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 fighting back. 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 August peak. 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 panicked investors. 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 nomic crisis. INDOOR SOCCER Fall Season: Oct. 22nd - Dec. 19th Now accepting Registrations for Fall Leagues Registration Deadline: October 12th j Individual Registrations are welcome Call (734) 913-4625for Details WIDEWORLD www.wwsports.com :VRT CEoNTEs< R s HOCKEY Continued from Page 1 tickets out to people," Bodnar said. "That's what we did. The game was sold out." 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. READ THE DAILY ONLINE FOR LINKS AND ARCHIVES. http://www michigandaly.com :z : :x r r" ; ", ; : ,: }.t :::i : 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 said. "We had a good time," Masi said. "It was fun." 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 unsold tickets. GOSS Continued from Page :. department and student athletes face is how to manage Title IX, the federal enactment of gender equality in colle- giate athletics. "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- lege gambling. 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 Auditorium. 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- day. 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 CDC estimated. 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- rocketed lately." 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 pollution. 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 Albanian majority. 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 resolutions. 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 resignation rumors. 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 so." - Compiled from Daily wire reports. EXCLUSIVE ENGAGMENT STARTS FRIDAY, OCTOBER 9 wO PASSE A AY 7 'ALL* DOEBY 734-973-83AS8R UME MEN No Ja did'tevenknow jod SCOREI Educational Centers give you the oppor- tunity to contribute and learn in ways you never knew existed. We're doubling in size every year, which means we can guarantee you entre- preneurial challenges. 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Matthew Lawrence, Chaplain SUNDAYS 5:00 Holy Eucharist with live jazz Steve Rush and Quartex ASSEMBLY OF GOD EVANGEL TEMPLE - 769-4157 2455 Washtenaw (at Stadium) Free van rides from campus "Seven Habits of Highly Effective People" College/Career Class 9:30am SUNDAY WORSHIP: 10:30am www.assemblies.org/mi/evangeltemple LUTHERAN CAMPUS MINISTRY Lord of Light Lutheran Church(ELCA) 801 S. Forest (at Hitt St.) 668-7622 Sun. Worship 10 am, Bible Study 9 am Tuesday 7 pm: Issues of Faith Group The Michigan Daily (ISSN 0745-967) is published Monday through Friday during the fall and winter terms by students at the University of Michigan. Subscriptions for fall term, starting in September, via U.S. mail are $85. Winter term (January through April) is $95, yearlong (September through April) is $165. On-campus sub scriptions for fall term are $35. Subscriptions must be prepaid. The Michigan Daily is a member of the Associated Press and the Associated Collegiate Press. 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Joshua Pederson, Enin Podolsky, Aaron Rich, Adin Rosh, Deveron Q. Sanders, Ed Sholinsky, Gabriel Smith, Ted Watts, Curtis Zimmerman. PHOTO Margaret Myers, Warren Zinn, Editor Art Editor:Adnana Yugovich STAFF Lour s Bown, Ason Canter, Mallory S.E. Floyd, Joy Jacobs, Jessca Johnson, Dana Lnnane, Matt Madill, Kelly McKinnell ONLINE Satadru Pramanik, Ed STAFF Mark Francescutti. GRAPHICS STAFF: Alex Hogg, Vicky Lasky, Michelle McCombs, Jordan Young. . I-l tit - 1"L" F L l-1*Rl ca** i'Jrr u ,.... aay M.a.-.......catv Y DISPLAY SALES Nathan Rozof, Manager ASSOCIATE MANAGER: Lindsay Blewer STAFF: Nate Heier, Ryan Hopker, Crag Isakow, Mekssa Kane, Sonya Kleerekoper, Meredth Luck, Sunuthe Mani, Jennie Mudey, Angie Nelson, Kanako Oro, Dwya Ramakrishnan, Susan Rosenberg, Deborah Skonuk, Michael Solomon, Dawn Spechler, Megan Spllane, Nanita Subbhedar.