2 The Michigan Daily - Friday, October 24, 1997 NATION ORLD -
Hong Kong dive rocks markets
NEW YORK (AP) - A panicky stock sell-off in
Hong Kong reverberated yesterday throughout Europe
and the United States, where the Dow plunged almost
230 points before rebounding slightly.
It was the fifth-worst point drop in the Dow's history,
though not even close to the largest percentage drop.
"Nobody knows which way to go," said Tatsuya
Enomoto, chief foreign exchange dealer at Sumitomo
Bank Ltd. in New York.
In Hong Kong, which analysts had believed was
immune from the financial turmoil roiling the rest of
Southeast Asia, the Hang Seng index of blue-chip
stocks dropped 10 percent for the day, a plunge of
1,211.47 points to 10,426.30.
It now is down 23 percent the week, following
major meltdowns across Asian stock and currency
markets that began this summer.
In the fallout of the assault on stocks in Hong Kong
- a bastion of capitalism in Asia despite China's
takeover in July - major stock indexes fell more than
3 percent in Japan, Britain, France and Germany.
Shares were off more than 5 percent in Mexico and
down more than 8 percent in Brazil.
In the United States, the Dow Jones industrial aver-
age tumbled 229 points at one point, or by 2.9 percent.
But Wall Street's best-known indicator recovered
some lost ground, still closing down 186.88, or 2.3
percent, at 7,847.77.
The shock came just days after the 10th anniversary
of the Oct. 19, 1987, crash that sent the Dow plum-
meting 508 points, or nearly 23 percent. But even with
Thursday's loss, the average still is up almost 22 per-
cent this year.
Gerald Gorman, a retired editor watching the ticker
at a Fidelity Investments office in New York yesterday
afternoon, was hoping for a larger sell-off so he could
buy some of his favorite stocks more cheaply.
"Even 1987 didn't unnerve me," he said. "In fact, I
did some buying then. It would have to be an extreme
drop of several hundred points, accompanied by social
Continued from Page
tant part won't happen in Philadelphia.
"What I think is really important is
what we do when we come back to the
1ommunity," Russell said.
Russell said she does not have a total
4stimate for how many women from the
community will participate in the
march, but she alone has registered 400
"I just feel like it's a part of history
or all of the women coming together,"
Fussell said. "I am just so overwhelmed
,ith the turnout we had at the last
In addition to the march, a variety
of speakers and entertainment perfor-
mances are planned for tomorrow,
including prominent South African
politician Winnie Mandela and Rep.
Maxine Waters (D-Calif).
"I see the march mostly as a celebra-
tion, something to bring about awareness
and consciousness," she said, contrasting
tomorrow's march with the Million Man
March that occurred two years ago and
was a "day of atonement."
University student coordinators
Tricia Moo-Young and Dara
Maurant, who worked with Russell,
could not be reached for comment
Continued from Page
over the years has been theI
dent involvement in the coll
"To be quite honest ... t
student interest has become
tized and less communitari
said, noting that this has
impact on the feeling of ha
civility within the RC. "M
walk by my office on thev
classes and stop by on their
john. It makes for a ve
In addition to living in
building as their professo
student are able to grow ch
professors through the sm
the RC offers.
RC first-year student
Petersen said she values tf
attention she receives as a
"I have a couple profess
really scatterbrained, but ti
Petersen said. "It's really go
they make learning fun,
The flexibility within
* allowed senior Charlie Wa
* a community initiativ
through the RC to
Alternative Spring Break
start a two-credit mini cot
"The fact that I can bring
disaster. It would have to be really apocalyptic."
If there was a winner yesterday,it was the U.S. bond
market, which soared on the turmoil.
U.S. Treasury bonds and bills, the most liquid and
secure of investments, were snapped up by global
investors looking for a haven for the money yanked
out of stocks.
Yields on the 30-year U.S. Treasury bond, an impor-
tant indicator of the cost of borrowing, plunged to
6.30 percent by late yesterday from 6.42 percent late
The rout in Hong Kong occurred after the govern-
ment, in a move to support its currency, began aggres-
sively selling U.S. dollars and buying Hong Kong dol-
lars. It also cut off a cheap source of credit for banks.
Interest rates soared. The interest on overnight loans
between banks shot up to 300 percent from 7 percent
Wednesday, sparking fears that banks will raise their
prime lending rates today, undermining Hong Kong
businesses and the real estate market.
SAL the RC ... and have them discuss it and
talk about my idea as a student, that's
what's really been great for me,'Walker
level of stu- said.
ege's gover- While many students prize the atten-
tion they receive in the RC, nearly one-
he focus of third of students drop out of the program.
more priva- Weisskopf said most students drop
an,' Cohen out because they don't want to take the
n't had an 16 credits of intensive language.
armony and Weisskopf said the purpose of the
Ay students RC is to create the environment of a
way to their small liberal arts college, while at the
r way to the same time provide access to the advan-
ry friendly tages of a big university.
"We're not supposed to duplicate
the same what's done in LSA, because most of
rs' offices, our students take classes in LSA,"
ose to their Weisskopf said.
nall classes Weisskopf said the demographics of
the RC's student body mirror those of
Breanne LSA, except that nearly 60 percent of
he personal the students and faculty in the RC are
member of women.
Instead of grades, students in RC
ors who are classes receive written evaluations at
hey're fun,' the end of the term.
od because While some students see the lack of
which gets grades as a way to slack off,
Weisskopf said the purpose of the
n the RC evaluations is to give a more personal
alker to get account of the students' performance
ves grant and to take away the unhealthy com-
fund two petition for grades.
sites and "They can talk about how far a stu-
urse. dent has come, not just the end result,"
this idea to Weisskopf said.
Walker said the evaluations have
given him a lot of positive feed-
"When you actually have words and
stuff to improve on, it's really benefi-
cial," Walker said.
In order to be able to afford the
smaller classes, RC instructors have
L lower salaries, on average.
l' "We have faculty who enjoy
teaching and are willing to sacrifice
somewhat to be part of the RC,"
0 1 Weisskopf said.
t. AOUND THE NATIQ'N
Study shows molecule may slow HIV
WASH INGTON - Researchers have identified a natural molecule that prevents
HIV from infecting cells, a basic discovery they say could lead eventually to pow-
erful new types of AIDS drugs or even a vaccine.
The molecule, discovered by a team led by famed AIDS researcher Rob
Gallo, works against HIV by physically blocking the portal used by the virus
invade lymphocytes and other types of blood cells.
Gallo's team at the Institute of Human Virology at the University of Maryland,
Baltimore, earlier identified three similar molecules, all called chemokines. But
the new molecule is much more effective because it protects all the cell types
attacked by HIV Gallo said.
Flooding the body with these chemokines could create a barrier between HIV and its
target cells, and, thus, prevent the virus from spreading its deadly infection, Gallo said.
"Its breadth of activity and its potency will make it more important than any of
the other chemokines found so far," Gallo said in an interview.
But he emphasized that before chemokines can be tried against HIV in humans,
the molecules must be extensively tested in monkeys against a related virus cal*
SIV Such testing could take several years.
Discovery of the new chemokine comes just as doctors report that some AIDS
virus is developing a resistance to the three-drug combination that has successful-
ly suppressed HIV in thousands of patients.
Bill may tighten
drunken driving laws
WASHINGTON - The Clinton
administration endorsed a national
drunken-driving standard yesterday
that would force two-thirds of the
states to toughen their laws or lose
federal highway money.
A bill pending in Congress would
make all states set their drunken-
driving thresholds at a blood-alco-
hol content of 0.08 percent. Two-
thirds of the states and the District
of Columbia now use a minimum of
0.10 percent to determine when a
driver is legally drunk.
Fifteen states already use the 0.08
percent limit, Transportation
Secretary Rodney Slater said at a
news conference. And he said
drunken driving deaths had declined
an average of 16 percent in the first
five states to adopt the lower limit
- Utah, Oregon, Maine, California
"The president is ready today to
sign this legislation," Slater said.
Some opponents contend the bill
would trample on states' rights.
Industry groups also oppose it.
The American Beverage Institute
said some states have rejected the
lower limit because it doesn't w*
and would punish responsible social
Clintons host child
WASHINGTON - President
Clinton and first lady Hillary Rodham
Clinton called attention to a "silent cri-
sis" in child care yesterday as hosts for a
White House conference seeking w
to boost quality without raising costs.
The president proposed a modest
package of help, including a scholar-
ship fund to attract workers to the field.
He said he would present a more com-
prehensive proposal next year.
"Nothing is more important ... than
finding child care that is affordable,
accessible and safe," Clinton said. "It is
America's next great frontier in
strengthening our families and
A AROUNDTHE ORLD
Spt '. Pease Audioru
tickets on sale Wednesday, Oct. 22
EMU students: $10 non-students: $16
Tickets are available at the EMU Box Office,313/487 1221
Monday-Friday, noon-5:30 p.m. Fax orders to 313/487-3443
For more information contact Campus Life Programs at 487-3045
dispay, dvertising department
woldlike to thank
for their gen~erous %dontion
S1002 PONTIAC TR.
CANTERBURY HOUSE JAZZ MASS
Episcopal Center at U of M
721 E.Huron St. Ann Arbor, MI 48104
The Rev.Matthew Lawrence, Chaplain
Holy Eucharist with live jazz
Steve Rush and Quartex
KOREAN CHURCH OF ANN ARBOR
3301 Creek Dr. 971-9777
SUNDAY: 9:30 a.m. English,
11 a.m. & 7:30 p.m. Korean
LUTHERAN CAMPUS MINISTRY
LORD OF LIGHT LUTHERAN CHURCH
801 S. Forest (at Hill St.) 668-7622
SUNAY: Worship at 10 a.m.
WED.: Evening Prayer- 7 Choir 7:30
THURS.: Issues of Faith Group- 7:00
John Rollefson, Campus Pastor
REDEEMER LUTHERAN CHURCH
Wels Lutheran Campus Ministry
1360 Pauline Boulevard
Iraq threatened by
UNITED NATIONS - The
Security Council threatened yesterday
to impose travel restrictions on Iraqi
officials if they continue to impede
U.N. weapons inspections. But five
members of the 15-nation council
abstained from the vote in a pointed
demonstration of dissent from U.S.
calls for a continued hard line against
President Saddam Hussein's Baghdad
The abstentions were a clear sign
that 6 and 1/2 years after the Persian
Gulf War, a growing number of coun-
tries - some motivated by economic
interests and some by sympathy for the
suffering of Iraqis - feel that no fur-
ther sanctions should be imposed on
Iraq. Some believe that the time has
come to start rolling back sanctions
imposed on Iraq following its 1990
invasion of Kuwait.
Among those abstaining were
Russia, France and China - three of
the five permanent members, each with
the power to veto any council resolu-
tion. They were joined by Egypt and
Kenya, whose abstentions were a sign
of strong sentiment within the Ar
bloc and elsewhere among Third Wo
countries for a show of solidarity with
a nation that they perceive as being
hounded unduly by the United States.
Algeria holds first
local vote since 1990
ALGIERS, Algeria - As thousands
of soldiers kept an eye out for terroris,
Algerians picked candidates yesterdayW
the first local elections since 1990 - the
last of four votes aimed at squelching an
Islamic revival that has mushroomed
into a relentless and bloody revolt.
Security forces kept a discreet watch
on voting areas in the capital, but were
out in force in some suburbs that have
been flash points for violence.
Soldiers in camouflage patrolled near
the decrepit schoolhouse that served as a
polling station in Eucalyptus, at the st*
of the so-called "Triangle of Death" jus
south of Algiers.
- Compiled from Daily wire reports.
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