* Rioters challenge
Malaysian leader
NATION/WORLD
The Michigan Daily - Tuesday, September 22, 1998 - 7
: . IPOs lag during
unsetled market
los Angeles Times
JAKARTA, hdonesia --
DIcrnonstrators denanding reform
clashed with police ix Kuala I ,umpur for
a second day yester'ay, challenging the
authority of Malaysa's autocratic prime
minister, Mahathr Mohamad, the
longest-serving leader in Southeast Asia.
The clash, wlich came as Queen
I li-zabeth II was presiding over closing
ceremonies at th( 16th Commonwealth
Games a few niles away, upped the
ante in a dispite that started when
Mahathir fired -nd arrested his deputy,
'Anwar Ibrahim whom the demonstra-
tors support.
Anwar was dumped Sept. 2 in a
power struggle with the Mahathir amid
allegations of sexual improprieties,
atfempted mu-der and corruption, all of
which Anwar denies. Rather than go
quietly, Anwar toured the country
denouncing Mahathir and was arrested
at his home on Sunday.
Although few diplomats dare pre-
diet how the challenge to Mahathir's
17-year rule would play out in a coun-
try where dissent is unheard of, there
was in Malaysia an unmistakable echo
of events in nearby Indonesia. A popu-
lar reform movement in Indonesia top-
pled President Suharto in May after 32
years in power.
In both cases, there was an aging
leader who brooked no criticism, unruly
demonstrators on the streets shouting
for reform, and a once-robust economy
that had turned sour. But most political
analysts doubt an Indonesian scenario
in Malaysia.
In Indonesia, Suharto's fate hung on
whose side the army would take: it
ended up abandoning him. But
Malaysia's military is not politicized
and will support whomever is in power.
Also, Mahathir's corruption and nepo-
tism is far less grievous than Suharto's,
and there is no groundswell of hatred
for Mahathir as there was for Suharto.
With Mahaihir exercising absolute
control of the media, Anwar has no pub-
lic forum to either defend himself or
push his case for reform. Two men have
been arrested for allegedly engaging in
sodomy with Anwar. Sodomy is a crime
in Malaysia, a Muslim country, and local
newspapers have been full of steamy
details provided by the government.
Anwar, who had not uttered the word
reform until three weeks ago, has had a
hard time making his argument that the
Mahathir government is corrupt, has
mismanaged the economy and is compa-
rable, as he charged, to the Nazi Gestapo.
As finarce minister and deputy prime
minister until Sept. 2, he played a major
role in shaping official policy.
Wih police helicopters buzzing
The Baltimore Sun
The stock market's dizzying swings
have unnerved not only investors, but
have slammed the brakes on the once
speeding business of initial public
offerings.
Big investment banking companies
such as Morgan Stanley Dean Witter,
Goldman, Sachs & Co., and BT Alex.
Brown Inc. have made fast money
bringing companies to the public mar-
ket over the past several years, but now
business is quickly drying up.
No IPOs came to market in the first
two weeks of this month.
"The well is dry," said John
Fitzgibbon Jr., editor of IPO Reporter, a
New York-based newsletter that tracks
IPOs. "It is like the Sahara Desert in the
middle of summer at high noon"
Clients primed to raise money pub-
licly are postponing offerings; others
are scrapping deals, and still others are
finding alternative ways to raise capital,
experts say.
"It is frustrating," said Edwin
Bradley Jr., equity syndicate manager
at Baltimore-based Legg Mason, Inc.
"It is difficult to get anybody's attention
to a new issue."
The global volatility hit the IPO mar-
ket, which had been humming along this
year, like a bucket of ice water in
August. Nineteen companies nationwide
went public last month, compared with
47 in August 1997 and 61 in August
1996, according to the IPO Reporter.
In the first eight months of the
year. 326 companies went public, rais-
ing 31.3 billion, compared with 381
deals worth S23.7 billion in the same
period in 1997 and 556 dals worth
$32.4 billion in the same eight months
in 1 996.
"The last time we have seen .r
month this bleak, you have to reach
back to September 1974 when n) eC
were priced," Fitzgibbon said.
A calm stock market, or at least
one that is somewhat predictable, is
critical for investment bankers because
that allows them more accurately to
gauge the price at which investors will
buy stock in a company coming to
market.
Investors are also more willing buy-
ers, even eager ones, especially -fr
companies perceived as hot.
But when the market goes through
wide swings, the investment bankers,
who buy the stock in the IPO and sell
it to the public, grow nervous.
They fear that they stand too great a
chance of losing money if the price
falls, and they can't sell the shares fo
investors.
In addition, company executives are
reluctant to try raising money during
rough markets. They worry that shares
will be sold too cheaply, and the valuc
of the company will shrink.
"When the market comes down,
losses pile up on the books,' Fitzgibbon
said.
Riot police fire tear gas to disperse supporters of ousted Deputy Minister Anwar
Ibrahim gathering in central Kuala Lumpur yesterday.
overhead, officers yesterday chased
mobs of protesters down side streets and
blocked roads in Kuala Lumpur. Several
thousand more demonstrators took to the
streets in other parts of the capital, where
they were chased by riot police.
Although conceding more arrests are
likely, Western diplomats said it is
impossible to know whether the call for
reform will take popular root as it did in
Indonesia, or fade away now that its
leader is in jail. Anwar is charged under
the Internal Security Act, which allows
detention without trial. Anwar's wife
said she doesn't even know where he is
being held.
But given the widespread strife in
economically troubled Southeast Asia,
the envoys agree that events in Kuala
Lumpur are worrying.
Ever since 1969 riots against ethnic
Chinese in Kuala Lumpur, Malaysia has
worked to maintain racial harmony by
trying to include its Malay, Chinese and
Indian citizens in sharing the benefits
of national prosperity and peace. Civil
unrest could split that coalition of
Malaysia's 22 million people.
Internet providers seek cable access
~,
Los Angeles Times
e WASHINGTON - Fearful that a new gereration
of,l high-speed cable and wireless networks w1l rele-
r gate them to the towpath of the information lighway,
America Online Inc. and other Internet service
providers are lobbying government and indWtry offi-
cials for access to those networks.
In papers filed last week with the Federal
Communications Commission and in taks with
AT&T Corp. and several cable operators, Int'met ser-
vice providers have voiced strong objectionsto indus-
try efforts to restrict the way cable custom~rs access
r the Internet over high-speed cable lines.
",There is a serious danger that ... (cable) owners
will exercise their control over local broad-land lines
f to restrict competition ... and completely d'ny use to
independent ISPs," MindSpring I nterpises Inc.
Chair Charles Brewer wrote in papers filel with the
FCC.
1 * "We think broad-band networks shoud provide
open access just like" current networks, said AOL
General Counsel George Vradenburg Ill.
- Although only about 300,000 housdiolds now
access the Internet via cable 'IV lines - which enter
more than two-thirds of American homes - cable is
likely to become the dominant route for high-speed
access by consumers because it is less expensive and
more widely available than high-speed telephone
lines, which can reach customers located within only
15,000 feet or s( of a central telephone office.
Satellite and wireless communications providers
are waiting to jump on the Internet bandwagon fol-
lowing an FCC decision Thursday allowing them to
offer high-speed Internet access.
And although federal law requires phone compa-
nies to allow their customers to dial up any ISP they
choose, cable and wireless operators who aren't pro-
viding phone service over their high speed networks
are under no such obligation.
A recently released FCC paper examining high-
speed cable Internet access concluded that the
agency could require some cable operators to open
their networks to other ISPs - a position advanced
by MindSpring, AOL and other Internet providers.
But most experts believe the FCC does not have
the legal authority to require cable operators to open
"We think broad-band
networks should provide
open access.a&f
-- George Vradenburg 1ll
AOL general counsel
their networks. Even if the agency did have such
authority, they say, it is difficult if not impossible to
configure a cable network to provide transport for
multiple ISPs.
"The FCC has no authority in this area; they have to
go to Congress to act," said James Burger, a
Washington technology lawyer, who was formerly
Apple Computer Inc.'s senior law director.
"The cable network is a shared bandwidth system that
is designed for broadcast transmission," added Jerry
Bennington, senior vice president of Intemet technology
at Cable Labs, the Louisville, Colo.-based research and
development arm of the cable industry.
TECHNOLOGY
Continued from Page 1
The PITAC report recommends,
"that the modes of support be signifi-
cantly broadened" through diversifying
modes of research, and establishing vir-
tual and technology centers to center on
the information of the future.
Lee Katterman, coordinator of
University Research Communications,
said the School of Information is one of
the primary recipients of funding for
Information Technology within the
University.
"Funding has skyrocketed in the last
few years. The faculty (in the School of
Information) has had a hard time find-
ing the time to seek new grants because
they are so busy with projects from pre-
vious grants:' he said.
The University has recently
received two multi-million dollar
grants from the National Science
Foundation to help promote commu-
nication between researchers in the
United States, Canada and Europi
for allying efforts in informatioh
technology research.
The committee recommended
that the National Scieri(e
Foundation be appointed as the feil-
eral agency to coordinate technolo-
gy research.
"To the extent that the Con-gres
and federal agencies can increase
support for high-speed networking
connectivity, we will see the posi-
bilities of information technology
research bear fruit much sooner,"
Neidhardt said.
PI'TAC reported that in 1985, the
Internet connected 2000 computers:
now it connects 30 million and con-
tinues to double in size each year. 'l-
is estimated that by the year 2005
the number of Internet users world-
wide could surpass one billion.
SPECIAL GIFT - We're looking for healthy
women between the ages 21-35 for egg
donation. All ethnic backgrounds are
encouraged. Fee paid. Send inquiries to
-AARMA. P.O. Box 2674, Ann Arbor, Ml
W8106.
SPRING BREAK '99-Sell Trips. Earn Cash
& Go Free!!! STS is now hiring campus reps.
Lowest rates to Jamaica. Mexico & Florida.
'Calt, 800-648-4849 or apply online at
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STUDENTS/WORK STUDY students
Lawyers Club Dining hiring for fall term.
$7.50 - 8.25 to start. Catering opportunities &
meal benefits. Apply in person (551 S. State.
corner of S. State & S. Univ.) or call 764-
II f5.
TEACHER (LOVE TODDLERS). Cook.
clean. organize. yard work & per care. Full or
part time. $8-S10/hr. 996-4847.
TEACHER FOR GIFTED pre-schoolers 2-
("pjp. S7-8/hour. M-F. 994-3415.
TEACHERS
Preschool Assistants and Substitutes. The
Discovery Center. an Accredited Early
Childhood Program in Ann Arbor. seeks
individuals with early childhood work
cxperience to till 22-30 hour permanent
positions and substitute positions. Call 663-
7496 to apply.
TEACHERS ASSISTANT NEEDED for
:hildren's English-as-a-second-language
:lasses. Have fun while you earn $SS. EOE.
please call Laurie at 764-8463.
TELEPH(ONE INTERVIEWERS : Exper-
ienced interviewers are needed now for an
.stablished research firmh. 25 wpm req.9No
sales. flex. hours. $8-59/hr. to start. 973-
1329, ext. 32.
THE BLUE NILE RESTAURANT has im-
mediate opening with bartender. Experience
required. Busser stat f-host or hostesses and
dishwashers. Apply in person at 221 E.
Washington St.
7HE DIVISION OF CARDIOLOGY at
JMHS is seeking to fill two Work-study
'rogram positions. The responsibilities of
hese clerical positions include basic medical
ffice work such as maintain office files and
ecords. receive, sort. and route mail. post
nforiation to records. mailing.
hotocopying, and errand running. Desired
qualifications include general knowledge of
>fice procedures and Word processing and
omputer experience. For information please
ontact Yvonne Beerens at 936-8214.
AHE EDGE Work in a cool place with great
?a, great people. and flex hours. Benefits
ivailable. Need Bar Backs. Host Persons.
Nait Staff. Security. Apply in person only
between 7 and 9 PM any day. Experience
helpful but not required. 2275 Ellsworth Rd.
near WalMart.
THE MICHIGAN LEAGUE Buffet is now
hiring for Fall. Work hours variable between
10 a.m. and 3 p.m. No nights. no weekends.
Work study also avail. Apply in person at the
League Buffet between 11 & 2 p.m. 911 N.
University.
THE UM MEDICAL School is hiring
students to work in the Learning Resource
Center Computer Sites. Basic knowledge of
Macintosh & Windows NT computers is
essential. Call Marc Stephens @ 936-2241:
TIM HORTON'S- UP to 6.75/hr. all shifts.
Fall avail, necessary. Benefits include: health
insurance. free ineals/ uniforms, 401K.
convenient to bus route. you get to work w/
Rose in a clean friendly environment. Apply
in person at Michigan League: by Hill
Auditorium 911 N. University.
TUTOR FOR MY 10th grade boy at home
afterschool. Geometry. Spanish. and Biology.
Excellent pay. 995-3025.
WANTED: COOKS, DRIVERS, assistant
managers. Earn $6- 12 hr. Mr. Pizza 1200
Packard 995-4040.
WANTED: DYNAMIC PERSON to speak
at local area high schools. Must have own
transportation and at least 2 days open per
week. $25/hr. avg. call Justin at 1-800-472-
7501.
WANTED: STRONG, ENERGETIC,
reliable person for part-time barn help. 995-
0092.
WANTED: Student Java Developors.
Systems Integration. Develop., and Admin.
Responsibilities: Assisting in scientific
collaborative software develop., including
audio/video/data sharing over Internet2 and
Web. Desired qualifications: Java
programming. Web usage and design skills.
some network admin. and distributed
application experience. Flexible hours /
compensation. Contact Charlene at 647-8037.
WORK STUDY LAB assistant needed in
cell biologyfbiochemistiy lab. North campus
location, freshman and sophomores pref.
Call Geneva at 769-7100 ext 5238.
WORK STUDY NEEDED to perform
general office duties. Filing. coping, mail. &
word processing. Previous UM Medical
Center exp. desired. 10 hrs./wk. $7/hr. Call
Becky at 936-3409.
WORK STUDY Pleasant job for any major.
Help maintain Med School lab. $7.50/hr
about 10 flexible hrs/wk. Call 647-8820.
i
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.tickets & travel
NEEDS EXTRA U OF M TICKETSs
480-4332 Steve
NEW YORK COLLEGE student would
like 2 tickets to Mich./Ohio St. game. Call
collect at 914-336-6938.
SEASON FOOTBALL TICKETS for sale,
good seats. Call evenines 997-0952.
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4 BLOCKS TO CAMPUS, no need for car.
Professional couple working mostly from
homie offices seeks daytime babysitters f'or
cute 4 mo. old boy. 994-3041.
BABYSITTERS Child Care Solutions can
match you with a family who fits your
employment needs. Call 668-6882.
CHILD CARE NEEDED in our home. 2
full days/wk. Exp. required. Call 669-2088.
CHILDCARE FOR 2 children 9 and I I
every Thurs. afternoon. Must have car, ref.
Good pav. Call Diana 994-8406 or 769-6838.
CHILDCARE NEEDED for 1&1/2 and 5 yr
old from 9:30-2:30 Friday. Prefer own
transportation. 668-2991.
CHILDCARE NEEDED for a 8 years old
boy.Every other weekend. 6am-7:30pm.
580/weekend. Own transportation. 913-4557.
DAYCARE ASSISTANT PART TIME.
Own transportation. Will train. 663-1737.
DEPENDABLE BABYSITTER wanted for
occasional weekends & evenings. for 2 small
boys. In my home. Rate neg. 396-3382 leave
mse.
EASY CHILDCARE / Transportation for
our 3 middle school children to/ from our A2
home to Dexter school. 4 mornings/ month
AND/OR 8 afternoons/ month. Min. time
commitment $15-20/per trip. Call 994-7991.
FUN, RESPONSIBLE. CARING sitter for
2 children ages 2 & 4. Weds. or Thurs. 9am-
l2pm. and every other Saturday night. Trans.
and rets. required. 994-6412.
JACK AND JILL Learning Centers is
looking for P/T child care. Mon.-Fri., 3-6
p.m. Call Nancy 761-8070.
MOTHER'S HELPER Needed for well-
natured 9 mo. old triplets. 16 hrs./wk. incl.
Fri. a m. Exp. & ref. 747-6945.
MOTHER'S HELPER/Babysitter needed to
watch a 2-yr.-old in Ann Arbor home 3
afternoons/wk. Must be avail. Mons. and
have own trans. Call Carev @ 623-0264.
PART-TIME CHILDCARE WANTED:
for 7 month old. Exp. and ref. Call 482-4406.
RESPONSIBLE, PLAYFUL babysitter
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info www.sandpiperbeacon.com. 800-488-
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FEMALE ROOMMATE NEEDED: In
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SPRING BREAKERS- 5 star accomid-tionm
at all the hot spots- Cancun. Florida. J ania.
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SCP ENTERPRISES
3438 Ellsworth Road-
734-973-1144
New/Used Remanufactured
Office Furniture
Monday-Saturday, 8-5 pm'
(between Carpenter & Platt)
September student sale,
up to 80% off manufac-
turer's list prices on many
used items - a must see.
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WORK STUDY STUDENTS are needed
for several office positions at Student
Publications. We're looking for punctual.
energetic students for assisting with some or
all of mail. phones. tiling, cash receipts;
I
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