE TIMING MAY BE COINCIDENTAL, BUT IT CERTAINLY ADDS URGENCY TO DEFENSE SECRETARY WILLIAM COHEN'S REQUEST TO CONGRESS FOR A ONE-BILLION DOLLAR INCREASE IN HIS BUDGET FOR DEFENSES AGAINST BIOLOGICAL AND CHEMICAL ATTACKS. [SECRETARY] COHEN'S REQUEST IS AMPLY JUSTIFIED, IN LIGHT OF WHAT WE NOW KNOW ABOUT IRAQ'S CAPABILITIES AND WHAT THE REPORT TELLS US ABOUT OTHER ROGUE NATIONS' PROGRAMS.

TEXT: SEVERAL PAPERS ARE ALREADY UPSET ABOUT THE PROSPECT OF SEVERE CRITICISM OF THE UNITED STATES -- CALLED "AMERICA-BASHING," AT THE GLOBAL WARMING CONFERENCE BEGINNING IN KYOTO, JAPAN. OTHERS, LIKE THE WASHINGTON TIMES, STILL WONDER ABOUT THE SCIENTIFIC AND ECONOMIC IMPACT OF CURBING GREEN HOUSE GASES.

VOICE: AS THE LATEST ROUND OF CLIMATE-CHANGE TALKS OPENS IN KYOTO, JAPAN, TODAY, WHAT THE PRESIDENT DOESN'T KNOW ABOUT GLOBAL WARMING IS INCREASINGLY OBVIOUS. THE ADMINISTRATION ARGUES THE SCIENCE IS SETTLED [BUT] .... THE EVIDENCE OF SCIENTIFIC UNCERTAINTY IS EVERYWHERE: SOME OF THE SCIENTISTS NOW FORECASTING GLOBAL WARMING WERE PREDICTING GLOBAL COOLING JUST TWO DECADES AGO.... AS PROOF OF A SCIENTIFIC CONSENSUS ON GLOBAL WARMING, THE CLINTON ADMINISTRATION OFTEN CITES AN OZONE ACTION LETTER BLAMING MAN FOR GLOBAL WARMING, A LETTER WHICH 25-HUNDRED 'SCIENTISTS' SIGNED.... BUT WHEN THE ... CITIZENS FOR A SOUND ECONOMY WENT TO EXAMINE THE CREDENTIALS OF THE SIGNATORIES, IT FOUND [OPT] ONLY ONE CLIMATOLOGIST. IT DID FIND A PLASTIC SURGEON, LANDSCAPE ARCHITECTS, A HOTEL ADMINISTRATOR, ... SOCIOLOGISTS, A LINGUIST AND A STUDENT OF 'TRADITIONAL CHINESE MEDICINE.' [END OPT] MORE THAN 90 PERCENT OF THOSE WHO SIGNED THE LETTER WERE UNQUALIFIED TO SPEAK ON CLIMATE CHANGE...

TEXT: "THE NEW YORK TIMES" IS STILL ANGRY AT THE CAMPAIGN OF ORQANIZED TRADE UNIONISTS TO KILL THE FAST TRACK TRADE LEGISLATION IN CONGRESS AND SAYS:

VOICE: WHEN THE TRADE VOTE TOOK PLACE, DEMOCRATS NOTED AND IN MANY CASES OPENLY REJOICED IN LABOR'S RESURGENCE. AT THE SAME TIME, THEY PRIVATELY WONDERED ABOUT THE DISAPPEARANCE OF BUSINESS GROUPS IN HIGH TECHNOLOGY, FINANCIAL SERVICES AND OTHER AREAS THAT WOULD PREDICTABLY HAVE PRESSED THEM TO SUPPORT LEGISLATION GIVING THE PRESIDENT ENHANCED POWER TO NEGOTIATE TRADE AGREEMENTS. A NEW STUDY ... SUGGESTS AN ANSWER .... BUSINESS IS DESERTING THE DEMOCRATS.... THIS PHENOMENON HAS TREMENDOUS IMPLICATIONS FOR LEGISLATIVE BATTLES TO COME, ESPECIALLY THOSE IN THE FIELDS OF HEALTH CARE, PRODUCT LIABILITY AND BUSINESS REGULATIONS, WHERE DEMOCRATS NOW RELIABLY FAVOR THE RIGHT OF CUSTOMERS, PATIENTS AND OTHERS TO SUE.

TEXT: TURNING TO THE ASIAN ECONOMIC CRISIS, "USA TODAY" HAS SOME IDEAS ON WHO IS TO BLAME.

VOICE: LOOKING FOR CULPRITS IN THE ASIAN MELTDOWN NOW THREATENING BOTH U-S AND WORLD ECONOMIC GROWTH? FORGET ABOUT CURRENCY TRADERS OR JITTERY INVESTORS. THE MAIN SUSPECTS ARE THE SAME AS THOSE THAT LED TO THE SAVINGS AND LOAN FIASCO IN THIS NATION A DECADE AGO: TOO-COZY RELATIONSHIPS AMONG GOVERNMENT, BANKERS AND BUSINESS, AND TOO LITTLE PROTECTION FOR INVESTORS, DEPOSITORS AND TAXPAYERS.... UNFORTUNATELY, THE 78-BILLION (U-S) DOLLAR IMF-LED [INTERNATIONAL MONETARY FUND] EFFORT ENDORSED BY THE CLINTON ADMINISTRATION AND OTHER ASIAN LEADERS AT VANCOUVER LAST WEEK MAY NOT BE ENOUGH [UNDERSTOOD: TO SAVE THE ECONOMIES IN TROUBLE] ..... SOUTH KOREA ALONE HAS MORE THAN 100-BILLION (U-S) DOLLARS IN SHORT-TERM DEBT TO REPAY.

TEXT: SOUTH OF THE U-S BORDER, THE ISSUE OF MEXICAN CRIME AND A CITIZENS REVOLT AGAINST IT CATCHES THE ATTENTION OF TODAY'S "LOS ANGELES TIMES."

VOICE: ALMOST EVERY DAY, THE PEOPLE AWAKE TO HORRIFYING ACCOUNTS OF NEW CRIMINALITY. MURDER, MAYHEM, HOLDUPS AND POLITICAL ASSASSINATIONS HAVE TAKEN ROOT. IT'S CLEAR THAT A STRENUOUS ATTEMPT TO ERADICATE THIS LAWLESSNESS CAN WAIT NOT A MOMENT LANGER. AND YET, THE BUCK [RESPONSIBILITY] STOPS AT THE PRESIDENTIAL PALACE. PRESIDENT ERNESTO ZEDILLO MUST LEAD HIS PEOPLE IN A COUNTEROFFENSIVE TO RESTORE SAFETY TO THE STREETS.... SELDOM IN MEXICAN MEMORY HAS THERE BEEN SUCH A COLLAPSE OF ORDER. [OPT] ..... THOUSANDS MARCHED SATURDAY IN A MEXICO CITY PROTEST AGAINST CRIME, A HEALTHY SIGN OF DISGUST AND DETERMINATION. **YA BASTA!** [ITALICS FOR FOREIGN LANGUAGE] WAS THEIR SLOGAN -- 'ENOUGH'S ENOUGH!' INDEED." [END OPT]

TEXT: TODAY'S "WASHINGTON POST" TAKES AIM AT FEDERAL TRUST FUNDS. IT SAYS WHAT IS OFTEN DISMISSED AS MERELY A CONVENIENT ACCOUNTING PRACTICE OF THE FEDERAL GOVERNMENT IS REALLY A DEVICE USED TO DISGUISE THE REALITY OF THE BUDGET DEFICIT.

VOICE: THE FEDERAL BUDGET IS FULL OF TRUST FUNDS THAT DESERVE NEITHER HALF OF THE NAME. THEY CONTAIN NO FUNDS -- MOST OF THEM ARE ACCOUNTING CONVENTIONS -- AND BECAUSE THEY MAINLY EXIST ON PAPER, THEY DON'T INSPIRE MUCH TRUST, EITHER; THEY SHOULDN'T, ANYWAY. INDEED, THE TERM 'TRUST FUND,' BECAUSE IT MISLEADS, OFTEN GETS IN THE WAY OF RATIONAL DEBATE ABOUT IMPORTANT PROGRAMS. CONGRESS WILL TAKE UP A HIGHWAY BILL WHEN IT RETURNS NEXT YEAR. PROPONENTS OF INCREASED HIGHWAY SPENDING WILL SAY ... THERE IS PLENTY OF MONEY TO PAY FOR IT -- MONEY THAT HAS ACCUMULATED OVER THE YEARS IN THE TRUST FUND. BUT THERE IS NO SUCH ACCUMULATION..... THE FOLKS WHO SAY THAT ALL YOU NEED TO DO IS TAP THE TRUST FUND LIVE IN A WORLD OF MYTH.

TEXT: THAT CONCLUDES THIS BRIEF SAMPLING OF COMMENT FROM THE EDITORIAL PAGES OF MONDAY'S U-S NEWSPAPERS.
NEB/ANG/MMK
01-Dec-97 10:23 AM EST (1523 UTC)
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Source: Voice of America

[03] NY ECON WRAP (L ONLY) BY JOE CHAPMAN (NEW YORK)

INTRO: STOCK PRICES IN NEW YORK CLOSED UP MORE THAN TWO PERCENT TODAY (MONDAY) AMID MORE EVIDENCE OF A HEALTHY U-S ECONOMY. VOA'S JOE CHAPMAN REPORTS FROM NEW YORK.

TEXT: ANALYSTS SAY STRONG CORPORATE EARNINGS AND MORE GOOD ECONOMIC NEWS PUSHED U-S STOCK PRICES HIGHER. THE WIDELY-FOLLOWED DOW-JONES INDUSTRIAL AVERAGE CLOSED UP 190 POINTS AT EIGHT-THOUSAND-13 WHILE THE MORE REPRESENTATIVE S-AND-P 500 CLOSED UP 19 POINTS AT 975.

CARMINE GRIGOLI, A SENIOR ANALYST AT A LARGE WALL STREET FIRM, SAYS THE STOCK MARKET OUTLOOK FOR AT LEAST TWO MONTHS IS GOOD, ALTHOUGH HE EXPECTS SOME END-OF-YEAR VOLATILITY.

THERE ARE A LOT OF THINGS HAPPENING ON A SEASONAL BASIS THAT JUST RAISE SOME QUESTION NEAR TERM, BUT I THINK BEYOND THAT IF YOU LOOK OVER THE NEXT COUPLE OF MONTHS, IT'S CLEARLY POSITIVE.

MR. GRIGOLI SAYS SEASONAL FACTORS, INCLUDING STOCK SALES FOR TAX REASONS, BECOME LESS IMPORTANT LATER THIS MONTH. MR. GRIGOLI SAYS INVESTORS ARE RESPONDING TO IMPROVED CORPORATE PROFITS AND TO MORE SIGNS OF A HEALTHY ECONOMY.

THE U-S COMMERCE DEPARTMENT SAYS SPENDING ON NEW CONSTRUCTION EDGED UP ONLY ONE-TENTH OF ONE PERCENT DURING OCTOBER. ECONOMISTS EXPECTED AN INCREASE OF NEARLY ONE PERCENT. THE NATIONAL ASSOCIATION OF PURCHASING MANAGERS SAYS ITS RESEARCH INDICATES MANUFACTURING ACTIVITY IS STILL EXPANDING, BUT SLIGHTLY LESS THAN EXPECTED. THE PURCHASING MANAGERS ASSOCIATION SAYS THE U-S ECONOMY IS "VERY, VERY STRONG."

WALL STREET ANALYSTS SEE THE U-S ECONOMY AS NEARLY PERFECT SO FAR WITH HEALTHY GROWTH AND LOW INFLATION. ANALYST CARMINE GRIGOLI OF NOMURA SECURITIES SAYS PRODUCTIVITY IS PROVIDING AN UNEXPECTED BOOST.

YOU STARTED THIS YEAR, 1997, WITH INVESTORS ANTICIPATING PROFIT GROWTH VERY WEAK. AND IT'S COME IN MUCH STRONGER THAN MOST PEOPLE EXPECTED. SO THERE'S A PHENOMENON HERE THAT ISN'T FULLY EXPLAINED AND THAT'S BEEN PRODUCTIVITY.

THE NAME OF WESTINGHOUSE IS CORPORATE HISTORY ON WALL STREET. THE FIRM SWAPPED ITS NAME FOR THAT OF C-B-S, THE BROADCASTING COMPANY WESTINGHOUSE ACQUIRED TWO YEARS AGO. THE NAME CHANGE REFLECTS THE SALE OR PLANNED SALE OF THE FIRM'S NON-MEDIA ASSETS. (SIGNED)
NEB/NYJMC/LSF/WFR
01-Dec-97 4:47 PM EST (2147 UTC)
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Source: Voice of America

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