Fed Boosts Rates as Inflation Fears Persist Across Markets
The Federal Reserve lifted its federal funds target by a quarter point to 5.25 percent, the same rise applied to the discount rate to 4.75 percent, aiming to curb inflation. Wall Street closed slightly lower as analysts debated whether a third tightening is imminent, with economists warning the rally may be premature. The move follows June’s hike and is seen as reinforcing Greenspan’s stance to keep price gains in check despite energy costs.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Central Bank
Fed
Wall Street
Sung Won Sohn
Wells Fargo
Minneapolis
Sohn
David Jones
Aubrey G. Lanston & Co
New York
Alan Greenspan
Congress
Norwegian court blocks extradition over prison conditions
A Norwegian court refused to extradite American Henry Hendriksen, 49, to the United States for hashish smuggling, citing potential inhumane conditions in U.S. jails. The case, involving charges filed in Vermont, reached the Norwegian Supreme Court and was sent back to a district court for review.
MENTIONED IN THIS ARTICLE
Oslo
Norway
United States
Henry Hendriksen
Stavanger
Vermont
Hendriksen
Norwegian
Collision at sea injures cruise passengers in calm English Channel
In the English Channel off southeast England a Norwegian Dream cruise liner carrying 1,726 passengers and a Panama registered Ever Decent cargo ship collided in good weather. At least 20 passengers suffered minor injuries as the bow of the cruise ship was caved in and a fire raged aboard the cargo vessel.
MENTIONED IN THIS ARTICLE
Margate
England
English Channel
Arielle Adelman
New York City
Hurricane Bret cripples South Texas cotton fields
Hurricane Bret battered south Texas cotton, ripping tufts, submerging fields and staining bales. Farmers like Bill Ordner face $700,000 losses in 1,500 acres as rain destroys much of the crop and prices sag around $250 per bale. West of Corpus Christi bore the worst damage while the Rio Grande Valley saw lighter effects as harvests wrapped up.
MENTIONED IN THIS ARTICLE
Corpus Christi
Texas
Bret
South Texas
Bill Ordner
South
Laredo
John Norman
Texas A&m
Weslaco
Fred Burkhart
Rio Grande Valley
Great Lakes water sale blocked by joint commission
A joint U S Canadian body recommends no bulk sales of Great Lakes water until its final February report. The plan to siphon 159 million gallons annually for Asia prompted Rep Bart Stupak to push a moratorium amid concerns for ecosystems, tourism and industry. The commission will hold hearings in cities including Detroit, with climate change and trade rules noted. White House backs the recommendation though critics urge stronger action.
MENTIONED IN THIS ARTICLE
Washington
Great Lakes
U.S
Bart Stupak
Menominee
Mich
Nova Group
Sault Ste. Marie
Ontario
Lake Superior
Asia
Stupak
International Joint Commission
Gulf of Maine
Mass grave exhumations near Zvornik uncover Bosnia killings
Twenty three bodies have been exhumed from a mass grave near Zvornik in Serb held territory, believed to be Bosnian Muslims killed in July 1995 at Srebrenica. Survivors say over 1,000 bodies may lie in graves. investigators plan continued digs in early September.
MENTIONED IN THIS ARTICLE
Sarajevo
Bosnia-Herzegovina
Muslim Commission For
Srebrenica
Bosnia
United Nations
White House denies Clinton cocaine use claim
White House spokesman Jim Kennedy says President Clinton never used cocaine and has never done cocaine in his life. Press secretary Joe Lockhart supported Kennedy as Fox News Channel features resurfaced the allegation from Jennifer Flowers. Kennedy said he had not spoken directly with Clinton about the issue.
MENTIONED IN THIS ARTICLE
Washington
White House
Clinton
Jim Kennedy
Washington ‘Times
Nifer Flowers
Arkansas
Fox News Channel
Kennedy
Joe Lockhart
Turkey quake death toll nears eighteen thousand
Homeless survivors struggle to protect tents as a fresh tremor hits near Ankara. Prime Minister Ecevit acknowledges delays in rescue caused by damaged infrastructure and defends past construction practices while promising reforms. Turkey appeals for aid including body bags and equipment as the death toll climbs toward 18,000 with potential to reach 40,000.
MENTIONED IN THIS ARTICLE
Istanbul
Turkey
Ankara
Haymana
Bulent Ecevit
Ecevit
United Nations
Also Mentioned on This Page
Sheinbein
Maryland
Samuel Sheinbein
Alfredo Tello
Montgomery County
Douglas Gansler
Associated Press
Tel Aviv
Gansler
Ido Baum
Israel
Justice Ministry
Tello
Aspen Hill
Alonzo Garza
Driscall
Driscoll
Knight Ridder Newspapers
Detroit
Canada
Sarah Miller
Canadian Environmental Law Association
Toronto
Oslobodjenje
Zvornik
Necia Ekim
Seda Nur
Izmit
CNN
National Security Council
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