28 Aug 1998
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Aug 28, 1998
Page
1
Moscow reports that Boris Yeltsin's rule nears end as aides negotiate his Kremlin exit. Acting Prime Minister Viktor Chernomyrdin speaks on a difficult but manageable Russia and pledges economic stability while rumors of a resignation letter circulate.
Premier Klein confirms public inquiries and a complete audit into ATB Mall dealings. He notes RCMP criminal investigation, lawsuits, and possible receivership for the Ghermezian owned mall after a 440 million loan default. Klein cites 1994 refinancing and government involvement for economic reasons.
Alberta's latest health annual report shows over 40 percent of residents with high health needs find care difficult or very difficult to access, up from under 30 percent two years earlier. Total health spending now stands at 4.2 billion dollars. Health Minister Halvar Jonson says improvement efforts will continue.
A compact quotation notes that if the rich could hire others to die, the poor would earn a living, highlighting social inequity and the commodification of life in a sharp Yiddish proverb.
Ottawa will appeal the pay equity tribunal ruling ordering billions in back pay to about 200 000 current and former public servants. Treasury Board President Marcel Masse says the tribunal formula over compensates and Ottawa seeks a fairer method to end wage discrimination.
In Gatineau Quebec a 65 year old man Rene Desforges with advanced emphysema was pronounced dead but revived minutes before shipment to the morgue. Five days later doctors report his condition improved beyond his hospital entry. He calls it a miracle and praises his doctors.
Court documents allege the former Alberta Treasury Branches head received bribes to fix a 440 million loan for West Edmonton Mall and shredded mall related files before retirement. The Ghermezians deny wrongdoing and fight ATB moves to appoint a receiver manager. RCMP is probing bribery allegations against ATB officials and other lenders.
The Canadian dollar fell to a record low near 63.11 U.S. cents, slipping despite a Bank of Canada rate hike to 6 percent and higher prime and mortgage rates. Global stock markets tumbled with losses reaching over eight percent at one point, marking a sharp escalation from the Asian crisis spillover.
The Bank of Canada raised its policy rate to 6.00 percent from 5.00 percent with Jan 30 previous 4.50. The bank says the move supports the dollar and preserves conditions for a non inflationary expansion though analysts warn the economy faces risk if inflationary pressures resume. Finance Minister Paul Martin spoke to reassure Canadians and markets amid a global storm.
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