Word: stock-market
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...spurred anxiety and soul-searching in Wall Street boardrooms. Levine had allegedly amassed a total of $12.6 million in illicit profits while working for three investment firms--Drexel Burnham Lambert, Lehman Bros. and Smith Barney--during the past 5 1/2 years. Insider-trading cases come and go like stock-market rallies, but never has such a high-level executive been accused of using privileged information for so much personal gain over so long a period of time. Wall Streeters think that Levine must have been trading tips with a group of moneymen and fear that his arrest...
Elsewhere in the gulf, other thinly populated oil producers are suffering assorted woes. Kuwait, which survived a stock-market crash in 1982, faces a $1 billion budget deficit this year. Yet the idea of cutting the country's generous welfare-state outlays remains wildly unpopular. In Oman, declining oil prices will hold the economy's growth well below the whopping 14% gain achieved last year and will force the government to curtail projects in its five-year plan. Omanis are already borrowing abroad and using foreign currency reserves to finance budget shortfalls. The United Arab Emirates, a federation of seven...
...long-term impact on the economy is difficult to gauge. On Wall Street, the prospect of Gramm-Rudman's passage helped spark a stock-market rally that sent the Dow Jones industrial average surging past the 1500 mark on the hope that lower deficits will bring down interest rates and spur growth. But some leading economists castigated the budget-balancing bill in the most scathing terms imaginable. "It is," said Walter Heller, who served as President John Kennedy's chief economic adviser, "economically capricious, socially unfair, militarily risky, constitutionally questionable, politically irresponsible, procedurally perverse and administratively outlandish...
...optimism on Wall Street in recent weeks is shared by traders abroad. Since January the London Stock Exchange has risen a record 53.1%, and West Germany's market 99.6%. In Milan, the main Italian market is up 114.1% for the year, while France's has experienced a 52.8% rise. Morgan Stanley's Biggs says that this "world stock-market surge" shows that investors anticipate a * "synchronized worldwide expansion." During the past few years the U.S. economy has been strong, while Europe limped along with low growth. Now Europe is moving forward quickly, even though the American expansion has slowed...
...using overwhelming force, the government was able to control the situation in the black townships, though it failed to stamp out the rioting. But the signs were growing that Pretoria is coming under increasing pressure from abroad. On Tuesday the government suspended all currency and stock-market trading until this week. That move followed a disastrous drop in the value of the South African rand, which was worth $1.29 in 1980, 80 cents in early 1984, and last week hit an all-time low of 35 cents. Another critical factor has been the refusal of many American and European banks...