Newspapers / The daily Tar Heel. / Oct. 12, 1987, edition 1 / Page 2
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I lU I The Daily Tar HeelMonday, October onine colleges toy partnsil dhivestmeiiilt Oy LAURIE DUNCAN Staff Writer v 'While more than 60 universities have divested completely from U.S. companies operating in South Africa in the last decade, some schools are clinging to policies of partial or no divestment. - Total divestment amounts to about $3.4 billion, according to The Africa Fund, a New York-based, non-profit research organization concerned with Economic, social and political issues in South Africa. ) Although Stanford University in California has divested $6 million, it still has $150 million invested in 60 companies according to figures from April 1986, said Bob Byers of Stan ford's news and publications office. . In the total scheme of divestment we do not loom large," Byers said. But to discourage the apartheid system of white minority rule in South Africa, the university is creat ing a program that would bring three University Day University will also be provided. . At 2 p.m., former Gov. Jim Hunt Will speak at the dedication of Sitterson Hall, the new home of the department of Computer Science. f . After the dedication ceremony, Bonus said tours of the $10 million building will be conducted. The hall Was named after Chancellor Emeritus j. Carlyle Sitterson, who served as UNC's chancellor from 1966 to 1972. '..Within its 74,000 square feet, the four-story hall consolidates the Computer science department from six buildings to one. - Continuing with the day's cerem onies, the Clef Hangers will perform at 8:30 p.m. by the Old Well, which will be lighted at 9 p.m. as part of the 1988 Senior Class gift. The $2,000 system will light the Old Well each RECYCLE This Newspaper Get an HP-12C now and get $10 back! The HP-12C is a financial powerhouse you can rely on for amortization and depreciation schedules, bond calculations, loan values, interest rates and more. And if you buy now, you can get $10 back! Offer ends October 31, so come in for details tocjay. tore CAMOLMA etopeir 12, 1987 black South African professionals to Stanford each semester and train them to help strengthen South Afri can society, he said. The program costs $50,000 each semester, but Byers said, "Educational initiatives offer greater economic promise against apartheid in South Africa than threats of disinvestment. Byers said Harvard University was designing similar educational initia tives for black South Africans. A Harvard spokeswoman could not be reached for comment. Other universities' policies range from retaining total investment in South Africa to selling stocks in U.S. companies that do business in the country either directly, using their company name, or indirectly, by collaborating with South African companies to change the company's, name while continuing operations. The UNC endowment fund retains $6.8 million in stocks from companies with indirect ties to South Africa. But from page 1 night. ; - "This is the first time, in recent student history that the senior class has given a gift while still on campus," said Senior Class President Anne Davidson. During the 11 a.m. convocation, five Distinguished Alumnus Awards -will be presented to Eli Evans, O.B. Hardison, George Harper, Judith Hines and Roy Parker. Evans is president of the New York-based Charles H. Revson Foundation, which makes grants to improve New York City's urban problems. Hardison is an English professor at Georgetown University, and Harper is a Lawton Distin guished Professor of English Emeri tus at Florida State University. Hines is the director of evaluation and development for a New York based council that accredits Canadian and American mental health arid social agencies. Parker is the found ing editor of "The Fayetteville Times." t"' ffi '"' n lit i im -rls A "' ;A the University severed ties with all U.S. companies doing business directly in South Africa with an Oct. 1 announcement that UNC would divest stocks worth $6.1 million. The University of Texas at Austin had $726 million in U.S. businesses operating in South Africa, according to the most recent figures available, said spokesman Mark Hanna. But U.S. corporate withdrawal has made that figure smaller, he said. UTA supports U.S. business in South Africa, so it does not have a divestment policy, Hanna said. "Through compliance with the spirit and execution of the Sullivan Principles, U.S. firms in South Africa are opening enriched social and economic opportunities to blacks and othet non-whites," said a statement from the Board of Regents in early 1987. The Board of Regents controls the University of Texas' endowment fund. The Sullivan Principles are a set of guidelines for U.S. firms operating in South Africa. They call for non segregation of workers and fair employment practices. The University of California at Berkeley, in the forefront of univer sity divestment struggles, pledged in 1986 to divest $3.1 billion worth of stock over a three-year period begin ning in January 1988. Corporate withdrawal during 1987 could reduce that amount to $2.5 billion, said Ron Colb, a Berkeley news representative. Princeton University's divestment policy encourages the university to take action within the company by retaining large holdings within ? a company. This gives the university a voice in corporate policy-making. As of January 1987, Princeton divested $5.4 million from South Africa. "Princeton's policy since 1969 was that broad-based divestment was ineffective in achieving any desired results in South Africa," said spokes man Justin Harmon. "The consequences of divestment are unclear," Harmon said. "It's an ambiguous moral statement because PACKARD the stocks (that are divested) are bought by someone else, and you lose the opportunity to play an activist role within the corporations. "Universities that divest gain a momentary podium for the (eco nomic inequities) in South Africa. The (Princeton) trustees feel more comfortable and more right remain ing as actors, where they can flesh out within individual companies the best corporate policy for South Africa." At Duke University, the Board of Trustees felt divestment was a moral issue, said J. Peyton Fuller, vice president of planning and treasurer of the university. Duke plans to finish divesting its remaining $7 million to $9 million in stock by Jan. 1, 1988, he said. Duke, in December 1985, divested $12.5 million. Duke trustees decided to com pletely divest because they felt the Sullivan Principles, which Duke followed, were not influencing South Africa to reform the apartheid system, Fuller said. Other North Carolina universities, such as. N.C. State, UNC Greensboro, and Guilford College have voted in 1987 to fully divest. But at Yale University, a smaller investment portfolio in South Africa is largely the result of corporate withdrawal in the region. When a corporation pulls out of South Africa, universities that own the stock subtract that amount from their total investments in South Africa. According to June 1986 figures, Yale has divested $384 million from a total amount of $1.75 billion in South African investments, said Associate Vice President David Swensen. Swensen said Yale analysts study the quality of the company's activity in South Africa, the nature of the company's business and whether the company follows the Sullivan Prin ciples to decide if Yale should sell its stocks in a company. For the Record In the story "The Attitudes strive for an individual musical style" in Thursday's issue, the percentage of covers in the band's club performan ces was incorrectly reported as 80 percent. The band actually plays about 20 percent covers. In Saturday's homecoming issue, the bottom quote was incorrectly attributed as the Carolina fight song. It is the Carolina Alma Mater. The DTH regrets the errors. mm lip 'Zyss-y.-::- ' ''', , X noWLa iim. time Indian troops kill Tamil rebels during fighting in Sri Lanka From Associated Press reports . COLOMBO, Sri Lanka Indian troops, using heavy artillery and mortars, killed up to 1 20 Tamil rebels during a weekend offensive on the Jaffna Peninsula, Sri Lankan officials said Sunday. Fifteen Indian soldiers were also killed in the fighting, according to Indian officials and news reports. Tamil rebels, seeking to estab lish an independent nation for their ethnic minority, have been blamed for the deaths of more than 200 people in the past week. Most of those killed were civilians from Sinhalese community, the majority ethnic group that con trols Sri Lanka's government and military. About 15,000 Indian soldiers have been sent to nearby Sri Lanka in an attempt to disarm the rebels and enforce a July 29 peace plan signed by the Indian and Sri Lankan governments. A curfew was imposed on Jaf fna Peninsula, about 185 miles north of Columbo, during the Indian offensive. N.C. man up for Cabinet post WASHINGTON President Reagan announced Thursday he will nominate Deputy Secretary James Burnley to be transporta tion secretary and praised the "easy manner" of the former N.C. lawyer who has clashed bitterly with senators over aviation. To succeed Burnley as deputy, the president said he will nominate Mimi Dawson, who has served on the Federal Communications Commission since 1981 and before that was administrative assistant to Sen. Bob Packwood, R-Ore. She will remain an FCC commis sioner pending Senate confirma tion of her move to the No. 2 job at the Transportation Department. No-win situation for Reagan WASHINGTON The likely rejection of Robert Bork as Pres ident Reagan's nominee for the Supreme Court marks the low ebb in Reagan's worst year yet on Capitol Hill, and lawmakers say the president has responded to defeats by growing even more confrontational. The White House apparently has concluded that, having lost control of the Senate in the 1986 ,il V; '"9,', Mm TIT) Si tin? n ::Mfff. ' i . "& It A I i i i ct i G ireat 1 9 i l,MJI If Hlli News in Brief elections, it is better to make a stand on principles and go down in martyrdom than to seek com promise from a weakened position. "They are following a scorched earth policy," said Senate Major ity Leader Robert Byrd, D-W.Va. "Veto, threaten veto, vote not, filibuster, stall, delay. It's a no-win policy." PTL pastor to stay FORT MILL, S.C. PTL pastor Sam Johnson led a Sunday service crowd of 1,900 to its feet as he promised that the ministry, struggling without its directors to cope with more than $60 million in debts, will rebuild itself and "rid ourselves of disgrace." Johnson told the congregation that although he had resigned from the PTL board, he would remain as pastor. Exiled PTL founders Jim and Tammy Bakker, meanwhile, were in Pineville Sunday, visiting Bakker's father at Mercy Hospital South. Raleigh Bakker, 81, was admitted to the hospital Sunday morning with massive rectal bleeding. Bakker was in stable condition in the critical care unit, according to hospital spokeswoman Kim Rickwood. She said he would undergo tests Monday. Gay rights activists march WASHINGTON Thousands of homosexual activists, led by AIDS victims in wheelchairs and bearing signs carrying messages like, "Thank God I'm Gay," marched Sunday to demand pro tection from discrimination and more federal money for AIDS research and treatment. U.S. Park Police estimated that 200,000 people participated in the march past the White House and rally near the Capitol. The crowd, carrying balloons and banners and wearing buttons and T-shirts, heard from speakers including Democratic presidential candidate Jesse Jackson and former National Organization for Women President Eleanor Smeal. You should know about new e.p.t. stick test. It's the fast and easy way to find out if you're pregnant. Or not. And you find out in private. If the stick turns pink, , you're pregnant. If it stays white, you're not. It's that simple. If you have any questions about e.p.t., call us toll free 1-800-562-0266. In New Jersey, call collect (201)540-2458. e.p.t. 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Oct. 12, 1987, edition 1
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