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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (May 1, 1991)
jonye '/ ' Just Do LO A WC BA 4 H/Aift/ ison J f ie will be e three Dt. Ed- :he Na- i labo- ip, it's a said. 3r four, h." g a sec- lay not s nest- i a pro- ce, the Service art. In- ended that in- )m the d from rt was ;econd- d, the ; were urf off recap- ton for 3 im- ; they ?an for :urn to ? s - ea World ^Nation iWednesday, May 1,T991 The Battalion\ llfc v ~ Page 9 1 J Battalion\^Ky Federal Reserve cuts interest rates WASHINGTON (AP) — The Federal Reserve cut key interest rates Tuesday after pressure from the Bush ad ministration to combat the US. recession more aggres sively. Analysts said the action should result in at least small reductions in business and consumer loan rates. But un like a similar situation three months ago, no major bank came forward immediately with a reduction in its prime lending rate. The Fed announced that it was cutting its discount rate, the interest it charges to make loans to commercial banks, from 6 percent to 5.5 percent, effective immediately. It was the third cut in the discount rate since December, when it had stood at 7 percent. It is the lowest level for this interest rate since it stood at 5.25 percent in early 1977. The Fed, as it did on Feb. 1, accompanied the discount rate cut with a reduction in the fed eral funds rate, the interest banks charge each other for loans. Unlike the discount rate, the Fed does not make formal an nouncements of changes in the funds rate. But economists said the central bank had added reserves to the banking system in a way that made it clear it was targeting a funds rate of 5.75 percent, down from 6 percent, marking the eighth reduction in that rate since late October. Some analysts said that banks' benchmark prime rate, currently at 9 percent, could drop to 8.5 percent in coming weeks. Some economists also fore cast declines in adjustable rate mortgages and smaller drops in 30-year-fixed mortgages, es pecially if continuing eco nomic weakness forces the Fed to move rates even lower in coming monthg. Typhoon devastates coastal Bangladesh Prime minister appeals for international aid DHAKA, Bangladesh (AP) — A powerful typhoon battered densely-populated Bangladesh for more than eight hours Tuesday, killing at least 1,000 people and leaving millions homeless. Five thousand fishermen were reported missing. State-run television said at least 800 people were killed in the coastal districts of Cox's Bazaar, Noakhali and Bhola when 20-foot waves whipped up by 145 mph winds swept ashore. The storm out of the Bay of Bengal left more than 250 other peo ple dead on low-lying coastal islands and in the port of Chittagong, the federal Relief Ministry reported. There was no word from seve ral remote islands that are home to thousands of people due to sev ered communications. Prime Minister Khaleda Zia called an emergency meeting of her Cabinet to discuss relief measures. She said the typhoon had caused damage worth $1 billion and appealed for international help. Relief officials said about 3 million people in this poor country, bordered by India and Burma, were evacuated from flimsy mud and straw homes in the path of the storm before the typhoon struck. About 80 percent of the huts were blown away, the Relief Min istry official said. "The deaths would have been on a much larger scale" if the res idents had not been shifted to shelters, he said. United News of Bangladesh said at least 5,000 fishermen aboard 500 trawlers were unaccounted for. It said their boats were at sea when the typhoon struck the southeastern coast, where about 7 million people reside in 2,000 villages. The typhoon battered 14 coastal districts, uprooting trees, tele phone lines and electricity poles, a Relief Ministry official said, speaking on condition of anonymity. tloupot'S'f 10% MORE CASH For ! Gsed Books Limit 1 Coupon Per Customer Not Good With Any Other Offer Expires 5-7-91 The Battalion CLASSIFIEDS WISE ‘i MOVE To place an ad, phone 845-0569 U.N. Secretary-General will step down UNITED NATIONS (AP) — U.N. Secretary-General Javier Perez de Cuellar indicated he will not accept another term as the world's top diplomat. "I think this is a democratic or ganization," Javier Perez de Cuellar told reporters when asked if he had ruled out a third, five-year term or part of a term. "Ten years for a head of the or ganization, don't you think, is enough?" Perez de Cuellar, 70, already has served two teftlns. In Jan uary, he said this would be his last term, but there had been speculation he might stay on an other year or two while some U.N. reforms are completed and a new secretary-general is cho sen. 66 Ten years for a head of the organization, don’t you think, is enough? —Javier Perez de Cuellar, U.N. Secretary-General U.N. diplomats have listed more than 30 possible candidates for the job, wnich pays $183,000 a year. The secretary-general ad ministers a $1 billion annual budget, oversees coordination among numerous U.N. agencies and runs a staff of 14,000. The next secretary-general is expected to be chosen in Octo ber, diplomats said. The secretary-general is cho sen by the General Assembly on the recommendation of the 15- member Security Council, where any of the five permanent mem bers can veto a candidate. The five are the United States, Brit ain, China, France and the So viet Union. On Friday, British Ambassa dor Sir David Hannay told re porters the Security Council was planning to draft a letter to all 159 U.N. member states asking them to put forward candidates for the post. Some have speculated the per manent five Security Council members would ask Perez de Cuellar to stay on for a while and choose as his successor. Prince Sadruddin Aga Khan, who is in charge of refugee relief in north ern Iraq. Sadruddin holds both Iranian and Pakistani passports. Diplomats said African states, determined to see the first African secretary-general, were said to be reluctant to widen the field that already includes half a dozen Africans. Allied Health Professionals & Administrators VS Plan a future that soars. Take your science-related degree into the Air Force, and become an officer in the Biomedical Sciences Corps. You’ll learn more, you’ll grow faster-you’ll work with other dedi cated professionals in a quality envi ronment where your contributions are needed. 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Revive with VIVARIN: VIVARIN for fastpick up -safe as coffee F* » difrciH Contains cjfUrliK rquhakw of two cups of coffer © 1990 SmttiKKnc Bmtoni BRING TOUR MEMORIES OF TEXAS A&M TO LIFE To complement the fond memories found within the pages of the Aggieland, you now can purchase AggieVision, Texas A&M's annual video yearbook — 60 minutes of the places, faces and events of the school year on videotape. To order: □ 1900-91 Aggie Vision, stop by the Student Publications business office, room 230 Reed. McDonald. Building, between 8 a.m. and 5 p.m. Monday through Friday. □ 1991-92 AggieVision, choose fee option 23 during fall '91 touch-tone telephone registration and drop/add.
