24 Aug 1976
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Aug 24, 1976
Page
1
Finance Minister Donald Macdonald released a 21,000 word policy outlining Bank Act changes to spur competition. Proposals allow new banks, foreign entrants with limits, and provincial equity up to 25 percent. Near banks and payments system also eyed for reform.
Ottawa credit union group welcomes inclusion in a Canadian Payments Association clearing system but questions mandated reserve accounts with the Bank of Canada. Peter Podovinikoff said direct access benefits 3.5 million members. association urges careful assessment of reserve requirements and settlement links.
Democratic nominee Jimmy Carter accuses President Ford of causing needless human suffering by vetoing social legislation. The remarks came on the second day of his four day campaign swing.
Three hijackers, two Palestinians from Abu Dhabi and an Egyptian student, claimed Libyan leader Khadafy promised 250000 dollars to force the Egyptair Boeing 737 to Libya. Commandos overpowered them. 96 passengers and six crew were unharmed. The group demanded Libyan releases and threatened to blow up the plane. A Palestinian group claimed responsibility.
Seoul AP report says North Korea agreed to a Wednesday meeting of the Joint Korea Military Armistice Commission to discuss safety of US troops in the demilitarized zone after last week's fatal clash. U S officials pressed for assurances troops will not be harmed and noted carrier Midway and escort ships near Korea.
Medicine Hat Alderman Tom Sissons challenged Liberal leader Nick Taylor's assertion that Alberta gas pricing costs taxpayers 40 million a year. He defended local arrangements noting Medicine Hat residents pay 37 cents per thousand cubic feet and that city owns its wells, with no near-term royalty policy changes expected.
A Quebec legislative committee heard that Simard-Beaudry Inc. was paid 500000 for nine months of engineers on Olympic construction and could profit, prompting calls for a high level expert team to investigate. The Games were praised as a success but costs rose from 87139000 to 132050000.
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