University Daily Kansan / Wednesday, February 3, 1988
7
U.S. banks cut prime rate in wake of economic decline
The Associated Press
NEW YORK - Major U.S. banks trimmed their prime interest rates to 8.5 percent yesterday, pushing the benchmark rate to its lowest level since mid-1986 in response to declines in other rates after reports of slower economic growth were announced.
The government reported yesterday that the Commerce Department's Index of Leading Economic Indicators, the main economic forecasting gauge, fell for a third consecutive month in December. This is the traditional, but not infallible, signal of an impending recession.
The index has taken on added significance since the record 508 point drop in the Dow Jones industri-
rial average that occurred Oct. 19.
Although some economists said the three downturns were foreshadowing an end to the record five-year peace-time expansion, other analysts disagreed, contending that 1988 will feature slower growth but no outright decline.
The 0.2 percent December drop in the index came after a sharp 1.2 percent November drop, which had been the biggest setback in more than six years, and a smaller 0.1 percent decrease in October.
Economists said that the drop in prime rates eventually should help stimulate the economy but that further cuts would be needed to revive flagging consumer demand for new homes, cars and other items.
Police arrest 22 in border drug raid
The Associated Press
MONTERREY, Mexico — Police have arrested 22 Mexicans and Colombians who were part of a ring that smuggled drugs into the United States in exchange for weapons, a federal official here said yesterday.
"The weapons came from the United States, and the drugs came from Colombia," said Americo Melendez, representative of the federal attorney general in Monterrey, capital of Nuevo Leon state.
NationWorld
He said four Mexicans were captured "at the time the exchange was going on," during the weekend at Agua Prieta, just across the border
from Douglas, Ariz. The arrests were the result of a two-month investigation.
After the swap was interrupted in a building apparently used to manufacture cinder blocks, police recovered 14 pounds of cocaine, Melendez said.
El Porvenir, a daily newspaper,
quoted authorities as saying that
shots were fired and that one policeman
was slightly wounded.
Twelve other Mexicans and six Colombians were captured late last week in Guadalajara, capital of Jalisco state, Melendez said. All 22 face firearms, explosives and narcotics charges.
School hostages freed after 12 hours
The Associated Press
TUSCALOOSA, Ala. — A gunman saying he wanted to help the homeless held dozens of children and teachers hostage yesterday before authorities got him to give up his guns and then wrestled him to the ground, officials said.
"It's over," said Assistant Chief of Police Billy Wilkins as parents fell to their knees in joyful prayer.
siege at West End Christian School ended after nearly 12 hours. Nearly 60 other hostages, including three other teachers and an aide, had been released earlier in the day.
Twenty-six children and one teacher were freed unharmed when the
Police Chief Jerry Furry identified the gunman as James L. Harvey, 43, a Tucsona native who had been living in San Antonio, Texas.
Police said Harvey and another man invaded West End Christian School about 8:40 a.m., shortly after classes began. The other man surrendered about four hours later.
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Reagan argued that today's vote in the House amounted to nothing less than an up-or-down vote on U.S. national security.
A Defense Ministry spokesman said the raid occurred at San Agustin, about 75 miles northeast of Managua in Boaco province. No details were given.
Contra attack kills 8 civilians
There was no immediate reaction to the report from contra representatives. The rebels have been fighting for six years to overthrow the Sandinista government.
"Our support is needed now. Tomorrow will be too late," Reagan said, arguing that failing to support the contros against the leftist government is a nationalism a permanent grip in Central America.
MANAGUA, Nicaragua — Contra rebels attacked a resettlement camp yesterday in the rural northeast, killing three children and five other civilians, the Defense Ministry said.
Resettlement camps have been established by the leftist Sandinista government to accommodate Nicaraguans who fled combat zones or were forced out by the government. In late 1987, 145 such camps housed 8,250 families.
In an Oval Office speech yesterday, President Reagan made a last-ditch effort to salvage his
In the capital, a few U.S. demonstrators protested contra aid with a hunger strike outside the U.S. Embassy. About 250 U.S. citizens and Nicaraguans held a demonstration in front of the building Monday night.
Voice of Nicaragua radio said the pre-dawn raid was meant as "propaganda" the day before the U.S. House of Representatives voted on President Reagan's request for $36 million in aid for the rebels.
The Associated Press
It was unclear whether Reagan's last-minute maneuver would sway those undecided about today's crucial vote, in which Democrats claimed to have a 10-vote advantage.
cus were sharply downgraded in October 1986 after the State Department linked Syria to about 40 incidents of terrorism.
Syrian President Hafez al-Assassin seeks to recover a strip of land on the Golan Heights that Israel captured in the 1967 Mideast war and then converted into a security barrier to protect Jewish villages below.
"We will want to touch base with others in the area, such as Syria and Saudi Arabia," Shultz testified.
Hussein shuns Palestinian negotiations
The inclusion of Syria came as a surprise. U.S. relations with Damas-
But he said that King Hussein of Jordan had not eased his opposition to autonomy negotiations under the 1978 Camp David peace agreement.
The Associated Press
WASHINGTON — Secretary of State George Shultz said yesterday that he was making diplomatic moves designed to provide a greater sense of political control to the 1.5 million Palestinian Arabs who live on the Israeli-held West Bank and Gaza.
He said that the United States had taken up various approaches with the leaders of Israel, Egypt and Jordan and that he might direct Assistant Secretary of State Richard Murphy to take "a quick swing around" the region to develop them further.
The king "feels he was not included
Rock-throwing and other attacks by Palestinians on Israeli security forces in the territories have led to 41 deaths in nearly two months.
in the Camp David process," Shultz told the House Foreign Affairs Committee. "He rejects it."
Shrultz said that when Hussein was now asked to enter negotiations, his response was "think of something
The 1978 agreement was worked out with Israel and Egypt by former President Carter and produced a peace treaty between the two countries in 1979. Jordan did not participate in the talks or in the negotiations concerning the Palestinians.
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183 MILLION VOTERS? Nearly 183 million Americans will be old enough to vote in the presidential election this year, the Census Bureau estimated yesterday. But, based on past elections, only about half are expected to come to the polls.
GRAND CENTRAL REDUX: Grand Central Terminal in New York City, neglected and all but doomed a decade ago, celebrated its 75th birthday yesterday. Grand Costal cost $80 million to build when it opened in 1913, a sum now equivalent to $1.8 billion by calculation of its present operator, the Metro-North Commuter Railroad of the MTA.
EDWIN MEESE TESTIFIES: Attorney General Edwin Meese III testified yesterday that in 1981 he asked asked to check his friend E. Bob Wallach's complaint that Wedtech Corp. was being treated unfairly in its bid for an Army contract. Meese, testing at former presidential aide Lyn Nofiziger's illegal-lobbying trial, said he received the complaint from Wallach in the spring of 1981.
News Roundup
DEAVER SENTENCING STAYED: Former presidential aide Michael K. Deaver's sentencing for perjury was stayed yesterday to allow for any Supreme Court review of an appellate court decision. Deaver, former deputy White House chief of staff, was convicted Dec. 16 of three counts of lying to a grand jury and a House subcommittee that investigated his lobbying for possible ethics-law violations.
LOTTO UNDER WAY: Lotto America will start ticket sales today and will broadcast its first drawing at 9:59 p.m. Feb. 13. The one-minute coast-to-coast show will be beamed via satellite throughout Iowa, Oregon, Missouri, Kansas, West Virginia, Rhode Island and the nation's capital. It is the nation's largest and richest multistate lottery game.
"POLTERGEIST" ACTRESS DIES: Heather O'Rourke, 12, the angelic-looking child actress who warned "They're heeree!" and "They're baaaack!" in the "Poltergeist" movies, day Monday in surgery from complications of an intestinal infection. The cause of death was a congenital malady known as intestinal stenosis, an obstruction of the bowel.
World Health Organization said yesterday. The U.S. rate of infant deaths of 10.6 per 1,000 live births is higher than 17 other industrialized nations, according to UNICEF. The United States ranks 18th out of 36 industrialized nations.
REPORT PROMPTS RESIGNATION: The president of the Philadelphia Electric Co. stepped down yesterday when the company released a report calling its Peach Bottom nuclear power plant an embarrassment to the industry and to the nation. The federal Nuclear Regulatory Commission closed Peach Bottom on March 31 after workers were found sleeping, playing video games and having rubber band and paper ball fights instead of monitoring the plant's operations.
INFANT MORTALITY HIGH: The high rate of infant mortality in the United States is a social problem, not a health problem, a member of the
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Every day we see the war they don't want you to see.
Contras in Nicaragua have killed 78 civilians, kidnapped 70 civilians, and wounded 166 civilians - since August 1st. We have documented this ourselves.
You can stop this war on February 3, the next contra aid vote. Contact your Congresspersons,
and tell them to say no to contra aid.
Call them (802) 934-7100.
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