News stories from Tuesday August 18, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Two studies on air safety were announced by the Federal Aviation Administration and the National Transportation Safety Board. They said they had begun separate investigations to determine whether air safety had been compromised as a result of the 15-day-old strike by controllers. [New York Times]
- At least $75 billion in new budget cuts are sought by the administration. At a three-hour meeting in Los Angeles, President Reagan began a review of proposals aimed at achieving the new redactions, which his advisers say would be necessary to eliminate the budget deficit by 1984. [New York Times]
- A Japan-California trade war may be in prospect. Threatened with a possible Japanese embargo on the state's produce because of infestation by the Mediterranean fruit fly, Gov. Jerry. Brown warned Tokyo's Ambassador that such a ban could result in retaliatory restrictions on Japanese imports to California, a major trading partner. In Washington, the State Department pressed Japanese officials to modify their demand to include only produce "that can host the fruit fly." [New York Times]
- The 1980 Carter campaign was ordered by the Federal Election Commission to pay the Treasury $105,364, nearly all of it interest earned on the federal campaign subsidy. [New York Times]
- Richard Kleindienst went on trial on charges that he lied in an Arizona Bar Association investigation into his role in an insurance fraud. Mr. Kleindienst was an Attorney General in the Nixon administration. [New York Times]
- Tropical storm Dennis, which drenched south Florida with flooding rains for three days, started inching northeastward toward the Atlantic. Forecasters said the storm could intensify over the open water. [New York Times]
- Tax breaks in saving for retirement will increase greatly for many Americans under the new tax law. The rules are so beneficial, according to tax experts, that virtually everyone with any kind of wage or salary income should think about a tax-exempt retirement account. [New York Times]
- A top Newark official was arraigned on charges of attempted murder, illegal possession of weapons and aggravated assault involving attacks on two Newark men last month. The Essex County prosecutor declined to discuss a possible motive in the charges made against the official, Carl Sharif, the president of the city's Board of Education and an aide to Mayor Kenneth Gibson. [New York Times]
- Canada's Liberals were rebuffed in two by-elections. In one, the chief political aide of Prime Minister Pierre Trudeau was trounced in what had been regarded as the Liberals' safest district in the country. [New York Times]
- A printers' strike swept Poland, closing or disrupting the publication of most newspapers in the first labor action of its kind in the Soviet bloc. The walkout, which the independent union said would last two days, was called to protest what it says is a press offensive against it and to demand increased access for the union to the state-run media. [New York Times]
- The hijackers of an Iranian gunboat seized off the Spanish coast last week sailed into Marseilles, let crew members debark and demanded permission to refuel. The French refused, and the exiled Iranian hijackers threatened to blow up the French-built vessel. However, hours later the hijackers reportedly agreed to let the French tow the vessel out of the busy Marseilles harbor eastward toward Toulon, but it was not clear whether the standoff had been resolved. [New York Times]
- Washington shifted policy at the U.N. and agreed that the world organization could continue subsidizing newspapers promoting its views on aid to the third world. When the practice was disclosed early this year, a high United States official deplored it as "an absolutely illegitimate expenditure" of United Nations funds. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 924.37 (-2.38, -0.26%)
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* |
| August 17, 1981 | 926.75 | 131.22 | 40.84 |
| August 14, 1981 | 936.93 | 132.49 | 42.57 |
| August 13, 1981 | 944.35 | 133.51 | 42.44 |
| August 12, 1981 | 945.21 | 133.40 | 53.65 |
| August 11, 1981 | 949.30 | 133.85 | 52.59 |
| August 10, 1981 | 943.68 | 132.54 | 38.37 |
| August 7, 1981 | 942.54 | 131.75 | 38.38 |
| August 6, 1981 | 952.91 | 132.64 | 52.07 |
| August 5, 1981 | 953.58 | 132.67 | 54.27 |
| August 4, 1981 | 945.97 | 131.18 | 39.47 |