06 Aug 1994
Page 1
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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 06, 1994
Page
1
A university paleontologist at the University of Texas Permian Basin explores the broad spectrum of animals with backbones, indicating a wide research scope likely spanning ancient fossils to modern vertebrates. The study emphasizes curiosity and classification across diverse life forms.
NATO fighters blasted an armored anti-tank vehicle near Sarajevo in response to Serb moves against a U.N. truce. Two U.S. A-10s fired at the M-78 tank buster with 600 rounds of 30 mm cannon, joined by French and Dutch aircraft. U.N. and NATO vowed more strikes if weapons are not returned promptly.
In a shift affecting the Whitewater inquiry, Kenneth W. Starr was appointed independent counsel to take over the Arkansas business dealings probe from Robert Fiske. The three judge panel cited independence concerns and Starr’s appointment by the independent counsel act.
Texaco Exploration and Production Inc plans to downgrade Midland from Division status and move comptroller support to Houston as infrastructure and support functions consolidate into the Denver Division. About 90 Midland comptrollers affected. details on job eliminations not yet set.
Odessa College trustees approve 6.2 million dollars in revenue bonds to create a line of credit for ongoing expenses during the fiscal crisis. Bank One of Odessa will buy all bonds at 6.7 percent, with First Southwest guiding the sale as a loan-like instrument to stabilize cash flow. The plan targets a decade-long maturity but aims to repay earlier using future revenue increases and cost cuts. Investment income from the frozen portfolio now at 1.8 million funds part of the strategy.
Odessa College officials approved a resolution prohibiting any further investments in the derivative market after a $22 million portfolio mostly in collateralized mortgage obligations lost half its value due to rising interest rates. The unanimous board action aims to prevent a repeat of the financial crisis from high risk securities.
Hiroshima moves to address Japan's wartime role with a new Peace Memorial Museum wing. It adds exhibits showing Korean and Chinese laborers and factories aiding the war effort, challenging the city’s blameless victim image amid ongoing debates over Japan's actions.
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