A Rosy Assessment of US Economy

U.S. Federal Reserve Chairman Alan Greenspan is ready to give Congress round two of his semi-annual assessment of the economy. He'll appear before a Senate panel today, one day after telling a House panel that the economy's nearly ideal combination of low inflation, low unemployment and moderate growth likely will last through the end of next year. He also said the central bank would raise interest rates if necessary to head off inflation, but suggested that might not happen anytime soon. The stock market soared yesterday on Greenspan's good news, and today the Dow Jones industrial average jumped more than 50 points only minutes after trading started.

UAW Strikes Michigan GM Plant

Members of the United Auto Workers union are on strike today at a key General Motors engine component plant in Warren, Mich. The union workers walked off the job after talks aimed at reaching a settlement with the No. 1 U.S. automaker failed to produce results by a midnight deadline. The strike at the Warren transmission plant affects about 2,800 hourly workers from UAW Local 909. It could quickly disrupt GM's North American production. In addition, talks continued into the early morning hours at a GM plant in Anderson, Ind., after the union extended a strike deadline.

Boeing Merger Wins in Europe

European regulators are giving their preliminary approval to Boeing's planned $15 billion acquisition of aerospace competitor McDonnell Douglas. The European Commission today gave its tentative nod to the deal after Boeing made concessions to ease European concerns that it would crush European competition in the aerospace field. One of Boeing's key concessions was giving up long-term exclusive airplane supply contracts with three U.S. airlines. The Clinton administration says it's "very pleased" with Europe's decision.

Cunanan Might Have More Coins

A newspaper report says suspected multiple murderer Andrew Cunanan may still have up to 10 gold coins stolen from his third alleged victim, a Chicago real estate mogul. The Chicago Sun-times cites police sources, who say they doubt Cunanan will risk cashing in the coins. But investigators are expected to alert pawn shops, coin stores and banks to look out for them. Cunanan, who is wanted in connection with five murders in four states, including last week's killing of fashion designer Gianni Versace, sold at least one gold coin at a Miami Beach pawn shop for $190 on July 7. That coin, a U.S. American Eagle one-ounce gold piece, allegedly was stolen from millionaire developer Lee Miglin, 72, who was stabbed and beaten to death.

Jury to Get Cosby Extortion Case

A federal court jury in New York is to begin deliberations today in the trial of a woman accused of trying to extort $40 million from entertainer Bill Cosby. The jurors heard closing arguments yesterday. Prosecutor Paul Engelmayer told jurors that Autumn Jackson, 22, who claims to be Cosby's illegitimate child, was an extortionist driven by greed. Prosecutors say Jackson demanded that the entertainer pay her or else she would ruin his reputation by selling her story to tabloid newspapers. Defense lawyers say Jackson is a naive young woman who made a desperate cry for help and love.

Jury to Mull Fate of Gigante

Jury deliberations are to begin today in New York in the murder and racketeering trial of alleged mafia boss Vincent "The Chin" Gigante. The jury heard closing arguments yesterday. Prosecutors called Gigante an iron-fisted crime boss who banned mobsters from saying his name and who checked into hospitals to avoid arrest. In response, defense lawyers said the prosecution relied on mob informants to testify against their client. The defense called these witnesses "stone-cold killers" and "psychopathic monsters." Six mobsters-turned-informants testified in the case.

Breast Cancer Stamp Approved

The U.S. House of Representatives has approved a measure that would create a breast cancer postage stamp to help fund research into the disease. The stamp could be sold with a surcharge of up to 8 cents above the normal first-class postage, currently 32 cents. The extra money would be earmarked for breast cancer research. The U.S. Postal Service had opposed creating a stamp to raise money for one specific cause. But lawmakers argued that it made sense to raise money for research into the deadly disease. The House vote late yesterday was 422-3. The Senate approved similar legislation last week, although that bill would limit the surcharge to one cent over the rate for a first-class letter. Lawmakers now must iron out the differences in the bills.

Mars Mission on Track

Basking in the "spectacular success" of the Mars Pathfinder mission, scientists at the Jet Propulsion Laboratory in Pasadena, Calif., allowed themselves a little whimsy yesterday at their weekly news briefing. They said Mars would make a great playground for children -- a place where they could romp in the Martian sand and jump over three-foot rocks with ease -- as long as they wore the right protective clothing and oxygen masks. On the serious side, the scientists say communications blackouts over the past two weekends had not hurt the mission. And they said the problem has been fixed.

Virginia Killer to be Executed

A convicted murderer is to be put to death in Virginia today despite appeals for clemency from Pope John Paul II and others. Joseph O'Dell is to die by lethal injection for the 1985 rape and murder of a 44-year-old Virginia Beach woman. O'Dell's case has caused a stir among death penalty opponents in Italy. The pope and the Italian prime minister have led a chorus of protests, appealing to Virginia Governor George Allen to grant clemency. Allen has said he believes O'Dell is guilty and has refused to allow new DNA testing in the case.

US Sees Russian Nuclear Safety

U.S. Energy Secretary Federico Pena says U.S. efforts to help Russia keep its huge stockpiles of nuclear materials safe are working. In Moscow today, Pena met Prime Minister Viktor Chernomyrdin and Russian energy officials. Pena said, "Russia and the United States have the world's largest stockpile of nuclear weapons and weapons-grade materials, and we share the belief, formalized through a number of agreements, that these dangerous weapons and materials must not fall into the wrong hands." Russia's nuclear sector, once the pride of Soviet science, is in financial crisis and workers have protested for payment of overdue wages.

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