4B
Thursday, April 6, 1995
Take Notes:
Student Union Activities is looking for Committee Members for the 1995-1996 school year.
Informational Meetings will be held:
Tuesday. April 11 at 7:30pm in the Daisy Hill Room, Burge Union
Wednesday. April 12 at 3:30pm in Woodruff Auditorium, Kansas Union
Wednesday. April 12 at 7:30pm in Woodruff Auditorium, Kansas Union
Committees include
Feature Films
Fine Arts
Forums
Live Music
Public Relations
Special Events
Spectrum Films
Recreation & Travel
For more information call 864-3477
$300 First prize $200 Second Prize $100 Third prize
McCollium Hall in cooperation with the Association of University Residence Halls is sponsoring its seventh Battle of the Bands. Residents of KU and the community are invited to the front lawn of McCollium Hall to watch local bands compete for cash and recognition.
All interested bands should submit a demo tape to the McColm Hall front desk or mail one to: Battle of the Bands, McColm Hall磨场, 1000 Engel Road, Lawrence, Kansas 60405. Priority deadline 5:00pm, Monday April 10, 1995. For further information call (913) 864-8001 and leave a message--response guaranteed.
ASSOCIATION
91 Curvature + Radiance Balls
UNIVERSITY DAILY KANSAN
Jay Steiner knew that his semesters on the University Daily Kansan would help prepare him for the future, but he never guessed that they would lead him back to advise the current Kansan staff. After working at The Kansan City Star as a retail account executive for a couple of years, Jay returned to the Kansan." I enjoyed my experience so much, that when I had the opportunity to come back as a
faculty adviser, I jumped at the chance."
Jay knows what the Kansan did for his career, and think what it can do for yours. The Kansan gives you an opportunity to gain real world experience. Visit your own clients. Create campaigns for local businesses. Make new friends. Enhance your résumé. Get a jump on your future.
Applications are available in room 119 Stauffer-Flint for account executive, account assistant and creative staff positions. Applications deadline at noon, Thursday, April 13.
German, Japanese banks come to aid of failing dollar
The dollar's doldrums
The Associated Press
The dollar slid Monday to 86.08 yen and below 1.4 German marks, its weakest since creation of the modern monetary system in the 1940s. Monday's price and annual average prices (1994 figure estimated):
WASHINGTON — For the second time this week, the United States rode to the defense of the battered dollar, this time getting help from the central banks of both Germany and Japan.
SOURCES: International Monetary Fund, OECD, Bundesbank; research by PAT CARR
But even with the combined efforts of the three countries, the dollar continued to be pounded. After an initial boost once the three countries began purchasing dollars, the U.S. currency soon lost ground, heading lower against both the Japanese yen and the German mark.
A spokesman for Treasury Secretary Robert Rubin announced the dollar-buying in a brief statement read to reporters at the Treasury Department.
Today's effort followed massive intervention in currency markets to buy dollars estimated by traders at between $1.5 billion and $2 billion on Monday.
Despite the size of Monday's intervention, which may have set a record for a single day of dollar-buying by the Federal Reserve, the U.S. currency has remained under heavy downward pressure.
The dollar was changing hands today at 86.03 yen in midday trading in New York, down from 86.21 late Tuesday as traders brushed off the coordinated intervention led by the Federal Reserve. The dollar was also lower against the German currency with $1 buying 1.3760 marks, down from 1.3785 on Tuesday.
Economists said that government intervention in the markets usually does not have a long-lasting impact unless it is accompanied by other changes such as increases in interest rates.
So far, the Federal Reserve has no desire to boost U.S. rates again amid widespread signs that the economy is slowing. That slowdown was
shown anew today when the Commerce Department's leading barometer of future economic activity fell by 0.2 percent, its biggest decline in nearly two years.
Traders said in addition to the dollar-buying by the Fed, the central banks of Germany and Japan also intervened to buy dollars today.
Their efforts came after the dollar started tumbling following remarks by German Finance Minister Theo Waigel, which were interpreted by traders as dampening speculation of any concerted efforts to defend the dollar.
"In view of the size and close integration of markets, I regard it as an illusion to believe that governments and central banks can stand against the markets in the long term," Waigel said in a speech to German bankers in Bonn.
"One thing has shown itself again and again. The causes for currency crisis lie within the countries affected," Waigel said.
After Waigel's comments were transmitted to currency trading
rooms in Europe, the dollar started to tumble against both the German mark and the Japanese yen.
So far, the turmoil in currency markets has yet to adversely affect the U.S. stock and bond markets. But many economists warn that there will come a point when foreign investors will no longer be willing to hold dollar-denominated assets because of the losses they are suffering.
The dollar's troubles have been taken up as a campaign issue by Republican presidential candidate Patrick J. Buchanan, who charged that the Clinton administration's efforts to lower trade barriers around the globe were instead resulting in huge trade deficits that were flooding the globe with unwanted dollars.
Buchanan, campaigning today in Nebraska, said the administration's free trade policies were "bankrupting the country, destroying our currency and hallowing out our manufacturing base."
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