Show -- V-f P I I I I r I f i Pf IP ITT M M"P T" ' T T 7T The Herald Journal Logan Utah Tuesday November 25 1997 — Page 7 Union leaders demand trade halt as stocks tumble SEOUL South Korea (AP) — Union 21 major brokerage houses at the Korea Stock Exchange today demanding a temporary halt in trading of tumbling shares “Shut down the stock exchange!" the union leaden shouted in front of the office of the head of the exchange in Seoul’s Yoido district a business and government center The union leaden said a temporary halt in trading would help ease what they leaden from staged a sit-do- called a catastrophic situation in the Korean stock market “It’s unfair that all the burden of the bankrupt South Korean economy is being passed on to stock investon who are being driven to the road of death” they said in a statement There was no immediate reaction from head of the Korea Stock Hong In-was out of his office durwho Exchange three-hoprotest ing the The union leaders said they and supporters from other labor groups would stage a larger protest rally at the stock exchange Wednesday They demanded that President Kim Young-saattending an Asia-PacifEconomic Cooperation forum meeting in Vancouver British Columbia cut short his stay and return hone to resolve the situation Stock prices which had been slumping for weeks began a sharp drop last Saturday a day after South Korea asked the ki ur ic m International Monetary Fund to bail out its troubled economy Analysts said investors fear that more shaky companies will be forced into bankruptcy by the strict conditions usually attached to IMF loans In today’s trading the benchmark Korea Composite Stock Price Index dropped 1105 points or 245 percent closing at 43959 its fewest level since July 1987 On Monday die index fell 72 percent In the financial district investors stared dejectedly at trading screens lit up with yellowish green lines indicating that the market was full of declining issues with few advances “In the past several days I hated to n look at the screens’’ Kim 72 an investor said “I have seven to eight rears of experience in stock investing 1 ! ost most this time” On Monday there were similar protests in two southern provincial cities — Pusan and Kwangju In Kwangju trading was temporarily suspended when 30 angry investors forced a brokerage house to turn off a trading screen After days of denials South Korea asked the IMF on Friday to organize a bailout to help ease a $20 billion-plu- s Jin-ma- financial crisis that has shaken the world’s 1 1th largest economy South Korea is the latest Asian country to go to the IMF for help since die July plunge of the Thai currency Thailand Indonesia and the Philippines also are receiving IMF help IMF and South Korean officials are negotiating the terms of the loan package The IMF is likely to order deep spending cuts higher taxes the elimination of shaky banks and businesses and the forfeiture of some national decisionmaking power In New York Lee Kyung-shi- k governor of the central Bank of Korea said the $20 billion bailout being sought by his government may be too small He indicated that the amount would rise to $50 billion Fear mounted that IMF controls would force more bankruptcies especially n merchant among the nation's banks and raise interest rates further debt-ridde- Deadlock may force early poll NEW DELHI India (AP) — India’s government moved closer to collapse Monday with the ruling coalition and its main politi- cal backer having reached a seemingly irreconcilable impasse The ruling United Front for- mally refused Monday to eject a governing partner that the Congress party holds partly responsible for the 1991 death of its leader and India's former prime minister Rajiv Gandhi But instead of making good on its threat to withdraw support from the coalition top Congress leaders decided to discuss the issue further Diesday Prime Minister lnder Kumar Gujral’s coalition can’t hold onto power without the support of the Congress Party which is not in the government but has backed it in key votes in Parliament The collapse of Gujral’s government would likely mean early elec- tions Indian politics has been trapped in limbo since last week when Congress was enraged by an investigator’s finding that the Dravida Progressive Party supported Sri Lankan separatists linked to Gandhi’s killing Front members say the judicial inquiry has not established the party's guilt and stood by the small party Monday in letter to Congress Despite this dispute the Front and Congress are united in their opposition to the Hindu nationalist Bharatiya Janata Party which could be the winner if eariy elections are held That leaves open the possibility of a compromise to solve the government crisis Parliament’s speaker adjourned the lower house indefinitely Fri- - day after the Congress Party blocked action in Parliament to try to pressure the government a Speaker Pumo Sangma criticized lawmakers for engaging in a “mindless mockery’’ at time when the government was on the brink rtf collapse Sangma’s unexpected move meant that Parliament probably won't recodvene for several days stalling any vote of confidence — and giving leaders a chance to cool tempers I : Major gets big role in royal lives Scrtooa Howard News Sotvlce LONDON — Former British Prime Minister John Mqjor has ! ! ! been given a key roje in the lives of Princess Diana’s children princes William and Harry Major has been appointed as a consultant to lawyers untangling the princes' legal and financial affairs after the death of their ! S J mother Major will assist lawyers advis-ing the princes and “consider the complex legal issues arising from the death of Diana Princess of Wales’’ a royal family spokes-- r woman said As (Mime minister Mqjor met the royal children on many occa- - sions and made the official of their parents’ divorce in the House of Com-- J moos It is believed that the good announcement ! j relationship he struck 19 with the J S royal family and particularly with the Queen during their weekly meetings convinced Buckingham Palace that he was the right man for foe new adviso-- j ry role I “Johh Mjor has always shown ! concern for the children's well- being and we are sure that he will J imlm mi Important contribution in J ’ this complex area” spokeswoman said a palace Hours: Wed 9 am -- 9 pm Thur -- dosed JCftmey AO hm OaapMft JGPenney ta sinoitiiiiisiiwiiiiniiiwisfr Hill mg mmUm HIIIWUI — WM t— —JCW— Cache Valley an — 1 Hours: M 7 am -- 10 pm Sat 9 -- 9 Sun Noon -- 5 pm love your Style IM |