Section B·Page 10
The University Daily Kansan: GRADUATION ISSUE
Wednesday, May 2, 2001
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Forum seeks economic reform
Global finance prime concern
The Associated Press
WASHINGTON — Senior finance officials from the world's richest nations turned their attention Sunday to pursuing reforms in the operation of the global financial system.
U. S. Treasury Secretary Paul O'Neill and Federal Reserve Chairman Alan Greenspan, joined by their counterparts representing the other countries in the 183-nation International Monetary Fund, focused on ways to help avert future financial crises, or at least better manage them.
The Group of 10, a collection of the largest contributors to IMF operations, said rich nations were urging greater coordination in overseeing large international banks.
The Group of 10 warned the grow
ing trend of consolidation in the banking sector was creating huge institutions that could cause worldwide problems "if a large and complex financial organization encountered serious financial difficulties."
Anti-globalization protesters, who disrupted last spring's meetings of the IMF and its sister institution, the World Bank, planned a small, two-hour afternoon demonstration in a park in front of the two organizations' headquarters near the White House.
Charles Ramsey, the district of Columbia police chief, predicted "minor protests but nothing we can't handle." All was calm early Sunday, but there was a heavy police presence.
They expanded the perimeter around the two buildings, closing off one street to traffic and stationing officers on street corners in the neighborhood. Ministers in black limousines rolled through the control points.
Meeting at Blair House, the government guest residence, the
finance ministers and central bank presidents from the Group of Seven countries — the United States, Japan, Germany, France, Britain, Italy and Canada — said Saturday they would pursue "vigilant and forward-looking ... policies that promote strong productivity growth."
O'Neill said the other G-7 countries generally supported current steps the United States was taking including interest rate cuts by the Federal Reserve and President Bush's tax relief program, as the proper way to deal with the slowdown in the world's biggest economy.
"I came away from the meeting with a real sense of optimism that world prospects are good going forward," O'Neill told reporters Saturday at a briefing after the nearly six hours of talks.
There were discussions at the meeting about a new campaign to fight HIV/AIDs and other infectious diseases. U.N. Secretary General Kofi Annan last week urged establishment of a global fund to battle AIDS in developing countries.
European ministers hope to begin discussions of this effort when the G-7 holds its annual summit meeting in Genoa, Italy in July. But a senior Treasury official said the Bush administration had some reservations about taking part and the final decision rested with the president.
In their six-page joint statement, the G-7 finance officials said that while U.S. growth had slowed sharply, the country's long-term economic fundamentals "remain strong."
The finance ministers avoided one of the controversies going into the meeting; whether the European Central Bank should reduce interest rates to bolster global growth prospects, something the Europeans have resisted because of fears that inflation is still too high.
The discussions, led by O'Neill and Greenspan, came amid a sharp drop in U.S. economic activity that has pushed world growth prospects to the lowest point since the 1997-1988 Asian currency crisis.
Motorists frustrated by high gas prices
Tribune Media Services
PHILADELPHIA — Bonita Bishop wasn’thappy Saturday morning as she pumped $7 worth of gas into her black 95 Toyota Corolla.
"they're stressing me," Bishop said, looking at the gas prices posted on the pump at the Mobile station at the corner of City and Belmont avenues in Philadelphia. "I can't afford this."
It already was bad enough a week or so ago, when she shelled out $1.59 per gallon, but this time it cost her $1.75 for a gallon of special-grade unleaded gasoline.
"As a single parent, I'm reacting, like, 'Come on now,' said Bishop."
"Prices are going up and up,and there's nothing you can do about it. They've really got you."
In New Jersey, the average price was $1.62 a gallon — eight cents more than 10 days before and 17 cents more than a month earlier. Nationally, the average price was $1.63 at week's end.
There was plenty of such grumbling Saturday as motorists were met with another price hike at the pumps.
koscoe Campbell Philadelphia motorist
On Friday, the average price of regular unleaded gas was $1.58 a gallon in Pennsylvania — up six cents from 10 days before and 19 cents higher than a month earlier, according to AAA Mid-Atlantic.
Energy experts blame the dramatic jump in prices on a number of factors, including increased demand for gasoline and low inventories because not enough gasoline is being produced.
Some analysts predict that by the time summer-
vacation season rolls around, drivers could be paying closer to $2 a gallon — and even as high as $3 in some parts of the country.
While prices climb, gasoline companies report robust profits — a fact not lost on irritated drivers. ExxonMobil Corp. reported last week a $5 billion first-quarter profit, 51 percent higher than a year ago.
"Prices are going up and up, and there's nothing you can do about it. They've really got you," said Roscoe Campbell, a retired city policeman who
said his blue '98 Ford Taurus gets 19 miles per gallon around town.
Campbell usually fills up near his home in Mount Airy, where he says he finds the best prices, but Saturday, running nearly on empty, he pulled into the Mobil station on City Avenue. He was dismayed to find that $15 got him just more than eight gallons of super unleaded.
On Montgomery Avenue in Bala Cynwyd, Bob Swainhart, the night manager at a Texaco station, said prices had gone up twice in a week in reaction to increases from the distributor — jumping four cents in one day alone. Each time the prices change, someone has to climb a ladder and switch the sign numbers. Saturday, a gallon of regular was selling for just shy of $1.64.
For some drivers filling up Saturday at the Exxon station on Montgomery Avenue in Haverford, rising prices are forcing a rethinking of habits.
Andrea Downs, 18, of Rosemont, was just home from her senior prom and rushing to get ready for her sister's wedding when she stopped at the Exxon station for a few gallons.
Five dollars used to get her 3.67 gallons, Downs said, but now that bought just over 3.
"I feel like I'm being cheated," she said.
OVER SEVENTY-FIVE YEARS AGO, THE UNIVERSITY OF KANSAS DEDICATED THE KANSAS MEMORIAL UNION, GIVING ITS STUDENTS A HOME AWAY FROM HOME.
YEARS LATER, WE STILL WELCOME YOU HOME...
- KU BOOKSTORES • JAYBOWL • PIZZA HUT •
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• THE UNION MARKET • MAIL BOXES ETC. •
• COMMERCE BANK • INFORMATION COUNTER •
• SUA • MOVIES • BIG SCREEN TVS • ART GALLERY •
ITS YOUR UNION.
Seniors Congratulations 2001
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