August 27, 1998 - U.S. Stocks plunged today on word the economic crisis in Russia is deepening. The Dow Jones industrial average dropped 357 points, its third biggest point loss in history. In the broader market, declining issues swamped advances three to one on heavy volume of 940 million shares on the New York Stock Exchange. Wall Street took its direction from overseas stocks, which woke up to find that Russia's financial crisis took on a more political bent as pressure mounted for President Boris Yeltsin to quit. Ruble trading was also suspended for the second successive day. The Russian market plunged 20 percent, and the selling spilled over to other markets. Pete Anderson with American Express Financial Advisors in Minneapolis says events in Russia compound an already bad situation internationally, but he also says he considers today's activity a correction, and not the beginning of a bear market: | D-CART ITEM: 8987
August 27, 1998 - Negotiators for Northwest Airlines and the Airline Pilots' Association are talking now around the clock... hoping to avert strike set to begin tomorrow night at 11:01 central time. Both sides deny they're close to agreement on a contract. However Minnesota Public Radio's Mark Zdechlik reports significant progress has apparantly been made toward a settlement. --------------------------------------------------------- | D-CART ITEM:8985 | TIME: 3:48s | OUTCUE: soc ---------------------------------------------------------
August 28, 1998 - George Wozniak, travel agent and president of Hobbit Travel in Twin Cities, returns to further discuss what travelers can expect in the event of a strike, and how best to strategize. Wozniak also answers listener questions. Program begins with a brief report on status of pending strike and what the negotiators are going through.
August 28, 1998 - With only hours left before a possible Northwest Airlines strike, air travelers in Bemidji are preparing for the worst. Minnesota Public Radio's Tom Robertson has the story... (sound of airplane) If Northwest Airlines pilots strike tonight, travelers departing Bemidji will have little choice but to leave town by car, bus, or by an expensive charter service. Mesaba Airlines Northwest Airlink Flight 3027 was among the
August 28, 1998 - As the hours before a strike deadline wound down the rhetoric between northwest airlines and its pilots union did not. With a deadline of 11:01 tonight, Northwest issued a report saying the economic damage of a month long pilots strike would be enough to rank among the top ten natural disasters of the decade. Minnesota Public Radio's Bill Catlin reports. The report contends a northwest Airlines strike easily meets the legal test for the president to intervene and send the pilots back to work. Northwest publicized the study roughly 12 hours before the strike deadline. Northwest officials have maintained the company is not lobbying for presidential intervention. The report was prepared for the US Transportation Department. Northwest commissioned the rep
August 28, 1998 - The stock market tried to bounce back after yesterday's huge loss -- but ended up just losing more ground. After surging 78 points this morning, the Dow ended up falling 114 points in very heavy trading. The Dow lost more than 481 points for the week. Ronald Reuss is the chief economist for Piper Jaffray Inc. in Minneapolis.
August 28, 1998 - The Federal Environmental Protection Agency says farmers in the Dakotas can use poison to kill thousands of blackbirds. The Dakotas and Minnesota produce 85-percent of the sunflowers grown in the United States. Farmers say blackbirds are eating their profits. But Federal Wildlife officials say poison won't solve the problem, and will also kill desirable bird species. Mainstreet Radios Dan Gunderson reports. Mike Clemens is frustrated. He's watching thousands of blackbirds feast on his sunflower field , he can't stop them.
August 28, 1998 - Clinton Administration officials speaking on condition of anonymity say the President is unlikely to intervene if Northwest Airlines pilots go on strike at 11:01 tonight. Underlying the administration's reasoning is a belief that after more than 10 days of mediated talks, there's a good chance the pilots and the company will settle their remaining issues. Under the Railway Labor Act, the president, acting on the recommendation of the National Mediation Board, can avert a strike with a 60-day "cooling off" period if he finds "a substantial economic threat" would deprive a region of a "central transportation service." Associate Professor of Political Science at Gustavus Adolophus College, Chris Gilbert says a Northwest strike would undoubtedly have a negative economic impact on the region, but in the national scheme, it's not considered a big enough problem for the President to intervene right away:
August 31, 1998 - Chris Farrell, MPR's senior business and economics editor, discusses recent negative activity on the stock market, farm surpluses, Russian and Asian financial crises. Farrell also answers listener questions.
August 31, 1998 - The stock market took a big plunge today. Waves of selling moved through the market in the final two hours of trading. The Dow industrials average suffered its second worst point loss ever, declining 512 points or six percent. Tony Carideo is the director of Research for John G. Kinnard in Minneapolis. Sun 28-MAY 09:12:25 MPR NewsPro Archive - Wed 04/11/2001