Thank you. Pressing ahead for a Wednesday morning, Willard has a final check of the weather in just a little bit,
and then we'll take a look at some of the spectacular wilderness at Australia's northern end.
That's to come in a moment right after this.
Tell us all new episodes!
That's my first day of college. I'm very nervous.
Well, you got nothing to worry about.
I mean, it's not like you're going to a real college.
And Alex has a protege in Baby Brother.
Come on, Andy, you want to wave goodbye to your sister on our first day of college?
It's not a real college.
Family time, 7.30am.
Is it too late to take Andy to the woods and have him raised by wolves?
Hello, by Al here on 7.
Hi, we've just taken a break from rehearsals and come out to invite you to come in and see just why the Swagman's so popular.
There's the irresistible Swagman's Smorgasbord with its unbelievable variety in every section.
Contres, seafoods, hot meats, cold meats, salads, and so many luscious sweets you'll go back again and again.
And the vibrant, spectacular floor show is now bigger, better and brighter than ever.
A highlight every night and with weekend lunches.
When you want to step up, make it the Swagman.
There's always a lot to look out for on the road, especially at intersections.
So as car drivers, we have to look out for the unexpected at all times.
We have to look right, look left, look by.
Many car drivers simply aren't as aware of motorbikes as they should be.
That's why most drivers don't see bikes until it's too late.
Expect the unexpected. Look right, look left, look bike.
Thirty-six minutes past the hour now, just twenty-four away from closing time.
So let's get a final check of the weather from the Gold Coast. Mr. Willard Scott, sir.
Hey, let me tell you something, Brian. I found a guy with a career. This is Al Baldwin. Hello, mate.
Hello, Willard.
Everybody happy? You've got quite an interesting job now.
What's the body work? Front end, rear end, transmission, is that the whole thing?
Some bodies, eh?
I want you to see the body work he does. Al does oil paints, but he does some very interesting oil painting.
This is Judy Allen, right, Judy? Right.
And you're a professional model here. Yes, that's right.
And you love your work? I love it.
You're a lovely young lady. Thank you.
Your friend over here, Melinda McNally, is it?
Yes, it is.
Well, good day and good morning on the Today Show.
Al is going to do something that he's been doing now for a long time.
Show us and tell us exactly what you do.
Well, I spray these lovely ladies, and they are lovely.
We've got these out in Australia, as you can see.
I noticed that the best thing is...
And it gives them a good tan. I was white at about 7 o'clock this morning.
What do you charge for this? Look at you. That's Australian sunshine.
What do you charge for a body...
50 cents.
How about me? A little more paint for me, wouldn't it?
No, you're not a bad bloke. 50 cents.
Give us a shot here and let's see what you do.
Now, again, Al uses this spray gun. He's got a little compressor.
He's got some oil paint, and Judy is going to stand by, first of all, and we're going to get a little action here.
He guarantees he will not get any on her suit because her suit was $6,000, Al.
I don't want to shake you up.
Look at the $6,000 bathing suit she's wearing.
What about? What's in it?
Fantastic. I think that's what makes a suit $6,000.
Exactly.
Smells like coconut oil, doesn't it?
It is. It's coconut, banana, and landlun.
Fetch me a pina colada. I'm very thirsty.
What does it feel like?
Cool.
Anything like this ever happened to you before?
No.
Does your mother approve?
I don't know.
I hope she's watching. Well, that's terrific. That's quite an act.
All of this is coconut oil. Of course, does it help you protect from the sun?
It does. There's a fuller factor in it, and it really looks after your skin and moisturize it.
Earl Schaub gets $99.95 for this, but up here it's only 50 cents.
Another great reason to come to Australia.
We'll put a second coat on in just a minute, honey. Let that one dry.
Let's check the act and see what we have here this morning. Great act, Al, you fox.
That slide devil.
We have some travelers' advisories in the mountains of northern New Mexico and Arizona this morning,
and pretty much throughout the day the Wasatch range in Utah, central Colorado Rockies,
three to six inches of snow.
That'll move into the central plains as the day wears on, but Omaha should get just a dusting, Denver one to three inches.
Showers and thundershowers along the Gulf Coast from Brownsville, Texas, all the way down to Key West.
Maybe some fog this morning.
Also some light snow in the northeast New England,
and Pelston, Michigan could get some snow this morning again in the UP up in that area.
Fog in the valleys of California and the Pacific Northwest.
Look out for some rain later on today, Seattle and Portland.
Here's what's happening in your world this morning.
Adelaide fine and 31, Brisbane cloudy, 29, 24 and fine in Melbourne.
Perth fine, if it matters, 32, and Sydney cloudy and 25.
Hey, what a day it has been. Thank you, thank you.
It just gets better and better. This is known as the Sunshine State.
This is Queensland, the great state of Queensland, the Pacific Ocean, and Brian Gumbel.
Who could ask for more?
All right, well thanks. We'll see you in Sydney tomorrow.
Almost everyone agrees that Australia's Kakadu National Park boasts some breathless beauty.
Our Boyd Matson joins us this morning to tell us of the struggle to preserve that beauty.
Boyd?
Brian, a lot of Americans are already somewhat familiar with the area,
though they may not know it, because that's where much of crocodile dundee was shot.
There is an age-old struggle being played out up there in the Northern Territory.
It's the conflict between beauty and the beast.
The beauty of wilderness, the beast of money from the developers,
and the battleground of Kakadu National Park is a huge area,
about the size of Connecticut, up near the city of Darwin.
A prehistoric landscape, one of nature's monuments to herself.
This winding, rugged sandstone wall rested at the bottom of a shallow sea 2,000 million years ago.
Today it stretches 350 miles through Kakadu National Park,
one of Australia's most spectacular natural resources.
Jim Jim Falls, cascading 700 feet down a sheer cliff into a crystal pool,
offers unspoiled beauty, suggesting an absence of human habitation.
But Kakadu National Park was one of the first places people lived in Australia.
40,000 years ago, the Aborigines came here.
They began leaving their mark on the area 20,000 years ago.
It is some of the most ancient artwork in existence.
Examine the pictures and the story of Aboriginal development can be traced.
There are more than a thousand of these rock canvases in Kakadu.
The Aborigines lived in harmony with their tropical environment.
They didn't overhunt any species.
Today visitors enjoy the results of those thousands of years of proper wildlife management.
We're fortunate up here in the respect that there's not many people.
It's a newly developing area, a new national park, and we hope to try and keep it like that.
We don't really want it to look like Sydney or Melbourne.
Can you just run down some of the birds that we've seen here?
Well, in the park we've got 260 different species permanent,
plus another 80 migratory species on top of that.
Birds chirping
The South Alligator River was named by an Englishman, Captain King, in 1820.
The name is stuck even though the captain was wrong.
There are no alligators in these waters.
Basically the reality here though can be even more frightening.
Those large reptilian creatures he saw are crocodiles.
The warnings posted near all the rivers in Kakadu spell it out.
Don't go walking to look for crocodiles.
You might find one.
We conducted our search from a large boat.
At first there were only empty muddy banks.
Finally at one spot the mud began to move and assume a shape.
Then suddenly this lumbering creature was all speed and motion.
What are the chances of a man surviving one on one with a crocodile?
Depending on how big it'd be, you don't often hear of anybody escaping from a crocodile, do you?
The crocodile is at the top of the food chain in the park.
As Kakadu's largest carnivorous animal, crocodiles control the population levels of other species,
as well as regulate where people swim.
With its abundant wildlife, Kakadu might seem to have everything a national park could want.
As it turns out, it may have too much.
Some believe there's one resource too many because within these boundaries are extensive uranium deposits.
The known resource that's proven already is in the order of $40 billion.
And with exploration the mining industry anticipates the potential resource in the stages two and three
in the order of up to $100 billion worth of resource.
That's a lot of bread.
And there's a very strong argument with Kakadu because it's World Heritage listed
that it ought to be exempt from any mining activities at all.
In this particular case, if every mine of every known mineral resource was exploited,
you'd be talking about three quarters of one percent of the park.
Far less land disturbance than opening it up for tourism.
Sunrise over the flood plain.
One of those spots that doesn't offer much in the way of unusual scenery.
But these are areas conservationists consider essential for supporting the ecosystem of Kakadu.
It's rather short-sighted, I think, to look at flat scrubland or rocky hillsides and say,
well, look, they're really not particularly beautiful.
It's the waterfalls and the huge wetland areas that we've got to look after especially.
What you've got to do if you want to preserve the wildlife, if you want to preserve the wetlands,
then you've got to preserve the ecosystem, the entire river system.
So the government has recently put a freeze on any new development of the uranium deposits.
Developers and the state government are upset.
But the federal government and the conservationists are betting that eventually
enough tourists will be willing to pay to see sunsets like this to more than offset the loss of uranium dollars.
A travel tip if you're thinking of visiting Kakadu, there are two seasons here, wet and dry.
Except there, there's a third, the suicide season between November and February
when the temperatures, the humidity, and the mosquitoes are all at their most intense.
That's unbearable, right?
That's when we went. Don't you go then.
Boom! 45 past the hour. Thanks, boys.
We'll come back in just a moment. There's more from Melbourne, Australia right after this.
You mean he's not your son?
Sunday, 7.30, sons and daughters.
You mean he's not my son?
And Wayne is forced to face the truth.
This is a once-only offer. Your real son.
For a tidy chunk of the Hamilton fortune.
A double dilemma for Janice.
I'm carrying a baby, Auntie. I'm pregnant.
Sons and daughters, always a den of surprises.
What's going on?
Sunday, 7.30, on Seven.
How would you like to save $200 on this feature-packed Pacific Three electronic typewriter?
Or $100 on this Smith Corona liftoff corrector?
Or $100 on this Silver Reed liftoff corrector?
And save on ribbons and accessories?
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Pacific Typewriters. Melbourne's number one typewriter company.
Mr. Keating, are you aware the AIDs are running a competition bringing back fringe benefits?
They cannot. It's just not on.
It is on.
Thousands of dollars in fringe benefits, tax-free.
I say it's unfair. I'll stop it.
But they're calling them prizes.
And anyone can win.
Every day for a month.
The details on the AIDs.
Get away.
Restaurant dinners, Mr. Keating.
French champagne.
Flowers.
Weekends at the Heart.
A car phone.
A new Rover.
Mr. Keating, is it true you've been seen reading the AIDs?
No comment.
Get the creature off.
IVF, those three letters standing for in vitro fertilization, appear in the headlines here week after week.
In America, you might know it simply, if somewhat inaccurately, as test tube babies.
But here in Melbourne, world leader in the research and technology, people not only know what IVF is,
they have opinions about it and about the controversies that grow up around it, such as the latest here.
Should human embryos be used for research and experimentation?
The state government has taken an unprecedented step by restricting research now with human embryos,
and scientists are waiting now to see if that means that the momentum, the progress, will come to a halt.
Professor Carl Wood is probably the pioneer most responsible for bringing world renowned fertility research to Melbourne,
and Dr. Alan Trounson is one of those responsible for keeping them here.
Gentlemen, both of you, thank you for being with us this morning.
Thank you.
Nice to be here.
This afternoon.
In America, scientists use mouse embryos for research.
Why do you think it's important to use human embryos?
I think you need to use mouse and human embryos for two reasons.
The information from mouse embryos may not apply to the human embryos because the systems are different.
Chemical systems may be different.
Perhaps even more important than that is that you may do some studies on mouse embryos,
and you may find that this isn't harmful to them at all,
but in fact you might do the same thing to a human embryo and find out that it's harmful.
So if you applied some research just based on the mouse work and put embryos back into humans following a new procedure,
you might produce an abnormal child.
And because of that, it is important to do some preliminary studies on human embryos
to ensure that you're not doing some harm to them if you're introducing a new infertility procedure.
You mean it's arguable that using mouse embryos is less ethical than using human embryos?
Well, it is possible.
I mean, there are some people who hold that ethic that if you're going to actually do work on the human,
you really should use human embryos to do that.
I mean, those type of arguments have been propounded for not doing primate research,
or research on monkeys or on animals which are valuable, and there's very few of them.
So some people have that view.
In-vitro clinics are fairly common now even in the United States,
but not to say, as you might hear, that fertilization procedures are, well, they're commonplace,
like embryo freezing, which is the method by which parents can store as many as 12 or 15 embryos
in a vat of liquid nitrogen frozen.
If one implantation works, or even if it doesn't, they can go back when the time is right,
thaw out a few more embryos, and have another child from the same initial fertilization.
In fact, Australia already has had a set of fraternal twins, think about this, born two years apart.
Would that kind of technology be available if it hadn't been for human embryo research?
Oh, no, definitely not.
And even the original test tube baby work, the original IVF work,
wouldn't have existed without that research.
So we wouldn't have those benefits to the infertile patients right now without that work.
I find this in today's paper, a story about this controversy.
Some of the restrictions would disallow fertilization of hamster or rat eggs with human sperm,
implantation of human embryos in animal uteri.
Is the public not right to read something like that and say,
well, maybe we have gone far enough before we think about this?
Yeah, I think it's important that the community do put certain restrictions on this type of work,
because the scientist should only really reflect the views of the community and what he's trying to do.
And he has to explain to the public why he's doing it and what value.
Take those two examples.
For example, the reason for putting human sperm with a hamster egg isn't to make a product
which is half human and half a hamster.
All that is done is to try and find out whether the sperm is capable of fertilizing a human egg.
The only way to do that easily is to use an animal egg.
Thank you for explaining that. I would have wondered.
Whereas the other one is quite reasonable.
The other restriction in trying to make a hybrid between a human and a chimpanzee,
we would hope that the community wouldn't accept that, nor would we want to do that.
I'm going to have to leave it at that.
We have just a little more business left in this half hour to get to.
Thank you for bringing this to us.
In a moment, a man who would bring the house down if we were in a house, Jimmy Barnes, station very well.
What am I? I'm a bird, and it wouldn't be absurd to fly 90 miles an hour if I wanted.
I can dive from quite a height and tumble down in flight, then swoop with all my might on which I hunted.
I glide away the hours over trees and rocks and flowers, delighting in my powers on the wing, a tumbler in the sky.
I'm old and rare and wise, but not so joyous when you hear me sing.
A superb survival special, brought to you by McDonald's, 6.30 Saturday on 7.
Tonight on Day by Day, the Today Show with Bryant and Jane in Melbourne.
It's sort of like America has this crush on Australia.
I think so much of the myths that people have about Australia are proven untrue once you get down here.
That's tonight at 7 on 7.
Jimmy Barnes has joined us in here. Now I am told you are Australia's version of Bruce Springsteen. Now who started that stuff?
I believe it was my American record company. It's nothing to do with me.
But somebody said you also resemble Joel Cocker, true? I believe I've fallen over a couple of times.
They're much different than Australian rock taste and US taste. I mean you've toured in America too.
I think they're pretty similar. It's just the band's a bit different. It's different down here. It's a lot more intense down here I think.
There's six of you up here, but I understand there's only one Australian, right? One Australian.
One Australian, one Scotsman and four Canadians. What are you going to sing for us?
Working Class Man. I'll get out of the way. Thank you Jimmy.
Oh, you're the one you have been.
You're the guy that I've never met. You used to have me, had me.
You did this kind of thing to me.
You took my man with a heart of gold and a car to share that land.
Oh, he's a working class man.
Well, he loves serving a woman. Someday he'll make his wife, saving all the overtime for one love of his life.
He ain't worried about his model, cause he's just made of mad.
Life's too short for burning praise. I'll take it one day at a time.
Oh, he's a working class man.
Oh, he's a working class man.
Oh, he's a working class man.
Oh, he's a working class man.
Tonight, a sinister case of shattering consequences. You're interested indeed.
A secret treaty stolen in the dead of night. This chain of events is certainly of extraordinary interest.
The security of a nation at stake.
The affair is a very tangled one, and I am not a magician.
An adventure for Sherlock Holmes.
This case of yours is certainly one of the darkest I have ever investigated.
9.30 tonight. The intrigue is yours.
Right, sir.
Here on Seven.
Whether the odors in your home come from the family dog, the family smoker, the family cat, or deep down musty odors,
you should know all about Arm and Hammer carpet and room deodorizer.
It freshens the room where odors linger in the carpet, and it's new.
But the reason you should buy it is that it also works in ashtrays, cat litter, and in your car.
It's got twice the odor-destroying ingredient of these brands combined.
And look, these brands sit on top of the carpet.
Arm and Hammer carpet deodorizer penetrates, destroying deep down odors.
Arm and Hammer vacuums up in a snap, and Arm and Hammer comes in two different scents.
Extra strength fresh light scent, and for really tough odors, maximum strength floral.
Whichever you choose, it will leave every room smelling fresh.
They really work better on all kinds of odors.
Hello. You want to be an entertainer.
To be or not to be.
This is...
La, la, la, la.
Or information on courses and enrollment, telephone 699-1174.
It's time for a few strains of On the Road Again, because it's goodbye to Melbourne and hello to Sydney.
Tomorrow we'll be right on the harbor, looking over the Opera House.
Brian Brown will be with us, also Rachel Ward.
We'll get a taste of some food, and we'll take a look at the controversy revolving around the U.S. bases here.
But that does it for this day. Thanks very much for being with us.
Jimmy Barnes will take us off the air. Enjoy your Wednesday.
With news from all over the world via satellite, this is News Overnight.
A horrific school bus crash in northern Queensland leads this news break.
Good morning, I'm Larry Emder.
Eight high school students were killed and dozens of others seriously injured when their school bus tumbled down a 20-meter cliff late yesterday.
A full investigation will get underway this morning, but it's believed a brake failure caused the crash.
Chris Wordsworth has the details.
Sixty-seven final year students and two teachers were on board the bus, returning home from a three-day expedition at Tinoroo Dam near Cairns.
Theirs was one of three buses chartered by Cairns High School.
It failed to take a turn on the Gillies Highway about 45 kilometers south of the city and tumbled down a 20-meter cliff.
The vehicle rolled several times, crushing the roof, trapping many of the victims under the wreckage.
Rescue workers struggled in damp, difficult conditions.
A makeshift hospital was set up to treat the children before a fleet of ambulances ferried them to Cairns Base Hospital.
One volunteer described the scene as that of absolute horror, with a Catholic priest attending to the dead, seven girls and one boy.
In other news this day, young Samantha Porthouse, the courageous baby who received an adult liver in a transplant operation last year,
will wake up in her own home this morning with her family nearby.
For more than a year she's been fighting for her life. It's been a battle royale which she appears to have won.
Returning home yesterday, Samantha's success story has paved the way for future child liver transplants in this country.
And finally, a battle of a different kind on the other side of our nation. Just in case you haven't heard, no doubt you have.
Dennis Connor will take his prized mug home with him after yesterday's fourth and final Gage Roads race.
Right now the huge parties continue in the deep west with people in Adelaide complaining about the noise coming out of Perth.
Daybreak is next on Sevens News Overnight. I'll be back in just one hour's time with more local headlines.
...redeemed the America's Cup this morning with a fourth race win over Kokobura,
a sweep that returns the trophy after its first venture outside the United States.
Tehran says it's expelling Gerald Saib, that Wall Street Journal reporter arrested in Tehran.
This is Daybreak on CNN for Wednesday, February 4th, with Reed Collins in Washington and Marianne Laughlin and Bob Kane in Atlanta.
Good morning. The Iranian Prime Minister said this morning that the American reporter Gerald Saib is to be expelled from the country.
Saib was arrested Saturday, Iran declaring him once a Zionist spy.
He'd been among half a hundred outside journalists invited to Iran to cover the Iraqi war,
also the public declarations of the parliament leader Rafsanjani on the Iranian arms negotiations.
When Saib's visa expired, he was arrested.
The United States protested through the Swiss, who handled U.S. interests in Iran.
Then this morning, the Prime Minister Mousavi said an investigation has made the facts of the case clear,
and the Wall Street Journal reporter is being expelled from Iran, Mousavi says, in a couple of days.
Well, another contingent of American servicemen is headed toward the coast of Lebanon to join the growing fleet of U.S. warships there.
Nineteen hundred Marines ordered out of Spain and toward the battle group patrolling a hundred miles west of Lebanon.
The carriers Kennedy and Nimitz in an amphibious ready groups maintaining a presence,
apparently the response to the rising tensions ashore in Lebanon.
But the Pentagon says there are no battle plans drawn up.
And Muslim kidnappers in Lebanon have threatened to kill their American and other captives if the United States attacks.
West German government sources tell the Associated Press, meanwhile,
that the two West Germans kidnapped in Lebanon are now known to be in good health.
The government has said to have sent an unidentified middleman out to the region to negotiate for their release.
The two West Germans thought to be held by pro-Iranian Shi'i Muslims.
Iran, meanwhile, denies reports the Iranian Revolutionary Guards are holding Terry Wade, a hostage, in Lebanon's Beqaa Valley.
Wade's not been seen since January 20th. It's assumed that he is a victim of kidnappers.
Saudi Arabia reportedly struck a deal back in 1981 to get some high-tech American AWACS radar planes,
and King Ford agreed to aid anti-communist groups around the world, including the Nicaraguan Contras.
The New York Times says the King and other Saudi officials tried in 1984 and 85 to send the Contras some $15 million to keep up their end of the AWACS bargain.
This comes from an unnamed American businessman who says he refused to act as a conduit for that money.
The businessman's quoted as saying the funds were to be sent through the retired Air Force General Richard Secord and Secord's business partner Albert Hakeem.
A Congressional investigation concluded that Secord was deeply involved in the private contra-aid programs during that period when the Congress had strict controls on U.S. assistance.
Zero time, Area 10.
The United States conducted its first nuclear test of 1987 yesterday, detonating a weapon of less than 20 kilotons underneath the Nevada desert.
The Energy Department says this test, codenamed Hayes-Brook, was a success and there was no leak of radiation.
But there has been some political fallout. The Soviet Union took this as the cue to end its own self-imposed 18-month test ban.
A Soviet spokesman said limited testing now will resume, saying that in refusing to stop testing, President Reagan has decided further to balance on the brink of the nuclear precipice.
The U.S. has said American security policy is built on a principle of harking back to the Stone Age.
And the top Soviet arms negotiator says the United States and Soviet Union are drafting some guidelines for an arms deal for the first time in two years.
But then Yuli Vorontsov cautioned that doesn't mean there's been any substantial progress in Geneva.
In fact, he says the administration of the United States has been too consumed by the Iran contra-affair to make any serious headway on arms control.
Vorontsov says the American arms delegation, quote, obviously has its hands tied and lacks new negotiating instructions from Washington.
President Corazon Aquino wants her military now to swear an oath of allegiance to the new Philippine Constitution.
Refusal to take the oath would result in termination from service.
Unofficial results of the week's plebiscite now show four-to-one support for the new Constitution, except for the voting at some military bases.
Air Force personnel rejected the document, but a slim majority of the Army and the Navy both voted for it.
Nearly five minutes past the hour, federal judges and a total of 3,000 federal officials are set for pay raises next month.
Leaders at the House of Representatives yesterday avoided a vote that might have quashed the salary hikes.
But the issue is so politically delicate, the House may still vote to reject the new salary levels.
And the matter may end up in the courts.
But the judges will probably keep their raises no matter what.
That's because the Constitution says once they get a raise, it's permanent.
James Fletcher, the administrator for NASA, has conceded that the United States might miss its 1994 target for a space station in orbit.
Fletcher also told the Senate space subcommittee yesterday the space station will cost in the ballpark of $13 billion.
Earlier planning set the figure at $8 billion.
Fletcher told the Senate panel that reported budget office suggestions to scrap the space station as well as a replacement shuttle are unthinkable.
Liberace is barely clinging to life this morning.
The entertainer has slipped into a coma and a spokesman says a priest has been called to administer last rites.
Liberace's fans are keeping a vigil outside Casa de Liberace, the pianist's home in Palm Springs, California.
The crowd of well-wishers has at times numbered as many as 100.
Some come to offer prayers, others just to be near the entertainer during his final days.
We're from the same area that Liberace is from around Milwaukee area.
We followed him many, many years. We really enjoyed him.
He was a beautiful, beautiful person.
I was saddened because he's a good entertainer, a good piano player.
Liberace is reportedly suffering from pernicious anemia, emphysema, and heart disease.
His manager has denied reports the 67-year-old entertainer has AIDS.
Six minutes past the hour, Valerie Voss has a weather preview for us, Valerie.
Good morning, Bob. Thank you.
We're looking at our precipitation outlook and there's some snow in the forecast for parts of Wyoming, Colorado, moving into Nebraska, Kansas.
Changes to showers over Texas stretches all the way to the Louisiana Gulf Coast where the heaviest rains will fall.
Snow showers will linger across western New York.
Snowfall amounts in the last 24 hours have been basically on the light side.
A couple of inches reported in Casper, Wyoming, two inches in Sioux City, Iowa, an inch in Sioux St. Marie, Michigan,
two inches at Mount Washington, New Hampshire, and the snow across western areas of New York will continue to be on the light side.
Also across most of the central part of the nation, rain developing across the Pacific Northwest as a new system approaches that area.
Our high temperature forecast map, generally mild, 30s and 40s across a lot of the northwest with 50s in coastal regions,
50s and 60s across the southwest, some 70s across southern California and Arizona, 70s across southern Texas and Florida,
50s and 60s for the rest of the south, some 20s across the upper Mississippi River Valley and Great Lakes,
20s over northern Maine with just a few teens in extreme northern Maine, 40s and 50s from the mid-Atlantic into the Ohio River Valley today.
Daybreak continues now with Mary Ann Laughlin.
Thanks, Valerie. The Senate is scheduled to vote today whether to override President Reagan's veto of a clean water bill.
The House of Representatives handed the President a stunning defeat on that issue yesterday.
It voted 401 to 26 to override his veto.
The bill provides $20 billion to clean up the nation's polluted waterways, but Mr. Reagan says it's a budget buster.
The Senate is expected to join the House in overriding that veto.
Well, the stage is set for a congressional confrontation over the 65-mile-an-hour speed limit.
The Senate voted yesterday to allow states to raise the limit from 55 to 65 miles per hour on rural highways.
The measure was tacked onto a highway funding bill the Senate is debating.
The House voted to keep the speed limit at 55 when it passed its version of the highway bill last month.
So a showdown is expected when the bill reaches the House-Senate Conference Committee.
It's eight and a half minutes past the hour. Dennis Dumbler probably stayed up late last night, kept an eye on the America's Cup.
He didn't take Dennis Connor Long, just 1, 2, 3, 4.
Four races would have been over in four straight days had they not called for that one day off, the lay day.
But Connor got it over with anyway.
The only American to ever lose the America's Cup has regained yachting's biggest prize by completing a four-race sweep of the Aussie challenger, Kukuburra.
Three in the finals off the coast of Australia.
The final margin in the fourth race was an astounding minute and 59 seconds.
The Kukuburra just never had a chance.
Stars and stripes with Connor at the helm led from the very beginning.
They were hiding things out after the first turn to about 20 seconds in the lead.
And somebody said that that's the equivalent of a 20-run inning in baseball.
So it was the first sweep by an America's Cup skipper since Ted Turner steered courageous past Australia in 1977.
Stars and stripes wins back the America's Cup.
Now the San Diego Yacht Club is the home base for Stars and Stripes.
And needless to say, they were doing some whooping it up out on the West Coast.
They say maybe 700 people, including the mayor of San Diego, Maureen O'Connor and singer John Denver, were there.
They had a dinner of swordfish, Australian beef pie, and they cheered the live broadcast of Connor's victory.
Club members jammed in front of 11 television sets throughout the entire building.
They spent much of the night laying welcome home plans for Dennis Connor.
Now joining us live on the telephone from Fremantle, Australia, where he has been covering America's Cup action, our Michael Kalman is with us.
And I'm sure, Michael, the tone there, as it was in San Diego and throughout the United States, was one of great joy for the Stars and Stripes victory. Is that correct?
You've got that right, Dennis. As you might imagine, with a day filled with emotion, complete elation, and I'm sure a certain amount of relief for Dennis Connor,
a certain disappointment for Cougarburg three skipper Ian Murray.
Interesting thing, though, down three races to nil this morning, they headed out,
and there were more people on that rocky breakwater that you've seen throughout my coverage here, cheering the boats on to battle,
as one Aussie described it as real lump-in-the-throat stuff, and he was absolutely right.
I spent most of the day at Stars and Stripes headquarters, and you can imagine what that was like.
That was a celebration from sunup on, because there was a certain feeling around that camp all day that the races would be over tonight,
and they were right, and the celebration has begun. Right now, Ian Murray and Dennis Connor are in a press conference across the parking lot from where I am,
and I'm going to go over there shortly, and we'll be getting some sound back to you later in the morning.
Interesting, though, 1983, Dennis Connor had to watch the Australians celebrating in his homeland at Newport, and tonight it's his turn to celebrate in Fremantle.
So the party has begun, and the celebration will go all night long, I'm sure.
Michael, as you said, you are going to have a report for us, and we'll have that in the next hour here on Daybreak,
but let me ask you one quick question. When is the crew, Dennis Connor, when are all the guys expected to head back to the United States and bring the Cup with them?
From what we understand, they've been packing for the last week or so, so they have their act together pretty much.
They're ready to climb on a plane. There's just one catch. They can't pick up the Cup until Friday.
That's when the official presentation of the America's Cup will happen, and I'm sure shortly after that the Cup is coming home.
I'll hang around for a couple of days. Michael, thank you very much. We'll talk to you later in the day.
Michael Kamin, reporting live from Fremantle, Australia, where Stars and Stripes has regained the America's Cup Yachting's biggest prize.
Let's turn quickly to college basketball here in the States, where Boston College pulled off the upset in roundball action last night.
It seems like three or four times a week a ranked team has beaten them on this night.
It was Providence. Watch the action here. Ernie Lewis with the under a minute to go hits the three-point shot.
With the game clock running down, Jimmy Benton's shot is off, but Ted Kelly grabs the rebound for Boston College.
They're playing at the Boston Garden, in of course, Boston, Massachusetts.
Now, the problem arose there. It looked like Kelly pushed off, and that's what Rick Pitino, the coach of Providence, thought as well.
Providence with the loss last night in its Boston College's game. Final score read 67 to 66.
One other college basketball score found Syracuse getting fast. Seton Hall, 84-80.
Ton of stuff to talk about, and we'll continue on sports-wise.
We'll lead off with America's Cup action in the next hour. Stay tuned for that, but let's continue this Saturday break, and we'll do that right after this.
Australia, the battle's on. Can cooker do it? You can with these, the official stamps of the America's Cup.
Look for the standard Coles and collect these strips week by week for just $1.99 each, until you own all 50 stamps.
You can take your valuable stamps in this encyclopedia album, normally $12.45, now exclusive to Coles, just $3.99.
Stips 1-6 of the official America's Cup stamps are at Coles New World Now. Australia, we can do it.
This is America's secret weapon. They reckon this funny car will blow the Australians senseless at Calder Park this Saturday night.
But the Yanks haven't counted on Aussie Graham Cowan in Warlord. He's feeling mighty mean.
Jet funnies have come to Melbourne with the world's fastest man on water, Ken Warby, taking to the land.
Working class hero with Peter Russo at the helm has already won a round against the Yanks.
It's all flame-throwing action and nitro-burning spectacles. Bring the family to Calder Park this Saturday night.
Recapping our top story this hour, the first American ever to lose the America's Cup has now won it back.
Dennis Connors, Stars and Stripes defeated Australia's Cookenboro 3 today to sweep their best of seven series in the America's Cup finals.
It was sweet revenge for Connors, who you remember lost the Cup to the Australians back in 1983.
U.S. warships and additional Marines, 1,900 of them are reported now within about 50 miles of Beirut in the Mediterranean.
The Pentagon says the ship and troop movements are routine and that no military action is planned.
But in Lebanon, tension is mounting and it is high.
We have a live update by phone now from CNN correspondent John Donovan in nearby Cyprus. John?
Bob, only 100 miles off the coast of Beirut, we here in Cyprus are still too far away from any of the U.S. carrier groups actually to see them.
Reportedly, we are told newsmen who try to approach those ships by plane will be warned off by U.S. jets.
But the reports that ships are in the area do contribute to a sense of rising tension in this part of the world.
The Syrian news media has spoken out against a U.S. military operation in Lebanon, almost as though condemning such an attack in advance.
Here on Cyprus, editorial writers remain worried that this island would be used as a staging area if the U.S. goes into Lebanon.
Daily, they are publishing warnings to the Cypriot government not to let that happen.
And in Beirut itself, the people kidnapping American citizens, some of them anyway, have prepared for a U.S. move against them
by announcing that they have dispersed four of their hostages around eastern Lebanon. At least they say they have.
They also say that those hostages, three of whom are Americans, will die on Monday unless Israel releases 400 Palestinian prisoners.
Israelis have already said no deal to that.
We have no news at all yet today about Anglican envoy Terry Waite, who disappeared more than two weeks ago
when trying to negotiate a release for some of the missing Americans.
Waite had written before he dropped out of sight a letter which said he wanted no rescue attempts staged if he were taken captive.
The U.S. move for the last few days may leave many people here wondering if a rescue mission is exactly what the U.S. has in mind.
I'm John Dunn, reporting live in Larnaca, Cyprus.
We would add only briefly that at least one of the terrorist groups holding Americans hostage has also threatened to kill them
if there is any U.S. military action aimed at freeing them.
Boat builder Donald Arnau, who designed the speedy, powerful cigarette boat used in racing, was shot to death north of Miami yesterday.
The 59-year-old Arnau was shot in the car while he was leaving a boat building shop.
The cigarette boat was featured in the TV show Miami Vice. Its speed and power made it popular with drug smugglers and with agents who chased them.
Arnau also helped design a drug interdiction boat for U.S. Customs agents called the Blue Thunder.
So far, police have released no information on possible suspects or motives for Arnau's murder.
The New York Times reports this morning that new information on last December's racial attack in Queens, New York may lead to murder indictments.
Last December, a black man was hit by a car and killed after a group of whites allegedly beat and chased him.
The Times reports prosecutors have new evidence that the fight youths involved were chasing the black victim more closely than originally thought,
leaving him no choice but to enter the highway.
The Times says the new information could lead to murder indictments against teenagers who have not yet been charged in the case.
It's now 18 and a half minutes past the hour. This is Wednesday's edition of Daybreak.
And time for weather updates. Full blown weather picture from Valerie Boss.
Actually Bob and Marianne, the weather is so quiet today there's not a lot to tell.
Things will be seasonably mild across the nation as high temperatures rise to the 20s and 30s across most of the north.
There will be a few teens across northern Maine, 50s and 60s across the south with some 70s across southern Texas and the southern two-thirds of Florida.
Hollywood, Florida yesterday went to 85 degrees which tied their record for the date.
And across the west, 30s and 40s with 50s in coastal regions of the northwest, 60s and 70s across the southwest.
Our forecast map for later on today shows another frontal system approaching the Pacific Northwest.
It'll spread showers across Washington and coastal regions of Oregon by later on today.
Snow will be spread across the central Rockies moving into the central Plains states generally on the light side.
And come Texas and Oklahoma that snow changes to rain with the rain showers stretching all the way to the Louisiana coastline.
There's been some light snow across the northern Great Lakes and parts of New England overnight.
That snow will linger across sections of New York but the cold front moving through the area will break up and die out by later on today.
Fog, a little bit of a problem across southeast Texas this morning and also in parts of South Dakota, Nebraska and Iowa.
Visibility is reduced to near zero so you want to drive carefully through that region.
Also travel advisory is in effect for the San Francisco Bay Area and San Joaquin Valleys because of fog.
Those foggy conditions will persist throughout the morning hours in both of those areas.
Here's Mary Ann now with more news.
A used car salesman in Texas has turned an old car into a one of a kind work of art.
CNN's Donathan Towers has the story in this morning's edition of Looking Up.
This 1963 Corvair is one car on the lot of Amarillo used car salesman Jay Battenfield that is not for sale and he says never will be.
You know there's got to be something in your life that's not for sale really.
Something you can kind of leave behind for other people to look at and enjoy and kind of leave a mark that you were once here.
The 62 year old Battenfield has decorated the car with more than 160,000 man-made pearls, gems and assorted doodads.
The little unicorn on the top came from Austria.
This is a ruby cross gold was given to me by Catholic nun.
This is my Marine Corps emblem.
Battenfield takes great pride in comparing his car with Amarillo's other great automotive art attraction, the world famous Cadillac Ranch.
But it is unusual to look out across that pasture and see those Cadillacs sticking out of the ground.
Well you'd wonder, well why did somebody do that?
Well they asked me the same thing about this car.
The project began humbly.
I saw this old Corvair, it was in a derelict condition, but it seemed like the old car told me something, it had some personality.
So I said well, the thing's ugly but I think I can make it beautiful.
Folks around Amarillo seem to think he's succeeded.
It's a masterpiece deluxe, the only one of its kind.
I take a lot of patience to do something like that man, a lot of patience.
And even after six years of fashioning his mosaic on wheels, Battenfield isn't finished.
This he attributes to the Cherokee blood in him.
An Indian never totally completes anything in his life.
He always leaves one thing undone and I always leave one more thing on this car I want to do.
Battenfield is proud of his creation for another reason too.
Billionaire Atros Perot he says doesn't have one of these.
Jonathan Towers, CNN, Amarillo, Texas.
In Jacksonville, Florida about 15 people who had paid up to $150 to an employment agency to find jobs for them
stormed and ransacked the company's office yesterday when they realized that the agency apparently was a fraud.
A secretary there says the job seekers who had waited a couple of hours to reclaim their money
took everything in the office including the plants, the coffee, the coffee machine and all the pictures on the walls.
They had left by the time police arrived.
Police confiscated the company's records and the state attorney's office says it will investigate the employment agency.
You don't find much out here but that hasn't deterred one group of people from searching for gold.
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It is twenty-five minutes past the hour on daybreak.
We have joining us live by telephone now the brother of Wall Street Journal correspondent Gerald Seib,
who was arrested last weekend in Tehran.
Tom Seib is joining us by telephone from Lincoln, Nebraska.
Do you hear me Mr. Seib?
Yes I can Bob.
Where and how did you get the news that Iran has decided to expel your brother from the country?
Well again at this point it's an unconfirmed report.
We haven't got any confirmation on it.
The only reports we've had were very unconfirmed and from the news agencies.
So at this point we're very optimistic.
But again these reports are unconfirmed.
I'd like to stress that.
But if true this is really fantastic news and what we've been waiting for.
Alright well the report we have is coming via Associated Press and the other wire services from Iran's Prime Minister Hussein Mousavi.
It seems to bear some credibility.
Can you shed any light on why you think they picked on Gerald Seib?
Well I sure can't.
This has been the big mystery to our whole family.
We just don't understand exactly why this has happened and why they picked on Jerry because
to us there's no basis to any of the assumptions that were made.
And we know that he's just a professional journalist who's just doing his job.
And the whole thing has just been a complete mystery to us.
I think maybe that's why it's being cleared up so quickly.
I think there had to be some kind of mistake or at least that the truth has been found out because the whole thing has just been a complete mystery to us.
Has the State Department or other agencies of this country's government been in touch with you or your family?
Not concerning the report this morning.
No that's why at this point we consider it unconfirmed although very optimistic.
But I mean throughout the rest of the ordeal earlier this week have they been in touch with you?
Much so. The State Department has been in constant contact with our family and I think have done everything they can to try to resolve this thing.
Alright. Thank you for joining us this morning.
Tom Seib, the brother of Gerald Seib, the Wall Street Journal reporter arrested in Tehran and now purportedly about to be expelled from or to put it another way, let go by the Tehran government.
We'll have further information on the reporter's condition and on the expulsion even when it happens for you so stay with CNN.
For now, I'm Marianne Laughlin.
I'm Bob Kay.
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Good morning, the dollar picks up, the long bond gains and on Wall Street the Dow stumbles.
And welcome to this edition of Business Day this Wednesday, the 4th of February.
The U.S. dollar is stronger but in a thin market this morning, dealers saying the green back up on lack of sellers and not any rush of buyers.
British Pounds Sterling down to $1.52, Canadian Australian currencies higher in value.
The West German Mark is weaker at one mark 81.2, the Yen slipping a fraction to 152.7.
The U.S. long bond trading in Europe up 2.30 seconds in price that yield now 7.51 percent.
Four major oil companies have signed contracts to purchase Saudi Arabian light crude at $18 a barrel.
Companies Chevron, Exxon, Mobil and Texaco, known formally as Aramco, an Arabian-American oil company.
News of the agreement though surprised many analysts. Aramco rejected a similar contract just about a month ago.
Aramco apparently deciding the price of oil will stabilize at $18 a barrel or possibly higher.
Something many analysts are disagreeing on that so it would seem are the markets.
March deliveries of Brent North Sea crude now indicated $17.75 a barrel. That is down 20 cents from Houston.
Gold is down $1 and a nickel from the New York Close. $4.02. 55 cents an ounce is the quote in London.
The stock market clearly divided between the blue chips and the secondary issues.
Dow suffering a setback yesterday. The overall picture shows more optimism.
The Dow swung erratically in trading yesterday and showed a three point gain only a half an hour before the close.
But at the bell that gain had turned into an 11 point loss.
Even though the S&P 500 and the big board composite showed minor losses, advances actually led to climbers about 880 to 718.
Trading very active, 198 million shares changed hands.
The American Stock Exchange up to its sixth consecutive record high yesterday and the OTC up a good two and a fifth points.
It's now just 12 points shy of its record.
The combined value of the three exchanges up one and a half billion dollars to a new all time high and that is as measured by the Wilshire 5000.
Mel Schmidt, senior analyst at Drexel-Burnham-Lambert, our guest market analyst this morning. Mel, good morning.
Good morning Bill.
The word you keep hearing, everybody asks it, everybody wants to know is the market overvalued? Is there going to be a correction?
How do you see it at Drexel?
We view it at Drexel as a market where there's no big correction on the way.
We feel that there's a stress on selectivity but we feel that the bias in the market is still up.
Why?
There's a lot of money, there's a bidding up for what I would consider financial assets.
You know a decade ago the bidding up was for goods, real goods.
Now I think the world has awash in currency and the stock market domestically probably has underperformed relative to other world markets.
You've had a decade now where we've had a consolidation of companies in the sense there's less than 2,000 stocks on the big board.
Many of them are hated or under followed so the bidding up is in the visible ones, the big caps and ones with good technology or good story.
That's an interesting phrase you use.
I know you follow under followed stocks. What are these?
These are stocks that have had a day years ago perhaps they've had a glorious past and faded for one reason or other.
Or they've failed to be recognized because of a business that's not well understood or a market that's perceived to be slowing growth or a mature business.
It could be a company that's had an earnings disappointment or cut the dividend.
And so there is a belief at least on my part that there's money to be made in stocks that fully reflect all the disappointment so that any benefit to be derived from a change in the fundamentals is not yet in the stock.
And that's my bet against a market correction is you play stocks that have already made their own correction based upon their own fundamentals or in the past the lack thereof.
Well let's just some examples here. What are some industries that are under followed for instance?
Well I follow special situations so I look at companies that transcend industries. I don't pick groups that may necessarily be in any one given area.
As a matter of fact it's because they're in multi industries that it's difficult to follow and because they're under followed it gives analysts such as myself opportunities.
There's ones that the analysts can't figure out where to put them.
They can't figure out what they did or what they do or what they're likely to do and I think there are opportunities to make money in that context.
Alright let's talk about some of them. What are some favorites of yours?
One of the stocks I follow is General Host. It's in the nursery and craft business. The stock was as high as 25. A year or two ago it's down about 12 and a half.
This is General Host.
General Host they have about half of the value of their stock in cash. They have an excellent nursery and craft business. They have the potential to grow at 20% or more.
It's under followed on Wall Street. It's hated because it has collapsed in price as the company has gone through a restructuring process.
Okay another one.
IU International a decade ago it had a billion dollars in debt. A billion dollars in debt and was a conglomerate in shipping and other businesses.
Today they have a hundred million dollars in cash which is more than their long and short term debt combined.
It's interesting the two you mentioned both seem to have an awful lot of cash on hand.
Part of the restructuring has been the liquidation of marginal businesses and I think that's where the bet is that if they can do something attractive with the money
they can grow in areas where in the past they had no record at all because of the mature nature of the businesses that they've been in.
Okay General Host IU International. Mel thanks very much for joining us on business day.
A pleasure to be here this morning.
Stock index contracts headed lower on the Chicago Exchanges yesterday. Cynthia Rogers reports.
Stock index futures ended lower as traders took some of their profits out of the stock market.
Traders said weakness in the bond market amid jitters over this week's treasury refunding pressured blue chip stocks and the futures markets.
Also traders said there were worries that the Dow Jones Industrial Average might sputter at the 2200 level.
The last time that level was reached last month the stock market plunged more than 100 points in the most volatile trading session ever.
Cynthia Rogers CNN Chicago.
The Treasury's auction of three-year notes resulting in the highest yields on those securities since last August.
Ten billion dollars worth of the notes on the block yesterday and they sold at an average yield of 6.54 percent.
That's up from 6.42 percent at the last such auction in November.
That result a little higher than the expected 6.5 percent.
On the block today and nine and three-quarter billion dollars worth of 10-year notes as the government continues its refunding.
The Teller Rate Interest Rate Index continues to push higher. That basket of short-term rates now up to 5.980 percent.
Revelations of insider trading that are shaking Wall Street. That after a look at some world stock markets.
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Secret records found by government investigators indicate Ivan Boski and some officials of Drexel Burnham Lambert are linked in illegal stock transactions.
That according to this morning's Wall Street Journal.
The records appear to show Boski and the officials shared profits, concealed their relationship and didn't report ownership of large blocks of stock.
The officials weren't identified. Experts say such a relationship though would break numerous laws covering insider trading.
The stock of American Medical International picking up 1-3-8 yesterday to 19.25 a share.
That on news the closely held Pesce and Company offered to buy out American Medical for $20 a share. $1.74 billion.
The bid by Pesce, and that's a healthcare and information systems company, took American Medical by surprise.
Hospital chain operator said it didn't even know if Leroy Pesce, who runs the company bearing his name, held any stock in American Medical.
One of Wall Street's glamour stocks having a lot of trouble pulling off what had seemed a done deal of a merger,
Home Shopping Network, the television shopping concern, said it and COMB Company had hit a snag in merger discussions.
They didn't say what the problem was, only that they were working to settle it, but they couldn't promise anything.
The stock market was unhappy with that. COMB stock dropped 4.75 a share to $25.25.
COMB, by the way, is a merchandiser that owns a 50% stake in Home Shopping's biggest competitors.
There are experts who say takeover fever is calming, while not our CNN columnist, Dan Dorfman. Dan thinks American Brands is in play.
American Brands has long been rumored as a takeover candidate. Well, now, the nation's fifth cigarette producer, its stock is on fire.
And let's look at the stock. The 52 week low, 33.58, the high 52.5, and yesterday's bump market, the stock was up 1.5 to 50.38.
The stock's up nearly 25% in the last eight weeks. The estimated takeover for this company, $65 a share, or over $7.1 billion.
Here are the rumors making the rounds that perhaps bad industries, that's British American Tobacco, may be interested in the company.
There's this old talk of perhaps of a friendly deal with Gillette.
And there's also talk that management, to escape an unfriendly takeover, may do a restructuring, sell off some divisions, and then go private.
Keep in mind these are all rumors, but the way the stock's performing, it looks like it's in play. I'm Dan Dorfman.
Incidentally, in trading of U.S. stocks in London, American Brands is down three quarters of a point.
Our international report is next. First, Freedom may be around the corner for Gerald Seib. Here's Reed Collins with that. Good morning, Reed.
Good morning, Bill. It looks as if the Wall Street Journal reporter Seib is coming home soon.
He was arrested in Tehran last Saturday and accused by the Iranian government of being an Israeli spy.
This morning, Iran's Prime Minister, Mosavi, says Seib is to be expelled in the next couple of days.
Seib had been detained when his visa expired. He had spent 10 days there with the other foreign journalists who had been invited in by the Khomeini regime to cover the war with Iraq.
The America's Cup is finally coming home. This is certain.
Dennis Conner and the crew of the Stars and Stripes breezed to a fourth straight win over Australia's Kukuburra III this morning.
It was a $15 million three-year quest for Conner, the only American skipper to lose the Cup in its 135-year history.
1,900 Marines are en route from Spain now to join that growing fleet of ships patrolling the waters between Cyprus and Lebanon.
Pentagon sources are stressing this group has no orders preparing for any military operation,
but the terror groups ashore in Lebanon say any invasion would be the death warrant for the hostages.
Saudi Arabia agreed to fund American-supported anti-communist rebel groups as part of the 1981 arrangement to buy the sophisticated AWAC planes, the New York Times reports today.
Their story says the Saudis tried to funnel $15 million to the Nicaragua Contras in 1984 and 5,
but congressional investigators could not determine exactly what happened to that money. That's it from here, Bill.
Thanks, Reed.
An active day in Tokyo, a billion and a half shares traded.
In the Tokyo Stock Exchange, the market ended mixed with an E.K. Dow picking up just 17.5 points.
Tokyo Stock Exchange index rose one and three-quarters, some profit-taking evidence.
London is gaining ground at noon, stocks rising with the Financial Times 30 up 8.8. Well, the broader FT 100 is up 8.7.
American stocks traded in London, drifting lower, not much activity.
Tobacco stocks, though, as a group are down up to a dollar on average following moves in Washington to raise cigarette taxes.
The London Stock Exchange is keeping its doors open longer. Effective today, it will keep trading until 5 p.m.
That's noon Eastern time in the U.S. That lets London overlap New York trading by two and a half hours instead of just one hour as before.
With more on that story, on the telephone from London, here is John Edwards, correspondent for the Financial Times.
John, good morning.
Morning.
Is there more to this than just adding an hour and a half?
Oh, yes, I think it's now being revealed that it's part of a much bigger and ambitious plan to centralize world trading in international shares in London.
And you mean trying to overlap with several markets?
Well, this process has already started. It started last year at the Stock Exchange.
It merged with an organization representing the international stock brokers, a lot of them the U.S. commission houses.
And they've got these very ambitious plans to make London the center for international trading.
They're already, since October last year, quoting a lot more stocks on the screens, particularly those made in continental Europe.
But they now want to put a lot more on their books in the future.
John, is it really necessary to keep the exchange itself open?
Can't you, with your new system, can't you just trade off screens at any hour of the day and night?
Yes, in fact, that is the plan.
It is hoped that the screens will be extended considerably to include a whole lot more stocks and a whole lot more market makers, including some of those from outside London.
A rather controversial proposal to increase the number of market makers making deals available at any time of the day.
And some of these will not be centered in London, but will be centered elsewhere, presumably in New York and Tokyo as well.
John, what do you think, in your opinion, this means for the New York Stock Exchange?
Well, I think it, unless they are very careful, they've got to watch out that London will in fact take all the international business and become the world center for international trading shares,
confining New York possibly to a rather more domestic role.
And I'm sure that is something that New York won't be very happy about.
Well, I'm sure they're going to be talking about it today.
John, thank you very much for joining us. We'll be seeing you later.
Standard Chartered Bank of Britain may have violated a key British business law. Last summer the bank fought off a takeover by Lloyd's Bank when four key supporters bought up large blocks of its stock.
Now it appears Standard Chartered loaned the four $150 million each to buy the stock.
The bank's chief financial officer warned directors the act might violate the law. When they didn't listen to him, he resigned.
Now today, Standard Chartered denied any wrongdoing.
A company in tiny New Zealand is bidding to become the world's second biggest paper company.
Fletcher Challenge is buying a 47 percent stake in British Columbia Forest Products of Canada effective control.
It already owns Crown Forest Industries of Canada, Tasman Pulp and Paper in New Zealand, and is bidding for control of New Zealand forest products.
Fletcher Challenge plans to put all these together in one very large group.
More insider trading revelations. Sorry. We will be looking at what foreign investors are doing in Wall Street right after this look at some stock markets around the Pacific Rim.
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Guy Mitchell, Twenty Golden Greats. Fantastic value from record stores everywhere.
Wednesday is our international day and we're going to take a slightly different approach today. We're going to look at where foreign investors are putting their money here and elsewhere.
Joining me is Anil Saha. And he is a vice president in the international area at Prudential Basics Securities. Good morning. Thanks for joining us.
Where is the international investor who's got a fair amount of money? Where are they putting their money these days?
Well at the moment they're sort of the international investor finds that because the volatility of the currencies he is looking for a safe haven and they keep switching from one currency to another.
And I believe that a lot of it is coming into the United States now in the market because it offers a better real return for their money.
Why does that? Because they're having to convert into a currency that is going down in value, the U.S. dollar, and obviously even if the New York market goes up the value that they're going to get for that dollar when they convert it back into their yen or marks or francs or what have you is less.
I think the expectation is that the dollar has gone down a lot. For instance the German market has pulled back recently and I think people have taken their profits there and they're looking for another area to put their money in.
The American market offers a lot of liquidity especially to the larger investors which other foreign markets do not. And also there is, you know, Germany and Japan cannot continue to lend money to people as well as to, you know, they've got tremendous trade surpluses and they cannot continue to lend in countries and sell in countries.
And then not buy from those countries. So I think that we're going to see a situation here where the dollar has perhaps found its bottom and there is the expectation internationally.
What would be the danger signs that might cause foreigners to pull out of this market?
Well I think that if the dollar continues to decline excessively then they would and that would cause problems because it would create a recession in this country.
Why are people so shy or leery of the Japanese market? It keeps going up yet for weeks and months people have been saying I don't trust this market. It's peaked but it still keeps going up.
Yeah I think the stocks there are overpriced. The multiples are very high now.
You would stay out of Tokyo right now?
I would. Well I would. I would I think. I think that whatever people might say there is some accord that, you know, between the states and the Japanese that the Japanese yen will not go below 150 very quickly.
The British market. We hear it's going up too. It hit a record the other day yet we hear very little about investments in their prospects.
That's very interesting. The British market at the moment does offer some very low price stocks which I think can be taken advantage of and people have been doing that in the past.
A couple of names.
Well Jaguar is one. Burrows Welcome is another PLC. They're good low price stocks and they've been going up. In fact doubling, trebling in the last.
Jaguar the car company. That's right. Burrows Welcome the drug company.
That's right.
Thanks very much for joining us.
Thank you.
And now today's street picks. They come from James McDermott research director for Keefe, Broyant and Woods.
Heading our list of course would be Maryland National which is a super regional banking company located in the mid-Atlantic area.
Maryland National possesses above average operating credentials, high performance company that sells at an average bank stock multiple.
We think that investors would be well advised to take a look at that company.
Also we think that JP Morgan represents good value. Morgan is one of the larger capitalization issues.
It is a very visible company, AAA rated company.
We think that it sells at a slight premium to the bank stock, average bank stock multiple but at a sharp discount to the S&P multiple.
And think that there would be good opportunity in JP Morgan as the year unfolds.
And looking back at the London financial markets before leaving this morning.
The dollar is mostly higher in value only the Canadian and Australian currencies are up against the greenback.
West German Mark weaker at 1 mark 81.2 Fennigs. The Japanese Yen slipping to 152 and a fraction.
The U.S. long bond up 2.30 seconds in price and that yields 7.51 percent.
Crude oil prices down. Brent North Sea crude for March delivery is off 20 cents from prices in Houston.
The price of gold down a dollar and five cents from the close here 402.55 is the quote.
On world stock markets Tokyo closed up just slightly 17.5 points on the Nikkei Dow and in London prices are up at noon.
That is it for this edition of Business Day.
Join us tomorrow to talk with the manager of the Santa Barbara Fund.
Mutual fund that cashes in on takeovers.
And John LaFay of Delta Capital Management a market watcher who sees this bull market as a whole new ball game.
We'll have a full financial update in one half hour. Daybreak is next. Thanks for joining us and enjoy your day.
This has been a presentation of CNN Business News.
I witnessed the incredible experience.
The wonderful joy the peace the world within your reach.
Experience life on CNN.
Via satellite from the resources of the American Cable News Network.
You're watching news overnight.
The Army called in to help fight bushfires.
That report leads this local news break.
Good morning again. I'm Larry Mder.
90 soldiers will battle a massive bushfire near Canberra in just a few hours from now.
The blaze has been raging out of control for three days.
And as Kay Brown reports, it's still threatening bushland and farms.
We've been here all night. We're doing all right.
A temporary respite for some of the men whose three day battle could be charted by a 30 kilometer long, 10 kilometer wide trail of destruction.
Bloody awful to say the least.
It appears at this stage, we're not sure, but it appears it started from a cigarette butt.
Starting near Breadbow, 100 kilometers south of Canberra on Monday, the fire swept through the small rural community of Peak View, miraculously sidestepping homes, but engulfing all else in its path.
The blackened properties are deserted.
The farm is still too busy fighting the fire to count the cost.
They've been back, but only briefly to put down stock badly burnt and left suffering in the wake of the fire.
The biggest worry now is the Badger State Forest.
The fire's already caught a hold. It jumped the road and they're back burning now as fast as they can.
However, if the wind does shift, there's no way that the firefighters can get into that forest and nothing to stop the fire raging on towards the south coast.
Leading the attempt to cut off the blaze, the same reluctant heroes who were trapped by fire for more than four hours yesterday.
Oh, the fire just came in behind us and in front of us. We just had to set it out.
The 14-month-old son of an Australian couple charged with heroin trafficking was flown back into this country yesterday.
The infant will be cared for by an uncle who lives in Sydney.
The boy's parents, Paul and Nola Hudson, both aged 35 of Sydney, have been charged with possessing 6.6 kilograms of heroin.
They remain in separate Thai prisons.
Now, if they're found guilty of possession with intent to sell, they could face the death penalty.
On a much happier note now, the wonderful story of brave little Samantha Porthouse.
Ten weeks ago, Samantha received an adult liver in a transplant operation which made medical history.
At the moment, she appears to have won her 12-month fight for life.
Yesterday, she went home and this morning, for the first time in a long time, she'll wake up with her family.
Gina Pickering reports now.
Samantha's always put on a brave face.
Eight months ago, her eyes and skin were discolored by jaundice, her only hope of survival, a liver transplant.
And this is how she looks today.
A ball of energy, happy to be at home with her parents and older brother and sister.
In her two short years of life, she's undergone six major operations. It hasn't been easy.
There must have been times when you both really lost confidence.
In September, when she was hemorrhaging, it was the hardest time.
She almost died then and we thought she'd be finished then, that there was no chance at all.
I started to have doubts that maybe Samantha had had enough, you know, a different state.
But now, when I look back on it, I'm glad that, you know, that I never changed my mind.
Sam fought on. Last November, she received an adult's liver cut down by half to fit into her tiny body, a medical first for Australia.
I think 50% of it was the surgical work and 50% is herself really battling it away.
You know, to look at it now takes a big worry off your shoulders.
Great. Well, if horse racing is the sport of kings, then 12-metre yacht racing must certainly be the sport of Prime Ministers and Presidents.
Both Bob Hawke and Ronald Reagan have shown much interest in the America's Cup.
In fact, they bet each other a traditional hat.
If we won, Prime Minister Hawke would have collected a classic cowboy Stetson.
But as you well know, it went the other way.
And now President Reagan's brass hat stand will feature an Acubra from Down Under.
Laurie Patton has the story.
Acubra is aboriginal for headgear. They come in various shapes and, of course, various sizes.
Ronald Reagan's head is a modest size 58, considered on the small side for an American.
It takes about three weeks to make an Acubra.
What we thought this time is that we're giving one of Greg Norman's stars, which we call the Great Wife Show.
And it's going to be a winner on the golf course, and I'm sure the President will enjoy wearing it in America.
The more you wear, the better they get that I get a good pair of boots.
There you go. Ronald Reagan has a small head for an American.
More local headlines in just one hour from here.
I'll have those and a repeat of last night's News World.
Until then, it's CNN on overnight via satellite.
I think it's terrific. The best thing that could have happened to San Diego.
I really do. It's going to be terrific for San Diego. Let's keep it here.
USA! USA! USA! USA!
The Stars and Stripes have made it four in a row, and the roar in the San Diego Yacht Club could be heard in the outback.
The America's Cup was America's once more.
And the American reporter Gerald Seid is to be expelled from Iran.
This is Daybreak on CNN for Wednesday, February 4th, with Reed Collins in Washington and Molly McCoy and Brian Nelson in Atlanta.
Good morning. The Stars and Stripes made it a clean sweep today,
beating Cucabrita III for the fourth time without a loss and retrieving the America's Cup from its three-year stay down under.
The margin in this fourth race was nearly two minutes' time, and it was look ma, no hands for the skipper Dennis Connor,
redeeming himself after losing the Cup in 83.
For the rest of the world, it is back to the drawing boards and to the bank,
and we'll have the complete story of the final race for the America's Cup in sports just coming up.
Iran's Prime Minister said that Gerald Seid, the Wall Street Journal reporter held in Tehran
and accused of spying, is to be expelled from that country within two or three days.
Seid was arrested this weekend after being invited into Iran with several other foreign journalists.
Yesterday Tehran Radio was saying that Seid was a spy for the Zionist regime, meaning, of course, Israel.
But today the Prime Minister, Mir Hossein Mousavi, said that Seid's case had been clear after investigations were made,
and he's going to be allowed to leave Iran soon, in fact, kicked out.
Mousavi said Seid had collected what he called abnormal information on the Iran-Iraq battlefront,
but he did not elaborate on this.
Seid's editors and family called his detention a dreadful mistake, a complete mystery.
Around the clock, vigil for Seid was kept at the Roman Catholic prep school in Kansas where he had studied.
This morning there's been no immediate comment from the Wall Street Journal, the State Department,
or the Swiss Embassy in Tehran that looks after U.S. interests there.
Iran's ambassador to the United Nations has called a press conference at the U.N. for later this morning.
Topic unannounced, but presumably there will be questions on the Seid affair.
Nineteen hundred more U.S. Marines have been ordered out of Spain and sent toward Lebanon this morning
to join the growing American battle group patrolling within a hundred miles of Beirut in the eastern Mediterranean.
The Pentagon says there's no attack planning in the works,
but it is prudent to show the flag and waters giving the increased tensions in Lebanon.
Muslim kidnappers have threatened they'd kill their hostages if the U.S. force,
now up to 25 combat ships, launches any attack.
The missing hostage envoy Terry Waite may be nominated for the Nobel Peace Prize.
British lawmakers say they're planning to nominate him for the hostage-freeing efforts he has made.
Waite, though, disappeared, reportedly working to free the foreign captives.
The last time he was seen in the West was in January the 20th.
For the first time in two years, U.S. and Soviet delegations at the Geneva arms talks
are now working on the framework of some actual treaty.
But the head of the Soviet delegation, Yuli Vorontsov, said progress is being made and may not be substantive.
Vorontsov says U.S. insistence on continuing research into the space-based missile system
remains the barrier to any all-out arms control treaty.
And the Soviet Union says yesterday's American nuclear test in the Nevada desert
will prompt a resumption of Soviet testing, or at least will clear the way for it.
The Soviets have been maintaining their own moratorium for 18 months
in the hope that the United States would be forced to join in.
Tass says the American decision to keep testing led the world to balance on the brink of the nuclear precipice.
It's four minutes past the hour now.
There's debate within the administration over Star Wars.
At a White House meeting, Defense Secretary Weinberger pressed hard yesterday
for early deployment of the strategic defense initiative Star Wars,
designed to protect the nation against missile attack.
But Secretary of State Schultz told a Senate hearing that early deployment
might violate terms of the 1972 Anti-Ballistic Missile Treaty with the Soviet Union.
If we or the Soviets wish to deploy something other than the point defense
of the nature of the one they've deployed around Moscow,
we would either have to get agreement to modify the treaty
or exercise our rights to withdraw from it, or they would.
Schultz said no decision on SDI deployment is expected this year,
and he said reports of his differences with Defense Secretary Casper Weinberger are usually exaggerated.
In about an hour from now, the Congressional Budget Office releases a report
on how to cut the federal deficit, and among the options,
cancellation of plans to build an orbiting space station and a replacement for the shuttle Challenger.
However, NASA Administrator James Fletcher says canceling those plans is unthinkable.
Fletcher told Congress yesterday that both projects are essential
if this nation is to regain space supremacy.
But the NASA chief admitted that the $8 billion price tag for a space station was based on guesswork.
$13 billion is more than the ballpark, Fletcher said.
And plans for a permanent space station might have to be slowed down and cut back because of cost overruns.
Five and a half minutes past the hour now.
Valerie Voss seems unusually calm today. Maybe that has something to do with the weather.
Good morning, Valerie.
Are you trying to tell me I'm asleep, Molly?
We're looking at our precipitation outlook.
There has been a little bit of light snow across northern parts of the country, but not really a lot.
Two inches of snow fell this morning at Sheridan, Wyoming.
Two inches since last night in Casper, Wyoming.
About two inches in Sioux City, Iowa.
One inch at Sioux St. Marie, Michigan.
Two inches at Mount Washington, New Hampshire.
Snow showers will continue, especially across western New York and New England today.
Snow in the forecast from Wyoming into Nebraska, across parts of Colorado, just touching the Texas Panhandle.
Then it turns to rain across most of central Texas down to the Louisiana Gulf Coast.
Showers in the forecast throughout that region.
And a new system approaching the Pacific Northwest will create some rain by later on today across that region.
Also, travel advisories in effect for southwest South Dakota at this hour.
Two inches of snow fell at Rapid City, four inches at Hot Springs, South Dakota.
Here's Molly now with more news.
Thanks, Valerie.
Liberace remains near death at his Palm Springs, California home.
An associate says the 67-year-old entertainer is in a coma and that a priest has been called to administer last rites.
Fans continue the vigil outside.
Inside the house, Liberace's family and closest friends remain.
His attorney says Liberace is resting comfortably and is in no pain.
A man who designed speedboats like the ones featured on TV's Miami Vice has been shot to death.
Donald Arano died late yesterday afternoon.
Arano was shot in his car as he was leaving a boat-building shop near Miami.
Police have released no other information on the shooting.
The boats Arano designed have set 25 world speed records.
He may best be remembered for the sleek, speedy cigarette boat.
Arano was also a world champion boat racer.
Saudi Arabia may have agreed to fund Nicaraguan counter-rebels so the Saudis could buy U.S. aircraft.
The New York Times quotes U.S. officials as confirming the story.
The Saudis supposedly agreed to funnel to the contras $15 million in 1984 and 85.
This was to be in exchange for congressional approval of the sale of $8.5 billion worth of AWAC aircraft to the Saudis.
The sale was approved.
The deed may be done, but House members may still try to stop a pay raise for themselves and for other top federal workers by voting against it today.
The House adjourned last night without voting, apparently allowing the pay hike to go into effect at midnight.
But House Speaker Jim Wright thinks the deadline for the pay raise is in dispute.
So there may be room to maneuver.
Legislation killing the pay raise is attached to a bill providing $50 million to the homeless, which the House is expected to pass today.
President Reagan is expected to suffer his first legislative defeat of the year today.
The Senate is expected to override Mr. Reagan's veto of a $20 billion clean water bill.
The House did just that yesterday.
A Democratic congressman from New Mexico says the fight over the water bill means there are troubled political waters ahead.
Overriding the president's veto on the Clean Water Act is more than just an environmental vote.
It's a vote that sets a tone of confrontation rather than cooperation for the 100th Congress.
Regrettably, by the president's ill-advised veto, it sets the stage for an unhealthy future relationship with the House and Senate.
The president thinks the $20 billion water bill is a budget buster.
It will pay for cleaning up the nation's lakes and rivers, as well as other anti-pollution programs.
The Senate has passed a provision of a highway bill that would give states the right to raise the speed limit to 65 miles per hour.
On rural interstate roads.
But at this point, it is not all that certain that the bill will become law in that form.
A previously passed House bill for highway funding does not contain the higher speed limit provision.
And a key backer of the Senate measure says he might be willing to trade the extra 10 miles an hour for spending concessions on House-backed highway projects.
It is nine and a half minutes past the hour now.
Dennis Dumbler is in with the look at all the sports.
They had the speed and the stamina and the right boat down under.
I tell you what, they had everything going their way.
We're talking about skipper Dennis Connor, of course, and the crew of the Stars and Stripes.
Today they regained the America's Cup.
Connor, who lost the cup to the Aussie three years ago, you recall, completed a four-race sweep in the finals over Cookeboro, a three in the waters off Fremantle, Australia today.
And the margin of victory was a whopping one minute and 59 seconds.
Connor was pretty much driven by his America's Cup loss in 1983.
He drove Stars and Stripes to just a terrific victory in this fourth and final race.
He's pretty much hailed around the world as the top 12-meter skipper, and he won the top prize in yachting over Cookeboro.
He gave the U.S. Yacht, as we say, a four to nothing sweep.
It's the 18th sweep in 26 America's Cup finals.
The America's Cup headed back to the San Diego Yacht Club, where Connor in Stars and Stripes' base.
The Americans, naturally, were pretty much outnumbered by the Aussies in Fremantle's harbor.
But as our Michael Kalman reports, there was plenty of celebrating to please all concerned.
It was a triumphant return to the Fisherman's Harbor for the Stars and Stripes.
Dennis Connor and his gunsmoked blue 12-meter could finally heave a sigh of relief.
It had been total domination in the waters off Fremantle.
In 1983, Connor had to watch as the Australians celebrated in Newport.
Now it was his turn.
I'm a little numb right now. I'm sure it'll set in later.
It's great to be here.
At what point out there did you know it had happened?
When we crossed the finish line.
Cookeboro 3 skipper Ian Murray saved some of his best sailing for the final trip home,
dodging spectator boats in the harbor with a full spinnaker.
It was an emotional return for the 28-year-old who had tried so hard, yet had come up short.
He had carried the weight of his entire country, and his countrymen showed their appreciation.
I'd just like to thank them all for persevering with us and coming down and supporting with us.
And I think the people that are down here and the support they've given us is what Australia's all about.
It's the best country in the world.
I think it's a great moment for America and a great moment for the Stars and Stripes team
and a great moment for the Stars and Stripes crew and a great moment for Dennis Connor.
We tried as hard as we could and unfortunately we didn't win a race.
I know that it'll probably all sink in tomorrow or the next day or the week after our accomplishment,
but right now we're just saving it and we're thrilled to be here.
We're just thrilled that it all worked out for us and I guess I'll do better tomorrow, but it's the best I can do right now.
Now the sun has set on Fremantle, but the celebration continues into the night,
both downtown and on cruise ships like the Sea Goddess behind me.
It was nearly three and a half years ago that Dennis Connor became the first American to lose the Cup.
Now he's traveled halfway around the world and gained his revenge.
So what lies ahead? Well, a brief period of rest and then it's back out to sea for more racing.
But first a very important stop on Friday when he'll be presented with the America's Cup.
In Fremantle, Australia, I'm Michael Kalman, CNN Sports.
Later in this hour of daybreak, we'll go to the San Diego Yacht Club and have a report on the festivities there.
Needless to say, there was plenty of celebration in San Diego last night.
We'll have more sports in the next half hour.
Let's continue this hour of daybreak though, and to do that, here's Brian Nelson.
Thank you, Dennis. This just in to CNN from West Germany.
Former Nazi SS General Gerhard Klopfer, the last surviving participant at the 1942 Berlin Conference
that plotted the extermination of European Jews, has died.
He died at the age of 81 in Ulm, West Germany.
Klopfer was one of about 15 top-ranking Nazis who in January 1942 gathered in Berlin
to plot what the Nazis then called the final solution to exterminate the remaining Jews in Nazi-occupied Europe.
We'll have more later.
Just head on daybreak, Valerie Voss, with a complete weather update.
And our ability to hear from extraterrestrial life is now better. We'll explain why.
Also, a report on digitized telephones reaching out to touch rural America.
Stay with us.
Well, hello again, and welcome to the new series of Beyond 2000.
For the first program in the series, we've decided we want to celebrate Australian innovation.
So to get us off the ground, let's look at an Australian-designed aircraft
that's about the same price as an average family car.
It's called an infrared intrusion sensor.
It's a unique Australian invention which looks and feels like real snow.
Our special home-grown edition, the first in a brand-new series of Beyond 2000.
Tonight, 8.30 on 7.
Have you ever wanted to explore the wine districts of Australia, but didn't know where to start?
The First Pictorial Atlas of Australian Wine is your new guide.
The Pictorial Atlas has hundreds of sensational photographs
and descriptive maps of our historic wineries.
The Pictorial Atlas is recommended for the visitor or wine lover.
The First Pictorial Atlas of Australian Wine, with 192 color pages, 32 chapters,
the most comprehensive book on Australian wine.
It's hip to be square
Here it is, Huey Lewis and the News Hip New Album, Four.
Containing the hits
Feel the power of love
Feel the power of love
Yes, it's true
I'm so happy to be stuck with you
Buy this album, Buy Four, from Huey Lewis and the News.
Tonight, celebrate as The Good Life comes to 7.
They are heading for degradation, misery and squalor.
And we have to live next door to it.
Featuring Vananapie Keith, Felicity Kendall, Richard Briers, a few old chokes and Paul Eddington.
Go over to gas.
And how do you pay for that?
We don't, we make it ourselves.
What? We have to pay.
Done.
The acclaimed comedy of The Good Life, followed by the long-awaited return of Me and My Girl.
7.30 tonight on 7.
Updating this hour's top story from Down Under, the America's Cup is once again in the hands of Americans.
Dennis Conner and the crew of Stars and Stripes made it a clean sweep over the Australians today,
winning the final race by a nearly two-minute margin.
Almost 16 and a half minutes past the hour.
Now let's see how Wednesday is going to treat all of you out there.
Valerie Voss is here with the weather.
Good morning, Valerie.
Good morning, Molly.
Wednesday is going to treat almost everybody very gently.
We're looking at our high-temperature forecast map,
and we're calling for the cool air to be generally confined to the Great Lakes and New England areas.
As a matter of fact, northern Maine will see high temperatures just in the teens today.
A little bit of light snow fell across that region overnight,
and a little bit of light snow will continue across western New York.
Fifties and sixties in the forecast across all of the south once again.
We'll see seventies across the southern two-thirds of Florida yesterday.
Hollywood, Florida went to 85 degrees, which tied their record high for the day.
There are seventies in the forecast also across southern Texas,
and a few seventies across southern California and Arizona.
Thirties and forties from the northern Rockies down into the central Plains states.
Fifties across coastal regions, Washington and Oregon.
Fifties and sixties across southern California,
with the exception of those seventies in the desert southwest.
On our forecast map for later on today, there's a new system approaching the Pacific Northwest,
and it'll spread rain showers across most of Washington state and in the extreme northwest corner of Oregon.
High pressure building into the northern Rockies ahead of that.
Low pressure right now stretched across the southern Rockies into the southern Plains
will produce snows across a large area from the mountains of Arizona, New Mexico, Utah,
up into Wyoming and South Dakota.
Four inches of snow fell at Hot Springs, South Dakota this morning.
Travel advisories, in effect, across that southwest corner.
The snow also moves into Nebraska, Kansas.
Changes to rain over Oklahoma and Texas, and it rains all the way down to the Louisiana Gulf Coast.
There's high pressure building in behind a cold front over the Great Lakes.
That cold front will die out as the day goes along.
It's slipping through New England at this hour.
Snow showers, as I mentioned, in the forecast for upstate New York.
Fog is a problem right now across parts of Iowa, South Dakota, and Nebraska,
right in that little corner there. Visibility is near zero, so you want to drive very carefully.
Also a little bit of fog across southeast Texas this morning,
where visibility could produce some problems also.
Otherwise, the south is generally on the quiet side and will continue to be so throughout the day.
Here's Molly McCoy now with more news.
Thanks Valerie.
A new computer chip has opened the channels of communication for scientists trying to make radio contact with extraterrestrials.
The chip developed by students at Stanford University makes it possible to tune in 10 million more channels.
That's because it's 40 times more powerful than circuit boards already being used.
Researchers scanning signals with a radio telescope in the Mojave Desert speculate that
extraterrestrials might be operating pulsing radio beacons to attract the attention of civilizations throughout the galaxies.
Ranchers in rural Wyoming once could not communicate by telephone.
But in this Science and Technology report, CNN's Charles Crawford says the Wild West is reaching out and touching the new ultrafone
and declaring its old calling system a ring of the past.
These ranches in eastern Wyoming are about 17 miles by road from the nearest town, Glendo, separated by mountains and a reservoir.
That's the main reason that people living on the ranches had no telephone service until last September.
Welcome to theSocial Media Championships m adjustable radio function show series.