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Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: Valueman who wrote (5091)	1/4/1999 1:44:00 PM
From: jopawa	Respond to of 10852

Friday January 1 12:12 AM ET China Blasts U.S. Congress Report On Deals BEIJING (Reuters) - China Thursday blasted a report by the U.S. Congress which concluded that high technology deals with Beijing have damaged U.S. national security. ''The report is groundless and irresponsible,'' said Foreign Ministry spokesman Zhu Bangzao. ''We express our strong resentment over this.'' The report was compiled after a six-month inquiry by members of the U.S. House of Representatives. It was sparked by allegations that Hughes Electronics Corp and Loral Space & Communications Ltd (NYSE:LOR - news). had transferred technology to China after satellites belonging to the two companies were destroyed in Chinese rocket explosions. Congressmen involved in the inquiry said Wednesday that the transfer of sensitive U.S. technology has harmed U.S. national security, but they refused to provide details. Zhu countered that the normal exchange of trade and technology is ''in the interest of both sides'' and he urged Washington to help smooth the way for future cooperation. ''We hope the United States will take into consideration the overall development of ties and take measures to remove obstacles to the normal development of economic and trade relations between the two countries,'' he said. The United States slapped a ban on transfers of sensitive technology to China following the bloody 1989 army crackdown on pro-democracy protesters in Tiananmen Square.