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I 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 



** 


Paris, Friday, April 22, 1994 


No. 34,569 






* 





Ford Reorganizes Globally 
For Era of the 'World Car’ 


By Lawrence Malkin 

liuemcnonal Herald Tribune 

NEW YORK — Fort Motor Co. Thursday 
announced a major international reorganiza- 
tion to bring the automobile industry's dream 
of a world car closer to reality and save money 
building it 

Instead of directing business from often 
feuding regional fiefdoms in Europe and North 
America. Ford’s chairman. Alex Trotman, told 
company executives that the second largest 
U.S. automaker would now run its operations 
from five centers, each responsible for the 
worldwide manufacturing, sales, design, devel- 
opment and supply of specific models. 

The team that oversees small front-wfaed 
drive cars will be split between Dun ton. Eng- 
land, and Merkenich. Germany. The other four 
teams will operate out of Ford headquarters in 
Dearborn. Michigan, for large front-wheel- 
drive cars. Large rear-wbed -drive cars, personal 
trucks and commercial trucks. 

For the present, Latin American and Asia- 
Pacific operations — which principally means 
assembly plants in Australia and Mexico —will 
not be included in the reorganization, which is 
to take effect Jan. 1. A spokesman said such 
international integration would get in the way 
of Ford’s hopes to enter the China and India 
markets. 

Ford's troubled upmarket acquisitions m 
Britain, Jaguar and Aston-Martin, will remain 
separate but be coordinated by the Dearborn 
team overseeing large reai-wheeled cars. 


Mr. Trotman, who briefed Fort executives in 
Dearborn, said the reorganization “will sub- 
stantially reduce the cost of operating the auto- 
motive business” by amplifying engineering, 
component and design processes, for an annua] 
savings estimated at $2 billion to S3 billion by 
the end of the decade. 

He_ said the program did not mean layoffs, 
although employes , especially managers, would 
find they had to shift to different jobs or differ- 
ent lands of work. 

Edward Hageolockex, executive vice presi- 
dent of North American operations, will over- 
see the teams as president of Fort Automotive 
Operations. Under him will be three group vice 
presidents for development, marketing and 
manufacturing. The five teams will report to the 
worldwide development chief, who wOl be Jac- 
ques Nasser, now chairman of Ford Europe. 

Thomas Galvin, auto analyst for Cj. Law- 
rence Deutsche Bank Securities, said the princi- 
pal reason for the change was to cut costs by 
reducing duplication and to more efficiently 
realize the industry's virion of a world car, or a 
tingle model sold in all major world markets. 

Ford approached the world car concept last 
year with its successful Mondeo compact de- 
signed in Europe and due to be introduced this 
autumn in America as the Fort Contour and 

S Mystique, the same under the hood 
styled differently. The principal prob- 
the Mondeo was its $6 billion develop- 
ment cost which Mr. Galvin suspects may have 

See FORD, Page 8 


A Senator’s Counsel to Allies: Brace for Casualties in Bosnia 


The A is oa a ted Press 

ion ^r nNG rT ON .'~ ® ne °f *e leading mili- 
T^ P?^v? la J £eTS in the United States said 
muSbfUfi 31 U,e United States and its allies 
against KC ^ ale “^“ry operations 

wanvti S®, » dramatically and 

Sur 10 - •« 

Be poiicymaker. Senator Sam Nunn, Demo- 
a ^ eor S* a - who is chairman of the Senate 
jrrted Services Committee, said the operation 
^ ^ roean the loss of U.S. warplanes and lives. 

dM'SiT! hav f 10 * P«Pared for that and I 


The senator’s comments were taken to repre- 
sent a significant escalat ion in awareness of the 
consequences of the latest direction in U.S. 
policy. 

Mr. Nunn said he agreed with President Bill 
Clinton's proposal on Wednesday that the 
North Atlanuc Treaty Organization should 
threaten the Serbs with air attacks if they did 
not withdraw their guns from Gorazde and 
other Muslim enclaves. 

But Mr. Nunn said that might not be enough. 
“If we continue to have amply pinprick at- 
tacks,” he told NBC News, *7 don’t think it is 
going to really work We have to be willing to 
escalate. Otherwise, the escalation is all cm die 
ride of the Bosnian Serbs.” 


“The big question is whether the allies are 

S lo not only take step one, as outlined by 
at Clinton, but escalate all the way to 
Serbia if need be,” he said. 

The While House has not threatened to 
bomb Serbia itself. The White House press 
secretary. Dee Dee Myers, did not rule out that 
option, bin said, “We’ve never called for targets 
in Serbia or anything like that.” 

Mr. Nunn said the United States was “about 
to be perceived as a participant in the conflict, 
and that’s justifiable considering what the Bos- 
nian Serbs are doing.*’ 

He said that “we are about to reverse” the 
Vietnam-era Nixon doctrine that the United 


Russia Says Clinton Vows 
To Hold Off on Air Strikes 


States would help people defend themselves by 
arming them, but use American force only as a 
“last resort.” 

“Now we are about to slowly and inadver- 
tently . but surely, start sending Americans and 
other people into harm’s way,” Mr. Nunn said. 

The senator said United Nations peacekeep- 
ers should be pulled out of Bosnia before an 
escalated bombing campaign. 

Mr. Clinton, in outlining his proposals 
Wednesday, also said the Bosnian Serbs “must 
pay a higher price." 

The Serbs, the president said, must be per- 
suaded to hold their fire and agree to negotia- 
tions with the Muslim-led Bosnian government. 


Under his proposal, the Serbs would risk attack 
by U.S. warplanes unless they withdrew their 
heavy weapons from “safe areas" around Gor- 
azde and lour other Muslim enclaves. 

The North Atlantic CoancO, the alliance’s 
highest authority, will take up the president’s 
proposal on Friday, Secretary of State Warren 
M. Christopher said Thursday. 

Echoing Mr. Clinton, Mr. Christopher told a 
Senate subcommittee that the Serbs must pay a 
price for shelling a defenseless dty, but that air 
power alone would not produce peace. 

“Even a cautious secretary of state, and I 
guess I will always be, feds a need to vindicate 
U.S. leadership,' Mr. Christopher said. 


By Lee Hocks tader 

tooshtoffon Post Service 

MOSCOW — Seeking to forestall further 
western military action in Bosnia, Russia said 
Thursday that it had extracted a co mmitm ent 
from President Bill Clinton not to unleash sud- 
den air strikes against the Bosnian Serbs. 

«/ j a 40-minute phone conversation late 
Wednesday with Mr. Clinton, President Boris 
N. Yeltsin reiterated Moscow’s opposition to 
further NATO bombing in Bosnia and Mr. 
Clinton offered “assurances that the United 
States would abstain from any abrupt moves in 
this direction.” according to Mr. Yeltsin's 
spokesman, Vyacheslav Kostikov. 

The statement seemed to be at odds with the 
U.S. president’s proposal to expand the threat 
of NATO bombing a gainst the Serbs 
Gorazde. 

Mr. Kostikov’s comments reflected the 
Kremlin's continued un easin ess with its policy 
options in Bosnia, which have put Mr. Yeltsin 
in something of a bind. On the one hand, he is 
loath to risk an open split with Washington or 


any return to Russia’s diplomatic isolation, and 
be clearly wants Moscow to be seen as as a 
major partner whose voice is heard by the 
Western powers. 

Qd the other hand, air strikes against the 
Serbs earlier this month were generally unpop- 
ular here and embarrassed Mr. Yeltsin. 

Angry at not being consulted by Mr. Clinton 
before the air strikes, Mr. Yeltsin responded by 
postponing Russian membership in Partner- 
ship for Peace, the North Atlantic Treaty Orga- 
nization’s security plan sponsored by Washing- 
ton. 

If Mr. Clinton makes good on his new pro- 
posal to expand the threat of NATO bombing 
in Bosnia, it would deeply strain relations with 
Moscow. Mr. Yeltsin would be seen at home as 
an ineffectual statesman, incapable of deterring 
miliiary action either by the Americans in the 
air or by the Serbs on the ground. 

Mr. Kostikov said Mr. Yeltsin was pressing 
for a summit meeting on Bosnia to include the 
United States, Russia, the United Nations and 
See YELTSIN, Page 8 


North Korea to Take Key Nuclear Step 

Fuel Extraction Could Allow Expansion of Bomb-Making 


By David E. Sanger 

Nr* York Tones Service 

SEOUL — North Korea has told the Inter- 
national Atomic Energy Agency that it plans to 
remove midear fud from its largest reactor by 
early next month, a step that will enable it to 
ereariy expand its nuclear weapons arsenalon- 
less the material is placed under strict mterna- 

^^roffidals in several countries. 
North Korea told the 

this week that international inspectors woo. to 
be permitted to be present 
of the spent fuel, a nugor event in the ‘ * 

nudearprogram. But the letter said nothmg 
about permitting inspectors to rake ' 
and conduct other tests that arable them 

to track the material and assure that it is not 
diverted to bomb projects. .... . 

The U.S. defense secretary, Wdham J- ™ny- 

byihe'l 

[David Kyd. spokesman for 

from Vienna. He said 


mgvrasnecessa^ “» verify that there has been 


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Gabon 960CP A Spa in JOOPTAS 


no diversion of nudear materials,” Mr. Kyd 
said. He cautioned that final and complete 
details of the new offer had still to be settled.] 

Unless the agency is allowed full monitoring 
of the procedure, the development would create 
a new and far more complex problem for the 
Clinton administration on the Korean peninsu- 
la. Until now, officials have said that the 
North’s nudear weapons program was “fro- 
zen" and thus there was nothing to lose by 
letting diplomacy drag on. 

The extraction of the used fud rods would 
mark a new phase for the program, enabling the 
North to reprocess the material into weapons- 
grade plutonium. Last month it barred inspec- 
tors from taking samples at the reprocessing 
plant it has buflt at the secret nudear site at 
Yongbyon. Such samples would likely indicate 
what kind of work was being done. 


“This makes life immeasurably complicat- 
ed,” a senior American defense official said 
Thursday. “We are now in the position of 
having to negotiate over three separate inspec- 
tions" — the completion of last month’s abort- 
ed inspection, new routine inspections and a 
special tracking of the new nudear materiaL 
The decision to remove fuel from the reactor 
gives the Noth a new and powerful bargaining 
dri p in its dealings with the United States ana 
the atomic energy agency. Fud changes happen 
only once every lew years, so the event will be a 
crucial moment to learn much about the state of 
the North’s nudear supplies. The North could 
use that access to the process, some officials 
say, to bargain for better terms in its frozen 
" * — lacy with Washington. 

director-general of the atomic energy 

See KOREA, Page 8 



Kiosk 


The Dollar 

NarYcufc. 


Thura. dose 


DM 


1-6905 


pwntouidow 


15873 


Pound 


1.491 


.1.4949 


Yen 


103.68 


102.935 


5.798 


5.795 


A n J; 

iSk 


Months before 
it opens, the 
Charnel Tun- 
nel has helped 
the English 
and French get 
to know each 
other — or at least each other's shops and 
restaurants. A look at what the tunnel tall 
mean in the short and long run will appear in 
Monday’s Trib. 



Nixon, in Coma, 

Is Near Death 

Former President Richard Nixon 
into a deep coma Thursday, three days after 
suffering a stroke, and doctors said his con- 
dition appeared to be life-threatening. 

Mr. Nixon’s family was at his side at New 
York Hospital as his condition deteriorated. 
Hospital officials gave no other details and 
his doctors declined to elaborate on his 
condition. But other doctors said the coma 
sharply reduced his chanoes of survival 

Mr. Nixon, 81, was suffering from swell- 
ing in his brain. He was not on a respirator 
in deference to his wishes, a health worker 
involved with the case said. (Page 8) 


Book Review 
Crossword 


Page 3. 
Page 24. 


Evidence of 2d Planetary System Called Irrefutable 9 


By Kathy Sawyer 

Washmgum Past Service 

WASHINGTON — Astronomers have presented what they 
called “irrefutable evidence” that they have at long last detect- 
ed a planetary system around a star other than the Sun. 

The historic discovery by a team led by Alexander Wolszc- 
zan of Penn Slate University ends a string of recent disappoint- 
ments in the quest for a planet beyond the solar system, and. 
astronomers say, lends power to the belief that planets are 
common in the universe. 

The two new planets, more than 7,000 trillion miles away 
and each about three times the mass of Earth, are not likdy to 
harbor life in any form, scientists note. The parent is distinctly 
unsunlike: a wiurimg dead star known as a pulsar that, instead 
of light, emits a barrage of invisible radiation. 

But it is the dead star’s exotic nature that enabled astrono- 
mers to detect its planetary family in the first place — by 
Studying irregularities in a precise pattern of radiowaves that 

the star ennts. It is because of that same nature that the prizw 

discovery fdl not to optical astronomers, who have Jed the 
search for extrasolar planets, but to radio astronomers. 

Mr. Wolszczan’s team was able to prow the existence of the 
planets by measurements so fine they detected changes in the 


motions of the pulsar equal to “the crawl of a snail, at 1,200 
light-years.” 

In 1990, the Wolszczan team identified the star in the 
constellation Virgo, about 1,200 light-years from Earth in the 
plane of the Milky Way Galaxy. (A ligbl-year is the distance 
trawled by light in a year — 5.9 trillion mDes.) They first 
announced the presence of the suspected planets in 1992 in the 
jonmal Nature. 

But astronomers had heard similar announcements before, 
la every case, the putative planets had either proved impossible 
to confirm, turned out lobe something else or been shown to 
be the product of an error. 

Since then, the Wolszczan team has bolstered its original 
findings with three more years of even more finely nuanced 
data designed to eliminate any explanation other than planets. 
They report the added data in Friday’s edition of the journal 
Science. 

"The days of disappearing planets seem to be 
ing to accompanying commentary in the journal. Wol sz c zan s 
latest numbers have now convinced his peers these spheres are 

for real" . . . 

Joseph Taylor of Princeton, a pulsar specialist who shared 


last year’s Nobel Prize for Physics, is “convinced it’s quite 
true." according to iris assistant, Zaven Arzoumanian. 

Shri KulkamL a pulsar expert at the California Institute of 
Technology in Pasadena, said the sew evidence constitutes 
“very strong proof that the planets really do exist and it’s not 
some bizarre signal fires die pulsar. " 

“It should convince even diehard skeptics that planets exist 
outside the solar system.” he added. 

The fact that planets can be formed “even in such a bad 
neighborhood shows that planet formation is much easier than 
scientists had thought,” he said. “These planets were in the last 
place you’d ever look.” 

The pulsar is bcKeved in be the collapsed husk of a formerly 
huge star that most likely had died in a cataclysmic explosion 
ttfled a supernova. At one time it was more massive man the 
Sun, but it is now a dense, lightless object only about 12 miles 
in diameter. 

As it spins cm its axis 161 times a second, the pulsar sends 
out radio waves that sweep Earth in regular pulses, like the 
beam from a lighthouse beacon. This action provides the most 
precise “dock” in the cosmos. 


Standoff Ends 
In Japan, 
Clearing the 
Way for Hata 

New Cabinet Expected 
To Continue Policies 
Of Hosokawa Regime 

By T.R. Reid 

Washington Pm Service 

TOKYO — The seven parties that make up 
Japan’s governing coalition reached agreement 
early Friday on a broad policy platform, clear- 
ing the way for Tsutomu Hata, the reform- 
minded foreign minister, to become prime min- 
ister and form a government. 

The new cabinet, Mr. Hata says, will be 
almost identical in policy and personnel to the 
government led by Prime Minister Morihiro 
Hosokawa, who announced his resignation ear- 
lier this month over a loan scandal. The cabinet 
is expected to continue Mr. Hosokawa’s some- 
times uphill push toward political realignment, 
deregulation and the reduction of Japan's $60 
billion trade surplus with the United States. 

Having succeeded Mr. Hosokawa as leader 
of the governing coalition, Mr. Hata, 58, has the 
votes to be elected head of government The 
formal election will be held in the lower house 
of the national Diet, or parliament, probably 
next week. 

The agreement on a platform for the coali- 
tion came after two weeks of public debate 
among politicians about policy issues. 

Mr. Hata could be in stronger shape to gov- 
ern than Mr. Hosokawa for several reasons. 

The Liberal Democrats, now the major oppo- 
sition party, crowed in triumph when Mr. Ho- 
sokawa resigned. In fart, the party has been the 
big loser in the interim. With approval ratings 
low, a dozen Liberal Democratic members of 
the Diet ave quit the party in the last two weeks 
and wfll evidently vote with the coalition. 

Mr. Hata also may do better with the ruling 
coalition than Mr. Hosokawa did. The coalition 
members have agreed to dump Masayoshi Ta- 
kemura from the post of official spokesman. 
Mr. Takemura used to criticize his own cabinet 
almost as much as he defended it. Mr. Hata will 
have a more reliable figure in this post 

Finally, the platform agreed to early Friday 
may help hold the coalition together when poli- 
cy disagneements occur. 

The ruling coalition agrees that no national 
election will be held until every electoral district 
in the country has been redrawn. That sweeping 
redistricting should shift political power away 
from the Liberal Democrats and toward cen- 
trist parties like Mr. Hata’s Japan Renewal 
Party. 

The platform includes a firm promise to 
continue the U.S.-Japan security treaty, the 
agreement that permits basing about 40,000 
U.S. troops here. It calls for economic stimula- 
tion and further imports “to decrease Japan's 
trade surplus step by step." 

The document gets vague when it reaches the 
two most contested points. 

Japan's policy toward North Korea is a 
tough point for the coalition. The left-leaning 
Socialist Party, a major coalition element, has' 
always been sympathetic to the Communist 
regime in Pyongyang. The platform basically 
fudges the question. It commits Japan to “dose 
ties with the UJL” on North Korea, but then 
says only that the Hata government should 
“prepare for an emergency situation in accor- 
dance with the Japanese Constitution.” 

The other burning issue is tax policy. Just 
about everyone here agrees that Japan must 
gradually reduce i ts high income tax rates and 
move toward a higher national sales tax, and 
Mr. Hosokawa' s government tried to do that. 
But the Socialists strongly resist, saying a high- 
er sales tax would hurt workers. 

Here, too, the new platform is vague. It calls 
for “fundamental reform of the tax system," 
but does not clearly say what this should be. 


Democrats Seek 


A Compromise 
OnChinaPoUcy 


By Thomas L. Friedman 

New York Timer Service 

WASHINGTON — The leading Democratic 
advocates of a tough policy toward China are 
waking with the White House on a compro- 
mise that would include limited sanctions but 
allow a considerable amount of trade to contin- 
ue even if China fails to meet all the human- 
rights objectives laid down by the administra- 
tion. 

This approach could be critical in helping 
President Bill Clin ton find a face-saving way to 
salvage his China policy. The president is reluc- 
tant to choke off commerce with the world’s 
fastest-growing economy by totally withdraw- 
ing Bering's most-favored-nation trade status. 

But he is equally loath to back down on Ins 
threat to use sanctions if China does not satisfy 
the human-rights demands the administration 
set as its condition for renewal of the trade 
benefits on June 3. 

The use of specific sanctions has become the 
centerpiece of the new debate on Chinn. The 
debate is no longer primarily between those 
who want to totally withdraw Beijing's trade 
benefits, which allow Chinese goods to enter 
the United States with the lowest possible tar- 
iffs, and those who want to renew them .uncon- 
ditionally. 

It is now between those who would renew 
China's trade privileges while also imp osin g 
limited, targeted sanctions to keep the bnman- 
rights pressure oa Beijins, and those who would 
renew the privileges while looking for nontrade 
pressures to influence Chinese behavior. 

China gained most-favored-nation trade sta- 
tus during the Carter administration. Its ex- 

See CHINA, Page 8 


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Rabin Would Shut 
Outposts in Golan 



Settlements Don’t Improve 
Security There , He Affirms 


By David Hoffman 

Washington Post Sorrier 

JERUSALEM — Prime Minis- 
ter Yitzhak Rabin said Thursday 
that he would be willing to disman- 
tle Israeli settlements on the Golan 
Heights ^pan °f^ape^!^ree- 

think the Golan settlers bolstered 

Israel's security. 

Although Mr. Rabin’s party is 
committed to a l&nd-for-peace for- 
mula , and he has said before that 
be would be willing to cede at least 
part of the Heights in a peace 
agreement, his remarks came with 
the Israeli government and military 
in the midst of fresh discussions 
about the strategy for negotiating 
with Syria. IsraeTcaptuied the Go- 
lan from Syria in the 1967 war. 

"My foremost consderation re- 
garding the Golan Heights is the 
security value," Mr. Rabin told the 
United Kibbutz Movement. "But if 
we need to evacuate settlements for 
the sake of peace, I was in favor of 
that and I will be in favor of it 

“Peace is for me a more impor- 
tant value for the future security of 
Israel than a group of settlements," 
he said. According to Israel Radio, 
Mr. Rabin said the Golan Heights 
had a large strategic value but the 
settlements themselves did not bol- 
ster Israel's security. 

Israel and the Palestine Libera- 
tion Organization, meanwhile, end- 
ed another week of negotiations in 
Cairo on the Gaza-Jericho self-rule 
treaty with indications that the bar- 
gaining could be completed soon. 
"The big possibility is that we will 
finish next week and this will allow 
for the agreement to be signed in 
the following week," said the chief 
PLO negotiator, Nabil Shaath. 

The two sides have all bat com- 
pleted work on the transfer of civil 
authority to the Palestinians. Some 
security issues remain to be ironed 
ooL Israeli and Palestinian officials 


said tbe^ expected Mr. Rabin and 


the PLO chairman, Yasser Arafat, 
to meet to sign the agreement put- 
ting the treaty into effect. 

Mr. Rabin’s comments came 
with his military leaders and poli- 


cymakers engaged in reviews of 
possible negotiating positions 
about the Golan Heights. Israel 
and Syria have been at an impasse 
in the peace talks, which began in 
1991 at Madrid. Israel says it is 
willing to consider a phased pull- 
back m exchange for a full peace 

agreement, but Syria says it wants a 
commitment to a full withdrawal. 

The U.S. secretary of state, War- 
ren Christopher, is due in die re- 
gion next week, and Israeli officials 
have said they expected his talks in 
Jerusalem and Damascus to focus 
on the Golan issue. Israeli officials 
said they expected to give Mr. 
Christopher an outline of a possi- 
ble phased-in Golan settlement to 
take to President Hafez Assad of 
Syria. 

Mr. Rabin has also been present- 
ed in recent weeks with a soil-secret 
military review of security options. 
Details were not disclosed, but ana- 
lysts have said Israd would have to 
find new approaches to early warn- 
ing and demilitarization along the 
border with. Syria. Mr. Rabin told a 
parliamentary committee this week 
he would be prepared to order a 
deeper pullback than the military 
wants, but it was not revealed what 
the army has recommended. 

Other Israeli officials have noted 
that Mr. Assad is demanding a 
pullback that is equivalent to what 
the late Anwar Sadat of Egypt won 
tom Israd in the Sinai — a com- 
plete withdrawal. 

Mr. Rabin’s comments Thursday 
were immediately criticized by 
rightist leaders who oppose any 
pullback from the Golan Heights. 
Many of the 15,000 settlers there 
are moderate members of Mr. Ra- 
bin’s Labor Party. 

Also on Thursday, the body of 
an Israeli soldier who had appar- 
ently been stabbed was found by a 
West Bank roadside. 

In the Gaza Strip, the militant 
Mamie group Hamas vowed retali- 
ation for Israel’s arrests of Islamic 
activists this week. "Rabin should 
know he win pay the price of hit- 
ting Hamas,” the group said in a 
leaflet. 


Black Lore and Afrikaner MytJi in a Nervous Suburb 

v - __ i iii mr Has whiiM ic a different place, i 


By Bill Keller 

New York Times Service 

TRIOMF, South Africa — The 
last time power changed hands, 
the winning party celebrated here 
by evacuating and bulldozing 
what was. in gilded memory, a 
vibrant, multiracial neighbor- 
hood, a South Africa that might 
have been. 

When all 58,000 blacks had 
been loaded on trucks and driven 
away to a segregated township 
that would become Soweto, the 
apartheid zealots of the National 
Party, stOl dizzy with their victory 
in the 1948 elections, fumigated 
the land and built little stucco- 
covered cottages for the middle- 
class Afrikaner electorate. They 
called it Triomf — “Triumph.” 

“I find the choice of a name 
highly ironic,” Hendrik Ver- 
woerd, the grandson of the prime 
minister who helped buHd Triomf, 
said with a smile. By coincidence, 
the young Verwoerd moved into 
the neighborhood three years ago. 
"I find it highly insensitive to call 
it something hke that,” be said. 

And now doubly ironic, be- 
cause with power about to change 
hands a g ain the Afrikaner inhab- 
itants are feeling anything but tri- 
umphant. Many of them tremble 
at rumors of invasion by black 
descendants of the dispossessed, 
who (the gossip says) will take 
Triomf among die first spoils of 
victory. 

"I'm pretty sue there are many 
people that think that way,” Mr. 
Verwoerd said of b lades who view 
the election next week as the start- 
ing gun of a redistribution derby. 
"It's a highly dangerous situa- 
tion.” 

H 1 was able to buy a place and 1 
bought it,” he added, calmly pos- 
ing what is to many whites, and 
many blacks, a central question of 
the new South Africa: "Am I to be 
blamed for something that hap- 
pened when I was 4 or 5 years 
oldT 

The theme is much in vogue 
these days in this neighborhood, 
four blocks wide and 15 blocks 
long, in the western suburbs of 
Johannesburg, where die recent 
history of the urban Af rikan er is 
daubed in miniature atop the 
painted-over history of urban 
blades. 

The Afrikaner myth, sustained 
by politicians of nationalist bent, 
is a hardy fanner of the parched 



whites is a different place, a slum 
where poverty bred crime, and 
from which most residents were 
to be removed to the bud- 


dS R 


Three youngsters, one with a toy revolver, watching as troops patrolled Tokop township’s main 
Johannesburg’s suburbs was the scene of fighting earlier between African National Congress and 


Lunar Slftty/Tbe AwciMed Pros 

road Thursday. The township in 


vdd, a rural mih tinman-in -wait- 
ing to resist the depredations of 
black rule. 

The Afrikaner reality is Hans 
and Willa Nieuwoudt of 14 Gib- 
son St, Triomf. 

The Afrikaners, descendants of 
Dutch and French Protestants 
who make up the most cohesive 3 

milli on of the nation’s 5 milli on 
whites, are mostly middle-class 
suburbanites. 

The Nieuwoudts were 36 years 
old in 1965 when they reached the 
lop of the waiting list and moved 
into Triomf. They have added 
looms until there is barely space 
for a garden between the house 
and its inevitable security wall 

Though they call themselves 
Boere, meaning farmers, most Af- 


rikaners work at civil service jobs 
procured by four decades of Na- 
tional Party patronage — in Mr. 
oudrs 


foreigner they volunteer, strenu- 
ly, that they are not racists. 


NIeuwoudfs case as a postman 
and bus driver. 

There are a few liberal- thinking 
Afrikaners here, like Mr. Ver- 
woerd, a life insurance salesman 
and television sports broadcaster 
who is not active in politics, and 
there are a fair number of right- 
ists. 

But most, like the Nieuwoudts, 
support President Frederik W. de 
Klerk and regard the khaki-dad 
thugs of the white separatist fringe 
with a mix of familiar ity and em- 
barrassment, the way members of 
a Ki warns motorcycle Tally might 
sen the Hefl’s Angels. 

Within minutes of meeting a 


ousiy, 

and begin reciting episodes of 
their chil dhood camaraderie with 
blades, their adult noblesse oblige. 

Few spots better symbolize 
what it is Nelson Mandela's peo- 
ple are being asked to forgive. 

Before it was Triomf, tins place 
was called Sophiatown, and it 
lives in black lore as a magic is- 
land of poets and pimps, jazz and 
aspirations, commerce and intel- 
lectual ferment. It was exactly the 
kind of urban mix apartheid was 
bent On uncraimhlnig . 


began selling to all. Sophiatown 
became an area of black property 
owners, gradually encircled by 
white suburbs. 


“Indians, coloreds, nearly every 
i ere,” recalls 


Sophiatown was bom before 
te 1913 


the 1913 Land Act outlawed the 
sale of land to blades, when a 
developer failed to get a white 
subdivision off the ground and 


African nation lived here 
Clement Mtshemla, 76, who grew 
up in his annf s house at 58 Tucker 
Sl in Sophiatown and used to 
take the Iras downtown to his job 
as a home furnishings salesman. 
"There was a free life among us. 
There was no interference, no one 

describing that you are a Zulu or a 
Xhosa or a Sotho or a colored or 
whaL” 

Mr. Mtshemla’s unde had tak- 
en his life savings from working in 
the gold mines and bought three 
pieces of land in Sophiatown. 

The Sophiatown described by 


Jonner residents agree that af- 
ter an influx of migrant workers 
there were shanties packed into 
the yards of many houses. 

Mr. Nieuwoudt added, “Dr. 
Verwoerd took the blacks away, 
but he put them in Soweto/which 
is just two Iriknnetere as the crow 
flies. The Macks, they were taken 
away decently. I can proaiifie you 
that every family bad a roof over 
their head.” 

But whatever the exact balance 
of poetry and poverty, Sophia- 
town produced the first black doc- 
tor in South Africa, several black 
and a wealth of artistic 
fpqlitkal talent disproportion- 
ate to its size. . 

Archbishop Desmond M. Thru, 
the Nobd laureate, lived in a 
church dormitory there while at- 
tending high scbooL 

As for the willing departure, 
many tenants were easily lured 
away by the offer of even tawdry 
homes in a black ghetto. Their 
cooperation with authorities un- 
dermined a campaign by the Afri- 
can National Congress aimed at 
resisting the resettlement. 

But Sophiaiown’s homeowners 
were another story. Clement 
Mtshemla recalls that his family 
held out until the last minute, and 
got a pittance fra is properties. 

“We didn't want to leave, but 
we were given an ultimatum in 
1959,” he said. “If we didn’t take 
their price, we would be removed 
anyway and we’d get nothing.” 

In the last few years mixed-race 
and Indian fanati cs, and even a 
couple of black families, have be- 
gan buying into Triomf.. Most 
whites accept the integration of 
the neighborhood, though not 
with great enthusiasm. 

What they fear is that what the 
Afrikaners did 35 years ago could 
be done to them 

Johan Better, a real estate 
agent, tells the story of a black 
man who came to a Triomf open 
boose the other day. He peered 
into closets, tried the water taps, 
but declined to make an offer. 

When pressed, Mr. Bekker said, 
the visitor explained he was wait- 
ing until after the election, when 
he would come back to take his 
pick 


One of Guildford 4 Cleared in Murder of Former British Soldier 


WORLD BRIEFS 


By William E. Schmidt 

New York Times Service 

BELFAST — In the latest rebuke to British police 
for mishandling a series of high-profile terrorist cases 
in which innocent people have gone tojafl, an appeals 
court here on Thursday overturned a murder convic- 
tion against Paul Hill, who spent nearly 15 years in 
; prison fra two Irish Republican Army attacks he 
insisted he never committed. 


"I’m very relieved this period of my life is over” 
said Mr. H01, who was accompanied in the courtroom 


Thursday by his wife, Mary Courtney Kennedy, a 
daughter of Rol 


The court ruled that Mr. HiB should be cleared of 
the abduction and murder of a fanner British soldier 
in 1974, because a written confession attributed to him 
had very likely been extracted under duress by the 
police. The confession was the only evidence against 
Mr. HiB in the 1975 murder triaL 


It was the second time an appeals court has inter- 
vened to quash murder charges against Mr. HiB, one 
of the so-called Guildford Four whose wrongful jail- 
ing and subsequent release for a 1974 pub bombing in 
England was portrayed in the recent movie, “In the 
Name of the Father." 


)bert F. Kennedy, the slain UB. sena- 
tor, and Elbe! Kennedy. “I always knew I was inno- 
cent. It was a travesty of justice, as modi fra the 
victims as the people wrongly jailed for crimes they 
did not commit” 

In quashing Mr. H3Ts conviction for the abduction 
and murder of Brian Shaw, who was alleged to have 
been the victim of an IRA hit squad, the three-judge 
appeals court pand ruled there was a "reasonable 
possibility” based on the evidence presented during 
the appeal hearing, that Mr. H31 had been subjected to 
“inhuman treatment” by police. 

The court said prosecutors failed to convince them 
that Mr. Hill was not telling the truth when he said a 
police officer had poked the band of a gun through a 
hatch in his cell door, and dickcd back the hammer, in 
an attempt to frighten him into signing a confession. 

Die panel of judges also concluded that it was 
posable that the police may have concealed the exis- 


tence of at least one other jailhouse interview with Mr. 
Hffl, which he insists took place and was employed by 
officers to bring pressure upon him. 

But in striking the confession as tainted, the court 
also made it dear that it was not passing judgment on 
Mr. HHTs ultimate guilt or innocence in the murder of 
Mr. Shaw. Acknowledging that it still had doubts 
about Mr. H3Ts credibhty, the court said it acted only 
became “a confession obtained by improper means 
must stiB be excluded from evidence even if the court 
may consider it to be true.” 

In filing fra his appeal Mr. HrB said that he made 
his confess on while he was being held in a police 
station in Guildford, in Surrey, England, fra question- 
ing ovra the pub bombing there that killed five people. 

The stray of Mr. Ml and three others — the 
Guildford Four — became the basis of the film “In the 
Name of the Father,” which was based on a book by 
Gerard Contort, another of the Guildford defendants. 

In the Guildford case, Mr. Coition, Mr. HiH and 
others were released in 1989 after a defense attorney 
was able to establish inconsistencies indicating that 


the confession to the pub bombing bad been fabricat- 


ed by the police. 


Hill case has provoked sharp reactions in Bel- 
fast, in part because of the hi gh- profile involvement of 
the Kennedy family at Mr. H3Ts side, in part because 
the film has opened aid wounds about the miscarriag e 

of justice by the British in Northern Ireland. 

Outside the courthouse, some passers-by watched as 
a stretch limousine bearing Mr. Hfll and his wife sped 
away. “Money talks,” said one man, as thecar accder- 
ated down the street 

Inside the courthouse, the Hill case was sharply 
criticized by Peter Robinson, a political leader among 
Ulster’s unionist faction, winch supports continued 
ties between Northern Ireland and Britain. 

“No one is leaving this courtroom innocent,” said 
Mr. Robinson, who concluded that the gist of the 
opinion was that Mr. HH1 was guilty but was being 


B ritain Reviews Its D-Day Agenda 
Alter a Frontal Assault by Veterans 


LONDON (Reuters) — Prime Minister John Major’s government was 
in retreat on Thursday after a broadside from old soldiers and politicians 
threatened to sink its plans for a fun-packed jamboree to mark the 50th 
anniversary of D-day. 

Mr. Major ordered his ministers to act swiftly to limit political damage 
after an outcry from veterans that a commemorative family day party m 
Hyde Park was frivolous and would trivialize the sacrifice of the dead 
from World War IL 

The cabinet discussed the D-day fiasco on Thursday, and National 
Heritage Secretary Peter Brooke said that hastily organized talks with war 


veterans had proved “thoroughly helpful and constructive.” Some veter- 
ans wanted the 


freed on a legaJ technicality. 

nicely with the Kennedy dan,’ 


“Paul Hill will fit in i 
Mr. Robinson added. ‘They arc not unused to people 
gone through court cases of one kind or another.” 


Germans Burn Turks’ Home 
To Mark Hitler’s Birthday 


Reuters 


B IELEF ELD, Germany — Racist violence in Germany flared 
a g a in as rightists torched a bouse inhabite d by Turks on the 
anniversary erf Hitler’s birth. 

Six youtta aged between 14 and 16 were arrested after the blaze 
was set Wednesday night, the police said Thursday. 

The police said their inquiries had shown the attack was timed to 
coincide with the 105th birthday of Hitler. Die authorities in Eastern 
G^also reported a number of incidents involving rightists on 


Allies to Leave Berlin in Style, With a Parade 


Agence France-Presse 


BERLIN — British, French and 
American forces stationed in Berlin 
will bold their last joint military 
parade in the city June 18 before 
their withdrawal in September, the 
German Senate has announced. 


The mayor of Berlin, Eberhard 
Diepgen, invited the World War II 
Allied powers to organize a joint 
parade in order to reroond to re- 
quests from Berliners themselves, a 


Senate spokeswoman. Edith Koha- 
gen, said late Wednesday. 

“The invitation was made with 
the fuD agreement of the federal 
government,” she said, although it 
would not be connected to other 
-ceremonies linked to the troop, 
withdrawal. 

In March, Chancellor Helmut 
Kohl irritated the Allies by refusing 
to let them hold a farewell parade 
at the Brandenburg Gate, the sym- 
bol of the reunified Germany. 


Mr. Kohl had reportedly been 
irritated by an Allied derision not 
to invite Germany to ceremonies 
marking the 50th anniversary in 
June of the D-Day landings in Nor- 
mandy. Germany had hoped that, 
with the passng of time, forgive- 
ness would have overcome anger at 
its role in the war. 

After consultations with Lon- 
don, Paris and Washington, Bonn 
finally agreed that the German 
Army would organize a military 


ceremony in honor of the British, 
French and American soldiers 
when they depart on Sept. 8. 

A separate ceremony is to take 
place on Aug, 31, with President 
Boris N. Yeltsin attending, to mark 
the departure of the framer Red 
Army soldiers, stationed since 1945 
in East Germany. 

The Allied forces parade bad 
been a regular feature in June until 
the reunification of Germany in 
1990. 


party canceled. 

Veterans’ leaders appeared mollified that the government was anxious 
to reflect the solemn tone of the anniversary and said there were more 
talks planned with Mr. Brooke. It was unclear if the government would 
concede to demands to scrap the London party. 

China Says Jail Term Won’t Alter Ties 

BELTING (AFP) — China dismissed suggestions rat Thursday that the 
12-year jail term handed down to Xi Yang, a Hong Kong journalist, 
might further sour relations with Britain or the United States. 

Die British ambassador to China, Sir Robin Madaren, recently urged 
Beijing to show clemency iu Mr. Xi's case, while die U.S. Consulate in 
Hong Kong strongly criticized the severity of the sentence. 

“The case of Xi Yang is an internal affair of China and has nothing to 
do with Qnnese-British ties,” said Wu Jiamrtin, a Foreign Ministry 
spokesman. He also rejected any suggestion that Mr. Xi's sentence could 
further harm China’s chances of having its trade privileges with the 
United States renewed in June. 


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Swiss Police Brutal, UN Panel Is Told 


By Robert L. Kroon 

Special to die Horrid Tribune 

GENEVA — Tbe United Na- 
tions Commi ttee Against Torture 
has heard allegations tirat tbe Swiss 
police have acted with brutality 
and ignored legal safeguards for 
common law defendants and asy- 
lum seekers. 

Die panel, led by a Tunisian ju- 
rist, Hassib Ben Ammar, subjected 
a Swiss government delegation to 
embarrassing questions about de- 
tention rotes in Geneva and other 
«ntnns denying pretrial defen- 


dants the right to see “any 'third 
person,” including relatives, legal 
counsel or a doctor, while under 
interrogation. 

Questions were also asked about 
possible police brutality before and 
during interrogation as well as tbe 
internment of asylum setters, wbo 
in exceptional cases can be locked 
away for several months on 
grounds of “national security.” 

On tbe eve of the bearings. Am- 
nesty International writhed in with 
a 26-page report detailing cases of 
what is called “deliberate and nn- 



n their custody, many of them : 
dgners or Swiss citizens of non- 
European descent,” 

Amnesty said these reported 
cases “indicate a substantial cause 
fra concern,” more so "because ju- 
dicial and administrative investiga- 
tions into formal complaints of ill- 
treatment frequently appear to lack 
thoroughness and seldom result in 
disciplinary or criminal sanctions 
against law enforcement officers.” 

Such treatment, notably in the 


canton of Geneva, included “re- 
peated slaps, kicks and punches, 
near-asphyxiation and enforced 
stripping for no other reason ex- 
cept to cause humiliation." 

in a 90-minute response, Matth- 
ias Krafft, an official of the De- 
partment of Justice and Police, 
pointed out that Switzerland had 
been one of tbe fust nations in the 
world to sign the UN Convention 
Against Torture and the Federal 
Constitution provided ample guar- 
antees for the respect of individual 
and human rights. 


Next: KLM Atlantic Mystery Flight s 

AMSTERDAM (Reuters) — KLM Royal Dutch Airlines said Thurs- 
day that it was extending its promotional “mystery flights” to trans- 
Atlantic trips from May 1. Added destinations may include Atlanta 
Chicago, Houston, New York or Montreal, a spokesman said. 

Passengers get a substantial discount and learn where they are headed 
only when they collect their tickets. Once they arrive, they cannot leave 
the airport and must return with the plane they flew out on. KLM agrees 
that this tends to limit the tours’ appeal to enthusiasts or to children 
wanting a first taste of air travel. 

After the deaths of 24 Taiwanese viators during a pleasure boat 
excursion m China last month, China pledged Thursday to take steps to 
ensure the safety of foreign tourists. China initially mumming that the 
deaths were an accident, but said later they were a case of “robbery 
murder and arson” and arrested three people. (AFP) 


Israel reaxded its hottest April day on record Wednesday. Tempera- 
tures m Td Aviv soared to 41 degrees centigrade (106 FahrenheiSMFj 


South African Airways will resume flights to Kinshasa, Zaire, after a 
20-tnonth interruption, the national carrier announced Thursday. (AFP) 
Tower Air has become the fourth American airline to serve Amster- 
dam, with a weekly fbght from New York to New DeSn via SdrinhoJ 
airport, the airport announced Thursday. (AP) 


To call from country to country, or back to the U.S., dial the WorldPhone number of the country you're calling from. 


AaQgoa 


Universal 
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189 

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INTERNATIONA!. HERALD TRIBUNE, FRIDAY, APRIL 22, 199+ 


Page ?. 


\ >ndi 


W E AMERICAS / § SUCCESS STOB1 

Ultimate Evil’ Proves Magnet for 2 Million Visitors [rr 

By Judith Weinranh l. ..... . _ I 


W 


By Judith Weinraub 


have come: Alaskan Eskimos. Pennsylvania Amish. ChiJ- ers to search for family members in ihe National Registry of 
dren from inner-city schools and Indian reservations. Heads survivors. 

nr Llatm UmnlvH nf fniiim. n LS.r A., .r ik. . , 


h °mfic. some said. TmCL 100 s “ c V ho opened a year ago. nearly 2 million 

“Our worry was thatno SZSSti I™"*®* . P®? 1 * ^ve cUmbfld staircase of the Hall of Wi tness. 

appeal to ^ or ** would *»* relocated cobblestones of the Warsaw Ghetto, 

a narrow a£t ■■ sridtoihr^Hm 3 museum would speak to imagined themselves crowded 00 the spindly barracks bed 
visitor senSs. ^ ti« museum’s director of from Auschwitz. 

Only one voice. ,u , In the last 12 months, the museum has recorded ihese 

of medal SrSS rT" G ? odea « museum's director statistics: 

tic. P J ““ a non * J cw, was consistently optimis- • That of the nearly 2 million visitors, 62 percent were 
“If uni. u..:u ... _ . non-Jewiah. 


coU«£ b SiM *5!? SLT 6 '" h u rcg ^ lflrly “ ,d his • A total of 100 to 150 requests u week for Holocaust 
“Reldofl bSS* “* hopcful P«>phecy from the film education materials. 

Mr. GoodS*tujned o»t m n,h. r u Jt?** 3,000 school groups, 18 a day on average; 90.000 

anyoneroSdhi^maSii ^ "**¥» ~ ****** f? *■“ chlJdren . two-thirds of Son from public schools. 
y c couid have imagined. From all over the world, they • Some 3.000 people a month using public access compui- 


POLITICAL 
\* NO TES A- 


President Is Human 
To a Fault, Some Say 

Washington — in an age 

when politicians can't afford to ap- 
pear to be remote authority figures, 

President Bill Clinton has human- 
ized his image by sharing details of 
his compulsive eating and his less- 
lhan-perfect golf, his early family 
troubles and past marital prob- 
lems. 

This week, Americans heard him 
joke about his chubby legs and con- 
fide that he prefers briefs to boxer 
shorts. 

Mr. Clinton's human side is port 
of his charm, polls show. But some 
analysts believe that Americans’ 
unusual familiarity with their cam- 
era-friendly president could be 
breeding, if not contempt, at least a 
shortage of the awe that presidents 
need to summon tbeir countrymen 
to foreign wars and domestic sacri- 
fices. 

Some warn that the average-man 
image that allows Mr. Clinton to 
connect with Americans could be 
too convincing, damaging confi- 
dence in his leadership. 

“At some point, you know so 
much about the trivial details of his 
life that you have trouble seeing 
him as the leader of the country , 
said Kathleen Hal! Jamieson, dean of the University of 
Pennsylvania's Ann en berg School of Communications. 

While all presidents struggle with how close to allow the 
public to get. Mr. Ginton's decision to aDow heavy exposure 
has triggered an outpouring of personal details that some 
analysts see as not always flattering to fhc office of the 
president. 

Ms. Jamieson said Mr. Clinton should try to establish the 
kind of “zone of privacy" that Hillary Rodham Clinton has 
spoken of so longingly. She said that when Mr. Clinton was 
asked by a high school student on an MTV “town hall" what 
kind of undershorts he wore, “he should have just deflected 
the question." flAT) 







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4: 


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The nation’s first briefer breached his own 'zone of privacy* 

State Hot Line It Too Hot to Hand!* Quota/ Unquote 


RICHMOND, Virginia — Gaude Seymour wanted a 
hotline to lawmakers. Instead he got “the hottest line in 
America." 

The tnixup sent Mr. Seymour to a telephone sex line 
instead of a toll -Tree number set up by the Virginia General 
Assembly to log citizen comments. 

Mr. Seymour said he called to talk about parental notifica- 
tion for minors' abortions. Instead, he got a woman saying 
that calls would cost S2 a minute and asking anyone under 
18 to hang up. “I hung up pretty quickly," ne said. (AP) 


President Clinton at a Democratic fund-raising dinner: “I 
have often wondered what I would think about five minutes 
before 1 left this old Earth if I had five minutes’ notice. And I 
really think I would think about the people I love — my 
family, friends — the exhilarating things which I was in- 
volved in and maybe what the flowers looked and smelled 
like in the springtime. And that most of the things we obsess 
about for most of our lives would just vanish away if we had 
five minutes' notice. So the trick is always 10 live as if we 
were on five minutes' notice.” fWP) 


BOOKS 


IT ALL ADDS UP; 

From the Dim Past to the 
Uncertain Future, A Non- 
fiction Collection 
By Saul Bellow . 327 pages. 
S23.9S. Viking. 

Reviewed by Christopher 
Lehraanu-Haupt 

S AUL BELLOWSisap unusu- 
al literary case, hard to peg or 
cubbyhole: His ambiguities and 
contradictions are reflected in the 
first nonfiction collection by the 
1976 Nobel laureate in literature, 
**It All Adds Up: From the Dim 
Past to the Uncertain Future." 

At a superficial glance, you think 
of him as neoconservative, it only 
from the evidence of his early con- 
nection to Partisan Review with its 
Marxist leanings and bis later 
friendship with Allan Bloom along 
with his endorsement of Blown s 
famously controversial book. The 
Closing of the American Mum. 

This surface impression of Bel- 
low is confirmed in this collection 
by memories of his involvement in 
the Partisan Review crowd and by 
a loving eulogy of Bloom m which 
he writes of his friend that Allans 


By Alan Truscott 

T HE two top-ranked squads 
went down to defeat in the 
Vanderbilt Knockout Team Cham- 
pionship at the American Contract 
Bridge League’s Spring Nationals 
in March. One match was a cliff- 
hanger that was not decided until 
long after play at the table was 

C °Jmfcayne of Manhattan, seeded 
first with Chuck Burner of West 
Bloomfield. Michigan. Paul 
Soloway of Mill Creek. Woshmg- 
lon, Bob Goldman and Mike Pas- 
sdl of Dallas, and Mark Lair of 
Canyon. Texas, app^ w lmve 
lost by five imps, hj 11 SoJqway 
claimed that he had been misin- 
formed about the bidding on one 

NORTH 
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WHAT THEY'RE READING 


• Chrakrevarty Rangarajan, gov- 
ernor of the Reserve Bank of India, 
was reading m A Suitable Bo ?' by 
Vflcram Seth. 

“It’s a story with many stories. 
It’s extremely well written with no 
message bnt pure entertainment," 
(Kevin Murphy. 1HT) 




is a clear case of greatness, al- 
though about the matter of conser- 
vatism Bellow remarks that his col- 


“had too much intelligence and 
versatility, too much humanity, to 
be confined to a single category." 

You think of Bellow too as a 
tradition-bound child of Jewish im- 
migrants from Russia, deeply 
grateful for the opportunity of 
America and impatient with any- 
one who would nuly it by advocat- 
mgrevolution. . 

This side is reflected u the au- 
thor’s memories of growing up in 
Montreal and an ethnically patch- 

BRIDGE 

deal. The committee awarded him 
1.5 imps, and a 3.5 imp victory. 

On the diagramed deal, alert de- 
fense by Sidney Lazard of New 
Orleans helped the Gerard team 
defeat the Miles team. He sal West 
defending three diamonds, a con- 
tract reached at both tables. In 
both cases, spades were led and 
East played the queen followed by 
the king and ace. 

In one room East won the thin! 
trick and shifted to a heart. South 
was now able to win and lead a 
club, setting up a discard for his 
potential heart loser while the dia- 
mond queen was available as an 
entry to dummy. In the other room, 
Lazard worked out that South must 
have the acc-idng of both red suits 
to justify his jump to three dia- 
monds, The only hope was that 
South had a singleton club and a 
bean loser, so Lazard ruffed his 

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work Chicago, and in his disdain 
for those Greenwich Village intel- 
lectuals who refused to turn away 
from Marxism when the Russian 
experiment proved a disaster. 

Ytt there is another side of Bellow 

that emerges in thee pieces —many 
other rides actually — - and one in 
particular that is striking. This is the 
man of European letters impatient 
with a soulless, fact-ridden, com- 
mercially obsessed America. 

He blames the Partisan Review 
intellectuals for abandoning litera- 
ture. “They made their reputations 
on the ground between literature 
and politics, with diminishing at- 


and led a trump, removing the en- 
try to dummy before South could 
make use of it. 

When dubs were led Lazard 
took iris ace, and South was down 
one. Lazard’s team gained 5 imps. 


tention to literature," be remarks in 
a lengthy interview with Keith 
Botsford. "They moved from litera- 
ture to political journalism. The 
‘literary* screen, a stage property, 
was hoisted away into the flies." 

This Saul Bellow longs for the 
ineffable. In one piece, he describes 
himself in his youthful, down-and- 
out, 53-boardmg-room, apprentice 
days in Chicago as having fc a heart 
foil of something." But what? He 
finds himself agreeing with Nabo- 
kov: “A work of art, Nabokov ar- 
gued, detaches you from the world 
of common travail and leads you 
into another world altogether. It 
carries you into a realm of aesthetic 
bliss. Can there be anything more 
desirable than aesthetic bliss?” 

You think momentarily that you 
now have Bellow pinned and iden- 
tified as the litterateur who went 
off 10 Paris after World War II to 
write art novels. 

And yet And yet He didn’t 
much like Paris, pronouncing it 
“one of the grimmest cities in the 
world." About one of the greatest 
modern-art novels written there he 
comments: "I often tty to fathom 
the feeling* attitudes and strate- 
gies of a Joyce during Ihe Great 
War when he concentrated on the 
writing of ‘Ulysses.’ Could the fury 
of such a war be ignored? There s 
hardly a trace of it in ’Ulysses,’ " 
Repeatedly, he identifies the 
split that grew, at least in the West, 
between serious art and the public, 
“It All Adds Up," the book in 
which all these contradictions are 
represented, is almost pedestrian in 
its rootedness in the solid world. 


He includes one surreal moment 
when be literally sees through a 
hospital door in Mexico Gty the 
corpse of Trotsky, who was mur- 
dered the morning the author had 
an appointment to meet him. But 
otherwise the pieces are rigidly dis- 
cursive and largely about a uni- 
verse of more pedestrian facts. 

So what are we to make of the 
collection’s import? Geariy it is 
meant to take us through the laby- 
rinth of its author’s creative im- 
pulses to the door of his art. But 
where do we go from there besides 
back 10 his fiction? 

A due may lie in his choice of an 
essay on Mozart as his figurative 
frontispiece. In his final words on 
Mozart you can read both a sense 
of identification and an ideal to- 
ward which Bellow strives. 

“What is attractive about Mo- 
zart," he writes, “is that he is an 
individual. He learned for himself 
(as in *Cori Fan Tune’) the taste of 
disappointment, betrayal, suffer- 
ing, the weakness, foolishness and 
vanity of flesh and blood, as well as 
the emptiness of cynicism. 

"In him we see a person who has 
only himself to rely on. But what a 
self it is. and what an art it has 
generated. How deeply (beyond 
words) be speaks to us about the 
mysteries of our common human 
nature. And how unstrained and 
easy his greatness is." 

What Bellow traces in this collec- 
tion is his tortuous route to the 
threshold of easiness, 


Christopher Lehmann-Haupt a 
on the staff of The New York Times. 


Where to find the Worlds 
Finest Hotels and Resorts. 


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tuMUA fc iN ou mTL 
THtHomciour 


Take the T-Rex/ Chicken Test 

For Many, Science Might as Well Be Greek 


Would it make the place unwelcoming to non- Jewish visi- 
tors? 

After all, says Ruth Mandei, vice chairman of the Holo- 
caust Council: “The riches of the institution go way beyond 
a limited story of one group. The last thing we want to do is 
make only a monument to a moment." 

To avoid that, almost everyone agreed the museum's 
message had to be all-embracing. “A lot of universal lessons 
about human beings and how we choose to govern ourselves 
can be offered by telling that one story in great detail,” said 
Sara Bloomfield, the director of public programs. “We 
wondered if people would see it as universal. Fortunately, 
they do." 


By William Celis 3d 

New York Times Service 

NEW YORK —A majority of American adults 
do not know that humans evolved from animal 
species or that the Sun and Earth are in the Milky 
Way galaxy. And one-thud think that humans and 
dinosaurs existed at the same time, according to a 
new survey on scientific literacy. 

The survey, conducted by Louis Harris & Asso- 
ciates and New York's American Museum of Nat- 
ural History, found that despite years of efforts to 
improve science education in public schools, 
American adults possess a low level of literacy in 
science. 

“Hie message here is clear and ample," said 
Ellen V. Fuller, (he museum's president and a 
former president of Barnard College. “Americans 
do not know enough about science or the scientific 
process." 

The survey portrayed on adult population with 
such a limited understanding of science that only 
21 percent of the 1,225 adults questioned scored 60 
percent or better on 20 questions that examined 
basic knowledge of subjects that included space, 
earth, the environment, animals and causes of 
diseases. 


In assessing the findings, Ms. Putter said Ameri- 
can adults "seem to have on erratic, almost idio- 
syncratic. bits of science information.” 

The respondents seemed to score best on ques- 
tions with an immediacy in today's world: A vast 
majority, 78 percent, know that AIDS is caused by 
a virus. 

And in the survey, which was started within two 
weeks of the last California earthquake, most re- 
spondents knew that the continents move. The 
survey was conducted in February and March. 

But more than half did not correctly answer a 
question that was asked two different ways on 
evolution: Human beings developed from earlier 
species of animals, true or false? and Human 
Mines evolved from earlier species of animals, true 
or false? 

The survey did not address whether religious 
beliefs might have affected the result. 

Sixty-five percent did not know bow many plan- 
ets are in the solar system. And only 10 parent 
could name what scientists believe to' be the near- 
est modern-day relative of Tyrannosaurus rex 
from a list of four: chicken, crocodile, elephant 
and lizard. (It is the chicken.) 


Woolsey Retracts Estimate on Spy Cases 


Sew York Times Service 

WASHINGTON — The director of Central Intelli- 
gence, reversing an earlier statement, said he was, 
wrong to have suggested that many cases of espionage 
within the UnitedStates government would be surfac- 

"t a broadcast interview Tuesday, the director, R. 
James Wodsey Jr, said several times, in several differ- 
ent ways, that there “absolutely" would be “a fair 
number of espionage cases" against people at several 
different government agencies. On weenesday, out- 
side a Senate bearing room, he said, “i should have 
limited myself to saying leads, 1 not 'cases.' " 

The difference between a case and a lead is roughly 


the difference between lightning and a lightning bug 
A lead can be something os insubstantial os an anony- 
mous tip, or an otherwise unsupported allegation in a 
yellowing file. 

A case, when it involves prosecuting a govern men 1 
official for espionage, needs to be an airtight assem- 
blage of hard evidence that can be brought to a jury 
without exposing government secrets. 

Officials at the FBI, which investigates allegation: 
of espionage within the United States and refers case: 
to the Justice Department for prosecution, as well at 
members of the congressional intelligence committees 
were furious at what they thought was a public over- 
statement by Mr. Woolsey. 


Howard U. Fights Image Crisis 


By Steven A. Holmes 

New York Times Service 

WASHINGTON —For the second time in recent 
months, Kholid Abdul Muh amma d of the Nation of 
Islam delivered a fiery speech at Howard University 
about the plight of blades and the sins of whiles, 
particularly Jews, while the audience of 1.500 cheered 
wildly. But when someone asked during the rally how 
many in the audience were Howard students, no more 
than 50 hands were raised. 

The moment crystallized the problem that Howard 
University faces: how to deal with a small but vocal 
group of students who have transformed the image of 
the 126-year-old university. 

Long known as a prestigious cento- of black schol- 
arship, whose graduates include David N. Dinkins, the 
former mayor of New York, and L Douglas Wilder, 
former governor of Virginia, us welFas the author Toni 
Morrison and the soprano Jessye Norman, it is now 
increasingly being poceived as a place where radical 
black speakers are warmly welcomed and Jewish pro- 
fessors are warned away. 

These days, Howard seems a black intellectual re- 
doubt fending off what many students and teachers 
say are unwarranted accusations that it has become a 
hotbed of anti-Semitism. Pilloried in the press and 
placed on the defensive by a handful of campus 
adherents of the teachings of the Nation of Islam, 
many at Howard say they feel abused. 

"There is a sense of being unfairly picked on by two 
sets — - certain segments or the news media and the 
Nation of Islam," said Dr. Russell Adams, chairman 
of the school’s department of Afro-American studies. 

In February, a rally sponsored by one student group 
and attended by Mr. Muhammad deteriorated into an 
session of Jew-baiting invective. Last month, Howard 
officials postponed a lecture by a visiting Yale Univer- 
sity professor out of concern he would be harassed 
because he is Jewish. 


On Tuesday, at a campus rally, Mr. Muhammad 
professed his admiration f or Colin Ferguson, the Ja- 
maican immigrant charged with killing six people on a 
Long Island Rail Road train in December. 

But how wide and how deep such sentiment runs 
among the 10,000 students at Howard is open to 
question. Administrators and some students insist that 
ihe vast majority at Howard do not harbor anti- 
Semitic or anti-while views. 

Students and faculty at Howard see two villains in 
the dispute: radical students and the news media that 
many say overplay the story. 

Joyce A. Ladner, vice president of academic affairs, 
said many in the university were wondering why Mr. 
Muhammad's appearances at Howard had got so 
much more attention than his speeches at several other 
colleges recently, with the exception of one at Kean 
College in New Jersey. 

But Malik Zulu Shabazz, the Howard Law School 
student who heads the student group that sponsored 
the two rallies, said that his organization has stepped 
into a vacuum. He agreed that Ms group, Unity Na- 
tion, was relatively small and did not speak for most of 
Howard's students, and said his influence had been 
magnified by political lethargy on campus. 

And some at Howard say that the philosophy es- 
poused by people like Mr. Shabazz can exist, even 
thrive, in an atmosphere of general ignorance about 
Jews that exists among many Howard students, Last 
February, Vera Katz, a drama professor who is Jewish, 
asked ha* students to talk about tbeir feelings toward 
Jews. She discovered her students were shocked to find 
out that Jews made up only 3 percent of the U.S. 
population. 

"They thought that Jews are everywhere,” Ms. Katz 
said. 

Some Howard officials say privately that (hey be- 
lieve the goal of Mr. Shabazz’s organization is finan- 
cial. 


Away From Polities 

• Gloria Ramirez has been buried, two months after she died in a Los 
Anodes area hospital emergency room while fumes emanating, 
perhaps, from her body felled six emergency room workers. Dr. 
Bradley Gilbert, the Riverside County Public Health Officer, said 
two autopsies bad produced no clues, but did find chemicals. 

• More ton 64J)00 teemwers sought emergency room treatment Tor 
on-the-job injuries in 1992, according to a study by the National 
Institute of Occupational Safety ana Health. More than half of 
injured youths were hurt in restaurants. 

• The Da&ss coraby mude redo station KYNG-FM gave $10,000 to 
a library in Fort Worth, Texas, for damage caused when hundreds of 
frenzied listeners rifled through books on a $100 treasure hunt. 

• The nary has relieved Commander Michael Flense of his command 
of the nuclear-powered submarine Jefferson City after it hit the 
ocean bottom off the coast of Southern California, 

• A prominent CaBfonda Hack conraunity leader has been shot in a 
carjacking in Los Angeles. Cetes King 3d, 70, co-founder of the L.A. 
Brotherhood Crusade, was listed m critical condition. 

• Anyone under 17 is peraom non grata at the Miami shopping maU 

on 163d Street from morning to dusk in an effort to cut crime, 
officials announced, nyt, at, Reuters 



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Page 4 


FRIDAY, APRIL 22, 199+ 


OPINION 


Hcralb 


INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON PONT 


SrtbUttC Disgraceful Sleepwalking in a Bosnian Nightmare 


Bomb Them to the Table 


. If the new military and diplomatic moves 
umonneed by President Bill Clinton Wednes- 
day afternoon win endorsement from NATO 
and Russian leaders, they will constitute the 
most promising international initiative yet to 
bring the two-year-old Bosnian war to a work- 
able diplomatic settlement 

Tbe package includes proposals for extend- 
ing the kind of NATO air threats that now 
protect Sarajevo to the other five UN-de- 
clared protected cities, tightening enforce- 
ment of international economic sanctions 
against Serbia and taking unspecified steps to 
better coordinate U.S., European and Russian 
diplomacy. Formal NATO endorsement of 
the package is considered likely, and Russian 
approval is at least a strong possibility. 

As the president made clear, the objective is 
not to defeat the Serbs, or even roD back all 
their forcible gains , but to make them ^pay a 
higher price" until they agree to negotiate in 
good faith. The “Sarajevo formula" of de- 
manding tbe withdrawal of heavy weapons 
from the safe zones and backing that demand 
with the threat of air strikes worked in Saraje- 
vo in February, and can work again, especial- 
ly with R ussian endorsement and support. 
That is where the plans for new diplomatic 
coordination come in. Protecting all six UN- 
declared havens is urgent for more than just 
humanitarian reasons. Holding those Muslim 
and mixed areas outside of Serbian military 
control is essential to the design of any work- 
able territorial settlement 

Tighter enforcement of economic sanctions 
is a worthwhile though less immediately sig- 
nificant step. It is certainly a more appropri- 
ate response to Serbian duplicity than the 
earlier European proposal for a phased easing 
of the embargo in return for marginal Serbian 
diplomatic concessions. 

AD along, the Clinton administration's per- 
formance on Bosnia has been better than it 


looked. True, its public diplomacy has been 
maddeningly vague and its military tactics 
questionable. The Serbian penetration of 
Gorazde has been, like so much of the Bosnia 
war, a h umani tarian disaster, this time with 
the added dement of public humiliation of the 
United Nations and NATO. Yet consider 
what the Clinton administration has done 
right over the past 15 months. 

Almost alone, it resisted cynical European 
schemes for an enforced peace at theexpense 

peons became more evenhanded- It has advo- 
cated, although not energetically enough, an 
end to the UN arms embargo that prevents the 
Bosnian government from adequately defend- 
ing itself. It has held out against an unwise 
commitment of U.S. ground troops to what 
would have been a mission impossible of en- 
forcing a peace that no Bosnian faction sincere- 
ly accepted. And it has understood all along 
that air strikes are not a magic formula capable 
of instantly reversing the fortunes of war. 

As a result of the Clinton administration’s 
policies, the Serbs are now more isolated in- 
ternationally and tbe United Slates, Western 
Europe and Russia are closer to coordinating 
their policies than ever before in this war. 

Even now, as NATO prepares to widen its 
air cover, a diplomatic rather than military 
solution must remain the goal The object, put 
crudely, is to bomb the Serbs to the peace 
table and to preserve the integrity of all six 
UN-declared safe havens. That wiD stir up 
bad memories from the Vietnam War, when 
the Johnson administration's efforts to bomb 
its Vietnamese enemy to tbe peace table ended 
in disaster. Since that time, the Pentagon has 
argued that Washington's only military choices 
are massive intervention or no intervention at 
all. That is an unrealistic straitjacket for a 
global power. It is time to discard iL 

— THE NEW YORK TIMES. 


Follow the Money 


The current health care debate in America 
serves as a reminder that the way political 
campaigns are paid for affects the most basic 
issues of concern to citizens. Health care 
spending accounts for fully one- seventh of tbe 
nation's economy. The number of people, 
companies and institutions depending on the 
health care system for their livelihoods is 
huge. This battle will ultimately involve giv- 
ing more money to or taking money away 
from physicians (including general practitio- 
ners, psychiatrists, surgeons, ophthalmolo- 
gists and orthopedists), nurses, hospital 
workers, insurance companies, health main- 
tenance organizations, hospitals, clinics, drug 
companies and manufacturers of medical 
equipment. These groups will hardly be indif- 
ferent to the large, personal financial interest 
they have in the outcome of the debate. 

Certainly they are being generous to mem- 
bers of Congress to make sure that their voices 
are heard. Writing in The New York Times, 
Richard L. Berke cited estimates as high as 
S50 million for the campaign contributions 
that wiD be made in this election cycle to 
influence health care legislation. Charles Bab- 
cock of The Washington Post reported late last 
year on a Citizen Action finding that members 
of the Senate Labor and Human Resources 
Committee received on average 5293,332 


from health and insurance industry executives 
and their political action committees. 

It would be nice to think that these interest 
groups will just caned each other oul On 
some issues that might be true. The interests 
of some large business contributors who in- 
sure their employees may conflict with those 
of the insurance companies. The insurers have 
interests different from doctors. The politics 
of health care are nothing if not complicated. 

But the troth is that providers of health care 
and insurance — that is, the people who make 
the 1 most from the current system — mil be 
much more organized in their contributing 
and lobbying than are consumers of health 
care, particularly the ordinary citizens whose 
basic medical worries are quality, choice and 
cost. Groups with narrow interests and deep 
pockets often have the most at stake in legis- 
lative battles and are more willing to spend 
to affect the outcomes. 

Reforming the way campaigns are fi- 
nanced would not magically alter the health 
care debate. But spending limits and partial 
public financing of campaigns would free 
politicians from some of the pressures they 
are now under and would tilt the playing 
field a little bit in favor of health care con- 
sumers. insured and uninsured alike. 

-- THE WASHINGTON POST. 


Four Stars for Leaving 


Admiral Frank Kelso, the retiring U.S. 
chief of naval operations, had quite a quartet 
of defenders in his fight to save his four stars, 
and tbe pension that goes with them: the 
president, the navy secretary, the defense sec- 
retary and the chair man of die Joint Chiefs of 
Staff. Even so, he almost lost the battle; seven 
angry women understood what those four 
men seemingly did noL In failing to thorough- 
ly investigate the seamy Tailhook convention 
of 1991, Admiral Kelso failed his command. 

The seven women were U.S. senators, who 
met this week with 91 male colleagues to vole 
on whether the admiral should cap his career 
with full retirement honors. They relied on 
logic, navy protocols and tbe findings of the 
navy's own. judge. Captain William Vest Jr, 
who concluded that the admir al had lied about 
his own activities at Tailhook ’91 and then 
used his rank to impede tbe investigations. 

“It is appalling to me." Senator Patty Mur- 
ray said, “that 30 admirals, two generals and 
three reserve generals attended Tailhook *91, 
and not one of those individuals exercised the 
responsibility of their command. And Admiral 


Kelso was at the top of that chain of command. 
So much authority, so little leaderahip 

Tbe arguments of many of the admiral's 
advocates were, by contrast, sentimental and 
often off-point. Senator John Warner spoke of 
posable hardship for the admiral's wife were 
his pension cut; and Senator Ted Stevens pa- 
tronizingly reminded tbe women senators that 
the admiral is “a father of two young women 
who are very sensitive of their father's role in 
this matter." Senator Sam Nunn, chair man of 
the Armed Sendees Committee, claimed that to 
deny the admiral his four stars would be to 
scapegoat him. This was a willful perversion of 
the idea of command responsibility. 

Admiral Kelso kept his four stars. But in 
limiting a predicted pushover vote to a narrow 
54to43, those seven women senia message to 
the navy. As Senator Dianne Femstein put it, 
“the days of boys being boys ... is over." 

On the evidence of this case, however, the 
president, tbe navy secretary, the defense sec- 
retary and the chairman of the Joint Chiefs of 
Staff still don't get iL 

— THE NEW YORK TIMES. 


Other Comment 


Tlie Mess in Bosnia 


The West has not only made a mess of the 
situation in Bosnia, but a mockery of its 
pledge to protea the Muslim enclaves be- 
sieged by the Bosnian Serbian forces. Why did 
NATO, Of which the United States is a lead- 
ing member, agree to use air power gainst the 
Serbian advance on Gorazde when it bad no 
intention of doing more than to engage spar- 


ingly in pinprick strikes? 
The military buildup h 


military buildup by the Serbian forces 


last month showed that a major offensive was 
in the offing. True, air strikes cannot be expect- 
ed to prevent tbe Seriis from seizing Gorazde or 
any other Muslim enclave. But this misses the 
point: No serious attempt was made to deter 
tbe Serbs or punish them if deterrence failed. 

With tbe Serbian forces moving closer to 
achieving their goal of a Greater Serbia, there 
can hardly be any prospect of a peace settle- 
ment, since that would require them to make 
territorial concessions. 

— The S trails Tunes (Singapore), 



International Herald Tribune 

ESTABLISHED 1887 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

Co-Chairmen 

RICHARD McCLEAN. Publisher & Chief Exeeurhv 
JOHN VINOCUR. ExeaahvEddor & VkePrtddau 

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1 



W ASHINGTON — With the debacle in 
Gorazde, Bill Clintons conduct of for- 


By Charles Krauthammer 


gf git policy passes from inept to disgraceful. 
No administration since World War II can 
match this one for incompetence. If America 
had parliamentary government, parliament 
would introduce a motion of no confidence 
in President Ginton’s foreign policy, and 


What policy there is can be 
characterized as confusion in 
the service of cravenness. 


bflity "NATO's credibility 7 ' and “our very 
vision of a post-Cold War Europe" at stake. 
With Gint Eastwood swagger. Mr. Christo- 
pher's spokesman dares tbe Serbs to shoot 
down a NATO plane: “Let them try." 

WeU, they do — and we Americans do 
nothing. We mount two air strikes that cause 
risible damage — and they overrun the town 
that we had said we would protect Oar fust 
reaction (characteristically, since reversed) 
to Serbian defiance is to signal a readiness to 
begin lifting the economic sanctions against 


Item a year aid a hair, reduced Americas 
has long been non- 

inierventia^rto'w^wedmAmnra P re Rob r e ^$ aI1 , Tf “Balkan 

can possibly do whaineed interest Ghosts," has made an impassioned argument 

cost remotdv cornmenimate American involvement in’ Bosnia. 

Yia wm he is wining 10 concedethat the 
at^ke^^are^lling to advocate taking -SFttE&afSlZ 


the government would fall. But it has a 
presidential system. Americans will have to 
suffer this crew until at least 1996. 

If the high administration officials re- 
sponsible for foreign policy had any self- 
respect. they would have long since resigned. 
Secretary of State Warren Christopher, 
United Nations Ambassador Madeleine Al- 
bright and the director of the National Secu- 
rity Council, Anthony Lake, are the archi- 
tects of 3 spectacularly disastrous UN- 
subordinated foreign policy that has 
brought America needless death in Somalia, 
abject humiliation in Haiti and monthly 
slaps in the face from North Korea. 

And now Gorazde. At firsL Mis. Albright 
hails it as a “picture perfect" operation. Mr. 
I ^ilce grandiloquently declares “Europe's sta- 


Serbia if they cease fire. What policy there is 
can be characterized as confusion in the 
service of cravennett. 

Lord Carrington resigned when tbe Falk- 
lands were invaded although he was not di- 
rectly responsible. “There has been a British 
humiliation." be said. “I think I ought to take 
responsibility for it." Men of principle have a 
sense of ministerial responsibility. And re- 
sponsibility means paying a price for failure. 

This crew seems not even to recognize fail- 
ure. Tbe president, asked about tbe rout at 
Gorazde, offers the fatuous “this has not been 
a great weekend for the peace effort in Bos- 
nia." In one week of feadessness over Gor- 
azde, Mr. Clinton has managed to fritter away 
50 years of hard-earned NATO credibility. 
Yet his advisers show not the slightest recog- 
nition of tbe depths to which they have, in less 


significant rides to secure them. 

I disagree with this view but I can respect it. 
What is impossible to respect is the adminis- 
tration's position of adopting interventionist 
rhetoric while eschewing any serious means to 
back it up. The Clinton policy of constantly 
changing objectives — holding Gorazde. 
sending a message of resolve, getting the 
Serbs to tbe bar gaining table, supporting UN 
personnel on the ground — backed by unsen- 
OU5 means elicits only contempt. And not just 
in Washington but where it counts — from 
the Serbs in Bosnia. 

The secretary of state whines that the Serbs 
have not kept their word. (Surprise!) He com- 
plains bitterfy about their “tangle of lies." He 
declares petulantly that the Serbs have shown 
“contempt for tbe international community." 
No. They have shown contempt for the Unit- 
ed States, for this administration, for tbe 
competence of its foreign policy team and its 
capacity to stand up to anyone. 

Why not lie? The Serb? are acting rational- 
ly. It is highly rational to defy the United 


gument," namely, that “this White House, 

with its muddled performance cm national 
security issues, may not be up to the task." 

A kindly understatement. Tbe president, 
stung by universal criticism of his comic show 
of force in Gorazde, now seeks to redeem 
himself by pushing for a more extensive 
NATO air campaign over Bosnia. Yet even 
those not sobered by the disastrous conse- 
quences of the Gorazde air strikes — even 
those still undaunted by the prospect of an air 
campaign in mountainous tCTiain and chronic 
bad weather against nimble forces with con- 
cealable anus — have trepidation about an 
escalated air war run by the Clinton team. 


Which is why there is a growing chorus to 
do one and only one thing m Bosnia: Hft the 
arms embargo against the Bosnians. Let them 
fight their own war against the Sobs. At least 
that way you would not have to wake up every ' 
morning worrying about what General Gin ton 
and his armchair strategists have done over- 
night to tbe brave Amencan airmen they have 
so aimlessly deployed in a Balkan nightmare. 

Washington Past Writers Grasp. 


States and dare this sorry team in Washington 


Start Strategic Bombing and Allow the Bosnians to Get Arms 


W ASHINGTON — When a 
president is bereft of an orea- 


YY president is bereft of an orga- 
nizing principle, policy is made by 
personalities. The dominant person 
in U.S. national security affairs, es- 
pecially regarding Bosnia, has been 
General John ShaJikashviti, chair- 
man of tbe Joint Chiefs. 

That was a surprise because “Gen- 
eral Shall,” a refugee from Poland at 
age S, is in no way overbearing. He is 
a good soldier, well liked in the ser- 
vice and among European diplomats. 
Presiding over the drawdown of U.S. 
forces in Europe was widely thought 


By William S afire 


to be his career-capping job. 

This artillery officer floated to the 
top partly because B31 Clinton did 
not want an air fence general, with a 
belief in the ability of air power to 
intervene decisively in the Balkans, to 
be his principal military adviser. 

Shah stepped into a vacuum. An- 
thony Lake, who gives hawkish 
speeches on Bosnia, does not strong- 
ly influence the president; Secretary 


of Stale Warren Christopher was 
burned by America’s European al- 
lies and is twice shy; Defense Secre- 
tary W illiam Perry is inclined to 
defer to the Joint Chiefs. 

According to readers of confiden- 
tial cable traffic, Shflly-Sfaali has 
long been the foremost exponent of 
letting (be Serbs get away with “force 
and fraud." He thinks that air power 
is inapplicable, and that only massive 
ground troop intervention, which he 
opposes on the ooomilitarv grounds 
that it has no backing in the United 
States, would stop tbe Serbs. 

That hypercautious advice on air 
power from an artilleryman led to 
the continued humiliation of the 
United Nations, the exposure of 
NATO as impotent and the abdica- 
tion of U.S. leadership. 

For one brief moment, when Mr. 
Clinton appeared willing to bomb 
artillery around Sarqevo. (be Serbs 


backed off 1 . Bui when General Shali- 
kashviii and Mr. Perry all but invit- 
ed them into Gorazde, they struck 
a g ai n Their fresh attack was feebly 
answered by “pinprick bombing," in 
Zbigniew Brzerinskfs phrase, winch 
only encouraged them to take UN 
hostages, shoot down a NATO plane 
with a surface-to-air missile and 
snatch back their escrowed weapons. 

Now Mr. Clinton is following the 
advice of tbe only White House voice 
rap3bl »» of challenging Shflly-ShalL 
Stan Greenberg, tbe pollster, is re- 
porting that the sight of a nail-nib- 
bling president amid pushmipullyu 
advisers is be ginning to adversely af- 
fect U.S. pub&c opinion. 

Result: Wednesday’s pohey-wonk 
public analysis by Mr. Clinton about 
his telephonic wheedling and plead- 


ing with other world hand-wringers. 
He half-threatened to raise the level 


He half-threatened to raise the level 
of tactical pinpricking to “the Sa- 


rajevo level" unless the Serbs stop. 

NBCs Andrea Mitchell asked: 
Should the Serbs be prepared for 
strategic as well as tactical air 
strikes? Gcftng after their ammo and 
fuel supplies is how air power could 
be effective. But Mr. CUntoa re- 
fused to discuss “tbe tactical details 
of our policy ... until they have 
been worked oul with our allies.” 

If he bad such agreement to get 
to ug h , he would surely have an- 
nounced iL Why not give the Serbs 
good reason to settle before real 
bombing began? But tbe telesum- 
mitry is all a charade. We huff and. 
puff: tbe Serbs pause; we un-huff; 
the Serbs then blast the next UN 
“safe area." 

What will bring Sobs to tbe nego- 
tiating table with sincerity in their 
hearts? One tiring alone: force, fol- 
lowed by fear of further force. If the 
president is able to lead, he should 
lead NATO into these actions: 

1. Assemble all UN forces in Bos- 


nia in defensible positions; provide 
dose air support. 

2. Destroy tbe bridges over the 
Drina River, over which Serbia now 


3. Bomb 10 of the 30 key Serbian 
taigetson a list already drawn up by 
NATO commanders; these include 
ammo dumps, fuel supplies, head- 
quarters. Pause fra negotiations be- 
fore hitting the resL 
In other words, give air power a 
chance. Belgrade, where war orders 
come from, has dec trie utilities not 
out of reach. If strategic bombing 
fails to coerce a peace, victims of 
aggression are no worse off and at- 
tackers wiD have fewer tanks 
Mr. Clinton should cut the shiDy- 
Shali approach and simultaneously 

S : a resolution before the UN 
rity CountiJ to lift the arms 
embargo that bobbles tbe Bosnian 
Muslims. The world will then see 
who is for what in Bosnia. 

The New York Times. 


Epidemic Balkan Fevers 
Need International Care 


By Flora Lewis 


P ARIS — The war, entering its 
third year, is by no means over. 


1 third year, is by no means over. 
But Serbia has won. It has confound- 
ed. and thereby defeated, not just Bos- 
nia but tbe European Union, NATO, 
the United States, to some extent Rus- 
sia and the whole United Nations. 

A British general. Sir Michael 
Rose, and a Russian diplomat Vital! 
Churkin, have been added to the 
growing list of bitter, disillusioned 
outside officials who really tried io 
save something but had to admit that 
lack of means, lack of political sup- 
port and an abundance of Serbian 
duplicity rendered their best most 
sober efforts impotent. 

And it was done without the direct 
military involvement of Serbia prop- 
er, just the Bosnian Serbs, with Ser- 
bia s President Slobodan Milosevic 
remaining quietly, cagily in the back- 
ground. He pretends an interest in 
peace now to get economic sanctions 
lifted, but he makes no visible effort 
to rein tbe rampaging Bosnian Serbs 
or even persuade them to discipline 
their thirst fra more territory, more 
spoils, more atrocities. 

The United Nations has been hu- 
miliated, its soldiers attacked and 
taken hostage while it still maintains 
that its task is only to protect the 
delivery of humanitarian aid, sup- 
plies regularly subject to extortion, 
confiscation or even total blockage 


by Serbian forces to show they can 
impose their whim. 

President Bill Clinton has said 
NATO has no intention of “trying to 
affect the outcome of the war.” The 
Bosnian Serb general, Ratko Mb die, 
look a moment off from pouring shells 
unimpeded on the refugees huddled in 
Gorazde to say there would be “real 
war” if NATO lifted a finger. The one 
statement is as mindless as the other. 
What do they think is going on? 

From the start, the would-be peace- 
makers have been nibbling on bits of 
the problem — now Dubrovnik, now 
Vukovar, now Srebrenica, now Saraje- 
vo, now Gorazde — picking at the sore 
that itches most at tbe moment, as if 
one more resolution, one more minor 
gesture would cure the disease. 

Negotiation is offered as an anes- 
thetic — get them back to the table, 
as though that were an achievement 
in itself — while the bloody opera- 
tions go on. Europe's negotiator, Da- 
vid Owen, speaks proudly of the 
“success” in keeping the war from 
spreading — so far — as was widely 
feared. What intervention there has 



ByERHANTURGUT. tfapftk Maria 


been has merely prolonged iL 
Brave and dedicated people from 


Brave and dedicated people from 
outside ex-Yugoslavia nave risked 
their lives, and some were lost, in 
trying to palliate the horror. But 
nothing went right It has to be ad- 
mitted. It can't be undone. 


There will be time for a post- 
mortem — there is plenty of blame 
to go around — and, most impor- 
tant. lessons and guidelines will 
have to be drawn from the massive 
failure. Tbe dements that exploded 
in the Croatian and Bosnian wars 
are present in many parts of Europe 
that lived under communism, fer- 
menting. Bosnia will not be unique 
if the lessons are not learned. 

But now it is urgent to think of 
what comes next, what kind of post- 


war there wifi be when the guns final- 
ly stop for awhile and victorious Ser- 
bia licks its wounds. 


Already the diplomats are talking 
out the “progressive lifting of 


about the “progressive lifting of 
sanctions" and what sort of condi- 
tions should be seL 
That stops just short of admitting 
that the United Nations, NATO ana 
Western Europe have nothing left in 
their arsenal that they are willing to 
use. Giving up, they most resort to 
inducements and rewards to coax 


TeH a 


ire 


W ASHINGTON — Rarely has a 
state visit threatened to do 


VY state visit threatened to do 
more damage to American interests 
than that of tbe Greek prime minis- 
ter, Andreas Papandreou. which be- 
gan on Thursday. 

President BDJ Clinton should pub- 
licly reproach Greece for its econom- 
ic embargo against the Republic of 
Macedonia and get a firm commit- 
ment that the Greek leader will stop 
coddling Serbia. 

The Grades are upset over Mac- 
edonia's name, which they consider 
the exclusive property of tbeir north- 
ernmost region, over its constitution, 
which promises protection for Mac- 
edonians outside its borders, and 
over its flag, which contains the Hel- 
lenistic 16-pointed star. 

Mr. Papandreou's predecessor as 
prime minister, the conservative Con- 
stantine Milsotakis, played on the 
dispute to retain his thin' parliamen- 
tary majority. But Mr. Papandreou. 
with a healthy advantage in the par- 
liament, does not have that excuse. 

He takes on the airs of a modem 
socialist in the tradition of the late 
Swedish prime minister, Olaf Palme. 
But he is more like the late Argentine 
leader Juan Peron: a gutter populisL 

In the 1980s, he railed against 


By Robert D. Kaplan 


U.S. air bases on Greek soil, calling 
them “American bases of death,” 


and condemned Poland’s Solidarity 
movement os “dangerously nega- 
tive.” He aided Muslim terrorists, 
refusing to extradite killers and al- 
lowing the Abu Nidal terrorist group 
to set up a logistical and financial 
base in downtown Athens. 

With the Cold War over, Mr. Pa- 
pandreou has replaced his anti-Ameri- 
canism with national chauvinism, Stir- 


edooia, which is decollating (be new 
counties eco n omy. 

This is not to say that the Greeks’ 
argument over Macedonia’s name 
lades merit But to impose sanctions 
against a state that poses no military 
threat and is protected in pari by 
hundreds of American soldiers is a 
hostile act toward the United States. 


April GJaspie, that inadvertently gave 
Iraq a green light to invade Kuwait. 

The last thing the administration 
needs, while attempting a new mili- 
tary and diplomatic initiative in the 
Balkans, is to appear weak and con- 
flicted. That is precisely what a visit 
from Papandreou without significant 
Greek concessions, would do. 


Yet under pressure from promi- 
nent Greek-Americans, Mr. Clinton 
has continually appeased Greece. He 
has not fulfilled b is promise, made in 
February, to establish fun diplomatic 
relations with Macedonia. 

In response to open criticism from 
the State Department, administra- 
tion officials have said that Mr. Clin- 
ton would be tough in private negoti- 
ations with Mr. Papandreou. Yet the 
mere appearance of the two men. smil- 
ing together in the Rose Garden, will 
said the wrong signal to the Balkans 
—a part of tbe Mideasi where appea- 


ring up support by destabilizing 
Macedonia, coe of the few states in 
post-Communist Europe with a truly 
multiethnic government 

Mr. Papandreou is a tried and true 
ally erf tbe Serbian president. Slobo- 
dan Milosevic, and the Bosnian Serb 
leader. Radovan Karadzic —both all 
but convicted war criminals. 

He was the only NATO leader not 
to support the NATO ultimatum that 
ended the Serbs’ siege of Sarajevo. 
And Greece has been a major sanc- 
tions-busier, exporting oil and other 


The writer ; author of "Balkan 
Ghosts , ” contributed this comment to 
The New York Times. 


tbe winners into saying that they 
have enough now. 

Moscow and Washington are pro- 
posing a conference of the United 
States, Russia, the European Union 
and the United Nations to uy for a 
common policy on how to deal with 
tbe results. Thai is probably the best 
that can be done at this point. 

At the least, it should bring long- 
delayed recognition that this is a 
large regional problem requiring a 
broad all -Balkan approach. 

Tbe problem cannot be addressed 
in little bits and pieces. That has been 
the formula for disaster. Nor should 
the attempt be deferred until some 
kind of general, in any case unreli- 
able, cease-fire. The involvement of 
Russia is essential, fiat Moscow is 
moving away from a cooperative atti- 
tude toward a renewed sense that 
Russia's interests are to be defined as 
opposite to the West’s. 

However disheartening,. it is better 
to confront tbe lost war honestly, 
without prettifying hypocrisies about 
neutrality and mediation, and get on 
with the trigger, deeper threat to Eu- 
rope's peace and stability that the 
Balkan imbroglio still presents. 

^ Flora Lewis. 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 


ances are often everything. 

Worse, the White House has sched- 


1894c Cholera io Portngal 

PARIS — During several mouths, a 
number of young diplomatists at- 
tended at the Quai o' Orsay where 
they discussed measures to be taken 
to prevent tbe development of chol- 
era. It was deckled that rigorous mea- 


goods to Serbia in violation of the 
UN embargo. Shortly after receiving 
his invitation to the White House 
earlier this year, Mr. Papandreou 
slapped the trade embargo on Mac- 


O NCE a great power has made a serious commitment, it should be 
determined to prevail. Reluctantly, one must chance from beinc an anti- 


determined to prevail. Reluctantly, one must change from being an anti- 
interventionist to an interventionist with respect to Bosnia. 

It is, of course, very late in the day. and it is doubtful that much con be done 
for the Bosnian Muslims at this time. But the United Stales has a genuine and 
important interest in malting it clear thaL once committed, it will be defied by 
an aggressor only at heavy cost to the latter. 

To that end. there should then be sustained strategic bombing of targets in 
both Bosnia and Serbia. The United Slates should also press for a lifting of the 
arms embargo, but should be prepared to act unilaterally and quickly on this 
matter if there is no alternative. 

■— Owen Harries, editor of Notional Interest, in The Washington Post, 


Worse, the White House has sched- 
uled Mr. Papandreou ’$ visit on the 
anniversary of the 1967 military coup 
in Athens and dose to Greek Ortho- 
dox Easter, both emotionally charged 
dates on the Greek calendar. This will 
further enhance Mr. Papandreou’s 
prestige with his countrymen. 

if Mr. Clin ton hopes to retain any 
shred of credibility that he may still 
have in tbe Balkans, be must get Mr. 


sures should be taken against the 
Turks, who were responsible for all 


Turks, who were responsible for all 
the evil. During this time a telegram 
from Portugal (which was represent- 
ed at the conference) announced an 
outbreak of Asiatic cholera. None of 
the measures recommended were tak- 
en, Now it is against Portugal herself 


mans readied the Navy Club. Imme- 
diately about 500 soldiers and sailors 
went to the hall, halted the affair 
and forced all those present to join in 
smgmg the national anthem. Trouble 
was averted when tbe president of the 
society promised that all further 
numbers on the programme would be 
rendered in English. 


1944: Aii Italian Cabinet 


that precautionary measures will 
have to be taken. Under the dreum- 


Papondreou to stop strangling Mac- 
edonia and aiding Serbia. Otherwises 


have to be taken. Under the circum- 
stances what, we ask, is tbe good 
of imemstiosai conferences? 


if war erupts in the next few years in 
Macedonia and neighboring Kosovo 
the Omton-Papandreou meeting will 
appear in hindsight much like the 1 990 
meeting between Saddam Hussein 

jhr IIS irnihusarkv to Iran 


1919: No German Music 

NEW YORK - The Master Bakers’ 
Society of New York last night [April 


20] attempted to bold a concert m a 
palm garden, when word that the 
affair was being conducted bv Ger- 


NAPLES — [From our New York 
edition:] Premier Marshal Bad ratio 
announced today [April 21] the for- 
mation of a Cabinet representing ail 
the anu-Fascisi political parties in 
the liberated regions of Italy. Com- 
mumsts are included in the govern- 
ment for the first time in Italian his- 
tory. , Alter four days of difficult 
“SBMauoos, Marshal Badoglio's de- 
icnnination to have tbe tax parties co- 
operate with him and the desire of the 
AJties and the Communists for a “aa- 
jonai govemmenr finally overcame 
anti-Fascists 

w Hold office under Badoelio. 











INTERNATIONAL HERALD TRIBI NE, FRIDAY. APRIL 22, 1991 


Page 5 . 



Ml? 


■ wm 



OPINIO!* 


There Is No World Community 




P reSnt T Whal „ has happened in 
a r* ?° razde in Bosnia 
r n ^ ,Dip,y a - failureof the interna- 

SL ,T n,U T t ' V ; 11 was a d emon- 

munTv i^ ai h lhe ,nleTnat '°nal com- 
“lun.iy is a phantom. 

no im^ h 5 rent , poUtical force - dtere is 

no imernauooai community. There is 
MLS"* 1 '. n talking about what the 
international community will do in Yu- 

nexi Unw - 

aitcr the United Nat ions is slrength- 

The Bosnia fiasco is 
apparent to all and 
nothing is likely to be done 
about it — not by the 

Security Council, and 
not by the Europeans . 

ened. or when its military committee is 
reformed, or a UN army recruited, or 
when the Maastricht agreement on a 
common European foreign policy is 
applied. The international comm unity 
will do no better in the future because, 
politically speaking, it does not exist. 
_ 1 E ';? n „ today, were Butros Butros 
Ghali. Bill Clinton, Francois Mitter- 
rand, John Major and Boris Yeltsin to 
come to an agreement on defending the 
remaining UM “safe havens" in Bo^ 
ma, they would inevitably fall into dis- 
agreement ab« >ut how to do it, or. if not 
that, about what to do afterward 
We must stop pretending that there 


By William Pfcrff 

is some prospect of an internationally 
supervised “new world order." This no- 
tion was promoted by the Bush admin- 
istration and is implicit in the Clinton 
administration’s commitment to multi- 
lateralism in foreign policy. 

In the Bush administration’s case ti 
was a promotional justification, or after- 
action rationale, for essentially unQater- 
al American policies with respect to Ku- 
wait and Iraq. In the Clinton h 
subsoiu tes hypothetical and unrealiz- 
able international cooperation for prac- 
tical and achievable national actions. 

The general thrust of liberal opinion 
and liberal international reform since 
early in the 19th century (using “liber- 
al" in its historical sense, not the parti- 
san one) has been to substitute collec- 
tive international action for national 
initiative in the relations of nations. 
This has provided an important body 
of international law and inspired inter- 
national agreement in a great many 
technical and regulatory areas of com- 
mon international interest. It was re- 
sponsible for the creation of die League 
of Nations and the United Nations. 

The fundamental assumption of lib- 
eral internationalism has been that en- 
lightened people agree on the values 
that should govern international soci- 
ety. They see these values as intrinsical- 
ly right or just, part of an ascertainable 
common truth. 

Those who resist these universal val- 
ues are ignorant or backward, or crimi- 
nal — international “outlaws." Thus 


the liberal internationalist not only sees 
the methods of the Bosnian Serbs and 
the Serbian government as criminal, as 
they carve out a Greater Serbia at oth- 
ers’ expense, but condemns the Serbs* 
nationalism as itself criminal. 

However, Radovan Karadzic and the 
Bosnian Serbs’ General Raiko Mladic 
think that they are making a better 
world. A belter one for Serbs, and for 
the West as well, which the Serbs claim 
to be rescuing from fascism and Islamic 
fanaticism, roller believed that he was 
malting a better world. The inherently 
superior people would rale the inferior 
( those who were allowed to go on living) 
and breed an improved mankind. 

There is the problem. What makes a 
better world is a matter of moral convic- 
tion and philosophy of history, on which 
agreement is limited even among the 
democracies. The liberal expectation 
that generally recognized principles of 
international conduct and coopera- 
tion exist and can be made to prevail 
runs into the reality of incompatible 
national perceptions of what is good 
and desirable. 

The Western liberal democracies do 
have a general agreement among them- 
selves on how international society 
should function, bul they disagree on 
what specifically to do about it And 
even if they agreed on that, they would 
need the political will to do it. 

The UN Security Council has placed 
Gorazde and other Bosnian cities trader 
UN protection, but the United States 
woa'tsend troops, the British are fed up 
and never believed in intervention in toe 
Tint place, the Russians already are dis- 



: s.' 




illusioned with the Serbs and see little to 
gain from further dealings with them, 
and the French, who have the largest 
number of UN troops in Bosnia, fear 
that they are about to be abandoned by 
the others and left to pick up the pieces 
for the United Nations. 

The fiasco is apparent to all. and 
nothing is likely to be done about it. The 
Security Council will meet again, the 
European foreign ministers will consult, 
but these are sterile exercises. 

No common agreement is available, 
and the search for a common agreement 


restrains action by individual govern- 
ments. The new world order thus reveals 
itself to be the old one in whidt individ- 
ual nations pursue their national well- 
being. cooperating in areas of dear mu- 
tual advantage but governed on all 
matters involving risk and sacrifice by 
national or domestic political interest 
alone. The rhetoric of liberal interna- 
tionalism has beenpenniMed to obscure 
this for too long. This is an unpleasant 
reality to face, but such is life. 

International Herald Tribune 
t Los Angeles Tunes Syndicate. 


The Forgotten 85 Percent 
Deserve a Halo in Print 

Bv Col man McCarthy 


W ASHINGTON — Asked for some 
secular counsel on ways to better 
use their divine right to report the news. 
Billv Graham suggested to a gathering 
of editors that they begin to get religion. 
Get. as in understand. 

As an example of how a large part of 
the press — print and broadcast — does 
not understand religion. Mr. Graham, 
speaking at the recent American Society 

MEANWHILE 

of Newspaper Editors convention in 
Washington, told of his many peniten- 
tial dealings with the media: “I've been 
interviewed by reporters. I've had to 
teach them what a Baptist was. what a 
Presbyterian was. what a Catholic 
was . . . They had no idea what an 
evangelist was . . . [They] did their best. 
And they were honest. But I t hink they 
needed more t rainin g, more understand- 
ing of what they were writing about." 

If you are disbelieving of Buly Graham 
on the media’s religious ignorance, give a 
sx>t quiz to the next journalist you meet. 
Stan with easy ones like these: 

• In the Church of England, what is 
a suffragan bishop? 

• What are rabbis referring to when 
they speak of Midrashim? 

• What is the current grievance 
against the US. government by the Na- 
tive American Church regarding the use 
of eagle feathers in worship services? 

• In U.S. Protestantism, which are the 
three traditional peace churches? 


LETTERS TO THE EDITOR 


Velvet and Steel for Korea Don’t Abandon Rwanda 

Regirding “ North Korea Needs Time 
> Collapse 


to Collapse” (Opinion, April 51: 

Sung Chul Yang’s contribution to the 
debate on what to do about North Ko- 
rea was short on practical suggestions 
and long on wishful thinking. 

He sums up his thesis: “Somehow the 
South must avoid war while not letting 
the North’s nuclear ambitions go un- 
checked.” The operative word in this 
prescription is “somehow,” which 
brings the debate back to square one. 

The most appropriate policy regard- 
ing North Korea, says the author, is 
“benign neglect." 

.As one of the “Seoul survivors” evac- 
uated from South Korea in June 19S0 
under fire, I saw how effective such a 
policy was in dealing with Kim II Sung. 
As a technique, the velvet glove may 
help a hit today. But let responsible 
world leaders not neglect the steel fist. 

Being caught unprepared once was 
stupid. Twice, it would be suicidal, for 
the stakes have escalated since 1950. 

RICHARD PATRICK WILSON. 

Mobile, Alabama. 


The article “UN Force Begins Rwan- 
da Pullout" (April 21), highlights the 
dilemma faced by the UN Security 
Council, which will make the final deci- 
sion on whether to continue the peace- 
keeping presence in Rwanda or to com- 
plete a withdrawal of all troops. 

With conditions deteriorating in 
Rwanda — thousands of people from 
both main ethnic groups are being bru- 
tally slaughtered and thousands more 
are fleeing the country in a desperate 
search for safety — a complete with- 
drawal of the United Nations Assistance 
Mission in Rwanda, or Unamir, would 
only cause further suffering. 

It is crucial that the Unamir mandate 
be changed from one of reinforcing the 
peace, foDowing the Arusha Accord, to 
one that actively addresses the humani- 
tarian -needs of the civilians of Rwanda. 

There is an urgent need for the creation 
of“safehavens” to protect innocent men, 
women and children from soldiers who 
are out of control and from frenzied 
gangs threatening countless lives. 

An increased Unamir presence in 
Rwanda would reinforce the authority 


of the UN special representative in his 
efforts to negotiate peace. Once the 
fighting has stopped, Unamir would be 
weO placed to begin a process of politi- 
cal reconstruction ana respond to hu- 
manitarian needs. 

Meanwhile, the slaughter continues. 
A UN withdrawal from Rwanda would 
be a serious blow to the organization’s 
credibility on humanitarian issues. 

MARTIN GRIFFITHS. 

Director, Actionaid. 

• London. 

The U.S. Role in Bosnia 

Regarding “ The Goal in Bosnia Is 
Peace ” ( Opinion, April 13): 

The article ignores the UN-NATO- 
Bosnia relationship and command struc- 
ture and exaggerates the U.S. role, which 
A. M. Rosenthal portrays as presidential 
and decisive when things are going wdL 

Sir Michael Rose, the British general 
who commands UN forces in Bosnia, 
takes his orders from the secretary-gener- 
al of the United Nations. Other European 
generals preceded him in that position. 
The planes used in the small attacks and 
daily surveillance of Bosnia are NATO 


planes. Most happen to be American. 
They are commanded by NATO officers. 
Most, again, are American. 

It is difficult to see what A. M. Rosen- 
thal is trying to prove. His attempt to 
involve a “British general” is ill-found- 
ed. Sir Michael’s goal is peace, too. 

V. LANSING COLLINS. 
Soiogrande. Spain. 


Jewish presence was absent. And King 
Hussein departed from the Dome theme 
to commend Iraqi steadfastness in op- 
posing UN sanctions. 

For Israelis who were counting on 
King Hussein to build toward peace, 
this performance was distressing. 

JOSEPH LERNER. 

Jerusalem. 


The Dome’s Other Side Killings in Gaza 


Regarding “Renewed Shrine, Same 
Old Mideast" (April 19): 

The article notes that the celebration 
in Amman, Jordan, of the refurbished 
and now gold-plated Dome of the Rock 
in Jerusalem “befits the history of the 
contested site in Jerusalem’s Ol’d City." 
Significantly new (but unmentioned in 
Amman) is the circumstance that Jewish 
Israel fully cooperated with the refur- 
bishing. By ominous contrast Jordan’s 
occupation (1950-1967) permitted no 
Jews to remain, prohibited Jewish visi- 
tors, wrecked all synagogues and dese- 
crated Jewish cemeteries. 

In the hours that Jordanian television 
dedicated to the celebration or the gold- 
plating of the Dome, any indication of 


Regarding “ Israel Admits Killing 6 in 
PLO in Error" (March 30): 

I am sickened by the execution with- 
out trial of six Palestinians in Gaza by 
an undercover Israeli Army unit on 
March 28. After the fact Israeli officials 
said it was all just a mistake, that the 
special unit thought the Arabs were 
members of Hamas, and did not realize 
that they were PLO men training to be 
police under the emerging agreement. 

But such a comment bylsradi authori- 
ties is exactly the point, confirming that 
the soldiers were correct in believing that 
they had the authority, had these been 
Hamas members, to simply execute the 
six. without warning or trial. 

As a Jew. and as a social scientist who 


has lectured on the his lory of the Holo- 
caust and the modem state of Israel, I 
see no legal or moral sanction for such 
governmental terrorism. 

ANDREW J. WINNJCK. 

Heidelberg, Germany. 

How a Firewall Was Built 

Regarding "Throw-Offs and 
Whitewater Lingo ” (On Language, 
March 28) by William Safire: 

In an otherwise scintillating article, 
Mr. Safire imputes an error to President 
Bill Clinton for using the word “literal- 
ly” in the phrase, “We have literally 
erected a firewall.” Mr. Safire states that 
unless the president was implying that 
carpenters and plasterers were used, he 
meant “figuratively." not literally. 

But my Concise Oxford Dictionary of 
Qiirent English (seventh edition) vindi- 
cates Mr. Clinton. His was a colloquial- 
ism. listed under definition five: “So 
called with some exaggeration (a literal 
flood of pamphlets). ” 

May I add that Mr. Safire’s column 
is a literal banquet, for mind and bean. 

DAVIS KAUFMAN. 

Paris. 


• What is the dominant religious affili- 
ation of members of the U.S. Congress? 

• What were the teachings of Gauta- 
ma Buddha on suffering? 

_ • What is the difference between Sun- 
ni Muslims and Shiite Muslims? 

• Who were the founders of these 
religious orders, and when: the Cister- 
cians. the Jesuits, the Missionaries of 
Charity, the Benedictines? 

• What are deep-water Baptists? 

• How did .Amos, the Hebrew proph- 
et, get into trouble? 

Those questions are not especiallv dif- 
ficult, at least not Tor a liberally educat- 
ed newsperson for whom a passing flu- 
ency in religion should be as basic to 
getting a press card as u fair command of 
politics, economics, an or >poris. Yet 
many newspapers assign reporters to 
religion stories as they never would to. 
say. sports. Billy Graham having to ex- 
plain to a reporter tne difference be- 
tween evangelism and fundamentalism 
is like Lou Holtz needing to start a 
postgame press conference by staling 
that each side gets four downs to move 
the football 10 yards and that a “down" 
is . . . forget it. 

Only about 50 of America's 1.600 dai- 
ly newspapers have religion reporters, 
although more Americans arc m pews 
every week than are passing through 
turnstiles at sports events, and even 
though 85 percent of the public, accord- 
ing to Gallup, states that “religion is 
veiy or fairly important” in their lives. 
Media that avoid reporting cm what is 
theological, spiritual or mystical are tell- 
ing citizens that their alliances to the 
transcendent are unworthy or coverage. 

BiQy Graham at the editors convention 
was not a voice in the wilderness. A few 
days before, the Freedom Forum Media 
Studies Colter at Columbia University 
issued a report, “Religion and the Me- 
dia,” that commented on the 85 percent 
figure in the Gallup Rail: “From televi- 
sion news to newspapers, the press lends 
to depict a world driven by consumerism 
and violence, one that leaves little room 
for religion and matters of faith lo make 
their mark. Clearly there is a discrepancy 
between the media’s reality and that of 
the American people.” 

A place to expand coverage is inside 
the churches, temples, mosques or wher- 
ever else sermons are given. Sermon re- 
views are needed. Books, plays, films, 
art exhibits and restaurants are reviewed 
by critics, why not the work of God's 
orators? Sermons are a staple of institu- 
tions that enjoy lax-exempt status in 
America. The press ought to be inform- 
ing the public that absorbs that exemp- 
tion how the clerical beneficiaries of tax- 
free living are using iheir talents. 

Can you recall a Billy Graham sermon 
being examined critically? If his recent 
ones were as sharp as his talk to the 
editors, Mr. Graham rates four stars — 
or, in a sermon review, four haloes. 

Washington Post Writers Group. 



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Page 6 


INTER NATION' \ I . HERALD TRIBUNE. FRIDAY. APRIL 22. 1994 


Everybody knows that 
a saloon is more practical 
than a coupe. 

But what’s so great about 
being practical? 



Generally speaking, coupes aren’t so practical as 
saloons. Passengers take longer to get in and out. 
Shopping bags are slightly harder to get at. One’s 
reputation for total respectability becomes ever so 
slightly at risk. 

Which is, perhaps, the whole point. 

A coupe carries with it the irresistible, undeniable 
aura of fun. There is something about its clean flow- 
ing lines that helps to make driving almost as enjoy- 
able as its supposed to be. 

THE BEST OF BOTH WORLDS. 

All this led us to think how nice it would be if some- 
one could bring out a new model that had the elegant 
body shape of a coupe but was somehow just a little 
bit more practical. Something that combined the best 
of both worlds. 

This is exactly what we tried 
to achieve with the new Saab 900 
Coupe. We call it the three-door. 

The looks you can judge for 
yourself. So we’ll concentrate 
on less visible bits. :***• 


Take the chassis. Unlike other 


and luggage compartment are every bit as roomy. 

The headroom hasn’t been reduced either. Again, 
passengers have the same roomy feeling as they do in 
the five-door. 

VERY SAAB. 

The new 900 Coupe is also equipped with front 
wheel drive to give you superb road-holding even in 
the worst conditions. 

Plus the reassuring safety features you’ve come 
to expect from Saab. Like intelligently designed crash 
zones, a uniquely strong, specially constructed body, 
and ABS brakes and air bag as standard: 

It also has the Saab SafeSeat - an exclusive, inte- 
grated feature that gives back-seat passengers a 
whole new degree of safety. 

THE TURBO TRADITION. 

As you would expect, the new 900 
Coupe comes with the option of a 
turbo engine - a Saab tradition. 

We originally introduced 
the turbo for reasons of power, 
an idea that other manufacturers 



AT SAAB'S DESIGN DEPARTMENT WE LOOK 
TO NATURE FOR OUR INSPIRATION. 


coupes, this is exactly the same length TO NATURE FOR OUR inspiration. found amusing at the time. 

as we use on our five-door model. It isn’t shortened Today, apart from being admired for its perform- 

in any way. Which means that both the rear seat ance, the Saab turbo is also recognised as one of the 


most environmentally friendly petrol engines around. 
It’s an engine that no longer amuses our competitors. 
And it suits our new 900 Coupe beautifully. 

FOR PERSONAL REASONS. 

Saab isn’t an automotive giant. We’re a small com- 
pany with the flexibility to make the kind of car we 
want. Hence the Saab 900 Turbo Coupe. 

Exactly why you might want it, is entirely up to 
you. Every Saab driver has his or her own reasons. 
We’ve simply tried to give you as many reasons as we 
can. So if you want the kind of craftsmanship you 
associate with Saab, the joy of a turbo and the ele- 
gance of a coup6, this is a car worth looking at. 

You may not have been looking for a practical car. 
But isn’t it nice to know 
you’ve got one anyway. 


FOR FURTHER INFORMATION. A TEST DRIVE OR DETAILS OF OUR INTERNATIONAL/DIPLOMAT SALES PROGRAMME CALL SAAB INFORMATION SERVICE ON +44-71 240 3033 OR FAX TO +44-71 240 fi033. 



Introducing the new Saab900Turbo Coupe. 










'• -'-r; 


Aid Success Story 
Sours in Rwanda 

Wiih Projects Dead, Program 
uld Take Years to Recover 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, APRIL 22, 1994 


Page 7 


By DonateUa Lorch 

WaibaJ"* Ttma Serv,ce 

^AIROBl — Rwanda has never 

>Sd r^?ir^ C0 & y significant in 

JSdiSS 1 - for “we than 

SdSSS S 5 P 00 *- overpopu- 

JSJJW ^ 0urces bas been a 
^jcessful laboratory for foreign 

criS 5“®, *?*• cooperative gov- 
crojnrat, relauve lack of corruption 

^ telephone sys- 
Jeros Md electric utilities attracted 

tSt d rf dS f of dollars to 

jest development projects and 

™de the country largely depen- 
n, ,5® “lernational generosity/ 

, «"0 weeks in which 

SI f ti,ousands of people have 
oeen massacred and thousands of 
Europeans and Americans have 
tied, much ot Rwanda's gains have 
been threatened or lost 
nii rJJ n j* lability is restored 
quickly, the hope of reclaiming the 
agricultural or industrial achieve- 
ments in less than five years ap- 
pears Weak. ^ 


% 


Mexico Names 
Special Panel in 
Colosio Slaying 

Compiled by Ovr Staff From Dispatches 

MEXICO CITY - President 
Carlos Salinas de Gortari has 
named an independent five-mem- 
ber commission to participate in 
the stalled investigation into the 
assassination of the governing par- 
ty’s presidential candidate, Luis 
Donaldo Colosio. 

“The country wants to know the 
truth,” Mr. S alinas said. “At the 
same time, it is necessary to avoid a 
climate of suspicions from some 
against others.'* 

It was not yet dear if the panel 
would conduct its own inquiry or if 
it would work with Miguel Montes, 
a special investigator appointed by 
Mr. Salinas shortly after Mr. Colo- 
sio was shot to death March 23 in 
Tijuana. 

Mexico has been swept by ru- 
mors about who killed Mr. Colosio. 

The prosecutor has been unable 
to produce a motive, and one sus- 
pect, a prominent member of the 
governing Institutional Revolu- 
tionary Party, has been released for 
lack of evidence. Charges have 
been reduced against others. 

(WP, Reuters) 


[Tanzania said Thursday that 
Rwanda’s government and rebds 
had agreed to hold talk* on Satur- 
day in a bid to end the civil war, 
Reuters reported from Dar es Sa- 
laam. 

[President Mi Hassan Mwinyi. 
in a statement, said the talks would 
be held in the northern Tanzanian 
town of Arusha. They would focus 
on a cease-fire and putting into 

The lulling and the anarchy in 
Rwanda have now spread beyond 
Kigali, the capital, destroying the 
West’s efforts to promote democra- 
and respect for human rights, 
e quid pro quo for aid in Africa in 
recent years. 

For the moment, several hun- 
dred million dollars of aid has been 
suspended. Without foreign-aid 
workers, many programs have 
stopped. 

Faced Tint with the immediate 
crisis caused by the hundreds of 
thousands of refugees, Rwanda 
must also replace an educated elite 
of Rwandans who have fled or have 
been killed 

Diplomats and aid officials are 
also unsure of Rwanda's ability to 
maintain a stable democracy. They 
say they fear Rwanda may become 
another Somalia, whose society has 
been so torn apart by civil war that 
it is barely able to survive. 

“They will have to start again on 
square one,” said Armon Hart- 
mann, head of the Eastern and 
Son them African section of the 
Swiss Development Cooperation, 
one of Rwanda’s major donors. 

“They wifi have to prove to os 
that they can qualify for our techni- 
cal assistance,” he said. To come 
bask to the level we had just a few 
weeks agp could take four or five 
years.” 

But in Kigali the violence con- 
tines. The fighting, provoked by a 
suspicious plane crash on April 6 
that killed the presidents of Rwan- 
da and neighboring Burundi, has 
been fed by tribal hatred between 
the majority Hutu and the minority 
Tutsi, who are politically domi- 
nant. 

But the killing , at least in its 
initial stages, was mostly politically 
motivated, set off by hard-line 
Hutu who disapproved of a new 
government that integrated Hutu 
andltits. 

There is a determination to 
dominate politically,” said David 
Rawson. the U.S. ambassador to 
Rwanda, who was evacuated last 
week. 


On Crime and Punishment: U.S.-Asian Gap Deepens 


By William Branigin 

Washington Fan Server 

SINGAPORE — Walter Woon, a law professor 

and nominated member of the “ -**- 

mem, was 1 
with his 

robbed at gunpoint u a bus stop. 

The mugger also robbed two other noups of 
tourists along the same road and got away, out it was 
the use of a gun, the randomness and the common- 
place nature of the crime that most shocked Mr. 
Woon and his family. “We never h ud the feeling of 
security again, “ he said. 

“People in this part of the world feel the United 
States should not be lecturing anybody about crime 
and punishment until it can get its own crime situa- 
tion under control,” Mr. Woon said. 

In Singapore, international attention has focused 
on the case of an American teenager sentenced to be 
caned for vandalism. But behind the controversy 
surrounding the plight of the teenager, Michael P. 
Fay, 18, are larger issues of the U.S. standing in the 
world and divergences with Asian countries over 
such issues as human and labor rights, democracy, 
trade, the environment and relations with China. 

For many Asians, the United States has lost the 
moral authority to take their countries to task for 
policies and practices that it finds objectionable. 
Asian nations generally still appreciate the U.S. 
regional security presence that has allowed their 
countries to prosper. But they have become increas- 
ingly strident in rejecting American moral wriHgn ce, 
particularly aa h uman rights and doDOcranc values. 

Tor the first time, there is an open debate going 
on between Aria and America” on these issues, said 
Chan Heng Chee, the director of the Institute of 
Southeast Asian Studies in Singapore. “There is an 
aggressive Western agenda you’re putting forth cm 
democracy and human rights, and this has provoked 

other 
an 

argument 

The underlying fear here is that this dash of 
cultures, which pits the U.S. em phasis on individual 
rights against Confucian reject for authority and 
the importance of community welfare, could ulti- 
mately lead to a new cold war with China. 

The perceived dangers for the region of a U.S. 
that links h uman rights with trade issues has 
: a favorite theme of Southeast Arian leaders, 
notably Singapore's senior minister, Lee Kuan Yew, 
and Prime Minister Mahathir bin Mohamad of Ma- 
laysia. Many Southeast Asians see the linkage as an 
indirect way for the United States to pursue protec- 
tionist trade policies. 

While this U.S. policy thrust clearly worries the 
region's economically booming states, it is the per- 



3 tion that American society has gone fundaioen- 
y wrong that apparently most troubles observers 
here. 

“In most Asian eyes, the evidence of real social 
decay in the United States is dear and palpable,” 
wrote Kishore Mahbubani, a former Singaporean 
delegate to the United Nations, in the latest Wash- 
ington Quarterly. He described Americans as 

NEWS ANALYSIS 

“trapped in inertia” amid a failure to ask such 
fundamental questions os, “Is there too much free- 
dom in American society?” 

“No East Asian society would tolerate the level of 
teenager violence prevalent in the United States,” 
Mr. Mahbubani wrote. 

“Too much freedom can lead to crime and social 
anarchy in the United States,” be wrote. “Too many 
human rights, which place criminal rights of 
victims’ concerns, can also produce social disorder. 
It is startling that the mere suggestion that these 
virtues should be practiced in moderation is consid- 
ered too heretical a thought to be contemplated.” 

Under the leadership of Lee Kuan Yew, 70, who 
served as prime minister for 31 years before stepping 
aside in 1990, Singapore has developed from a Brit- 
ish colonial backwater into a prosperous city-state 
with high economic growth rates, social order and 
low crime. 

On a tour this month of Australia and New 
Zealand, Mr. Lee said Australians, coming from a 
“relaxed" society. Jacked the drive and work ethic to 
compete with East Asians. 

Some Westerners, rubbed the wrong way by what 
they regard as Mr. Lee’s smug pontifi cations, ques- 
tion whether Singapore is in a position to lecture the 
world. How much, they ask, can their societies really 
learn from a regime that permits detention without 
charge or trial, censors the press, harasses political 
opponents, turns a blind eye to police mistreatment 
of suspects and elevates the pet peeves of a senior 
official into the law of the land, as happened in 1992 
when the government banned chewing gum? 

Not all Singaporeans agree with Mr. Lee’s assess- 
ments, however. “Lee Kuan Yew is not Singapore,” 
Mr. Moon insisted. “Lee Kuan Yew is shooting off 
his mouth on his own account.” 

David Marshall, 86, a lawyer and Singapore's 
former elected chief minister in the 1930s, said: Tn 
thevery marrow of our bones, the concept is suprem- 
acy of society over the individuaL we’ve been 
cribbed and cabined and confined by the concept of 
absolute respect for authority, whereas you have 
been free to develop freedom of spirit But with the 
emphasis on the individuaL tragically in the United 
States it has meant fragmentation and the loss of 
moral values.” 



Rmfan Riinua/Atmet Ftuot-Pitur 

Stria CM Ho leaving a Singapore court Thursday with Ms mother after Ms caning sentence. 

Another Singapore Caning 

Hong Kong Youth Sentenced for Vandalism 


Teenager’s Case Divides Americans 


Las Angela Tima Service 

LOS ANGELES — As the American teem 
Michael P. Fay pursues his final appeals to avoid a 
sentence of caning for vandalism in Singapore, 
Americans are divided over whether he should suffer 
the punishment, according to a Los Angeles Times 
poll 

In the survey, 49 percent of the respondents said 
they approved of the sentence, which President Bill 
Oin ton has protested, while 48 percent disapproved 
of Singapore’s carrying it oul 

But poll respondents were much less willing to 
imagine using soch punishment in America. Just 36 
percent said they would approve of caning “for 


t eenage vandals here in the United States.” Three in 
five said they would disapprove. 

On the Question of whether Singapore should 
cany oat me sentence, sharp racial and gender 
differences emer ge d. Men approved the decision to 
cane Mr. Fay by 61 percent to 36 percent, while 
women disapproved by 38 percent to 39 percent 
Whites nanowfy favored the sentence by 52 percent 
to 45 perc e nt while 35 percent of blacks and 58 
percent of Latinos opposed it 

By contrast men and women, whites, blacks and 
Latinos all opposed using the punishment in the 
United States, although the level of opposition was 
greater among women and minorities. 


By Philip Shenon 

Sent York Tima Service 

SINGAPORE — The Singapore judge who last 
mouth ordered a flogging for an 18-year-old Ameri- 
can convicted of vandalism decided Thursday upon 
an even harsher punishment for a Hong Kong youth 
who was charged in the same set of crimes. 

The 17-year-old from Hong Kong. Shiu Chi Ha 
was sentenced to 12 strokes with a rattan cane and 
cqjhi months in prison after his conviction for spray- 
painting cars — twice the number of strokes and 
double the prison term imposed on the American, 
Michael P. Fay. Mr. Shiu was also ordered to pay a 
fine equivalent to $2,000. 

The two youths were charged with a 10-day spree 
of vandalism last faD in which they supposedly 
spray-painted cars and threw eggs at other vehicles. 
The leaders of Singapore have cited the case as proof 
of their willingness to use draconian criminal laws to 
keep the streets here safe. 

“It’s obvious these offenses were committed wil- 
fully” the judge, F.G. Remedies, said Thursday in 
sentencing Mr. Shiu, who was wide-eyed with fear 
and who repeatedly turned his head to look at his 
in me back of 


parents: 
serious offense.’ 1 


the courtroom. “It is a very 


ratling leaves permanent scars and typically 
sends a prisoner into shock from the pain. The 
severity of the sentence startled lawyers and diplo- 
mats have followed the case. Even some court offi- 
cers could be seen rolling their eyes as the sentence 
was announced. 

Lawyers say such a harsh penalty is remarkable 
given the circumstances of tne case — the paint 
easily came off the cars, which were not otherwise 
damaged — and the fact that Mr. Shiu is a teenager 


and has no other criminal record. Mr. Shiu turned 17 
this week. 

Before the sentencing, Mr. Shiu’s lawyer pointed 
out that Thursday's edition of the local newspaper, 
The Straits Times, carried an article about a similar 
case — vandals spray-painted the hood of a sedan — 
that the police had labeled a crime of mischief. 
Unlike tbs crime of vandalism, mischief does not 
cany a mandatory p unishm ent of caning. 

“Just look at the newspaper and you can see that a 
double standard is at work,” said a diplomat here. 
“The decision has been made that Michael Fay and 
these other foreign kids are going to be used as 
us to prove the decadence of Westerners 
! other outsiders." 

Mr. Fay is now in prison, awaiting an answer from 
Singapore’s President , Ong Teng Cheong, on his 
plea tor clemency. 

The American Bar Association joined with the 
American Medical Association on Wednesday in 
formally protesting the sentence imposed on Mr. 
Fay. 

The imposition of caning constitutes cruel, inhu- 
man and degrading punishment,” the Bar Associa- 
tion's president, R. William Ide 3d, wrote in a letter 
to President Ong. “It is difficult to understand what 
posable benefit will be derived from subjecting 
Michael Fay, who suffers from a neurobiologicai 
disorder, to what is clearly considered to be a form of 
torture." 

Doctors in the United States determined several 
years ago that Mr. Fay suffered from Attention 
Deficit Disorder, a neurological ailment that can 
lead to impulsive behavior. The American Medical 
Association released a statement last week protest- 
ing the flogging sentence. 


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HERE'S HOWTO VOTE W FRANCE OH flPRIltt 


abroad or travelling overseas on business or holiday on April 
e country’s first fully democratic election. 


If you’re a South African 11 
26, you will be able to vote in 
Arrangements for voting facilities have been made through South African embassies and 
consulates where these are established. Where South Africa has no embassies or consulates, 
arrangements have been made for the use of other locations. 

PERSONS ENTITLED TO VOTE: 

The following persons are entitled to vote if they are 18 years or older, 

a) South African citizens or citizens of the TBVC countries 

b) immigr ants with permanent residence permits or exempted from holding such permits 

c) former South African citizens living in South Africa 

d) ’ the spouses or children of a South African citizen or former South African citizen 

residing permanently in South Africa 

DOCUMENTS NEEDED TO PROVE ELIGIBILITY 


EUi 


igible voters should produce one of the following identification documents at the polling 
station: 

a) 

b) 


d) 

e) 

NOTE: 


a valid South African passport 

an identify document, either the old dark blue version or the new green version 
identity documents issued by theTBVC states 
any of the three versions of reference books 
a green plastic identity card 


1) No eligibility documents will be issued on 26 April 1994 

iO Persons arriving at the polling station without one of the abovemen tioned 
eligibility documents will not be permitted to vote. 

VOTING DAY AND HOURS 

Tuesday, April 26 has been set aside as the only day for voting at voting stations outside South 
Africa. These stations will be open between 07:00 and 19:00 local time. 

VOTING PROCEDURE 

Voting at foreign voting stations will be conducted-in accordance with the provisions of the 
Electoral Act Votes will be cast for both the National Assembly and Provincial Legislatures. 
Voters will be required to produce their voter eligibility identification, and have their fingers 
marked with ink. 

The ballot papers will be sealed in separate envelopes which will be placed in a third before 
being returned to South Africa for counting. The envelopes for the Provincial ballot will have 
the name of the Province on it. 

FOR MORE INFORMATION: 

If you have any enquiries regarding the election: 

a) Call the Independent Electoral Commission toll free at (09-27-11) (401-2000) 
(international) or 0800-11-8000 (South Africa). The IEC’s toll-free line is operational 
24 hours a day. seven days a week. 

b) Call the SA Embassy, Paris: 45-55-92-37 

Or 

SA Consulate General. Marseille: 91-22-66-33 

LOCATION OF VOTING STATIONS: 

Voting stations in FRANCE will be situated at the following places: 

SA Embassy SA Consulate General 

59 Quai d'Orsay 408 Avenue du Prado 

75007 PARIS 13008 MARSEILLE 

SOUTH AFRICAN INDEPENDENT ELECTORAL COMMISSION ADVERTISEMENT 




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Page 8 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, APRIL 22. 3994 


Bosnians Reject 
Serbian Demand to 


Ford 5-Center Plan to Shift Pressure Onto European Works 

-n,«» nanmnSraiinn does not include the Asia* Edmund Chew, analyst with Nomura Securities in . 

London. 


By Jacques Neher 

International Herald Tribune 


Surrender Gorazde 


By Chuck Sudetic 

New York Times Service 

SARAJEVO, Bosnia-Herzegovi- 
na — Bosnian government leaders 
said Thursday that they had reject- 
ed a Serbian ultimatum to surren- 
der the east bank of the Diina Riv- 
er in Gorazde, as nationalist 
Serbian fighters used artillery and 
rockets to shell the eastern Bosnian 
town into submission. 

“Surrender is what they want 
and we wih not do it," Bosnia's 
prime minister, Haris SQajdzic. 
said Thursday night. 

“What effect would it have?" he 
said, referring to the Serbs' record 
for executing members of surren- 
dering forces. “If we surrender now 
it wiU have a terrible psychological 
effect Even if we wanted to surren- 
der, the people in Gorazde would 
not accept iL" 

Mr. Siiajdzic said it was too late 


YELTSIN: 


U.S. 'Assurances’ 

Continued from Page 1 


the European Union. He indicated 
that Mr. Clinton had agreed to 
such a meeting. 

[The White House said Thursday 
it was considering Mr. Yeltsin’s 
proposal for the meeting but said 
no derision had been made. Age nee 
France-Presse reported from 
Washington. “There is no final de- 
cision on that yet That’s something 
that is being discussed," said the 
White House spokeswoman. Dee 
Dee Myers.] 

In an apparent reference to Mr. 
Clinton’s proposal, Mr. Kostikov 
said, "Joint solutions will be sought 
in order to act in a coordinated and 


na as well as a neighborhood near a 
mosque on the west side. 


The Serbs again Thursday tar- 
ried Gorazde's hospital after a 


geted Gorazde's hospital after a 
doctor was killed by a Wednesday 
night shell blast while treating the 
wounded, reports from amateur ra- 
dio operators said. 


PARIS — The sweeping change in the way Ford 
Motor Co. concaves and makes cars will pul new 
pressure cm workers at its unprofitable European 
operations to keep their wages and benefits in line 
with their American counterparts, analysts said 
Thursday. 

Under the reorganization. Ford’s European oper- 
ation wifl be given responsibility for all small cars 
made by the company worldwide — models that 
correspond to today’s Fiesta, Escort and Mondeo. 
Larger models will be the responsibility of four 
product development cotters based in the United 
States. 


Incomplete casualty reports te- 
lexed by aid workers from Gorazde 
on Thursday said 436 people had 
been killed and 1,467 wounded 
since the Serbs launched their of- 
fensive over three weeks ago. In a 
24-hour period ending Thursday 
afternoon, 47 persons were killed 
and 143 wounded. Seventeen of the 
dead were children, 23 were women 
and elderly people. 

In a telex to tne Bosnian govern- 
ment, the commander of the Bosni- 
an Army unit in Gorazde, Fend 
Bulju basic, said more than 30 per- 
cent of his soldiers had been killed 
or wounded. 

A confidential Bosnian Army re- 
port said the Sobs broke through 
Bosnian lines near a munitions fac- 
tory in Gorazde on Wednesday 
night. A UN offidai said Thursday 
night that infantry assaults had be- 
gun south of the city. 

Delivered by two-way radio, the 
Serbian surrender ultimatum called 
for the Muslim-led Bosnian gov- 
ernment to agree by 4 P.M. Thurs- 
day to withdraw all of its forces 
from the east bank of the Drina, 
which bisects the city. 

“The Oiptniics demand that our 
forces withdraw to the east bank of 
the Drina and from all the territory 
on the west bank outside a two- 
mile zone around the very center of 
the town,” said a Bosnian Army 
report sent to the Bosnian govern- 
ment. The term Cbetnik refers to 
nationalist Serb fighters. 

“If we do not meet this demand, 
the commander of the Chetniks' 
Herzegovina Corps will order his 
forces to continue the offensive and 


for a proposal, supported by Presi- 
dent BUI Clinton, for the creation 


dent Bill Clinton, for the creation 
of a heavy-weapons exclusion zone 
around Gorazde. 

“In the long term, Clinton's pro- 
posal might lead to a solution, but 
from the perspective of those in 
Gorazde, it’s too late," he said 
“They just don’t understand." 

The Serbian shelling Thursday 
of Gorazde, which was declared a 
“safe area" by the United Nations 
Security Council last year, claimed 
dozens more civilian lives. 

A pair of Serbian tank shells re- 
portedly killed 10 to 20 people 
Thursday afternoon on the ground 
floor of an apartment building that 
had been used as a clinic to take in 
the wounded overflowing Gor- 
azde's battered hospital, according 
to a report by a UN aid worker. 

“The first round destroyed the 
sand bags protecting it and the sec- 
ond exploded inside,” the report 
says. “The exact number of casual- 
ties is impossible to verify right 
now as the place is constantly 
raked by anti-aircraft artillery." 

More dead and wounded were 
reported in shell explosions that 
ripped through a Red Cross refugee 
center on the east bank of the Dri- 


Bm under the arrangement, any plant in any 


country may be selected to produce the partic ular 
models — a factor that may throw a wrench into 
traditional labor-management relations, as unions 
suddenly are forced to think globally as well. 

“Now, European operations will have to compete 
with other Ford production operations in the United 
States, and long-term, with those in the Asia-Pacific 
region," said John Lawson, automotive analyst with 
DRI/McGraw Hill in London. “They will have to 
prove themselves more efficient." 

For organized labor, the bargaining dynamics 
could change radically. , ,, 

“Labor unions now will have to look to Ford s 
global operations,” he said. “They will have to con- 
centrate hard on what Dearborn is thinking, and 
what fellow Ford workers in other plants, mother 
countries, are willing to concede and offer. 


The reorganization does not include the Asa- 
Padfic region now, but analysts believe it will ulti- 
mately be integrated into the plan. 


American plants are more productive than Euro- 
pean counterparts, but with Ford’s U.S. plants run- 
ning at 1 10 percent of capacity, analysts say there is 
little immediate danger that any European produc- 
tion would be shifted across the Atlantic. 

Another “ limi ting factor." Mr. Lawson said, is the 
for cars to be produced close to die markets in 
which they are sold. 

Ford's European operations in 1993 lost $647 
million, and the company cut 10.000 jobs last year, 
mostly in Germany. 

By giving Europe responsibility for small cars, it 
ensures the operation against the long term, said 


“Ford Europe needed a radical solution," Mr. 
Chew said. “Inis wdi give Europe a significant role 
to play." 

By handing to Detroit responsibility for large cars, 
the plan also provides a cost-effective solution to 
replacement of the Ford's aging large European 
model, the Scorpio. The company had been delaying 
a replacement decision for several years. 


The plan also gives Jaguar. Ford's British hixhiy 
sports-car unit, a much more important role to play 
as a design and engineering force in Ford's Lincoln- 
Mercury luxury car business by shifting its alle- 
giance from Europe to Detroit, analyse stud. 


trill destroy everything in its path 
without regard for the hospital, the 


without regard for the hospital, the 

wounded and the civilian popula- 


tion," the Bosnian Army report 
said. “Then, in their words, there 


said. “Then, in their words, there 
will be nothing left to talk about 
until the final, complete capture of 
the territory we control." 

The Bosnian Serbs said they 
would not allow a convoy of 140 
UN troops and medical personnel 
to enter Gorazde until the Bosnian 
Army forces had withdrawn into a 
zone with a two-mile-radius on the 
western side of the river, the Bosni- 
an Army report said. 

A convoy of Ukrainian, British 
and French troops and Norwegian 
medical workers left Sarajevo air- 
port Thursday morning, but some 
3S0 Serbian women and children 
blockaded it near the town of Ro- 



FORD: Move Toward 'World Car ’ 


Continued from Page 1 


shocked Mr. Trotman into tins re- 
organization. 

A Ford spokesman . said the 
world car is feasible now in a way it 
was not a decade ago because of the 
increasing overlap between mi- 
drange tastes and models in. Europe 
and America. Another factor was 
modem communications; which 
enable executives to track design 
and marketing teams half a world 
away by plugging into their com- 
putes instead of waiting for plans 
to be flown from one regional 
headquarters to another. 

In response to speculation in Eu- 
rope that the reorganization was a 
way for Ford to set up a kind of 


competitive bidding 'among its 
plants, in much the same way that 
Ford demanded changes in work- 
ing rules in Britain under threat of 
transferring production to Germa- 
ny, Ken Brown, a spokesman for 
Ford’s international divisions, 
said: 

“It doesn't work that way. We 
decide on production ; where it 
makes most business sense, and it 
doesn’t make sense to bufld new 
facilities in a place like Mexico if 
we have to dose down a plant in 
Belgium or Kansas Gty at an over- 
all cost of several billion doUaxs. 
Not only would it b£ a waste of our 
capital; it would cause all sorts of 
trouble with the United Auto 
Workers-here" =■ 


Nixon Is in a Coma 


And Deteriorating 


Compiled by (hr Stqff Fnm Dispatches 

NEW YORK —Richard Nixon 
fell into a deep coma Thursday. 


three days after suffering a major 
stroke, and doctors said the former 


CHINA: A Compromise Would Include Sanctions but Allow Some Trade 


stroke, and doctors said the former 
president’s condition appeared to 
be life-threatening. 

Mr. Nixoa’s family was at his 
side as his condition deteriorated, 
according to a statement from New 
York Hospital, where he was 
brought after suffering the stroke 
at his New Jersey home Monday. 


Continued from Page 1 


gatica. 

Serbian officials assert that they 
are trying to convince the women 
to allow the convoy through. “We 
will cheer when we see the whites of 
their eyes," said a UN aid worker in 
Gorazde, referring to the peace- 
keepers in the convoy. 


ports to the United States reached $33 billion 
last year, and it imported 59 billion worth of 
goods from the United States. 

it is a measure of how seriously the adminis- 
tration takes the debate over China's trade 
status (hat Mr. Clinton, among all his meetings 
Wednesday on Bosnia, met with the leaders of 
both rides of the debate. 

In the morning, he conferred with those 
ready to consider a more targeted approach — 
the Senate majority leader, George J. Mitchell 
of Maine; the House majority leader, Richard 
A. Gephardt of Missouri, and Representative 
Nancy Pelosi of San Francisco — and in the 
afternoon with the proponents of trade sanc- 
tions, led by Senator Max Baucus, Democrat of 
Montana. 

The Democratic lawmakers dearly do not 
want to put Mr. Clinton in a comer or abort all 


trade with China, a move that would harm both 
American businesses and the Chinese reform 
process, which depends in part on building 
trade with the outride world. 

They also recognize, as do many administra- 
tion officials, that China might make progress 
ou some issues while falling far short on others. 

As a result, many of the important voices 
who had been advocating a blanket revocation 
of China’s most-favored-nation trade status if it 
fails to meet the president's human rights con- 
ditions by June 3 are now ready to consider a 
more nuanced approach. 

“There has definitely been a shift," said Mike 
Jendizejczyk, the Washington director of Hu- 
man Rights Watch/ Asia, an organization that 
monitors human rights violations. 

“Even before Secretary of Slate Wanen 
Christopher's disastrous trip to Beijing, the 
administration realized that they might not 
succeed in getting China to fully meet the 


conditions of the president's executive order," 
Mr. Jendizejczyk said. “Therefore, there was a 
need for partial sanctions to be imposed, if 
there was only partial progress in meeting the 
conditions." 

The need for an alternative has become even 
more urgent as China has dog in its heels after 
Mr. Christopher's trip. What Mr. Clinton is 
now hearing from the Democrats who strongly 
support him is that they would be williqg to go 
along with this alternative strategy. 

“They don't want to hart Clinton or appear 
soft on human rights." Mr. Jendizejczyk said. 
“It is a way to get everyone off the hook. It also 
may be more effective. It is doable. The Chinese 
would pay a price for continuing human rights 
violation and it gives the administration ma- 
neuvering room for a longer-term strategy." 

Mr. Gephardt said in an interview that there 
was still time for China to meet the president’s 
demands. 


The hospital gave no other de- 
tails and Mr. Nixon's doctors and 
aides declined to discuss his treat- 
ment or condition in detail. Bui 
other doctors said the coma sharply 
reduced his chances of survival and 
virtually guaranteed be would ne*- 
er recover his powers of ex pr e ss ion. 


“The fact he’s in a coma suggests 
his chances of dying are much 
greater, and his chance of surviving 
without a major deficit (in speech 

•ful mnOMiMtl icvmv vMVCfnall ** 


and movement] is very, very small,’ 
said Dr. Gregory Albers, director 
of the Stanford Stroke Center at 
Stanford University Medical Cen- 
ter in Palo Alio, California. 


The orana “Suggests the man suf- 
fered a devastating stroke,” said 
Dr. Paul Katz, a stroke specialist at 
Montefiore Medical Center here. 
Mr. Nixon, 81, was suffering 


from swelling in his brain, a poten- 
lially fatal complication. The 
stroke also paralyzed his right aim 
and leg, impaired his speech and 
caused some loss of virion. 

On Wednesday evening, 48 
boura after Ins stroke, Mr. Nixon 
entered the peak period for brain 
swelling. 

Doctors often try to reduce 
swelling by making a patient 
breathe faster with the aid of a 
mechanical respirator. But Mr. 
Nixon has not been put on a respi- 
rator, in deference to his wishes, a 
health worker involved with the 
case said. Headded that Mr. Nixon 
had in the past expressed “some 
fairly strong intentions about the 
land of treatment he wishes.” 

Doctors also often use an inject- 
ed drug called mannitol to ndp 
reduce the swelling. It was undear 
whether this drug was being used. 

Brain swelling results when dam- 
aged arteries begin to break down 
and fluid leaks fnm the brain tissue. 
This further damages cells that 
were harmed by lack of oxygen 
when the stroke occurred. 

Such swelling is a major cause of 
death in strokes, because the skull 
prevents expanson and remits in 
compression on the brain stem, 
where vital functions such as 
breathing and heartbeat are con- 
trolled. . (AP, NYT) 


concentrated manner, without giv- 
ing priority to some isolated initia- 
tives even though they may appear 
to be dramatic." 

He added: “There is no crack in 
the partnership. Just a sober, prag- 
matic consideration of national in- 
terests." 

The Kremlin statement coincid- 
ed with signs of discord among Mr. 
Yeltsin's top advisers and in the 
Russian parliament on wbai to do 
about Bosnia. 

Foreign Minister Andrei V. Ko- 
zyrev and Mr. Yeltsin’s special en- 
voy to former Yugoslavia, Vitali I. 
Churkin, have both issued state- 
ments criticizing the Serbs and sug- 
gesting they share the Western view 
that the Serbs have flouted UN 
peace efforts in their attack on 
Gorazde. 

But Defense Minister Pavel S. 


Jean Carmet, French Actor, Dies; 
Was in 200 Films and Won 3 Cesars 


The Associated Press 


Grachev rejected that view, saying 
in the daily newspaper Sevodnya 


in the daily newspaper Sevodnya 
on Thursday, “It would be incor- 
rect to blame the Serbs outright for 
breaking the truce." 

General Grachev said he spoke 
by phone with die Bosnian Serbian 
commander, Ralko Mladic, on 
Sunday and Monday and asked 
him not to attack Gorazde. Repeat- 
ing the stock Serbian line. General 
Grachev said it was “provocative 
actions” by the Muslims that had 
triggered the Serbian attack. 

m the parliament, which in the 
past has beat generally supportive 
of Russia’s traditional allies, the 
Serbs, a few critical voices have 
emerged in recent days as the Serbs 
pressed their attack on Gorazde. 

Rather than immersing itself in a 
full-scale debate on Bosnian policy 
now, the parliament sent a multi- 
party delegation on a fact-finding 
mission Thursday. It is led by Gen- 
eral Nikolai Bezborodov, a Com- 
munist member of parliament. 


PARIS — Jean Carmet, who 
played in some 200 films, including 
the Oscar-winning “Black and 
White in Color,” died Wednesday 
of natural causes at his home in 
Sevres, near Paris. He was 73. 

Mr. Cannet was best known to 
international audiences as a French 
colonist in “Black and White in 
Color,” which won the Academy 
Award for Best Foreign Film in 
1976. Directed by Jean-Jacques 
Annaud, the film tells the tale of a 
self-satisfied Frenchman at a re- 
mote African trading post Bitten 
by patriotism at the outbreak of 
World War L he derides to attack a 
nearby German fort. 

His last role was in “Germinal," 
a bleak tale of 19th-century coal 
miners that was released last year. 

Mr. Carmet won three Clsara. 
France’s equivalent of the Acade- 
my Awards, for best supporting ac- 


tor in “Les Miserables" in 1982 and 
“Merri la Vie” in 1992, and for 
lifetime achievement in 1993. 

Mr. Carmet was born in 1920 in 
the Bourgueil wine-growing region 
of western France. His hobbies 
were wine, books and opera. 

His career began in 1945 with a 
cameo role in Marcel Carat’s mas- 
terpiece “Les Enfants du Paradis." 

His other films included the clas- 


sic spy spoof “The Tall Blond Man 
With One Black Shoe" in 1972 and 


With One Black Shoe" in 1972 and 
“Le Chateau de Ma Mire," based 
on Mated Pagnol's memoirs of 
childhood, in 1990. 

Fl^eoda Garda (Gardda) L6- 
pez. 79, who created the distinctive 
Lladro porcelain statuettes in mut- 
ed colon, has died of a tumor, the 
Lladro company of Valencia, 
Spain, said Wednesday. It gave no 
further details. 

Peter Ha ekes, 69, a former 
Washington correspondent for 


NBC News, died Sunday at 
Georgetown University Hospital 
after a heart attack. 

Arnold Saint-Subber, 76. the the- 
atrical impresario who produced 
such Neil Simon hits on Broadway 
as “Barefoot in the Park” (1963), 
“The Odd Couple” (1965) and 
“Plaza Suite" (1969), died Tuesday 
of heart failure at his home in 
Berkeley, California. 

Pad Barrett Simmons, 52, who 
coined Ronald Reagan’s 1980 cam- 
paign pitch, “Are you belter off 
today than you were four years 
ago?" died Tuesday of a bleeding 
ulcer. 

Luis Carla. 58, managing direc- 



w 


KOREA: 


Key Nuclear Step 


tor of the magazine Vogue Spain, 
died Wednesday in Madrid after a 
short Olness. 

Fernand Lumbroso, 82, a show- 
man who produced everything 
from Chinese circus acts to Russian 
ballet, died Wednesday in Paris. 



Continued bmp Page 1 


agency, Hans Bjfix, is expected to 
put together a list of tests it would 
fife to conduct during the fad- 
extraction operation. Those tests 


. auuAiif 4 m)U 

would voy likely indicate how 
much spent fuel the North has re- 


much spent fuel the North has re- 
covered from the reactor in the 
past 


But in the past, negotiating such 
access with the North has taken 
weeks, and even then inspectors 
have often run into blockades once 
they are in the country. 


Chw Yi'oo Kong/Agrtkx- Franic-Prcvc 

Defense Secretary Wflfiam J. Perry taking a question Thursday at Ins press conference in SeooL 


Italian Tycoon Held, Suspected of Mafia Ties 


Reuters 

FOGGIA, Italy — Pasquale Ca- 
sillo, owner of Judy’s first division 
soccer dub Foggia, was arrested on 
Thursday on suspicion of Mafia 
links and defrauding the European 
Union, the police said. 

Mr. Carillo, 46, one of southern 
Italy’s richest men, was arrested at 
his home in Foggia. A spokesman 
for the finance police in Naples 
said they had sequestered about 10 


of Mr. CariUo’s con 
rested 10 more peop 
tioo. 


companies and ar- 
eoplein theopera- 


He said Mr. Casillo. whose $12 
billion empire of grain, real estate 
and transport companies includes 
about 60 companies that employ 

more than 2.000 people, was being 
held on suspicion of defrauding the 

EU of more than $180 million in 
agricultural subsidies. The police 


were also looking into hi; holdings 
abroad, the spokesman said. 

Mr. Casillo's companies control 
about 30 percent of Italy’s grain 
sector, including the Spigadoro 
pasta brand. He was president of 
Fogeja’s industrialists’ oreaniza- 


Touvier Lawyer 
Asks New Trial 


Anti-Corraptioii Measures Approved in Spain 


He was arrested after testimony 
by Pasquale Galasso and Carmine 
Alfieri, former bosses of the Na- 
ples-area Mafia, sources said. 


The Associated Press 

PARIS — The lawyer for the 
Nazi collaborator Paul Touyier de- 
manded a new trial for his client on 
Thursday for the murders of seven 
Jewish hostages in World War II. 

Touvier, 79, the intelligence chief 
in the Vichy regime's militia in 
Lyon, on Wednesday became the 
first Frenchman convicted of com- 
pfirity of crimes against humanity. 


Reuters 

MADRID — The Spanish par- 
liament has approved a sweeping 
range of measures to curb corrup- 
tion, creating a special prosecutor 
to investigate official malpractice 
and setting up a commission to 
probe party finances. 

The Congress, or lower house, 
voted for a committee to investi- 
gate the affairs of die former Bank 
of Spain governor. Mariano Rubio, 
object of allegations of tax fraud 


that have seriously embarrassed the 
Sodatisl government. 

Approval at a total of 104 mo- 
tions climaxed a two-day debate, 
ended on Wednesday nig ht , in 


Measures approved nod tided in- 
cr eased legal penalties far econom- 
ic crimes, expanded powers for the 
state Financial Tribunal and plac- 
ing secret government reserved 


which recent corruption scandals funds under the control of the Cor- 
dorainated and opposition leaders tn rather than of individual minis- 


called for the resignation of Prime ters. 

Minister Felipe Gonz&ez. . 

Mr. Gonz&Ia refused to step 
down but pledged the govern- 
ment's commitment to fight official 
wrongdoing. 


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The United Nations Security 
CounaTs president has for 
far greater access to the North Ko- 
rean nuclear sites, and obliquely 
warned that sanctions coukl follow 
if that fails. The agency has' set an 
informal deadline of the beginning 
of May, about the time the rdoad is 0 
supposed to take place. 






■? 













^ • • 


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World of Finance 
Reacts to a Major 
New Resource 


■noratuijj ^ 


0 lthough banking 
and finance on Is- 
lamic principles 
has existed for 
many years, it is only in the 
last decade that it has had a 
strong presence in rapidly 
developing markets. Now, 
western bankers are begin- 
ning to realize the potential 
of Islamic corporate and pri- 
vate banking services. 

The underlying principle 
is that there can be no riba. 

The West has a 
long learning curve 

or interest, charged on any 
transaction or service. 

Islamic bankers suggest 
that total funds involved at 
present exceed $60 billion. 
"They are expected to reach 
well over $100 billion by 
1997,” comments Mo- 
hammed E. Al-Shroogi, re- 
gional manager of Citibank, 
in Bahrain. 

"The market is growing at 
an average of 15 percent per 
year,” says Salah A1 Nafisi 
of the International Investor, 
a Kuwait-based Islamic fi- 
nancial institution that re- 
cently entered the market. 

There is much more to the 
Islamic financial system 
than just the prohibition of 
riba, which is itself open to 
different interpretations, ac- 
cording to some experts. 
The subject is sometimes 
controversial even among 
the followers of Islam, not to 
mention Western bankers 
and financiers trying to 
come to terms with the ris- 
ing ride. 


Some Islamic banks now 
see a new role for them- 
selves as Islamic liquidity 
increases. They believe they 
can act a conduit for new 
funds to finance all manner 
of operations that are not 
confined to the Islamic 
world. They can be used for 
various forms of trade fi- 
nance - for lease-back sales 
of aircraft, power plants, 
tankers and civil-engineer- 
ing projects. 

“We can channel funds by 
linking ourselves with con- 
ventional Western banks,” 
says Hamed Al-Bader. assis- 
tant general manager (inter- 
national) of Kuwait Finance 
House. Western banks in the 
Middle East were slow in 
keeping up with develop- 
ments in the late 1980s, but 
two Gulf wars, the resur- 
gence of fundamentalism 
and a general Islamic revival 
forced them to produce new 
investment products for the 
individual Islamic investor. 
Now they are looking more 
closely at joint ventures with 
their Islamic counterparts 
for major financial transac- 
tions that accord with the 
Sharia (Islamic law). 

These Western banks in- 
clude Chemical Bank, 
Citibank, Kleinwort Benson, 
Midland Montagu, ANZ 
Grindlays and Goldman, 
Sachs. All have specialized 
in-house Islamic financial 
experts or banking units. 

The leading players 
among the 160 or so Islamic 
financial institutions (banks 
and Investment houses) in 
the world include Dallah AI- 
baraka and the A! Rajhi 
Banking and Investment Co. 


(both based in Saudi Ara- 
bia), the Kuwait Finance 
House and the International 
Investor (Kuwait), Dar AI- 
Maal Al-Islami Trust 
(Switzerland) and Faysal Is- 
lamic Bank (Bahrain). 

The last-named Faysal Is- 
lamic Bank was founded in 
1982 and has been active in 
Islamic syndications. Its first 
was a Turkish oil loan in 
1987. Since then it has taken 


part in about 20 syndications 
totaling more than $2 bil- 
lion. “From our contacts in 
the Islamic world, we feel 
there is a definite upward 
trend in Islamic financing 
activity,” says a senior man- 
ager at the bank. 

New Islamic banks are 
spreading rapidly. South 
Africa has Durban's Islamic 
Bank Ltd.; Bank Islam 
Malaysia has been joined by 




Sharing risks: The Kuwait Finance House (near left) was involved In Pakistan's HubRiver 
Power Project; Kuwait Airways Corp. (above) benefited from “the most ambitious long- 
term Islamic ftimdng ever undertaken." 


the country's largest cooper- 
ative bank. Bank Keijasama 
Rakyat Malaysia, which has 
announced its foil conver- 
sion to Islamic banking; 
Southeast Asia and China 
are potential major growth 
areas, as are the emerging 
Asian Islamic states of the 
former Soviet Union, which 
have a combined Islamic 
population of more than 60 
million; and the Pakistan 


National Bank has been us- 


ing Islamic banking princi- 
ples by government decree 
since the 1980s. 

Banks in Europe that use 
Islamic principles include 
Denmark’s Islamic Bank In- 
ternational and Britain’s 
Takafol, originally the Is- 
lamic Investment Co. Both 
of them are associated with 
the Swiss-based DMI group. 

Most Islamic banks and 
their Western counterparts 
have been primarily en- 
gaged in short-term invest- 
ment and financing opera- 
tions. mainly of high value, 
but the emphasis has 
changed with the resurgence 
of Islam. The special needs 
of smaller investors are also 
being catered to by com- 
modity and similar funds. 

The real focus of attention 
has moved to financial trans- 
actions involving the three 
main pillars of Islamic fi- 


nance principles. These are 
morabahas (cost-plus fi- 
nancing), ijaras (lease- 
backs) and musharikas (eq- 
uity financing). The yarns 
have been used to good ef- 
fect recently in major deals 
involving aircraft purchases. 

ANZ Grindlays was in- 
volved with Kuwait Finance 
House in the Hub River 
power project in Pakistan, 
and Citibank and the 
Bahrain-based Gulf Interna- 
tional Bank have been in- 
volved in a number of major 
deals, including the Alba 
power station. 

GIB is anxious to dispel 
fears that the growth of Is- 
lamic banking is a long-term 
threat to conventional bank- 
ing strategies. Atef E. Sakr, 
senior vice president of GIB. 
admits that Islamic financial 
resources are huge and 
growing, but he is quick to 
point out that there is an up 


side for the West. “If the 
funds for some of these 
transactions had to be drawn 
down from conventional 
banking systems, some of 
the developments now hap- 
pening might not have taken 
place,” he says. He points 
out that Western companies, 
such as the aircraft manufac- 
turers, need the employment 
derived from the additional 
sales that Islamic financing 
is helping to provide. 

Islamic bankers hope that 
their efforts will be seen as 
complementary to the 
West’s financial system. 
Both sides agree that there is 
a long learning curve and 
that the West has still to fol- 
ly understand the meaning 
of Islamic finance. Islamic 
bankers are critical of their 
own image, which they feel 
needs a much better projec- 
tion in the media. 

Michael Frenchman 


Kl 


% - 


INTERNATIONAL HER ALI) TRIBUNE, FRIDAY, APRIL 22, 1994 


Page 9 


ADVERTISING SECTION 


B E G A U S E we have the traditional roots and the 
technological reach to meet our Islamic customers’ 
needs. 


b t* s« s * ? * ¥ S3 IBq’g al. 








Page 10 

ADVERTISIN G SECTION 


INTERIM VTION \ 1 . IIEItVLl) TRIBUNE, FRIDAY, APRIL 22 , 1994 


ADVERTISING section 



I V- 


Western Europe Sees Dramatic Growth 


lthough Islamic banking is 
relatively new in Western 
countries, the system is cur- 
rently operating and grow- 
ing throughout Europe. Several major 
banks have come into being over the 
last few years, of which Faisal Finance 
SA in Geneva, a subsidiary of Dar al- 
Maal al Isiami Trust (DMI). is a good 
example. 

Islamic banking differs from West- 
ern banking in two major respects. The 
first is that interest cannot be charged 
and the second is that die risk is shared 
between investor and entrepreneur. 
Mahmoud El Helw, general manager 
of Faisal Finance, says, “Be assured, 
we are a bank which is in business. Our 
purpose is to make money for our- 
selves and our clients. We are not a 
charity, although, of course, we con- 
tribute to charity.” 

He points out that Islamic banking is 
based on the Koran and has a philoso- 
phy of partnership. “In a Western bank, 
a depositor has no idea where his mon- 
ey has been placed,” he says. “In an Is- 
lamic bank, he knows exactly where 
bis money is, because he is a partner 
with the borrower ” 

In a simple case, such as the pur- 
chase of a house, a car, an office or in- 
dustrial equipment, the borrower states 
what he needs, the lender buys it, takes 
title and leases it to the borrower. The 
full payment of the lease will normally 
cover the cost of die purchase plus a 
profit to the lender. 

There is a much bigger difference be- 
tween Western and Islamic banking, 
however, when it comes to funding 
new ventures. The Islamic belief is that 
the contribution of ideas and labor is 
equal to the contribution of money. If a 
new venture goes under, the people 


who put up the money lose it in propor- 
tion to their share of the investment. 
The entrepreneur might lose only his 
time and effort, since he has not had to 
put up collateral in the form of the fam- 
ily home or private investments. 

'DMI has a number of Islamic invest- 
ment funds operating in Europe. “The 
overall principle of Islamic banking is 
that it operates with fairness,” Mr. El 
Helw says. He adds that the system re- 
quires a great deal more paperwork and 
record-keeping than Western systems. 
Deals often take longer to work out, al- 
though that obviously depends upon 
the particular situation. 

Many of the larger Western banks 

Religious board 
scrutinizes funds 


are developing Islamic sections. Nor- 
mally. they do not promote this facility 
but offer it only as a convenience for 
customers who require it. Smaller Eu- 
ropean banks generally state that they 
find the principles interesting but are 
not in a position to adopt a philosophy 
different from the one they are accus- 
tomed to. 

Thierry Lombard, a partner in Lom- 
bard Odier & Cie. private bankers in 
Geneva, and Michel Yagchi, executive 
vice president in charge of die Middle 
East, say that about 10 years ago their 
company considered setting up an Is- 
lamic fund in response to a general in- 
terest. The project was abandoned be- 
cause of the restrictive conditions re- 
quired to meet Islamic rules and regu- 
lations. “Islamic funds,” they add. 


“should be set up by banking institu- 
tions that meet these rules and can 
comply with the beliefs of potential in- 
vestors.” 

Other Swiss bankers have pointed 
out that Islamic funds must be scruti- 
nized by a religious board, which can 
present serious difficulties in Switzer- 
land. 

Islamic banking has been in opera- 
tion in Western Europe for about 20 
years. During that period, it has grown 
rapidly. It is being increasingly accept- 
ed by Western banks, especially those 
doing business with Islamic countries. 

Mr. El Helw explains that they can- 
not invest in bonds of any kind since 
they cany interest. Western bankers 
have stated that this can create liquidity 
problems. Asked what Islamic banks 
do with overnight funds, be replies that 
it is possible to buy and sell commodi- 
ties as one of many alternate solutions. 

Funds developed by Islamic banks 
for investment have certain constraints 
on diem. For instance, they will not in- 
vest in companies dealing in alcohol or 
gambling. This, of course, is not great- 
ly different from Western “green” 
funds or other special-interest funds. 

Mr. El Helw says that Islamic banks 
are open to everyone. He adds that each 
year the banks contribute 2JS percent of 
profits to an international Islamic fund 
for charity and that they also reserve 
about 1 percent of their corporate capi- 
tal for interest-free loans to persons in 
certain kinds of serious distress. 

In countries such as Turkey and 
Egypt, Western and Islamic banks op- 
erate side by side. As the Islamic world 
grows in size and economic impor- 
tance. it is certain that Islamic banking 
principles will become more and more 
frequently used. Barry Edgar 






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Interest Banned, Profit Encouraged 


more and more 
institutions and 
individuals seek 
Islamic financ- 
ing, a number of instruments 
have developed to help cre- 
ate business opportunities. 
Behind all Islamic financial 
concepts lies toe belief dial 
Muslims should refrain from 
speculation and exploitation, 
but profitable investment is 
welcomed. 

“Islam is capitalistic,” 
commented Elie El Hadj, 
managing director of the 
Arab National Bank, in 
Riyadh recently. “Private 
property is very much re- 
spected and encouraged.” 

He added, “In fact, the tax 
system forces you to use 
your capital. It is charged at 
2.5 percent on your capital 
and not on your income, i.e.. 
on your net worth. If you 
don’t work your capita], in 
40 years it will disappear. 
The idea is that you should 
not rely on just living off 
your wealth. 


This need to invest, to- 
gether with the ban on fixed 
interest payments, may ex- 
plain why Islamic funds are 
growing rapidly, as is pri- 
vate banking geared toward 
the specific needs of Muslim 
investors. 

The market is large. In 
Saudi Arabia and the Gulf 


crease the range of products 
they can offer. 

On the other side of the 
equation, Western banks are 
stepping in to help provide 
suitable investment outlets, 
on a wholesale as well as re- 
tail basis. KJeinwort-Ben- 
son, the London-based mer- 
chant bank, arranged $4 bil- 


Huge amoimts available for investment 


states, bankers estimate that 
the amount of potential de- 
posits not held in the bank- 
ing system may total some 
$40 billion, and possibly 
double that. 

Islamic funds, such as 
those launched in the past 
two years by Arab National 
Bank, the AJ Rajhi Banking 
and Investment Corporation, 
the Saudi American Bank 
and other Gulf-based finan- 
cial institutions, are report- 
ing substantial inflows, and 
many are looking now to in- 


lion in morabaha financing 
last year. “We are active 
globally and attempt to put 
together projects financed 
by our Islamic banking 
clients,” explains Stella Cox. 
manager for Middle East 
banking and trade finance. 
Most of the deals are for un- 
der two years, she adds, but 
demand for medium-term 
instruments, such as ijara, is 
growing as well. 

U.S. money center banks, 
such as Chase Manhattan, 
Citicorp and ANZ Grind- 


lays, are also expanding 
their Islamic financing and 
private banking operations. 

In Bahrain. Westerners, 
Asians and ncm-Gulf nation- 
als in general will soon be 
allowed to buy shares in the 
Faisal Islamic Bank. It has 
won official approval to list 
its shares on toe local mar- 
ket. Estimates of the funds at 
its disposal range as high as 
$4 billion. 

In the eyes of many 
bankers in the Middle East. 
Al Rajhi remains one of toe 
most respected, if highly 
conservative, players. Assets 
in 1992 reached $7.1 billion, 
while investments amounted 
to $5.7 billion. Having pio- 
neered important manufac- 
turing finance deals - or is- 
tisna - it recently completed 
a $50 million ijara medium- 
term instrument, arranged 
by Chase Manhattan Bank, 
to enable the Shipping Cor- 
poration of India to obtain 
two new container ships. 

Pamela Ann Smith 


~~ vdwu&&i$F asd'seSs top • • ranejag 
..product to a final ptirchas- * merit opoiow ha^.;’^^. 

.Ker. The fiharice. is repaid bank buya''cotomodftii^-T> ; ^^ba^lt: 

- — • u .A 




Funding Without Charging Interest 


slamic financial 
institutions are 
challenging con- 
ventional banks 
in toe area of aircraft leas- 
ing. Three regional carriers 
- Kuwait Airways Corp.. toe 
Dubai-based Emirates and 
Pakistan International Air- 
lines - have benefited so far, 
and more deals are expected. 

The KAC deal, concluded 
a year ago. sent shock waves 
through financial markets. 
Worth the equivalent of 
$464 million, it was the 
largest aircraft leasing pack- 
age to be arranged by an Is- 
lamic bank, in this case, the 
newly formed Kuwait-based 
International Investor. 

One London analyst de- 
scribed it as “the most ambi- 
tious long-term Islamic fi- 


nancing ever undertaken.” 

International Investor both 
arranged and placed the fa- 
cility, which gives KAC an 
option to purchase seven 
Airbus Industrie aircraft - 
three A300-600s, three 
A310-300s and a A320-200 
- after a period of nine 


corporate and institutional 
clients. The final drawdown 
was completed in July, when 
toe fast deliveries of toe air- 
craft were made. 

“KAC was a local risk in 
Kuwaiti dinars,” comments 
Saleh Al-Nafisi, team leader 
at International Investor for 


Privatization scheme attracts banks 


years. Prior to that, KAC 
will lease the planes, paying 
90 percent of toe cost over a 
nine-year period. 

Funds for the purchase 
were raised by International 
Investor from pools toe in- 
vestment bank established 
for private investors, in addi- 
tion to private placements in 
toe Kuwaiti market aimed at 


In the name of Allah, the Benefkxmt. the Mwciful 


I 


FAISAL FINANCE (SWITZERLAND) S.A. 

THE MERGING OF TWO CULTURES: 

ADHERENCE TO ISLAMIC PRINCIPLES 
PRESERVATION OF SWISS INVESTMENT TRADITIONS 



' T ,-.v' 

.... - ; -• •jVtj't* I 




corporate finance. “Basical- 
ly, we are committed to the 
overall outlook for the 
Kuwaiti market. KAC has 
substantial revenues in 
Kuwaiti dinars and no for- 
eign debt. It has no need to 
borrow in dollars, which 
might have depreciated.” 

The deal, he adds, was 
part of toe bank's policy of 
seeking greater opportuni- 
ties in privatization schemes 
that the Kuwaiti government 
is expected to launch this 
year and next. Mr. Nafisi 
says his institution is look- 
ing at the electricity, 
telecommunications and 
health -care sectors in partic- 
ular. “We are positioning 
ourselves as a company and 
as a lender of finance for 
these privatizations on a 
debt or equity basis,” he 
says. 

One of the bank’s share- 


holders, toe Saudi-based Al 
Rajhi Banking and Invest- 
ment Corp., pioneered the 
use of Islamic finance for 
aircraft leasing. In Decem- 
ber 1992, it arranged an 
ijara contract for Emirates 
airlines, with the offshore 
portion handled by Chase 
Manhattan Bank. The man- 
date called for $60 million to 
finance the cost of an Airbus 
Industrie A3 10-300. 

In October last year, Al 
Rajhi signed another, ijara 
financing agreement with 
Pakistan International Air- 
lines. The price has not been 
disclosed, but it covers the 
purchase of an Airbus A-300 
aircraft, which Al Rajhi will 
lease to PIA for four years. 
As in toe Emirates deal, PIA 
has an option to buy the 
plane during the period of 
the lease. 

“We have been able to de- 
velop a number of new 
products to compete with in- 
ternational banks on major 
financing projects, such as 
ijara and istisna, which can 
be adapted to a wide range 
of transactions involving air- 
craft, ships and capital 
goods,” remarks Colin 
Willis, treasurer of Al Rajhi. 
“We are looking at acquiring 
more aircraft for leasing.” 

PjLS. 


. vs? ®il 
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. . - T?X 

v,»i 

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'-ail 

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OFFERS A WIDE RANGE OF 
INVESTMENT AND FINANCIAL SERVICES 

Portfolio Management 
Trade Financing 
Leasing Operations 
Real Estate 

Special Purpose Modarabas 
Morabahas 
L/C Business 
Foreign Exchange 
Metals and Commodities 


BA avenue Louis-Casai - P.O. Bat 161 - Cointrin 1216 Geneva 
Tel.: (22) 731 71 11 - Telex 415 354 FFS-CH - Fax (22) 731 75 52 


The Value Of Zero 

Centuries ago, a Muslim scientist discovered that a 
seemingly valueless symbol, when placed next to numbers, 
assumed unrealised significance- 

He named the symbol 'cipher', what we know today 
as zero. 

This kind of progressive thinking is still evident in our 
world of banking where financial acumen blends with time- 
honoured Islamic banking principles. 

At the Faysal Islamic Bank value is rA'I 

recognized for what it is. 


Faysal Islamic Bank of Bahrain EG 

Your Pot t nr r Towards Prosperity 

Head Office: Chamber of Commerce Bids-. P.O. Box. ’0492. Manama. Bahrain. 
Tel: (973) 275040. Fax: (9731 277305. Tekn: *270 FAISBK BN 
Branches: Karachi, haisaiahad. Lahore (PaLisr.tn) - Reprc.-emjnvc nfticcx: Jeddah. 
Riyadh. Dammam. Makkah Al Mukarama. Medina Al Munawara (Saudi Arabia). 


This advertising section was produced in its entirety by 
toe supplements division of toe International Herald Tri- 
bune’s advertising department. * Michael Frenchman 
and Pamela Ann Smith are British-based writers special- 
izing in the Middle East Barry Edgar is based in Geneva. 


Your Guide to Pakistan's 
Emerging Market. 

At a tfme when the biggest ever privatization programme is 
being undertaken by the Government of Pakistan, AJ-FaysaJ 
Investment Bank has emerged, in Its second year of operations, 
as the most profitable investment bank in Pakistan. 


Islamic 

International 


Innovative : Based in a key emerging market; we 
have the knowledge and agility to 
introduce new opportunities to our 
clients. 

Client Oriented : We tailor products & transactions to 
/V meet efient needs. 


; Application of Islamic financial 
principles to an banking practices. 

:The DMI network (with over $ 2.4 
billion funds under management) 
allows us to draw on the expertise & 
experience of affiliates around the 
world. 


Al Faysal Investment Bank Ltd. 


HaadOfSca: IS, West jtnnah Avenue, blanabad Paktnan 

T |iiS TW ■ , ^^9^»^^o Fa !i: a? - 5, ' Z12S78 FT& PK . 

mnoreTfll .6363538-9 Fax. 6365689 Karachi Tal : SS82S83 Fax; 5683436. 






-^-SECTION 


INTERNATIONA!. HERALD TRIBUNE, FRIDAY, APRIL 22, 1994- 


Page 11 


ADVERTISING SECTION 


. paKs^ 1 ' 



^ba: A Case Study in Investment According to the Rules 

0 banking a S^ s covering power stations construction of a fame treat- Under the terms of the ference between the prepay- investors or providers c 

in heioincr r utilities, public build- ment plant for Alba's reduc- deal. A] Rajhi Banking and mem and selling prices. funds.” 

nance mainr ■ ,n ^i S ’ raanu / actur ’ n S P lant non line and forms part of a Investment Corp. acts as an Although Alba will pay A1 Rajhi, too, is expecte 


0 he role Islamic 
banking can play 
,n helping to fi- 

‘wJasijs 

bvt £ bcen confir *ned 
no?d^i lI J 8 of a $32 - 5 mil- 
Bah™ D ,Alba. A ' Uminil,m 

st f^ ,gned ® an istisna in- 
strument, it is expected to 
open the way for other pack- 


ages covering power stations 
and utilities, public build- 
ings, manufacturing plant 
and equipment. The 
Bahrain-based Gulf Interna- 
tional Bank arranged the fi- 
nancing, which was com- 
pleted last July, with fands 
provided by the Saudi Ara- 
bia-based A] Rajhi Banking 
and Investment Corp. 

The project covers the 


construction of a fame treat- 
ment plant for Alba's reduc- 
tion line and forms part of a 
major environmental im- 
provement scheme for the 
huge smelter. 

The plant is to be built by 
ABB Environmental Norsk 
Viftefabrik, a Norwegian 
subsidiary of the Zurich- 
based ABB Asea Brown 
Boveri. 


Under the terms of the 
deal, A1 Rajhi Banking and 
Investment Corp. acts as an 
intermediary, paying ABB 
for the plant and equipment 
in a series of installments 
over a 1 2-month period. It 
then will sell the plant to the 
buyer. Alba, over a fixed pe- 
riod of six years for an 
undisclosed price. 

A1 Rajhi gains by the dif- 


Citibank Foresees More Competition 



B itibank is one of 
the leading West- 
on banks in- 
_ . — v oived in Islamic 

financing, primarily through 
its Bahrain office in the 

w . n a recem interview, 
Mohammed E. Al-Shroogi. 
regional manager in 
Bahrain, talked about the 
background of Islamic bank- 
ing and recent develop- 
ments. 

Why has there been a 
rapid increase in the spread 
of Islamic Banking ? 

There is no doubt that this 
is partially due to a religious 
revival. This has had an ef- 
fect on some teenage Mus- 
lims, who once only cared 
about classic sports cars. 
Now that they have become 
“more Islamic," they want 
Islamic finance. 

Look at Pakistan, for in- 
stance, and Malaysia, where 
there is a phenomenal 
growth in the young popula- 
tion. There has also been a 
shift toward quality profes- 
sionalism and higher ethical 
standards in Islamic finance 
following losses by Islamic 
investors after some crises 
among certain Middle East 
institutions. 

What is the potential mar- 
ket for Islamic banking? 

For investors, there are the 
Gulf cooperation Council 
states and, mainly, other Is- 
lamic countries - Pakistan, 
Brunei, Malaysia and In- 


donesia. On the borrowing 
side, it is the emerging mar- 
kets - Turkey, India, Mexico 
and Pakistan. But it could be 
anywhere. There are higher 
returns from emerging coun- 
tries than those of the 
OECD. It is important to 
note that although the in- 
vestors are Islamic, the bor- 
rowers can be anybody - as 
long as the financing is done 
in accordance with Islamic 
principles. 

Are Islamic banks compet- 
ing for business with con- 
ventional banks? 

Yes, they are, but in a spe- 
cialized niche area. Compe- 
tition is increasing on the 
commercial side but not so 
much on the retail side. 
Competition will depend on 
the conventional banks' 
ability to offer sophisticated 
but acceptable Islamic prod- 
ucts. At the same time, they 
should be simple and easy to 
follow, such as a single doc- 
umentation for a leasing 
venture. Several Western 
banks, including Citibank, 
have participated in a num- 
ber of syndicated loans with 
Islamic banks. 

Is this a growing trend? 

Yes. We have taken part 
in Islamic Development 
Bank and the Pakistan state 
oil loans. However, the 
growing trend has to be 
weighted against returns ex- 
pected vis-5- vis the risk fac- 
tor. Being a global bank, we 


have a presence in many 
countries, and we can take 
comfort from the fact that if 
a borrower is a top-tier name 
then our branch will invari- 
ably have had some expo- 
sure with him. Our capabili- 
ty is fully utilized when we 
structure a syndication as a 
lead manager. We only have 
to lift the phone and call. 

Do you see more coopera- 
tion 'in seeking new business 
with your Islamic counter- 
parts in trade, project and 
leasing finance? 

Yes. We see more cooper- 
ation, but it depends entirely 
on supply and demand. We 
have done about SI 20 bil- 
lion worth of business over 
the last five years, and more 
conventional banks are be- 
coming involved. Coopera- 
tion from the Islamic bank is 
a direct function of the prod- 
uct development in which 
we are at the forefront. It is 
an evolving process from 
which we are all learning. 

Are conventional banks 
being forced to come up with 
new Islamic products if they 
want to hold on to their mar- 
ket share? 

Competition is increasing, 
and these banks have to 
come up with competing 
products. Sophistication is 
increasing and the competi- 
tive pressure is rising. These 
banks must get on the fast 
track. The day will come 
when there will have to be 


an Islamic window at every 
bank - Saudi British Bank 
has one, and even Goldman, 
Sachs in New York has one, 
as they are hungry for Islam- 
ic fands. 

Is there much misunder- 
standing over the meaning 
of “Islamic banking "? 

I think most people under- 
stand that it means the bank 
cannot charge or pay any in- 
terest. However, there is 
some lack of clarity in un- 
derstanding Islamic products 
offered by some banks. 

Are non-Musluns interest- 
ed in investing in Islamic 
banking products? 

1 feel that this still has a 
long way to go. Jt would be 
a function of the risk-reward 
balance. 

What is the future for Is- 
lamic banking? 

Islamic banking has re- 
vived and has a bright fu- 
ture. It appeals to the reli- 
gious and economic needs 
of the investors and is rabid- 
ly becoming competitive 
with conventional banking 
products. Bahrain is already 
considering creating an Is- 
lamic capital market. 
Malaysia has started its first 
Islamic interbank market. 
Many Islamic countries are 
investing their surplus fands 
Islamically. All this points to 
a widespread awareness and 
development of Islamic 
banking. 

Interview by MJF. 


Islamic design is our theme 



Making profits is our business 


Islamic design cakes many 
r y forms but always against 

\ th* background of its 
\ yS rC / inherent unity. 

Similarly. , 

investments, althoueh 

different in application. ****)* 

same theme and always carry the marks of 

success. 

Since its establishment. Dallah Aibaraka has 
approached many kinds of 
a view to placing them with m an Wjm.c 
framework. Because of the role we have 
played. Islamic investment has become a Jcey 
Factor in the evolution 
economics, an achievement of which we ted 
justifiably proud. 

Some examples of these types of investments 
«e genera? and specialised investment 
fonJ. issuances, private portfolio^and our 
real estate fond. Each of these investments 
has its own internal structure but all are 
designed according to the immutable 
principles of Islam. 

Albaraka General Fond, for example, 
which specifies investment .n GCC 
countries, permits three kinds oF 
Investments: 

• A daily liquid unit, with profits 

• Short term investment onfe From 3 to 
12 months 

. Medium term investment units With 
operational expected profit plus capital 

gains. 

Fo, im-won “ he in volved in 

o markets the croup has developed 
STSmI Equity Fund which invests in 


these growing markets and in the equities of 
companies whose business activities comply 
with Islamic principles. 

The Lebanese Reconstruction Fond is a 
specialized fund which offers the investor an 
opportunity to be involved in the 
reconstruction of both the economy and 
bilateral trade of this strategically located 
country. Consequently, the investor has the 
potential to realize high investment returns. 

Without exception, investments, and the 
profits generated from them, are completely 
in accordance with Islamic practice, which is 
rbc framework of ail our investments. 

We are further distinguished by the fact that 
our investments give the highest returns for 
the lowest risks. 

Priority of projects in which we invest is 
given to those which benefit Islamic 
countries and Muslims, wherever they are. 

In addition to other financial investments, 
we are happy to provide you with 
personalized financial management sennets, 
such as assessing your current investment 
portfolio and providing you with a plan for 
forure investments. 

We can place at your service our investment 
network spanning 43 countries and our 
banking services operating through 20 
Islamic ranks around die world. 

For example, the Egyptian Saudi Finance 
Bank in Egypt offers investment certificates 
which have proved themselves by their high 
annual return of up to 15%, with dividends 
being distributed monthly. The bank also 
offers investment accounts which not only 
realize good profits but allow special 
personalized services. 


For more information, call us now and 
share both our common vision and the many 
shapes it takes. 




Dallah Albaraka 

Together** am improve oar moeU 

PAX Bo, .11 10- Manama. Bahrain. Fa No: IWM 
TU: 89H TAWTIK BIN. Tel: 261688 

TcL lopentor) (021 <3710000 Dimx. (021 WHW 
lOli 4^604.14 -102)651.1641 -(03182621.18 
((H) 8212701 ■ (06) 3247423 . 

JEDDAH. 

Td: (02) 67) -0000 En: fOOb/WS 

fa: 1021 6694324 

PRIVATE INVESTMENT PORTFOLIO MANAGEMENT 
JEDDAH, 

TcL (02» 6714000 E*e 2R18 

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JEDDAHi 

Ttfc iD2j Ein 250/22V2SBJ2'7 

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MEKNAHi 

TcL (04) 82V 2703 / 822-6368 
RIYADH: 

T* I0lnr»-"46J / 47’-21S4 

BURAlDAHi 

TcL- (06(324-1428 

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Tel: («) SX-2138 / 828-3*108 
DUBAI: 

TcL (00971-8) W3-842 
FarfflteW 

To0 free No. (800) 2440202 (SAUDI ARABIA) 


ference between the prepay- 
ment and selling prices. 

Although Alba will pay 
more for the plan! than it 
would have if it had paid for 
it directly, bankers in 
Bahrain point out that it 
would have had to pay for 
conventional financing in 
any case, unless it paid the 
fall amount immediately out 
of its own fands. 

"Alba has many options 
for raising finance,” com- 
ments one banker, "so this 
deal must have been com- 
petitive.” 

“The proposal is attractive 
only if pricing is at most 
equal to conventional fixed 
sources.” says Osama Nas- 
sar, vice president of Gulf 
International Bank. 

The bank is now looking 
to expand its Islamic financ- 
ing operations, which it be- 
gan in the mid-1980s, partic- 
ularly in the Middle East and 
neighboring parts of South 
and Central Asia. 

GIB General Manager 
Ghazi Abdul Jawad said re- 
cently that such operations 
formed a niche for the bank 
and that it would now em- 
phasize “structuring and ex- 
ecuting transactions that 
meet the Sharia require- 
ments of our clients, be it as 


investors or providers of 
funds.” 

A1 Rajhi, too, is expected 
to engage in more istisna in- 
struments. Al Rajhi began 
working with Alba in 1992 
by providing S50 million in 
funds to finance an air cool- 
er condenser at the power 
station. At the tune, analysts 
noted that the use of an Is- 
lamic instrument helped 
Alba to avoid the premiums 
that would have been en- 
tailed in conventional export 
credit funding. 

Other Islamic institutions 
in the region are helping to 
raise funds for big projects, 
notably Kuwait Finance 
House’s participation in the 
huge financial package for 
the Hub Power Project in 
Pakistan. KFH is also fund- 
ing the construction of su- 
permarkets and showrooms 
in Kuwait itself. 

This pattern is now being 
copied by some of the larger 
international banks, such as 
ANZ Grindlays. which has 
pioneered a series of Islamic 
deals in Pakistan, and 
Chemical Bank, which has 
joined KFH in a leasing, or 
ijara, contract for electronic 
data-processing equipment 
in Germany. 

VJLS. 



u)7^n\rc. 

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ISfNBS! 

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The headquarters in Manama, Bahrain of Gulf International Bank, 
which arranged the financing of a competitively priced Islamic in- 
vestment deal for Aluminium Bahrain. 


_* _ '.* s v , • t “ "• . 


m »' " I 1 m i n i m ( iWiwi V' i .'m i 7 .u i ill' <w i m.mh i j i i t i „ 



The groups largest^ '•* 

" co«gl9mera^iaSa^-A^a; effi-: ;■ ec arid < Bsr-ex*iiple 1 Jn Brit^.you jaaveio -•;/ 

pk^mg, afaQat '5ftOO(> person^ w&h.' *hxve dendsk'gnjtoteesC In' Sooth v 

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THE 

COMPETITIVE EDGE 


Gulf International Bank (GIB) is a wholesale /j? 
commercial bank based in Bahrain. It is wholly \ fcfc 
owned by Gulf Investmem Corporation (GIC), /j 
the international investment banking; corporation edn* 
owned equally by the governments of the six 
member states of the Gulf Cooperation Council (GCC) 
- Bahrain, Kuwait, Oman, Qttar, Saudi Arabia and the 
United Arab Emirates. This ownership provides a 
guarantee of financial strength, integrity and commit- 
ment to the regional markets. 

GIB offers a comprehensive range of wholesale com- 
mercial banking services including Corporate and 
Islamic banking and Treasury activities. Target clients 




include major indigenous private-sector corp- 
orations, Gulf based financial institutions, multi- 
national companies active in the region and the 
governments of the GCC States themselves. 


To support our clients and provide them with a 
competitive edge, we offer a detailed knowledge of the 
area, technical expertise and the latest sophisticated oper- 
ating systems. We are present in Manama, London, New 
York, Singapore, Abu Dhabi and Muscat. 

GCC market knowledge, expertise in its industries, 
extensive product skills, international reach and a com- 
mitment to excellence are distinguishing features of the 
bank. 


HEAD OFFICE 

GULF LNTERN.VnON.M. BANK B S. C.. PO BOX 1017. MANAMA. BAHRAIN 


BAHRAIN 
TH. (973) 5.1 4«» 
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LONDON 
TTJ. (71I #15 iwm 
m (71) im 77.13 


NEW YORK 
TFJ. (lli) 922 230a 
FAX (21 i) 022 2J0q 


SINGAPORE 
TKI. (65) 234 8771 
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MUSCAT ■ 
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I * 


International Herald Tribune 
Friday, April 22, 1994 
Page 12 



U. S. Cobb Guk* DTT pap^Um? Pi*N Sjpoi (banka) 


American troops wading ashore from a landing barge on June 6, 1944, as the Allies opened one of the greatest invasions in history; today tourists wander among the remnants of the bunkers of the German defenders. 


Battle Scars Remain but Little Has Changed in Normandy 

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By Stephen E. Ambrose 


S ERGEANT D. Zane Schlemmer of 
the 508 lb Parachute Infantry Regi- 
ment has vivid memories of the 
hedgerow country in the Cotentin 
P eninsula of Normandy. He jumped behind 
enemy lines at 2:35 A. M. on June 6. 1944, 
and for the next month his life revolved 
around hedgerows. They enclosed small 
fields, often not mud] larger than a football 
field pnd consisted of ancient trees and 
shrubs growing out of a mounded base of 
solid earth, six feet high, the roots 1,000 years 
old Sunken paths between the hedgerows 
provided the Goman drfenders with a ready- 


made trend] system. This was a special hell 

odd War IL 


for the American infantry of Wort. 

because each fidd had to be taken, one by 
one. 


The problem for the GIs was that they 
could not tdi if a field had land mines in it, or 
if there was a German machin e gunner hidden 
in the hedge on the far side. But Sergeant 
Schlemmer soon discovered a natural ally. If 
cows were grazing in the fidd, there were no 
mines. “Also,” he says, “those cows were by 
nature quite curious and I could tdl whether 
anyone was hiding in a hedge, because the 
cows would stand facing him." So, he con- 
cluded, “Over the years, IVe had a place in my 


heart for those lovely Norman cows with the 
rig udders.* 


trig eyes and big i 
The cows are still there, but more than half 


the hedgerows are gone. After the war, the 
Norman farmers began to acquire tractors. 
They needed bigger fields to justify the ex- 
pense, so many of the hedgerows were 
knocked down by bulldozers. Another 
change is che landscape of great significance 
to the battlefield visitor is at Omaha Beach. 

Everyone knows the story of the men from 
the first and second wave at O maha huddling 
against the seawall (on the west half of the 6- 
mile-long beach) or lying down behind the 
shingle embankment (east half). The protec- 
tion afforded by the 10-foot (3-meter) high 
seawall or 6-foot-high embankment was illu- 
sory, however, because Gorman mortar fire 
was dropping on die men from above. There 
was no possibility of retreating; tanks weren't 
going to lead the way because no tank could 
climb the seawall or die embankme nt; staying 
put meant getting killed; here, there, soon 
everywhere along the froat junior officers and 
nonooms called out “Follow me!” and led the 
way up the steep, 150-foot bluff. The first 
captain to get his company up on top was Joe 
Dawson, G Company, 16th Regiment. It was 
one of the great moments of the war. 

But today's viator sees only a modem, low 
seawall on the west end, ana shingle that is 
only a few indies hi gh and a couple of feet 
broad on the west half. . 

The focal point for Americans visiting 
Normandy is the United States Cemetery 
above Omaha Beach. No American can visit 
it without pride; without tears, or without 
wondering. What did it all mean? 


The editors of The New York Times tried 
to answer that question in their lead editorial 
of June 7. 1944. “We have come to the hour 
for which we were bom,” they wrote. “We go 
forth to meet die supreme test of our arms 
and of our souls." 

The editorial “we” was apt. Everyone in 
America was involved. Three years earlier, 
the United Slates had been on its back. 
Unemployment was more than 25 percent. 
Organized labor and industry were at war 
with each other, and with the government. 
The U. S.Army had virtually no tanks. 
There was virtually no air force. The Navy 


tank traps, bunkers, marking gun nCStS and 
landing craft obstacles extending from the 
Netherlands to the Spanish border. Many of 
the bunkers are now covered by drifting sand, 
but all of the Atlantic Wall is still there and 
will be far centuries to come: On D-Day, the 
AlHes broke through the wall at a cost of more 
than 2^00 killed. Over the following weeks 
the battle erf Normandy raged. 


IN ALLY, on July 19, Saint-Ld was 


uly 

captured, and then the liberation 


had no landing craft of any type. 

5,000 ships and 


But on June 6, 1944, 6,' 
landing craft went into Normandy; only the 
four American battleships and a few erf the 
des tro yers had existed at the beginning of 
1942. The sea armada was the largest in the 
world’s history. So too the air armada: on D- 
Day, the Allies flew 1 1,000 sorties, the vast 
majority of them in new planes. 

The production miracle was matched by 
the miracle that was the creation of the Work! 
War D United States Army. In 1940 the Army 
was 175.000 men strong. Four years later it 
was 8 milli on strong, and was so well- 
equipped and supported by sea and air power 
that it could hurl 175,000 young men across 
the FngHsh Chann el in one night and day. 

In France, meanwhile, in one of the greatest 
construction projects in history, bigger even 
than the Magmot Tin e, the Germans had built 
the Atlantic Wall — 3,750 miles of concrete 


Th 

I 1 of Paris quickly followed. Nor- 
JL mandy today is little changed from 
the Normandy of 50 years ago. Many vil- 
lages have neither shrunk nor grown. The 
pace of life continues to be set by bovine 

time 

To mak e sense of the battle, viators 
should start where the action began, in 
Sain te-Mhre-Eglisc. It was there, shortly af- 
ter midnig ht on June 6, that Private John 
Shields got his parachute hung tro on the 
steeple of the church and watched the fire- 
fight below him as his buddies from the 82d 
Airborne came down in die courtyard. The 
church is unchanged, the square is un- 
changed the little shops aroond the square 
are unchanged Across from the square is the 
Airborne Troops’ Museum. 

From there, drive to the coast at Utah 
Beach. German bunkers are all around some 
half -covered with sand Then on to Pointe 
du Hoc, where the United States Army 
Rangers climbed a 328-foot bluff, going up 


ropes hand-over-hand to destroy German 
gmui that threat ened both Utah and Omaha 

Fifty years later, Pointe du Hoc remains 
an overwh elming sight- It is hard to say 
winch is more impressive, the amount of 
reinforced concrete the Germans poured to 
build their bunkers or the damage done to 
them by Allied shells and bombs. Huge 
rfmnirs of concrete, as big as houses, are 
scattered over the half-mile- square area, as if 
the gods were playing dice. 

To the east is Arramanches, code-named 
Gold, one of three British landing sites. 
D ominating the scene here are the huge 
caissons, or concrete boxes, that were trans- 
ported across the Channel by the British 
shortly after D-Day and sunk to create 
breakwaters for the artificial harbor named 
Mulberry. 

Pegasus Bridge, over the Ome Canal mid- 
way between the coast and Caen, was the left 
flank of the invasion. It was captured just 
after midnight by Major John Howard’s Ox 
and Bucks Company erf the British Sixth 
Airborne Division, in a glider-borne opera- 
tion. The Caf6 Gondrfe, right beside the 
bridge, was the first house to be liberated in 
France. Still in business as a caf 6, it is exactly 
as it was in 1944. The bridge, alas, was taken - 
down earlier this year and a new, larger 
bridge mstallad. 


probably be avoided. Tire museums that 
should be seen are the Battle of Normandy 
Museum in Caen, the Battle of Normandy 
Museum in Bayeux and the Invasion Muse- 
um on Utah Beach, along with those in 
Airomanches and Saintc-Mire-Eglise. 

There are also too many cemeteries for a 
single visit The British always buried their 
war dead where they fell. Their cemeteries 
are in Ranvifie and Bayeux. The huge, som- 
ber German cemetery is west of Bayeux on 
the N-I3. The Germans are buried four to a 
grave, most of them unidentified. 

The American Army gave parents or wid- 
ows a choice — they could leave their dead 
where they were, or have the bodies disin- 
terred and brought home for burial. For 40 
years, seme of the parents and widows vialed 
Normandy to bring their sons or husbands 


W. In virtually every case, after seeing the 
ay at Omaha, the superintendent told 


cemetery 

me 12 years ago, the parents changed their 
minds. It seemed the right place. 

About 30,000 GTs were killed in the Nor- 
mandy campaign; 9,386 are buried here un- 
do- the crosses and Stars of David. 

In the circular chapel in the middle of the 
cemetery are inscribed these words: “ Think 
not only upon their passing. Remember the 
gjory of their.spiriL” _ 


Museums abound in the area, some of 
them privately run for profit These should 


Stephen £. Ambrose, the author of the forth- 
coming “D-Day: June 6, 1944 : The Climactic 
Battle of World War IF* (Simon A Schuster), 
wrote this for The New York Times. 


IT TOOK OVER 100 LEGS TO DELIVER THE CHAMP ACNE. 

One hundred and two. to be precise. The first cento ry of which 
belonged to a centipede that had the temerity to plnmmei 
onto the unsuspecting salad of a well-known author. Hands 
instantly went op in the air, plate indignantly went down on 
the floor. Only to be spirited away by a passing sommelier. 
Who reappeared magically with a rather splendid '82 Salon. Yet 
another choice morsel of 



?£>^he legend that is Raffles. 

■«' _ R 

^5 

Ik5l »7 1«* MV 1IS1 


/ / i n tiis 


■ The White House plants 100,000 
bulbs each year and tire 
squirrels gobble them up. 

Gardeners tried spraying the 
plants with Louisiana hot 
sauce; No luck. This year, they 
poured 150 pounds erf 
goobers into tree boxes, giving 
the squirrels so many 

peanuts they forgot the bulbs. ____ 

Tire tulips are doing fine. mi 



r»qs*JB 

■ti'V 


§ - n a r / r / / / / 


By Eric P. Nash 

Ne* York Times Service 


M ORE than 200 events in 
France, both grand and small 
will mark the 50th anniversary 
year of the D-Day landings in 
Normandy. Some of them: 

April 1 to Sept. 30, Avrancbes. Photo exhi- 
bition of Avrancbes under the Occupation 
and (hiring liberation, at the tourist office. 


HOLIDAYS & TRAVEL 


HOTELS 


3 


Hall Moon 


n<.ii. i iTu-.i- 
i Club 


aoM i.no i; w 
i a a \ in. \ 




TRAVEL GUIDE 


BELIZE? 

<Mfe lo Hurt. Bh ta EmfrfepMUm «**. 
E» b»d $75 ten. Cwfcbew lots; 

redrawn*. beat tot*. Mac. jotewtofc 
Hqm rites. Hi jmr 0 tones) $Z6 -Sh^b 
$7. FREE mop paid whsoIpBom. Check ta 

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Fm:7tM*6M7l7. 


BOATS/YACHTS 


YACHT VACATIONS WORtDWDE 
Motor, soj, bury onvrrd or leS-sox 
Corporate ml inoertTM i 
Stanfasf YocMm 1 
22 GroMnar ! 

Lorakn W1X' _ 

Tal 44 71 629 (PW Fn 44 71 629 0989 




LOW COST FLIGHTS 


ACCESS VOYAGES 

Om% band Trip 
Nsw Yort B 06 FI 995 

London FtfO F72Q 

& 450 more detinaliora crowd world 

on 40 tWwart scheduled cameo. 


“"•"IKS W« 


Tot 1-40.1102X2 

hoe 1-45 08 83 35 
NGnMb 3615 ACCE5SVOYME 


AraoHmlmeoL 75001 Pom 

“1(55(4* 


UsHaht 

(Lie 1J5. lit Used d*o 


ACCESS M LYONS 
Tab [16) 78 63 67 77 

i wM erwb card 


womownx. Spatial daporfure at the 
bwesf oner dsoounfc eennowtr drfant 
Owit art passUe. Te* Pore p) 42 
8910 81 Far <2 56 25 82 


HOLIDAYS & TRAVEL 


GO WWK n* HO SMK CAN'T. 
Crew depanw wwy Monrfay » 

the erode simSs between Be* ond 


***'*■- -""iffiB 


nwvoutjen wflh tourer. __ — ... 
day at Komodo Wand. For brodwre 
arioa P & 0 Spa blond Cn*». 
Fd» todonwa 62 21 5673403 or wj» 
PA to* 6098 / MT Mata 10310. 

WonMW 


HOTELS 


FRANCE 


VttiA TOSCANE -The nos> tmafl 
da ring hotel n Pom, 7 rooms, F380 


per nighi & fw itmurpa w* hota 
ihltau FlSor "ate carte F200 


dvh. 

3 |IM)4f 06 40563323^ 


PAIB5 - lATW QUAKHH 

royal st mm Horn. ••• 

Qcttb end axrtesy, air c meHi oned 
toons from H74Q. Specie* poctooet 
Ml 33-1-44070606 fn 33-1 -M073625 


LEBANON 


HOT& AL BU5TAN. fiat of Beirut. 
5 tkw da bate, beegtiord location. 


warty, c o nt ort, fine cusrek a .. 
lions, business nswew, scrtfcte TV. 


Krncea, 

18 nan. transfer from t*twrt free, 
foe (1-212 4781391 - (33-11*5033036 
Hotels + UTBI 

PHILIPPINES 


AOMKAL HOTEL, 2138 Soho 6M, 
Maila, PhAgines. Tet 5210711. Tetax 
74240488 ADH0TH. PM. FVs doss, 
110 room facna Mania Bay. 


HOUSING EXCHANGE 


TEACHERS' HOUSE 5WAPS - 

WORliJWDE. WnterTHS/Enswonts, 

6, ore do Um, 64000 PAU, FRANCE. 


OLYMPIC RENTA1B 


•96 OirMPICS-tOVaY HOME 
IP* 1*9* *» tofc lo VML 
wHIBA 


I HOLIDAY RENTALS 


CARIBBEAN 


STAARTHBSAT, F,Wj_. OVBt 200 
PRVATE VACATON VIUAS - beexfi- 
Front to hfade vrfkh pooh. Ow agtnts 
jure ripeded <d tnfa pereniy. 
For reservatora tn S. Ban. 51. Mtar 
hi, MfluJo, Borbodn 
-CoS 


ifie 


'SB- 


6290, from 
8VG4AND 




080087-8311 


16 20 


FRENCH PROVINCES 


FRANCE 

to rerf tarxMSed Prmwxe Farmhouse 
in 7 acres of private xnd, pad, sad he 
TV, 3 bedrooms, deeps 6. mat age 10. 
From E22Q/wt T«fc Li CH953 W 395 


8S> AND BREAKFAST. Preadhtart 
Jwih cmd confcrf crop at oreienr 
filoge. 13 bn from Aa-enAnwree. 
Tet FRANCE (33 42 28 87 27 or 
For (33) 42 28 8? 37 brodwe. 


GASCONY, /between Bordwar ond 
, 17m cert, tr 


Toulouse^ 17lh cent manor, new high 
dan reno v ato a Oose smafl lawn. 8 
bedrooms [sleeps iq. 5 bdfis. House- 
keeper, luxurious pool pad house, 
lens, 5 ho wouniTefc Pons (33-1) 
303S 40 24.fa»34 68 02 <0 


D-DAY 50tii APraVISSARY 


■the 


meSW^Mtr^- Od. Oxnajng ota 


Td 


. baths. 
9020 8W9. Fax 


8790 


FRENCH RIVIERA 


COTE D'AZUR 
Spend yar hoSdays in 
CAP d AnTTBB or XIAN IH PTO 


Furnished rentds • . 
or Vilas - Quc&yl 
AG8CEK LA P 
7 Bd ita lo Pmede. 06160 Juan tes Pim 
Td 93 67 10 TO. Far 93 67 32 72 


PROVINCE/ VAR - One hoar hies 


Airport, lioary Vfc, pool, tanrw. 
Sleeps up to 14. Conrad Mrs. 
GaidsdnKft, Domdne St Donat. 


83510 

Fat 




74 73 26 67. 


VINCE VTUA FOR SEASONAL RB4T 
10 min to sea, 20 min fran hfa 
carport, pa noramic view, 5 bedrooms 
" , m Rent FF68JJ0B/wwk. Tet 

1 24 64 B3 fa (331 73 24 24 57 




oL FfomT^v to 31 
HI 40 50 75 23 or 46 47' 


, Tel Pore 
157. 


COTE D’AZUR, 'Ax, 8 bn sea, superb 
Provencal ttos tMfc wnnming pool on 
Mwrd fiedtv*A 4 bedrooms. Bw*d; 
1630 days. Conn* os. A^me de lo 


PbaeTrf 7466 5883. Fox 1 


>0311 


BEAUTIFUL VUA, TWl dons feou". 
Ves, 20 


Lm tsjambree, 20 km from Sl Trapez. 
5 bedrooms, 3 bothromw, Mng room. 


ITALY 



NTC Z12447-0876. My 0577- 


CASA GIOTTO OF CORTONA. 
TrasTijr. UequR farmhouse, tamfc 

thorooer. bijiqui settaig, jwmeng 

pool Steps 8, code ovtatafata. 8rt> 
Sw.l^'fax 0^5751 60450S 


SABINA. BUNGALOWS Z VIUAS 

from S225 per week. 

Catca Bfm 813680 


NORMANDY 


SUBS' LUXURY NOTH. SUITE with 
big poho fuung sou, Deoovfle. Stamx 

F-TgaWNeuiV- ftri 33-1-4Q7 9370 


5 XM SEA (Omdha MA pj*fjl 
house, deeps 3 b eds, 3 bri*. 
taring, Arrenam kjfcnen, 

I funelve.Jmen. - 
1 31 22 51 79. Fox: 


Td 


kodrg bodies, ujwmte nig A nwwrm 
Far more deeds write kn 
Box 3568. Ui-T, 92521 FMBy 
tax. Franco or 


46 37 93 70 or 46 37: 


D-DAY Otamxng Motor near DeouvXe 
on 154 ha, sferos 7, andcruri, 3 bohs. 
FBJMO/wk. Tdma Poo 1-4&0 9547 


DEAUVR1E BeaUifiri vAa near casno, 
Sleeps 11, American btvrd. td com- 
forts. July . Od. Td Pwi* 1-4722 7898. 


PARIS A SUBURBS 


MARAIS - 10VBY J7B> CBHUTY 
2 rtarey fiat. 90 mmil, old fireptac e . 
dd b o o m. 3 bedrooms, 2 bottao u ms, 
fviy equipped. Rei*; Wy/Augus 
F1M00 per month. fVa* ere (33-l| 


PORTUGAL 


ALGARVE 


Owner 


rente 2 hewa. No. 1; pool & gtnfcn. 

‘ sb roof 


to 6 peixjra, No. 2; huge 

terrace, suri 4 persoas. Both n quel 
area wifi beauwd view, peer beach. 


goB. ArohUe from May. ToL 4641fr 
2^48 or Td/ftne 464fr 15 


TUNISIA 


TINS1AN MA1BU *** HOTBL 

or sunny housm an 6n beach, of com- 
forts E uropean Sluas 2-8. fax 
Mate (33WB7773. Td 2T6 2 290951 


U&A 


Florida. Marcs Hud 3 bedwm, 3 


SUMMER IN 
FRANCE 

SPECIAL HEADMG 


Friday, 29fh April 


Taphcrycy r dwsMcd a 

far more mfrjnno*on, urAxS; 


*9 it umninminri ■« 

Iicnuo^^enDune 


k PWli TeM33-11 46 37 93 <5 
or Fa» (33-1} *6 37 93 70. 
or yea newes t IHT office 
or represemmiw 


April 15 to Sept 15, Banuevffle-sv-Ai 
Exhibiti 


ition at the Saint-Clair Chapel of SO 
photographs of drawings, engravings and 
sculptures left on walls erf bouses, barns and 
bunkers by Allied and German soldiers. 

April 30 to SepL4, Caen. The Floral Festi- 
val of Peace, with five floral theme parks, 
will take place on a 46-acre (18-hectare) ate 
near the Museum for Peace, which includes a 
garden with 5,000 rosebushes. Another 
park, Normandy in Miniature, will be a scale 
model of the footpaths through the region’s 
forests. 



Braving enemy fire on the beaches. 


May 7 to 14, Cootances. “Ja 22 Under the 
Apple Trees,” with 1940s jazz on May 7. 

May 14, Caen. Exhibitions on D-Day as 
presented in film and literature, and a semi- 


nar on the role that geology played in shap- 

' at the 


ingpreparations for the invasion. Both 
University of Caen. 


May 22, Caen. A Peace Walk, with 600 
hikers, horseback riders, bicyclists and mo- 
torcyclists will proceed from historic sites 
□ear Cherbourg. 

June J, Caen. Exhibition on how Caen 
rebuilt itself after the war, at the Museum of 
Normandy. 

June 3 to 30, Cherbourg. The American 
Film Festival will show 21 films, including 
“The Longest Day" on June 30. “Nuil et 
BrouiUaitT (“Night and Fog”) by Alain 
Resnais, will open the festival Tickets: 40 
francs per film. 

June 5, RanriDe. One thousand British 
paratroopers, plus some Canadians, Poles 
and French, will drop in the presence of the 
Prince of Wales. 

Jime 5, Sabte-Mfere-EiSse. Five hundred 
U. S. paratroopers from me 82nd and 10lst 
Airborne Divisions will drop over the 
marshes of La Fifcre and Amfreville. 

Jue 5, Caen. Ground breaking ceremonies 
at5 P. ML for theU. S. Armed Forces Memo- 
rial Garden near the Memorial Museum. 

June 5, Bayeux. Dedication of a statue of 
General Dwight D. Eisenhower by the 
American sculptor Robert Dean. 

Jtme 6, MemHe-Fraucerflle Plage. At 9 
P. M. 15 members of the Red Devils, an elite 
unit of the British Army Parachute Regi- 
ment, mil drop on ex-Gennan batteries. 


II A. M. Simultaneous co mm emorative 
services at the four major British military 
cemeteries in the beachhead areas: Ranville. 
Hermanvilk, Douvres-la-Dhlivrande and 
Ryes. 

Omaha Beach, 2:45 P.M. International 
ceremony with the heads of state of the Unit- 
ed States, France, Canada, Britain, the Neth- 
erlands, Norway, Poland and Luxembourg. 

CoDeriBe-sv-Mer, 5 P.M. Groundbreak- 
ing ceremony at the American cemetery for 
memorial to U. S. Navy personnel with Pres- 
ident Clinton. 


Airomanches, 5 P.M. British ceremony 
with Queen Eliza beth. _ 

O ni strcfaa m . 5 P.M. French ceremony 
with Mmerand. 

Bfoy-Rerias, 6 P.M. Freneb-C&nadian 
ceremony with Mitterrand and Prime Minis- 
ter Jean Chretien. 


Courses will pass historic D-Day sites. Ap- 
ply by June 1 to Organizational Committee, 
Marathon for Liberty, B. P. 6261, 14066 
Caen Cedex. France. 

June 12, Carentan. Religious service and 
ceremony at monuments to the dead. 

Jrae 12, Marigny. A procession of floats 
and vintage jeeps, tracks and motorcycles, 
followed by fireworks. 

June 14, Bayeux. The 50th anniversary of 
the return of General Charles de Gaulle to 
Bayeux; a torch lighting and wreath laying at 
the liberation Monument. 

June 18, TrotmHe. Brass bands of regi- 
ments that landed in Normandy will per- 
form military music. 

June 18 to 26, VaJognes. Period stamps, 
photographs and model aircraft erf British, 
American and German planes on display. 
Liberation ceremonies on June 20. 

Jtme 22 to Sept 22, Avrandies. An exhib- 
tion of wartime propaganda posters at the 
town museum. 

June 25 and 26, Cherbourg. Religious, ser- 
vices at the Eglise du Voeu and wreath laying 
in the public park and at various monuments 
mark the city's liberation. 

June 26, Beaumoat-Hague. Church ser- - 
vices, a veteran’s parade and a war memorial “ 
ceremony. Parade and fireworks in the eve- 
ning marie the liberation of the town. 

June 28, Htinn^Ssint-Qair. French 
and British military delegations will com- 
memorate the town’s liberation. 

July 9, Caen. Celebration of the city’s 
liberation, with military parades. French, 
British and C anadian Army bands, concerts 
and a 1940s ball. 

July 10 to 17, Rouen. Thirty tall ships and 


AUSTRIA 


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22 warships will assemble and be open to 
' will sail 


V3kmr-les-B(BSS4Nis, 6 P. M. French-Nor- 
wegian ceremony with the prime minister of 
Norway. 

UmSe-Langannerie, 7^0 P.M. French- 
Polish ceremonies with the prime minister of 
Poland. 


JUNE 6, OFFICIAL CEREMONIES: 

Pointe du Hoc, 8:30 A. M. American cere- 
mony. 

Uab Beach, 10 A. M. Joint American- 
French ceremony, with President Bill Clinton 
and President Franqois Mitterrand of France. 

Coureeufles-sur-Mer. 10-30 A. M. Canadi- 
an ceremony. 

Bayeux, II A. M. French-English ceremo- 
Ll and Mitterand. 


ny with Queen Elizabeth 


Caen, 9^30 P. M. Gosing ceremonies of 
the commemoration. About 60,000 people 
expected to attend a show of histone tab- 
leaux giving the context of the Battle of 
Normandy, with 2.000 actors. 

June 7, Port-ezhBessin. The town cele- 
brates its liberation. 

Jne 7, Carentan. Procession of veterans 
oftheU.S- 10 1st Airborne Division, accom- 
panied by military bands. 

June 7, Bayeux. Liberation cere monies: 
afternoon parade; 9P. M-, Glenn Miller con- 
cert by the Prestige Orchestra at the Town 
Hall square; 300 seats and some standing 
room. 

June 7, Uaeux. March from the En glis h 
cemetery of Saint-Dear to the Lisieux ceme- 
tery. 

June 8, Cfaerhowg-Bastogie. Some cy- 
clists are expected on the “Liberty Road” 
bike trail to visit invasion rites, accompanied 
by mOitarv vehicles of the 1940s. 

June 12, Caen. A Marathon for Liberty 
and a 14-kilometer (83-mile) Pegasus Fred 
Lebow Challenge are open to all runners for 
fees of 100 francs and 50 francs respectively. 


public visit. On July 17 the ships 

down the Seine to Le Havre in an “Armada 
of Liberty." 

Jttiy 17, Saint-U). Celebration of freedom 
and peace; with a performance of the 
Brahms Requiem, hot-air balloons, fire- 
works and an evening hall 

July 27 and 28, Agon-Countaumfle. Liber- 
ation ceremonies. 

July 27, Coutances. Concert by the Ameri- 
can Char of Paris. 

Judy 28, Coutances. Celebration in pres- 
ence of Colonel John Wood, son of General 
John (Tiger Jack) Wood, who led the Fourth 
Army and liberated the town. 

July 31, Avrandies. Memorial service for 
war veterans at Ndtre-Damo-des-Champs, 
military parade, and a ball to mark town's 
liberation. 

Aug. 5 to 11, Pferriers-en-BeairficeL Exhi- 
bition at the town hall of objects and photo- 
graphs of the 2940s. Commemoration of 
liberation on Aug.7. 

Aug. 6 and 7, Quertpievilte. A 1940s-: 
oafl, French songs from the ’30s and 
and American jazz classics. 

Au g- 23, lirieux. Commemoration of the 
town s liberation and an exhibition of tn3i - 
taiy vehicles, 

Reception for veterans 
« the u. S. 30th Division to commemorate 
liberation of the town. 

, 3 and 4, Flers. Military bands from 

the Allied countries will take part in the 
Internationa] Military M inor. FestivaL 









b?*ls 

SlTr M V ,rn F- 


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ndv 









International Herald Tribune 
Friday , April 22 , 1994 
Page 15 


In Celebration of the Chunnel (and of Calais) 


By Barry James 

,nrenu *™*J Herato Tr,^ 

£ Li V S - France — fbe 

( and dozens rf 

V^SSLS^* 11 “lebraii^ 

SS?ats?a3 

Europe this ceniuiy 

50-iaonwo- (31-mite) tripte-M- 
^y« TbesartXgX 
Km* throve nmncL ho^ 


of rvxii; ~ , we aeuv 

“«JnnB stock are causing delays. 

L!^ ^g^y Sbeduled 
to «art operating a year ago. 

The tunnel terminal is some way 

at San SA tt& > and cod- 
““feJrecUy to a recently improved 
togfway system in the Pas-de-Calais 
regioo. City officials fear that most 
laisa mS" 8 toe tunnel wifi give Ca- 

Hie city is thus seizing on the inau- 
guration as an opportunity to put 
itself on the map as a place worth 
visiting m its own right. There are 
plans to hold a similar festival every 
yew until the end of the century. 

The inaugural festivities have at- 
tempted to involve townspeople as 
much as possible, as well as profes- 
sional performers, according to the 
artistic director, Laurent GacheL At 


toe same time, every effort has been 
uiade to insure that even with ama- 
teur musicians and performers, the 
evoits achieve a high artistic level. 

with the exception of a theatrical 
happening inside a 135-meter (445- 
foot) tunnel built along the mam 
street, all events are free. 

The festivities start after dark on 
April 29, with a procession of giants 
and mechanical contraptions, 
marching bands and hundreds of 
costumed participants. Later that 
evening, a train will trundle into 
town carrying a portable foundry 
that wall pour out an 800-kilogram 
statue (the subject is still a secret) to 
preside over an open-air ball, start- 
ing at midnight. 

After nightfall each ev ening , there 
will be ill umina dons and a theatrical 
spectacle along the canals in the 
town center. 

Another surprise will be the arriv- 
al of a nine-meter, two-ton Gulliver- 
like giant on May 4, which will 
.promenade around the town for four 
days with what is promised to be the 
most extraordinary realism. 

T HE festival will dose May 7 
with “a musical apotheosis" 
in the old port, with a choir 
of several thousand and a 
fanfare of more than 1,000 musicians 
from 40 brass bands in northern 
France. The program starts with a 
special composition by Jean-Oaude 
Casadesus, musical director of tbe 
National Orchestra of Lille. 

The main piece is Luciano Berio’s 
“Accordo” for peace, based partly on 
the socialist hymn “The Internation- 
al,'' which was first sung ax LQk, and 


partly on melodies from the United 
States, Russia and the Italian wartime 
resistance. Tbe piece features four 
brass bands at the cardinal points of 
the compass. Then, toward midnight, 
tbe festival will end with a fesrivaJof 
folios and pyrotechnics by the Xarxa 
theater troupe of Valencia. 

To prepare for tbe events, the old 
abattoirs m Calais have been restored 
as a theater and arts center where 
more than 400 artists from around 
France and Europe have bora work- 
ing with thousands of local residents 
in getting the festival ready. 

Calais obtained government and 
European funding for the 17 million 
franc (52,9 million) event. On the 
other ride of tbe channel, the govern- 
ment has refused to put any public 
funding into the tunnel, meaning that 
toe organization of events over tone 
has been left largely in the hands of 
the Eurotunnel consortium. 

This explains the generally less am- 
bitious nature of tbe English celebra- 
tions, and toe fact that most of toe 
events at the Eurotunnel Exhibition 
Center near Folkestone are paying. 
They include popular music, rock, 
jazz, hymn and choral concerts. Also 
on the program is the inauguration of 
a hiking trail from Folkestone to Can- 
terbury, street theater, bell-chiming, 
magic shows and a rerun of the Gold- 
en Arrow steam train that ooce linked 
London with Fans. 

On the day after toe inauguration, 
toe Royal Philharmonic Orchestra 
will play a program of orchestral and 
choral music to accompany a syn- 
chronized fireworks display in 
Folkestone and across the water at 
dm Eurotunnel terminal in France. 



A giant will be roaming the streets of Calais. 


// Tit Cl 


PI, the Munich Hot Spot 


By John B run ton 


M UNICH — Nightlife in Mu- 
nich conjures up images of rau- 
cous Bavarian Deer halls, with 
drinkers downing foaming 
mugs of Ldwenbrfu. where toe music is pro- 
vided by an old-fashioned oompah band and 
dancing consists of noisy slapping of tradi- 
tional Iederhosen. Well that’s certainly there 
if you want it, but there is also a sophisticat- 
ed and varied dub scene. 

To start out toe evening, the Havana Club 
is a lively place for cocktails, and Master’s 
Home is worth a drink just to witness toe 
decor. Roans ofF toe bar are decorated as if 
they were pan of a colonial mansion, which 
means you could end up sipping your Bloody 
Mary in toe bathroom or bedroom. 

For a really wild night out, with megawatts 
of add rock, bouse and techno pop, Munich 
has an active rave scene, with giant parties 
taking place most weekends out at (he Halle, 
part of the abandoned airport. But ask any 
local what is the hottest address in town, and 
there's only one reply. 

That dub's name is: PI. 

The name is an abbreviation of toe ad- 
dress, Prinzregenstrasse 1, which also hap- 
pens to be the address of the Haus der KunsU 
toe dty art gallery, a neoclassical building 
where you would not expea to find a club in 
the cavernous basement 
There is no entrance fee, but Pi has a very 
stria door policy. “We have two doormen," 
toe manager, Klaus Gunschmann, says, “one 
who specializes in all toe local Munich crowd. 


who knows the movers and shakers to let in 
and all the iederhosen types to keep out, 
while the other concentrates on people's 
style, to make sure that out-of- [Owners and 
foreigners still have a chance to get in." 

The club gets going surprisingly late. The 
doors open at 11 P. M-, at midnight the vast, 
minimalist dub is empty, by 1 A. M_ there 
are at least a few dozen people hanging out at 
the six different bars, but come 2 A. M_ the 
place is transformed, packed to bursting 
point with 600 to 700 people jammed on the 
dance floor. 

The music moves freely from funk and soul 
to techno and house, but there's never any 
Latin sound. “Germans just don't seem to 
like dancing to salsa," said the deejay. 

Fashion is what can only be described as 
“German street," Dolce & Gabbana or Gaul- 
tier, plus lots of blue jeans and high leather 
biker boots. Tbe more chic clientele is known 
as “SchOdri-Mikkis," the local term for Mu- 
nich's designer culture — rich kids driving 
mat-black BMWs. Although toe door policy 
is tough, there is no hidden VI? room, so 
once in, you’re likely to rub shoulders with 
whichever cdebriiy is passing through Mu- 
nich. be it American screen actors like Kurt 
Russell and Goldie Hawn, or rock stars from 
U2 dropping in after a concert. 

Pi, Prinzregenstrasse t , Munich, tel: 29-42- 
52, fax: 29-80-63. Open every day. So entrance 
charge. Drinks: cocktail 20 Deutsche marks 
($11.75); beer (small bottle only), 10 DM. 
Food: ID to 15 DM for a sandwich. 

John Brunton is a free-lance journalist and 
photographer. 



AUSTRIA 


Vienna 

Museum des 20.Jh tel: 78-25-50, 
closed Mondays. Continuing/To 
June T9: “Picasso: Die Sammlung 
Ludwig." 180 paintings, drawings, 
bronzes and ceramics by Picasso, 
whose works occupy a central posi- 
tion in the art collection ol Peter and 
Irene Ludwig. 


BELGIUM 


Brussels 

La Monnaie, let; (2) 218-12-11. 
Benjamin Britten's "Peter Grimes.” 
directed by Willy Decker, conducted 
by Antonio Pappano, with William 
Cochran and Susan Chllcott. April 
24. 27. 30. May 3,5, 8 and 10. 
Musde d'Art Modems, tel: ( 2) 51 3- 
9630. dosed Mondays. Continu- 
ing/To June 12: "Hommags a Henry 
Evenepoei 1872-1 899." 200 paint- 
ings, pastels, drawings and watercol- 
ors representing street scenes, land- 
scapes and portraits created in 
France and Algeria by the Belgian 
painter who died at age 29. 

BRITAIN 

Cambridge 

The RtzwflHam Museum, tef:(223) 
332-900, closed Mondays.To Aug. 7: 
"Fifteen Drawings in Search of an 
Artist." 15 drawings tram the muse- 
um's collection, some of whose attri- 
butions have recertify been secured, 
others of which remain uncertain. 

Edinburgh 

Royal Museum of Scotland, tel: 
(31) 225-7534, open daily. To May 
29: "Acs Medea: Art. Medicine and 
the Human Condition. '' Pnnts. draw- 
ings and photographs telling the rela- 
tionship between the history ol man, 
medicine and visual arts. Included 
are works by Lucas van Leyden. Do- 
rer, Rembrandt, Hogarth. Munch and 
Rauschenberg. 

Glasgow 

The Scottish Opera, tg: (41) 248- 
45-67. Wagner’s Tristan und Isol- 
de." Directed by Yannis Kok kos. 
conducted by Richard Armstrong, 
with Anne Evans. Jeffrey 
Kenneth Cox. May 6. 12. 17 and 21. 

London 

Victoria and Albert Muse^. tg- 
(71) 589-6371, open daily. The 
Glass Gallery". This te a newly 
opened gallery which displays the 
development of glass over the past 
Tour thousand years. 

Manchester 

The Whitworth Art Gallery, tel: (61) 
273-4865, dosed Sundays. To June 
11: "Roger Hilton." The, 
spec five since the a/fist s death In 
1975 shows more 

(^concentrating on the lale 50s and 
ready '60s. 


DENMARK _ 

TTwRoys?Theaier. tel: Ki-3*-2£ 
20. Richard Strauss's De rR( *®f*a- 
vaJier," directed by Hans Neuge- 
bauer with Anne Fug^ cond^edjV 
Richard Buckley, with Tito Beltran. 
May 2. 4. 9. 11.19. 

Humletoaek 

Louisiana Museum of M<xJ®mA^ 
tel: 4219-0719, open dally. Continu- 
ing /To June 26: Aratiara^^hQh 
nal Art" Works on bark,, canvasand 
wood by modem Ahortginai artiste in 

which the close connectlon to n^ure 
and landscape of the original Austra- 
lian dviGzatian prevails. 



Clockwise: Paintings by Ingres, Manet and Fattori on show at the Grand Palais. 


FRANCE 

MusSedes Beaux-Arts. 

65-65, dosed Tuesdays- To May 30. 
-II Gusto Bolognese: LaPe^tureBa- 
roaue de I'Bmilte-Romagne. Fea- 
tures 17th-century 
Bolpgna, Including works by loto- 

vico Carrad and Ms < c ^2L5?nd 
tino and Anmbale, Guido Red land 
Domenico Zampieri- fltlw wjj 
time, the museum is IJttnas 

collection of 150 

gathered by a private cdiector at 

endo? l&th century, which in- 


cludes works by Tmtoreto. Peruglno 
and Carraci. 

pans _ 

Centra National de la Pha/togru- 
phie, tel: 53.76.12.32, dosed Tues- 
days. Continuing /To May 9: ' Bras- 
sar: Du Surreafisme a I'Art fnformef." 
160 photographs dating from the 
1930s to the 1950s, Inducting por- 
traits of artist friends such as Picasso. 
Matisse and Michaux, aid photo- 
graphs of Paris by day and by night. 
Centre Georges Pompidou. Con- 
tinulng/To Mtey 9: "La VSIIe: Art a 
Architecture en Europe 1870 T 993.” 
Paintings, drawings and photographs 
show how the European towns of 
today were perceived, idealize d and 
planned by architects and artists 
from the end ot the 19th century to 
date. 

Grand Palais, tel: 44-13-17-17. 
closed Tuesdays. To Aug. 28: 
“impresslonnlsme: Las Origines, 
1859-1369." Focuses on the influ- 
ences which led young painters such 
as Monet, Renoir, Pissarro. Manet 
and Degas to Impressionism. Works 
by Boudin. Cezanne, Courbet and 


$ CAHHES FILM FESTIV*!- 


The Associated Pres* 

P ARIS — Italy leads toe 
nominations iox in* 
Cannes Film Festival. 
May 12-24, with four 
films out of 23 in competition, fol- 
lowed by toe United States and 

France with three each. „ 

ITALY: “Una Pura Fonnauia. 
directed by Giuseppe Tornatore; 


-‘Baraabo DeUe Montagne, Mario 
Bren to; “Le Buziane," AureUoGrv 
maldi and “Caro Diano, Nanm 

^UNITED STATES: “The Hud- 
sucker Proxy " directed bv Joel and 
Ethan Coen; “Pulp Fiction, 
Quentin Tarantino; “Mrs. Parker 
aSdthe Vicious Circle, Alan Ru- 
dolph. 


Whistler are among the 180 works 
exhibited. 

GERMANY 

Bolin 

Amerika Hans Berlin, tel: (30) 21 1- 
07-59. To March 18: "Lewis Baltz: 
Rule Without Exception." A retro- 
spective of the work of the American 
documentarist, including photo- 
graphs of tract houses at the toot of 
the Rocky Mountains, the wastelands 
near San Francisco Bay and inner- 
city poking tats. 

MuseunH-udwig, tel: (221 ) 221-23- 
79, dosed Mondays. To July 10: 
"Der Unbekannte Modigliani: Die 
Sammlung Paul Alexandre." More 
than 400 drawings and vratereotors 
created by Modigliani between 1 907 
and 1914. and bought by Paul ( Alex- 
andre, who became the artist s pa- 
tron upon his arrival in Pans m I90o. 
Munich 

Bayerisches National Museum, lei: 
(89) 211-24-1, closed Mondays. To 
May 29: "Sffber und Gold: Augs- 


FRANCE: “Grosse Fatigue,’ 
directed by Michel Blanc; “La 
Heine Margot," Patrice Chereau; 
“Les Pamoles," Eric Rochant 
CHINA: “Huozhe,” directed by 
Zhang Yimou. 

TAIWAN; “Duli SftidaT di- 


burger Gddschmiedekunst tor Die 
Hole Europas." Sliver and gold table- 
ware created in Augsburg tor the Eu- 
ropean courts in the 17th and 18th 
centuries. 

Stuttgart 

StaatsGatede, tel: (711) 212-41-1. 
To June 1 9: “Pablo Picasso: Die Lith- 
ographien." The exhibition features 
more than 700 lithographs of Picas- 
so's work. 


ITALY ■ 

Bergamo 

Festival Piantetico Intern azionale 
di Brescia e Bergamo, tel: (35) 
240140 (Bergamo) and (30) 
293022 (Brescia). April 29 to June 
11: The Teatro Donizetti in Bergamo 
and the Teatro Grande welcome the 
Drottningholm Baroque Ensemble, 
the Orchestra da Camera dl Praga, 
and soloists such as Ton Koopman. 
Svo Pogorench and Alicia de Larro- 
cha. 

Venice 

Palazzo Grass), tel: (41) 522-1375, 


open dally. Continuing/To Nov. 6: 
"Rlnascimento. Da Brunelleschi a 
Michelangelo: La Rappresentazione 
dell' Archltettura." Following the res- 
toration of Antonio da Sangalta's 
1539 wood model of the Basilica a 
San Pietro, the exhibit features 30 
architectural models built during the 
15th and 16th centuries. 

JAPAN 

Osaka 

Osaka Municipal Museum, tel: (6) 
771-4874. closed Mondays. To May 
29: "Grand exhibition of Napoleon. " 
An exhibition introducing the legacy 
ot the French hero through various 
artifacts. Among toe features are his 
and toe empress's crowns, his favor- 
ite Jewelry, letters in his own hand- 
writing, and portraits painted by such 
master neodessidsts as David and 
Ingres. 

Tokyo 

Tobacco and Sah Museum, tel: 
3476-2041, closed Mondays. To 
May 22: "Japanese handmade paper 
from the Parices collection." Sir Harry 
Smith Psrkee. ambassador of toe 
British Empire to Japan from 1846 to 
1883, collected and researched Jap- 
anese handmade paper. The collec- 
tion includes some 400 kinds of pa- 
per manufactured at toe end of toe 
Edo Period and the early Meuiji Era. 

NETHEBLANPS 

Amsterdam 

Van Gogh Museum, Id: (20) 570- 
5200, open daily. Continuing/To 
May 29: "Pierre Puvis de Cha- 
vannes." More than 150 portraits, 
still lifes, landscapes and drawings by 
toe French painter (1824-1898), 
known for his Arcadian themes and 
his murals on toe Sorbonne. Panthe- 
on and city hall walla In Paris. 

SWEPEM 

Stockholm 

KuKurhuset, tel: (8) 24-23-22, open 
dally. Continufng/To Aug. 28: "Leo- 
nardo da Vinci." In addition to mod- 
els, drawings, facsimiles, manu- 
scripts and paintings, including 
"Lady with an Ermine” " a number of 
multimedia kiosks enable toe visitor 
to delve Into Renaissance thinking, 
the life of Leonardo and toe versatility 
of the man. 

UWTEO STATES 
New York 

Brooklyn Museum, (tel: 636.50.00) 
To Sept. 4: "Louise Bourgeois: Locus 
of Memory, Works 1982-1993." 25 
sculptures and 30 works on paper 
executed in a variety of media, 
among them watercotar, charcoal, 
and gouache. They address the 
themes that have tong-obsessed her, 
anxiety, alienation, love, identity, sex 
and death. 

Metropolitan Museum of Art tel: 
(212) 570-37-91, closed Mondays. 
To Dec. 31: “Divine Protection: Batak 
Art ot North Sumatra." Features ob- 
jects from the Batak people of Suma- 
tra. Indonesia focuses on their art 
which was used to provoke power 
and protection through divine inter- 
vention. Seventy works displayed in 
the Michael C. Rockefeller Wing are 
made primarily of wood but also 
stone, brass, bone, bamboo and gold 
are included as wen as textiles. 
Washington 

The Corcoran Gallery ot Art tel: 
(202) 638-3211, . To May 2: "Fare- 
well to Bosnia: New Photographs by 
Gilles Peress." Shocking and stark 
images of the crisis and the victims in 
Bosnia Sign on the museum door 
reads "Viewer discretion is Bdvised." 
The National Portrait Gallery, tel: 
(202) 357-2700, open daily. To 
Sept 5: "Reporting the War: The 
Journalistic Coverage of World War 
ll." Due to advances in communci ca- 
tions technology, the American pub- 
lic could receive news from the front 
as soon as it happened. The exhibi- 
tion details the work of Pyle, Mydans 
and many others - a tola of 33 
photographers, cartoons, drawings, 
paintings, newspaper dippings, cor- 
respondence and personal memora- 
bilia. 


The Houm of ffM 
Spirits 

Directed by Bille August. 
U.S . 

“The House of the Spirits," (be 
film adaptation of Isabel AJJ ai- 
de's novel, gives short shrift to 
the book's bounties, shreds the 
plot, combines or eliminates 
characters, airbrushes the brutal 
parts — then attempts to dignify 
tbe destruction with a crowd of 
stars, including Jeremy Irons, 
Meryl Streep, Glenn Close, Wi- 
nona Ryder. Antonio Banderas 
and Vanessa Redgrave. ffiUe Au- 
gust seems befuddled by Allen- 
de’s world of political turmoil, 
family melodrama, class snuggle 
and spectral wonder. Insteadof 
evoking ho- “House," August’s 
adaptation condemns it with the 
movie equivalent of a Reader's 
Digest abridgment Distracted 
by his arty responsibilities; tbe 
Danish film mak er seems oblivi- 
ous to the cast's clashing of 
tongues. *The House of the Spir- 
its" amounts to an international 
incident of differing accents and 
acting styles. Irons’s classic Brit- 
ish delivery comes up against 
Streep's New World smooth- 
ness, while Ryder’s whispety 
American patter faces off with 
Banderas’s halting English. 
What is this place, Esperanto 
Land? (Desson Howe, WF) 

RH Hermano del Alma 

Directed by Mariano Barroso. 
Spain. 

Mariano Barroso, a promising 
young director, has chosen tbe 
love-hate relationship between 
two brothers as toe theme for his 
first film, “Mi Hermano del 
Alma" f roughly. “My Brother in 
Spirit")- Juanjo PuigporW por- 
trays toe bad brother with truly 
malevolent style. He is a loser 
and petty ibid whose possessive 
nature induces the good brother 
(Carlos Ifipolito) to run away 
with the bad one’s desirable wife 
and live happily for a decade as a 
successful insurance executive. 
But if stealing your brother’s 
wife can tarnish a good reputa- 
tion, we also discover that toe 
bad hermano has an agreeable 



Streep , left, and Close in “The House of the Spirits. 


side. The plot quickly gets inter- 
esting when the brothers acci- 
dentally reunite, causing no 
small difficulty for toe woman 
(Lydia Bosch). The intriguing 
exploration of tbe gray area be- 
tween good and evil is what gives 
the movie its edge. The Ameri- 
can-trained director captures the 
torment in toe leading characters 
and keeps tbe surprises flowing, 
adding a touch of humor now 
and again to relieve the sus- 
pense. 

(Al Goodman, JUT) 

Carl PottaiUsstairi Amid 

Directed by Mario Monicetti. 
Italy. 

In the swirling, roiling chaos 
that governs life in Italy just 
after World War II, a down- 
and-out former boxer nick- 
named “Died" (“Ten,” for hav- 
ing lost almost all his bouts by 
knockouts) and a pair of under- 
fed, ragged teenagers set out 
from Florence to stage a series 
of rigged boxing matches at 
country fairs and exhibitions. 
Driying through the lush Tus- 
can landscape m a rickety truck 
propelled by a coal-fired water 


heater. Died and bis comrades 
fight misfortune, skepticism 
and mechanical failure as they 
spar for spare change, vegeta- 
bles and bread. Like Dorothy’s 
company in “The Wizard of 
Oz,” Dieci’s group expands as it 
moves from town to town. A 
black American deserter and a 
female Fascist collaborator join 
the ranks, along with an enter- 
prising dog who jumps into the 
ring and ruins their first exhibi- 
tion. In the end, the late arrivals 
run off with tbe truck, money 
and, most importantly, with toe 
food, leaving Died and his 
friends stranded and bewil- 
dered on a dusty winding road. 
Conceived as a straightforward 
Italian road movie, “Can Fot- 
tutissimi Amid,” which might 
be loosely translated as “AS My 
Screwed-Up Friends," is nei- 
ther tender enough to be called 
semimemal nor light enough to 
woke nostalgia, toe characters 
in Monicclli’s latest film appear 
anything but remarkable or in- 
teresting. And their trials and 
tribulations, while potentially 
moving, tend to fade to gray 
against a backdrop that is inex- 
plicably flat. 

(Ken Shubnan, IHT) 


rected by Edward Yang. 

CAMBODIA: “Neak 
noted by Rilhy Panh, 


Sre," di- 


RUSSIA: “Assia and the Hen 
with Golden Eyes," directed by 
Andrei Konchalovsky, and “So 
The Sun Burned Us." Nikita Mik- 
halkov. , 

BRITAIN: “The Browning Ver- 
fflon," directed by Mike Figgis. 

MEXICO: “ta Reina de la 
Noche,” directed by Arturo Rip- 
Stem. 


CANADA: “Exotica," directed 
by Atom Egoyan. 

POLAND: “Trois Coulenrs: 
Rouge," part of the trilogy directed 
by ftysztof Kieslowski 
The other four films are from 
Bftipium, Iran, Romania and an en- 
tryby Shaji N. Kanm, whose na- 
tionality was not given. 


Rate the world's best restaurants 
with Patricia Wells. 


The IHT's restaurant critic has set out 


She will be rating, in month-to-month 
articles, the top restaurants from region to 
region, and comparing them to one another. 

Whether it's the best in dim sum, 
delicious but secret sushi bars or the finest of 
French tables, she will guide readers with 
articles about inexpensive restaurants as well 
as the grand ones in the world's major cities. 

Jihe will also share her tips on how to select 

quality restaurants in unfamiliar territory. 

Don't miss this series. 

COMING MAY 16 th 

SWITZERLAND 



Patricia Wells is the author of The Food 
Lover's Guide to Paris, now in its 
third edition. 


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Page 14 


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rf SQL (U Inv Euro-lmme — LF 11 1 1280 

d BBL (L) Invest World LF 372080 

BANQfJE BELGE ASSET MGMT FUND 
Snore Distributor Guernsey (KOI 726614 
wlidl Equity Fund IStare)—S 12/6 

■v Inti Bond Fund (Slcavl — _S ISAS 

i* Dollar Zone Bd Fd (Sleav) J 1U4 

w Sterling Equity Fd ISicav) a I860 

iv Sterling Bd Fd (Stare) 1 1/44 

iv Asia Pacific Rmmp Ftf— — s n.ii 

BARQUE INDOSUEZ 

nr The Dragon Fund Stare S 

m Japan GW Fd A (31/BV*4l_s 
mJaaan Gfd Fd 8 (JMW/WI-X 
mDual Futures Fd a A Units S 
rnDuai Futures Fd a C UWts4 
m Maxima Fut. Fd Ser. 1 CL A j 
m Maxima Fut. Fd Ser. 1 CL BS 
aiMmlmaPuLFdSer.2CI.CS 
m Maxima Fut. Fd Ser. 2 CL DS 
m inaasuez Curr. a A Units— 8 
ai Indnuex Curr.d B Units— 8 

ivlPNA-3 S 

a ISA Aslan Grarm Fund — J 
d ISA Jeoan Reg. Growth Fd.Y 

d ISA Pacific Gold Fund % 

d ISA Aston Income Fund — X 

d Indasuei Korea Fund S 

w9wnghol Fund X 

w Himalayan Fund X 

w Manila Fund X 

■ lh.hm.emH V 

iv slam F.-v< « 

d (iKteuez Hong Konp Fimd_s 

d Oriental Venture Trust X 

d North Amen axi Trust X 

d SfmxtolMatavTrote X 

d Pacific Trust HKS 

d Taman *- «i « 

d Japan Ci — H « 

w Managed Trust — S 

d Japan Warrant Fund 5 

d Worldwide Growth Fund — X 
w indosuez High YM Bd Fd AJ 
» Indosuez HMl YU Bd Fd B8 
b Maxi Esnorio. . .. Pno 

b Maxi Franca ff 541884 

■v Maxi Franca 9S FF 524883 

d Indosuez Lotto America —4 
BAMQUE SCANDINAVE A LUXEMBOURG 
BS5 UNIVERSAL FUND (SICAV) 

d Eurasec ECU A (Dlv). Ecu 141/505 

d Eurasec ECU B (Cmi Ecu 148.4505 

d Intotsec USO A (Olvl S 2M**5 

d Intetsec USO B (Cap) _J 228947 

d Intelband USD A IDiv) X 148371 

d Intelband USO B (Cap) s 198471 

d Flnnsec Global FM A (Dlv) FM 2298931 
d Fimtsec Global FM B (Can)FM 22*^31 

d intelband FRF A (Dlv) FF 122804* 

d InteBMnd FRF B (Cap) FF 15138*5 

d Far East USD A (Dlv) s 26.1137 

d Far East USD B (Cop) X 24.1*47 

d Japan JPY A (Div) Y 11597163 

d Japan jpyB(Csp) Y 1199.7163 

d Parsec FRF B (Cap) FF man 

d Lotto America USD A (Dlvls 228986 
d Latin America USD B (Can IS 228*86 
d North America USD A IDtvIS 16/729 

d North Amer USD B (Cap)-* 14/729 

BARQUE SCANDINAVE EN SUISSE -GEN EVA 

iv Intelband CM SF 8385 

iv intetsec CM SF 21676 

wSwhsfimdCht 5F 174J4 

BANQUE SCS ALLIANCE-CREDIT BANK- 
(4122) 344-1WL Genevo 
■rPMade North Am Equities j *785 

w PNkxte Europe Equities — Ecu 13489 

w Pte lode Asia Pacific Eg t *175 

w PWade Environment Ea — X 9189 

w P Wade Dollar Bonds, X 9737 

w Plelade ECU Bands Ecu 107J7 

w Pldade FF Bonds FF 10L50 

w PMade Euro Com Bonds -SF 95JI 

tv pielodv Dollar Reserve S 10002 

iv Pteiade ECU Reserve Ecu W2/6 

wRWodiSF Reserve _—8F W1JN 

w Plelade FF Reserve FF 1(033 

BARCLAYS INTI. FUND MANAGERS 
Hong Kang. Tel: (852) 8UI900 

d China IPRCI x 8744 

d HansKong- 3 34859 

d Indonesia s i2JW 

d Japan S ifl-23* 

d Korea — -8 12482 

d Malaysia— — S 25/ IB 

a PhUionina -$ 24710 

d Singapore X 17.542 

d Thailand X 31545 

d South Easl Asm S 34737 

BDD GROUP OF FUNDS 

IV bod uss Cash Fund s 

iv bdd Ecu Cash Fund Ecu 

iv BDD Swiss Franc Cash— >SF 
w BOD Int. Bond Fund-USS — X 
w BOO int. Bond Fund-Ecu —Ecu 
IV BDD N American Equity FdS 
w BDD European Eauttv fixwecu 
m BDD Aslan Equity Fund— X 


m BDD US Small COP Fund — X 
nr Eurafbionclere Fixed UK— FF 
w Eurafln Muttt-Cy Bd Fd — FF 
■ELINVESTMGMT I GST) LTD 

m BeflnvesJ -Brazil X 

w Befinvess-Gtotwi — 5 

wBeilnvest-laroal — X 

iv Beltovest-Muttibond x 

w Bellfivnt-Superiar X 

BNP LUXEMBOURG 
INTER CASH 

I France ManaWre FF 


l lnler Cash DM DM 

I lider cash Ecu .Ecu 

I Inter cash GBP I 

f Inter Cash USD s 

t Inter Cash Yen Y 

INTER MULTI INVESTMENT 
iv Priva t isation s Inlt Invest —X 

iv Telecom Invest ... —3 

INTER OPTIMUM 

w interbond USD X 

wBEF/LUF BF 

■V Multtdevtses DM DM 

wUSO J 

w FRF — .FF 

w ECU Ecu 

INTER STRATEG IE 
iv Austral le _x 

w France FF 

w Euroae du Nard— — i 
w Europe du Centra ... —dm 
w Europe duSud _ecu 


FF 1473629 

.FF 17995.97 

.DM 274184 

.ECU l*138t 

i 1476-57 

S 134089 

Y 165060 


S 14006 

BF 10638488 

DM 29*131 

S 133185 

FF 15331/9 

ECU 122980 


wAmnnaueduHord j 1J3387 

w Sud-Est AsteHoue x 1702/3 

w Global _s 344.ll 

BUCHANAN FUND LIMITED 
rt Bank of Berm min Ltd: (809) BMOOO 

r Global Hedge USO 1 1388 

I Global Hedge GBP t 1434 

i Eureeeon A Atlantic— s 1380 

I Pacific X 1386 

t Emerging Mmtctx X 2177 

CAISSE CENT HALE DES RANOUES POP. 

d FructOux -0W. Fs« A FF 849143 

d FruetHun-OM. Euro B— Ecu 153870 
wFructfluz. Actions Fsas C_FF 951133 
d FruetCux - Act lam Euro D -Ecu 179733 


d Fructllux - Court Terme E-FF 

0 FrudBux - D Mark F DM 

CALLANDER 

iv Cd fonder Emrr. Growth 5 

Mr CdlaMer F -Asset i 

w Caltondgr F-Austrlgn AS 

w Calbxxtor F-Spanfsb Pto 

w Callander FHJS Health Cores 

w Callander Swiss Growth SF 

CAMPBELL (BERMUDA) LTD 
wGIM Insttfuttonol (1 Apr)— 5 


CANADIAN INTERNATIONAL GROUP 


2960559 

119X742 

16941*3 

148479283 

1135431 

1149045 


AS'Auarafisi Dalars; AS •Austrian! 
Lit ■ ttafian Lira; Lf - Luxamboun frail 


Lit; tofim Lira; LF- lmaniboigfl PirancB; o 
Nol CommunjcstaJ; o • Nbw, S -suspend* 
e - misquoted emtier 8-not regfaterwlwtth i 


d Cl CcmStti Growth Fd — 2 ^ 

d Cl North American Fd C5 788 

8 Cl Pactflc Fund a 1731 

a Cl Gtobol Fund B 

d Cl Emerg Market* Fd CS 881 

8 Ct European Fund —O 191 

8 Canada Guar. Mortgage FdCS 1680 

CAPITAL INTERNATIONAL 

Hr Capital inn Fund 5 131A6 

wQFHM Italia 5A X 4&70 

CDC INTERNATIONAL M 

hr CEP CoiKt Terme FF mBOg 

nr GFi Lang Terme — FF 1 SI 73X40 

CINOAM BRAZIL RIND 

8 Clndom Eaultv Fund —I 

tf CJndam Balanced Fund— 8 1067716 

CITIBANK (LUXEMBOURG) SA. 

FOB 1373 Lusembourg Tel 4779571 

tf CM invest Global Band X 

tf aitovest FGP USD- X ]2iaaj 

tf at invest FGP ECU Ecu 2M£ 

tf CMtnvest Selector 5 Jfgfi 

tf emeurmndes USD s 1B<» 

a OUcurrenetes D£M DM H1A4 

tf CfflcunencteGBP t 1*1J« 

tf ctttairrwdoTwi— y 

8 ail port NLA. Equity X 226M 

tf CHtoort Osit. Euro Equity _Ecu 1K.91 

tf Clttoart UK Eoulty i 

tf CJtlDart French Equity— — FF MMJ6 

tf atlport Germai Equtty DM _VM 

tf CltlpOrtJBwn Equity Y ^00 

tf atloorf (APEC X 

tf cttiport Eomec— — * {£-2 

tfCWport NAS Band S 57J6 

tf Cttiport Euro Bon d •— Ecu 1«76 
tf Managed Currency Fund —3 Wt.42 

CITIBANK {PARIS) SA. ... . 

» CHI 0 6 COP GW X 988989 

cm TRUST — — , 

iv US S Equities X 

IV USS Money MorKet S 

iv USS Bonds * 

wax land — .—5 IMJ^M 

mattperfemuzHj PTfISA— S lSBOl 

iv The Goad Eorth Fund S 13/1065 

COMQEST (M-ll 44 71 75 IB 

W Congest Asia X jHJB 

IvComaesl Eurooe SF 125577 

CONCEPT FUND 

o WAM Global Hedge Fd s lOg-to 

b WAM Inti Bd Hedge Fd S 99983 

CONCERTO LIMITED 

iv NAVIS April HM S **86 

COWEN ASSET MANAOEME NT 

Cowen Enterprise Fund N.V. 

wCtassAShs X 

wCtes B Shs S 147*84 

CREDIT AGRICOLE 

INDEXIS , _ 

8 Indents USA/SAP 500 * WjJ 

d Indrxls Jonon/Nlfclcel Y 17M81 

d InOSAkS C Bret/FTSE 1 ,1336 

d Inde/ls France/CAC 40 FF 1S584 

d mdextsCT FF 1<M 

MONAXIS . _ 

8 court Terme USD * »6ffl 

d Court Terme DEM DM 3662 

tf Court Terme JPY Y 224*72 

tf Court Terme GBP I 1154 

8 Court Terme FRF ff ’ 3 6 85 

d Court Terme ESP Pla a»/5 

tf Court Terme ECU — .Ecu 1978 

MOSAIS 

tf Actions Inti DlversWees — FF 13181 

tf ACttons Nord-Amertcolnes J 2173 

d Actions Jooonoises Y 1*0584 

tf Actions Anglalaes. — 1 *4/2 

d Actions Altenondes DM 4j/o 

. tf Actions FrancaHoa — FF 15089 

d ActlaHEsPL&Ptirt Pta 345381 

tf AdfcVK ItaUennes Lit 3887989 

tf Adlans Bas3fn Poclftoue — S i486 

tf Obi Hi Inti Dlverslftws FF IZL9S 

tf OMIo Nord-Amcrtcsines — X i(k32 

d Obi 4 jopono ts es Y 2328.14 

tf OCttpAnotobm. f U56 

tf Obits Alte mon des. - — DM 39/2 

tf C* llg Francoises FF 15194 

tf ObHgEsp.BPorr Pta 27IU0 

tf otilg Convert Intern. FF 1S3.IS 

tf Court Terme Ecu Ecu 2177 

tf Court Terme USD s 1781 

d court Terme FRF FF I4IJW 

CREDIT COMMERCIAL DE FRANCE 

tf Elvsecs Manetaira ff 8944S.li 

d Sam Adtcadi USD a X 109985 

CREDIT SUISSE 

d CSF Bondi SF 

tf Bond Valor Serf SF 

tf Bond Valor US- Dollar J 

tf Bond VWor D-Mark DM 

tf Bond Valor Yen Y 

tf Bond volar C Sterling 4 

d Convert VamrSwt -SF 

tf Convert Valor US- Dollar _S 

tf Convert Valor L Sterling t 

tf CSF International SF 

tf Actions 5ote3C3_ SF 

tf Creots Smll+MM Cep SwifzISF 

tf Eikooc Valor SF 

d Energle - Vo*or SF 14889 

d Podflc - Valor SF 14285 

tf CS Gold Valor S 1)673 

tf CS Tiger Fund S I14J.1J 

tf CS Ecu Bond A Ecu UH75 

tf CS Ecu Bond B __Eaj 17HJ1 

rfCS Guidon Bald A Fl 10285 

tf CS Gulden Band B Fl 1£U1 

dCSHlspono Iberia Fd A Pta 287*7 JC 

tf CS Hbpono Iberia Fd B Pta 30156)0 

d CS Prime Bond A. -DM 10453 

rfCS Prime Band B DM 15275 

tf CS Europa Bond A DM 24)84 

tf CS Euraoo Bond B DM Mm 

tf CS Fixed I SF 7*6 1/94 SF 

d CS Fixed 1 DM B% 1/06- DM 

tf CS Fixed I Ecu B 3/4% 1/94-Ecu 

tfCS Swiss Franc Band A SF 

d CS Swiss Franc Bond B _SF —— 

tf CS Bond FdUrr A/B Ul 2571 0070 

d CS Band Fd Pesetas A/B — Ptas 1902B/0 

tf C5 Germony Fund A DM 27173 

tf C5 Gcrmaiy Fund B DM 28673 

tf CS Eura Blue Chios A DM 26472 

dCS Euro Blue Chios B— — DM 27779 

d C5 5hDrt-T. Band! A — S 

d CS Short-T. BandS B X 

d CS Short-T. Band DM A DM 

tfCS Short-T. Band DM B DM 


tf CS Money Meritor FdS- 
tf CS Money Martat Fd DM — DM 

tf CS Money Merkel Fd [ i 

tf (3 Money Mwliet Fd Yn_Y 
tfCS Money Morket FdCS — CS 
tf CS Money Mantel Fd Eai-Ecu 
d CS Money Market FdSF—SF 
tf CS Money Market Fd HR — Fl 


tfCS Money Morket FdLH — Ut 1717401.12 
tf CS Money Market Fd ff — ff 6l49.ll 


tf CSMmiey Market FdPto_Pta 12426377 
tf CS Money Market Fd BEF-BF 56817/2 


ADVERTISEMENT 

INTERNATIONAL FUNDS 


April 21. 1994 


Qaaletiew nqdled by fund* fated. Met ewet talae gooteUwa we Mppfled by the Find* Grtod wttfa (he enOOpBan et ewne yatoi heeed ai («soe peteea. .j. 

no iM^w{e f« (in M ta rf CT ta( h»aBencyfl9MiatrfeBee^ p fa ft W-dNfc;W-iwgWgW.Wi B 0 H^ (ovary two weeks); W-regal«^m-twtoe *««*; wzmwy- 


d GMbol Selection Fund— X 

tf internatiarwl Fu« * 

tf New Europe Fund S 

a OrieniFund S 

tf Padflc Fund-. — 5 

tf »eclol Growth Fund S 

d World Fund s 


RNMANAGEMENT 5A-Log«« J7I/23ffi» 


w Delta Premium Carp S 120&8D 

FOKUS BANK AS. 472 42B 05 
w seonfendsinfl Growth FdJ 180 

FUND MARKETING GROUP (BID) 

P.Q. Box ion. Hamittan. Bermuda 

n) FMG GiaM (31 Mpr) X >477 

niFMG N. Amer. (31 Mm) — S 0^ 

m FMG Europe (31 Mcr) S 11.12 

mFMG EMG MKT <21 MarU 12.12 

mFMG Q (31 Mar)— S . 987 

FX CONCEPTS (BERMUDA) LTD 

w Concents Forar Fund s 9.0 

GAIA CURRENCY FUNDS 

wGaki Hedge II, S 13282 

er Gala Hedge III S 1485 

w Goto Swiss FralC Fd SF 5087 

wGAIAFk— X 111.93 

inGota Guaranteed CL 1 ■ 9 ISA 

mGafa GuanonfeOtf CL H s 8486 

GARTMORE INDOSUEZ FUNDS 20/09/94 
Tel: (352)44 54 W4» 

Fax: (352)44 5423 
BOND PORTFOLIOS 

d DEM Bond Dili# DM US 

dDIvertxmd DteZ7> SF 3.13 

tf Dollar Bond DM273 S 2/2 

tf European Bd Dls 170— Ecu Ul 

tf French Frcne_DIS I02B_FF 1117 

d Global Bend DH 114 X 141 

EQUITY PORTFOLIOS 

d ASEAN S B-2fl 

tf AsfaPocfflc X 4/4 

a Continental Europe . . —Ecu 131 

d Devefcmlng Markets S 384 

tf France — FF 11/6 

tf C-Brmnrr* n*A 573 

d intornotlonai S 2JS 

tf ITT*”* v 37LSX 

tf North America X 250 

d Switzerland SF 182 

d United Kingdom 1 159 

tf n 3 | » VE n,* tJS 

tf Dollar Dls 2882 X 1154 

tf French Franc FF 1168 

d Yen Reserve Y 284.7 

GEFINOR FUNDS 

London : 07) ^**4171, Genevo ; 41-22325530 

w East Investment Fund X 41287 

wScnttWi wortd Fund X 44LX31 

w State SI. American . ... — X 348.97 

GENESEE FUND Ltd 

iv (A) Genesee Eagle 5 13477 

w IB) Genesee Short S 4885 

iv (C) Genesee Opportunity — S 15187 

w (F) Gene Jit Non- Equity — x 12980 

GEO LOCOS 

w ii Strata*! Band B Ecu M6177 

iv II Podflc Band B SF I44&5B 

GLOBAL ASSET MANAGEMENT 

OFFSHORE FUNDS 

11 AIM SLQouglafcl Ot Mon 44-484-624037 

wGAMerlca S 43*18 

w GAM ArtSItroge S 3*271 

• GAM ASEAN S 41571 

nr GAM Australia s 22075 

wGam Bouton x mn 

mGAM-CargJII MInnetanka — S 10383 

w GAM Combined DM 13181 

w GAM CroseMarkct— 5 1 0786 

w GAM Eurapoan S 9283 

iv GAM France FF 192780 

wGAM Franc -val SF 274/2 

wGAMGAMCO 5 207.1* 

w GAM High Yield s 15628 

w GAM East Asia Inc X 695.16 

iv GAM Jason ... .5 8729* 

• GAM Money Mkts USS X 10072 

tf Do Starting c l«JS 

tf DO Swte Franc SF 10189 

tf Do Deutechemark DM 10160 

tf DO Yen- .Y 1002200 

w GAM AUocafetf Mlh-Ftf X 168.19 

IV GAM Emerg Mkt5 Mill-Fa 8 17107 

iv GAM Mlli-Eurape USS S 13880 

w GAM Mltl-Eurape DM - — — DM 13980 

wGAMMItFGiotXri USS S 17984 

w GAM Market Neutral S 11347 

W GAM TrtHBng DM DM 131.** 

w GAM Trading USS S 16941 

nr GAM Overseas S 167.13 

• GAM Pacific — -5 87489 

iv GAM Setedfon J 6257* 

iv GAM Stngaoore/Makivxia _S 4*8/9 

w GAM SFSpocW Bond SF 131.98 

wGAMTvaie S 3*680 

vGAMUS 1 1*685 

*.rzaM.A « 830-37 

IV GAM Vafue X 127.73 

wGAM Whitethorn X 19845 

wGAMWorktnlde S 49479 

wGAM Bond USSOrd S 14182 

IV GAM Bond USX Speciol S 18747 

wGAM Bond SF SF 10160 

WGAM Bond Yen Y 1460080 

WGAM Bond DM DM 12145 

WGAM Bond C t 160.97 

w GAM I SncCaj Bond 1 14173 

wGAM UnNersof USS S 15217 

m GSAM Canxkxiitt X 339.43 


SWISS REGISTERED FUNDS 41-1/222424 


d GAM I OO America SF 153J6 

tf GAM (CHI Europe SF 9979 

tf GAM (CHI Mondial — SF 169.14 

tf GAM ICN| Padflc SF 29781 

SEC REGISTERED FUNDS 

135 Eat 57rd StreeLNY 10022712888-4200 

ir GAM Europe X «8J* 

■vGAMGMml X 14342 

ir GAM I n ternal lore/ S 18874 

wGam North America S 8*/i 

w GAM Poetic Bain S 187J4 

IRISH REGISTERED UOTS 
E aristae: TerraceJMlIln Z 3S3-1-C76IM3B 

ir GAM Americana Act DM 9093 

n> GAM Europe ACC DM 131*1* 

w GAM Orient Acc J3M 16086 

ir GAM Tokyo ACC DM 177,9* 

W GAM Total Bond DM ACC—DM HBJ8 

• GAM Universat DM Acc DM 174.10 


GLOBAL CAPITAL MANAGEMENT LTD 
Bennudo:(B09) 295/000 Fax: (899) 2944180 
JWH GLOBAL STRATEGIES LTD 

WIC) Financial A Metal* S 14649 

w (D1 KT Global 1 to/5 

w (Fl G7 Currency s 14.13 

w (H) Yon FlMMCtat S 14M1 

w ( J) Diversified Rxk Adi S 117.14 

w IK) inti Currency & Bandit 11474 

tv JWH WORLDWIDE FND-S 17.95 

— SICAV 

10084 


tf CS Mono* Morket Fd BEF.BF 

tf CSOeto/YotecA DM 

tf CS Oeko-Protec B DM 

tf CS Narth-Ainerlan A 5 

tf CS North-Amertcnn B X 

tf CS UK Fund A 1 

tfCS UK Fund B c 

tf CS France Fund A FF 

d CS France Fund & FF 

d CSEurareta DM 

tfCS Italy Fund a .... i n 

tf CSItaty Fund B-. ...Ul 

tf CS Nether tana Fa A FL 

tf C5 Netherlands Fd B FL 

tf CS FF Band A FF 

tf C5 FF Bond B FF 

tf CS Capital SFR 2080 5F 

tf CS Capitol DM 2000 DM 

tfCS Capital DM 19*7 DM 

tf CS Capitol ECU 2008 Ecu 

d CS Capital FF mo FF 

tf CSJOoan Megatrend SFR-SF 
tf CS Japan Megatrend Yen _Y 

d CS Port! Inc SFR a/B SF 

d CS Partf Bed SFR SF 

tf CSPortf Growth SFR _3F 

tfCS Partf Inc DM A/8 DM 

tf CS Partf Bai DM DM 

tf CS Port! Growth DM DM 

d CS Pori I IncUS A/B S 

tf CS Port! Bal USX X 

tf CS Portt Growth USX $ 

rfCSEaFd Emerg Mkis X 

tf CS En Fd Small Cop USA__I 

tf CS Ea Fd Smalt Eur DM 

d CS Eq Fd Lot America 5 

CURS IT OR FUND 

tf CursHor East Aslan Eq X 97.93 

tf Curaltar GW Gwth Sub-Ftf-S *951 

DARIER HENTSat GROUP 
Tel 41-22 70S 48 37 

tf DH Motor Markets Fund— SF 1064800 

d HentteJi Treosury Fd SF 1051580 

d Samurai PortfoHo SF 330.10 

DISCOUNT BANK GROUP 

wMultlcurr. Band SF 1J7774 

wOotvol Bond X 116377 

w Eurovol Equity-. Ecu 1)35/8 

wN. America Equity X 1342/7 

tv Pod He Equity X 132129 

DIT INVESTMENT FFM 

d Concentra+ DM 54.11 

d IijW Re nf SBf pnd t DM 71*9 

DUBIH 8. XW1ECA ASSET MANAGEMENT 
Tel : (809) 945 MOO Fax : (609)945)488 
b HlohbrUge Capital Caro — X 12320-7* 

m Overtook Pertormonce Fd_a 2)26X0 

mPadflc RIMOpFd X 106.79 E 

EBC FUND MANAGERS (JaneT) LTD 
1-3 Seale M. « Heller ; DS3636331 
EBC TRADEDCUP.RENCY FUND LTD 

d Capital X 0813 

d income . j 15.120 

INTERNATIONAL INCOME FUND 
tf Long * 318056 

tf Long Term- DMK DM 104/3*4 

ERMITAGE LUX OSMOn 30) 
w Ermltage Inter RoteSIraf-DM 

w Ermnoge Sett Fund S 4195 

wErmltaoeAikei Hedge Fd-> 1UD 

w Ermltage Eura Hedge Ftf _DM 1265 

ur Ermltage Crosby Alta Fd—S 1949 

w Ermltage Amer Hdg Fd — X *.t* 

w Ermtfage finer MfcfcFd—* H89 

EUROPA FUNDS LIMITED 
d American Eaittty Fund— 5 34445 

d American Optien Fund 5 «7J 

w Adlan Equtty Fd S 13445 

w European EaWto Fd . —X 1)984 

EVEREST CAPITAL (ITO MB 

m Everest Coatw* Inll Ltd 1 14002 

FIDCLiTY I NTT- INV. SERVICES (Las) 

d Dttcovery Fund -J SJ.1# 

d For East Fund- * K54 

d FM. Amer. Assets — — % 

tf FM. Amer. Value* IV 5 1 1041280 

tf Frontier Fund- — J 3<A5 

tf Global ind Fund — X 11,99 




4 ELAND) LTD 


G7 MANAGEMENT PLC {447177* C 67) 
tf G.T. Htofech/Heolth Fund_S 2067 

tf GlT. Deutschland Fund s 1344 

tf G.T. Europe Fund 1 51/3 

w G.T. Glabei Small Ca Fd — X »8S 

tf G.T. Investment Fund X 2570 

w G.T. Korea Fund X 583 

w G.T. Newly ind Counlr Fd_I 61^ 

w G.T. US Small Companies— X 2LI7 

GUERNSEY CAPITAL MANAGEMENT LTD 

/ GCM Global Sei. En. — X 105J2 

GUINNESS FLIGHT FOMNGR3 (GrtjeyJ Ltd 
GUINNESS FLIGHT GLBL STRATEGY FD 
tf Moncged Currency — — S 3984 

tf Global Band X 34/7 

tf Global High income Bond— S 22/8 

tf Gilt B> E bond ( 1W7 

tf Etfro High Inc Bond ( 2129 

tf Global Equity S *1.10 

tf Amerlccei Blue Chip X 26X9 

tf Jooot and Pod he.. x 12877 

dUK t 2873 

tf European — 5 112JB 

GUINNESS FUGHT INTL ACCUM FD 
d Dautsowmark Manor — —DM 88.718 

tf US Dattar Money S 31328 

d US Doflor Htob Yd Band — X 24J5 

tf Inti Botanced Gr» * 36.11 

HASENBICHLER ASSET MANGT SeCMbK 

wHosenbtehterCom AG X 637189 

wHcnerttctiltr Com Inc— J 13L3S 

w HasenbMder Dhr S HU 

trAFFT— S 143481 

HEPTAGON FUND NV U99M15B5) 

f HeceaoanOLB Fund S «/9 

m Heptagon CMO Fund * TON) 


HERMES ASSET MANAGEMENT LTD 
Bermuda: (80*12954080. Lu>: (35ZM04 44 61 
F md Prices 

m Hermes European Fund Ecu 34884 

mHermes North American FdS 29273 

m Hennex Asian Fund I 37983 

mHermes Emerg Mkt* Fgnd-S 131.10 

mHermes Sirafepfes fund X 7W43 

mHermes Neutral Fund S 11125 

mHermes Global Fund X 45L48 

niHennes Bona Fund— — Ecv 1285A 

mHermes Sterling Fd £ ULOl 

mHermes GoW Fund S 430/1 

INCOME PARTNERS (ASIA) LIMITED 
w Asian Fhed Income Fd— —S 1038? 

UVTERINVEST (BERMUDA) LTD 
C/» Bank at Bermuda Tei : 8092934009 
m Hedge Hog » Conxerwe Fd_s 9 n 

INTERNATIONAL ASSETS FUND 
Z Bd Royal. L-2449 Luxembourg 

w Europe Sud E Ecu 10178 

INTERNATIONAL MGMT INCOME FUND 

tf AmeriaurduNard I 1QU0 

rf Europe CanHne n tata. DM 10845 

tf Extreme Orient AngteanenAS 10084 

tf France FF 5BU6 

d Ho«e_ Ut 1009080 

d Zone Aslnftoue Y 1001480 

INVE5CO INTL LTD, POB27L Jerwr 
Tfl: 44 S34 73134 

tf Maximum Income Fund— -I 18300* 

tf Stgrl&w Mngd Ptfl c **roi 

tf Pioneer Markets E 6.1110 

tf Okasan Global Strategy X 17JBOO 

tf Asia Super Growth S 215890 

0 Nippon Warrant Fun d . . _s 15600 

tf Asia Tiger Warrant X 4710a 

tf Eurwean Warrant Fund —8 mwo 

tf Gtd N.W. 1994 S *4209 

PREMIER SELECT FUNDS 

tf American Growm— s 48000 

tf American Enterarije S 98900 

tf Atfto Ttoer Growth. s 118300 

tf Dollar Reserve s 53600 

tf European Growth $ 53800 

d Eiropean Emerartse X 64400 

d Gtabal Emorahto Markets _i i_7Xo 

d Global Growth 5 57290 

tf Nippon Enterprise s 5ffx» 

d Nlppan Growth X 57400 


tf Sterling Reserve E 

d North American Warrant _X 48700 

tf Greater China Obp*—_S 73500 

ITAL FORTUNE INTL. FUNDS 
wCiassA lAggr. Growth ItoUS 871578a 

vOooS [Giobat Eautty) 8 1172 

•v Class C (Globci Bond) X 1180 

»Qm D (Ecu Bond) Ecu 11.18 

JARDINE FLEMING. GPO BOX 11448 Hg Kg 

tf JF ASEAN Tnwt < 507 

tf JF For East WrnJ Tr X 2497 

tfJF Gioeol Ccnv.Tr X 14133 

d JF Hong Kong Trust X 18/4 

d JF JwxmSnvCoTr Y 5096480 

tf JF Jgpon Trvtf Y 1296440 

tf JF Malaysia Trust— —J Z576 

d JF Poctfic lnc.Tr S 1237 

tfJF Thai tend Trust X 3432 

JOHN GOVETTMANT (LOJUL) LTD 
T«: 44434 -4294 20 

wGcwelt Men. Futures t 1289 

ivGovett Man. Fut. USX X (J* 

wGcvettl Gear. Ciwr X T240 

wGovettSGiMBaLHdBe s 117S39 

JULIUS BAER GROUP 

tf Boertvnd SF M4K 

d amber SF 1909/4 

d EautooerAmerten S 235149 

d Eaotaoer Europe SF 170451 

tf SFR- BAER SF 1119/5 

d Stackbar SF 2*9130 

tf Swtntxrr— SF J104W 

tf Ltautboer X 22S400 

tf Europe Bond Fimd Ecu 15120 

tf Dottar Band Fund S 12730 

tf Ausfro Bond Fund _____A5 127)80 

tf Svtas Bond Fund SF 12UB 

tf DM Bono Fund DM 11930 

tf Convert Bond Fund SF **.» 

tf Global Band Fund DM *330 

tf Euro Stork Fund Ecu 13830 

tf US Stack Find 1 12430 

tf Pacific Slock Fund- S ix/o 

tf Swiss Slock Fund— SF 17U80 

rf Saectal Swiss Stock SF 14400 

tf Japan Stack Fima Y 

tf German Stock Fund DM 

tf Korean Stack Fund X 

tf Swiss Franc Cash — 5F 

tf DM Cate) Fund DM 

tf ECU Cash Fund Ecu 

tf Sterling Cash Fund t 

0 Dollar Cash Fund S 

tf French Favtc Cash FF 

KEY ASSET MANAGEMENT INC 

fflXev Global Hedge—. s 29*50 

mKev Hedge Fund Inc X 1517s 

m Kev Hedge investments S 14543 

Kl PACIFIC AS5ET MANAGEMENT INC 

m KiAsio Pacific Fd Ltd 5 1318 

KIDDER. PEABODY 

6 Chesapeake Fund Ltd X 270580 

Bill Fund L« S 111780 

B Inti Guaranteed Ftxid— X 130077 

B Stonehenge Ltd S 165320 

LATIN AMERICAN SECURITIES 
Tel: London 071 628 1214 
tf AroBittakxi invest Co Stores 2339 

d Brazilian irreeteCaStore—S 2533 

d Colombian invest Cu Skuv jx 1631 

tf Lotto Amer Extra Yield FdS 10.1319* 
tf Latin America tocomeCa-S 98t 

d Latin American Invest Co_4 9.1) 

d Mexican Invest Co Slaw — X 3230 

tf Peruvian inveteCe Sleav _S 1419 

LEHMAN BROTHERS 

tf Allan Dragon Port Wv A X 944 

tf Allan Draaen Part NVB—4 946 

tf Global Advaors II NV A S 

d Global Advisors It NV B — X 

tf Global Advisors Port NV A-X 1852 

tf Global Advixan Pari NVB-S HU7 

tf Lehman Cur Atfv.A/B-_4 789 

tf Premier Futures Adv A/B _S 937 

UPPO INVESTMENTS 

24/F Upee Tomer Cttdrm tr Oueennucv/fK 


24 tF Upoo Tower Centro. arOucenswt fvXK 
Tei (852) 867 6888 Fax 1(521 9NS3B8 

w Java Fund X 9JJ1 

wAsean Fixed incFd s 9/2 

w | DR Money Merkel Fd X 12-0 

w USD Money Market Fd S >0/1 

w Indaneskai Growth Fd -X 1882 

w Aston Growth Fund. X 10-78 

» Aslan Wa rran t Fund X 73> 

LLOYD GEORGE MNGMT (8SZ1 MS 401 

w Antenna Ftnd— f 77.14 

w LG Aslan smaller Cue Fd_l 19.1197 

w LG Indio Fund Ud 5 '470 

LLOYDS BANK INTL (BAHAMAS) Ltd 
LtavdS American Portfolio (8891 3228711 
•v Balanced Moderate Rbk FtfS 948 

LOMBARD. ODIER « 06 - GROUP 
OBUFLEX LTD (Cl) 

tf MuIttcurrencY ,s 3283 

tf Dollar Medium Term— S 3LS4 

tf Dattar Long Term X 2B4B 

tf Japanese Yen Y 494180 

tf Pound Storting c 7734 

tf Dodsche Mrek DM 1783 

tf Dutch Florin — Fl 1(44 

0 HY Euro Currencies Ecu 1643 

tf 5wl» Franc SF 1148 

tf US Dottar Sxjft Term 5 >240 

tf HY Eure Curr DMd Pav Ecu 1 132 

d Swiss Multicurrency SF 1780 

d European Currency. Ecu 2Z4J 

d Brigtan Fame BF 13637 

tf Converubte 4 1580 

tf French Franc -FF 140.77 

tf Swiss Mulh-DI ridend SF M.13 

tf Swte* Franc Shcri-Ter7h_-_SF 10L46 

tf Canodlan Daikr CS 1145 

tf Dutch Florin Multi Fl 1S« 

tf Swbs Franc Dhdd Pav SF 1088 

d CAD Muhlcur. Dlv. a 1 203 

tf MedltarnxieonCwT SF 11.14 

tf Conver ti bles SF KLIP 

MALABAR CAP MGMT ( Bermuda) LTD 

m Me tabor mn Fund 1 19.47 

MAN INTERNATIONAL FUTURES 

niMlnl Umlted • Ordinary S 4830 

mMint LI ml tad - Income— S 1447 

m Mint GW LM-5pec Issue X 2*34 

m Mbit GW LW- Nov 2002 X 23J3 

mMM GW LW ■ Dec 1W4 X 1*33 

WMtofGWUtf-AltotWS 4 Ml)) 

mMint Gld CuttttxJo X 9 JO 

, mMint GW Currencies 7001—4 *82 

I mMint Sp Res Ltd (BNP) X ■ 10*30 

m Athena GW Futures X 1116 

I m Athena Gta Currencies S 932 

1 m Athena GW Flnixidaij ine_S 1474 

mAlhena Old Financials Caa4 Hit 

| mAHL capital Mkte Fa S 1342 

fflAHL Comrnoffltv Fund $ 1(12 

mAHL Currency Fund 1 9M 

mAHL Real THne Trad Fd —4 W3! 

mAHL GW Real Time Trd J 10/5 

mAHL GH COP Mark LW 4 1032 

m Map Guaranteed 1*96 LW_S 888 

mMep Leveraged Recov. Ltd J 10*8 

mMAPGuororfeed2D00 X *.*2 

m Mint GGL Fin 2003 — X 747 

MARITIME MANAGEMENT LTD 
73 Freni St Hamilton Bermuda 1109)2*2 9719 
w Maritime Mit-Sector i Ltd _S 1026.91 
arMariHme Gibl Beta Series _4 *OM 

w Martllme Gld OeUa Swtes JX 827J0 

w Maritime GlW TUU Series— X 87143 

MATTHEWS INTERNATIONAL MCT 
EMERGING ASIAN STRATEGICS FUND 

mOassA S 12089 

tf Class B 1 11489 

mpacftlc Convert. Stroi I 9842 

MAVERICK (CAYMAN) (Mt) 9495941 

m Maverick Ftf X 1473867 

MCKINLEY CAPITAL PARTNERS, LTD 

ra The Corsair Fund LW X 11117 

MEESP1ERSON 

Rafcln S3. 1012kk. Amsterdam 120-571 li«) 
w Asia Pac Growth FtfN.V.-A 4404 

W Aslan Capital Hokfiogs X 60J9 

w Aslan Selection Ffl N,V_— Fl 10683 

wOP Amer. Growth Fd N.V._i 3561 

w EMS onshore Fd N.V. Fl 18869 

w Europe Growth Fund N.V.-FI 6637 

wjBKm Diversified Fund — s S4.15 

w Leveraged Cop Hold S 6044 

w Takvo Poe. HeW. N.V X 25538 

MERRILL LYNCH , _ 

tf Dollar Assets Pwtwita — _s 180 

tf Prime Rato Portfolio X 1030 

MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

d Class A X B57 

tf Class B $ 847 

MERRILL LYNCH _ 

GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 

tf Category A AS J835 

tf Catogerv B -AS 12.93 


CANADIAN DOLLAR PORTFOLIO 

tf Category A — — — CS K12 

tf Category p - a 1341 

CORPORATE HIGH INCOME PTFL 

tf Class A- 1 5 9/7 

tf Class A-7 S 943 

tf Class B-l * 9/7 

d CtaSS B-2 * 941 

DEUTSCHE MARK PORTFOLIO 

tf Category A .. DM 1112 

tf Category B DM 1281 

EUROPEAN BONO PORTFOLIO (DM) 

tf Class A- 1 S 1*82 

tf Class Ar2 — -J JAM 

tf CUSS B-l — 5 1482 

tf Class H i n M s 1588 

EUROPEAN BONO PORTFOLIO (USS) 

tf Pass ft-) DM 9-63 

tf doss A-2 DM 1032 

rf Him M 8 9/3 

tf CkSSB-2— 3 1036 

POUND STERLING PORTFOLIO 

tf Category A C 1585 

tf Category B ■ t 1561 

U5 DOLLAR PORTFOLIO 

d Category A — S IX4I 

tf Category « a 1387 

YEN PORTFOLIO 

tf Category A Y 1298 

tf Category B Y 12M 

MULTI CURRENCY BOND PTFL 

tf OaSS A A 2282 

d OossB S 2141 

US FEDERAL SECURITIES PTFL 

tf Class A S 935 

tf CJassB S 985 

MERRILL LYNCH 

EOUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

0 rrier* I 1438 

tfOoisB » 117# 

CONVERTIBLE SECURITIES PTFL 

d OassA S 1437 

tf rirm H A 1383 

GLOBAL ALLOCATION PTFL (USS) 

tf ClassA 5 KUO 

d OossB S HUS 

GLOBAL EQUITY PORTFOLIO 

•tfCtesA 5 1086 

tf Class B J 942 

EURO EQUITY PORTFOLIO 

d OaSS A S 143* 

d Class B S 1381 

LATIN AMERICA PORTFOLIO 

tf ClassA 1 1438 

d Ckjss 8 -4 I* J0 

WORLD NATURAL RESOURCES PTFL 

d ClassA S 1133 

d Class B ■ — X 1887 

DRAGON PORTFOLIO 

tf Gass A X 1576 

d Class B S 1544 

MERRILL LYNCH INC 5 PORTFOLIO 

tf Class A X B/S 

tf Clara B X 8/8 

tf Class C X 8/8 

MERRILL LYNCH MEXICAN INC PORT 

rf Marietta IncS Ptfl CIA S 9/6 

tf Mexican Inc X Ptfl O B S 9/6 

tf Mcxkton lnePe*oPtflClA4 uo 

tf Mexican tac Peso Ptfl Cl B 4 880 

MOMENTUM ASSET MANAGEMENT 
w Momentum Novel Her Perf_5 9582 

m Momentum Rairtaow Fd — S 12112 

m Momentum rxr r.u s B7J* 

m Momentum Stockmaster — S 15503 

MORVAL VO NWILLER ASSET MGTCO 

w Wilier Telecom x 941 

w Wlltertunds-Wlllcrbond Cans 1547 

w Wlllerfunds-WU I erbood EurEcu 1247 

wWHIcrtundmnmreq Eur —Ecu 1439 

w Wtltartancls-wniarea Italy _Ui 14472JX) 

w Wnierfitads-Wllierea NA — X ta*7 

MULTIMANAGER NV. 

w Cash Enhancement x 1033 

w Emerging Markets Fd S 2249 

W European Growth Ftf E<» 7484 

w Hedge Funa S 1281 

iv Japanese Fund Y 8*0 

w Market Neutral X 1132 

w World Bond Fund. -- Feu 1244 
NICHOLAS-* PP LEGATE CAP ITAL MGT 

w NAFlexarte Growth Fd X 14740 

wNA Hedge Fund S 132.12 

NOMURA lim- (HONG KONG) LTD 

tf Nomura Jakarta Fund 4 (45 

NQRIT CURRENCY FUND 

tflNCF USD X 82035 

m NCF D£M_ DM 8*549 

mNCFCHF SF 92C79 

m NCF FRF FF 446080 

m NCF 1PV V 826951X1 

mNCFBEF BF 27B3380 

OOEY ASSET MANAGC66ENT LTD 
21 Grecweior ta Jjdn W I X 9FE/4-71/99 2998 

tf Oder Euruaetm — DM 15172 

w Oder European 4 74*30 

wOdev Euraa Growth Inc— DM 15177 

w Oder Emp Growth Acc DM 15443 

ir Oder Eura Grth Star Inc — J. 6UB 

w Oder Eure Grit) Stor Acc_4 6132 

OLYMPIA CAPITAL INTL. INC 
WDItams House. Hamilton HMIL Bermuda 
Tct: 809 292-1018 Fas: 88* 295-2385 

w Finsbury Group S 214X4 

W Olympia Seaxito 5 F SF 171/1 

wOtrtrvtg Start EmervMkrsS 93440 

w Winch. Eastern Dragon 5 174* 

w Winch. Frontier S 282/1 

w Winch. Fut. Olrmpia Stm—X 149.14 

w Winch. Gl Sec Inc PI LA! — X 886 

w Winch. Gi Sec Inc PI 1C) — X 989 

w winch. HMg Inti Madtton— Ecu I4|a25 

w Winch. Hldglnri Ser D Era 172578 

w Winch. Hldg IntT Ser F Era 171X14 

w Winch. HldgOly Star Hedert 1 1 1568 

w Winch. Raer. MuffL Gv Bits 1930 

w Winchester Thai Umd—S 3070 

OPTIMA FUND MANAGEMENT 


73 Franl St. Ho mi ttorvBtrmudo 809 29M6M 
w Oaftma Emerota Fd Lid — S 1007 


w Odlma Fund- X 

w Optima Futures Fund — —5 

w Optima Global Fund X 

Hr Optima FertaZo Fd Lid S 

m OPttoia Sbwt Fund X 

OKSrTEX GROUP OF FUNDS 

rf Orbite* Asia Poc Ftf- X 5 

d Orbite. Growth Fd X 4 

d Orbite* Health X Envir FdJ * 

d Orbite* JanctaSmaUOta FdS 4 

tf Orbitok Natural Res Fd — CS 1* 

FACTUAL 

tf Eternity Fund Ud 5 363 

tf Infinity Fimd Ltd X 4U 

tf Star Htoh YHrtd FdLId X 12! 

PARIBAS-GBOUP 
ir Luxor -5 

tf ParveteUSAB 5 

tf Parvest Jaaan B Y 

tf Ponrete Asia Poc H B 5 

tf Panresl Europe B . — Ecu 

tf Parvete Hotland B Fl 

tf Parvete France B FF 

rf Pu i r es t Gerrmmy B DM 

tf Parvete ObBOot tar B— X 

tf Parvete Obo-DMB OM 

tf Parvete Obit- Yen B Y 

tf Poorest OWLGutaen B Fl 

tf Ponrete Obt |-Franc B FF 

tf Parvete Otti-Ster B, 1 

d Parvete owi-ecu B Era 

tf PareeteObtkBehuB LF 

tf Pwete S-T Dollar B s 

tf Ponrete S-T Europe B Era 

tf Parvete S-T DEM B DM 

tf Ponrete S-T FRF 8 FF 

d Ponrete S-T Bet Plus B_ — bf 

d Ponrete GtaboJ tv LF 

d Parvest Int Bond B — X 

d Parvest OMt-Ura B Ut 

tf Parvete Inf Equities B S 

tf Parvete UK B — L 

tf Harvest U 50 Pros a X 

d Parvete S-T CHF B SF 

tf Ponrete OWI-Canodn B CS 

0 Ponrete OBtt-OKK B OKK 

PERAAAL GROUP 

( Commodities LW S 9 

/ Drt*karGrawltiN.V._ — X 7h 

1 EmeratngMMs Hides 5 91 

1 EuraMiriEail LW Era 17 

f Investmert Htogs N.V X 13 

/ MerftoS Communications-/ UE 

f Nosed Ltd X IF 

PICTET 8 as- GROUP 

erP.C-F UK VW (Lot) i t 

wP/LFGqrmowat ILux> DM 1 

WPX.F NortPirvol (Lux)— — X i 

w PX.F Vafiber (Lux) Ptas It' 

wP-C-F Vail tafia (Lux) Lit I2BT 

IV PCJ= VDltrunce (LUX) FF II 

IV P.U.F. Vdlbond SFR (Lux) _5F 21 

WP.U.F. Votoond USD ILuxl-S Z 

wP.U.F. Votaond Ecu (Lux)-Era it 

W P.UJ. Votoond FRF ILOTl^F 91 

mP.UJF. Vetaontf GBP (Lot) J I 

w P.U.F. Votaond DEM (Lux) DM 21 

wP.U.F. U5SBd Ptfl (Lux) — X 9*31 

w P.U.F. Medal Fd Era r. 

w P.U.T. Emerg MMs (Lux)— X tl 

wP.U.T. Eur.Oppori (Lux) — Ecu 1! 

B P.U-T. Gfetaof Value (Lux) -Era I! 

w P.U.T. Eurovol (Lux) — — Era X 

tf P tetri Vatsjlsse (CH) SF 61 

mlntt Small Can (lOM) S 4) 

PREMIER INVESTMENT FUNDS LTD 
e/« PJX Bot itoa Gnete Cevman 
Fox: (809) *4*4)993 

/» Premier US Eautrv Fund — S T13 

m Premier Inti Eq Fund S 12) 

m Premier Sraereton Bd Fd_J B* 

m Premier Global Bd Fd S 14) 

m Premier TOM Return Fd— X IOC 

PUTNAM 

tf EmeratoeHhh Sc. Trust X 1 

w Putnam Em. intai Sc Trust 3 2 

tf PUfnom Gkta. Htoh Growth/ 1 


tf Putnam Htoh IncGNMA FdJ 

rf Putnam Inti Fund X 1510 

QUANTUM GROUP OF FUNDS 

w Asian Devetapmml X 

w E merging Growth Fd N.V — S 18635 

w Quantum Fund N.V. S IffOUO 

W Quantum Industrial 5 1(139 

wQuanhiro Real tv T rate S IJLW 

w Quantum UK Realty Fund _i 104/3 

ir Cixzsar Inri FuxJ N.V S 1*6*3 

i* Qumo Fund n.v 1 wui 

QUARRY MANAGEMENT LTD 
Telephone : 899-94M050 
Facsimile: (89 -M74862 

tf Altos Arbitrage Fd LM X 9839 

tf Hesnertt Fuad LW X IDU0 

6 Vtaridkxi Hedge Fd LW UiJ 1«15* 

tf ZantthFuntfLMsto- —3 86/2 

REGENT FUND MANAGEMENT LTD 

irlteettfW&wlfiFK 1 (273 

w Nora Lo> Pacific inv Co —5 6729 

» Podflc Arbitrage Co s 986 

mRJ- Country WmtFd S 25LS8 

d Regent Gtal Am Grth Fd — X 588*4 


tf Regem Gtol Euro Grth Fd-5 
tf RegcnfGtai lutiGrthM— J 
tf RWgntGHj)JapGrttiFO_S 

tf Regent Gibl Pod! Basin — X l-fTjj 

rf Regent GBD Reserve- S 

tf Regent Gibl Resources S rSJi 

tf Regent GW Tiger S 

tf Resent GW UK Grth Ftf — 5 
w Regent Moahui Fd LM— X ’jj" 

m Regent Poe ifie Hdg Fd x 112 fVvi 

tf Rwerfl Sri Lanka Fd S J 2 

rr UnttervoluM Assets 5er I— S 1 

ROBECO GROUP „ -4.— j 

FOB 9713000 AZ Rotlerdom/ J1 10 2J41W 
tf RG Amgrica Fwtf — — — P { 

dTOpSflcFund Fl 

tf RG DfvTrento Fund - — — F* ,n*3 

rfRG Money Ptas FFL Fl 

tf RG Mona* Plus FS 4 

d RG Money Plus F DM— DM 1!« 

d RGfttone7 PtusFSF— - — SF ,flus 

More Rabcco lee Amteentom Stoda 
ROTHSCHILD (GROUP EDMOND DE) 


IN-HOUSE FUNDS _ 

w Askxi caaital Hakflngs Ftf J ..SS 

wDfllwo LCF RottKWW 8tf-J 
wDdiwa LCF Rothsd* Ea — s 
w Forcr Cosh Tradition CHF.SF 

ifLttam S 2544.” 

m Leveraged Can Hoidlnss — S 

wObH-Volor SF ^ 

b Pri Qtaltenge Swiss Ftf 5F 1 

B Prtoquity Fd-Eixaoe Era 

b Prlequttr Frwtofvrita SF « 

fi Prieauity Fd-LBtin Am s 

D priband Fund Ecu _Era 

b Pribond Fund USD X ^ 

b Priband Fd HY Emcr MktsJ ilrSi 

wSrierihre invest SA 1 

B Source * «£*K 

•v US lend Plus S 

w vqrlophri ■ - Ecu Hot* 1 

ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

tf Asia/ Japan Emera Growths 17M6» 

wEsnrtt Eur Forth Inv Tte — Era 1422*" 
w Euraa Sirattg Mrvestm fd_Era «^do 

a Integral Futures s 

b Oattgete GtaboJ Fd General DM 
b Onfigste Global Fix locamaDM 173301 

tf Podflc Ntos Fund S 

wPermal DrakkarGrihNV— X 2W9-* 

I Setaclbsn Hortzon FF 8)Vtt68 

B Vtoqire Ariane X SJ28/9 

ROTHSCHILD ASSET AIGMTfCJJ LTD 

mNemrad Levera ged H M X 861 Ji* 

XAPDIE GROUP/KET ADVISORS LTD 


m Key Diversified IncFd UdJ 
S4FHA REPUBLIC HOLDING 


w Renubllc GAM X 

w Renudlic GAM America. S 

w Rra GAM Em Mkts Gtobal-5 
w Rea gam Era Mkts Lot Ams 
w Reoubilc GAM Earaae SF-SF 
tr ReouWlc GAM Europe USSA 
w Rceabdc gam Grwth CHF^F 

w Retxitak GAM Growth C £ 

w Reoubilc GAM Growth USLI 
w RaaubllC GAM Oraartualfy X 

■v Republic GAM Padflc X 

w Republic Gnsey Do) Inc— ^3 

w Republic Gnsmr Eur Inc DM 

nr Republic LOT Am AltoC — Jt 
w Record ic Lai Am Argent _J 
w Republic La) AmBrazu — s 

w Reoubilc Lot Am Mexico S 

w Reputtic Lot Am Venez. X 


w Rep Sa tamon Strat Ftf LW S 
SANTANDER NEW WORLD INV. 

m Commander Fund X MBi 

mExptarer Fund_— — 107. 
XKANDINAVISKA EN5KILDA BANKEN 
S-E-BANKEN FUND 

tf Europe lac « t 


tf Fhvran Oteem Inc X 086 

tf Global Ine f »■£> 

tf Lcknmedel Inc X 0.93 

tfVortdBitnc X 'A3 

tf Japan '"*• v 99J0 

d Millolnc X 099 

tf Sverige me Sri 1035 

tf Nontamerika Inc S 081 

d Teknotogi Ux X UD 

tf Sverige Rantetand Inc Set MM1 

SKANDIFONDS 

d Equity Ian Acc X >6«B 

tf Equity Inti UK X 1362 

tf Eauttv Global X 1/4 

tf Equity NaL Resources S 132 

tf Equity Japan Y 11131 

d Equity Nordic X 1-S 

tf Equity ILK 1 188 

d Equity Continental Europe J 1/8 

tf Equity Medfierronean X 1/4 

tf Equity North America S L9C 

a EHvtty Far East X 4Jt 

tf inri Emerging Markets X 135 

tf Band Inti Acc X 1219 

tf Bond inn Inc « 731 

tf Band Euroae Acc S 1-55 

tf Bond Europe Inc X (LM 

d Band Sweden Acc 5ak 1692 

tf Band Sweden Inc SOT HR 

d Band DEM Acc DM 138 

d Bond DEM lac DM B95 

tf Band DoMar US Acc X IJ» 

tf Band DoRar US Inc — X IJB 

tf Curr. US Dollar X 135 

tf Curr. Swedish Kronor SOT 1230 

SOCIETE OEKERALE GROUP 

SOGELUX FUND (SFI 

w SF Bonds A U-LA X 1599 

wSF Bonds B Germany DM 32.13 

w SF Bonds C France FF 129 38 

wSF Bonds E G.B E 122( 

wSF Bonds FJaoan Y 2317 

w SF Bonds G Europe Ecu 18JH 

wSF Bands H World Wide X 1834 

■v 5F Donas J Betoken BF B31/0 

w SF EO. K North America — X T6M 

wSFEo-LW^urooe Era 16J9 

wSFEo-M Pacific Basin Y 1584 

wSF Eq. P Growth Countries/ - 1787 

wSF BaQ Gold Mine* X 3106 

wSF Ea. R worldwide - — 3 1533 

wSF Short TennS France — FF 170.105 

wSF Short Term T Eur. Eai 1*34 

SODITTC ASSET MANAGEMENT INC. 

wSAM Braril X 28539 

v SAM Diversified $ 13M1 

wSAM/MeGarr Hedge X 10137 

w SAM Opportunity X ]252* 

wSAM Strategy X 11601 

mAtoba SAM X 12U5 

wGSAMCamoateto X 339/3 

SR GLOBAL FUND LTD 

mSR European X 10619 

mSRAstol S 100. M 

mSR Inlernahanal X 10483 

SVENS1CA HANDELS BAN KEN SJL 
146 Bd da la Pefrusse. L-2330 LOTembaurg 


B SHB Band Fund X 

w Svgnka Set Fd Amer Sh—S 
w Svensko SeL Ftf Germany _X 
iv Svenska Sd. Fd Inn Bd Sh J 

w svenska Sri. Ftf rnrtSh s 

w Svenska Set Fd Japan v 

w Svefako Sel. Fd MIH-Mki — 5el 
w Svenska Sri. Fd PocHSh — X 


/ Svenska SeL Fd Swad Bds— SOT 
w Sventeto Sri. Fd 5 y ivta Sh -Ecu 
SWISS BANK CORP. 

rf 5BC 100 Index Fund SF 

tf SBC Equity PKMwdrolto-AS 

d SBC Eauttv Ptfl-Cawda a 

tf SBC Equity Ptfl-Eurapo, Era 

tf SBC Eq Pffl-Nrihertands — Fl 

tf SBC Govern Bd A/B X X 

tf SBC Bend Ptfi-AaterSA AS 

tf SBCBandPMt-AuterSB — AS 

tf SBC BandPffl-CanXA CS 

tf SBC Bond Ptfl -Coax B CS 

tf SBC Bond Ptfl-OM A DM 

d SBC Bond Ptfl-OM B DM 

rf SBC Bond PtfMXrtrti G- A— Fl 
d SBC Brad PffrOufrti G. B— Fl 

tf SBC Bond Ptfl- Era A Era 

tf SBC Bond Ptn-Era B Ecu 

tf SBC Bond Pffl-FF A FF 

tf SBC Bond Ptfi-FF B FF 

tf SBC Bond Plfl-Ptas A/B — Ptas 
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i UnfcFF - French Rwics; FL* Dutch Rortr; ' 

For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


For expert advice on personal investing. 

Every Saturday the International Herald Tribune publishes The Money Report, a weekly section that provides 
a penetrating analysis of financial products and services available to today's high-net-worth investor. 

For timely investment information, read The Money Report. 


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byBtoomberg Business News^Ti fr ?gL^. < ^ ntnes ‘ compiled 



150 


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110 


90 


| North America 


Latin America jj 

Appro*. wJghBng: 26% 
CkBe: 92.94 Prw,; 91.39 

0 

n 

Approx. wtgh8ng:5% WU 

Close: 100.75 Prevj 9J7J7 Qjgg 

v 


J* „ \ 




N D 
1993 

World Index 


M A 
1994 


N D 
1993 


M A 
1994 


The index tracks US dollar values ot stocks in : Tokyo, Nm Yoric, London, end 
Argentina, Australia. Austria, Belgium, Brad, Canada, Chin, Danrark, FMroid, 
Franca, Germany, Hong Kong, Italy, Itadco, IMhertanda, New Zealand, Norway, 
Singapore, Spain, Sweden, Switzerland and Venezuela. Far Tokyo. New York end 
London, the mdex a composed of the 20 tap issues in terms at market capdabadon. 
otherwise the ten top stocks a re tracked. 


I Industrial Sectors^. 1 


Thu. Pm. % 

dote dam change 


Thu. 

dom 

PlW. 

dom 

dJagt 

Energy 

108.61 109.19 -0£3 

Capital Goods 

110X1 

109.15 

+1X4 

Utilities 

116-28 116.76 -0.41 

RawItaterNs 

119.75 

120X2 

-0.47 

Finance 

114.06 114.75 -0.6D 

Consumer Goods 

96X8 

95.61 

+1X1 

Services 

115.64 11429 +1.18 

IBsceflaneous 

122.19 

123X9 

-0X9 

For mom Information about the Index, a booklet is ovaBable tme of charge. 

Write la 77* Index. 181 Avenue Charles do Gaulle. 82S21 Notify Cedox, France. 


O MoRBiianal Herald Trtmna 


Lloyds 
Purchases 
A Thrift 

High Street Bonk 
Breaks Ground 

By Erik Ipsen 

IntemauanaJ Herald Tribune 

LONDON — Lloyds Bank an- 
nounced Thursday that it would 
acquire the Cheltenham & 
Gloucester Building Society for 
£1.8 biOion ($2.67 billion) in the 
first purchase in Britain of a build- 
ing society, by a major bank 

“It is not that huge a deal in the 
context of British banking, but it is 
important for sentiment since it is 
seen as maybe the first of a number 
of such deals," said Mike Trippitt, 
an a naly st for Warburg Securities. 

The purchase provides Lloyds 
with 230 Cheltenham & Gloucester 
brandies and, more importantly, 
access to what many specialists de- 
scribed as Britain's most efficient 
mortgage-lending operation. Like 
savings and loan associations in the 
United States, British budding so- 
cieties take deposits and make 
mortgages, but they are barred 
from offering such other banking 
services as checking, credit cards 
and personal loans. 

Analysts said that the acquisition 
neatly answers the needs of both 
institutions for growth. Cheltenham 
& Gloucester has increasingly en- 
countered problems funding its ex- 
panding mortgage holdings, while 
Lloyds has faced a shortage of prof- 
itable investment outlets. 

Lloyds, which in recent years has 
stood out as the member of the four 
largest British banks with the high- 
est profit margins, has had difficul- 
ty finding ways to increase profit in 
a relatively stagnant domestic 
banking market Two years ago it 
tried and failed to acquire Midland 
Bank PLC. 

“In the last 18 months, the stock 
market had come to view Lloyds as 
bereft of inspiration and as painted 
into a corner," said Nick Gough, an 
analyst with UBS Securities. 

But following the announce- 
ment on Thursday, analysts a gain 
turned bullish on the bank 

Andrew Longburst rheltenhani 
& Gloucester's chief executive. 

See LLOYDS, Page 16 


A New Target 
At Eurotunnel: 
Around May 6 


International Herald Tribune 

LONDON- Two months af- 
ter they bad shelved the latest 
planned start-up dates for ser- 
vice through the Channel Tun- 
ad, the facility’s operators said 
Thursday their problems were- 
largely behind them and that 
the trains will indeed finally roll 
— weeks behind schedule. 

The date for the formal open- 
ing of the tunnel by Queen Eliz- 
abeth n and President Francois 
Mitterrand remains May 6, but 
the freight shuttle service, 
which was to have begun on 
March 4, has now been put 
back to “around the time" of 
the official opening. 

The shuttle service — des- 
tined to whisk passengers and 
their cars through the 50-lrilo- 
meter tunnels between Calais 
and Folkestone in 35 minutes 
— is now slated to start in early 
June instead of May. 

What is more, that initial 
senger service will be somethu _ 
that Eurotunnel now bills as its 
Overture Service. It will be a 
limited, “invitation only" ser- 
vice for the company’s share- 
holders, contractors and those 
who have already purchased 
tickets, as weD as for the press. 

It will not be until October, 
well after tbe peak summer 
travel period, that the public 
will be able to use the shuttle 
service. 

The through rail service, 
which will take passengers from 
London to Paris in 3 hours and 
to Brussels in 3 hours and 15 
minutes, is expected to begin on 
a reduced schedule in July. It 
will build up to a full, regular 
schedule in the autumn. 

At a press conference on 
Thursday, Sir Alastair Morton, 
co-chairman of the tunnel’s op- 
erator , Eurotunnel PLC, con- 
ceded: “It does hurt to lose a lot 
of our summer revenues — 
though dearly not all of them." 


He referred to “frustrating de- 
lays" in opening the tunnel. 

Company executives ex- 
pressed optimism that tbe latest 
opening schedule would be tbe 
lasL They did concede, howev- 
er, that tbe dates had purposely 
been left a bit vague even now. 
Underlying the stubborn opti- 
mism, Peter Dyke, Eurotunnel's 
operations director, noted ex- 
cellent progress on the various 
tests of the system. 

He said, for instance, that 25 
of the 26 tests needed to obtain 
operating certificates for tbe 
freight shuttle sendee from the 
authorities had been successful- 
ly completed. Tbe last of them, 
a weeklong test in which four 
freight shuttle trains per hour 
are run through two of tbe sys- 
tem’s three tunnels for 24 hours 
a day is now under way. Mr. 
Dyke also said that the passen- 
ger shuttle has completed 30 of 
its 35 tests. 

As painful as the delays have 
been. Sir Alastair dismissed as 
“irresponsible” assertions by 
some analysts that the delays 
would cost Eurotunnel £50 mil- 
lion a month in lost revenues. 

He pointed to Eurotunnel’s 
projections of last October, 
which showed that that compa- 
ny had expected to take in a 
total of only £220 million 1994. 

To meet operating budgets 
and interest expenses which are 
expected to exceed revenues un- 
til some time in 1998, Eurotun- 
nel wiD raise as much as £1.5 
billion by the end of June. This 
be done by a combination of 
taking on new debt and a new 
rights issue; 

On the revenue side, Euro- 
tunnel said it had negotiated 
rates for its freight shuttle ser- 
vice with 877 trucking compa- 
nies in Europe, which together 
represent 80 percent of the 
trucking volume in the region. 

— ERIK IPSEN 


IBM Posts Strong Profit 
On Firm Product Prices 


Confided by Ota- Staff From Dispatches 

ARMONK, New York — Inter- 
national B usiness Machines Corp. 
reported stronger-ih an -expected 
e arnin gs Thursday for the first 
quarter, as computer sales rose and 
prices, which had long been falling, 
held relatively steady. 

“The real $64,000 question is this 
business is where pnees go," said 
Jerome B. York, chief financial offi- 
cer. “We are fortunate that we had 
good news in large computers.” 

IBM said net income was $392 
million, or 64 cents a share, includ- 
ing one-time gains from tbe sale of a 
subsidiary and a charge for a write- 
down on the value of its software. 
IBM bad a first-quarter net loss of 
$399 nnSicm in 1993, on its way toa 
full-year loss of S8.1 billion. 

The write-down of $192 million 
was taken to reflea a shortened 
product life. Previously. IBM as- 
sumed its software would last for 
ax years. The new policy assumes a 
life of four years. 

Its earnings of 54 cents a share 
on continuing operations far ex- 
ceeded the average estimate of 10 
centsa share earned by Institution- 
al Brokers Estimate System. Reve- 
nue from continuing operations 
also was above expectations at 
S13.7 billion, a rise of 2 percent 

“The big surprise was that the 
revenue turned up, and we saw that 


this had a dramatic impact cm the 
bottom line," said David Wu, ana- 
lyst for S. G. Warburg & Co. 

“I think we’re looking again at 
CBM,” said Chve Lloyd. U.S. equi- 
ties manager for Legal & General in 
London, which has $37 billion un- 
der management “If we can see an 
end to write-offs, it may be a buy." 

IBM’s shares were up $6,125 at 
S58375 in New York Stock Ex- 
change trading. 

“We bad acceptable profitability 
on midrange systems and soft- 
ware,” Mr. York said, “but overall 
the level of profitability on $13.7 
trim on of revenue was not a lot to 
write home about” He said the 
company could do better. 

Mr. York said sales of main- 
frame computers, software and 
peripherals nad risen about 20 per- 
cent and that prices were more sta- 
ble than at any time since 1991. 
While prices “are in a secular de- 
cline,” ne said, price stability was 
continuing in the current quarter. 

IBM’s revenue from mainframes 
and related items, generally about 
50 percent of total sales, improved 
in the latest quarter, Mr. York said 
The percentage rise in sales of mini- 
computers was “in tbe mid- single 
digits,” he said, sales of workstations 
increased “in tbe strong double dig- 
its.” and personal-computer sales 
showed a strong rise. 


fusing to [ 
beis for tbe product categories, he 
acknowledged that IBM’s profit 
margin on personal computers was 
not as strong as Compaq Computer 
Corp.’s, which reported a strong 
gain in first-quarter profit Wednes- 
day on increased sales of its most 
profitable products. 

Mr. York said IBM wanted to 
beef up its mar gins by “becoming 
more of a low-cost producer” this 
year. He said the company could 
save money by using more common 
parts throughout its computer line 
and building more products for 
other companies. He said the an- 
nouncement last week that its IBM 
Microelectronics unit would make 
chips designed by Cyrix Corp. was 
part of that strategy. 

He also said the company 
planned to cut an additional 28,000 
jobs in 1994, a move that would 
bring its total payroll to 21 5,000 by 
year-end. 

Separately, Dell Computer 
Corp. said it would post a “material 
loss” from derivatives trading for 
its first quarter, ending April 30. 

A spokesman refused to say how 
big the loss would be but said it 
would be far smaller than (he $102 
million after-tax loss that Procter ft 
Gamble Co. recently attributed to 
its own trading in derivatives. 

(Bloomberg, Knight -Ridder, AFX) 


n Profit Surges With Chip Demand 


Compiled by Our Staff From Dispatches 

DALLAS — Texas Instruments 
Inc. posted a 65 percent jump in 
first-quarter earnings Thursday and 
said it would cut more than 1,000 
jobs, mostly in Europe, and raise its 
quarterly dividend 39 percenL 

Texas Instruments earned a net 
$134 ntiQion in the quarter, in step 
with a 30 percent increase in reve- 
nue as semiconductor OTders 
readied record levels. 

The results included one-time 
royalties of S69 milli on and pretax 
charges of S232 million to restruc- 
ture European operations and di- 
vest some product tines. The earn- 


ings sent Texas Instrument shares 
up 6%, to 71%. 

Chip demand from the computer 
and telecommunications industries 
was “much stronger than what we 
thought it would be,” said William 
A. Aylesworth, chief financial offi- 
cer, adding that semiconductor de- 
mand continues to surpass supplies. 

The company said the strength of 
the semiconductor business has led 
h to revise its estimate fra revenue 
growth this year for the chip indus- 
try to 21 percent from 17 percent. 

Orders for digital signal proces- 
sors. mixed-signal processors and 
memory products were particularly 
strong during the quarter, the com- 


pany said. Revenue from Texas In- 
struments’ components business, 
compromising mostly semiconduc- 
tors, jumped 46 percent in the 
quarter. 

The surge was aided by new 
products and, to a lesser extent, by 
higher prices. Semiconductor mar- 
gins doubled from last year's first 
quarter, the company said. 

But in Europe, the company said 
it would cut 900 jobs, or 14 percent 
of its work force, this year, because 
operations there have been “finan- 
cially deficient” for several years, 
Mr. Aylesworth said. Tbe company 
also will cut about 164 jobs in the 
United States. (Bloomberg, AFX) 


MarK 



Ahead /Commentary 


Govemments Fail at Picking Winners 


By Reginald Dale 

International Herald Tribune 

W ashington — Trying to 

pick winners as an industrial 
strategy is no easier than it is at 
the racetrack. It may even be 
harder. A mounting body of evidence sug- 
gests that governments that bet good money 
on their favorite industries usually lose their 
shirts. 

But the increasingly well -documented fail- 
ures of industrial policy have not deterred 
President BiD Clinton's administration from 
backing pet projects like the information su- 
perhighway and the electric car. 

One reason the urge to meddle is so irresist- 
ible is the widespread, though largely mistak- 
en, belief that the practice of targeting and 
promoting specific industries has been cru- 
cial to Japan's economic success. 

In a recent poD of American business man- 
agers, two-thirds urged the United Stales to 
imitate Japanese trade and industrial policies. 
Advocates often die Japan’s success in indus- 
tries as semiconductors and color televi- 
sions, as if Japan had bet wily on winners. 

But Japan’s track record does not really 
stand up to closer inspection. Id a discussion 
paper for the Center for Policy Studies « 

I a London, Andrew R. Dick of the University of 
H California at Los Angeles 
' im. has hardly ever been successful in Japan 
or anywhere else, and has usually done more 
harm than good. 

Targeting, involving the protection and sub- 
sidization!? selected industries, ^ ***“'***! 
in sectors from semiconductors toatraaft and 
from automobiles to steel It has. beenmedby 
developing countries, industrialized countries 
and centrally planned economies. 


In virtually all these cases, Mr. Dick said, 
the policies have faffed to meet the promises 
of their proponents and have proved to be a 
costly drain on taxpayers and consumers. 

Japan’s twe most spectacular recent disas- 
ters have been the failed fifth-generation 
computer project, wound up almost two years 
ago, and the government's ill-judged involve- 
ment in higfa-definilion-teievision research. 

The- fifth-generation computer project, 
writes Mr. Dick, “produced no fundamental 


f Japan achieved its 
economic miracle not 
because of government 
planning bnt in spite of it’ 

Karl Zinameister, American 
Enterprise Institute 


technical advances or marketable products. 
Nor did it create important spillover benefits 
to other industries,” 

As for HDTV, tbe government’s efforts led 
to the selection of an inferior and now obso- 
lete technology, with the result that private 
American companies pursuing a more ad- 
vanced digital standard are likely to domi- 
nate tbe early market for HDTV. 

In fact, says Mr. Dick, only ahandfnl of the 
more than 60 industries targeted by the Minis- 
try for International Trade and Industry have 
ever achieved significant international success. 


Much more common are costly failures — in 
industries including steel, aluminum, aircraft, 
computers and biotechnology. 

“it is striking to note that many of Japan’s 
feeblest industries are those that have been 
subsidized by the government,” said Karl 
Zinsmoster, a fellow at the American Enter- 
prise Institute in Washington. 

“Many of its strongest businesses — such 
as home electronics, cameras, robotics, preci- 
sion equipment, pianos, bicycles, watches 
and calculators, numerically controlled ma- 
chine tods, and ceramics — developed with- 
out help from MTTI or other agencies. Japan 
achieved its economic abrade not because of 
government planning bnt in spite of it.” 

It is not just Japan. A study by two Austra- 
lian economists, Don Gunasekera and Rod 
Tyers, suggests that South Korea’s economy 
would have grown 7 percent faster per year if 
the government had refrained from interven- 
tionist trade and industrial policies. Target- 
ing was not just ineffective, it was counter- 
productive, they concluded. 

In the United States, Mr. Dick said, studies 
show that protecting companies with import 
barriers actually made them less competitive 
internationally — implying that they would 
have been more successful if the government 
had not “assisted” them. 

So why do governments keep getting it 
wrong? One explanation is that govemments 
pick, protect and promote their projects for 
political, not economic, reasons. 

Another is that private companies and in- 
vestors are far better than government bu- 
reaucrats at reading market forces. And pro- 
ponents of industrial targeting nearly always 
underestimate the real cost to taxpayers and 
consumers. 


A Landfall for Hong Kong Real Estate 


CanpUed by Our Staff From Dispatches 

HONG KONG — Britain and China agreed 
Thursday to release 1 1727 hectares (290 acres) 
of land for development through March 1995, a 
step that the Hong Kong government hopes 
will curb soaring property prices. 

In the past three months, prices for residen- 
tial units have climbed almost 40 percent in 
some pans of Hong Kong. The Hong Kong 
government set up a task force earlier this 
month to cry to cool the overheated real eszale 
market, which it said threatens the colony’s 
economic competitiveness. 

Tony Eason, chief British negotiator on the 
Sino-Britisb Land Co mmiss ion, said he antici- 
pated the land grant would contribute to an 
easing of real estate prices. 

Fears that government measures would do just 
that seat share prices on the Hoag Kong Stock 
Exchange tumbling Thursday, with the Hang 


Seng index dosing at 8,934.59. down 3.1 1 per- 
cent The Asia component of the International 
Herald Tribrme World Stock Index slipped 0.09 
percent, to 127.04, late in the day. 

The 1994-95 program devotes 31.01 hectares 
for commercial, residential and industrial devel- 
opment op from the 23.4 hectares granted to the 
sector last year. 

There also will be 31.43 hectares split between 
various government housing and home owner- 
ship programs, compared with 27.63 hectares in 
1993-94. An additional 17.67 hectares is ear- 
marked for public utilities, education, welfare, 
recreational, religious and other uses. 

The remaining 37.16 hectares will be devoted 
to “special requirements,” the term given to 
particularly large sites opened up to either public 
or private development. Tins sector received 62 
hectares last year, with most ofthis land used for 
the Black Pomt Power Station. 


All land in Hong Kong is owned by the 
government, which leases it to developers. Under 
the 1984 Sino-British agreement on the handover 
of the territory to China, which is to occur in 
1997, all income derived from land sales by the 
Hang Kong government will be shared equally 
with the post-1997 government. 

Tbe Smo-British agreement on Hong Kong 
protects existing leases expiring after 1997, in- 
cluding the right of renewal. 

Mr. Eason called the land release a “positive 
step towards injecting additional supply into the 
market ” 

But developers said tbe amount of land re- 
leased was not likely to curb the galloping real 
estate prices that haw put home ownership out 
of reach of 50 percent of the population. 

“It is not enough to meet demand for land as it 
would take at least another three years before 
these lands were utilized,” a developer said. 

(AP, AFP, Bloomberg. Knight-Ridder) 


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Source: Reuters. 


IMF Sees 
New Credit 
For Russia 


Compiled by Our Staff From Dispatcher 

WASHINGTON —The head of 
the International Monetary Fond 
held out hope on Thursday that 
Russia would be able to negotiate a 
new S3 billion standby credit by tbe 
and of the year. 

Additional IMF credit would fol- 
low SIJ> billion in aid for Moscow 
approved by the Fund’s board 
Wednesday. It had been delayed for 
months because of concern that 
Rnssia was slowing its reform effort. 

“If we have agreed an starting 
a gain OUT financing for Russia it’s 
because we have observed that 
Russia is doing everything posable 
to continue in their progress to sta- 
bilization and structural transfor- 
mation,” said the IMF managing 
director, Michel Camdessus. 

“As soon as tbe Russian authori- 
ties prepare the basic dements of 
their budget for 1995, we will start 
discussions on a standby agree- 
ment,” be said. 

A US. Treasury official said the 
$3 billion credit could be granted 
“early fhi< autumn." 

Separately, the U.S. Treasury 
secretary, Lloyd Bentsen, stressed 
the importance of economic reform 
in Russia hut added that tbe Unit- 
ed States also was “interested in 
seeing Russia design programs to 
soften tbe impact of reform on the 
Russian people.” 

Mr. Bentsen also said there were 
signs of economic prog re ss in Japan 
and Europe oo tbe eve of the meet- 
ing in Washington on Sunday of 
economic officials of the Group of 
Seven industrial countries. 

While welcoming recent interest 
rate cuts in Germany, Mr. Bentsen 
said, “Given the slack that still ex- 
ists in Continental Europe, there's 
Still room to reduce interest rates 
further." (AFP, Bloomberg AFX) 


IB 


Blanc paiN 



Since 1735 there has 
NEVER BEEN A QUARTZ BlANCPAIN WATCH. 

And there never will be. 

BENOIT 
DE GORSKI 

86, me du Rhone, Geneve 
Chesery Platz, Gstaad 


re 7 


.AP. 

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Page 16 


MARKET DIARY 


Kindle Stock Rally 


NEW YORK — After its recent 
string of big losses, the stock mar- 
ket turned sharply higher on Thurs- 
day, polled up by better-than-ex- 
pected earnings at IBM and ri sing 
bond prices. 

The Dow Jones industrial aver- 
age jumped 53.83 points, ending 


U.S. Stocks 


the day at 3,65154. Rising issues 
on the New York Stock Exchange 
outnumbered dediners by a 9-to-5 
ratio, while volume was active at 
than 378.60 mfihoa shares, up from 
363.91 million on Wednesday. 

IBM’s stock jumped 6 to 58^ 

after the company reported better- 

than-expectea first-quarter earn- 
ings, even though midrange comput- 
ers were its only major profit center 
and the company continues to bor- 
row money to pay its hefty dividend. 

Meanwhile, bond prices were 
soaring. Analysts said investors 
were becoming convinced the Fed- 
eral Reserve Board's recent moves 
to raise interest rates would attain 
the centr al bank’s goal of restraining 
inflation. The 30-year Treasury 
bond rose 1 5/32 in late trading, to 
88 1 1/32, reducing its yield to 711 
percent from 7J2 parent on Wed- 
nesday. Yields have fallen for three 
straight days, the only time that has 


ted since early February, 
rise of the Dow industrials 


Recovering Securities 
Drag Dollar Higher 


Compiled by Our Staff From Dispatches 

NEW YORK — The dollar 


moved slightly higher on Thursday, 
boosted partly by a recovery in the 


boosted partly by a recovery in the 
bond ana stock markets. 

But it drifted back against the 
yen after speculation about central 
bank intervention, dealers said. 

Traders said that the dollar ap- 
peared unable to generate sufli- 


Forefgn Exchange 


dent momentum to break through 
the barrier of 1.70 Deutsche marks 
in spite of the downtrend in Ger- 
man interest rates. 

The US. unit dosed Thursday at 
1.6905 DM, up from a dosing rate 
of 1.6873 DM on Wednesday. It 
briefly rose as high as 104 yen, up 
from a dosing rale on Wednesday 
of 101935 yen, but settled back lb 
dose at 103.680 yen. 

Traders said that the yen may 
have been initially boosted by the 
execution of an order by the Feder- 
al Reserve Board on behalf of the 
Bank of Japan and by extensive 
purchases by hedge funds. 

After little evidence of follow- 
through support, the dollar drifted 
lower against the yen in spite of its 


WORLD STOCK MARKETS 


Agenoe From Prene Aprtl 21 


Amsterdam 


Helsinki 


Lad broke 
Land Sac 


ABN Amro HM 6170 63 

ACF Holding so 50_50 


▼7 97 JO 
<7.20 47.10 
222 224 

72.90 7130 


AhOM 
AkzoNotM 
AMEV 

Bob-Wessoncn 39.90 393) 
CSM M-4U 663) 

DSM 13720 132X0 

Enawtor 
Fakkar 


13220 1X2-50 
166 165.40 
17 17 


Amor-Yhtyma 

Enso-Gutzeit 

Huhtamoki 

K.OJ». 

Kymmane 

Moira 

Nokia 

Pah tola 


GtaT-oroc£nt*s <9.10 4940 


HBG 
Halite Ke n 


Stockmann 


123 125 
39 40 

20S 204 

1231 1220 
113 113 

190 193 

<24 422 

a a 

91 91 

220 229 


Losmo 

UiaalGonGrp 

Lloyds Bank 
Marks Sp 
ME PC 
Nall Power 
NatWast 
NthWst Water 


£23°" 

PUMnatan 

PowerGen 


Hunter Douglas 
IHC Cotand 
Inlar Mueller 


ALTO 63.10 
75 75X0 
X 3170 
6940 89J5Q 


Hong Kong 


Prudential 
Rank ora 
Reck lit Col 


inn Nederland 81 XO 6040 




OceGrtntw 

Poktned 

PNIIps 

Polygram 


51.10 513) 
49 4L1 O 
7520 7440 


4950 4940 
5531 55J0 
7920 9020 
12540 12540 
6050 6031 
31 124 

93 9X40 


Roflnco 
Rorento 
Royal Dutch 
Stark 

Unilever «»>. 

Van Om me re n 5020 503) 

VNU 1793) 17950 

WoRars/K lower 11040 11140 

issaffAsr 


Bk East Asia 
Cathay Pacific 
Clieuna Km 
China Ughl Pwr 
Dairy Farm mn 
Hang Luna Day 
Hang Sens Baik 
Henderson Land 
i HK Air Eng. 

HK Chino Gas 
HK Electric 
HK Lond 
HK Realty Trust 


HSBC Holdings 
HK Shong Hits 
HKTateeomm 
HK Ferry 
Hutch Whampoa 
Hvsan Dev 
Jordlne Math. 
Jardlne Str Hid 
Kowloon Motor 
Mandarin Orteni 
Miramar Hotel 
New WOrkl Dev 
SHK Proas 
Statu* 

Swire Poc A 
Tai Cheung Pros 
TVE 

Wharf Hold 
Wing On Co Inti 
wkisorind. 


Brussels 


Bekoert 

cockerill 


DeHiatce 

Etoctrnbel 

&l 

C ee Ber t _ 
Kredtetbank 
Pel. vt I no 

Powerfln 
Royal Beige 


2530 2595 
4750 4730 
2370 2380 
24950 24775 
175 178 
5920 5930 
1360 1358 
6110 6130 
1540 7540 
4320 4320 
9900 9940 
6830 6950 
10500 10275 
3300 3320 
5360 5370 


3245 32-50 
1031 11.10 
3575 3750 

43 4350 
1140 1170 
1X<0 w 

50 51 

38 3950 

44 4450 
1640 17.10 
2110 2X30 
2240 2X20 
2230 2240 

85 

11-90 
1X90 U20 

10 1030 
XI 75 32.73 
22.90 2340 


Reed Inf I 

Routers M 
RMC Graw 
Rolfs Royer* 
Rottimn (will) 
Royal Scst^_ 
RTZ I 
Salnsfaury* 
Sait NewcaS 

Sent PcwerJ 


Smith Neahew 
SmlthKIlne B_ 


SmWh (WH) I 

Sun A I llancd 

TataLLvteO 




3025 3050 
1440 15-20 
10 1070 
20.90 2140 
2340 2540 
47 JO SO 

370 345 
5440 56 

955 940 
340 140 
30 3150 
1240 1240 
1130 1140 
093649 



145 146 

457 640 

740 745 

145 142 

477 440 

544 538 

436 421 

459 445 

442 440 

*46 450 

*91 *90 

657 652 

729 7.19 

203 202 

444 444 

134 123 

*23 425 

6301636 

2094 
533 527 

837 832 

446 *89 

945 973 

1.95 144 

349 346 

197 4 

8-17 824 

151 154 

535 142 

346 345 

127 125 

5.13 546 

7.11 7.14 

4.14 6.13 

1.44 143 

171 X45 

521 503 

332 324 

*23 *25 

206 X12 

1120 1139 

246 250 

117 114 

1056 1050 

334 334 

5LU 5 

4438 4*13 

337 514 

543 546 

195 337 

223 223 


international herald tribune, Friday, april 22, 1994 


I T * /AT THECtgg 




Via A u o d n t c d Pm* 


triggered the New York Slock Ex- 
change's downtick rule shortly be- 
fore the dose, the Erst time since 
April 5 and only the second time 
since May 19, 1 993. The rale limits 
program trading. 

IBM’s rise, and a good earnings 
report from Texas Instruments, 
whose stock rose 6% to 71%, 
pushed technology issues highcr. 
This was reflected in the rise of 
12.43 points in the Nasdaq over- 
the-counter index, w 717.95. 

‘'IBM’s earnings may be just the 
spark needed to get the market 
moving,” said Alan Ackerman, 
market strategist at Reich & Co. 

Among actively traded issues on 
the New York Stock Exchange, Te- 
tefooos de Mferico rose 3% to 53%, 
reflecting higher prices on the Mex- 
ican stock market. 

IBM was the second-most-active 
issue, followed by Motorola, np 2% 
to46H. 

Dell Computer failed to join in 
the technology rise, sliding 2% to 
25% in over-the-counter trading af- 
ter it said it expected to have lost 
money in derivatives trading dur- 
ing the first quarter. 

Chrysler shares rebounded 2% to 
46tt after hitting a six-month low 
Wednesday. The automaker posted 
record-high first quarter profits of 
$2.55 a share, up from S 1 36 a share 
a year earlier, exceeding some ana- 
lysts’ estimates. 

(Bloomberg, Knight- Ridder, A?) 



Dow Jones Averages 


EUROPEAN FUTURES 


Low Lost aig. 


Metals 


His* Low Lost fettle Of9e 


Indus 362250 363X86 399X71 365254 *5X83 
Tran 1556.18 158374 154*02 158554 +J1.52 
LftS 20044 302-54 19958 201.16 *152 
Como 127837 129240 127049 139131 +3146 


Standard A Poor’s Indues 


Industrials 
Troup, 
u unties 

Finance 

SPOT 

SP100 


High LOW OOS6 CR'ga 

51951 51005 51832 +677 
38728 37822 38721 +879 
16547 16X34 16*31 + U7 
4*01 4358 4375 +022 


449.14 44176 44873 +*77 
41*50 40675 41*05 +7.10 


NYSE Indexes 


Hlgti Low Last Qig. 


GompasBe 24X24 24*66 2461B + 3X2 

Industrials 30X99 39820 30278 t*6l 

Troup. 24656 240.19 34*56 +*37 

UWIIV 2175? 21348 31479 +129 

Rnmce 208.96 20723 2087! +125 


Ctosa _ Pravi 

Bid Ask Bid 

ALUMINUM (KMi Grade) 

mu 

FfflTrtrt 127*00 127*00 129050 
COPPER CATHODES (Hlgti Grade) 

186850 

PwWtf 1BMOO 1105X0 189X00 

LEAD _ _ 

DOdor. Pwm0jtJt:* Bn 
Spat 42550 42*50 <S50 

Forward 44050 44UOO *40X0 

NICKEL 

Donors per tegrtelDB 
Sail 520100 521550 527550 

Forward OTOJO S29&50 535000 

TIN 

Pollan wer metric tai l 
Sot 528** 529*08 529*00 . 

Forward 534*00 5350 QQ 5355 m . 

ZINC CSpecSW HtoS Grwte) 

Dollars per metric tea 

spot ram nun nun 

Sward 92X00 92340 93X50 


N6V H.T. N.T. NT. 15*75 + g§g 

Dec 15*50 15*25 15650 15*» + J8 

Mb UAJO 15650 15*50 1S7-M +K| 

Fed N.T. N.T. N.T. 15*5 

Mar 15525 15525 iw« 15575 + 0 - 73 

Est. volume: 9,380 . Open Ml- 9*' tfz 


Higher Revenue Life MCI Earnings 

pXfSM million on My. up 38 percent from 
similar period last year- - demand for promotions sneh as its 

Fnends and FamJy rcvenuewasup 146pen*n, 


ISBSSBISWRr smamm 

s? ns tts ss gg :g 

Am 15.12 1*88 1547 1548 +J30 

S«P 1588 1*81 1546 1546 +* 4 

Oct 1547 1*0* 1544 1547 +g“ 

NOV 1547 1*95 1547 154* 

Dtc 15.12 1458 15.12 TiM +“* 

Jro N.T; N.T. N.T. 1*? 

» H.T. N.T. N.T. 15.16 + WB 


E*t voJunw: 3S270 . Open Int. 144701 


FTSE MB (LIFFE) 

BS OCT MCX MM „„ 

Jl» 31184 30834 JJ»4 +M4 

5«P N.T. N.T. 31334 +»■» 

Dec M.T. N.T. 31**5 + ”2 

Est. volutnt: 1*6*8. Open Ini.; 5578* 

CAL m IMAT1F1 

FP288 per lodax point „ 

Apr 211740 208*40 210140 

May 211440 206530 209*50 —140 

Juo 209*00 206940 208140 - }-* 

Sep 211040 208*00 209740 -JJ0 

Dec 214130 714130 212940 —140 

Mar 215930 215930 21*040 —140 

Est. volume: 37769. Open mi.: 73497. 
Sources: Main. Associated P ress, 
London tori Financi al Futures EXChOtve, 
Inn P e f l u l ati m Exchange. 


Stock Indexes 

Htafa Law Ouse Owmc 


sss biST^g 10 its ^ mi - 

Gains for Regional Phone Companies 

ATLANTA (Combined Dispatches) - BellSouth Corp. on Thursday 
A l lain i a tv. oiofits on growth in its convention^ and 

"PAST tSSTS/SSwduftSnn. to conuin ixsiL 
“ThfjS^Kdons company, largest oftheseven BeH operating 

co^STdlrom to 1H4 to mBhE* ^ 

- niiartpr Revenue rose 8 percent, to DilUfflL ... . 


pte 

(jSt< 


L-- 


Financial 


NASDAQ Indei 


HM LAW dm Cboan 
MIONTH STERLING (LIFFE) 
C0*aM.ptsotlMpci 


NYSE Most Actives 


CompoiAe 

Industrials 

Banks 

Insurance 

Finance 

Trmsp. 


717.98 70746 717.95 +1X43 
74740 73*28 74740 +11.56 
680.93 67746 68049 +342 
87379 0*049 87379 +1*83 
89*61 89041 89X36 + 224 
72744 721.42 72*52 +*42 


TetMex 

IBM 

Makrtas 


VOL Mob 

m 

586b 
4*1+ 
48 Vj 
2016 


AMEX Stock Index 


Jan 

94XA 

94X5 

9*59 

— 604 

Sow 

9*39 

9*23 

94X0 

— 606 

DM 

93X2 

93X4 

93X5 

— 0X4 

Mar 

93X0 

9120 

93X9 

— *06 

Jun 

9234 

92X7 

92X6 

— ni»7 

Sep 

92X9 

92X2 

92X1 

— 0X7 

Dec 

92X7 

91X6 

91X5 

—0X6 

Mar 

9L76 

91X3 

91X8 

— 0X8 

Job 

71X4 

91X3 

91X9 

—0X7 

Sop 

91X3 

91X1 

91X3 

— 0X8 

Dec 

91.10 

91.13 

91X0 

— B_oe 

MOT 

71 JH 

71X0 

91X3 

— 611 

Est. volume: 10X99. Open tnt^ 46*974 


io $4 J2 bfflifflL. - 

Also Thuiatey. Southwestern BeH and Nyncx Corp. reported fa^er 
fjrrtirnisrier earnings. Southwestern Bell earned S357 million, revemn 
a year ago, helped by growth m its cdffi 

P ^iS : toed in White Plains, New York, earned $290.6 mfllioiiin the 
Quarter ud from $207.6 million, despite a drop m revenue because of rate 
dwreases ordered by New York regulator , JAP. AFX) 


ucu L+1.TVJ WIU**6— -,1 — 

Falling U.S. Tobacco Sales ffitRJR 

- mm , \ DID Unkici+n HrilHinot Own" 


FordM 

GnMotr 

Marck 

attoorp 

BankAm 

RJRNdi 

WKAArtS 

AT&T 

N orsk 

Tandem 


MMi Low Lmt Oka. 

431.18 42735 431.13 +333 


153 56 

53% 

55% 

m 3i 

29% 

31 

174 38 

36V. 

37% 

09 46’A 

44 

45% 

515 6% 

6 

6% 

04 25% 

24% 

25% 

05 53'A 

51% 

53% 

387 31% 

n 

31% 

02 13% 

n% 

19% 


Dow J— — Bond A vcr n gc m 


2D Bonds 
TDuiiuttas 
ID industrials 


close aw 

9*27 —022 
9*95 —025 
10040 —048 


AAtONTH EURODOLLARS O.IFFE7 
51 mllDaa-Ptsof KNpd 
JOB 91D 95m 9134 +041 

Sep 9*70 9*70 9*73 +042 

HC 94.T2 94.11 94,16 +005 

Mar 9X88 9337 93.97 +0X7 

Jaa N.T. N.T. 9164 + OT2 

Saa NT. N.T. 9348 +*11 

Est. volume: 855. Open Int.: KU161 




3-MONTH EUROMARKS CLIFFS) 
OMt rntmoa-sts atm ad 


NASDAQ Most Actives NYSE Diary 


DetfCWr 

Intel s 

IDMEnv 

a ico a 

Micsft s 

Oracles 

TriCrnA 

ABBteC 

IDMun 

CmCSPS 

Lotus 

Novefls 

NwtsNX* 

AcWAAtS 

PeepTets 


Hton 

LOW 

Last 

1 23% 

21% 

23 

’ 60% 

57% 

60% 

i TV. 

5% 

6W, 


29 

31% 

i 91% 

89% 

91% 

! 30 'A 

27% 

.10% 

> 18% 

10% 

18% 

1 30% 

27 

79% 





14% 

15% 

1 50<V« 

54 

54% 

1 14% 

15% 

15% 

i 48% 

44 

48% 

> 43% 

38 

43 

l 13% 




DecMnefl 
Unchanged 
Total toues 
Now Highs 
Now Lows 


Jap 

9*73 

9*70 

9*72 

•+*03 

sep 

94X1 

9*87 

9*88 

Unch. 

Dec 

MJt 

9*31 

9*82 

— *04 

Mar 

9*88 

9*78 

9*01 

n m 

Jan 

94X7 

9*57 

*4X1 

nm 

SOP 

94X3 

94X4 

94X8 

0X2 

DM 

94X1 

9*12 

9*17 

—*01 

Mar 

94X5 

93J9 

9*00 

— 0X1 

Job 

93X9 

93X7 

93X8 

— 0X1 

Sop 

93X0 

9373 

9176 

Urscft. 

Dec 

93X0 

93X2 

93X8 

-nun 

Mar 

*3X5 

9154 

<3X6 

+ 0X1 


Co mp an y Per Amt 

CORRECTION 

Barg Warner x .15 

x-revfsed amount. 

INCREASED 

Arrow Fma a xe 

Community Bkshn Q .it 

Fst MtIBn MICIem Q .795 

G matte Co Q 45 

MlsslsjhJPl Valiev . 47 

MlcaOwniksd c 44 

Wilmington Tr Q 47 

REGULAR 


NEW YORK (Bloomberg) — RJR Nabisco HddmgS j Corp; said 
Thursday its first-quarter income from operations declined 8 percent 
laredy because of a drop in cigarette sales in the United States.. ; . 

The food and tobacco concern anted $194 mubon from operations in 
1994. not including a $1 million after-tax gain for the earty retirement of 
j.Li ’ f nr tliA miartfiT declined 4.4 DercenL. to $3 j 7 billion. ' 


*■1 6-15 
56 5-20 
6-15 7-T 

5-2 6-3 

4- 15 6-30 

5- 20 6-10 
5-2 5-16 


AMEX Diary 


Advanced 

Declined 


AMEX Most Actives 


TattA Issues 
New HWts 
New LOWS 


gains against other currencies. 
Traders said, however, that the ( 
market might again by moved in 
upcoming days by concerted cen- 
tral bank intervention on behalf of 
the Bank of Japan to support its 
currency. 

Treasury Secretary Lloyd Bentsen 
said Thursday the United States 
would not attempt to devalue the 
dollar against the yen. Some curren- 



VOL 

MW 

Law 

Last 

CheySffs 

9436 

27 

22% 

25% 

EOhaBav 

4954 10% 

10 

10% 


3396 

5% 

4V,, 


Han wtfl 

3013 

1% 

'A. 

■Vn 

ExpLA 

2990 


1V„ 


2909 

9 


8% 


2567 25 

ZA% 

25 

Amdhf 

2504 

7 

6% 

6% 

EranBI 

2340 

10% 

10% 

10% 

HeUonat 

2227 

4%, 




NASDAQ Diary 


Advanced 
D«cllrwd 
Unchanged 
Total Issues 
Now Highs 
Now Laws 


Spot Commodities 


Est volume: 16X67* Oran Int: 99X39* 
J4AONTH PIBOR (MATtFI 
FF5mOBon.pt* Of M0 PCt 
JUO 9*26 9*19 9432 —041 

Sap 9*45 94JB 94.40 Unctv 

DK 9443 94J7 909 —041 

Mar 9447 94.28 *449 —045 

JUB 9*74 9446 9*09 -044 

SOP 92.97 9X79 9111 —046 

D*C 917D 9X58 9X» —048 

Mar 9336 9149 9119 —008 

Est. volume: 7*109. Open Int.: 22930* 
LONO OILT (UFFE) 

OM*C . pts » Mi at 109 pet 
JOB 706-24 105-10 706-16 + 0-28 

5*P N.T. N.T. K5-19 + 0-2B 

Eat. volume: 11X66* Oran ML: 3 145366. 
GERMAN GOVERNMENT BUND CUFFS} 
DM 25*088 -pl* Of 108 pd 
Jon 9*74 9*20 9460 +*32 

SOP 9*45 9195 9*29 +027 

Est. volume: 208391 Open bit.: 5 21339* 
10-YEA R FRENCH GOV. BONDS (MATIF) 
FFSBBJOO-ptsoflOOPCt 
Jn 12030 11936 12030 —032 

Sep 119.50 11*96 11928 — *02 

Dec 11*60 11*68 11*50 —032 

Est. vofeima: 325,979. Open Int.: 15*37* 


AAR Cara 
AZ PubSve adlpfO 
Akuna Group 
Alltel Cara 
BardCR 
BratntrM Svgs 
Brock Candy 
CCB Flncl 
OTtirenden Cora 
Grin Gets* El 
Chi Fat) Bancorp 
Coco-Coto Ca 
(Menial BnGrpA 
Com dbc D Inc 
Compass Bncstirs 


Duly Frea 
FTOvliry Bncp PA 
FstSourae 
First USA 
Firstar Core 
Hawaiian Etoc 
HeaWHWor Inc 
Karttosa Find 


Inca LM 
Jtfteraan Bncp 
Johnstown 5vro 
KJmtxrrlv Oork 
Lavtattxm Gas 
Uraar Tech 
MassbankCorp 
Midwest Bncshrs 


5-2 6-3 

5-2 6-1 , 

5- 2 5-16 I 

6- 3 7-5 

54 5-13 | 
5-4 5-20 
5-5 5-20 

6-15 7-1 , 

56 5-20 ' 
5-2 5-15 

5- 16 541 l 

6- 15 7-1 

54 5 . 10 

5- 27 6-20 

6- 15 M 
5-13 6-13 

4- 29 5-16 
+29 5-16 

5-3 3-10 
5-5 5-16 
54 512 

5- 2 5-15 

5- 10 6-13 

6- 16 7-6 

56 540 
5-2 6-1 

5-2 5-20 
5-2 5-20 

6- 10 7-5 


United States fell 21 percent- 

Northwest Airlines Reverses Loss 

MINNEAPOLIS (Combined Dispatches) —Northwest Aizfines Com. 
increased revenue and towered expenses in the first three months of the 
year to turn an $18.3 million profit, the company s^id Thursday. 

The profit is a reversal from a net loss of $100.3 nulnon in the first 
quarter of 1993. Revenue for the quarter rose 5.9 percent, to S2.I3 billion, 
while expenses dropped 3.5 percent. ' • . 

Northwest said its load factor, or the percentage of seats filled with 
paving passengers, climbed 1.8 percentage points' in the quarter: to 65 j 
percent •' (AP, [ Bloomberg) 

Expansion Helps McDonald’s Profit 

OAK BROOK, Illinois (Bloomberg) —McDonald’s Corp. s aid Thun- £ 
flay first-quarter wwning s rose 11 percent as expansion offset' bad winter ' 
weather and currency fluctuations. 

The world’s largest restaurant chain said net income was $243.4 million 
m the quarter and revenue rose 9 percent, to 51.63 billion. McDonald's 
opened 125 restaurants during the first quarter, including 40 in the 
United States. Another 235 restaurants were under construction. 


& mde 


Moraon 5tsn HlYkt M .10 

NBSCCora Q .13 

Natl Dcta a .11 

Nortti Am MlB Q 46 

OopanhetmrMuItGv M 352 

PS l Rosourcos Q 31 

Plrvjodf Banc Q 37 

Plmwcte West _ 30 

Pop, * Totbot e .19 

R5 Find Q .12 

Roycfwm Cora Q 48 

Schutt Homes O .04 


Market Sales 


cy traders have been expecting 
Washington to push the dollar tower 


Washington to push the dollar tower 
against the yen as a means of reduc- 
ing the U5. trade deficit with Japan. 

“We’re not going to try to deval- 
ue ourselves into their markets." 
said Mr. Bentsen at a briefing 
about an upcoming meeting of 
ministers and central bankers from 
the Group of Seven industrialized 
countries. He and Federal Reserve 
Board Chairman Alan Greenspan 
are to meet with their G-7 counter- 
parts on Sunday in Washington. 

Against other currencies, the 
dollar was quoted at 1.4335 Swiss 
francs, up from 1.4300 francs, and 
at 5.7960 French francs, up slightly 
from 5.7950 francs. The pound 
slipped to $1.4910 from S1.4949. 

(AFX Bloomberg) 


NYSE 

Arrtox 

Nasdaq 

in millions. 


Commodity Today 

Aluminum, lb 0368 

Coffee. Brat. It) 0765 

Courar electrolytic, lb *91 

Iron FOB, ton 21340 

Load, lb 0-34 

Silver, troy os SMS 

5 teal lacraal, tan 13*33 

Tin. It) 15959 

Zinc lb *4337 


Industrials 


High Low Lost Settle CNga 
GASOIL (I PE) 

U.&. doUori pot metric lort-lote of 100 toos 

MOV 749.30 147.75 14940 74940 +240 

Jim 14*00 14*50 14840 14775 +150 

JOI 74*DO 74740 T4S40 I4S40 +150 

ABB 149 JB 14*75 149.25 14950 +7.25 

Sep 15*75 15040 75025 15035 +*75 

Oct 15X50 15X50 15250 15340 + 050 


4-29 51a 
5-2 5-17 
. 5-4 5-18 
+29 5-13 
+15 7-1 


5-23 Ml 
5-2 5-16 

4- 29 5-13 
3-12 +1 

5-2 5-12 
5-2 +1 ; 
5-2 5-13 I 
M 5-17 

5- 11 +8 

5-13 5-27 ! 
fundi) m- 1 


a-anmxd; g-payubte In Canadian 
montbly; amartaly; 94eml-ann 


Westiiighouse Net Slips on Revenue 

NEW YORK (Knight-Ridder) — Westinghouse Electric Corp. sad 
Thursday that a massive restructuring plan, lower revenues and thinner 


profit margins weighed on first-ouarter net income. . 

Westinghouse earned a net S3o million in the quarter, down from SS9 
million in the similar year-ago period, oh revenue of $1.7 billion, down 
from $2 billion a year ago. Part of the restructuring included reducing the 
□umber of employees by about 1,000 in the quarter: 


2 - 


A Clint on Fed Choice LLOYDS: Bank Buys a Thrift 


American Express Earnings Jump , ■ — 

NEW YORK (Bloomberg} — American Express Co._reported an 18 fnn • 

percent rise in first-quarter earnings from continuing' operations oh il l I w 1 8 J * 

Thursday amid higher profits from all of its sectors. J [yil .-lil.il 


Washington Post Sconce 

WASHINGTON — Presi- 
dent Bill Clinton is expected to 
nominate Janet L. Yellen, an 
economist at the University of 
California at Berkeley, to CD 
one of two vacancies on the 
Federal Reserve Board, U.S. of- 
ficials say. 

Mr. CUnion. who has not met 
with Ms. YeOen, is likely to an- 
nounce his choices for the Fed 
seats this week or next, the offi- 


cials said. Alan S. Blinder, a 
member of Mr. Clinton's Coun- 
cil of Economic Advisers, is the 
president's choice to fill (he oth- 
er slot, as Fed vice chairman. 

This mil be Mr. Clinton’s 
first opportunity to shape the 
U.S. central bank’s hoard, 
which has raised short-term in- 
terest rates three rimes this year 
to try to strike a pre-emptive 
blow against inflation. 


rnwrnnwi from Page 15 Bank's distribution and wholesale 

r ... ** 


called the union of the two institu- 
tions “a combination that will be 
hard to beat-" He and others noted 
it would create Britain's fourtb- 
largesi mortgage provider. It has 7 
percent of the market. 

* His counterpart at Lloyds, -Brian 
Pitman, praised Cheltenham & 
Gloucester as a “fiist-rate” busi- 
ness and he said that he hoped that 
it could develop “even more vigor- 
ously with the benefit of Lloyds 


Both rides emphasized that un- 
der the terms of the acquisition, 
which was not expected to win final 
approval by regulators and deposi- 
tors until early next year, Chelten- 
ham & Gloucester would remain 
largely autonomous and continue 
to operate under its own name. 

Analysts noted that the two in- 
stitutions, unlike many of then- 
peers, shared a common philoso- 
phy of giving priority to profit rath- 
er than market share. 


NEW YORK (Bloomberg) — American Express Co. .reported an 18 
percent rise in first-quarter earning s from continuing operations oh 
Thursday amid higher profits from all of its sectors. ) 

The travel-services, charge card and finan ce company earned S3 l j 7 
milli on from continuing operations on revenue of $337 billion. The travel 
services division, which indudes the American Express credit card, 
earned a record $234 million, up 12 percent from a year ago. 1 

First-quarter earning s at its IDS Financ ial Services unit, which sd(s 
insurance and mutual funds, rose 23 percent, to a record $91 million. ■ 


Gillette Gets Boost from Razor Sales ' 


BO5T0N (Bloomberg; — Gillette Ca said Thursday first-quarter 
profit fromtoperations rose 12 perceni,,led by strong razor and; blacks 
sales, sales of new products, ana the inclusion of Parker Pen results. . 

Gillette said income from operations was $164 nriflion on recoiti# 
revenue of $ 1 .4 billion. The company also raised its quarterly dividend 1J9 
percent, to 25 cents a share. Gillette bought Britain’s Parker Pen Ltd. last 
May for $450 million. 


U.S. FUTURES 


Season Season 
High Low 


Onen teah -Law Oom da Oalrt 


Season Season 
Mgh Law 


Oran Hah Low Ctosa Oa CtUtt 


Via AsuoaM 9>«s 


Sydney 


Air LkwkJe 
Atajtd Ahlt 


Banco Ire (Cle) 

BIC 

BNP 

Bavyguas 

BSN-GO 

Carretour 

CCF. 

Caras 

Owrjsiw 


Amcor 9.35 935 

ANZ *79 *71 

BHP 1*68 16-92 

Bora I 336 167 

Bougainville *72 QJ3 
Colas Myer *aq *76 

Coma Ico *60 *80 

CRA 16^0 1682 

CSR 4J4 *79 

Fosters Breja 130 L20 
Goodman FteW 1.56 136 
ia Australia 1*14 1036 
Mora* Ian 2 2 

MIM .272 2J6 

Not Ausl Bank 11J8 11.78 
News Cora 932 935 
Nina Network *06 *H 
N Broken Hill 115 *22 
Poc Dunlap *91 *92 

pianoar loti *es 288 
NmntJy P o MkSon xoi 236 
QCT Res o u r ce s 1.17 1.18 
Santos 187 189 

TNT 234 238 

Western Mining 6 M 6 JO 
Westpac Banking *65 *69 
Woods lde *27 *21 


Oments Franc 
Dob Med 

Eft-Aqulfalne 

Ell-Sanofl 
Euro Disney 
Gen. Eaux 


I metal 

Lafarge Coorae 


Lyon. E«n 
Oreal (L ) 
L.VJAH. ^ 
Matro-Hochefte 
MletwIinB 
Moulinex 


*06 *14 
*15 122 
*91 *93 


237 236 
1.17 1.18 
387 189 
204 238 




Canadian Pacific 
I Can Tire A 
COnfcr 
Cara 

CCLtndB 
Clnentex 
Conduct 
Conwesl EwH 
Denison Min B 
Dickinson MhrA 
Dafosco 
DvIexA 

EOx> Bov Mines 
Eauity Silver A 
FCAlnH 
Fad Inu A 
Fletcher ChoU A 
FPI 
Gen fra 
Gold Cora 
Gull Cdo Res 
Haas Ml 
Hernia GU Mines 
Hoftinoer 
Horsham 
Hudson's Bay 
Imasco 
inco 

Irrferorav pipe 
Jamock 
Latxjtt 
LobtawCo 


Open Wi low Ctosa Cfcg Opjnl 


Groins 


Pechlnev Inti 
Pernod- Rfcorti 
Peugeot 

Rrhnemps tAu) 

Radtotochrkjue 
RtePaulenc a 
R atLSt. Lauto 
Redout e (La) 
Saint Goba In 
S.EA 

5te Generate 


Tokyo 


Thomson-CSF 

Total 

UJU*. 

vateo 




Akal Elecfr 

Asah I Chemical 
Asctfil Glass 
Bank of Tokyo 
B rt Ju e slu ne 
Conan 
Casio 

Dol Nippon Print 
Dalwo House 
Dolwa Securities 
Forme 
Full Bank 
Fu 1 Photo 
Puiltsu 
Hitachi 
Hitachi Cable 


Johannesburg 


30C Gen BanwM 8370 8370 
Sac Gan Beig tom 2590 moo 
S adna wns isots 

Sataav 161D0 16090 

Traefabe) 10300 70500 

UCB 23150 23150 

Union Mi mere u» 2450 




AECI 

Altech 

Anglo Amer 

Bartmn 

Blwaor 

Buttels 

Oe Beers 

Drtetonteln 

Gencor 

GFSA 

Harmony 


26 24 

93 93 

21350 216 

32 3150 
N-A. NA. 
43 *0 

10650 108 

S3 54 
*95 *90 
«550 99 

24 2550 


HlghveW Steel 2373 2X25 


Frankfurt 


AEG 

AMonzHold 

Altana 


BASF 

BdTW 

Bay. Hypo bank 
Bov Vtrelrwbk 


321 80 31950 
392393.10 


Ktool 

NedbankGra 
Rondtanfein 
Rusplat 
SA Brows 
St Helena 
Snjoi 
W ei to m 
Western Dess 


^47^ 
71*50 714 
44344280 
066 867 
354 349 


BHFBank 

BMW 

Commerflwnk 
Continental 
Daimler Rem 

Dwyno 

Dt Baboock , 
Deutsche Bank 
Douglas 
Dres dner Bank 
FeMmuet a e 

FKniPPH6«eh 


4*50 45 

27 27 

44 44 

87 87 

89 H 
NA 41 
2150 23 

NA NA 
172 176 
: 582977 


Madrid 

BBV 3110 3105 

BCD Central Him. 2975 2860 

B«mco Santander 6150 son 

Bctaesto 800 750 

CEPSA 2700 2 680 

Draoadas 22 * 2210 

Enaesa 6280 62S0 

Ercrtn U5 15o 

Iberdrola I 938 928 

Rensol 4325 

Tabacntera 3700 3620 

Tetetorrtca 1695 1700 


Market Closed 

The stodt market in 
Sao Paulo was dosed 
Thursday for a holi- 
day. 


ItaYokodo 
Itochu , , 
Japan Airlines 
Kajima 
Konsal Power 
Kowamkl steel 
Kirin Brewery 
Komatsu 
Kubota 
Kyocera 
Matsu Elec Inds 
Matsu Elec Wits 
Mitsubishi Bfc 
Mltsubtshl Kasef 
Mitsubishi Elec 


Mitsubishi Htv 
Mitsubishi Cora 
Mitsui and Co 
Mlbutostt 
Mitsumi 
NEC 

NGK Insulators 
NIKKO Secvrlttes 
Nippon Kogaku 
Nippon Oil , 
Nippon Stool 
Nippon Tusan 
Ninon 
Nomura Sec 
NTT 

Olympus Optical 

P i oneer 

Ricoh 

Sanya Elec 

sharp 

Shlmazu 

SWnetsuChem 

Sony 

Sumitomo Bk 
SumJtonw Chem 
Suml Marine 
Sumitomo Metal 
Toted Coro 
Talstto Marine 
Takeda Otem 
TDK 
Tallin 

Tokyo Marine 
Tokyo Elec Pw 
Toppan Printing 
Torav Ind. 
Toshiba 
Toyota 
YamafOil Sec 


London 



39480 388 

344 352 
22322*50 


Hoeehst 

Hotononn 

Horten 

IWKA , 

Kail Salt 
Korsfodt 
Kauflwl 
KHD 


654 652 
1076 inn 
342 340 

852 B33 

24250 263 

<2141*50 
147 140 
59150 OT 
541 522 
15515X50 


Abbey Natl *46 

Allied Lyons us 

Arts Wiggins 3JC 

Argyll Group 
Ass Brit Foods 
SAA 987 

BA# *65 

Bank Scotland 
BorckiYS 5X9 

BOSS 553 

BAT *39 

BET 1XB 

Blue a «Je 3X6 

BOC Group bJO 

Boote 5J0 

Bowater *32 

BP .. 3J6 


Brit Airways 4X6 


KfaeduitrWerto 169166^ 

Unde 926 m 

Lufthansa 200 20T 

MAN 436 435 

Monnesmtmn 48150 ot 

Metalioesell 220 m 

AMientfiRuecfc 3025 2990 

Porsche 873 870 

Preuaug 48047*50 

PWA 244 242 

RWE 461 463 

Rhommeioii 363 361 

seftertag 1073 1050 

SEL 414 418 

Siemens 727 726 

Tinmen 28X80 IB5 

Varta X* 354 

vaba SOL® sao 

VEW 37250J7150 

Vlao 447® *51 JO 

Volkswagen 55250 546 

Wei la 07787*50 

DAX.bidex: 219*97 




Brit Gas 3X4 

I Brlf Steel 1^9 

Brit Telecom 
BTR 3X7 

Cable Wire *54 

Cadbury Sdi 456 

Carodon 167 

coats vive! la xa 

Communion 5X5 

CourtsuWa *45 

ECC Group *88 

Enterprise 011 4X7 

Eurotunnel *67 

Fbens 1X8 

Forte X36 

CEC 1M 

GanlAec 6X3 

Glaxo 5X9 

Grand Mel *52 

GRE 1X8 

Guinness 458 

GU5 *99 

Hanson X60 

Hllisdown 173 

HSBCHMgs 7X8 

ICI 8X5 

inchcape sxs 

KbigfTsher 6JC 


Banco Comm 
Baaaal 

Benetton group 
CIR 

Credltal 
entehem 
Fertln 
Fortin Rlsp 
Flat S PA 
Flntneccomca 
Generoti 
IFI 

itak»m 

I taigas 

iMmabUtare 

Medtobancn 

Montedison 

Olivetti 

Ptreta 

RA5 

Rtaa«6nte 
Sal Bern 

San poola Torino 

SIP 

SME 

Snta 

Shmda 

Stat 

TaraAssi Rtsp 

R&ESitf 4 


Singapore 

Cerebas 8 8 

CHvOev. 7M 7A0 

DBS 11-30 1L30 

Fraser Neave 1*60 1*70 
Genting 17X0 17X0 

Golden Hone Pi 2X2 254 

HOW Par . X40 3X8 

Hume Industries 5.10 320 
inchcape 5J5 ia 


1050 1*70 

5S xjo 

1M U4 


its iS 


Shcmgrlta 
Sima Darby 
SIA . 
Steore Land 


SVoro Press 
Slag Sfeamihi 


7X0 7A5 
750 750 
11XO 11X0 
&15 5X5 
3X2 3X6 
750 7 JO 
7.15 7X0 
|*4P U30 
190 4 


Staore Telecomm 350 340 

straits Trading 3X0 3X4 

UOB 10L80 10X0 

UOL 2.19 2X0 


Macro irch A 
wrote Leaf 
Marillme 
Mark Res 
MocLean Hunter 
MolsonA 
Noma ind A 
Noranao Inc 


WHEAT (0013 SJOBIiuinMMWTWdB«nBa 
177 100 May 94 117V! 118te 114* 

*56 *96 JdN 115 116M 113*6 

ISA* 11H SraW 111% 120% 117% 

355 109 Dec 94 121% 139% 137% 

356% 127 MOT9S HI 132 130 

3X5 IliWMoy 95 

3X3% 111 Jul95 117% 119 117% 

Est. scSes *003 Wed's, sate 1*514 
WWsooenW 49X06 up 8* 

WHEAT oatan *AOflduni»Wi«»n-dallar»Be 
3X9% 19S MOV94 12S 127 135 

IS 2J7 AIM 117% 117% 115% 

155% 102%5ep94 *19% 120 1T7* 

350 112% Dec 94 125% 136% 3X4% 

353% 125 Mar 95 127 127% 136 

334 33!%Mcv9S 

Es.sotoi NsA. Wed-Lsotes 4X3T 
Wed-6 o pen Int 2L4« up W 
CORN (CBOT1 SMUmMiwn-MnoO 
114% 23B% May 94 161 257 260% 

116% 241 JU) 94 255% 255% 254 

19 Tti 2X0% Sap 94 256% 359% 756% 

2X3% 756%D*c94 752% 254 251% 

2X9% 253% Mar 95 258% 250 258% 

282 258% May 95 252% 264% 257% 

253% 2605X495 263 256 256% 

258% 2X6% Dec 95 250 250 1X7 

ESLK0CS 324)00 Wodte-SCMS 44JMS 


11.98 9X2 Oc) 94 10X6 1136 1*95 

1152 9.17 Mew 95 10X9 1MM 1079 

11X8 1*57 May 95 1053 11-03 1043 

11X3 10J7JK95 1*85 Ta90 11155 

11X0 105700 95 1*85 1*85 1*85 

11X5 1048Mtr96 

Est. soles 29558 Wed*vsi8es 22X18 
WacTsopen Int 109X77 off 2203 
COCOA INCSE) Wnwetc tana, smr ton 


+ *36 29.930 
+030 15374 
+030 2.115 
+*30 1,190 
+ 0X0 356 

+*30 39 


3.15% -4U)2% 9X83 
*14%— (UJ1 2*663 
213’*— O01 5564 

337% — 03)1 5555 

130 —*02 379 

126 — *02 24 

119 +*0T% 59 


1365 

999 Jul 94 

1110 

11H 

1110 

1317 

uaosopw 

1138 

1156 

1121 

1389 

10*1 Dec 94 

1100 

1199 

1100 

1382 

1077 Mar 95 

1211 

1223 


1400 

1083 May 95 
1225 JX« 

ii»a 

1105 

1407 

1253 

1253 

1252 

1350 

1275 Sro 95 




1X7 

1305 Dec 95 




1385 

1385 MorM 




1260 

T23SMoy 96 

1233 

1233 

1333 


6 +*02% 6X76 
fc— *00% 12.970 


115%— OJ»% 12970 
118% 3X96 

125%— *00% 2531 
*27 35B 

121% 17 


241% .*01% 65.147 
245% *0X0% 125594 
159% +*01% 28 A8 
253% +0X2 72591 
240 +*02 *513 

1*4% +03B 773 

244 *0X1% 1,747 
2X9%— *00% 15*2 


Ed. sates 7534 W«rs.sates 12424 
Wed's open W 79XC 

ORANGE JWCS tNCTW iLooo n. cam Bar h. 
135X0 B9X0Mav94 9955 102X0 9955 101.10 
135X0 lOOJSJulto 102X0 10450 102X0 10175 

1J4J0 louatopw 105X0 10735 105X0 10645 

134X0 104.15 Nov M 106J0 1Q6J0 106X0 10735 

13*00 1 8340 Jan 95 187 JO 10930 1O7J0 M9X0 

12*25 186X0«tar95 111X0 

May 95 11240 

JK9S 11*50 

Sec 95 11240 

Est. sales 5500 Wed’s, sales 2575 
Wed's open Int 22X74 elf 345 


+8 38X35 
+ 10 13544 
+4 7X47 
+4 1*443 
+12 499 

+3 25*0 

+3 521 

♦3 391 

*3 1 

+4 4W1 


+2X0 451> 
♦2X0 12571 
+120 7-0 
+110 1,117 
+145 1.748 
*145 
+145 
t*45 

+2X5 


04X30 OOJIOJunH 9*550 93X80 9*20 93770 

94320 «J10S8P9S 93320 9X550 93520 1*540 

94380 91. >80 Dec 95 KUM0 93510 93X40 93500 

9020 9*750 Mnr 96 91010 93570 9*010 93350 

Est. sates NA Wed’s, sales 401X04 
Wecfs open Int 2X7*297 op 3478 
BRfTTSH POUND (CMBU s uw pomp- 1 BOS* aoao4t« 

51 SO 1X474 Jun 94 1X898 1X960 1X870 1X192 

1X9M 1X440 Sep 94 IXOBO 1X920 1X870 1X844 

1X950 1X500 Dec 94 ■ 1*2 

1X640 1X440Mor94 1X844 

Est. sales NA. Wed's, sales 22X34 
Wstfsapenk* 42.976 w> 227 
CANADIAN DOLLAR (CMEK) IprW-liWwmi 
0X105 *7113 Jun W 0X220 0X231 0X195 0X221 

0X740 oxtossraw oxia/ oxwa hjiq oxih 

07470 *7H3BDnc94 *7145 *7165 0X125 *7154 

07405 *702CMjtP5 07130 *7120 07120 *7734 

07122 0X990 Jun 95 *7100 07100 *7100 0XI1I 

Sdp 95 07008 

^.stees NA 'wed’s. sales 4XS9 
WecrsapenW <7.943 

BERMAN MARK (CMBU lowmarti-l wMaouKsSL 
*4133 0X4O7JUPM &5HB *5917 OJRP *5901 

*6065 *5400 See 94 *5898 L9M *587B *5891 

*5953 0^390 Dec 94 *5887 *5887 05087 05893 

*5817 05B10Mor96 05905 

EstfiQto NA. Wecfs. sates 5*773 
MW'S Open M 9*587 off TU4 
JAPANESE YEN ICMBU CWm-lteleSlAW 


+2102073153 
+24014*966 
+260 Ml 418 
+2M 12*432 


-W42 M 
— U B1 
—18 34 

—22 2 




^ BtUT. 

^*HC V . _ : 

i&y-" 


Metals 


(CBOT7 iAOObunMrun-Caewiperl 


552%May94 6X5% 6X7 4X2% 

750 5.94% Jul 94 6X4 6X5% 6.41% 

7X5 638 Aug 94 658 6X0 656 

6J*% 6.17 Sep 94 636% 4X9 654% 

757% 5J5V.NOV94 451 653% 650 

6X0 4.13 Jai95 456 658% 656 

473% 4.11 Mar 96 650% 653 650% 

470 651 Mery 95 653 654 653 

6X5 654 JX95 653 637% a53 

450% 5Xl%Nm/95 653 4JB 6JS 

Estates 37500 Wecfs. SOteS 51.996 


Norcen Energy 
Nttwrn Telecom 
yoyo Co ra 

OslOWQ 
Poeurin A 
PJerarDome 
Pace Petroleum 
PWACora 


6X5%— *00% 32781 
6X4% 51X94 

659 t*IB% 1*065 
457%+OlOOV, 5X51 
652 +*0e% 36X36 

457% 2X82 

653% +060% 694 

*54 +*02% Z73 

455% +*00% 643 

ASS +0LB3 U48 


C COFFER (NCMJO MXOOtov-OTt 
7450 Apr 94 8870 B8X0 8*70 
73X0 May 94 8450 88X0 8653 

76K)Jun94 84X0 84X0 S6X0 

7620 JulM B6JD 6655 B6X5 
74.99 SSP 94 86XS 8*95 16X5 

75X5 Dec 94 87 JO 1850 8690 

76J0JO19S 
7380 FTO 91 

7*00 Mcr 95 87X0 87X0 I7XS 


Wecfs open Inf 747X66 aft 466 

SOYBEAN MCAL NOT) 100 pm. eaters oar con 

232X0 1B4X0MOV9* 1SA90 1S9^| ISSJO IBt 


230J0 18550X4 94 1SBX0 189X0 16*30 


Reno teao nce 
Rogers B 


1SSJ0A+IB94 16750 1BSXD 1B75D 
18*70 Sep 94 185X0 IPJ0 185.70 IKTD +1X0 7X94 


16950 +0X0 10X04 

T 87-50 ♦ I.T0 35519 

18*50 +1.10 IX SM 


206X0 105000 94 1B650 1S*» 18450 


Rovo) Bank Can 
Scepfre Res 
soars Heso 


879X0 

20*00 18 


0 Dec 94 11260 1B4J0 18*40 
3 Jan 95 1 82ta 1A4J0 16270 


+*» 4X17 
183X0 *150 12X61 
1S4.00 *150 1,148 
10450 flJD 470 
18450 +150 336 

18450 *150 129 


9170 7BX0JUI9S 

9155 7550 Aug 95 »J25 VMS 67X5 

9155 79.10 See 95 

9*15 7550 Oct 95 

8650 77X5 New 93 

71X5 8*00 Dec 95 

I9JB 8*50 Jot 96 

&t. saw 1*000 Wed’s sates 11.970 

Wecfs open tot J*92S UP 2338 

SSLVHR CNCMX) MSiravOL-OTiHrim<i 


+ 1X0 287 

+ 1X5 17X15 
♦155 932 

*1X5 25X38 

♦ 1X0 5X04 
+150 4508 
+ 155 

+ 150 

*150 2599 
+1.15 412 

♦ 1.10 
♦ 145 
*1X5 
+ 155 
+ 155 

+ 0JO 371 
+085 


Atratt'i* iwOTMniahl pMwukPfll 
talQ9943* 00«glJroMIIJ097m0097700X0964320094ei 
M099raX0B9^taM BX09ta90X028190XtH7Q6Qjn9739 
0X0993HU109325Dic94 0X090120X098133X057800X09003 
jun 98*808995* 809995 0 X09995*809947 
Mir 94 0 ncwniun iro tenn n miKm nno en 
Est.sctes NA. VtetflwtenS 6 
VWBCfscPBtW 56592 off <04 
SWISS FRANC 1CMBQ hi r u i n 1 rnliir s i siiJi m IW1I 
OXJ'J *4975 *4995 *4*S?*iwO 

JiSSSEE-S. WBU 87005 *6985 

*7130 *4885 Dec 94 0X012 

Esrjotes NA. Wed's, sates 20,904 
Wstfsaoenini 39X44 alt 1135 


-40 RW 
-40 2471 
-40 644 

—40 1 


?^Sca-A ! . c ' 
ts.* * **v .. : 


i 51 KITTS, 
::!9, INDIES 


Industrials 


Cottons inctni Moes-ce«>eA 




194X0 161 -50 Mot 93 186X0 1BL50 18650 


Sberrm Gordon 
SHL Svstemhse 
Southom 


19150 182X0 May 95 

SStes^Sea 


5 total A 

Tallsmsn Energ 
T ecfcS 

Thomson Ntwt 
T cranio Damn 
TarstarB 
Transalta Util 
TronsCdoPlpe 
Triton Ftal A 
Trtmoc 
TrUecA 
Unlcarp Energy 


ENsateS 15X00 Wed 
vterimnH 92XM 
SOYBEAN OIL (CBOT) 
3*45 21 50 May 94 

29JO 2145 JulM 

2950 21X5 Aug M 

26X5 22X0 SeaM 


22.10 OcJ 94 
27X5 a«Dec94 
84X5 22x5 Jot 95 

36X5 1671 MOT 95 

24X0 2642 MOV 95 

TAM 24X5Jul9S 

Est sate 1*000 Wecfs jates 17X87 
Wed's open Inr 101.914 off 745 



— *12 197BI 
— *16 22X17 
—0X6 1IJ02 
— 0X7 1*250 
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— *07 78 



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561 X 

561X 

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557X 

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62*0 

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5760 

5760 

577X 

572X 


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tetor^te-ropOTte 

437X0 357X0 Jul 94 39240 392X0 39*50 
•OS CO 364.0000 M 392X0 394X0 392X0 
*r.JZ> 37689 Jan 95 

«8X0 39100 Apr 95 3*7X0 397X0 397X0 


— 2J 

— *3 39X06 
—13 11 

—13 46X9) 
—24 6553 
—24 1*726 
—24 

—13 5X12 
-13 1493 
-24 723 

-24 129 

-13 
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81X0 57X7 May 94 8*45 torn 8040 - 81 57 

BJ49 OJOXXW 79X5 81X5 77X5 8140 

74X5 59JKMM 7i» 75L30 74XJ 73X5 

74X0 59X8 DOC 94 72X5 73X0 7240 72X0 

74X5 6*50 Mot 95 73X5 73JB U 73X0 

MteVtovW 7615 7*20 7183 SS 

76X0 7QX0JU19S 7650 7440 74X0 7622 

, 0095 7X25 

^sates 124MWW*. sates 1*494 
w«rj cwenlnr 5*134 up 4G 
WMTUISOL (N84BU ejaK+OTipaM 
5 4645 46.95 45X0 

aoo 41.00 Jun 94 4640 46.90 4*90 

57J» 41X0 Jut 94 4*45 OM 

gAO ^XDAUOM 67X0 47X0 4690 

5-E 47X5 48X0 47X5 

57X0 4*900074 4LB0 49 XU 4 « BO 

5BX0 46X0 Nov 94 5*30 5*30 ■mm 

5*65 500 5*65 

iHJJ® 195 51-40 S1J8 51X0 

nS 51X0 51X0 51X0 

5,115 4,01 50-15 

KX0 43X5 Apr 95 4JX5 49XS 49X5 

51X0 47.00 May 95 48X0 4»<n SS 


!^r ; . 


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+*40 31,19 
+052 4*977 
+U5B3lg7 
♦0X3 115*7 




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+053 HIM 
+*53 

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+*53 1JH 
+0X3 IN 
+0X3 
♦ 0X3 
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Livestock 


Es.stfes U55 wetfs-setes 2,911 
Wecfs own Int 21,770 aH 244 
GOLD (F4CM3Q PimtOTninaw 
416X0 335X0 Apr 94 372X0 372X0 37250 

392X0 37600 May 94 

417X0 329XDJURM 374X0 375.30 373X0 
415X0 341X0 AUO 94 377X0 37BXD 376JD 

417X0 346000094 377.10 Vtosn 379X0 

426X0 3**00 Dec 94 303X0 38*00 38ZX0 
411X0 343X0 Fed 95 

417X0 366MAOT95 389X0 309X0 3HX0 

4^X0 361X0 Jun 95 

41250 380X0 AUO 9J 

41130 41*200095 

48X0 <2100 Dec 95 

424X0 472XOF0M 

Est.stes 21000 WtefL sales 26X82 

WwfJBpenW 14*265 OR 1800 


337X0 +0X0 a 

390X0 +*90 1*210 

391X0 + 0X0 1,825 

39*00 +*90 750 

394X0 +*90 933 


ESBWS 


Zurich 


CATTLE (OMBt) 40X00 ta.cn per te. 
82X5 nSoApr* 7S.73 75.97 75X2 

75X7 71X5 Jun 94 72.70 72J0 72X2 

7187 70JOAU044 71 JE n.03 7*65 

7610 71.970c! 94 72X5 72X3 7177 

74X0 72JSDQC94 7247 72.92 72X7 

7425 72X0 Fit 95 7175 7?X5 7*45 

75.H 73X0 Apr 95 73X5 718} 7175 


AdtalntlB 237 237 

AkmHsseBnerr 464 660 

BBC Bren Bov b 12*5 12M 
CitaGofeyB nx 90S 

^ 68 

Fischer B 142S 1409 


Inttrdlacaunl B 2200 2175 


Stockholm 


a:* WO. 
Nfkkel 22S : 19 


Jalmoll B MM 

LondtsGvrR 900 920 

MOetferoldC B 435 440 

Nestle R 1252 1255 

Oeriit Buehrte R 150 ui 

ParPBWHWB 1640 1640 

Rod* Hdg PC «10 6995 

SofraRePUMIc 130 129 

Sendee B 3765 3790 

5cftindterft O00 S4Cd 

Suhtf PC 995 993 

Surveliian B TOO 2240 

Swiss BnkCoraB 604 417 

Swiss R*lMur R 575 592 

Swtaseur R 790 804 

DBS B 1108 7199 

WMerihurB 665 675 

Zurich ASS B NA 1292 


74X0 72JSDBC94 7247 72.92 72X7 

7625 72X0 Fit 95 7175 7?X5 7*45 

71 H 73X0 Apr 9S 73X5 718} 7X75 

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SUB 79JS AUB 94 8*19 8*15 7945 

01X0 7940 Sap 94 79,70 BOXO 79X0 

I1XS 79 J3 OcJ 94 79X5 8000 79X5 

0X0 77X5 NOW 94 0X0 BOSS HUB 

1*95 79.00 JOT M 

023 T&HMcrN 7*90 7*90 7*90 


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+*70 2461 
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3*36 <7X3 Jut 95 

to JO 47X0 Aug 93 

SBJO 4*45Sep95 

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21 JB 1*02 Jun 94 16X016X5 ffli teST 

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1 6)6 AUO 93 
16X8 Sep 95 
16420093 

164) Dec 95 17X2 not itib'. nn 

17.15 Mot 96 “ " ^ 

— "w 


+0JI9W8O 
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51.92 J9X7AprM 4545 4695 45X7 

56X7 MX7JlinM S2J0 52X0 52-13 

5*37 45X0 Jut 94 5173 SL«S 51X5 

5X40 4635 ADO 94 4075 49.92 <9X2 

4975 4X60 OriM 4185 4*00 4440 

5*30 45X3 Doc 94 <5X5 4U5 4UD 

5*BB 45X5 Feb #5 4U5 4117 44.90 

4*80 4*90 Air 95 4X50 4195 <105 

51 JO 4*40 Jun 95 6*45 6*45 6M 

Est sales 3X42 WM^sates 4X10 
WM’seeenM 37X0 off 52 


-0.01 Ml 
+ 102 17X24 
— *05 *5*» 
-*05 3X73 
— *12 2X15 
-0X0 2X11 
— *13 305 
—117 170 

-*» 50 


U5T.B6JJ (CMBU 

11 nPIntopBor 100 pa. 


9*74 

9677 Jw, 94 

95X1 

9583 

95L79 

9581 

96X0 

7S. 19 Sep 94 

9522 

95X0 

96Z2 

95X0 

9610 

9*70 Dec 74 

74J7 

94X8 

9*77 

9*80 

9iS5 

HJB Marts 




MA2 


VYwyssato 155X74 
"■Titeonlnl 04X53 up 12117 


+*09 Z8® 

+109 *» 
+9X9 - 
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.+0X9 




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STILTlSMURY (CBOT) USB 


S B OT) 8NBMBPHn+Ptete3Mm«MaiM 
105X55105-345185X35 105X2 + 19 IW.S63 
HO-19SQ-22S 50)94 104-12 104+28 104X9 104.26 + » 1X93 

EstjGtS 60X00 Wad** SONS 4*328 
Wecfs earn Ini 19*655 up 3371 
II TR. TREASURY (CBOT) tlflMMWln»mfc3aaicn»pa 
115-71 <03-27 Jun941SSX6 106-08 105*3 186-84 + 3D 317,172 

175X7 M2-3D SepW 101X6 1S5X2 104-05 105X0 + 30 1X434 

114-7) 102X0 Dec 9*10- 17 104X7 103-15 104X7 +31 759 

111-IP 101X9 Mar 95103X6 ID- II 103-06 109-16 *192 12 

105-22 KKL2B JuriH 102-28 +7 9* 

e«. sales 71X91 Weds, sates «*274 


Montreal 

Alcan Aluminum 29% 28% 
Bank Montreal 25% 25% 
Belt Canada <3% <3% 
Bombardier B 20% 20% 
Cmnbtor 17% 17% 

Caseaae* m 7% 

Dmilnlon Text A 7% 7% 
Donohue A 25% 

MOCMIltan Bl 19% 19% 
Natl Bk Canada 9% 9% 

Power Corp. 21 20% 


AGA 
Asm A 
Astra A 

Atta Caeca 
El ectro K m b 
E ricsson 
EM«ta-A 


407 411 
615 618 
160 156 

507 509 
363 362 

337 341 

113 106 


15*522“ 

rTTTWUS . 717 JB 


PQRKDELLfS tOAEIU AMh-mori 
61 JB XLjOMavW 5125 SLI7 SLO 


! Handeubanken 102 IK 


Toronto 


Quebec T« 

TategUtae 

Untvo 

Vktoatran 




19% 19% 
9% 9% 

21 20% 
24 23*, 
!£* 

19» 19% 
20 % 21 % 
5% 6 

16% 14 

: 1951.17 


Investor 6 

Norsk Hydro 

ProconSaAF 

ScnMk B 

SCA-A 

S-E Barton 

SkandlaF 

Stottska 

5ICF 

Stora 


111 177 

23323*50 
111 111 
120 117 

1J1 12S 
50 51 

127 130 

179 183 

145 147 1 

394 399 


TrailobargBF 94X0 9650 


£SSnS8j ,mj3 


AW tart Price 16% 16% 

As taco Eagle 14% 14% 

Air Canada 6% 6% 

Alberta Energy 20% 19% 

Am Barrick Res 29% 29U 

BCE 49 40% 

Bk Neva Scat la 27% 27% 

BC Gas 15% 15% 

SC Tetecom 25% 25 

BF Realty Hds *03 0X3 

Bramoiea 0X3 *30 

Brunswick 9% 9% 

CAE 7% 7% 

Comdev 4X5 4X5 

CIBC 29% 27% 


For 

investment 

information 

Read 

the MONEY REPORT 
every Schvday 
in the IHT 


61X8 AL50 MOV 94 5125 SU7 524S 

42JR 39JBJWM 54X0 5A3S sue 

59 JO 4LQ0Aua94 2X5 52X0 51X0 

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130 8665 
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118-26 90-12 5ep 94 103-18 W5X0 WJ-H W-2S +109 48X04 

118X8 91-19 D4C 94 10-31 104-0 101X7 104X4 +110 32X61 

116- 30 )00-26 Mot 751(8-3# 110-30 JOT-24 WJ-J6 +1» ±3B 

115-19 90-15 Jun 95 101-29 103-01 KH-M 102-29 +11Q 77i 

117- 15 99-19 SCOH 107-11 *110 76 

113-14 99-05 Dec 95 W1-77 +IM 39 

1W-04 98-23 Mot 96 101-13 +1 N) 34 

Ed. sates 600X00 WTO'S, soles <38X88 


Stock indexes 

nrooMF.iNOEx (cmeid 

if Hgs %% %£ 

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SS&flgrini 204X90 aBM 

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+4JD SAO 

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MIMOPAL BONDS (CBOT) siBBtouil OO MtoP Wlto 
104X7 87X6 JU194 91-12 92-12 91X8 92X9 -164 31.925 
95-1* 84-13 SteHtSB to -15 <0-14 91-M ■ *101 144 

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9SX90 9*M0Junf4 95X36 95JB0 91336 95X40 +3Q4I5X69 

95X20 90X60 SOP 94 94690 9L7H) 9*6» 9*770 +10392X43 

91100 96710 Dee 94 94.170 MOT 94.110 94240 -120325J12 

91590 9*391 Mot 95 4X970 9*030 9U5D 9*020 *160269X83 


Aes-cMi 
1X2 1*87 

1X2 IIX9 


+0X4 16.191 
♦0X7 4*X0Z 


Commocfity Indexes 

as \B ‘ 

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Page 17 


Rate Cut Keeps France 
Step With Germany 

By Carl Gewirti * 


■■ fc s 3 SSar-"= 

t percent [mm S.^SS* 1 *’ 10 5 8 
that France wouhfS*^ 1 ’ a ^Snal 
tow GSS^w? > “ Unuc 10 M- 

■■ K«?r 2 

: EE ? 1 00 ^ '« 5 £« 2 S 

■ rcdS'c.g^fl^.^^T 1 T 

-Bundesbank, which aUo 

iBSs^rkS” A ste 1 

-SSB^SS 

^uJa^whc had sold 
~ tee currency to weaken 

\ TO forced to WJSS 

- S T*^*)”* puUed the Deut- 
• . mark as tow as 3 42st franet- 

from a high for the cfay of L433Q 


3 SS‘ ^ had recovered u> 
tliJS™ 1 ** ^ tee close of trad- 

ai VirnF* *** was falCT quoted 
j»J 14272 francs in New York trad- 

Franons-JCavier Chauchat of 
Jjanque fndosuez said he expected 
tee franc to gain against the mark, 
out only after the mark starts to 
weaken against the 
teat's not imminent.' 


opportunities to reduce rates, Mr. 
Tnchci said it would cause serious 
damage to the economy if a “brutal 
and forced” reduction in short- 
term rates caused investors to 
doubt the stability of (be franc 
“and in the end led to a rise in 
medium- and long-term rates.” 

eJMF, although less 


wSk«rL? tCT u slzrts 10 But like the IMF. although less 
lhe ~ oUar ~ 306 forcetvUy, the French centralbaftk 
s not imminent. said the country’s growing budget 

France S £2 3 !£r £*• J 3 ** deBdt pOSed * Potential proS 

- said and said it was essential that efforts 

nue presenting the central bank’s to reduce the deficit be “effectively 
■tuai report that the latest French implemented." 

' actions showed that Asked whether this could be read 

process of monetary casing in as a criticism of Bovcmmmi wA™ 


while 

ann 

and 


iwea mat Asked whether this could be read 
casing in as a criticism of govenunempoiicy. 
1 Mr. Trichet said only that “n’s im- 

fS/trtflMi vW<it tVa _ _ 


— -*“viw auur i 

tee process of monetary e 

Eim^je had not yet ended. Mr. Trichei said' only that “it’s Irb- 

■ He teat France was cleariy portant that the government re- 
in an economic recovery and said soect its taraels.” 

IM rats* nil un* J — ~ « • 


— >sw»wj ana saia SpCCt its targets.’ 

jnc rate cut was designed to stimu- The 10-point cut in the intervea- 
. tw growth. tion rate was tbs fourth reduction 

nf lh/» C9im> ri*A nnn» C.k ~>A Tk. 


ue its growth. tion rate was the fourth reduction 

in what appeared to bea reply to of lhe same size since Feb. 24. The 
amaan by the International Mon- central bank also cut its five-to-10- 
etary Fund that France’s monetary day emergency funding rate by a 
poucy had bean slow to exploit quarter-point, to 6.75 percent. 


Bundesbank and the R-word 


Ry Brandon Mitchener 

• njAWVr. I™*™ 3 "™** Herald Tribune 

JS££E£? } *F- m 'H* Bundesbank, one of the last 
C SS? OW, ? Se the economy S 

' ^ one of the first to say it has 

..radr^ has now caused a stir by saying it was not as 
bad as everyone thought ° 

°, veraW w «i German economic activity 
L filing 2 percent after adjust- 

% for inflation, and this was “more than in any 
other year since the creation of the Federal Republic 
of Germany, the Bundesb ank said in its annua! 

• report published Thursday. 

. * lhe rcccssion teat began in 1992 was “not the 

- worst m postwar German history," as most econo- 
mists and other commentators have described it, the 
central bank said. It died data that utifea tinn of the 
country's industrial capacity had been lower in 1981 
The Bundesbank's assertion raised eyebrows among 
economists who use the gross nation al product as tbrir 
primary yardstick of economic activity. It also raised 
.. questions about the Bundesbank’s in lent 

“The formulation suggests teat we shouldn’t expect 
■ any crusading,” said Hans-Hdmut Kotz, an econo- 
' teist at Deutsche Girozentrale- Deutsche Kommunal- 

bank in F rankf urt 


If the recession was not so bad, then neither the 
Bonn government nor the Bundesbank need be 
blamed for having done too little too late about it so 
far or for doing too much about it in the iinmuriiaif 
future, he said. 

The government of Chancellor Helmut Kohl, who 
faces re-election this October after 12 years in power, 
has been widely criticized for failing to curtail deficit 
spending after reunification. 

Like the Bundesbank, Mr. Kohl long avoided using 
the word recession, proclaiming the end of the econo- 
my’s slump last July, just six months after the dreaded 
R-word first crossed his lips in public. 

The Bundesbank has also been accused of having 
Failed to recognize the severity of the current recession 
early on and consequently of having begun cutting 
interest rates later than it should have. The Bundes- 
bank even raised ils discount rate in July 1992, just as 
the current recession was starting, and was forced to 
partially retract its move just two months later. 

A spokesman for the Bundesbank said no hidden 
message was intended by its comment, which was 
made once in a 150-page report “Capacity utilization 
is a sensible comparison,” he said, noting that Germa- 
ny does not use the U.S. definition of recession, which 
is two consecutive quarters of economic shrinkage. 


£41 Million Babcock Loss 


Compiled by Ov Stag From Dispatches 

LONDON — Babcock Inter- 
national Group PLC on Thurs- 
day ua veiled an overhaul of its 
energy division and said it 
would post a 1995 loss of up to 
£41.2 million ($60.91 million) 
for the financial year. 

Babcock also announced a 
rights issue to raise £78.6 (mUton 
to help finance the reorganiza- 
tion and expansion of its maleri- 
als -handling business. 

It said 450 layoffs, as well as 
plant and machinery surplus. 


would result in exceptional 
costs of £25 million. 

Babcock reported a pretax 
profit of £21.1 million in the 
1992 financial year, but has 
been hurt by cost overruns on a 
£400 million contract for clean- 
up systems at the Drax power 
station in Yorkshire, England. 

Ft said . the energy division 
would be“morc focused on tech- 
nology, engineering and project 
management, and less so oa ma- 
jor construction activities." 

(Raders, Bloomberg) 


Nine Police Raids 
Seek Evidence in 
Schneider Affair 


Compiled by Our Staff From Dispatches 

FRANKFURT — Police 
raided nine private and busi- 
ness properties Thursday of 
JQrgcn Schneider, the fugitive 
real estate magnate, in a bid to 
gather evidence on the man who 
disappeared owing banks bil- 
lions of marks. 

Deutsche Bank, Germany’s 
largest bank and the cred- 
itor of Mr. Schneider’s con- 
struction empire, said it would 
lake years for the bank to win 
back confidence shattered by 
the affair. 

A spokeswoman for the 
Frankfurt public prosecutor said 
the search was aimed at locating 
business and banking docu- 
ments, mainly connected with 
suspicion of fraud in the financ- 
ing of the Zeflgalerie, an upmar- 
ket shopping arcade developed 
by Mr. Schneider in Frankfurt. 

The search was also directed 
at relatives of Jurgen Schneider 
and his tax adviser, she said. 
“They are not accused of any 
wrongdoing, but the search was 
necessary because it was as- 
sumed mat some of the docu- 
ments would be there;” she said. 

Mr. Schneider fled two weeks 
ago, leaving letters saying he 
was taking a break on medical 
advice. His company, Dr. Jar- 
gen Schneider AG, and several 
subsidiaries have since filed for 
bankruptcy and bank debts 
were revealed to be about 5 bil- 
lion DM ($2.95 billion). 

His whereabouts are un- 
known. The mass-circulation 
daily Bild reported “sightings” 
of Mr. Schneider in places as far 
apart as tbe Bahamas, Switzer- 
land, Iran, Paraguay and Bavar- 
ia. Reports emerged earlier in 
the week that be might have tak- 
en a vQla in Florida. 

Hilmar Kopper, Deutsche 
Bank's chief executive, told a 
newspaper that tbe bank’s cred- 


ibility had been severely dam- 
aged. “We wffl be busy for years 
working to win back ihe trust of 
the public and customers,” he 
was quoted as saying to the Ber- 
liner Morgen post 
In an interview with the 
Stuttgarter Zd lung, Mr. Kop- 
per said that the bank would 
“check everything thoroughly 
and then take the necessary ac- 

Mr. Schneider 
has been 'sighted’ 
as far away as 
Iran. 


tion, including making person- 
nel changes if need be.” 

But Mr. Kopper rejected 
widespread criticism that the 
bank had not bees cautious 
enough in lending money to 
Mr. Schneider. “We’ve readied 
the point where it is starting to 
bun. That is unfair.” 

Tbe Economics Ministry in 
Bonn confirmed another report 
in Bild that the banks were like- 
ly to lose 20 percent of what 
they were owed and teat con- 
tractors and craftsmen were un- 
likely to be paid any of their 
bills to Mr. Schneider. Banks 
have maintained that their 
loans to Mr. Schneider were 
largely covered by property. 
Economics Minister Corner 
Rexrodi had ordered the report, 
which said teat revenue from 
tire properties would end up 1.7 
billion DM short of covering 
the loans. 

The German parliament on 
Thursday approved a new in- 
solvency law that encourages 
efforts to keep companies in 
difficulty going rather than sim- 
ply liquidate them. 

(AP, Reuters, AFX) 


New-Product Sales Lilt SmithKline 


Compiled by Oar Staff From Dispatches 

LONDON — SmithKline fiee- 
cham PLC said Thursday its pretax 
profit jumped 15 percent in the first 
quarter, helped by strong sales of 
new products. 

Tbe pharmaceutical company 
earned £353 million (S528 million) 
in tire quarter, exceeding analysts' 
expectations and sending its shares 
up nearly 2 percent in London. 

Overall sales fell 3.0 percent in 
the quarter, to £1.48 billion, be- 
cause of the impact of European 
government price controls and lost 


revenue after the sale of its person- 
al-care products diviaon to tire 
Sara Lee Corp. in June. 

Saks comparisons also were af- 
fected by strong antibiotic demand 
in the first quarter of 1993 to com- 
bat a severe fin season, tbe compa- 
ny said. 

But sales of new products surged 
61 percent in the first quarter of 
1994. 

Among the new products, the 
sharpest gain was registered by 
Paxfl-SeroxaL the antidepressant, 
whose sales climbed 175 percent 


The drug made “excellent pro- 
gress” in tire United States, increas- 
ing its market share amoog retailers 
and through managed-care organi- 
zations!, said Robert Rauman, chief 
executive of tbe company. 

The strong results prompted the 
company to raise its dividend to 3 
pence per share from 2_53 pence. 

“New products, together with 
strong partnerships with custom- 
ers, continue to be sources of solid 
performance," Mr. Bauman said. 

( Bloomberg. AFP, Reuters) 


Peugeot 

Prospects 

Uncertain 

ConpUed by Oar Staff From Dispatches 

PARIS — Despite a rise in firsi- 
quaner West European market 
share; PSA Peugeot GtroSn SA’s 
chairman said Thursday that pros- 
pects for the automaker were un- 
certain. 

While 1994 started on a promis- 
ing note, “the situation remains ter- 
ribly difficult and terribly uncer- 
tain,” Jacques Cal vet said. 

But he predicted tins year would 
be one of recovery from unprofi la- 
bility in 1993, when tire dump in 
Western European car rales and 
European currency devaluations 
took a toU 

“1993 was a particularly dark 
year, with a horrible economic cli- 
mate, more competition and a his- 
toric collapse in markets,” Mr. Cal- 
vet said, adding that he was 
“moderately optimistic” about this 
year’s prospects. 

The company on Wednesday re- 
ported a loss of 1.41 bQlion francs 
($242 million) for 1993, compared 
with net profit of 337 bQlion francs 
in 1992. 

In the first quarter, Peugeot G- 
trofcn’s share of tire passenger-car 
market in France rose to 3Z9 per- 
cent from 302 percent a year eaiiier 
and sales volume rose by 30 percent, 
Mr. Cal vet said. In western Europe, 
tbe company’s market share rose to 
12.6 percent from 12,0 percent. 

The European activities of Gener- 
al Motors Corp. were the rally other 
volume producer to have retrieved a 
year-oo-year increase in European 
market share, Mr. Cal vet said. 

GKPs British subsidiary, Vaux- 
hall Motors, said Thursday its pre- 
tax earnings fell 17 percent in 1993 
from 1992, to £185.1 rnDHon ($277 
million). Earning s were dented by a 
drop in exports to Europe, tee com- 
pany said. 

Mr. Calvet warned that auto de- 
mand in France was slipping be- 
cause the impact of a French gov- 
ernment rebate program to spur 
auto sates appeared to have “run 
out of steam." The program sub- 
stantially lifted French auto de- 
mand in February and March. 

( Reuters, AFX, AFP) 


Investor's Europe 


Fmnkftirt : ? v, *2 • ■ 

GA3CV-:- £. ■ v ' <JAC*W ,* v : if -Vk 



ii : m 











Sources: Reuters. AFP 


Imcnaboaai Henkl Tiitnmc 


Very briefly: 


e Royal Nedoyd Group NV said it had profit of 66 milli on guilders (S35 
motion) in the second half of 1993 but a toss of 1 12 million guilders for 
tire year, compared with a loss of 58 million guilders in 1992. 

e Sweden said the privatization of Pharmacia AB, expected to bring in 14 
bQlion kronor ($2 bQlion), would begin June 1. 

e Ptreffi SpA said its net consolidated loss narrowed to 96 billion lire ($59 
mQlion) in 1993, after a restructuring charge of 128 billion lire, from 154 
billion tire in 1992; sales were up 12 percent to 83 trillion lire 

e Benetton Gnqt SpA said 1993 consolidated net profit rase 13 percent 
from a year earlier, to 208 billion lire, and operating profit was up 14 
percent, to 408 hDtion lire. 

• Italy’s gross domestic product rose 0.8 percent after inflation in the 
fourth quarter from tire third quarter and 03 percent from a year earlier. 

• Hetneken NV workers went on strike at one of the company's main 
Dutch breweries* in Den Bosch, after wage talks broke down. 

• Hoechst AG said it had stopped malting cblorofluorocarbons, tire 
rihemiral compounds tem destroy the Earth’s ozone layer, 20 months 
earlier than the end-1995 cutoff it promised in 1989. 

• British retail sales rose 0.8 percept in March from February and 3.8 
percent from a year earlier, exceeding market forecasts. 

• Germany's Pa rliament approved an insolvency law. to take effect in 
1997, tohdp keep struggling companies going arid to give creditors more 
control aver whether a company is rescued, sold or liquidated. 

Bloomberg, Roam. AFP. AFX 


Schimmdbusch Plans U.S. Company 


By Alan Friedman 

lntemaaoBcd Herald Tribune 

PARIS — Heinz Schnnmelbusch, who was fired 
as chief executive of the German conglomerate 
Metallgesdlschaft AG in December, said Thurs- 
day he planned to start his own company in tee 
United States. 

Mr. Schimmdbusch, who has vociferously de- 
nied claims that be failed to inform Metallgesdls- 
chaft’s supervisory board last year about losses 
from trading in crude oil futures in New York, said 
in an interview he planned to move his family 
permanently to the United States. 

“It was made sore that I am unemployable in 
Germany.” he said. 


Mr. Schimmeibusch said he planned to contest 
any charges that might be filed against him in 
Frankfort, where Affidals are investigating Iris 
management of MetaDgesellschafL He also said he 
had set up “advisory boards” of business leaders in 
tee United States and Germany who are helping 
him defend hims elf against accusations of wrong- 
doing made by MetaOgesetischaft and Ronaldo 
Schmitz, the Deutsche Bank director who is chair- 
man of the company's supervisory board. 

Mr. Schimmdbusch refused to discuss his new 
company except to say h was “a small business 
based in the Uni ted States and active in various 
projects in Europe.” 


je 


AP 

tin 


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for 

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{LA: 






REAL ESTATE MARKETPLACE 


REAL ESTATE 
FOR SALE 


BRAZIL 


PtlVATi BUND, 1 how h«" < £ 

krmro, 5 now of naad paotiae 
■non house, 2 cptP tom, P°“. 
dvnd owl mom — Al W 

hefan wdM. UBMMJMTW 
fa.- PAHS 133-1139 32 97 01 _ 


CANADA 


FAXM HO AOMdMQ Omr- 

□Ion Bor- Nr- Kk \ h°?» 
bcTTB. \ hr. Tororto. 

CgitSSO.OOO 

CARIBBEAN 


ST. KITTS, 
WEST INDIES 

ffKtaSffSXjE 

''“““‘STSEus. 

(212J 888-ttSS 
(212) 371-9133 

1456111 


BAKIHBEMY 

Tfc ■ ” 


. 


tUBOON 


lin-T 


)3JB 


Ml ROM 1W TOURSnC CROWD 
in an «mpo* ml cohi oaf of 

PROVBVCE. IrocfftnX kos. far 

artS/writor. . r « t 5 r “ l *7 

crofanvn aid My amwod fa 
i Ul faA 5 bedracra, hnflB fr a g 
loom, vouted fakiMi & duoo with 
ooch a lergo fiwpfaa, tanaw, per 
gain, Minnfag — ““ 


u Bqjn- Oiroef from owner. 

tiOO net erfro tat or 
r93 23jl03faxl2Q5 


noVBtCL AVIGNON iman 
In d mu ng Ahga, durato now*. 

ciutyird, 190 igj*. r*ng spot*. 
5 teiam, 2 Wfagroora. 
al confati. FI ,220000 


DORDOGNE - 6 km PSBGUBDC 

‘SooXEcra? MOPsmr.ttgh 
mlotts. famed wM. P""* 

dub. liwna Juno* A15 1 




18*1 


a p u c r 

-MAJSON DE MAnwr 


5+ bedroofaL 
7d P3J 61 0« 85 28. Fa* 61 66 16 32 


tor * 0A $W J!22Li? 

22 s saw, a.fa gAs 1 

iqsiLYMe n M fa 

Uarfft F-ggQ PvyinreL 

FRENCH rtvtera 


_▼ n) m ix C3TAPBl£ 125 SQM 

tfoo. WTAH1S w m 
n394t Fm PS9 72 00 W 95 


MMON , 

Owner sdk perthowe temad in Green 

7nw 5 uajiuia, mJe from center and 

teaeti wfh wiofafcuoed view of sea 
end rnounfaes. Apotwrt 160 ton.- 
HJ, Mn QfjgQB . fcgpcmfr 

tatawL mart* batnroooi, seporcrte 
WC Two bedrooms, roof gonlon far- 
roce, 250 s^JB. with pergab. Asfcng 
trie* mpUISttL Furrifcre ek. con be 

fafan oner, Stntiy fa nt* in. fafar - 

ested person please cal Sentzerlond 

+4 MMMiJR 


FKB4CH RIVERA - CAP CANTBES 
AMN1ESPQB 

P»C 10GAT10K D«£Cr ON SEA 
• 5 ROOMS: wound 190 prime 
garden, pooL ff&IXOpfXL 
i 3 ROOMS: arotma 85 sqm, prime 
greden. TFAJOTflOOi 
WBEMJmjL fiPAXW&n-. 

Kino widi terrace, 2 be d rooms, 2 

ff33oouoa 

AGB4CE EE (A PMBX _ 
Tdt 334367 1010 tab 33-93673272 


CAP fKRAT FOR SA1£ 

SVjmng views over thn sea and ma 
oaost dr Rb way to Holy. Oat SOW 
vrfa o n Made, wRfa t wo flond wi fcwea . 

QQrag^ oerfure gard&i 

BEAIAJEU IMMOBttlB 




Tel (33) 9301 3322 tar 9301 335S 


HUNCH BTCtA - CAP tTANIBB 
, wura. 


VSYfcAR&MasdBv*L7i 
equipped kWwn. 3 b<#», s 


MCE-RB4CHRIVIBA 

UST ROOK -SEA UP# 
To^^mmfae^tndCWPAIACE 

+ 50 rqj i doeff 

tat ret 3464, iff 33-1-46379370 


CANNES QZOSE77E 

Nmr Cartion 

SPECIAL OffHl TO GMH 

Siporb lorge +5 room eparhnefl, 1B7 
tqin. faaig yea, Sm.qsogr prstfaft 


Td 33-93-6 60 95 tae &93di 76 SI 


CANPES APARTMENT 


large Mng toon. 2 bedrooas en suifa, 
recurity. lOOn from made end 
ytdMfaixw. 

Aa*y. STOb€VUlE PTC 
fbeengioneb 44430 432 271 
Far Mwe: 3393 99 43 63 


GCmEtrAZUKAVAK 

SMOFLOTBON 

Sdi the bed VRns/Aport men# ei 
Mmsr Vence. Morio n, Connes. 
ArWbfa & cd top loockom. 

Tet UK 71 483 0606 
Foe UX 71 483 0438 


CANNES, CBOTAL tarn, wj 

l^&IT SW£. MARLY PHWJBGETet 
07 06 fa 93 94 16 91 


CAWS 

20 ROUTES TO CANNB 
, lEAUmjl VK1A 
Calm a ea. tea & tie riew. 

5 bedraone, oudxiUnQs. t n Mi BM i ig 
pool 3^D0 igjn. tool 
Trf: 93 60Si 35. tae 93 AO 63 14 


FBWCH BVBA. CAME 15 fata 

far AS nod. Beaatifii tawened »ir^ 
204 KyiL. tea view, ookn. poot 1,924 
lam. freed 
T« m 
Own 



CAUIAN (VAR). 30 mn Conner 5 tin 

of V Carnot aboot 125 *jm, 
reamed fa m Bourgsoa ay 4e »on- 
aon, 225 tom. BtCH 1 - 

TlONAt LOCATION 8 VIEW. 
fTOO JKXL VAR IMMOBRJR Tel: (33) 
94 47 79 79. Fan P) 94 47 77 21. 


GRAS SE Beo odM 2-teorn _ T . 

wbh gauge aid ccRa, pruorac no 

wew. terrace, twrsnlng pool, term, 

lovely aadem. R9W3JC0 Tel Pais 
03-1) 45 24 96 10 (dovt) 40 59 OB 31 


.1 fduyt) < 
Fax 45 34 79 43 


Oil) ANTTES, 15 lam Nee oirpert 
rn m n wi town home, 105 tom. 2 
bedroom, I baft, fcvwg wft reazo- 
kechci cSrwig. roof terrace. 
. Tet Rarieft) 46 33 42 18 


one. tedie 
FiSomo.' 


GREAT BRITAIN 


LOMXM CBdlAL RAT & patng. 

luxury (idy funifted ttudo ft*. 

*Ws/10O yr toossfroid. 2 
... Pai & Marne Anh Oixef 

resdenre. £90 000 Teb 44 71 723 7728 

fa 44 71 2627141 


GREECE 

PLOT Of LAN), 40 

30 fan, fra 
1.380289. fa 301 







r*’* e*l 


' 


VuBtm, IM 





jfocojmrwiCatwn 

.50 Bedrooms 

^SOOsq.ftP^ 9 ^ 
'•BuD a Bear Pub 

-Rasaurant 

•Afl sitaaed on 


'A Rare opportunity to acquire 
one of Dum's most famous 
Hotels* 

• Thraani8wfroiuCttyO»n*re 
• Deslnbla Location 
. On Dubfa*» mate roifle South 

• Devatopofart po*«*W 


tpQmniriff Permission exists for. 
. Leisure centre (mdudng pool) 

•2 RBStawaifc 
•Shopping & Bank 


■ .r 
,.**!** 


4 




Looking for 
property En 

IsWBSKBALESTATgl ftritoHlJ? 


MONTREUX 

UagrifcsS fefeside apartraerts on fn shores 

of Late Geneva. DeBghlfal setting with 

swwuning pool, boat mooting and private 

beach. Fabulous view of the take end Mps. 
Total knay. 

Pda range from ». 1200X00 

IfcnatfSrinMftWMr 
Of fare C. JmmM CBC 
»a.ft «3BB uiiiM^1 i Uefa^ r r*re fa* 

TAietgjnwjqag . bbhimuqijw 


iHMSMIWMtHBK 

UflCE, HIGH 5TUIMM> DUPLEX j 
St Moritz Airport nearby 

+41-82-86133. 


French 
Country 
Properties 
will appear on May 6 
To advertise, please contact 
Pied RON AN 
TfcL: (53-1} 46 37 93 91 
RrV! 133-1)46 37 93 70 




6013044 J 


CABO SAW LUCAS. flAHA, MBOCO. 
Mogndknrt how on Pacific Ocean by 
awod wining erthtea 4500 si. in- 
terior. 1800 sJ. terraces, 3 bedrooms 

3 bafts plus read. Al room oatsi 
vrew. fax to oaingwfaiows. Oxh 
orftr it US. dolon >95,000. Cirtorn 
bub freaSwes crvattble. For [21 5 
939-8060 USA. 


MONTE CARLO 

CertroBy located bukfing, for sde, very 
pleascH 2-bedroom | opatrneW. 140 
win, or ajntfirioned, private roof ter- 
race, perteng Bare, faeiiQ wed. view 
rfftr^tonctotoAer. 

AAGEDI 

Tel 33-92 165999 tar 33-93 50 1942 

1— 

• • • MARRAKECH ■ • « ' • rtfa 
rired occess Goft raune fa i were, 
400 stun. • 4 beriooms - hrtel service. 
(JSSSODJOOQ. fa no. 41-22786 9 86 

PARIS & SUBURBS 

5F GSMAJN DB PRES 

Uoretoos 195 W*, 2 receefton rooms, 

3 , ^Si^sr Qn 

Tet 1-45 55 79 00 AGENSFvAHNf* 

V1U£ PAVEAr- EKSPnONAL, 

20 rare VM Bob Pens, 19ft cent. 

OraertaB (33-1) 47 50 64 64 

era. IBANGU DYR 

Rue Francois Ire. 80 stub, 4ft Boor 
16ft, TROCADSk) tap Boa duplex, 

ISO sue + 95 rare, tenoae, parting. 
Tri V43 » 30 9Ste 43 «15 S 

UlMOIMRia- 17ft rentorr 
hrtonml burking, dtorocter, 5/6 rooms 
with imsnraTlMPECCABLE. Fft8 M. 
Tet 1-0294318, oflfa 34Q 3034 

FONTAINnim in heart of "rertre 

vfc". Qwet, (banning, modem, 
tochen, 2 bedroara. aha loh, jis 






wont «*I* « 4 »we« 1 afe lap 

floor, vrew, m eca w e. I432M2H 


SOUTH AFRICA 

SMAIi HOTS, W modem and bgh 

daa with onriqu* hmAxe and orat 
vineyard, mdwSog 80^00 mjb. 
uuwkI In bea*fii area nea Cape- 
town to td fa ISS2J nXoa. Inqrav 
per fa to +41 1 211 15 50 Itoyrt 
Baft of Sated Zafrfi, Swtertond. 


(^iiSSS 


THAILAND 

QOMiaNMDMb flaraU 

fftOrt. ftafooo. uaw&at 
«OTH&P»x*»t. Wi Sana. Pottavo 
Bcngkok. 30-175 rot, USSlhWJS5\3M 
SSr HOU5B Hue Htl ffite 

6-20 ream, USS250K-US600K 

SIAM INVEST 

Tet +46-13-115000 fa +46-13-126711 

, | :} P.t.'TiflHl 

N*d 

VELARS 

Nm b*rey owe bedroom apataenl 

54 stw +■ batoony W party, 

Sfr^MOO. Mortgage rerateie. 

Td: 4J_2272L253Dfa.- 733.1L69 


N THE REGION OF MONIRBIX. 

Sratzertond. Direrfly at the shore of 
fte Lifte of Geneva Towntase 
crater ft thing ■ 2 berioems, 2 
boftraoms, win terrace. Bate 
brefaeuie. Arthornason to mftp for- 
even. Tet +4121 7 9630228 

USA GENERAL 



pRiLf R 

NYC/Sft Are lBtoSfexere 

Draaner’x List; Awradad 7 

1) lajQOO' condo penftoere, 16 osSnp. 
Viewd Gem. 

2 4/00' condo DWtthsiee. ti fXta sale. 

% 7 ffXT Wtfte tttenL «1 JM 

2 Z4QCT to 4(400. S850K. Sefccafcg- 
$ y® 1 2 to 4 hriootns, fly over me 

a yw* fmam. Met a SID tot 
Mcartentfcs. S1J71. 

7 " M "S?^r*sr 

212891 -7092/Rts. 2126*4435) 

DOUGLA5 HUMAN 


BOCA RATON, BOMA^Mot. U*. 


wy horeei tnm swym ‘ 
Sl6.Gtro^tab Ufa. BH&G. 


407-343. 


LOS ANGBB, CAUFOSMA 
Architea sek or lease* his htede imfa- 
tevd home. SeancnSy sooni I Uod 
up from 8555 Sonar fflvd. View, high 
wood ce4ng^ firaftxe, terraces, woft- 
roo m, tea me heixxirn, woftin duet, 
(Vc/iiett room, fang non. At ga- 
ckn fat 2 bedroom sutv or if dearod, 
could be coed a office with one 
(ran Sunset Bkd. 5675,000 
north. Photos awdobfa. Tet 
1860 a FAX: 310/652-1854 USA. 


mVYORKaTY EAST 5STH STREET 
THESOVBtSGN 

Stu nning, tot ofy renowned Omsk with 
2 bodroonn, 3^ bafts. _ cnoidi iqui\ 
(firing room, I 
granrte -counter 
nortWsouft rimefety uiewi 
CAROLYN 5THN 

Tet 213832-1666/fa 212832-1679 

GRSUHAL RB83B4HAL 


MAGfaKBfT faAcre brgMt MrtOT 

in long Wand. 24CT wrtertrort to 
AJfanfc Ocean. 50 eh. fa New Tort 

' ..." Tot 516-277- 

51 6- 27 7-71 63. Hr. toy. 


NEW YORK OH one-bedrooai 
apart m e rt. 74 tq. m. in luxury door- 
men button an fa 72nd Street 
OS. SIHUOl CJ 212-628-9033 « 
tend fa« to Alex Afaer . 21MD6-553L 



NEW YOtK OTY Farahed stu&x 

From A fa Z 1 bfad frm 5ft Avenue 
and 2 Mods from CartfnJ farfc. 24 hr 

doormaL J125K negabbh. Tet 212- 

2654288 


DBAWARE - USA. BeouttfJ 3- 
bettoom home under J100 K. Oefafa 

Cktd - fa 945. Cartra Colon. J®6 r 
Soo Jbhl Cotta Boa. CLA. 


REAL ESTATE 
TO REOT/SHARE 


OBSMARK 


CP f ilAGBt. _ 

8}ip, modern 




dowrtowa 1 

CmOMrnL 


c frit crao, new late, Woods 
fcan 1 


. 77/94. 
■W9S473? 


FRENCH R1VIEBA 



BBKHRM&A 

ST JEAN CAP nSAT, CAP WAIL 
VUSaANOMUMA fa 
flEMJUHMUMH 

for rent dnice of wfa, 3 to 6. 
bedroane oi ei t u ohn y the sea, wift 
rwimre ing pod. « we nght ait the tea. 


19. Bid da Gemrd Ledere 
06310 BEAULEUSUB46& 
Te/pSJ R3(H 04 13 fa(33t»(H H 96 


OVWB RMTS VUA 

su m c m — ■ 3so we , 
eccBTWNBt » vaeyfooL 
FXJOOpmt 
UbpS)9 


I 93 64 90 ' 


GREAT BBJTAJN 



b eds, lar ge Wy 
1537 3140 a Tet 5)5 23B 


MAYHURfKB6MSrOK IwwY > to 

5 beds Rats/kwse, ftort/tong Ires 
fare OSVm*. Tet 4471-^61976 

KMQHI9HXX E59/doy taury fa 

next Hcxrodx. E33/dw at KenM^oa 
Tet 71 8351611 fa 71 STMtOr 


GERMANY 


RAMRJKT 

/ temced MUfaH 

eadnsnely dadgned. %iy furrashad 
dose to cwport and dfa 
PhoDt/fer«/t»W<<enng mtxiwr 
40 sqjn. apartment, DM 60 per day 

’WSKG*' 

oortrad ran from 1 to 6 worth 

t*n»AGlOMlMMOHlB4 
UmtoMr. 4, 61350 Bad tfemburg 
Pfae +496172-86051 

fa +496172-86136 


IRELA ND 


S1UDYMG M DUBUN ti fa woner/ 

year! luxury self O Ort re ned no- 
m enod ii wi ei South afy. Everything 
Fax: 010 3531 6600048 


js±i J 


PARIS AREA FURNISHED 


RATOIR 

BRH.TOWBOR 
BCPO PORE DE VBBAUfS 
Fran stoefias to five-room do luxe. 
DnRy, «reefay or northty. 
Fn* shuttle service to 


Cafe D5-S45J45 Tol Free 
or (33-1) 45 75 62 20 


Embassy Service 

YOUR BEAL ESTATE 

AGENT M PASS 

Tel; (1) 47.20.30.05 


74 CHAMPS B.YTB5 


FOR 1 WBBt OR MORI Kgh doss 

2 or 3-raan up a tmwfa . FULLY 

i. lMMBMlfsSBVATlONS 
Tet (1)4413 33 33 


MAINE |A VA11S, NEAR PARS. 

American owwITHATCKD 

Ocw new 

irtl school new TGV & 89 Ufa . 

Fwmhed or not to vA. Law here. 

reduced nrt Trtifa P3-U 6W3 9101 


I HoW COW30RK lAFAYEnE 


leaeTSnth a we. 
IGcuvicoSi C 
Tet P| 43 59 


95, Md CowwSi^Cg Paris 17ft. 


5-iocrn duplex, 2 
refined decorated 


Tak p) 42 25 32 25 


I3#l FOR 3 TO 6 MCNIHS. Cham 

mg high dan fawio. 35 rq-nv, 

wafterL Exeefart condtmn. Free now 

■ mdaded. Tet P| 

HI 45 80 64 a. 


F4fl00 drag m 
45 89 88 97. fa 


3rd NEAR BEAIAOURO 
Newly redone 2 bwfcww o^dudy. 
Vftd to waB caprtmg. Fll jOOO noi 
Td 1-47 53 30 13 tae 45 SI 75 77 


TO 

Nakkrefad put My t Q Crt**rts, q| 
cm Paris a<d suburbs. CAFITAlf 
MfFSS T«t p) 46 14 82 11. Fera 
pi 47 72»«i 


RHfflNO FURMRO APARTMBflS 
in 17Bi czrtvy buBfanp. nea RK Lc 
Vesmer or 5 a »ciw» fc L From 4 dap to 
6 mortle. Stories, 2 rooms, 3 roams. 
Tel 1-30 86 23 (XL Fax 1-3086 23 30 


remir, bode u saussaye, high 

Inge receptio n. 3 bedroass 2 
hds loffft bekary. on gordon, 165 


MRS KNVBflIE diam. privrxy with 
sendee & furrished rcrtafe. 3 ragNsta 

2 rears. Tel 1-42124040 fa 1-42T24048 


Id*. TEOCAD0®, doa. kving 4 1 
bedroom, nabh bath. TV, aH 
eqwftmd, am. qu^t Tel 1-4727 2149 
IA1R4 QUAXira, 2-room Art in town 
btchen/both. Rjnmr 
Tot 1-43546569 


15ft, FBDC MURE, sptnrid mxfio. 


PARIS AREA UNFURNISHED 


d*, ToumjN sear, nm eat, 

4 rooms. 155 sOJA, oqueped Wdwn, 
doa. lfah. iroCAMTOni room 
145 rqjn. very hfft dray 1-457? 9320 


PORTUGAL 


IHBOH - 3SOOM APARTMENT, Sv- 
ing/fawg room, kitchen, 3 baths, go- 
rope, cyi nr. river view. Owner Tel/ 
Fern 351.17270577 


SPAIN 


LOS JERONIMOS APARTMENTS 

Mown. 9 Madrid. Between Prado 

Museum A Lent, Port Finest examie 

of tnxteanal furniture. Dafy - ' 


MonMy rrtes. tae r urfnre - Tel | 
I 4200211 ! 


fa 134-1) 4294458 


7 PLAZA DE E5PANA APARTMBR5. 

In the heal of Madrid. High dan 
audios to bt My weetfy. monthly 
rertes. FiAy eq u iuced. Direct rreerva- 
tkm. Tet 34.T5« 85 85. Fac 
341548.4350 


PLAZA lASUCA APARTM94T5 27. 

Coonniarta Zai» Madrid located in 
ft* financ i d & business aea A wom 
& xiriwduri 

ManHy rates, tfanations ■ Tet i 
11 53S3642.Fafca4.il 5351497. 


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INTERNATIONA!. HERALD TRIBUNE, FRIDAY, APRIL 22, 1994 


Page 19 


% 


F 



Murdoch Finds 

Buyer for Rest 
Of SCMP Stake 


» C ^^Our Sta} f FnmDapat(tm 

ufijfj* LlJ .MPUR- Malayan 
dav^h^ US !^ Bhd - “* Thin- 
SSL? agreed t0 buy Rupen 

^ke m^ i re v, m r^ ning ,5 ‘ l*K 
Jake m Souih China Morning Post 

fiSW J* 1 ’ Publisher or Hong 

r^|apS d,ng ******* 

The transaction would give 50 

ST™ CODlro1 of lhe publishing 

S« y l ° l , wo elhnj ^ 

JSS?"*? from Malaysia — 
SCmS K k° ■ ° r Kerr > Gro “P’ *°w 
Pen» f < S , Y Tnan ’ and Kay 
^8 of Malayan United — and 
would mark the departure of Mr. 

No Quid Pro Quo 
On Fairfax Stake, 
Black Tells Panel 

Blncmberg Business News 

SYDNEY — The Canadian me- 
uia tycoon Conrad Black told an 
parliamentary inquiry here that 
Australian government approval to 
raise his stake in the Fairfax news- 
paper company was not linked to 
-ny deal to give favorable coverage 
to Prime Minister Paul Keating. 

“We are not lap dogs to any 
regime,” Mr. Black said. 

^ The inquiry concerns decisions 
w vn foreign ownership of the media, 
particularly Mr. Black’s role in the 
1991 acquisition of John Fairfax 
Holdings Ltd. He has asserted that 
Mr. Keating told him he would 
consider letting him raise his stake 
if coverage of the March 1993 na- 
tional elections in Fairfax newspa- 
pers was “balanced.” 

Mr. Keating's Labor Party won 
the election and later rewrote the 
law to allow Mr. Black to raise his 
stake to 25 percent from the former 
limit of 15 percent 
But Mr. Black testified that he 
did not interpret “balanced" as a 
euphemism for favoritism. 


j C 0 MPANH 1 A RARANAENSE DE ENERGiA ■ COPEL 
i USINA HIDREIEWCA SEGREDO 

i DERIVA^AO DO RIO JORDAO 

i INTERNAnONAL BIDDING D -03 

< TURBINE-GENERATOR UNIT AND RELATED EQUIPMENT 
1 CALL FOR BIDS 

] GQMI'WHU PARANAF.NSF, DE ENERCIA - COPEL info™* lh«l 

. lhe inicmalirin.il liiitriinp k nnpn fnr dpsinn. siinnlv. tnnmnrliitinn 


SAAB 


. -r 

r.- • • . . 


E l/cnoralor and ffcialrd hqnipmcnl, located at nnltao and tianaoi 
J municipalities border, in the Slate of Parana - Brazil. 

I Thr minimum price type international bidding is open exclusively for 
? individual or consortium grouped companies established in iDB 
J (International Development Bank) member countries. The financing 
; of the items of the present bidding is in accordance with the terms of 
i Loan contract n. 593/OC/BR. 

S The bidding documents as well as the technical specifications will be 
| available to the candidates from April 22 on, against payment in 
[ cruzeiros reals equivalent to US$250.00, at the following addresses: 

Superintendencia de Obras de Geragao 
i R. Voluntaries da Patria, 233 - sala 504 
80020-942 - Curitiba - Parana 
« Tel: (041) 322-1212 - Ramal 541 or 

* Escritorio COPEL Sao Paulo 

l Al. Santos, 1800 - 14o Andar - Conj. 148 
, 01418-200 - Sao Paulo - SP 

Tel: (011) 289-1431 

jj At the time of purchase of the Bidding instructions, the company 

I I shall present a letter containing its complete mailing address. 

I The bid delivery will be on July 13, 1 994-. at 3:00 PM, at 233 
Voluntaries da Patria Street, 5lh floor, Giritiba-PR. 


also in the Contract Documents. 


ASIA/PACIFIC ^ 


Lower Beer Prices on Tap 

Retailers in Japan Try Discounting 


Murdoch from the Hong Kong 
newspaper business: 

In Hong Kong, however, the Se- 
curities and Futures Commission 
said it would examine the proposed 
sale because of Mr. Khoo's busi- 
ness links with Mr. Kuok. 

Malayan United, a conglomerate 
whose businesses include banking 
and finance, hotels and other prop- 
erty, insurance, and manufactur- 
ing, recently acquired a 30 percent 
stake in Kerry Financial Services 
Ltd., controlled by Mr. Kuok. 

Under Hong Kong’s takeover 
code, an investor or a group of 
investors acting in concert must 
make a general offer fora company 
if their proposed stake is 35 percent 
or more. Kory already owns 34.9 
percent of SCMP. a stake it bought 
from Mr. Murdoch's News Corp. 
last year for $349 million. 

If a genera] offer were triggered. 
Mr. Kuok would have to pay a 
price for the rest of the company 
similar to or higher than what he 
paid for that stake, said Clive Wee- 
don, research director at Asia Equi- 
ty, and “clearly he was not pre- 
pared to do that." 

Chong Kee Hong, treasurer of 
Malayan United, said: “We have 
not been in touch with any other 
stockholders. With this purchase 
we have acquired something that 
will be beneficial to the company 
and the shareholders. SCMP is one 
of the most profitable newspaper 
organizations in this part of the 
region." 

Malayan United plans to buy the 
226.5 million-share stake at 4.575 
Hong Kong dollars (59 U.S. cents) 
a share, an 8 percent premium to 
the stock’s dosing price of 4.225 
dollars Thursday. 

“From bow 1 see it, Khoo is help- 
ing Robert Kuok out.” said Chung 
Tin Fah, research manager at OSK 
& Partners in Malaysia. “I think he 
is buying this stake first before it 
falls into other people’s hands and 
then may eventually seB it to Kuok.” 

f Bloomberg, Reuters) 


By James Stemgold 

New York Times Service 

TOKYO — In Japan's Parliament these days, 
just about everyone claims to be a reformer, eager 
to _ give consumers a break from the astronomical 
prices that the government had spent the previous 
four decades encouraging 

But the best place to witness the real reform 
working through the economy may in be the super- 
markets, the legislatures of consumer tastes — and 
specifically ia the beer a isles. 

In recent days, several of Japan’s largest super- 
market chains have made headlines and challenged 
the cartel-like arrangement that has kept beer 
prices high by offering something revolutionary: 
discounts. 

The four big chains — Daiei Inc., Ito-Yokado 
Co., Jusco Co. and Sdyu Ltd. — said they not only 
were cutting prices on beer and some other alco- 
holic beverages but also would decline to pass 
along some price increases announced earlier by 
the breweries. 

“This trend is unavoidable,” said Yuriko Fujin- 
ami, a spokeswoman for Suntory, one of the na- 
tion's largest breweries. 

What made the announcements particularly sig- 
nificant was that Japanese beer prices have tradi- 
tionally been tightly controlled by the big brewer- 
ies and all but immune to competition. 

The market is dominated by Kirin Brewery Co., 
AsaM Breweries LuL, Sapporo Breweries Ltd. and 
Suntory -Ltd. The Fair Trade Commission investi- 
gated the breweries four years ago but said it bad 
not found evidence of a cartel and so was unable to 
do what consumer pressure has now done. 

in the past, the breweries probably would have 
cut off any retailer who dared to undercut their 
standard prices. Now the balance of power has 
shifted because the retailers offering the discounts 
deal in such large volumes. 

“Oh, we’re not worried about that,” said Haiuko 
Toyama, a spokeswoman for Daiei, which recently 
expanded through a series of mergers. “Our sales 
volume is too big since the mergers. We think we can 
negotiate the price changes out with the breweries." 

The new attitude has given analysis confidence 


that the pace of change is likely to quicken, giving 
some relief to long-suffering consumers eveD before 
the Diet. Japan's parliament, manages to push 
through the deregulation measures it has promised. 

“This is a fascinating example of the retailers 
wresting control of pricing away from the manu- 
facturers,” said Victoria Melendez, a retailing ana- 
lyst in Tokyo with Morgan Stanley St Co. 

“None of them can go it alone, but when they all 
gang up, they can have a real impact.” 

Taka yuki Suzuki, an analyst at Merrill Lynch 
Japan, added: “ll’sjust a matter of time before this 
spreads. This is the beginning of the breakdown of 
the breweries’ power.” 

There was a similar breakdown recently in the 
ability of cosmetics companies to fix retail prices. 
The Fair Trade Commission had been investigat- 
ing that instance, too. but it took an audacious 
retailer, Ken Fujisawa, to violate the ban against 
discounts and initiate the process of change 
through a court derision. 

Indeed, the proliferation of discount retailers 
knocking down prices on everything from liquor to 
men’s suits has started to prod the bigger retailers 
into cutting prices to hold on to their customers. 

As a result, Jusco, for example, reduced the price 
of the standard 350-milliliiercan of beer (about 12 
ounces) to 202 yen. or about S2, from 213 yen. 

Several other s Lores said the standard price of 
the popular 633-milliliter bottle would remain at 
320 yen, even after the breweries raise their prices 
by 10 yen on May 1. 

Those prices are still higher than what some 
discounters charge. For instance, Kawacttiya. 
which has cultivated its image as a renegade eager 
to smash the cartels, sells the 633-milliliter bottles 
fa- 220 yen and the 350-milliliter cans for 16625 
yen when bought by the case. 

Even so. the impact so far has been limited. Only 
about 10 percent of the beer sold in Japan is sold 
below the breweries’ suggested prices, Ms. Fuj in- 
ami of Suntory said. 

“In terms of percentage of the market, there’s a 
long way to go." Mr. Suzuki of Merrill Lynch said. 
“But 1 don’t think it will take long to spread. The 
consumers know they are the winners in this.” 


Steel Firms 
In Japan 
Cut Outlays 

Reuters 

TOKYO — Japan's big steel- 
makers plan to spend less money- 
on plant and equipment in the cur- 
rent business year but this is not 
likely to hurt their technical edge, 
analysts said. 

Four of Japan’s top five steel- 
makers — Nippon Steel Corp. 
NKK Corp., Sumitomo Metal In- 
dustries Ltd. and Kobe Steel Ltd. 
— said this week that the value of 
the capital investment projects they 
plan for the year that started on 
April I would fall 12 percent to 52 
percent from the previous year. 

The four companies plan capital- 
investment projects with a com- 
bined value of 368 billion yen 
($3.57 billion) for the current year, 
down 3 1 percent from the previous 
year. A fifth company. Kawasaki 
Steel Corp., said it planned to 
boost spending by 25.9 percent, to 
170 billion yen. for the year that 
began on March 1. 

“The Japanese steelmakers have 
already completed investing for 
high-quality products,” said Yo- 
shto Waianabe, an analyst at Ya- 
maichi Research Institute. “Now 
they are spending to boost price 
competitiveness.” 

■ Toyota lifts Spending 

Toyota Motor Corp. said it would 
increase capital investment in the 
year beginning July 1 fa- the lint 
time in four years, said Hiirashi 
Okuda, a vice president of the com- 
pany, Reuters reported from Tokyo. 

He said (hat capital investment 
would rise to a range of 250 to 260 
billion yen from a probable total of 
240 billion this year. 




Hong Kong 
HangSerig / 
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Tirries 


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Nikkei 225 



■ 130® 



.Thursday' Piw. \' 

Ck^e - Close, ;• Ch&ng 
- 9224.01. 


Tokyo. ^ f9.s0z.1s -0.42 

T.03' 

Bangkok-; \ = v: 1,29000/ -1.2B2.38 '. 0.18 j 


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Sources: Reuters. AFP 


Imcnuconal Herald Tribune 


China Companies Seek Cash Alternatives 


By Kevin Murphy 

International Herald Tribune 

HONG KONG —Chinese com- 
panies scrounging for funds amid a 
credit crunch and an illiquid slock 
market are pushing Beijing to allow 
them .to issue bonds that are con- 
vertible into stock restricted to for- 
eigners. • 

The convertible paper would al- 
low companies to tap a hew fund- 
ing soiree and offer.fund managers 
wrestling with a. falling stock mar- 
ket new investment op Lions. 

; Bat is this enough topipd;stbck 
market regulators into approving, a 
puitit by Shenzhen and S hanghai 
listed companies to issue debt con- 
vertible only to foreign- traded B 
shares? 

The answer is locked in a set of 
complex negotiations in Beijing be- 
tween stock-market overseers and 
the minders and allocators of Chi- 
na’s foreign debt lhe issue will 
require a ruling by the Cooney's 
top leadership. 

“We have to strike an ideal bal- 
ance in new regulations," Liu Hon- 
gru, chairman of China’s Securities 
Regulatory. Commission, said in a 
recent interview. “We must com- 
bine the requirements of the future 
with the realities of the present” 

Control of several state-owned 
companies already is slipping from 
government hands as feisty man- 
agements deliberately dilute their 
shares on the stock- market The 
trend is a worry fa central plan- 
ners anxious to maintain a domi- 
nant rale in charting the develop- 
ment of-a market economy. 

But several companies and for- 
eign underwriters angling fa busi- 
ness say the time is ripe fa convert- 
ible papa that gives fixed-rate 
bond investors the option to re- 
deem their investment in new com- 
pany shares at an established price 
sometime in the future. 


One of the companies, Shanghai 
Dazhong Taxi Co_ also has asked 
the Securities Regulatory Commis- 
sion fa permission to transform a 
7.9 percent chunk of slate-owned 
shares into B shares, a move which 
would place collective control of 
the company in private hands. 

• “The government says it must 
research the topic in depth,” a Daz- 

ASIAN MONEY MARKETS 

hong executive said. “It may take a 
while." 

Regulators have a lot to think 
about, 

. China faces a serious loss of 
state-owned assets through fraud 
and unauthorized appropriation, 
which the State-Owned Assets Ad- 
ministration estimates has cost the 
state more than 500 billion yuan 
($58 billion) over the past decade. 

Earlier this month, the State- 
Owned Assets Administration is- 
sued an urgent circular demanding 
that an shareholders be treated 
equally in rights issues a the place- 
ment of new shares, a relatively new 
phenomenon in stock markets that 
started less than four years ago. 

According to Xinhua, the official 
news agency, state-owned shares 
were being awarded cash bonuses 
while other shareholders were enti- 
tled to bonus shares which, if ac- 
cepted, would whittle down state 
control of the companies. 

At the same time. Beijing's deci- 
sion to restrict credit to control a 
runaway economy h as forced its 
listed companies to look beyond 
their local banks for the funds re- 
quired to fuel their fast-growing 
businesses. 

“Some of these managements 
look at convertible bonds as bonds 
only,” a Hong Kong analyst said. 
“They think they can raise money 
at rates much lower than the banks 


are offering and worry about the 
dilution later." 

Beijing lawyers close to the 
drafting of a new overseas listing 
amendment to China's new Com- 
panies Law said it would indude 
allowing B-share convertible bonds 
“on a case-by-case basis.” 

In the m eantim e. Chinese com- 
panies must await a decision from 
Beijing. 

“There is a definite demand for 
funds from the Chinese compa- 
nies,” said one finan ce executive 
familiar with Dazhong’s plans. 
“But the question is, do we have the 
equivalent demand by investors?” 

At the right price, yes. according 
to Greg Barnes, investment manag- 


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' •" L V/d V * r'CKsCHt '<:« CIS 

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er of GH. China Investments LuL. 
an Australian-listed fund 
“We’ve all grown wary of fre- 
quent rights issues in the B shares. 
Strong operational earnings growth 
is being heavily diluted on an earn- 
ings per share basis," Mr. Barnes 
said. “This a good, low-risk way to 
raise capital and anything that al- 
lows investors more options is wel- 
come." 


For investment inf o rma ti o n 

Read THE MONEY REPORT 
every Saturday in the IHT 


Very briefly; 

• Q™ defended as “totally legal” its deal with Crestone Energy Corp. to 
explore fa oB near the Spratly Islands In the South China Sea. Vietnam 
has criticized the concession. 

• Pohang Iron & Steel Co. picked PacTel Corp. of the United Stales, the 
cellular unit recently spun off by Pacific Telesis Group, as a leading 
member of the consortium fa South Korea's second mobile telephone 
network. Pactcl will be given up to 10.2 percent of the 20.2 percent set 
aside fa foreign companies, with the r emainder to be divided among 
GTE Cbrm Qualcomm Corp- and Southwestern BeB Corp. 

•The Australia Securities Commission sued former directors and auditors 
of Adelaide Steamship Co. for 340 mill i nn Australian dollars (S244 
million}, claiming the company overstated its earning s in the year ended 
June 30, 1990, by at least 518 million dollars. 

• Bundaberg Sugar Co^ an Australian subsidiary or Tate & Lyle PLC, will 
let its bids lapse fa TuBy Sugar Ltd. and South Johnstone M01 Ltd, to 
independent sugar producers. No shares have been tendered to the i 22 
million Australian dollar bids, and the two targets are planning to merge. 

• South Korea plans to sell stakes in Korea Exchange Bank, Citizens 
National Baric, Industrial Bank of Korea and Korea Housing Bank. 

Reuters. AFX. AFP 


Daewoo Submits Merger Plan 


Agence France- T resse 

SEOUL — Daewoo Coip. for- 
mally applied on Thursday for gov- 
ernment approval to merge its 
Daewoo Heavy Industries Ltd. and 
Daewoo Shipbuilding & Heavy 
Machinery Ltd. subsidiaries, a 
company spokesman said. 

The merger would result in 
South Korea's largest private com- 
pany. with paid-in capital of 1.84 
trillion won ($2.3 billion), he said. 

It is bong carried out under a 
1989 government plan to bail out 


the country’s then-ailing shipbuild- 
ing industry. 

Upon appro vaL Daewoo Heavy 
Industries plans to issue 271.6 mil- 
lion shares of stock in October at 
5,000 won per share, the equivalent 
of Daewoo Shipbuilding’s paid-in 
capitaL Shareholders of the ship- 
building subsidiary will receive the 
new Daewoo Heavy Industry slock 
on a one-to-one boss. 

Daewoo expects to complete the 
merger by October, following stock- 
holders’ meeting in June. 


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3 -i 


Page 22 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, APRIL 22, 1994 


SPORTS 


Clemens Halts Home Run Barrage, 
And A’s, With 2-Hitter in Fenway 


The Associated Pmt 

Roger Clemens, with his first 
shutout in nearly a year, has 
brought a little sanity bad to this 
Year of the Homer. 

He pitched a two-hluer, striking 
out 10 for his 36lb shutout in the 
mqjor leagues, as the Boston Red 
Sox beat the visiting Oakland Atb< 
tatics, 2-0, on Wednesday night- 

So far, the 1994 season has seen 
baseballs soaring out of stadiums 
and (oothaU-Hke scores, with V 
homers having been hit at Fenway 
Park alone in the first seven gomes 
this season. But, at least for one 
night, Clemens put a halt to that. 

‘That was some performance, 
wasn't it?" said Bos Lon's manager, 
Butch Hobson, “That's the first 
one of those he’s had in a long 
time." 

Clemens allowed only a leadoff 
single to Stan Javier in the fourth 


and a one-out single by Mike 
h- it 


Bromley in the fifth- It was the Hist 
shutout and complete game for 
Clemens since last May 1 1 at Balti- 
more. He reached 10 strikeouts in u 
game for the 55th time in his career. 

He got six of his strikeouts on 


AL ROUNDUP 


called third strikes, said he was 
happy to get a complete game. 

"I don't know if down the r 


road 

I'd be afforded the opportunity to 
finish," Clemens said. T needed to 
smell the finish line. 1 think if I let a 
guy on in the ninth, 1 was out of 

Steve Karsay matched Clemens 
in strikeouts and scoreless innings 
until the seventh, when he allowed 
both runs. The first scored on Scott 


Cooper's sacrifice fly, the second 
on John Valentin's homer. 


Karsay, 22, ended up with eight 
strikeouts and allowed seven hits in 
eight innings. 

“I saw him in Yankee Stadium 
growing up,’ 1 Karsay said of Clem- 
ens. “But it was a little different 
seeing him from the dugout than 
seeing him from the stands, espe- 
cially the way be was throwing to- 
night." 

Boston's first run was aided by a 
freak play. Mo Vaughn hit a hard 
shot off the left-field wall. Rickey 
Henderson was waiting to field the 
carom to hold Vaughn to a single, 
but the ball went off a ladder on the 
Green Monster and bounced into 
center Held. 

Vaughn ended up at second. He 
was burned to ihird by Tim Nachr- 
ing and scored on Cooper’s fly to 
center. 

Angels 8, Orioles 2: Dwight 


Braves Drop Second in a Row 
For First Time Since August 


The Associated Press 

The Sl Louis Cardinals have 
shown that the Atlanta Braves are 
vincible, at least for two nights. 

The Braves lost consecutive 
games for the first time since Au- 
gust when the Cardinals beat them, 
8-3, on Wednesday night, Atlanta 
had gone 54 games — exactly one- 
third of a season —without losing 
consecutive games. 

“I wasn't aware of that," said the 
Braves' manager, Bobby Cox, “But 
2 knew we hadn't lost many." 

The lost time the Braves lost two 
straight during the regular season 
was Aug. 19-20 against Los Ange- 
les and Chicago. St. Louis had won. 
5-4, on Tuesday night. 

“We just worn out and played 
hard,” said Bernard Gilkey, who 
had four singles. “We think we're 
pretty good, too." 

Said Tom Glavine, Atlanta's 
starter: They did everything they 


had to do to win -« pitching, de- 
fense and hitting," 

Glavine allowl three runs and 
eight hits in five innings, struck out 
six, walked five and stranded 10. 
But Bob Tewksbury became the 


NL ROUNDUP 


NL’s Tint four-game winner, allow- 
ing eight hits in his first complete 
game since last Sept 7, 


Todd Zeile, just 10-far-50 com- 
a three- r 


mg in, hit a three-run homer off 
Kent Merck er that put the Cardi- 
nals ahead, 6-2, in the sixth and Ray 
Lankford added a two-run homer 
off Mike Stanton in the ninth. 

“I think I’ve been through some 
ups and downs the last few years, 
but I knew eventually Td hit/Zale 
said. “I was getting frustrated, 
though.” 

Dodgers 6, Mets 5: Brett Butler 
tied a career high with five hits, (he 


last a bleeping bases- loaded single 
over a drawn-in Meld in the 11th 
inning at Dodger Stadium. 

Jose Offerman doubled off Dave 
Telgheder, Mitch Webster was 
walked intentionally and Offerman 
was safe at third when Telgheder 
tried for the force on a bunt by 
Delino DeShields. Butler then sin- 
gled off Doug Linton for the fourth 
five-hit game of his career. 

Astros 7, Cubs 5: Jeff Bagwell 
drove in four runs for Houston and 
Craig Biggio had four hits as Chica- 
go dropped to 0-8 at Wrigley Field, 
matching the Cubs' previous worst 
start at home in 1957. 

The Astros scored twice in the 
eighth off Jose Bautista in handing 
the Cubs their sixth straight loss 
overall. 


Smith hit a two-ruc single in a six- 
run ninth for California as Mike 
Mussina and Alan Mills were 
roughed up in Baltimore. Mills has 
allowed six hits, a walk and a sacri- 
fice fly to his last eight batters and 
all seven runners scored. 

Blue Jays 4, Rangers 3; Pat Bor- 
ders bit a two-out single in the 1 lib 
as Toronto won its fourth straight 
and sou visiting Texas to its fourth 
consecutive loss. 

White Sox 8, Brewers 6; Julio 
Franco singled home Chicago's go- 
ahead run in the 12th inning in 
Milwaukee. 

Tim Raines bad three singles and 
walked four times for the White 
Sox, tying an American League re- 
cord by reaching base seven limes 
in a game without making an out. 
Cesar Gutierrez of the Detroit Ti- 
gers did it on June 21, 1970. 

Royals 12, Tigers 6: Gary Qaetti 
hit two home runs and tied a career 
high with six RBIs in Detroit as 
Kansas City won for the sixth time 
in seven games. Gaeiti, who wait 3- 
for-5. hit a three-run homer in the 
second and added a three-run shot 
to right in the fifth. 

Yankees 7, Mariners 4: New 
York, playing at home and frustrat- 
ed by Seattle's Randy Johnson for 
seven innings, broke through for 
four runs in the eighth against Bob- 
by Ayala. 

The Yankees managed only 
three runs off Johnson despite get- 
ting 15 men on base. But the Yanks 
torn advantage of two misplayed 
bunts, three walks and an error by 
shortstop Felix Fermi n to rally in 
the eighth. 

Twins 6, Indians 5: Wayne Kir- 
by's fielding error in the bottom of 
the ninth allowed Dave McCarty to 
score the winning run after Minne- 
sota had tied ninth when Steve Farr 
walked in a run. Kirby then failed 
to catch Pedro Munoz's looper 
down the right-field line. 



MWT1NI 

Evander HoiyfieH flashed a victory sign, perhaps prematurely, as Michael Moorer looked on at the weigMs ceremonies 

Holyfield Keeps Busy and Whits 

Champ Fights Moorer Friday, but Tyson’s on His Mind ® 


Lfe* v -. 

- 


By William Gildea 

Washing ton Past Service 
LAS VEGAS — It is the fight 
that never was, one fixed in memo- 
ry among boxing fans. A poster 

that night that never 

in any number of 


that no matter how difficult the 
opponents. T*m looking forward 
to going through what it takes,” he 
said. T can't see myself just not 
doing anything, just waiting for Ty- 
son, 

He wants Lennox Lewis next. 



don whether Evander H( . 
who wQl defend his heavyweight 


championship here Friday against 
Moorer, would 


Korean Park Sent to Minors 
To AUow Him to Pitch More 


Reds 5, Pirates 4: Pittsburgh re- 
mained the major leagues’ only 
winless road team, at 0-5, os Hal 
Morris drove in five runs, matching 
his career high, in Cincinnati. 

Morris drove in three runs off 
Paul Wagner, then singled home 
two go-ahead runs in the seventh 
off Jeff Bollard. 


Yamaha Lead Cut 
Again by Justitia 


The Associated Press 

LOS ANGELES — Pitcher 
Chan Ho Park, the major leaja 
first Korean-born player, has 
aliened by the Dodgers to Dou- 
t-A San Antonio to get some mi- 
nor league seasoning. 

“We want him pitching on a reg- 
ular basU,”said the Dodgers' gen- 
eral manager, Fred Claire. “We 
would have no reservations about 
calling him up if we had a need in 
our starting rotation." 

The 20-ycar-old Park, who made 
his major league debut against At- 
lanta m the ninth inning of Kent 
Mcrdkert no-bitter on April 8, will 
join the Texas League team's start- 
ing rotation and pitch his first 

had pitafied ^Mnniugs in 
spring training, with a 2.16 eained- 
run average, but just four innings in 


two relief appearances in the ma- 
jors, giving up five earned runs. 

M It r s quite unfair to have a talent 
like that sit here and not be able to 
develop for lack of work,” said the 
Dodgers' pitching coach, Ron Per- 
ranoski. 

“His presence an the mound in 
spring training was like a veteran. 


Giants 5, PUBies 4: Barry Bonds 
hit a two-run single in the fifth and 
threw out Philadelphia's Darren 
Daulton at the plate from left field 
In the sixth at Candelstick Park. 


Philadelphia's shaky defense 
:Gia 


All four of bis pilches ore quality 
when be was in the 


helped the Giants break a 2-2 lie in 
the fifth when, with two on, Dave 
Hollins mishandled two grounders 
at third base, allowing one run to 
score and loading the bases for 
Bonds, whose liner made it 5-2. 


The Associated Press 

SOUTHAMPTON, England - 
intrum Justitia cut another 72 nau- 
tical miles ofr Yamaha's lead 
Thursday in the Whitbread 'Round 
the World Race. 

The Japanese-New Zealand en- 
try in the Whitbread 60-class was 
reported 704 miles from the finish 
in Fort Lauderdale, Florida, with 
the European yacht 842 miles out.' 

In the Maxi class, the Swiss 
yacht Merit Cup lost 21 miles or its 
lead and was only 33 miles ahead of 
New Zealand Endeavour. 


Michael Moorer, would stick 
around in the fight gome until next 
year, when Nfike Tyson is sched- 
uled to be released from prison. 

Holyfield had said that he plans 
to continue fighting, that he'd like 
to be the heavyweight champion in 
1996 when the Olympics will he 
held in his home city of Atlanta. 
But he has now made it plain: Ty- 
son is on his mind, very much on 
his mind 

Looking marvelous as usual after 
two months of typically rigorous 
training, be spoke to a local youth 

& and said. “I will win, no 
. Then 1*11 fight probably un- 
til 1 fight Mike Tyson. Tm looking 
forward to fighting everybody be- 
tween Friday night and Mike Ty- 
son.'' ■ 

Then, as he sat on the ring apron, 
he reemphasized to a group of re- 
porters his desire to fight Tyson, 
and to and remain active before 


though a Bowe victory would take 
the luster from Holyfidd-Tyson, or 
eliminate iL 

Tm going to be undisputed 
champion of the world," be said. 

He owns two of the belts, those 
of the World Boxing Association 
and the International Boxing Fed- 
eration, and he'd get the third, that 
of the World Boxing Council, by 
beating Lewis in November. 

“Bang champion means fighting 
everybody" between now and Ty- 
son, he said 

T realize I never had any fights 
that were walkovers. 1 guess it 
would have been a lot easier if 1 did 
have some. Buster Douglas, I was 
able to get to him before things got 
rough. But I wouldn't say it was 
easy. Anytime you go through that 
mental preparation, you need u> get 
paid 

~ “But people have got to know my 
character; they’ve got to know the 
person 1 am. I want to fight. It's not 
all about money, it's about how the 
game of boxing is," 


Or, at least, how he perceives it, 
and what he believes a champion 
should do. At 31, he wants to be a 
fighting champion. 

Any wring sage, of whom there 
are many at major fights, will tell 
vou that when a fighter begins 
looking far into the future, he risks 
knocked off in the present, 
present is dangerous. 

Moorer, a name an relatively few 
Ups, is 26 yean old and strong and 
talented, having compiled a 34-0 
record, including 30 knockouts. He 
has held both the World Boxing 
Organization light heavyweight 
ana heavyweight titles. He is 124) 
with eight knockouts since moving 
up to the heavyweight ranks in 
1991. The question, though, is: Can 
he match Hotyfidd's determina- 
tion? 

As Teddy Atlas, Mooter's train- 
er, said of Holyfield, “You can hurt 
him, and he's not going to go 
away." 

Hotyfield’s heart already is part 
of boxing history. He has small 
hands for a heavyweight, and thin 
legs, while the upper body is chis- 
eled, and the chin has been virtual- 
ly concrete. But his fights usually 
have been long wars and some 
nopder whether Moorer might sur- 
prise, him. 

Both weighed in at 214 pounds 
Wednesday. 

fold, though, is looking for- 


'te- 1, 

ward, feeling free, In thww^ ft .ft to*- '; 
has untied himself from anyjog- " . 
term commitment to the pnaa*® tm#-'-* 
nan Duva. Once thav were cm ib j : — 

best of terms, but the affiance:** ,.r 

appeared to be the samc.aftffHb- • 

lyndd's loss to Bowe in Ncrcmter t-TTT 
1992, his only loss in 31 fighii J ihj*£ ■ 
I'm an individual now," y \\ . - . 

field said. “I realize now,. I eta 5*\ - 

look at Dan Duva or no other np. a ® llL? .V;l - ’ 
moter as a team. In the begumaig! . 
did. I felt we all were a batted . 

family ” IT MW 



ard wanted a percen 
offered a fiat fee. So Hdlyfii 
switched trainers again, tins 
picking veteran Don Turner- 
Turner will be Holyfidd’s new 
man, too. 

The supporting cost chj 
That's business. “Boxing's 4 
ness," Holyfield said. Ana that *4 
one reason be was happy to 
with (he young men. He soft 
them: “There's not too many 
you can do if you can't read, if w 


can't count. I read real well I m 


would. 1 


ttmakll'. ■ 
fa to*, j. 


real well. 

vain if I couldn't.” . 

A boy asked him if he gets _ 

jsmj "itr . 


vous before a fight “You get iwj, 
vow, Every fight kind of tenia* 
me of my first fight when I ww 


years old. Every time I 
Ske that " 


pitches, and 
rotation at the end of spring train- 
ing, he went out there and gave us 
quality innings in spring training. 
For a 20-year-old lobe that consis- 
tent shows the type of ability he 
has." 

“It's an opportunity to give me a 
chance to jntch more and learn 
more, so it is a good thing for roe," 


Park said through interpreter Don 
ivni: 


Yi, who will accompany him to Ban 
Antonio. 


Rocldes 16, Martins 6: Andres 
Galarraga drove in five runs with 
two homers and Ellis Burks added 
four RBIs with a homer and double 
for host Colorado, which got 16 
hits, nine for extra bases, against 
Florida. 

Expos 4, Padres 2; Moises Alou 
went 3-for-4 for visiting Montreal 
white Jeff Fassero held San Diego 
to two hits for 7% innings and 
struck out eight to win for the first 
time in four starts this season. 


Venues and Ticket Prices Set for Rugby’s World Cup 


The Associated Press 

LONDON — Rugby Union officials an- 
nounced Thursday the the venues and ticket 
prices for next year’s World Cup in South 
Africa, indicating confidence the event will 
go ahead as planned in the republic. 

The Rugby World Cup board, announcing 
the final schedule of venues and matches for 
the May 25-Juoe 24 event, said the first 
matdi will be played in Cape Town between 


defending champion Australia and South Af- 
rica. 

In one change from the original program, 
Rustenburg will stage the June 3 pool match 
between Tonga and the African qualifier af- 
ter Western Transvaal declined to host the 
game That reduces the number of venues 
from 10 to tune. 


Ticket prices during the pool stage will 
range from 40 rand (S12) to I00 rand (S 30). 


. 1 seats 

will go for 150 rand ($45), while for the final at 
EflisParic in Johannesburg all 66,000 seats will 
cost 200 rand ($60), A adlom would produce 
gate receipts of nearly $4 raflUau, a rerawd for 
a single rugby union match. 

The official statement made no mention of 
previous contingency plans for moving the 
event daewbero in view of the political vio- 
lence and uncertainty in South Africa. 



Ea C.,v-' 


You say a 

and forget the consequences? ®P 
As unnatural as it is, to drat 
into a ring to hit and be fait. ti#| 
what Holyfield wants to keepdokj, 
even without the financial , 

With a laugh, he alluded toW- 
chad Jordan: “Some things I don) 
want to do. I don’t want to pfoy ® 
baseball" 

After running, Holyfield -Ip- 
pcared at a press conference ** 
said be was as prepared for Moo# 
as any of his previous oppaos& 

I Tin not living on the BO* 

Fight," he said. “The Bowe fight f* 

1 me. This fight will put W 
to where I want to be." 








if w 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



For investment 
information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


















* * 


■ & 


SPORTS 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, APRIL 22, 1994- 


Page 23 




uirds Upset Greeks 9 and Tarpley 9 for European Basketball Title 


it- 






By Iao Thomsen 

Tp, 

t ~7 He looked like a man whose 

L SLS ^/ n .S e,i,y nooded - people 
with ^ Wme/as Md 
mrtinK?i J braces ’ Md Roy Tarpley 
above ■“» was lookmgdow 

COnteo, P t - N <* *it it "as 
Is 01 ” 1 ? >me ’ ^ he wan ^ lo 

AmS; 1 ^ liair He warns io be a 

g^iesi basketball 
gue m the world, but on Thursday night he 
best on this floor. eighftime 
from his Mas home. & 

■ Wiyrapiakos Piraeus, the Greek team ravored 
^ *“* Ptesenoe, was upset by 
: Badakma of Spain, 59-57, in the finsil 

r ° P '“ Champi ° nShip 0,1 

This game and those seconds were the best of 
leretoiOTe ghastly Final Four. A three-point- 
oy Jonh Vfflacampa had brought Badalona 


within 57-56 with two minutes left. Of the final 
^ . So:ont * s ' the first 55 were spent by Badalona 


VI IIW 

the former award-w inning NBA forward.* and 
2.07-meusr Zarko Parspalj. another ex-NBA 
forward, and 2. 13-meter Panayiolis Fassoulas, 
Greek national center. But Olympiakos was 
Only able to out-rebound the Spaniards 9-7 on 
the offensive boards, which is the best measure 
of effort. 

First VUlacampa was chasin g down an errant 
three- poinier by Ferran Martinez. Then Mi- 
chael Smith was almost tipping in a scoop by 
Martinez — both shots only curled out of the 
rim — and by now the 1 1, OOd- seat arena was as 
frazzled as the Olympiakos defense. 

When Smith drove inside to begin the chain 
reaction that ultimately kicked the bah out be- 
yond the three-point line to Cornditis Thompson 
— yes, the 34-year-old, 103-meter, befty-befty- 
hefty Cornelius Thompson — his resounding 


the decisive points with 

14 seconds left. 

At this pant the game should have been in 
Tarpley’s hands, but he was S of 16 — mostly 
from the outside — for just 12 points, and so 
the ball found its way to Paspalj (15 points), 
who was fouled with 4.8 seconds remaining. 

A timeout was called to ice him, which was a 
waste of time, because Paspalj shoots free 
throws (3 of 10 from the line) as if atop a 
bucking stallion. He missed the front end of his 
oue-and-oue, and Olympiakos spent the next 
20 seconds chasing it down and tossing it hack: 
up. They had 10 seconds because the dock 
didn’t start for at least 5. 

And so, for the eighth time in 10 years, (he 
winner was a coach from the former Yugosla- 
via. 


In a championship that has banned his coun- 
try, was the 32-yeardld Badalona coach Zeli- 
mir Obradovic, who in this champ ionship game 
two years ago led Partizan Belgrade to an upset 


of his cun cm team. So now he has repaid 
Badalona for its misery. 

Tarpley, meanwhile, had to feel just miser- 
able. After a monstrous season in which he 
averaged 21.4 points and 12JS rebounds per 
game in Europe — his club still can win the 
Greek league and Cup — he had been planning 
to take this stage and sing “My Way” like 
Sinatra. 

Yet, he admitted to nerves in a semifinal 
victory on Tuesday, in which he produced 21 
points and 16 rebounds without really estab- 
lishing himself. He blamed it on Olympiakos's 
rivalry with its Greek opponent, Paaatfunaikos, 
but the chamings from both Greek sides sound- 
ed like the turnings of a troubled mind, and the 
nerves appeared to follow him. 

The game is best played by those who can 
relax. Midway through the first half, after a 
succession of errant jumpers, Taipley was wan- 
dering downcourt alone, practicing bis motion, 
jabbering away at nobody. From then on he 
was openly losing his misses. 


Banned by the NBA before the 1992-93 sea- 
son after a series of drug problems, he could 
have applied for reinstatement last year, after 
his first season in Greece. In that case, proba- 
bly, neither he nor his team would have been 
here. But he wasn’t ready to go back. 

Playing for Arts Salonika in Greece, he suf- 
fered a severe ankle sprain that Hunted him for 
much of last season. The coaches were chai 
three times, and the team refused to pay 


pley more than S300.000 in bonuses promised 
to him i 


HU 


L , 


O’Neal Adds On 53, 
Leads Scoring Race 


i after leading Axis to the European Cup. 
Tarpley’s lawsuit against the club is still in 
Greek court. 

The spat included a published accusation, 
attributed to a team official, that Taipley was 
drinking 30 beers a day. 

“How can you drink 30 beers and then play? 
It’s crazy," Taipley says. “People always say 
had things about me." 

His rights were bought by the richest dub in 
Greece, Olympiakos. There had beat no real 
complaints against him this season. He is in 
excellent shape, and the lost weight seems to 


have taken years off of him. Tarpley is still only 
29. “I just decided I was going to come over 
here and be in shape and try to apply for 
reinstatement for the following year," he said. 

Tarpley s agent would not say whether he has 
applied for reinstatement. When asked whether 
the NBA has received an application from 
Taipley, its spokesmen — Commissioner David 
Stem included — all respond: “l don’t know." 

Of course the commissioner knows. It would 
appear, at the request of Taipley, that the 
league has agreed to keep the proceedings con- 
fidential until Tarpley’s request has been ac- 
cepted or denied. 

If the NBA accepts him, the agent says Tar- 
pley wQ] not play for his former team, the 
Dallas Mavericks, who hold his rights. He says 
he would not mind returning to Greece, but 
Europe is a continent of basketball cast-offs. 
Surely Taipley must look at many of his fellow 
Americans overseas and make himself promise 
that be will not languish here, while he is still 
young and marketable enough to get out. 


The Associated Press 


'. ■ft : 


I - 

. ■:!* 


How high will Shaquille O’Neal 
d David Robinson go in their 
J'-Ule for the league’s scoring title? 

J|1 fJNeal, trailing Robinson by 0.3 
usts, took 31 snots and scored an 
BA season-high 53 points in the 
rlando Magic’s 121-101 victory 
■«r the Minnesota Tiraberwolves 
i Wednesday night. 

His career-high and franchise- 
.Goitf performance moved OT'teaJ 


NBA HIGHLIGHTS 




e, just .07 ahead of (he San Anto- 
o Spins’ Robinson with two 
mes left for both players. 

Their race down the stretch is 
miniscem of 1978, when Dea- 
r’s David Thompson and George 
srvin of San Antonio went down 
the final day, April 9. 
Thompson, trailing Gervin, 
ored 73 points, the highest in 
BA history by a player other than 
.tit Chamberlain. But Gervin, 
aying a later game and knowing 
actly how many points he need- 
, responded with 63 to win the 
oring title, 2722 to Thompson’s 
.15. 

“Being the leading scorer wasn’t 
ie of my goals coming in," said 
Neal who didn’t play the last 
13 of the blowout in Orlando. 
Ay shot’s been falling. If I get it, 
*L If not, I understand." 

®e made 22 of 31 shots, nine of 
free throws and had 18 re- 
Hinds. 

“I wasn’t going to run the risk of 
m getting hurt to gel a scoring 


record," Orlando’s coach, Brian 
Hill said when asked about taking 
O'Neal out of the game. “We just 
told everybody going into the 
fourth quarter what the situation 
was: ‘Let’s get him the ball in good 
position where he's not gping to get 
doubled and have to give it up. 
Let's get him in, get the record, get 
him out. close up and go hom&"' 

Hornets 117, Bullets 111: Char- 
lotte held on, barely, to its slim 
playoff hopes after trailing visiting 
Washington by eight ponds with 
four minutes JefL 

A free throw by Alonzo Mourn- 
ing, who had 25 points and 12 re- 
bounds, started the comeback. Two 
3 -pointers by Defl Cany’s made it 
109-108 before Muggsy Bogucs, 
who had 14 assists, stole the ball 
and passed to Cuiiy for a dunk. 
Bogucs ensured victory with two 
free throws with 15 seconds left. 

SuperSorfcs 112, Laken 90: Se- 
attle swept the season series from 
Los Angeles Iot the first lime in 27 
years behind Shawn Kemp’s 23 
points and Ricky Heme’s 22. 

Seattle also set a dub record with 
its 25th road victory; the Lakers 
lost their season-high eighth in a 
row, the longest such streak since 
they moved to Los Angeles in 1960. 

Pacers 109, Omfien 98: Indi- 
ana, with Reggie Miller scoring 29 
points, moved into a tie with visit- 
ing Cleveland for fifth place in the 
Eastern Conference. 

The outcome left both teams at 
45-35 with two games left and gave 
the Pacere, who entered the NBA in 
1976, a franchise record for vic- 
tories. 



With Potvin Unbending, Leals 
Beat Hawks, 1-0, in Overtime 


The Associated Press 

It would have been hard to recall 
better goal lending than Ed Bel- 
four's, except for Felix Potvm’s. 

Neither gave an inch until Bel- 
four gave up the only goal of the 
as the Toronto Maple Leafs 


treat beat Minnesota, 1-0, on April 
28. 1992. 

Chicago now has lost 10 straight 
playoff ffimes, after a four-game 


sweep by Pittsburgh in the 1992 
Stanley Ci 


t the Chicago Black Hawks, 1-0, 
ime Wet 


in overtime Wednesday night to 
take a 2-0 lead in their best-ol- 
seven NHL playoff series. 

“It’s a tough way to lose," said 
Chicago's Jeremy Roenick, who 
was robbed by Potvin in tbe final 
minute of regulation. 

Todd Gill scored 2: 15 into over- 
time to spoil an otherwise great 
performance for Belfour, who 
made 37 saves. Potvin made 32. 

Gfll’s blast from the right point 
eluded Belfour, who claimed To- 
ronto's Wendd Clark, who was po- 
sitioned at tbe crease, interfered 


Tup final and a first-round 
1993 sweep by St Louis. 

Toronto omahot Chicago by 36- 
31 during regulation, with a 13-8 


STANLEY CUP PLAYOFFS 


his first appearance in an NHL 
playoff game, made 22 saves as 
Detroit evened the series, 1-1. 

It was the fust playoff shutout 
by a Detroit rookie goalie since 
Terry Sawchuk blanked Montreal 
2-0, on March 1, 1951. But it was 
Osgood's second shutout of the 
Shades this season. 

The series shifts to San Jose lor 
Games 3, 4 and 5 mi Friday, Satur- 


edge in the third poiod of a game 
Bill Mb 


with him. But video replays clearly 
showed Clark wasn’t in the crease 


and didn’t touch either Bdfour or 
the puck. 

“I saw Wendd in front of the net 
and I was just shooting the pud: 
towards him," said Gill who had 


scored only four times in 47 previ- 
>u t 


ous playoff games in his nine years 
in the NHL. “Bdfour was paying 
attention to Wendd and the pock 
weal off the inside of Bdfour's 
right 1% pad and into tbe net 
“It’s a satisfying goal but I don’t 


that saw referee Bill McCreary as- 
sess only eight minor penalties. 

Games 3 and 4 wfll be played 
Saturday and Sunday in Chicago. 

Stare 4, Bines 2 : Mike Modano 
scored his second goal of tbe night 
2:58 into the third period as Dallas 
took a 2-0 lead in its series. 

After Modanoslid a rebound un- 
der Curtis Joseph to break a 2r2 tie, 
Dave Gagner scored with 10.1 sec- 
onds left, shooting into an empty 
net despite a dive by Phil Housley. 

Tbe series returns to Sl Louis on 
Friday night with tbe Bines stiH 
hying to figure out how to beat 
goal tender Darcy Wakahik, who 
won for the second time as veteran 
Andy Moog watched from the 
Stars’ bench. 

Wakahik's biggest challenge af- 
ter Dallas took the 3-2 lead on 


two Burr gave the Red Wings 
a 1-0 lead in the second period. Bob 
Probert, Dino Gccardh and Nick- 
las Udsirom pnt it away with goals 
in the first 6:43 of the third period. 

The 21-year-old Osgood gpt the 
start after Bob Esserna played 
poorly in Game 1, allowing several 
soft goals in a 5-4 San Jose victory. 

Flames 7, Canucks 5: Al Macln- 
nis had two goals and three assists 
and Joe Nienwendyk scored twice 
as Calgary tied its series at 1-1. 

Madmus* five points set a team 
record for points in a playoff game. 
The previous high was four, held by 


several players. 
The Flames ! 


score a lot of goals, so they're all 
is the big- 


Modano’s goal came midway 
final period, when the 


Tim fence/ Apmcc Fnace-Prote 

Shaqoffle O’Neal made 22 of 31 shots phis 9 of 13 free throws, and got 18 rebounds in the game. 


satisfying. It certainly 
gesL I got a tacky bounce." 

It was the first scoreless game in 
regulation in the playoffs since De- 


througfa the 
Blues got off two shots during a 
power play that ended with 4:45 to 


Wings 4, Sharks 0: Rookie 
goal tender Chris Osgood, malting 


i scored four times on 
the power play and once short- 
handed. Mike Vernon also made 
key saves when they were needed. 

Mike Sullivan, German Titov 
and Theoren Hairy also scored for 
the Flames, who for the fifth con- 
secutive year won the second game 
of the opening round of the play- 
offs after losing the series opener. 

Tire Canucks return borne for the 
series’ next two games, Friday and 
Sunday. 




iCOREBOARD 

urn 


ajor League Standings 


AMERICAN LEAGUE 
East Division 



M L 

Pci. 

ronlo 

10 S 

467 

Stan 

9 5 

643 

mnw* 

1 5 

615 

w York 

7 i 

638 

trail 

5 10 

J33 


Cmtral DWIsloa 


Icmo 

9 5 

643 

rvstanrt 

7 5 

-583 

nsosatv 

7 6 

538 

iwoukm 

6 7 

642 

nrmsoio 

5 10 

533 


WCStDWtsLon 


klond 

7 7 

600 

Morula 

7 8 

667 

■’jttte 

5 8 

J8S 

xas 

4 9 

JOB 


SB 


I 

iv* 

5V* 

4Vj 


V* 

11* 

«* 


NATIONAL LEAGUE 

East Division 

W L PC*. 


6B 



13 

3 

613 


8 

6 


*rido 

Uadolprtta 

7 

7 

8 

8 

667 

647 

■nfraal 

6 9 

Central DWtilan 

-400 


4 

5V* 

SVJ 

*V* 


Klnoatf 
. Louts 
itston 
jftf-gnh 
'■cok9 


> Francisco 
lerado 
s Angolas 


9 4 

9 S 
B O 

6 7 
3 ID 

West Division 

9 * 

7 7 
t 9 
3 13 


M2 

Ml 

sr 

AU 

331 


Ml 

It* 

3 


Judsn. Siocumb (7), Mason (I) and Daul- 
ton; swift Fray IT}, Montdcoae (•), Robots 
(I). MJocfcson (B) and Monwartns. w— Swill. 
3-1. L — Juden. VJL Sv— MJockson H>. 
HR—PWodcMBa. Dvfetro <21- 
FUflda 000 510 000-4 J t 

Colorado B23 90S 05» — T* IS I 

Rang. Lewis (31. Non (41, taufno (il.Gard- 
nar (7) and Santiago; Roynosa. Fraemon (5). 
Munoz IN and Glrardt W— Freeman, 1-tt. 
l^-Nea 0-1- H Rs— Colorado. Galarraga 2 (71, 
Burks (SI. reuno (II. 

PnttiMTBti 1M M3 IN-4 > 1 

aaehaaati Ml BIS 30* — J I 0 

Woonar, Bollard (7), Dcway (7).Tat>aka Ml 
end SJausftt,' Pugh. McBIrov (7), Ruffin (7), 
Carrasco 19) and TauMrece. W— Ruffin, l-ft. 
L— Wagner, 1-GL Sv— Carrasco (21. 

St Louis «■ Its M5-S W 1 

AUaoM 03* Ml M0-3 > 1 

Tewksbury and TjweGrHf; Otavlne. 
Marcher CM, BedraJan (7). Stanton (9) ana 
Lopez, w— Tewksbury. 44. L — Gtavlne. 5-L 
HRs— St Louts, Lan WOnd (31. Zolle o». Atlan- 
ta. Pendleton 13). 

Montreal 1M MB Ml-4 11 2 

500 DMO MO Ml Ml— 2 3 2 

Fossora. Stow W. Rota (9) and Ftatdw, 
Spehr (H); Sanders. Harris Ml. Ctavfs (Bl. 
HoHmon (91 ond Austni*. W— Fossora 14. 
L— Scolders. I-Z Sv — Rota (I). 

New York 0N3M2MM-5TBB 

Lot Aiwefes ioo 012 M0 n-s n • 

p .Smith, NLModdux (7), Telghtder (7). Lin- 
ton (111 and Hundley; KaGron. McDowell 
171. DreHart (B). TcLWOrrell (10) and Pkuza. 
W — TAWorrelt M- I— TeMwoer. 0-1. 
HRs— New York. Orsutak (1). Rv.TnomPscm 
(4); Los Angeles. Korros (I). 


x-Poritand 

44 33 

582 

uta 

LA. Lakers 

33 47 

613 

28 

Sacranenlo 

27 52 

M2 

3314 

LA. aimer? 

27 53 

J38 

34 


Inched host conference record 
xrPlayoH berth: y-d inched division Nile 
WENESDAY-S RESULTS 
Wasbtagtoo 31 27 39 J4-UI 

Charlotte 40 29 IB 30-117 

W: GuaHatto 13302-227, Adams *-ll 4-5 1»: 
C: Mourning 10-19 5-7 25. Hawkins 7-11 4-4 19. 

-Wash in gton 4) (GuolMta 13). 


M 00 
.500 
.400 
.100 


J!6S . sAngek 

i , n Diego 

'ednesday’s Line Scores 


IV* 

3 

SV* 


Central Leagge 





AMERICAN LEAGUE 
'imasOty 040 330 300-11 M « 
101 0M 410—4 » 1 
M Belinda (7). Brewer (B>, Montgomery 
ml McKJarione; Lima Krueger (5L Gnoom 
. and TetMekm. W-Cona M. C — Lima M. 

to— Kansas ClfY.GOBttl 2 (3), Henderson (31. 

mit Whitaker (3), PtvUHP* Ol. B 

Wtand DM 0M 000-0 2 • 

'Mon 0M M* >8 0 3 7 0 

1 KareoyandStelniMcn; Ctemons 
_acmota. 30. I^-Karsoy. 1-1. HR- oos- 
k Vaicnttn (2). 
iretic oo2 


000 020-4 B 2 


W YOTk MO Mi )4» 7 9 

Juft, 




Cmoon, Ayala IB). T Waoen W 
VUriman t»). Kay. WWornan (Sl. Howe lBI. 
«*n (Bl, Hernando* W , 
-RoantavHL L-Avata. 
j. HRs-SeofNa, Turang ( «■ m J ' 

dtlmore ON B3B 0»-a • ■ 

*LL*ner. LeHerts (9>ondMWi. 

''ills (9), Pennington (9) ond nones. 
— MieBer, 20. L-Musslna, M. 
ovetaod m Ml m-s * * 

toMda M3 OH <H2—4 » ■ 

DoJMortlMK. Farr (91. LJlItatet 

’ omor;Desnal«*TromlJloy (7 .G^^W 

<i watbeck. w-amtirie. W. L “^T' t, 
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Orix X Lotte 1. 1> tannings 




Cbarlatte 52 (Mourning 12). AssbH-Wos»- 
biglan 30 (Prfce 7), Charlotte 28 (Bogues M). 
Minnesota 38 25 32 34-1B1 

Ortaodo 3B 3S 3M SS-UI 

M; Rider 12-20 *5 28. Person 4-10 M 17; O; 
O'Neal 2331 313 52. Ho ntaway 0-11 M 14. 
neb oewn Minnesota 40 (Loettaer 111. Or- 
kmdo SB (O’Neal IS). Assists— Mtanosoto 25 
Uockson 5), Orlando 32 (Hardaway 9). 
Detroit 13 M 20 »- 71 

MRwaekee 35 24 20 33-1S3 

D: Houttaa 324 W T9, Hunter4-I3 (HI 12; M: 
BMcer 7-11 *5 !«, Mayberry 7-10 1-2 19. Re- 
boeails PetroHO (Andarson Hl.MlIwaukee 
78 I Cook 13). Assists— Oetrolt n (Hunter 7), 
Milwaukee 24 (Barry 71. ■ 
amtand 28 23 27 31- N 

ledtofa 24 29 27 27—109 

C: Kilt 7-13 7-621, J. Williams M7 4622; I: 
D .Davit 44 541 17. MIHer 9-15 7-7 29. Re- 
boonds— Qrvetond 59 (HWI 15). Mdkm 42 
(SmHn 8). Asstris— Cleveland 19 (PtiHls, 
Price. WBHflS 5), Indiana SB (Workman 13). 
Seame 3B 29 19 *1-112 

LA. Lakers 21 25 30 IT— 98 

S: Kemp M5 W 73, Pierce Hi 07 22; LA; 
Oirtsne MS 44 14. Threatt 1V2I W1U 
bc u e di SwH le 43 (Kemrv Parkins 11). L» 
AngelesJO roiristle8).Assl*t>-Seaffie29 (Me- 
Milton 9), Los Abodes 3D (Ovtsite Threart 7L 
Denver >4 if JO H-W 

LA. dinner* M ■ * 9— os 

D: LEWS 1-28. 59 2 L RWUlhsns 5-19: LA: 
Grot* HI 22 ta, J.wuuams 7-14 V2 It Re- 
boeods— Oenvera (Mutamno 15L Los Angeles 
» (VtooM 10). Atstts-Deiwer 39 (R.WWloms 
51. Lea Angeles 21 (Jackson. JJMiDams 4). 


—Duchesne. SJ (Inlerterence). 5:34; Lo- 
polnte. Det (siasMng). 11^5; Baker, SJ 
(rougMng). n:44; Crania SJ (rawgning). 
13:44; Cornker, DM (rougMmi. 13:44; Km- 
lev, Det (stashing}, 13:44. Foliqoa SJ (trip- 
plan). 17:85; CoNev. Del (royuahlng). 19-.3L 
snelseaeaai s on Jose w*6-a.Petram»- 
M-»8 N9MlB aeP s rtowl Hes— SarJoseB 
o!9; Detrain o47;oec nos S on Jose. Irbe,v\ 
OOstots-Msaves). Detroit, Omood, 14 (2M2). 

> 0 0 0-0 
B t 9 1—1 

J 34 

First pei fci d No n e. Pcnamce-GW. Tor 
(haMlno),9^l ; AmentoCM (tooUna). IQ ^9; 
Bern. Tar (Jriprtng). )3;4tt 
Second eerted-N a ne. P enMIto- Comer. 
Oil (Interference), 1:SD; Cunnevworth CM 
(eBwwing), naOi 

TMto Peri od tama- P anolHee- Bliil«.ail 
OmWtag), 1:33; Andreychuk, Tor [roughing I, 
7.-01; BAittw, CM (rauaMna), 7:01. 

Overtime-1. Toreata. GIU i (EltatL gh- 
mour) 2:15. praoWes None. 

snots oe seal— Chicago 14-70-1— 3Z. Tbran- 
lo 9-15- 13-7— 31; pg w en day nw wrtw»W)es- 
— CMcopoOol is Toronto Oot 4; g ooUeo— C hl- 
cogu BeHour, M (38 shofd37 eaves). Torento. 
POMa 20 (3M2). 

SL Lewis 1 1 0-2 

Dallas • 2 3-4 


Floury 1 (RelCheU. 17:44 (ppi.ia Vancouver, 
Gatinas 1 (Corson), 18:54. Penalties— Bchyrtv 
Van (interference). V.3S: Roberts. Ced 
I charging), 5:04; Go Unas. Von (tripping), 
7:21; Hedlcan, Von (interference), 10 :M; 
Kruse, Col (holding). 13 JZ2; AntoskL Van 
(hooUng), 16:47; Bure. Van (charging). 19 -JNl 
ndto period— 11, Coigarv. 77/ov 1 (Roberts. 
MnclnnhO, 1:14 (gp).lL Vancouver, Unden2 
( Homing. CaurtnaU). 2:45. Penalties— Mur- 
zvn, Van (holding). 4:14: Sullivan. Cal (hold- 
ing), 7:41; Yawner, Col (bolding). I9:<4; Rob- 
erts. Cal (ctorgtaa). 12:09; CeurtnolL Van 
I roughing). 15:2B; Rannlng, Von (cross- 
checking 1. 19:33; CourmaU, Von, mtaor-mls- 
candud iraugMng), 19:33; Undcn, Von 
(arosB-checUng). 19:33; Roberts, Col, double 
mlnar-mlscandiicl Iraughlng). 19:33: Macln- 
nta. Cat (crosschecking), 19:39; Momerao, 
Vaa double minor (cross-chock Ins, high-stlck- 
Ing). 19:33; Olto, Col (htgivatlcklog). 39:09. 

Shots on goal— Vancouver 94-10— 2L Calga- 
ry 17-72-5-34; power-ptar ooporhmJIlev 
— Vancouver l o( 9; Catgarv 4 of M; goailes- 
— Vancouver, McLean, I- 1 (Mstofs-2raov»*|. 
Calgary, Vernon, 1-1 (28-23). 




HOCKEY 


Wednesday’s NHL Playoffs 


• • >-• 


NBA Standings 


3) Stanton 


EASTERN CONFERENCE 
ADontlC DtvISiOP 

W L PCI 
y-NewYork 54 25 M4 

X-Oriondo 49 31 413 

x-New Jersey 44 34 J0B 

Mknril M » 

Boston 31 41 -392 

ptUtadeleWO 34 ss M* 

Washington 23 57 -289 

Central Division 

x -Atlanta 56 34 JM 

x-aiicwo ® * IS 

x-lixUono 45 M J43 

x-Clevetand 45 35 363 

Charlotte 39 « A94 

Detroll * <0 » 

Milwaukee 20 60 250 

WESTERN CONFERENCE 


Sob Jose 

Detroit * 1 5-4 

Series tied 1-1 

Flrd ported— None. Penalti es P robert. 
Det ( I nle rt erenc e ). 1S5; 5an Jose bench, 
served by Garaenlov (lea mony men). 2^2: 
Kariov.Dct (toeklng),4'Ja; FaOoon. SJ (trip- 
ping). 9:10; Garaenlov. SJ (hokflna), 11-28; 
More, SJ (cnaxheOlng). 15:45. 

Seceod p e ri od i Detroit Burr i (Droperl. 
;47. Penalties— Corkner, Det < hocking), Ul; 
Johnson. Det (Interference). BdW; Larionov, 
SJ (Mgh4tlcklns).9;17; Probert. Det (inter- 
ference), 11:56; Konstantinov. Det (reugh- 
Ine)- «J9; Burr, Det Uttoft-GncMng). W:42. 

TMrd period— 2, Detroit Probert 1 (Kenne- 
dy. McCarty). 2^2. 1 Detroit. CtecareUl 1 
(Coney. Fedorov), 5^17. A Detroit. LMstrom 1 
(Fedorov. OccoreUll, 6:43 (pp). PenoHles- 


- First period— l,5t. LMtxSrxmaham Uon- 
nev). 2:04b PenaWes— Roberts, S1L (crass- 
cbecklno), 6:06; Ludwig. Dal (roughing). 
9:17; Sfasbiv. SIL (boarding), 11:57. 

Second perted-CI. DaUas, Modano 1 IGilctv 
risLCOtfOHnl)^:2S.XDalta9.Courtnall 1 h: 47.A 
SL Louh, Hull 2 (Medved, TlBevl. 7:01. Pen* 
Dos— Kasatonov, StL (nek0ng),ii:15; Medcsn 
DM (tripping). Krifc Chree-SH ihWvflBcfclng), 
16X1; Baron, StL tcrasychetldnol. 17:45. 

mra period— & Dalkfl. Modano 2 (Cavai- 
IM.2m.tf, OaDaa, Gmmer Z 1930 Ini). Penal- 
Hee—Cliuri(a,Dal [nuNn*)J.-<D; Macfcay.SIL 
/ roughing).}: C3; GHcftrisfcDol (iwMng). 12:16. 

Shots OO goM-St LOMs 1140-26. De4kM 10- 
15-10-51; pow er Ploy u ppertu pl tl es 51. Louts 
Oats, DaUasOaf 5; goalies— SL L. Joseph. 0-2 
(5BNxds47 saves). Dallas WokatotoM (2624). 

1 3 1-5 

4 2 1 — 7 

Series tied W 
First period— 1. Calgary, Nleuwendyk 1 

IRalciwL Madams). 730. Z vanaxwer. 

Brawn 2 (Hedksn, Craven). 8:08. 3, Catoorv. 
5uffivail (Otto). 9:08 (sh).4,Col9ary,Mocln- 
ntal (F1wryJWapsltl).l5X4 (pp) J.Coigorv, 
Mad mils 2 (Mweai d l fc TNsv;, 19:10. Pen- 
offi u* I tod lcan. Von (hooklno). 3:46: Yaw- 
ney. Col (crosKhedclng). 3:46; McIntyre. 

van (hooWnoL 6M1; veraon, CoL served bv 

McCarthy (MgMlddM),<dl; Roberts, Cd 
(lntarterenee).B:38; Madnnis. Cd (holding), 
18:37: Yawner. Ca (roaoMna>.ll^6i Craven, 
van (stashing). 12:18; Madam, van (raugi*- 
tsLUM: KWa. Cd (rougMng). MdB; Bure. 
VMidrtertrence), 15 Ji; Retorts. CoMlnier- 
(•rence), 16M4; Craven, Verv double minor 
(triPPtan, ixaportsmanllka conduct), i6riB: 
Patrick. Cal (hta-sttcklno). T7:3L 
Mwd perfad— fr Vtaicouver, Courtnall 2 
(Dldudc},2:44 (sh). 7. Calgary, Nleuwendyk 2 
(Moclnnls. Fleury). 10:58 (pp). 8. Vancouver, 
Rennlna 2 (Linden), 13^1 (pp). 9, Cotoary. 


EUROPEAN CHAMPIONSHIP 
Group Six. Quantytag 
Northern Ireland 4, Uechonstetn 1 
SPANISH KING'S CUP 
Find 

Zaragoza 0. CeHo 0 
Zaragoza wan. H an pendtv shots 
ITALIAN CUP 
FbwL Second Leg 
Sanatoria &. Ancona i 

INTERNATIONAL FRIENDLY 
Austria L Scotland 2 
Nether lands a Ireland 1 
Switzerland 3. Czech Republic 0 
wales 0, Sweden 2 
Brazil B Poris-St Germain 0 
Aroenltna X Morocco 1 
United Stales X Moldova 0 




FIFTH TEST 
England w west todies 
4tb Day. Wednesday, In 51. Jatare, 
West Indies first Innings: 593-5 
Engkmd first bmlngs: UH 


ElCordobes 
Is Returning 
ToBuUrmg 


Reuters 

MADRID — The legendary 
Spanish buDfighier Manuel Be- 
nitez, El C ortkibes, announced 
Thursday that he was return- 
ing to ure professional bullring 
after an absence of 13 years. 

“In fact I have never retired 
I will die as a bullfighter." said 
Benitez, who wifi be 58 on 
May 4. 

He said he had signed a con- 
tract for four corridas with the 
bullfighting impresario Jest 
Ffetix GonzAlez for a fee of 400 
million pesetas ($2.8 million). 

Looking tanned and fit bul 
his once mown hair now grey 
and thinning , “The Man from 
Cdrdoba" said be was physi- 
cally and mentally ready to 
face the bulls again. 

Asked al the packed Madrid 
headquarters of Antena 3 tele- 
virion if be returning for the 
sake of the money or for the 
love of bullfighting, Benitez 
replied: “I am not rich, but I 
don’t want for food. If money 
is on offer I would be stupid 
not to take it." 

No dates have been set but 
officials of Antena 3, which 
has contracted to televise the 
four fights, said the first was 
expected to be in tire Catalan 
city of Tarragona on May 21. 


Becker Threatened, Under Protection 


MUNICH (AP) — Boris Becker and his manager. Axel Meyer- 
WOklen, have been put under police protection because of calls received 
from a man threatening to loll the three-time Wimbledon champion, his 


Police said the man telephoned Meyer- Woldcn, a prominent Munich 
lawyer, five times in March and threatened “a fearful bloodbath” unless 
his demands were met The demands were never specified, although the 
man said he wanted money and had "other conditions." 

The spokesman said pohee beheve the man may be menially disturbed, 
"But we took him very seriously and we still take him seriously." 


Belarussian Ivankov Wins Gym Title 


BRISBANE, Australia (AP) — Ivan Ivankov, 19, a student from Minsk 
in only his secondyear of senior international competition, won the men’s 
all-around title Thursday in the World Gymnastics Championships. 

Alexei Voropaev of Russia finished second while Ivankov’s favored 
Belar ussian teammate, Vilali Scherbo, the 1993 champion and winner of 
six gold medals in the 1992 Olympics, was thud. Valeri Belenki of 
Germany, the Olympic bronze medalist, finished fourth. 

• Nadia Comaneci, the first gymnast to score a perfect 10, said rite will 
provide $100,000 to help support the Romanian Gymnastic Federation. 
She now 


now lives and works in the United States after defecting in 1989. 


For the Record 


Jimmy Johnson, less than a month after quitting as coach of the Dallas 
Cowboys, joined Fox Sports as an pre-game analyst on its new NFL 
broadcasts. (AP) 

Yuka Sato, who won last month’s women’s figure skating world 
championship, has decided to turn professional, tire Japan Skating 
Association said. f AP) 

. John Jensen, the Danish midfielder, will be unable to play for Arsenal 
iz> tire May 4 European Cup Winners’ Cup final against defending 
champion Piuma after ligament damage to his left knee in Wednesday’s 
exhibition match against Hungary. (AP) 

Erwin Koesnan, the Dutch midfielder, is unlikely to play in the World 


Cup after tearing a groin muscle while practicing for Wednesday’s 
exhibit! 


lition a gains t Ireland. 


(AFP) 


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Page 24 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, APRIL 22, 1994 


OBSERVER 


The Mean Spirit 


Seduced by ‘Cross - Cultural Crossroads’ 


PEOPLE 


By Russell Baker 


N EW YORK . — It’s mean oot 
there. Half the country is: 
cheering for a foreign government 
to go ahead and beat an American, 
age 18, to bloody pulp because he 
vandalized cars and signs in Smear 


vandalized cars and signs in Singa- 
pore. 

This was rotten of him, no doubt, 
and he is also sentenced to do jail 
time for it, but it says something 
about the collapse of American ego 
when half the country starts cheer- 
ing for foreign powers to beat up 
our fellow citizens. 

Inride the Beltway where I ven- 
tured recently there was deep 
philosophical calm about this ap- 
parent onset of national self-loath- 
ing. They are thoughtful inside the 
Batway. 

“You must understand about the 
bloody-polp beating,” these 
thoughtful people explained — all 

m more or less the same words with 

that same philosophical calm so 
easy for a person to maintain about 
a bloody bearing when he is not the 
party about to receive it — “yon 
must understand, there are a lot of 
people out there angiy about 
crime.” 


in the present case, to ay, “Lay on 
with a wifl, Singapore!" 

Such theories receive no hearing 
inside the Beltway. It is too 
charmed right now by crime to en- 
tertain duff economic theories for 
human behavior. Everybody has 
polls showing aO America is abso- 
lutely terrified by reports of inner- 
city crime whose victims are over- 
whelmingly M arie . 


By Mike Zwerin 

New York Tunes Service 


P ARIS —“The Hotel Eden was on the 
intersection of Freak Street and Dhar- 
ma path, which was, I thought, the perfect 
location," writes Pico Iyer in his book 
“Video Night in Kathmandu," “at the 
intersection of hippiedom and Hinduism, 
where Haight-Ashbury meets the Himala- 
yas. This, in fact, was exactly the kind of 
crosfrcultnral crossroads that I had hoped 
to find." 

I quote the above passage because I read 
it the day after interviewing Jean-Pierrc 
W eflkf and I do not believe in coinci- 
dence. *Tve always been seduced by dries 
that are cross-cultural crossroads,” the 41- 
year-old Americanized French record- 
business veteran told me: Tm fascinated 
by Miami so I thought I'd try to make 
musical sen« out of the fact that I come 
from Paris and know Miami very well" 


“Out there,” when spoken by 
people inside the Beltway, means 
“outside the Beltway,” a vast 


space that exists mostly to be 
gulled. Occasionally a reporter 
travels there and, on returning, is 
said to have been “out in the cotrn- 


The anger about crime “out 
there” is submitted to explain the 
mean public mood. In a place less 
richly equipped with pods, people 
might theorize that there are good 
economic reasons why meanness 
mi ght be souring the American 
spirit. 

Its most revered corporations, 
for instance, have made a boast of 
bring “lean and mean" as they be- 
tray years of employee loyalty by 
cutting thousands of workers and 


The Congress hasn’t an idea of 
what to do to improve life in the 
inner cities. Even if it did know, 
unless it was cost-free it wouldn’t 
do it anyhow, since Congress’ chief 
constituency is suburban, not the 
inner city. 

Voting “tough” on crime is easi- 
er for Congress than facing intrac- 
table urban problems. And so 
drug-inspired criminals, who deal 

er duly, wflTsoon^e subject to 
official capital punishment by the 
federal government! 

There seems little disposition in- 
side the Beltway to deal with the 
economic roots of American uneas- 
iness. The news industry is besotted 
with the incomprehensibilities of 
Whitewater and the Whim House 
talks happily about statistics print- 
ing to an economic recovery, bat 
n on* of this has to do with 
the depressing problem the polls 
keep mating at 

That is, an awful lot of Ameri- 
cans are disappointed with their 
lives, rinnlt they are moving down 
the economic scale and axe pessi- 
mistic about moving up again. 

Q 


Paris has the chanson and marie from 
Africa, the Middle East and Eastern Eu- 
rope. Miami has Cuban and South Ameri- 
can music, reggae, country and rock. 
WeOler is KnWnp the African feel with a 
Caribbean vibe. "Small can still be beauti- 
ful in our greedy transnational Global 
Megalo p o li s , where this month's balance 
sheet is as far ahead as they look. 


Waller has a sociology degree from the 
University of Paris, studied at Juilliard 
School of Mode and helped the careers of 
Bob Mariey, Peter Gabriel and Keith Jar- 
rett as label manager for Island Records in 
Paris. In 1930, the 27-year-old WeOler 
formed Europa Records to bring Eurqazz 
to the United States. landing in Orlando, 
Florida — his American wife knew the 
town and it seemed easier than New York 
— be released albums by Chet Baker, 
Stfcphane Grappelli, Sugar Blue and Don 
Cherry (all living in Europe at the time) 
bat soon ran out of capital. 



work with music I like played by people I 

like. Go for it" , , , . 

He went to Miami in October and asked 
a bank for a $150,000 loan. There was a 
recession and Weiller did not have suffi- 
cient collateral — severance pay f rom Po- 
Mjiam was about it- When be swore he d 
ray the loan back in two months, the 
bankers looked skeptical but agreed any- 
way. Waller’s optimistic energy is conta- 
gious. The bankers were amazed when he 
kept his promise. He had no money to Irve 
on. He was granted an overdraft and Uno 
Mundo Records was in business. 


Domingo in Bucharest: 
Star of Stage and Screen 


FUkado Domingo’s drew chess 


in Bucharest in the first Mg operat- 
ic show since the 1989 revolution. 
But ordinary Romanian opera lov- 
ers were denied a glimpse of their 
idoL as armored cars and riot po- 
lice stood outside the hall. The ft-j 

_1 nrntMtnl that J 


cal media protested that Prerides' 
Ion Xfiescu had hogged most of the 
tickets to entertain officials and 


guests, and the concert was aired 
five on state TV to liy to dampen 
anger over the fact that no tickets 
had been sold to the general publk; 
Organizers said nearly a third of 

the seats were booked by the presi- 
dency, and the rest went to the 
ministries of foreign affairs and 
culture, state TV — which said it . 
had paid Domingo’s $250,000 fee f'" 
— state radio and Bucharest’s 
Opera. . . . Barbra Streisaid 
launched her first conceit tour" in ?' 
more than a quarter of a centay in C\ 
London before 10,000 fans who r ' 
gave her a standing ovation before f 
she sang a note. Her four Loukn 
appearances mil gross £5 million $ '■ 
($7.5 milli on). Scalpers offered tx±- * ■ 
ets outride Wembley arena for £500. r- 
□ 


People respected him for his wilL taste 
and vision. They could not figure out what 
he wanted to do but the music was chang- 
ing and so mething had to be done. Catego- 
ries had begun to overtap, kids were tiring 
of the Top 40 format. Rap was combining 
with heavy metal (Body Count). ;azz 
(US3) and reggae (ragamuffin, a Jamaican 
style). Concept albums and a cappellfl 
pinging groups were coming back, waller 
knew that first he had to get the public s 
attention, to awaken its sense of intrigue. 
Cable channels and specialized FM Sta- 
tions all over the dial can be good for small 

independent companies that move fast 
The rules are changing. You can make up 
your own rules now. Weiller began mar- 
keting directly to college radio, small fan- 
zines, specialty shops and at concerts. He 
likes the word intrigue. 


Se 


Record-b usiness veteran Jean-Pi erre WeOler: ‘Pm fascinated by Miami. ’ 


Many people now live in fear of 
being wiped out in onsets of mean- 
ness required l or the higher good of 
corporations and country. 

Economically therapeutic 
though such meanness surely is, the 
individual vulnerable to its salubri- 
ous savagery might naturally fed 
tempted to kick somebody even 
more helpless than himself. Or, as 


There isn’t much in din ion eco- 
nomics to encourage their opti- 
mism. As a “new Democrat," he is 
basically a pre-Reagan Republi- 
can, winch is to say a triddixtown 
feUow. 

He is betting on those lean and 
mean corporations to do well, thus 
creating enough new jobs to im- 
prove the nation’s mood. It isn’t 
clear how this is going to stop the 
relentless mair-h of electronic- auto- 
mations which mulres it mow and 
to produce more and more 
while putting more and mare peo- 
ple oat of work. 

It will probably get meaner out 
here — or out mere as- they say 
inside the Beltway. 


The only job he could find was loading 
orange juice bottles at the end of a produc- 
tion line. It was like “Modern Times." 
When he missed a bottle the line didn't 
stop, if he missed two it was total madness. 
When he decided to leave, the other work- 
ers, mostly blacks working a dead-end 
McJob, came op to him and said: “Good 
luck, Jean-Picrrc, we know you’re going to 
make it” It was moving and motivating. 
“If I can do this," be told himself, “1 can 
survive in New Yorit" 


In die at winter. 1982. he and his 
wife rented a Ryder truck, piled up every- 
thing, drove for three days and parked on 


Upper Broadway for two while she found 
work and he installed Europa in a small 


New York Times Service 


work and he installed Europa in a small 
office in an artists’ loft Late-paying cus- 
tomers continued to cause cash-flow crises. 
He climbed up on the desk of the largest 


distributor in Atlanta and screamed: “I 
want my money or my records." He lost a 
client bin got a check and the remaining 
stock and drove around and sold the al- 
bums directly to stores. The pressure was 
destroying his life. He called ms artists and 
said: “Listen guys. I have to stop " 
Weiller considers New York the freest 
city in the world, the heart erf meritocracy. 
So be was pleased when Minister of Culture 
Jack Lang appointed him U. S. “cbaigfc de 
mission" for French popular music, based 
there The “Waller Report” convinced the 
French government to open a Music Office 
in the United States. A year later, he ran 
into Chris BtackweQ, founder of Island Re- 
cords, who said: “Jean-Pierre, if you want 
to come bade, just give me a calL" 

He called. Blackwell asked him to run a 
new label called Antilles New Directions. 
It was like a book publisher having his 
own imprint. “Do your own tiring," EHack- 


and worked on the soundtrack for Spike 
Lee’s “She’s Gotta Have It” At 3 A. 
after a Gipsy Kings concert, Blackwell 
ashsdimn to start an Island office in Paris. 


Paris had too many bad connotations 
and it held few surprises for him but he 
liked BlackweB, and a big budget and 
artistic freedom were too good to resist 
Island artists U2 and Tom Waits would 

out Maud France profitably turned over 
137 milli on francs in 1991 out Blackwell 
sold control to the multinational Poly- 
Gram and in the middle of August 1992, 
when France was on holiday. Waller’s 
office was dosed. “It was," Weiller says. 
Tike a coop <F6taL" 


In Miami he recorded Roscoe Martinez, 
a 1 arin sin ger -guitarist be has a lot of 
respect for. Tbe record exploded. Two 
weeks after release, in Los Angeles looking 
for distribution, Weiller turned on radio 
KISS-FM while riding down Sunset Boule- 
vard in his rented car. It was like in the 
movies. He heard his own production of 
Roscoe Martinez. Coming from the other 
direction to the same meeting, Martinez 
heard himself and started to qect a cassette 
before realizing: “My God, it’s the rodior 


A 41-gun salute, a 62-gun salute *"■ 
and “God Save the Queen," played V 
on the radio, marked tbe 68ih birth- j.- 
day of Queen ERzabeth Ron Russ- ' 
day. It’s not the queen's officiai * 
birthday (that will be on June I ] tin. 
year) and the monarch was having a 
quiet day at Sandringham in Nor- 
fnlk, Buckingham Palace said. 

□ 


well told him, Weiller produced recordings 
by Jim Pepper. Corneu Dupree fno mina t- 


by Jim Pepper, Cornell Dupree (nominat- 
ed for a Grammy) and Nana Vasconcelos 


U2 called him from Boston before a 
concert to say they were “devastated.” 
They invited him to rest and recuperate in 
their bouse in Cork, Ireland. Weiller, who 
describes himself as “a fighter. I've got fire 
in my guts,” did not think long. In Septem- 
ber m Cork he told himself: “I want to 


Personalities like Andy Garcia and 
Mickey Rouike are changing the face of 
Miami Beach. Chris Blackwell has opened a 
recoding studio there Jimmy Page (Led 
Zeppelin) and Pat Metheny live in Miami. 
More and more fashion spreads are shot 
there Painters are moving in. MTV-Latin is 
based on Lincoln Road. Weiller will soon 
be moving his office to Lincoln Road, be- 
low an Uno Mundo club featuring music 
and videos. He plans to open an Uno 
Mundo Virtual office on the Internet Net- 
work with access to music and graphics. 


Artifacts that once belonged w 
NapoKon, Bonnie Prince Cbartt 
and George IV have been stjfcj 
from Abbotsford, the ancestral - 
home of the poet and novelist Sir 
Walter Scott Dame Jean Manrd 
Scott, great-gTeat-great-grand- 
da ugh ter of tbe poet and novtiat 
who (Bed in 1832, was at home, 
south of Edinburgh, with her sister 
Patrida when the thieves struck. 


lfter-i 

lihake 


“Uno Mundo," he says, “is a small Vir- 
tual label with offices in Paris and Miami. 
That’s the way I like it. Tm small but free. 
When you’re on your own, even without a 
lot of money, you have absolutely no lim- 
its." 


Wang Xtengshetig of China wm 
the top prize of Geneva’s 22d anim- 
al International Exhibition of In- 
ventions for a necklace-like dcctro* 
cardioscope that can warn the 
wearer of heart problems. 


I Indians Km 

IjieTuniin; 


1 \. 


INTERNATIONAL i 
CLASSIFIED j0,~ 

Appears on Pages 5, 12 & 17 j- r ?■;.<- , 

’acp 1 "' 


WEATHER 


WEATHER 


Europe 


Forecast for Saturday through Monday, as provided by Accu-Weather. 


ACROSS 


HW> Low 
OF OF 
/Ugenra 1702 12*3 
AiraMwn 16A1 BUB 
Alton 21770 n IBS 
Aim 20/68 12/53 
BMln 18/88 11*2 
BOMB 18*4 1203 
Bata 10*1 7/44 

Bnwla 18*4 0/40 

BuWpto 18*4 QMS 
Ccpntooan 1407 7/44 

ObmNM 20*8 1407 
Mftl 13*0 8/40 

EdHutfi 13*5 8/40 

Roma 18*8 9/48 

Frankfurt 18*4 8/43 

Qanma 17*2 B/48 

UH 8/48 2*9 

bMa4 18*4 1203 

IbU« 21/70 18*1 

uaon 16/81 1203 

London 18*8 8/48 

MkW 19*8 8/40 

Mm 21/70 11*2 

Memo* 11*2 1/34 

Munfc* 18*1 7/44 

Ntaa 18*4 B/48 

CMS 13*8 a/43 

PWxw 17*2 12*3 

Pmk 18*8 10*0 

Pnoua 17*2 8/48 

Rartnft 2*8 -3*7 

Roms 19*8 10*0 

8l PaWlriufl 10/80 3/37 

StaeMwkn 13*8 8/43 

Skmbowg 18*8 9H8 

Tdhn B/48 3*7 

V Orica 18*4 12*3 

Vtan 18*1 B/48 

Won 17*2 6/43 

Zrafch 19AM 8/48 


W Hgh 
OF 
pc 19*8 
I 19*8 
I 21/70 
ad 1908 

■ 19*8 
ah 21/70 
pc 18*4 
pc 22/71 
c 19*8 
pc 17*2 
po 21/70 
r 1305 
ah 11*2 
a 21/70 
pc 21/70 
pc 21/70 
tfl 8/43 
t 18*4 
PC 22/71 
Oh 17*2 
0 18*1 
pe 20*8 
i 22/71 
a 12*8 
pc 1804 
a 1008 
ah 18*0 
a 18*4 
a 22/71 
pc 19*8 
pc 4*0 
a 21/70 
O 9/48 

I po 12*3 
pc 22/71 
ah 8/43 

■ 20*8 
pc 17*2 
e 17*2 
pc 21/70 






Today Tc toorrem 

Mgh Low W Wgh Las W 
C/F C* OF CIF 


Hangtag 

NewOoW 

SaoJ 

Shantfai 

taapm 

Ta?« 

T<to> 


i Hopeless 

• Where the dller 
>S 

• Zingers 

13 Free 

14 Colorado skiing 
mecca 

1« Not right 
17 How natives 
communicate 
» Type of mail 
21 Mighty mite . 


22 Rabtxt 

23 Rebuffs 
29 Sort of 

29 Droll 1993 best 
seller 

3z ’The proof of 
the pudding 


3«Foafaraw 
as Seed 

36 Dressing-down 
«i Actor Holm 

42 0ldB‘waysign 

43 Latch 


17*2 po 
10*0 ah 
9M ah 
8/43 c . 
10*0 pc 
4*9 po 
7/44 a 
11*2 a 
7/44 pc 
14*7 pc. 

10*0 po*" 


North America - 

The Northeast. Ineluding 
Boston and New York City, 
wffl remain cooler than nor- 
mal this weekend with a 
chance for rain Srodey. The 
central Plains will have hoi 
wea ther Bile we ekend orf tfi a 
few scattered thundai storms. 
The Mdwest will be mainly 
dry and warm while refn 
soaks the West Com 


Europe 


A soaking mh la Italy h Ire- 
land arm the western British 


luvJ arm tho western BrftWi 
tales this weekend, than 
across southern Iceland by 
Monday. Central Europe, 
including Paris and Frank- 
furt. wil have dry. season- 
ably warm weath er.. A slow- 
moving storm wB bring cool- 
er weather and scattered 
heavy raina to Turkey. 


Asia 

North -central China. Includ- 


ing Bailing, will have dry. 
ptoanl wet tt w r Wa weak- 


pleasant weather this week- 
end Into Monday. Tokyo wO 


be mainly dry with gusty 
winds each afternoon. Hong 
Kong wfl have warm weath- 
er Mo early next week with 
no more than a stray show- 
er. Singapore wffl be damp- 
ened by dally thu n ders to rms. 


20*8 14*7 a 23/73 16/59 c 
17*2 12*3 pc 17*2 9M8 PC 

19*5 12*3 pc 20*8 11*2 po 
21/70 10*0 t »/77 It/52 pc 
wwa tons pc sun nm pc 
23/73 12*3 pc 24/79 14*7 pc 
19/58 1060 pc 24/75 14/57 PC 


Solution to Ptmle of April 21 


North America 


Oceania 

Auckland 

Bydhay 


Middle Eat 

Tain 714111411141 

Me* Cow W M0I Low W 
OF OF OF OF 
Baku 32*9 18*4 pc 29*4 18*9 a 

Grin 97/98 18*4 pc 29*4 13/B a 

Danwacus 31*8 14*7 e .27*0 11*2 a 

Jevaalam 20/79 18*1 a 8303 13*5 a 

User 45/11334/75 a 44/11119*8 a 

Rhwtl 37/98 21/70 S J7/BB 21/70 a 


Latin America 


Tod* Tram™ 

Mgfc Low W HJjpi Low W 
OF C* OF OF 
Bumoa Mas 29 m 12*3 a 22m 12/53 a 

Cewcaa 2B/B2 ZI/TO po 2B/B2 21/70 pc 

Una 24/76 19*4 pc 24/75 19*B pc 

Mradco Ca y 25/77 11*2 ril 2B/79 12*3 pc 

Rbdwtanske 27*0 21/70 pc 27*0 22/71 po 

Svto 24/79 7/44 a 23/73 SMB a 


Data* 

HonoUu 

Houston 

Los4nga4aa 


19*5 12*3 a 19*6 13*6 pc 
22/71 15*9 a 23/73 15*1 pc 


legend: eeumy, popartly dourly. cxtoudy.BlvewamB.MasrdwBiormrmi.eenowautTiBa. 
arvwiow. Wca. W-WaaJher. M mope, lore ce ms and data provided by Aecu^Vaethar, he. 0 1994 


mmao anon naan 
hhqh aoiniun anna 
□□□a Hiiaaa □□□□ 
Ban nssB □[•]□□□ 
B □ □ □ □ B □ B □ □ □ lZJ □ Q □ 
HDDBB □□□ HHB 

□□□□ aaaaaa ebb 
Hannaaona 
□□□ anaaBB □□□□ 
□□□ qbb □□bbci 
B ananaBnaoaBBaa 
□□□□□ uuaa aaa 
bhhq aaaaa □□□a 
□deb □□□□□ □□□□ 
□□□□ aHaa □□□□ 


44 Not the 
secretive sort 
48 Innumerable 

50 Yearbook 
classmates: 
Abbr. 

51 To live, to Livy 
55 Richard Harris 

movie of 1977 

57 Hornless 

58 Communicating 
(with) 

83 Mr. Hulofs 
creator 
e« Cabal 

65 " a Core' 

(1954 pop 
song) 

fie On 

(freelancer's 
terms) 
er Mamie 
Eisenhower, 

Ooud 

es Wanderer 


1 Maclaine's 

"Out on ' 

2 Individualist 

3 Soprano 
Lehmann 

4 Heralds 
3 Look 

searchlngly 


• Photographer 
Richard 
7 Kind ol cry 
e Actress Louise 
e Tribesmen in 
the film “Simba" 

10 Wise one 

11 Singing syllable 

12 Neighbor of Leb. 
19 Hispanic 

community 
ii *f came,* to 
Caesar 
19 Reps, and 
Sens. 

24Liflehammer 

events 

24 ’Rome 

built In a day" 

27 Part of old 
discotheque 
names 

26 Hedge shrub 
aoH.S. course 

31 Palindromic 
Party 

32 Three-lime 
World Cup 
winner 

33 Sub detector 

37 It's sold in lots 

38 Bungle 

39 On a roil 
-40 Native 

4i Computer co. 


45 Spike Lee's 
"Malcolm X.* 
e.g. 

46 Uncover 

47 Old English 
royal house 


4S New London grp. se Greek letters 

92 More bruised se Military sch. 

53 Diploma word 
se New Republic ei Genevieve, e.g. 

piece 52 Bach's "Partita 

se Related 



H1H0 


Pmztabf A-J.Smtora 


© Nov York Times Edited by Will Shortz. 


Travel in a world without borders, time zones 

or language barriers. 


AKT Access Numbers. 

How to can around the world. 

1. Using the chan below, find the country you are calling from. 

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COUNTRY ACCESS NUMBER COUNTRY ACCESS NUMBER COUNTRY ACCESS NUMBER 


ASIA/PAlQFIC 

Australia 0014 

Orina^RCee* 


0014-881-011 Italy* 

10811 Uechtcnstrtn' 


IjOggftggg Colombia 

— 1721011 icosaRka-a 


000 -117 Mata* 
POli-SOl-lO Monaco' 


Malaysia* 
New Zealand 
Pfaflfppfaaa* 
Safpanr 
Singapore 
Sri Lanka 

Taiwan* 

ThaHande 


0Q#-111 Miltmhujf 

009-11 Nor way * 

11* Poland**** 
8000011 Portogat* 

000-911 Bnnwnl, 

105-11 jbariartMbBcow) 
395-2872 ! Slovakia 

fiOMIH-Ill Spain 
430430 Sweden* 


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HSsdv3dcn*a 

Guaw-mala* 

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Honduras** 


Nicaragua 

Panama 

Peru* 


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EUROPE 




Armaria** 

Austria— 

Belgium* 

Bulwark 

Croatia** 

Czech Kcp 

PcbiuiA* 

Ftotot* 

Prance 

Germany 


ItehDoateta* 15»00-11 jfcSdori 

O 18 - 872 8*196 HSaivadc 

808-mi Lmtembourg 0-800-0111 -G^amat 

Malta* 0800-890-1 IP 

■QOlvgm-l 0 Monaco* l^-OOU 

Xrtxtba Ar 06-022-9111 

gggrag 800-190-13 

111 Pofcatf** 0*010-4800111 ^ ' 

***>0*1 PocmiiFl* 05017-1-288 =— ; 

000-91 1 Romani a ~~ oi-mi utm , ■■ .. 

10S-U BMrfart Mo ecpw) 155-5042 

395-2872: Slaraida 0042000101 

BOMI 11-111 Spain 900-994051 ^^ uda 

430430 Sweden* 020-795-611 - 

0080-10288-0 Swi aulau d* 35»00-ll B * haaw 

0019-99M111 UX ' 0500-09-0011 '° ennuda * 

I MmWT MgF 'BriBahVl 

g*l4m Bahrain 80(H)0l Cg y nanK 

0Z2^0»011 CyptlW 0MQ-9OOlOt ■ Grcqada ' 

OW-n-OO lO lateel 177-100-27Z7 ' HaUr 

0Q-1H00-0010 Kuwait 800-288 

9W0U I/dhewwQBeiriiO 426-801 P^-Ant 

00-4204)0101 Saudi Arabia 1-800-100 ,St -Ktas/Nt 


Uruguay 

Venezuela** 


0080-10288-0 Swte 
0019-991'! Ill UK. 


'BddshVl 

800-001 Cayman Isfcmdg 
080-900101 ■ Grcqada ' 
177-100-27Z7 ~ HaM * 


800-288 

426-801 Wtea tL . Airtn 
1-800-100 'St-gjgyNevis 


HmEuxTe 


8001-0010 Tnrkcy* 
9800-100-10 ' 

194*0011 Argenda 
0130-0010 pH t 7- ra ' 
00^00-1311 BoUvhr 
00*-800-0llll lta 
999-001 (Wy 1 


00800 -12277 

AMERICAS Egypt* (C 

001-800*200-1311 Gabon* 
SS5 Gambia* 
0800-1111 Kenya* 

0008010 Iberia 

• OPA-OSa- .Malawi* 4 


| 980-11-0010 

■ 114 

119 

5 190 

1 i?o 

165 

L 323 

95-800-462-4240 

( M anagua) 1 74 

109 

191' 

356 

000410 

80011-120 

rAWmWKARf 

1800872-2881 

1800872-2881 

1800872-2881 

ntfa 1-800872-2881 

1-800-872-2881 

001-800*972-2883 

0800872-2881 

001800872-2881 
fe 1-800872-2881 

AFRICA 


(Cairo) 



ART 


CJmOvJiiflUMf awlkNc Inal iMfaraeeiKMCB a— -S an ta 

r*™** cooney to coonay aihvi herraran n<A; man m vbuiMoi. mff Laqiun 
Urw*Set»<qo/fcTmq*tfie-fmglmap(«aBiinlru»ij|Wta BPMBei 


5100200 

00*801 

00111 

060010 

797-797 

101-1992 


o« hr -mlbhfc fmm mry 

-CoBecuaffliuiont,. 


<M~ WartlOaaaeg- Sei v i re NBaeJdtanaaJio'Bic ewiSw»iatMhi Bow 

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IW fc pl BwepN deDaolaaeplMBarthWaa 


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0 1994 AST 


-Pl*lic phraw^lrc dcpaVcrf coin or Dul 01MSV01 1 1 j ”* 1 * n ' *