2- The Michigan Daily - Friday, October 9, 1998
Dollar down, investors worried
WASHINGTON (AP) -The high-flying U.S. dol-
lar plunged dramatically for a second straight day, tak-
ing many U.S. stocks down as well yesterday. The
world's economic troubles hit closer to home despite
international officials' best efforts to prove they are
The dollar suffered its biggest two-day drop against
the Japanese yen in 25 years as panic selling swept the
world's $1.5 trillion-a-day currency markets. The free
fall was blamed in large part on hedge funds, the once-
obscure investments favored by the wealthy.
Hedge funds have been dumping dollars in recent
days on a belief it will weaken further as prospects for
the U.S. economy darken. The dollar is now worth near-
ly 20 percent less versus the Japanese yen than at its
The turmoil in currency markets also spilled into
stocks. The Dow Jones industrial average fell as much as
274 points before largely recovering in afternoon trad-
ing. Broader market indicators stayed lower, however.
Even before the dollar's decline, investors were upset
that weeklong talks in Washington on the global eco-
nomic system had produced no major new plan.
Michel Camdessus, head of the 182-nation
International Monetary Fund, and James Wolfensohn,
head of the World Bank, took exception to the market's
belief that the sessions had dissolved into wrangling
over the proper approach.
"Everyone agrees there is a way out of the crisis. It
is an uphill way, but it is there," Camdessus said.
The two agencies are moving aggressively forward
on a program to make themselves more open, to
improve banking regulation worldwide and to provide
billions in assistance to damaged countries,
Camdessus and Wolfensohn said.
And in a victory for the Clinton administration, the
IMF announced it was near agreement on loans to sup-
port Brazil, the latest country to fall victim to a rush by
AROUND THE NATiON
Clinton vetoes agriculture spending bill
WASHINGTON - Partisan wrangling between Congress and the White House
over key budget issues intensified yesterday as President Clinton vetoed the agri-
cultural appropriations bill and both sides reported slow progress in ironing out dif-
ferences on other spending measures.
After a second day of negotiating, top White House officials said that while they
had made progress with Republican congressional leaders on some points, thc-
remain 150 separate issues to be resolved. The talks were sidelined for seve.
hours yesterday because of the debate preceding the vote to proceed with the
Clinton impeachment inquiry.
The GOP leaders said they hope to avert a government shutdown this weekend
by passing stopgap spending measures to cover five unpassed appropriations bills
- as well as the one for the Agriculture Department - to keep the agencies run-
ning at last year's outlay levels.
But White House officials remained skeptical that the two sides will be able to
strike a deal before midnight today, when the current temporary spending authori-
ty expires. The temporary authority is necessary because the government began a
new fiscal year on Oct. 1.
Clinton vetoed the $60 billion agriculture bill on grounds that it contains too '
tle money for emergency aid to farmers, who have been hard hit by the global e
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Continued from Page 1
tickets out to people," Bodnar said.
"That's what we did. The game was
Although the first day of season
ticket sales drew a smaller crowd than
usual this year, Engineering senior
Patrick Masi said the turn-out and
atmosphere in Yost this past weekend
was characteristically exciting.
"I didn't notice that it was any dif-
ferent than in past years," Masi said.
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r r" ;
The students still improvised chants
and cheers relating to the game and the
players, just as in the past when stu-
dents were fighting to get seats, Masi
"We had a good time," Masi said. "It
Bodnar said that although the
remaining games have been sold out,
individual game tickets are made
available before each match after the
opposing school has returned their
Continued from Page :.
department and student athletes face is
how to manage Title IX, the federal
enactment of gender equality in colle-
"We've always been in the lead with
this area'" Goss said, adding that the
Athletic Department anticipates the
addition of two women's varsity sports
- water polo and lacrosse - and then a
men's soccer team.
Goss also discussed the importance of
the Athletic.Department to push basket-
ball reform and to combat issues of col-
Philosophy Prof. Eric Lormand, a
member of the campus group Just Don't
Do It, asked Goss to commit to a meet-
ing with members ofthe group to discuss
the University's contract with Nike.
"We think that if we really are the
'Leaders and the Best,' why aren't we the
ethical leaders and the best?" Lormand
asked. "Why aren't we using our clout to
advance human rights?"
Lormand said students from the orga-
nization want to discuss Nike's labor
practices with Goss because of the
University's contract with the company.
LSA sophomore Erica Keller, who
has played on the women's club lacrosse
:eam, said she enjoyed the speech and
was interested in what Goss had to say
about adding more women's varsity
sports. "I would love to be a part of the
movement that makes (lacrosse) a varsi-
ty sport," Keller said.
The American Values lecture series
continues with Eric Foner, who teaches
history courses at Columbia University.
Foner's lecture, titled "The Story of
American Freedom," is planned for 4
p.m. on Oct. 21 in the Rackham
Joe Camel years see
teen smoking jump
ATLANTA - The number of
American youths taking up smoking
as a daily habit jumped 73 percent
between Joe Camel's debut in 1988
and 1996, the government said yester-
The Centers for Disease Control
and Prevention said tobacco ads that
rely heavily on giveaways and kid-
friendly cartoons are partly to blame.
More than 1.2 million Americans
under 18 started smoking daily in
1996, up from 708,000 in 1988, the
The rate at which teens became
smokers also increased, climbing 50
percent. In 1996, 77 of every 1,000
nonsmoking teens picked up the habit.
In 1988, the rate was 51 per 1,000.
"It's terrible news," said Gary
Giovino, chief epidemiologist for the
CDC's Office on Smoking and
Health. "There's a lot of important
things to consider, which include the
increase in tobacco ads that have a
youth focus. The appearance of tobac-
co smoking in the media has just sky-
The Tobacco Institute and R.J.
Reynolds Tobacco Co., the cigarette
maker that introduced Joe Camel, had
no immediate comment. The tobacco
industry has insisted it does not tar4
teen-agers with its advertising.
Earth is now about
2 degrees warmer
WASHINGTON - The Earth has
warmed about 2 degrees in the past five
centuries after shivering through thou-
sands of years of a chill that reached as
low as 41 degrees below the average, say
researchers who took the planet's ter
perature through hundreds of drill holes.
Separate research teams, using dif-
ferent sites and slightly different meth-
ods, were able for the first time to put
specific temperatures on the climate
changes that have affected Earth over
50,000 years. Both groups found evi-
dence of warming under way for cen-
turies, a trend likely linked to industrial
AROUND THE WORLD
Alb' t warns time
is up or Yugoslavia
BRUSSELS - Secretary of State
Madeleine Albright warned President
Slobodan Milosevic of Yugoslavia yes-
terday that "time is all but gone" for him
to comply with international demands to
withdraw his forces from Kosovo
province before NATO launches punitive
airstrikes against his country.
At the same time, however,
Albright dispatched U.S. special envoy
Richard Holbrooke back to Belgrade
for a fourth round of negotiations with
Milosevic aimed at reaching a diplo-
matic solution to the crisis stemming
from Yugoslavia's brutal repression of
Kosovo's independence-minded ethnic
Albright said she was ordering
Holbrooke, who held three lengthy ses-
sions with Milosevic earlier this week, to
convey a final warning that the Yugoslav
leader faces "the gravest of conse-
quences" unless he accepts the terms of
a cease-fire stipulated by United Nations
In a sign that Holbrooke may be
making some progress toward reaching a
deal with Milosevic, he will be joined at
today's meeting with Milosevic by
James O'Brien, a State Department
lawyer who helped write two U.S. draft
proposals to grant Kosovo partial auton-
omy under the ethnic Albanian majorip
Kosovo is a province of Serbi ,
Yugoslavia's dominant republic. The
United States and other Western nations
do not support ethnic Albanian demands
for independence but want Milosevic to
restore the province's political autonomy
that was taken away in 1989.
Yeltsin responds to
MOSCOW-Responding to calls
that he resign, Russian president
Boris Yeltsin came out of seclusion
yesterday to insist that he has no
intention of ending his reign early,.
Greeting senior police and mili-
tary officers in the Kremlin, Yeltsin
made a point of reminding them that
he is still their commander-in-chief
- "and until 2000, it will remain
- Compiled from Daily wire reports.
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