Voice of America, 98-02-25

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

CONTENTS

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

[02] NATO EXPANSION BY ART CHIMES (PRAGUE)

[03] WEDNESDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

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

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

INTRO: STOCK PRICES ON THE MAJOR EXCHANGES OF WEST EUROPE CLOSED SHARPLY HIGHER WEDNESDAY. FOR THE CLOSING NUMBERS, HERE IS PAUL FRANCUCH IN LONDON.

TEXT: NEWS OF A BIG MERGER TO FORM BRITAIN'S LARGEST INSURANCE COMPANY HELPED PROPEL STOCKS TRACKED BY THE LONDON "FINANCIAL TIMES" 100 INDEX. THE "FOOTSIE" GAINED 94 POINTS, ADDING MORE THAN A PERCENT-AND-A-HALF IN VALUE FOR THE DAY.

A STRONGER U-S DOLLAR HELPED GERMANY'S "DAX" INDEX GAIN ANOTHER THREE-PERCENT WEDNESDAY IN BOTH FLOOR AND ELECTRONIC TRADING. THE LATE COMPUTER TRADING ON THE DAX ADDED 100 POINTS FOR A NEW RECORD ON THAT INDEX.

THE PARIS "CAC 40" WEDNESDAY SET A RECORD AS WELL, UP 85-AND-A-HALF POINTS -- A GAIN OF MORE THAN TWO-AND-A-HALF PERCENT.

IN CURRENCIES, THE DOLLAR WAS UP A PFENNIG AGAINST THE MARK, BUT VIRTUALLY UNCHANGED AGAINST THE BRITISH POUND.

GOLD IN LONDON CLOSED AT 291-DOLLARS-75 CENT, A DROP OF 30-CENTS AN OUNCE FROM TUESDAY. (SIGNED)
NEB/PCF/RAE
25-Feb-98 1:46 PM EST (1846 UTC)
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Source: Voice of America

[02] NATO EXPANSION BY ART CHIMES (PRAGUE)

INTRO: EXPANDING THE NATO DEFENSE ALLIANCE TO INCLUDE THREE COUNTRIES IN CENTRAL EUROPE REQUIRES THE APPROVAL BY ALL CURRENT MEMBERS. THE U-S SENATE IS REVIEWING THE MATTER NOW AND IS EXPECTED TO GIVE ITS APPROVAL NEXT MONTH. MEANWHILE, AS WE HEAR FROM V-O-A CENTRAL EUROPE CORRESPONDENT ART CHIMES, THE THREE CANDIDATE COUNTRIES ARE GETTING READY TO JOIN THE ALLIANCE.

TEXT: BEFORE THE FALL OF COMMUNISM IN 1989, THE GOVERNMENTS OF POLAND, HUNGARY AND THE CZECH REPUBLIC WOULD SIMPLY DECIDE FOREIGN POLICY ISSUES, PERHAPS WITH A LITTLE GUIDANCE FROM MOSCOW. TODAY, HOWEVER, THE DEMOCRATIC GOVERNMENTS WHICH TOOK OVER MUST WIN PUBLIC SUPPORT AS THEY PREPARE TO JOIN NATO.

WHILE THAT SUPPORT IS WEAKEST IN THE CZECH REPUBLIC, A NEW OPINION POLL INDICATES AN UPWARD TREND. IN A SURVEY (EDS: BY STEM) RELEASED THIS WEEK, 59-PERCENT SAID THEY SUPPORT CZECH MEMBERSHIP IN NATO -- FOUR POINTS HIGHER THAN A SIMILAR POLL JUST A WEEK AGO.

SURVEYS INDICATE MUCH HIGHER SUPPORT IN POLAND. AND IN A REFERENDUM IN HUNGARY LATE LAST YEAR, 85-PERCENT OF THE VOTERS SAID THEY SUPPORTED NATO MEMBERSHIP. THAT GOVERNMENT HAD LAUNCHED A PRO-NATO CAMPAIGN EARLIER IN THE YEAR, BUT FOREIGN MINISTRY SPOKESMAN TIBOR CSASZAR (PRON: CHA-SAAR) SAYS THE RESULT WAS PROBABLY MORE THE RESULT OF GEOGRAPHY THAN PUBLIC RELATIONS.

HUNGARY IS MUCH CLOSER TO THE TROUBLED AREAS OF EUROPE -- I MEAN THE BALKANS -- AND THAT'S WHY, MAYBE, THE FEELING OF THREAT IS A LITTLE BIT STRONGER THAN IN THE CZECH REPUBLIC. BUT THAT'S JUST AN IDEA.

THROUGHOUT THE REGION, ORGANIZED OPPOSITION HAS COME LARGELY FROM THE FRINGES. THE RIGHT-WING CZECH REPUBLICAN PARTY, FOR EXAMPLE, HAS LAUNCHED A VERY VISIBLE ADVERTISING CAMPAIGN AGAINST NATO. BUT MAINSTREAM POLITICAL PARTIES HAVE OVERWHELMINGLY ENDORSED NATO MEMBERSHIP.

THE ISSUE OF NATO EXPANSION HAS ALREADY BEGUN TO MOVE THROUGH THE CZECH PARLIAMENT. POLAND AND HUNGARY WILL WAIT UNTIL NATO'S EXISTING 16 MEMBERS APPROVE THE ENLARGEMENT BEFORE THEY TAKE UP THE MATTER OF WHETHER OR NOT TO ACCEPT. (SIGNED)
NEB/ART/PCF/PLM
25-Feb-98 12:00 PM EST (1700 UTC)
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Source: Voice of America

[03] WEDNESDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: THE INAUGURATION OF SOUTH KOREA'S LONG-TIME OPPOSITION LEADER AS PRESIDENT OF THAT COUNTRY IS ONE OF SEVERAL POPULAR, EDITORIAL TOPICS TO BE FOUND IN TODAY'S U-S PRESS.

AMONG THE OTHER TOPICS UNDER DISCUSSION ARE: THE INCREASINGLY BITTER FEUD BETWEEN WHITEWATER SPECIAL COUNSEL KENNETH STARR AND THE CLINTON WHITE HOUSE; THE PEACE TALKS OVER NORTHERN IRELAND; THE DEAL WITH IRAQ OVER WEAPONS INSPECTIONS; AND A VERY POOR SHOWING FOR AMERICA'S SCHOOL STUDENTS IN MATH AND SCIENCE. JOINING US NOW IN THE STUDIO FOR A CLOSER LOOK IS _________________ WITH TODAY'S REVIEW OF THE U-S PRESS.

TEXT: "THE NEW YORK TIMES," COMMENTING ON THE CHANGE OF GOVERNMENT IN SOUTH KOREA, CALLS THE KIM DAE JUNG INAUGURATION A "DAY OF HOPE."

VOICE: TODAY'S INAUGURATION .... MARKS AN ADVANCE FOR SOUTH KOREAN DEMOCRACY AND A NEW CHANCE FOR RECONCILIATION ON THE KOREAN PENINSULA. IT ALSO STARTS A WIDELY WATCHED TEST OF WHETHER ECONOMIC OPENNESS AND POLITICAL ACCOUNTABILITY CAN CURE EAST ASIA'S FINANCIAL ILLS. MR. KIM'S RECORD OF OVERCOMING OBSTACLES IS SO IMPRESSIVE THAT SUPPORTERS MAY EXPECT MORE THAN HE CAN ACCOMPLISH. BUT HIS PERFORMANCE SINCE LAST DECEMBER'S ELECTION INVITES OPTIMISM.

SOUTH KOREA IS A VASTLY DIFFERENT COUNTRY TODAY THAN IT WAS WHEN KIM DAE JUNG BEGAN HIS POLITICAL CAREER MORE THAN 40 YEARS AGO. THE MILITARY IS UNDER CLEAR CIVILIAN CONTROL, AND FREE ELECTIONS HAVE BECOME ROUTINE. NOW IT IS SHOWING THE MATURITY OF ITS DEMOCRACY BY PEACEFULLY TRANSFERRING POWER TO AN OPPOSITION LEADER. KIM DAE JUNG'S COURAGE WAS THE CATALYST FOR MANY OF THOSE CHANGES. BUT HIS GREATEST CHANCE TO TRANSFORM KOREA BEGINS TODAY.

TEXT: "THE WASHINGTON TIMES" IS ALSO HOPEFUL MR. KIM'S PRESIDENCY WILL MARK A CHANGING POINT, NOTING:

VOICE: THE ELECTION OF KIM DAE-JUNG CAME JUST IN TIME DECEMBER 18TH, AS SOUTH KOREA WAS CAREENING TOWARDS FINANCIAL RUIN. SINCE THE ELECTION, MR. KIM .... HAS FOR A LARGE PART DIRECTED THE RESCUE OPERATION, AND DONE SO WITH SKILL AND EXPEDITION. IT WILL TAKE A MASTER DIPLOMAT AND POLITICAL STRATEGIST TO NEGOTIATE THE DIFFICULTIES AHEAD AS HIS GOVERNMENT WORKS TO ROOT OUT THE CRONYISM, THE CORRUPT BANKING PRACTICES AND THE EXCESSES OF THE SOUTH KOREAN TRADE UNIONS THAT HELPED CREATE THE CURRENT CRISIS. ..... MR. KIM WILL NOT HAVE LONG TO SAVOR THE MOMENT AT TODAY'S CEREMONIES. AS SOON AS THE MUSIC STOPS, IT WILL BE TIME TO ROLL UP THE SLEEVES.

TEXT: THE LEADING DOMESTIC TOPIC CONTINUES TO BE THE BITTER BATTLE BETWEEN THE ACCUSED AND THE ACCUSER: THAT IS PRESIDENT CLINTON'S FIGHT WITH WHITEWATER SPECIAL COUNSEL KENNETH STARR, WHOM SOME OBSERVERS SAY, HAS BECOME A PERSONAL INSPECTOR GENERAL OF THE PRESIDENCY. "THE WASHINGTON POST" CALLS THE PRESENT SITUATION "AN UNRULY MESS."

VOICE: THE WHITE HOUSE AND KENNETH STARR ARE IN A RACE TO THE BOTTOM IN THE INCREASINGLY BIZARRE SCANDAL SURROUNDING BILL CLINTON'S RELATIONSHIP WITH MONICA LEWINSKY. THE PRESIDENT'S DEFENDERS HAVE DECIDED THAT SMEARING [ISSUING CRITICAL COMMENTS ABOUT] INVESTIGATORS -- RATHER THAN ANSWERING LEGITIMATE QUESTIONS -- IS THE APPROPRIATE MEANS OF DEFENDING MR. CLINTON. MR. STARR, MEANWHILE, APPEARS TO HAVE COME TO THE CONCLUSION THAT THIS WHITE HOUSE STRATEGY ITSELF MAY BE AN EFFORT AT INTIMIDATING PROSECUTORS, AND HE ABSURDLY ISSUED A SUBPOENA TO PRESIDENTIAL AIDE SIDNEY BLUMENTHAL DEMANDING THAT MR. BLUMENTHAL TESTIFY BEFORE THE GRAND JURY AND APPARENTLY TURN OVER DOCUMENTS THAT REFER TO MR. STARR'S OFFICE AND STAFF. ..... IT IS IMPORTANT THAT CENTER STAGE IN THIS DRAMA BE RESERVED FOR THE MAIN ISSUE: THE CONDUCT OF BILL CLINTON. ..... THE PRESIDENT SHOULD SIMPLY TELL THE REAL STORY NOW ABOUT WHAT HAPPENED BETWEEN HIM AND MONICA LEWINSKY. IF IT CAUSES HIM PROBLEMS, HE SHOULD TAKE THE HIT AND GET IT OVER WITH. BETTER THAT THAN PROLONGING A PROCESS THAT IS DOING NO ONE ANY GOOD -- SURELY NOT HIM, AND NOT THE COUNTRY, EITHER.

TEXT: "THE NEW YORK TIMES" IS EQUALLY UPSET AT THE SUBPOENA OF MR. BLUMENTHAL, AND WHAT IT SUGGESTS ABOUT MR. STARR'S INVESTIGATION.

VOICE: THIS LATEST BLUNDER FITS A PATTERN OF CHRONIC CLUMSINESS AND PERIODIC INSENSITIVITY TO MR. STARR'S PUBLIC RESPONSIBILITIES. ..... IN FOUR YEARS HE HAS FAILED TO DEVELOP SENSITIVITY TO HIS OBLIGATIONS AS CUSTODIAN OF AN INQUIRY OF NATIONAL IMPORT. APPARENTLY HIS STAFF CONTAINS NO ONE WHO CAN TALK HIM OUT OF BAD IDEAS. ..... EVERY TIME MR. STARR GOES OFF ON ONE OF THESE TANGENTS OR MISREADS THE LAW HE FRITTERS AWAY SUPPORT FROM THOSE WHO BELIEVE IN THE IMPORTANCE OF THIS INQUIRY BUT BRIDLE [REACT NEGATIVELY] AT HIS LOCO-WEED [CRAZY] JUDGMENTS.

TEXT: REGARDING THE AGREEMENT REACHED BETWEEN SADDAM HUSSEIN AND U-N SECRETARY GENERAL KOFI ANNAN, "THE PORTLAND PRESS HERALD" IS ONE OF SEVERAL PAPERS STILL TRYING TO FIGURE OUT WHO WON AND WHO LOST. HERE'S TODAY'S ASSESSMENT.

VOICE: /// OPT ///SADDAM HUSSEIN ASKED TWO QUESTIONS IN THE CLOSING HOURS OF THE PERSIAN GULF WAR, TONY SNOW WROTE IN HIS "WASHINGTON TIMES" COLUMN LAST WEEK. THE FORMER BUSH ADMINISTRATION OFFICIAL QUOTED INTELLIGENCE OFFICERS AS SAYING [MR.] SADDAM HAD ASKED 'WILL THEY KILL ME?' AND 'WILL THEY CROSS THE EUPHRATES?' ASSURED THE ANSWER TO BOTH WAS 'NO,' HE REPORTEDLY SMILED AND SAID, 'THEN I WIN.' HE WAS, UNFORTUNATELY, RIGHT. THE INTERNATIONAL COMMUNITY HAS BEEN TRYING TO RECTIFY THE DAMAGE SINCE. [AS REGARDS THE PRESENT AGREEMENT] /// END OPT /// [MR.] SADDAM'S PROMISES AREN'T WORTH THE PAPER ON WHICH THEY ARE WRITTEN. PRESIDENT CLINTON IS WISE TO LEAVE U-S FORCES IN THE REGION INDEFINITELY. THEY ARE THE ONLY HOPE A MODERN HITLER WILL NOT BEGIN HIS MARCH ACROSS THE BORDERS OF WEAKER NATIONS, OR IGNITE ARMAGEDDON WITH THE WEAPONS OF MASS DESTRUCTION HIS IS TRYING SO DESPERATELY TO HIDE.

TEXT: THE NEW YORK NEWSPAPER "NEWSDAY" SAYS THAT "THE DEAL WITH IRAQ WON'T RENDER HUSSEIN HARMLESS - - BUT NEITHER WOULD AIR-STRIKES," ADDING:

VOICE: /// OPT /// EVEN IF THE UNITED STATES HAD USED FORCE AGAINST SADDAM HUSSEIN THE RESULT WOULD HAVE BEEN PROBLEMATICAL. THERE WAS NO GUARANTEE THAT HIS WEAPONS OF MASS DESTRUCTION WOULD HAVE BEEN DESTROYED OR THAT HE WOULD HAVE AGREED TO THE RESUMPTION OF INSPECTIONS. ..... /// END OPT /// THE POINT IS THAT DEALING WITH [MR.] HUSSEIN S A LONG-TERM DILEMMA THAT MUST BE VIEWED IN A LONG-TERM PERSPECTIVE. THERE IS NO MAGIC BULLET SOLUTION. AMERICANS OFTEN WANT QUICK ANSWERS. BUT THE SADDAM HUSSEIN SITUATION DOES NOT LEND ITSELF TO A NEAT, SWIFT FIX. IT IS ABOUT MANAGING A PROBLEM.

TEXT: IN BALTIMORE, "THE SUN" IS WATCHING THE INCREASINGLY SERIOUS IRISH PEACE TALKS, NOW TEMPORARILY EXCLUDING SINN FEIN BECAUSE OF A PAIR OF I-R-A-RELATED MURDERS IN BELFAST. THE MARYLAND PAPER WONDERS WHETHER THE TALKS CAN SUCCEED WITH SUCH CONTINUING PROBLEMS.

VOICE: THIS IS THE CLIMATE IN WHICH TERRORISTS IN BOTH COMMUNITIES OPPOSED TO SETTLEMENT RESUMED SECTARIAN MURDERS AND BOMBINGS. THE TWO GOVERNMENTS SUSPENDED THE LITTLE ULSTER DEMOCRATIC PARTY FROM THE TALKS AFTER POLICE LINKED ITS AFFILIATE ULSTER DEFENSE ASSOCIATION TO MURDERS. WHEN POLICE SIMILARLY LINKED THE IRISH REPUBLICAN ARMY THROUGH FORENSIC EVIDENCE TO TWO MURDERS IN BELFAST, THE GOVERNMENTS HAD NO CHOICE BUT TO SUSPEND ITS AFFILIATE, SINN FEIN. NOT TO HAVE DONE SO WOULD HAVE MOCKED THE 'MITCHELL PRINCIPLES' OF NONVIOLENCE ON WHICH THE TALKS ARE BASED. .... FORMER U-S SENATOR GEORGE ... MITCHELL, AS CHAIRMAN OF THE TALKS, HAS CALLED FOR AN INTENSE ENDGAME AWAY FROM PUBLICITY. ALL THIS SUGGESTS THAT THE NEGOTIATIONS ARE MORE ON COURSE THAN THE WELL-PUBLICIZED BOMBINGS AND ARGUMENTS ABOUT SINN FEIN MIGHT IMPLY.

TEXT: LASTLY, FROM THE MIDDLE OF AMERICA, NEBRASKA'S "OMAHA WORLD-HERALD" LAMENTS THE TERRIBLE SCORES IN MATH AND SCIENCE OF U-S HIGH SCHOOL STUDENTS, WHO SCORED POORLY IN A RECENT COMPARISON.

VOICE: THE AMERICANS PERFORMED ABOUT THE SAME AS STUDENTS FROM ITALY, RUSSIA, LITHUANIA AND THE CZECH REPUBLIC. /// OPT /// OUTSCORING THE AMERICANS WERE STUDENTS FROM THE NETHERLANDS, SWEDEN, DENMARK, SWITZERLAND, ICELAND, NORWAY, FRANCE, NEW ZEALAND, AUSTRALIA, CANADA, AUSTRIA, SLOVENIA, GERMANY AND HUNGARY. [SOME] ASIAN COUNTRIES DIDN'T PARTICIPATE. /// END OPT /// ..... RICHARD RILEY, THE SECRETARY OF EDUCATION .... SAID THAT .... TODAY'S ADULTS ARE FAILING IN THEIR OBLIGATION TO ADEQUATELY EDUCATE THE NEXT GENERATION. THOSE ARE HARSH WORDS. ..... BUT WHEN AMERICAN STUDENTS COMPETE IN A FIELD OF 21 NATIONS AND COME OUT AHEAD OF ONLY CYPRUS AND SOUTH AFRICA, HARSH WORDS, RATHER THAN MORE EXCUSES, SEEM TO BE IN ORDER.

TEXT: ON THAT NOTE ABOUT OUR NATION'S FUTURE, WE CONCLUDE THIS SAMPLING OF EDITORIAL COMMENT FROM WEDNESDAY'S U-S PRESS.
NEB/ANG/KL
25-Feb-98 10:44 AM EST (1544 UTC)
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Source: Voice of America

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

INTRO: STOCK PRICES IN NEW YORK CLOSED UP SLIGHTLY ABOVE ONE PERCENT TODAY (WEDNESDAY), SETTING NEW RECORDS IN SEVERAL KEY INDEXES. V-O-A'S JOE CHAPMAN HAS THIS REPORT.

TEXT: STOCK PRICES MOVED UP IN A BROAD RALLY THAT SET NEW RECORDS FOR THE THREE MAJOR U-S STOCK INDEXES. THE WIDELY-FOLLOWED DOW JONES INDUSTRIAL AVERAGE CLOSED UP 87 POINTS AT 84-HUNDRED-58, BREAKING A RECORD SET JUST ONE WEEK AGO. THE MORE REPRESENTATIVE STANDARD AND POOR'S 500 CLOSED UP NEARLY 13 POINTS AT ONE-THOUSAND-43. THE COMPOSITE INDEX FOR THE TECHNOLOGY HEAVY NASDAQ EXCHANGE ALSO SET A NEW RECORD.

PRICES MOVED UP NOT ONLY FOR THE BLUE CHIP LARGE COMPANIES, BUT ALSO FOR TRANSPORTATION STOCKS, FINANCIAL STOCKS AND HIGH TECHNOLOGY STOCKS. SMALLER COMPANY STOCKS ALSO MOVED UP, BUT NOT AS MUCH AS THE BROADER MARKET.

ANALYSTS SAY INVESTORS WERE PLEASED THAT THERE WERE NO SURPRISES FROM ALAN GREENSPAN, THE U-S CENTRAL BANK CHAIRMAN, IN HIS SECOND DAY OF TESTIMONY BEFORE CONGRESS.

CENTRAL BANK CHAIRMAN GREENSPAN TOLD THE SENATE BANKING COMMITTEE IMPLEMENTATION OF A COMMON EUROPEAN CURRENCY -- THE "EURO" --EARLY NEXT YEAR WILL CONTRIBUTE TO SOUND INTERNATIONAL CURRENCY MARKETS. HE ALSO SAID HE DOES NOT EXPECT ANY DIRECT EFFECT FROM THE "EURO" ON THE AMERICAN BALANCE OF TRADE.

SO LONG AS WE MAINTAIN A STABLE SOUND ECONOMY, STABLE PRICES, (AND A) FUNCTIONING SYSTEM, WE HAVE NOTHING TO FEAR FROM COMPETING CURRENCIES WITH RESPECT TO THE QUESTION OF MAINTAINING CURRENT ACCOUNT IMBALANCES.

MR. GREENSPAN, WHO NOTED SEVERAL POTENTIAL PROBLEMS IN THE WORLD ECONOMIES, SAID THE JAPANESE ECONOMY SEEMS TO BE SHRINKING AND SUGGESTED THAT COUNTRY NEEDS TO DO MORE TO REVIVE ITS ECONOMY. U-S OFFICIALS AND FINANCE MINISTERS FROM OTHER DEVELOPED NATIONS HAVE URGED THE JAPANESE TO CUT TAXES OR INCREASE SPENDING TO STIMULATE DEMAND. JAPANESE OFFICIALS SAY THERE IS NO NEED FOR SUCH A STIMULUS. (SIGNED) NEB/NY/JMC/LSF/PT
25-Feb-98 4:55 PM EST (2155 UTC)
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Source: Voice of America

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