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Key members of the Senate banking committee have agreed with the administration on a "clean bill" to increase the resources of the International Monetary Fund and encourage stiffer supervision of overseas bank lending. The committee will begin the markup today.Meanwhile, Treasury Secretary Donald T. Regan told reporters that international debt problems remain "very worrisome." He also foreshadowed a report due to be released on Friday.
Tennessee banking authorities yesterday closed United American Bank of Knoxville in what is the fourth biggest bank failure in U.S. history.The Federal Deposit Insurance Corp. immediately assumed control of the bank, which has about $760 million in assets and $590 million in deposits, and began to search for another bank to buy the failed institution and take over its accounts.
Carl Lewis led the United States to a sweep in the men's 100-meter dash, but injury struck world record-holder Evelyn Ashford of the United States in the women's 100 final yesterday at the World Track and Field Championships.In the only other final, Poland's Zdzislaw Hoffman captured the triple jump with a leap of 57 feet, 2 inches, beating American Willie Banks and Nigeria's Ajayi Agbebaku, both of whom jumped 56-4 1/2.
Declaring that the global recession had brought Third World development to a virtual halt, World Bank President A.W. Clausen yesterday urged industrialized nations to expand rather than reduce their aid to poorer countries."The industrial world has everything to gain from economic growth in the developing world. It has everything to lose from stagnation and decline there," Clausen said in a speech in Bonn to two German organizations.
More than 3000 peasants and factory workers demonstrated against President Ferdinand E. Marcos' economic and labor policies yesterday and 100 other people began a five-day fast to demand the release of more than 900 political prisoners. The demonstrators, most of whom traveled to Manila from provinces around the capital, carried placards protesting high prices and low wages and demanding the nationalization of oil companies and the lifting of restrictions on strikes.
According to various dispatches from the financial fronts, the recent drop in oil prices has big American banks almost as worried as the OPEC oil ministers. And with good reason. It seems that when the price of petroleum was high those bankers jetted all over the globe making loans to Third World countries which had found oil beneath their impoverished surfaces. As long as oil prices remained high, Mexico and other borrowers paid their loans on time and the banks prospered.
Economic turmoil in Mexico, Argentina, Venezuela and other Latin American nations has forced many Florida bankers to cut back lending to those nations.But Southeast Banking Corp., the largest bank holding company in Florida, is increasing its loans in Mexico in an effort to help spark an economic recovery there. While Mexico, Argentina and Venezuela are considered to have the greatest debt problems in Latin America.
The world's finance ministers ended their annual meeting yesterday the way they began, with poorer nations making pleas to richer ones for more money.Dismissing the budget-constraint arguments of the United States, World Bank chief A. W. Clausen said he believed the Reagan administration "can really get what it wants to get (from Congress) if it goes after it.
Brazil is seeking approximately $800 million from the World Bank to aid its impoverished Northeast region, which is the poorest area of all Latin America and is suffering through the fourth consecutive year without rain. The drought is the worst to hit the region in 100 years. Brazil has already spent $800 million to combat the four year dry spell which is affecting 21 million people in a region where the per capita income is less than one third that of the industrial center-south.
Recent agreements by international lending and financial institutions: World Bank * A $12 million International Development Agency loan to Bangladesh to finance training facilities and programs to improve the country's public administration service.* A total of $80.3 million in loans ($35.3 million from the IBRD and $45 million from the IDA) to China to finance a land reclamation project which will increase food-grain production.
Recent agreements by international lending and financial institutions: World Bank * A $22.5 million loan to Cameroon to increase cargo-handling capability at Douala, the country's main port.* A $13.1 million credit to Ghana for emergency repairs to main water transmission pipelines in the Accra area.* A $30 million loan to Indonesia for training the staff of the Ministry of Public Works, responsible for about 35 percent of all construction in that country.
Recent agreements by international lending and financial institutions: World Bank * A $35 million credit to Bangladesh to enlarge the size and scope of the telecommunications services available to smaller urban and rural communities.* A $162.4 million loan to China to further development of that nation's largest oilfield.* A $150 million credit to India to expand and modernize the irrigation system in the northern state of Haryana.
Forecasts THE U.S. TRADE deficit will worsen this year, bank economists predicted.The continued strength of the dollar and a sluggish world economy is expected to bring the deficit to $70 billion this year, according to economists at Marine Midland Bank. A stronger economic recovery here than abroad will boost imports, while exports of agricultural and manufactured goods will remain at last year's levels due to the strong dollar and financial problems
King Hussein said today that the Reagan administration's decision to strengthen its political and military ties with Israel without winning Israeli concessions on broader Middle East issues will have a "negative effect" on U.S. credibility throughout the Arab world.In remarks to western reporters, Hussein said he viewed the outcome of President Reagan's talks in Washington this week with Israeli Prime Minister Yitzhak Shamir.
The International Monetary Fund was incorrectly identified yesterday as an arm of the World Bank because of material added to the article.
Ernie Banks, the businessman, is out proving that yes, there is life after baseball.But Banks, in town for an old-timers baseball game, admits that Banks the baseball great -- "that little kid who's inside of me" -- is as young and eager as ever."It's called having it all," the legendary "Mr. Cub" and Hall of Famer said Friday night as he stetched his still-spry limbs and chortled.
The Third World debt crisis will probably last for at least the rest of this decade, requiring continuation of "the present emergency-lending regime," according to a new study published yesterday by the Brookings Institution.But its authors, Richard S. Dale and Richard P. Mattione, say that new restraints eventually must be placed on both the banks that lend money and the poor nations that borrow.
Dr. M. Lee Pearce missed this year's Masters golf tournament, something he dearly loves to attend.He chose to wage a proxy fight against a major corporate opponent instead.On the surface, it looks like a mismatch.Pearce, a virtual unknown outside the hospital-management area in which he is active, aligned against the likes of Charles J. Zwick, Frank Borman, J.W. Marriott Jr., Marshall McDonald, Louis Hector, Leslie Barnes, Lloyd Cutler.
United American Bank of Knoxville, declared insolvent Monday in the fourth- largest commercial bank failure in U.S. history, reopened yesterday after a $70.5 million merger with First Tennessee Corp. of Memphis.Federal regulators late Monday let First Tennessee, the state's biggest bank-holding company, acquire UAB-Knoxville hours after the state's banking commissioner declared it insolvent because of multimillion-dollar loan losses.