On this day

January 16, 1998

Revisit the news, notable people, and historical moments connected to this date.

Historical Context for January 16, 1998

In 1998, the world population was approximately 6,007,066,690 people[†]

Notable Births

Seungkwan

1998Boo Seung-kwan, South Korean singer[†]

Boo Seung-kwan, known mononymously as Seungkwan, is a South Korean singer. Managed by Pledis Entertainment, he is a member of the South Korean boy band Seventeen, its vocal team, and the subunit BSS alongside Hoshi and DK.

Filter by:

Headlines from January 16, 1998

Clinton Would End Amtrak Subsidies, Senators Complain

By David Stout

Six senators from Northeast issue angry letter charging that Clinton Administration has tentatively decided to cut off all operating subsidies for Amtrak in next Federal budget, action that would threaten future of passenger-railroad network; letter accuses Pres Clinton of backtracking on pledges of support for Amtrak, which is getting $344 million in operating subsidies this fiscal year and seeks $376 next year; Congress and White House have already set goal of making Amtrak self-sufficient in operating funds by 2002 (S)

National Desk804 words

Indonesia Agrees to I.M.F.'s Tough Medicine

By Seth Mydans

Pres Suharto of Indonesia capitulates to international pressure and agrees to far-reaching economic reforms as condition for IMF bailout; remarkably specific agreement targets many Suharto family strongholds, requiring Suharto to curb spending and dismantle monopolies that have enriched his family and friends and strengthened his 32-year rule; Indonesian stocks and currency tumble nevertheless, as some analysts and investors remain unconvinced; stringent terms call for granting central bank full independence to set monetary policy and interest rates, as well as eliminating costly Government subsidies that artifically hold down fuel prices; inflation is expected to skyrocket to 20 percent and economic growthwill likely grind to halt for this year; 76-year-old Suharto, in rare news conference, says he feels relief, and is visibly invigorated after weeks of rumors about his health; personal signing of letter of intent brings him from behind the scenes to center stage in endorsing austerity measures he resisted for months; Suharto's youngest son Hutomo Mandala Putra will lose lucrative monopoly on cloves, used in Indonesian cigarettes; close friends will lose cartels on plywood, paper and cement (L)

Business/Financial Desk1062 words

Change on Earnings

By Unknown Author

Beginning today, The New York Times is changing the way it reports company earnings, to reflect new accounting rules. For companies with reporting periods ended after Dec. 15, the results will show ''diluted earnings per share,'' rather than ''primary'' earnings. The diluted figure takes into account any shares that are likely to be issued as a result of outstanding options, warrants and convertible securities.

Business/Financial Desk183 words

Harnisch Regroups Following Lost Season

By Buster Olney

Free agency could not have come at worse time for former New York Mets pitcher Pete Harnisch; he missed most of last season after falling into depression in April and was traded to Milwaukee Brewers after his return in Aug; Harnisch is negotiating with several teams, but interest in him has been lukewarm; photo (M)

Sports Desk1071 words

Pataki Backs A School Year Of 12 Months

By Raymond Hernandez

New York State Gov George E Pataki intends to propose legislation that would bolster New York City Schools Chancellor Rudy Crew's effort to send some students to school in summer in order to relieve school overcrowding for remainder of year(M)

Metropolitan Desk827 words

BUSINESS DIGEST

By Unknown Author

Revised I.M.F. Bailout Could Transform Indonesia Indonesia began a new and risky chapter in its history when President Suharto agreed to economic changes that if carried out would overturn the country's entrenched ways of doing business and curb its economic growth.

Business/Financial Desk322 words

A U.S. Appeals Court Reinstates The S.& L. Conviction of Keating

By Melody Petersen

Federal appeals court reinstates criminal convictions of Charles H Keating Jr, once characterized by Government as most notorious swindler in savings and loan debacle; he was freed from prison in 1996 after another court overturned convictions, ruling that original jury had been given improper instructions; Keating controlled Lincoln Savings and Loan of Irvine, Calif, which was seized by Federal regulators in 1989 and eventually cost taxpayers $3.4 billion to clean up; collapse of bank's holding company cost individual depositors, many of them retirees, nearly $250 million; Keating's lawyer, Stephen C Neal, will take amended appeal back to Federal district court; Keating has already served four and half years in prison and has another year to serve if his latest appeal is denied; photo (M)

Business/Financial Desk638 words

Public Still Backs Abortion, But Wants Limits, Poll Says

By Carey Goldberg With Janet Elder

New York Times/CBS News Poll finds that, 25 years after Supreme Court's landmark ruling, Americans still largely support legalized abortion, but believe it should be harder to get and less readily chosen; finds that basic schism between 'pro-life' and 'pro-choice' remains virtually unaltered, but public opinion has shifted notably away from general acceptance of legal abortion toward more nuanced, conditional acceptance, or 'permit but discourage'; 61 percent of those polled believe abortion should be permitted in first three months of pregnancy, but approval plummets to 15 percent in second trimester and seven percent in last trimester; support declines for reasons like interruption of career or education, but remains overwhelming in cases or rape, endangered health or likely birth defects; graphs showing sometimes paradoxical responses; analyst Dr Elizabeth Adell Cook sees public agreeing with Pres Clinton that abortion should be 'safe, legal and rare,' allowable but not taken lightly (L)

National Desk2169 words

TOBACCO CONCERNS SETTLE TEXAS CASE FOR A RECORD SUM

By Barry Meier

Five leading cigarette companies, in largest resolution of a lawsuit against tobacco industry, tentatively agree to settlement with state of Texas of smoking-related health claims; agreement would be worth about $14.5 billion over 25 years; Federal trial has been set to open in state's lawsuit to recover Medicaid money spent treating smoking-related illnesses; outcry already begins over huge fees for lawyers, who would get 15 percent of settlement, or $2.18 billion; agreement removes big stumbling block to Congressional consideration of proposed $368.5-billion nationwide settlement; industry still faces major challenge in Minnesota, where Atty Gen Hubert Humphrey 3d has been leading critic of agreement's terms (M)

National Desk1044 words