News, sport and weather.
Main stories:
Share prices collapsed around the world today following an unprecedented wave of selling on Wall Street. As panic gripped American investors the Dow Jones fell more than 22%, which easily outstripped the record drop of just under 13% in October 1929. As Wall Street dropped, so did London. There more than 1000 million dollars was stripped from share values on a day of hectic trading.
The story was the same in other markets and New Zealand was no exception. The Barclays Index crashed 504 points, the biggest fall in its history. Hardest hit were the small time investors stricken with a sudden loss of confidence as share prices plummeted. By this evening some shares had gained part of their lost value, but analysts say its too early to say the worst is over. Speakers: Phil Bothamley (Sharebroker), Rex Pearson (NZ Stock Exchange President).
Ted Lord, Vice-President of Citibank New Zealand, is interviewed in studio.
One factor contributing to the world-wide slide in share prices is the uncertain situation in the Persian Gulf. That took a new turn today as American warships shelled and destroyed two Iranian oil platforms and then raided another. This was in retaliation to the weekend missile attack by Iran on an American flagged tanker. The United States says the platforms were being used for military surveillance. Two reports.
In a major speech in Hawaii today Prime Minister David Lange has held out an olive branch to the United States over New Zealand’s anti-nuclear policy. Speaking at the East-West Centre in Honolulu Lange defended the policy, but made a number of conciliatory gestures towards Washington. He also stressed New Zealand’s wish to become an independent security force in the South Pacific through conventional means. Speaker: David Lange (Prime Minister).
Other Stories:
Equiticorp Holdings is mounting a takeover bid for New Zealand Steel (NZS) with the help of the Government. Finance Minister Roger Douglas has announced a deal in which the Government will swap its 89% shareholding in NZS for Equiticorp shares, which will then be sold to a third company for more than $300 million. Speaker: Roger Douglas (Finance Minister).
The first President of the New Zealand Council of Trade Unions is Federation of Labour secretary Ken Douglas. He was elected unopposed at today’s meeting of the Council which brings private and state union groups under a single umbrella. Secretary of the Council is Ron Burgess of the Post Office Union.
Train crash in Indonesia.
Train crash on collapsed bridge in Wales.
New York subway vigilante Bernard Goetz jailed.
The cellist Jacqueline du Pre has died.
Beekeepers are burning hundreds of beehives as a deadly disease sweeps through the Auckland district. Speakers: Colin Rope (MAF Beekeeping Consultant), Graham Cammall (National Beekeepers Assn)
Sport:
New Zealand have lost to Australia in the Cricket World Cup in India.
World Matchplay Championship golf tournament.
World Championship squash.
National Jetboat Marathon on the Waitaki River. Speakers: Brian Scott (Driver), Ken MacDonald (Driver).
Top Half.