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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.
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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.
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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.