What does the world look like as reported on the pages of California's growing ethnic newspapers? PNS monitors the Chinese-, Spanish-, Vietnamese-, Japanese, Arab-language news media as well as English-language newcomer and native-born ethnic press published and/or distributed widely in California. "Gleanings from the Ethnic Media" is a regular weekly column compiled by Emil Guillermo, host of "NCM: New California Media TV" (seen on PBS station KCSM-TV60 in the Bay Area); assisted by Pacific News Service and the NCM Network. Just as the alternative news media connected the disaffected populations in the 1960s, so in the 1990s the ethnic media connects the new ethnic majority communities of California -- to one another and to the larger public forum.

GIRDING AGAINST THE HEDGERS: If hedge fund speculators are counting on the Hong Kong financial markets to cover their bets, they're in for a surprise, according to a special report in the China Press. With Brazil in financial crisis, and financial markets trembling, there has been some concern that speculators may rely on the Hong Kong dollar to bail them out. But the head of the HK Currency Board says they're ready for them. Last year the HK markets were repeatedly ambushed by "currency fryers." In August the HK government went into the markets and held them off. Then came the Russian financial crisis which got the speculative juices going again. At first the HK dollar fell. But the Currency Board then came out with its new m.o. for defending the currency. The market stabilized. As the Brazilian financial crisis has worsened recently, hedge-fund speculators have come back to dump huge sums of HK dollars on the market forcing their value down. HK stocks dropped by more than 400 points on Jan. 13.

But as of last week, the HK dollar has stayed steady. The feeling now among market observers is that the chance of new attacks on the HK dollar will go down -- unless the Brazil crisis dramatically worsens or the U.S. stock market crashes. It only heightens the sense of interdependency that has been created in the global financial markets where speculative jolts and jitters make an impact worldwide.

CLINTON'S CHINA LOBBY: The Asian American community heard President Clinton call for a greater engagement with China in his State of the Union Address. But the Chinese language dailies are concerned how China policy could be impacted by U.S. domestic issues. Consequently, the media continue to monitor whether China will play a role in Clinton's impeachment proceedings. The Taiwan-based World Journal reports on the possibility that President Clinton could be charged with treason over questionable transfers of military technology to China. A congressional committee has been quietly considering raising the issue if the current charges against the President fail to remove him from office.

HOT LATIN BASHERS: A surprisingly high number of Latinos commit hate crimes against homosexuals, reports La Opinion (Spanish, Los Angeles). According to Los Angeles' Human Rights Commission, Latino men -- a third of them under 18 years of age -- initiated 68 of the 220 crimes against homosexuals and lesbians; 65 were committed by Anglos, 26 by African Americans and 5 by Middle Easterners and Asians. The numbers only reflect those cases when police were called and the total number could be much higher, said agency spokesperson Reva Trevino. The crimes included assaults with a deadly weapon, threats and vandalism, and three cases of sexual abuse and rape. The commission plans an education strategy to attempt to change the homophobic attitude in the community. Trevino cited the roles of the Catholic Church, families and the media in perpetrating the negative images of homosexuals.

OKAY, SOME OF US ARE BAD DRIVERS: How bad? The Korea Times reports a huge increase in traffic tickets in the Korea town section of Los Angeles with the average total reaching 100 per day. Korea town, an area with some of the highest car accident rates in the country, has been under increased police scrutiny of late. "Running red lights, DUI and reckless driving are potential hazards which could take innocent lives," said Capt. Paul Kim who oversees the patrol of Koreatown. "We will continue our strict enforcement until there's a sign of respect to the other drivers and the traffic regulations.

GIVE HIM AN ORDER OF IMPERIAL ROLLS: Prince Andrew is making his first visit to Vietnam, reports Cali Today (Vietnamese). The second son of Queen Elizabeth II will visit Hanoi and Saigon from Feb. 28 to March 4 to learn about the developing commercial links between Vietnam and Britain. It will be Andrew's last royal tour before he takes up a new job as a commander in the Royal Navy. Andrew will be responsible for international relations.

ADD CURRY, CROSS CULTURAL LINES, MIX WELL: Here's a gastronomic inter-marriage that could only be made in the New California. Guess who's the winner of AT&T's Filipino recipe contest? It's not a Filipino, it's an Asian Indian woman reports India West. Ruchira Handa, a 64 year old Indian immigrant, has won the nationwide Filipino recipe contest for her "India-fied" versions of deep fried sweet rice, pan fried tofu with peas, and corn and milk candy. Handa was introduced to Filipino egg rolls (lumpia) years ago. She liked them so much, she started cooking them on her own. Now she's a bonafide Filipino -- in the kitchen.