News stories from Thursday January 18, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The energy budget is being trimmed by about $1 billion, according to government and industry officials. They said that the administration planned to propose spending $8.1 billion in the next fiscal year for the Energy Department. That will be an 11 percent cut from the $9.1 billion estimated being spent by the agency this year. The decision was a compromise, the officials said, reached after a bitter dispute between the department and the Office of Management and Budget. [New York Times]
- Federal regulations are easing amid rising concern over inflation and criticism of the rules. The Environmental Protection Agency is becoming more moderate in policies, proposed new regulations are being given increased scrutiny and more effort is being taken in defending them. The agency, with strong support from economists, is developing many innovative approaches to pollution control. [New York Times]
- A Tennessee government scandal mounted. Even after former Governor Ray Blanton was summarily removed from office, he and his legal counsel were still trying to commute the sentences of 30 additional convicts when federal agents and aides of the new Governor entered the Capitol to take control of the state government. Mr. Blanton is a target of a parole-selling investigation. [New York Times]
- New questions about Burt Lance's bank and its relations with President Carter's peanut business were raised by a report by the bank. Data showed that in 1975 the business had more than $200,000 in cash on hand when the business was apparently delinquent on nearly $600,000 in debts owed to the bank that should have been paid under the loan agreement. A spokesman said the President had no previous knowledge of the practices. [New York Times]
- A new witness in the Peter Reilly case said in a sworn statement that he saw two brothers running from the Falls Village, Conn., home of Barbara Gibbons in 1973 when she was murdered and that one of the brothers later confessed they had murdered the woman. Mr. Reilly, Mrs. Gibbons' son, was convicted of the slaying, the conviction was later overturned and charges against him were dropped. The case is officially unsolved after more than five years. [New York Times]
- A new type of human ancestor that lived in Africa three million to four million years ago and that had an unexpected combination of a small-brained, apelike head and a fully erect body has been discovered by two American anthropologists. [New York Times]
- President Carter's appeal to Ayatollah Khomeini to cooperate with the new Iranian government was rejected by the exiled opposition leader, who again emphasized that his followers should seize power. A spokesman also said that the Moslem leader had rejected in advance any possible peace overtures from an emissary of the Iranian government.
Iran's Prime Minister appealed for support for his embattled government and told Iranians he was following the policies of Ayatollah Khomeini and would continue to seek his help and guidance. Prime Minister Bakhtiar, speaking in a broadcast, called on the vast crowds that are expected to join in street marches not to be swayed by extremists into violence.
[New York Times] - Prince Norodom Sihanouk said he was having his family members flown from Peking to France and that he planned to remain in the West indefinitely. In an interview in New York, the former Cambodian leader also said that from now on he would speak out as a free man, "not as a representative of my government."
Vietnamese troops have retaken the port of Kompong Som, but are suffering reverses in southeastern Cambodia, Western analysts said. Heavy fighting, begun by Cambodian forces, was reported in other areas previously seized by the Vietnamese.
[New York Times] - A bomb exploded in Jerusalem, injuring 21 persons, none seriously, in a marketplace, according to an Israeli police spokesmen. The Palestinian Liberation Organization said it was responsible for the explosion. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 839.14 (+4.94, +0.59%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| January 17, 1979 | 834.20 | 99.48 | 25.31 |
| January 16, 1979 | 835.59 | 99.46 | 30.34 |
| January 15, 1979 | 848.67 | 100.69 | 27.51 |
| January 12, 1979 | 836.28 | 99.93 | 37.12 |
| January 11, 1979 | 828.05 | 99.10 | 24.56 |
| January 10, 1979 | 824.93 | 98.77 | 24.97 |
| January 9, 1979 | 831.43 | 99.33 | 27.20 |
| January 8, 1979 | 828.14 | 98.80 | 21.44 |
| January 5, 1979 | 830.73 | 99.13 | 28.89 |
| January 4, 1979 | 826.14 | 98.58 | 33.31 |