Voice of America, 00-01-05

Voice of America: Selected Articles Directory - Previous Article - Next Article

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

CONTENTS

[01] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

[02] TURKEY / KURDS BY AMBERIN ZAMAN (DIYARBAKIR)

[03] TURKEY'S PROMISING OUTLOOK BY BARRY WOOD (WASHINGTON)

[04] WEDNESDAY'S EDITORIALS BY ANDREW GUTHRIE (WASHINGTON)

[01] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

INTRO: Stock prices in the United States were mixed today (Wednesday) after Tuesday's frenzied sell-off on Wall Street. VOA correspondent Elaine Johanson reports from New York:

TEXT: The Dow Jones Industrial Average gained 124 points or just over one percent, recovering less than half of what it lost Tuesday - closing at 11-thousand- 122. The Standard and Poor's 500 index gained two points. But the Nasdaq composite, down over five percent Tuesday, dropped another six-tenths of one percent, in very volatile trading. Last year's high-flying Internet stocks continued their downturn. Yahoo, Qualcom and Amazon-dot-com all traded lower. Amazon sank as much as 16 percent after the leading online retailer said its fourth quarter sales more than doubled, but warned this would not trim the company's net losses. Amazon has not turned a profit since it started cyber-retailing in 1995. Meanwhile, oil and banking stocks led the rally in the Dow Jones. The banking sector, for the moment, shrugged off concerns over interest rates.

[02] TURKEY / KURDS BY AMBERIN ZAMAN (DIYARBAKIR)

INTRO: As a bloody 15-year Kurdish separatist campaign begins to wind down, local officials are seeking to exploit the huge potential for tourism in Turkey's largely Kurdish southeast. Amberin Zaman reports from Diyarbakir on a project to restore the city's ancient walls.

TEXT: They are dark and they are exotic. They are majestic, yet strangely comforting. Diyarbakir's ancient walls have long been the pride of what is the largest and most populated city in Turkey's remote, largely Kurdish southeastern region. The walls extend for more than five-kilometers, including various imposing fortresses and elaborate gates and storage chambers. Historians and archaeologists say Diyarbakir's walls are the second longest in the world, after the Great Wall of China. Diyarbakir University Professor Halil Degertekin is at the forefront of efforts to restore the walls that he says date back more than five-thousand years.

[03] TURKEY'S PROMISING OUTLOOK BY BARRY WOOD (WASHINGTON)

INTRO: Ravaged by earthquakes in 1999, Turkey appears poised for a dramatic economic upturn in 2000. V-O-A's economics correspondent Barry Wood reports that Turkey's reformers have recently gained important endorsements from the European Union and the International Monetary Fund.

TEXT: The (London) Financial Times last month editorialized that Turkey will only have a viable European future if it makes a decisive break from its inflationary and interventionist past. That future could be at hand given the European Union's decision in Helsinki last month to open membership negotiations with Turkey. For more than a decade Ankara's entreaties to join had been rebuffed, fueling resentment in Turkey that the E-U was a Christian club closed to Moslem nations. Geo-politically Turkey seems now to have been identified by the E-U and the United States as a vital ally in southeastern Europe. Philip Poole is a senior economist at ING Barings (bank) in London.

[04] WEDNESDAY'S EDITORIALS BY ANDREW GUTHRIE (WASHINGTON)

INTRO: Glancing at the editorial columns of newspapers around the nation this Wednesday, we find lots of comment on the re-appointment of Federal Reserve Board [Central Bank] director Alan Greenspan. Another popular topic is an unpopular ruling by the federal government about safety of workers working at home; and there are more thoughts on the great computer problem at year's end that did not happen. Rounding out the other popular topics are thoughts on the German political scandal; the Indian Airlines hijacking aftermath; something positive about the Ivory Coast coup; and another U-S movie about a romantic time in Thailand does not go over well in Bangkok. Now, here with closer look is ___________ and today's Editorial Digest.

TEXT: President Clinton has re-nominated the head of this country's central bank, Alan Greenspan, for a fourth four-year term, a nomination that is widely regarded as assured of Congressional approval. Mr. Greenspan is given much credit for the nation's unprecedented period of economic prosperity and growth, and editorial columns are for the most part heralding his continue presence at the financial helm. The Los Angeles Times calls it "The right move at the right time," while The Wall Street Journal, noting Tuesday's huge drop on American stock markets, qualifies its enthusiasm:

VOICE: Mr. Greenspan indeed has an estimable record, one we've repeatedly commended. The Fed boss's commitment to price stability over the past 12 years is a large reason for the 1990s' run of prosperity. ... Paul Volcker aside, we can't think of anyone better to run monetary policy from his hip pocket. But that's what he does, no more evidently so than in the past year. . Mr. Greenspan, we should add, is also 73-years old. The Greenspan legacy would be much enhanced if he could in his fourth term . do more to publicly explain and institutionalize the Fed's inflation-fighting obligation.

TEXT: The New York Times, calling Mr. Greenspan "both lucky and very astute," nevertheless reminds that he "did not produce the low foreign oil prices or higher productivity growth that have occurred during his tenure." But, says The Times,

VOICE: . by setting clear objectives and exercising smart judgment, he let the economy take full advantage of both trends.

TEXT: Today's San Francisco Chronicle also waxes enthusiastic:

VOICE: [Mr.] Greenspan's policies proved miraculous in many ways. The jobless rate and wage-eating inflation figures now hover at a microscopic two percent. The stock market, until yesterday's bloodletting, was topping all-time highs. .. [Mr.] Greenspan's tight rein clearly helped the economy rocket through the seemingly constant predictions of an inevitable downturn.

TEXT: However in the Midwest, The Detroit News, while hailing the reappointment, still has some criticism of the Fed chairman, noting that he:

VOICE: . has shown a disconcerting tendency to squelch the recovery by raising interest rates whenever economic growth appeared too robust in his mind. At times, we worried that in its zeal to root out inflation, the Fed might actually tip the economy into deflation or a general decline of prices.

TEXT: The morning's other popular topic is about a generally unpopular ruling by the Labor Department's office of Occupational Safety and Health, that companies in some circumstances are responsible for the safety of workers who work at home. In Connecticut, there is a stark reaction from The Hartford Courant, which writes under a headline: "Bureaucrats Gone Berserk:"

VOICE: To put it bluntly, the federal Occupational Safety and Health Administration's policy on protections for stay-at-home workers is nuts [Editors: slang for "insane"] . This overreaching O-S-H-A edict should be canceled.

TEXT: The Milwaukee [Wisconsin] Journal on the other hand, tries to understand how the regulation came to be written:

VOICE: The problem. is that bureaucrats are trying to retrofit a law formulated years ago to a modern workplace, which operates in ways no one back then could have imagined. That doesn't mean the decision is totally without merit. As more Americans choose to work at home, steps need to be taken to ensure at least minimal worker safety. But the .declaration seems like overkill.

TEXT: Several newspapers continue to marvel at the smooth transition to the new year after predictions that computers would not be able to recognize the year 2000, but would think it was 1900. In Salt Lake City, Utah, The Deseret [PRONOUNCED: Dez uh RET] News in Tuesday afternoon's editions applauded:

VOICE: Someday, a historian will write the definitive study of the by-then long forgotten Y-Two-K scare, drawing smiles from some about those quaint turn-of- the-century folks who worried needlessly about major worldwide disruptions. When that story is written, we hope it is presented as a triumph of global cooperation. That is the only accurate spin [Editors: "interpretation."]

TEXT: Turning to international news, there is comment in several papers on the scandal enveloping former German Chancellor Helmut Kohl, now accused of operating unregulated or "slush" funds of money within his Christian Democratic Union party. The Honolulu Star Bulletin, in Tuesday afternoon's editions worries that Mr. Kohl:

VOICE: . is mired in a campaign-funding scandal that could destroy his reputation. [Mr.] Kohl has admitted that he illegally accepted up to one-million dollars in secret cash contributions from 1993 to 1998.. [but] has refused to identify the donors. . The suspicion is that the former chancellor offered favors in return for the contributions. .. Whatever happens to [Mr.] Kohl, democracy in Germany must be preserved.

TEXT: The Los Angeles Times adds that:

VOICE: The C-D-U [Christian Democratic Union Party], which had a reputation for responsible government, may well end up like Italy's Christian Democrats, all but destroyed by corruption charges against its leading members. [Mr.] Kohl helped Germany face the truth about the country's World War Two history. Now he should disclose the truth about the financial affairs of his political party.

TEXT: Comments continue to flow about the unexpected resignation of Russian President Boris Yeltsin on New Year's Eve. The San Jose [California] Mercury News comments:

VOICE: Boris Yeltsin's stunning exit on the last day of the millennium befitted a man who ruled Russia cleverly, erratically and, at times, courageously, for nearly a decade. It was a gesture of contrition and cunning.

TEXT: While in the heartland of America, The Topeka [Kansas] Capitol Journal appears a bit apprehensive about where Russia goes from here.

VOICE: Change is a little scary anywhere. In Russia, where change is both a last resort and, lately, a daily occurrence, a change in presidents is especially anxiety-causing. Consider that a democratic Russia has never had anyone but Boris Yeltsin - and then even the unpopular, unpredictable and seemingly unstable [Mr.] Yeltsin starts to look good. But as his New Year's Eve resignation made clear, it's time for Russia to move on. To what, we don't yet know.

TEXT: Several papers are reflecting on the Indian government's decision to release three jailed Kashmiri separatists in return for the release of more than one-hundred passengers and the crew of a hijacked Indian Airlines plane over the holidays. The [Minneapolis, Minnesota] Star Tribune suggests:

VOICE: India made the best of a bad situation . [although] Debate . will continue on whether India encouraged further terrorism by bowing even partially to the hijackers' demands. But beyond that, this episode holds important lessons for the Indian government and for the U-N Security Council. For India, the lesson is that hijackings and other such horrors are what it reaps from the repression and brutality it sows in Kashmir. For the Security Council, the lesson is that it must cool the Afghan cauldron that spews bloodshed and rebellion across a volatile region. It was no coincidence . this drama played itself out on the territory of the Taleban.

TEXT: In Texas, The Houston Chronicle has a definite view that more trouble lies ahead because of the decision.

VOICE: Although many around the world were relieved that the situation was resolved with only one passenger death, that relief must be tempered by the understanding terrorism was the victor in this case. . Clearly, the loss of more hostages . would have been a high price to pay for thwarting the goals of these Islamic militants . But how many other innocent people now are at risk of becoming victims of terrorists encouraged by this outcome?

TEXT: As regards the recent coup in the Ivory Coast, today's Detroit Free Press is hopeful that: VOICE; . a ray of hope is emerging. The new military ruler, General Robert Guei, met with leaders of the dissolved parliament and said Tuesday he would announce this week the makeup of a transitional government. . Ousted President [Henri Konan] Bedie - who fled to Paris - had become increasingly autocratic and dictatorial, and he attempted to divide Ivorians by playing on long simmering ethnic tensions. But he was an "elected" [italics for emphasis] leader, and any unconstitutional change in a democracy is cause for alarm. . [General] Guei's next step should be restoring civilian government.

TEXT: The Cuban rafter boy, rescued from the sea off Florida, and now involved in a diplomatic tug-of-war between the United States and Cuba, draws this comment from The Trenton [New Jersey] Times, as negotiations proceed to re-unite him with his father in Cuba.

VOICE: His cause was promptly seized upon by members of Florida's bitterly anti-Castro Cuban-American community . The exiles are insisting that Elian be given U-S asylum rather than be sent back to "live under communism." . Beyond question, Elian's future would be brighter in many ways on this side of the Straits of Florida. But that begs the question. In Havana, the child's father and his four grandparents want him back. They, and Elian, have a right to a solid parental and grandparental relationship. That right ...should get priority.

TEXT: Finally, a comment on the Thailand government's ban of a new Hollywood film about the British governess who went to that country in the 19th century. While tutoring the crown prince, she ended up falling in love with the king. Today's Pittsburgh Post Gazette says of the ban:

VOICE: All this strikes the average Westerner as absurd, of course. A work of art that criticizes Queen Elizabeth The First, for example, has no bearing on the present monarch, Queen Elizabeth The Second. No movie about a 19th -century Siamese king would change the Thai people's view of King Rama The Sixth (Bhumibol Adulyadej), who was born in the exotic city of Cambridge, Massachusetts, and as monarch since 1946 is the longest reigning king in Thai history. . it is an insult to both the king and the Thai people to assume that they are too naive and unschooled in Western culture to be allowed to watch a Hollywood movie about a 19th-century . king who employed an English schoolteacher in his court.

TEXT: On that political and theatrical note, we conclude this sampling of editorials from Wednesday's U-S press.
NEB/ANG/JP 05-Jan-2000 11:57 AM EDT (05-Jan-2000 1657 UTC)
NNNN
Source: Voice of America

Voice of America: Selected Articles Directory - Previous Article - Next Article