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INTERNATIONAL 






PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Saturday-Sandav, August 6-7, 1994 


No. 34,660 




6-vi i 


In W.S. Jobs 
Puts Markets 
Into Tailspin 

Clinton Welcomes News 
But Wall Street Is Way, 
Of Quick Bise in Bates 

By KdtbBradsher 

New York Times Service _ 

WASHINGTON — Hie U.S. economy 
continued to produce jobs at a HrTs it pace 
in July, the government said Friday, trig- 
gering drops in financial markets as inves- 
tors feared the Federal Reserve Board 
mig ht raise interest rates again soon to 
prevent any increase in inflation:' 
Employment grew by 259,000 jobs last 
month apd average hourly eammgs rose by ■ 


4 cents, to $31.12, the Labor DepBr tmrn t 
reported! Preadent Bin Clinton welcomed 
the news, pointing, out that employment 
has now risen by 4.1 million jobs since he 
took office, half of (he 8.0 nrillionjobs that 
he promised to create during his fust term. 




But traders and - investors in finayirj foi 
markets were much, less enthusiastic, wor- 
rying that the central bank would interpret 
rising wages and employment as si gns that 
inflation, now miming at slightly less thaw 
3 percent, wfll pick up, Ihe Dow Jones 
industrial average closed down -18.77 at- 
3,747.02, while the price of the benchmark . 
30-year Thnsuxy bond fdl I 17/32 point, 
to 84 24/32, taking the yield -up to 7.55' 



NATO Jets Punish 
Bosnian Serbs After 
Defiant Arms Grab 


utivcts seeking a drink of water Friday at the Yugoslav border, where trucks headed for Bosnia were blockaded. 



s, France Seizes 16 Algerians 


St U- -<t 


Although job growth was strong, the 
im employment rate crept up to 6.1 per- 
cent, a statistically insignificant, tenth of a 
percentage point from June. Unlike the 
figures on job creation, which come from 
an extensive survey of businesses, the un- 
employment rate is based on a survey of 
households. 

Ibe household survey has been prodoo- ■ 
mg unusual results eves' since the Labor 
Department changed the questions at the 
beginning of this year, and'eyep depart- 
ment (Uncials have become hesitant to rely 
mi it “The household survey— since it’s a - 
new survey instrument and it’s a small 
survey in terms of the number, of , people . 
surveyed —is sriDtxjnijcnjgaroundabttk 
bit,” Labor JfiSSb / 

Other analysts were less^^Ste: hot 

a reliable number, pamcularly • bn a’ 
month-to-month basifl,” said David M. 
Janes, an oodaoanst at Aubrey <?. Lanstoo . : 
& Co. in New YoriiL . • -- ; v. ; : 1 

Wall Siroet ; economists Frida#* - 


- By William Drozdiak 

Washington Poti Service 

PARIS — France rounded up 16 Algeri- 
an' Muslim fundamentalists and interned 
them in an abandoned army outpost Fri- 
. day as the government of Prime Minister 
Edouard Balladur urged its Western allies 
to' join in a crackdown against Islamic 
extremists fiving in exile. 

• JFollowmg thekflling of five French citi- 
zens in Algeria on Wednesday, Interior 
Minister Charles Pasqoa ordered the ar- 
-rests of leadng Islamic militants, includ- 
ing two imams, and pledged to iwawirain “a 
high state of vigilance” against Algerian 
fundamentalists who have taken refuge in 
the West. 

• ;i^ drained Islamic militants, were 


served with deportation orders. Mr. Pas- 
qua said, according to Agence France- 
Presse. He told the France 2 television 
channel that the deportation order applied 
to all 16.] 

France urged the United States and 
Germany to join in a clampdown on the 
political activities of exiled leaders of the 
Islamic Salvation Front, which was 
banned by Algeria's government after it 
canceled elections in January 1 992 that the 
Islamic From seemed certain to win. 

But the U JS. and German governments 
have resisted French appeals in the past, 
saying that Western countries should 
maintain contacts with "moderate” mem- 
bers of the Islamic Front because they 
could prove to be crucial in finding a 


political settlement to the strife in Algeria. 

French officials argue that the organiza- 
tion serves as a facade for a host of radical 
factions, including the Armed I slami c 
Group, which claimed responsibility Fri- 
day for the shooting of three French' para- 
military gendarmes and two consular offi- 
cers during an attempt to plant a car bomb 
in the French Embassy’s housing complex. 

During a memorial ceremony for. the 
five victims. Prime Minister Balladur con- 
demned the Islamic extremists in Algeria 
for waging a terrorist campaign that has 
killed at least 56 foreigners, including 15 
French nationals, in the last year. 

“An ideology cannot be built on hatred. 

Sec FRANCE, Page 5 


General Warns 
Of More Strikes 

By John Pomfret 

Washington Peat Service 

SARAJEVO, Bosnia-Herzogovina — 
North Atlantic Treaty Organization war- 
planes attacked a Bosnian Serbian posi- 
tion near Sarajevo on Friday in swift retali- 
ation after Serbian soldiers' sneaked into a 
UN weapons collection point and removed 
a tank and heavy guns in defiance of a 
NATO ultimatum. 

Sir Michael Rose, the British lieutenant 
general who commands UN forces in Bos- 
nia, said two U.S. A-10 ground-attack air- 
craft had blasted a 76mm self-propelled 
“tank buster” on a deserted hillside south 
of the capital, near Ml Igman. 

United Nations forces had warned the 
Serbs to clear their soldiers away from 
their weapons around Sarajevo an hour 
before the strike occurred, General Rose 
said, adding, “We do not think it is part of 
our business to kill anyone.” 

French. Dutch and British jets also took 
pan in the operation. 

The general, in a news conference fol- 
lowing the strike, warned that he had 
"merely called for a pause in the NATO 
operation” and that it would continue if 
Serbian heavy weapons were not returned 
to UN collection points. The general 
quoted the chief of staff of the Bosnian 
Serbian Army. General Manojlo Mflovan- 
ovic. as promising to hand over to UN 
control at least nine other weapons sys- 
tems violating the ultimatum. 

(At 10:10 P.M. the Serbs returned two 
armored personnel carriers, said a UN 
peacekeeper spokesman. Major Dacre 
Holloway, according to a report from The 
Associated Press. The tank and a mobile 
anti-aircraft gun, which the Serbs seized 
along with the two armored personnel car- 
riers Friday, had not yet been returned.] 

NATO’s" aitack, its third against Bosni- 


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an Serbs since April, followed two weeks 
of conceited moves by the Serbs to under- 
mine a Sarajevo cease-fire that had 
brought almost five months of tranquillity’ 
and sufficient food to this Balkan capital 
after a Serbian siege left 10,000 people 
dead. 

Having rejected an international peace 
plan for Bosnia last week, the Serbs, by 
reimposing the siege of Sarajevo, killing 
one British soldier and recommencing 
mortar and sniper fire into this crumbling 
European capital, have sought to convince 
Western powers that further involvement 
in this mountainous land is not be worth 
the price. 

But after tolerating a series of Serbian 
violations and enduring the Serbian use of 
big guns around the Muslim enclave of 
Gorazde, protected by another NATO ul- 
timatum. General Rose chose Friday to 
act 

“I regret the use of the force,” he said, 
“but there is a limit to how much en- 
croachment” we can accept 

NATO’s strike occurred against one of 
the most volatile political and military 

See SERBS, Page 5 


rTrip 


vmyivjuivHiL mmi w» y. mww ; mw * 

Federal Reserve Board wduld raise ktibrt- - 
term interest rates for the ffi& .tina®, this 
year, quite possibly on Monday Jaii, more . 
likely at the next meeting oftheFed-* 
interest-rate poJkfyoommktce on Aug. l6j 
No economic data is scheduled for re?.'; 
lease Monday, so financial maricetsmay be 
quiet A rate increase that day, said Eu ge ne 
J. Sherman, the director of research at the 
New York brokerage MA. Sduqnro . Sc 
Co., “might help the Treasury Department 

See JOBS, Page 5 


;i V • : By Caiyle Murphy 

7 -. W taktHgt o n Post Seiyke 

vj JERUSALEM — An unusual Israeli apology for mistakenly 
,-lfiHmg seven civilians, including two children, during a bombing 
: southern Lebanon was aimed at averting an escalation of 

fighting there and facilitating the visit of Secretary of State 
^^Vairhq iM. Christopher to the jr^jon, government and other 
r lwaefi- sources. sand Friday. 

- The apology was not unprecedented, but it differed from 
most Israeli expressions of regret over civilian casualties in its 
frank a dmissi on that a mistake had been made, several Israeli 
observers saidL. - 

_ It was intended to make dear that Israel was not intentionally 
, violating. an understanding brokered by Mr. Christopher last 
' year that ended a weeklrag bombing blitz of southern Lebanon. 


That action was aimed at pressuring the Lebanese Shiite Mus- 
lim militia of Hezbollah to stop its rocket attacks on northern 
Israd. 

Under the agreement ending that Israeli operation. Israel 
asserted that it would not target civilians who had no connec- 
tion with Hezbollah in return for an end to Hezbollah's rocket 
attacks on northern Israd. About 150 Lebanese were killed 
during that operation. 

A government source said that by apologizing. Israel calcu- 
lated it coiild give Mr. Christopher the opportunity to tell Arab 
leaders, in effect: “Lode, the Israelis apologized. They really did 
not intend for this to come out the way it did." so the agreement 
ending the operation should stand. 

Mr. Christopher is due to arrive in Israel on Saturday for his 

See APOLOGY, Page 5 


Opposition Leader Rejects 
Nigeria’s Offer of Freedom 


Democrats Advised to Play Down Clinton Ties in Fall 




By RichaxdL. Berke . 

Sew York Tima Service • v ’" 

WASHINGTON Admittnig that the Democrats, 
face a grim political outlook’ this fall. President Bill 
Omton’s chief pollster is advising Democratic office- 
holders who will be seeking re-election to emphasize their 
own records rather than linking themselves toodosdy to 
Mr. Clinton or even their party. . . ■ . • 

- The pollster, Stanley Greenberg, also recommends that 
candidates make crime their central issue, not health care 
or the economy. . v ■ ■ • ' ; ■ 

Mr. Greenberg stops short of warning candidates to 
distance themselves from ther president, but his rccomr 
mendation amounts to a tadt recognition that Mr. CUn=- 
ton’s weaknesses could damage Democrats’', prospects.. 


The recomme ndation is also at odds with comments by 
officials like the Democratic chairman, David Wilhelm, 
who has publicly urged party members in Congress to run 
proudly with tmar president. 

“Democrats make gains in this race running on their 
~ accomplishments and their agenda to help people at 
home,* Mr. Greenberg wrote in a memorandum entitled 
■' “Starategic Guide to tire 1994 Election.” 

“There is no reason to highlight these as Clinton or 
, Democratic proposals. Voters want to know that you are 
fighting to get thin gs done for them, not that you are 
advancing some national agenda." ' 

The document, obtained from a Democratic organizer, 
was distributed a month ago to a small number of party 
leaders and 'officials at the White House. 


Though the memorandum says the Democrats face a 
tough year, it is not entirely downbeat In fact it is 
intended as a blueprint for how Democrats can avoid 
significant losses in November. 

The memorandum is based on interviews and focus 
groups with voters and candidates in four swing House 
districts: in a Rocky Mountain stale, on the West Coast 
in the Deep South and in the Midwest 
All are districts where the incumbent Democrat faces 
“a genuine battle for re-election," the memorandum says. 


The party that wins the White House almost always 
suffers losses in the next midterm election. The last time 
the party in power gained House and Senate seats in a 

See CLINTON, Page 5 


By Cindy Shiner 

Washington Post Srmrr 

LAGOS — The jailed opposition leader 
Moshood K.O. Abiola on Friday rejected 
an offer of freedom from a federal high 
court because it was loaded with condi- 
tions, including one that would forbid him 
from practicing politics. 

The Abuja High Court ordered Chief 
Abiola’s release on bail after negotiations 
between the government and the country's 
largest labor union. The order said Chief 
Abiola had to renounce politics, avoid in- 
terfering in police investigations and re- 
main in Nigeria, said his wife, Kudirat 
Abiola. 

“Chief Abiola is not interested" in the 
offer, she said in a telephone interview. She 
said be instead would start campaigning 
from inside prison for “the actualization" 
of elections last year. 

Chief Abiola is widely believed to have 
won the presidency in those elections, 
which the military annulled. On the elec- 
tion anniversary in June he declared him- 
self president and was arrested and 
charged with treason. 

His detention has sparked rioting in 
Lagos, and a monthlong strike by oil work- 
ers pressing for his release has’ paralyzed 
the oil-based economy and edged up inter- 
national oil prices. 


The Nigeria Labor Congress, which rep- 
resents some 3.5 million workers, had tried 
to work out a deal with the government to 
secure Chief Abiola's release. The union 
called off a two-day strike Thursday, say- 
ing it wanted to facilitate negotiations with 
the military government of General Sani 
Abacha. 

Kudirat Abiola said her husband was 
unaware of the details of a possible deal 
between the government and the labor 
congress. “He was not informed of the 
arrangement" she said. 

Meanwhile Friday, oil unions said they 
would continue their work stoppage re- 
gardless of whether or not Chief Abiola 
was released. “If they do release Abiola, we 
will be back to square one in the fight to 
restore democracy in Nigeria," said War- 
iebi Kojo Agamene, president of the Na- 
tional Union of Petroleum and Natural 
Gas Workers. 

The Abacha regime has vowed to return 
democracy to Nigeria, Africa's most popu- 
lous nation, and it organized a constitu- 
tional conference to chan the way to re- 
form. But government opponents have 
labeled the conference a sham because it is 
not sovereign. 

Nigeria has been ruled by the military 
for all but 10 of its 34 years of indepen- 
dence from Britain. 


Ktotok 


New Counsel Namedfor Whitewater 


Dream Team II: The Sequel Resembles a Nightmare 




Up and 
Coming 

This occasional series 

about the leaders of tomorrow . 

continues In Monday's IHTmth aproftle 
of William George O'Chee, who at 24 
became the youngest person to be electea 
to Australia's Senate. 

Monty Rtport . , •• - ■ . . • 

Offshore funds — taxation and regula- 
tion reviewed, perfoiiaancoj pompared,- 
setting up your own fundFageg P-is. 


WASHINGTON (AP) — In a sur- 
prise move, Kenneth W. Starr, 47, a 
former federal appellate judge and for- 
mer solicitor general, was-named by a 
special court Friday to take over as 
. independent counsel in charge of the 
Whitewater investigation. 

■ A threejiidge panel of the U.S. Court 
- of Appeals for the District of Columbia 


said jud« Starr would replace Robert 
B. HskeJr-, who was put in charge Jan. 


Jr., who was put in charge Jan. 

■2ft by Attorney General JanetReno. 
-When the independent counsel law. 


Boric Review 


Paged 


whidi ejffiired last year, was reenacted 
earlier mis year, the attorney general 
.recommended that the special three- 
judge court stick with Mr. Fiske. 

Former aide trices heat,- Page-3. 


■ Newsstand Prices _ 

Andorra.— .9.00 PF ^xw^rgWL.Fr 
Antilles HJ0FF w 

Cameroon. J.-tOO CFA Qatar ...a« Riate 

Egypt E.P. 5000 Reunion — .1 1 .20 FF . 

fS.. 7....9,OOFF Saudi Arabia JO R. 

GcSSt 960 CFA Senegal .-.«0 CFA 

GrSe:.. M0 Dr. Spain 200 PTAS 

Italy _2,aoo Lire Tunisia ....1.000 Din 

!wry Coast ,1.120 CFA Tu^ .XL 3&W 

Jordan. 1 JD U A.E. — -2JiQ Dlfti 

CtorS^T..USS1J0 UJS, Mil. (Euf.JSUO 


H Down 
gf 18.77 

Be) 3747.02: 

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Down if 

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previous dose 
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-- 1-5357 

-V 100475 
5.4325 


By Harvey Araton 

New York Tima Saner 

HAMILTON, Ontario — Forget about 
Michael, for the time being, at least For- 
get Magic, and don’t even mention 
Charles or Soottie. Forget all comparisons 
with Dream Team I because, after 40 
inaugural minutes of international com- 
petition, the worst suspicions about The 
Next Generation have already been real- 
ized. 

From the many tracts of empty seats 
hoe at Copps Coliseum to die cool 100 

best d^SiosS^jSk Assertion 
Has to offer, it was obvious on Thursday 
night that so-called Dream Team II is a 
sequel you wouldn't rush to see just be- 
cause the original was so tantalizmgly 
good. 

The first band of U.S. professionals to 
grace the World Championships are not 
exactly the Sacramento Kings, but Magic 
Johnson was right, Michael Jordan was 
right and Shaquille O'Neal and Alonzo 
Mourning were, well, fnH of hot air when 
they insisted the .second edition would 
have run laps around the aging vets. 

“I think this was a good lesson for us,” 
the U.S. team’s coach, Don Nelson, said 
after his players, who actually trailed deep 
into ihe first half, outgunned the Span- 
iards, 1 15-100, in a sloppy, poorly execut- 



•Un Ibnhn Rvulrr 

Shawn Kemp and his U.S. teammates had no trouble dunking the ball, but 
defense was a stranger as Spain scored 100 points and lost by just 15. 


ed and. most of all shabbily defended 
opener. 

Uh-oh. Time for CTNeal to admit that 
his dream had some disturbing and recur- 
ring aspects to it. Mainly the Spanish 
players’ ability to consistently break down 
the Team USA defense and kick the ball 
out to the perimeter for all kinds of open 
jumpers. And the Americans* inability to 
dominate the competition with full-court 
pressure. The way the you-know-whos 
were able to do from the moment they 
were unleashed at the Tournament of the 
Americas two years ago. 

“We’re not uying to blow these teams 
out by 50 or 60 points," said O’Neal, the 
one player the Spaniards seemed legiti- 
mately afraid of. “We're just trying to win 
the game.” 

Good try. Though it is seems juvenile 
that the American pros believe they must 
bury all comers to protect their status as 
the supreme global marketeers of basket- 
ball shoes, among other products, it had to 
be somewhat alarming to the NBA contin- 
gent to observe the Spaniards demon- 
strate slicker passing, more patience and. 
O’Neal aside, little fear of the U.S. de- 
fense. 

"No one has ever scored 100 points 
against a Dream Team,” Spain's coach. 
Lolo Sainz, said with pride. In fact, die 

See DREAM, Page 16 


• • 






- w.. 


Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAT, AUGUST 6-7,1994 




<1 


Emptied, Rwanda Is an Echoing Chamber of Horrors 


By Paul Taylor 

W ashington Past Service 

KIGALI, Rwanda — After the slaughter, after 
war and now after cholera, Rwanda is a nation 
that has beat decapitated. 

; It is largely without an operating physical 
. infrastructure. It is without a police and judicia- 
ry. It is without a civil service. It i$ without a 


ic Front, dominated by members of the country s 
14 percent Tutsi minority. The rebels' military 
-victory last month capped a centuries-old strug- 
gle whose latest chapter began when Rwanda’s 
Hutu majority took control of the country from 
their historic overlords, the Tutsi, at the time of 
independence from Belgium in 1962. 

With one hand, this new government must 


currency, its Central Bank having been emptied prosecute the Hutu extremists who slaughtered 
by fleeing soldiers. It is without much of its elite hundreds of thousands. With the other, it must 
of doctors, businessmen, clergy and professors, reach out to the Hutu masses, who make up 85 
who were hacked to death precisely because they percent of the population, and convince them 
stood for ethnic tolerance. that the guiding principle of the new government 

It is also a nation that is missing a staggering will be reconciliation, not revenge, 
percentage of its population. Up to half a milli on At the same time, the new government must 
Rwandans were killed in the genocide that began keep an eye on the Hutu militia and soldiers who 
after Rwanda's president dial April 6 when his fled last month into neighboring Zaire, and who 


plane crashed at Kigali’s airport Many observ- 
ers say the plane was shot down by Rwandan 
rebels. 

Twenty-four thousand more have died of chol- 
era and other diseases. Four million have fled 
their homes; half of them to another country. All 
of this, starting from a population base of 7.7 
million. 

The month-old government that inherits this 
chamber of horrors is led by the Rwanda Patriot- 


Death Toll 
In Camps 
Drops to 
500 a Day 

Compiled ty Our Sufi From Dispatches 

GENEVA — The number of 
deaths among Rwandans in the 
Goma refugee camps has 
dropped to 500 a day from a 
high of 1,800 a day at the end of 
July, a United Nations spokes- 
woman said Friday. 

But the official, Sylvana Foa, 
said the mortality rate was “still 
unacceptable” and that the UN 
High Commissioner for Refu- 
gees was “still very scared about 
dysentery.'’ 

She said the death rate 
among dysentery vic tims was 
about 10 percent, and added 
that most of the deaths regis- 
tered over the past few days 
were due more to dysentery 
than cholera. 

About 50 percent of the refu- 
gees’ water needs are now being 
met with the distribution of 
some 2 milli on liters (500,000 
gallons) per day, but the UN 
agency “needs $70 million fast” 
to buy aircraft fuel that would 
allow more deliveries. 

The agency also said it was 
short of antibiotics to treat dys- 
entery. 

In Zaire on Friday, a radio 
station started broadcasting to 
Rwandan refugees as part of 
stepped-up UN efforts to get 
them to leave the camps and 
return home. Radio Gatashya 
began by advising the almost 1 
million refugees of the need for 
sanitation to prevent disease. 

Panes Mourn tzis. a UN refu- 


hundreds of thousands. With the other, it must 
reach out to the Hutu masses, who make up 85 
percent of the population, and convince them 
that the guiding principle of the new government 
will be reconciliation, not revenge. 

At the same time, the new government must 
keep an eye on the Hutu militia and soldiers who 
fled last month into neighboring Zaire, and who 
are now talking about regrouping and 
counterattacking. 

The United Nations military commander here. 
Major General Romeo Dallaire, says it is diffi- 
cult to imagine such a demoralized, routed 
rabble posing a serious military threat in the near 
term. But it is not difficult to see them becoming 
a nuisance as bandits who stage occasional cross- 
border raids — or to see them becoming a rebel 
force in exile that gathers in strength over the 


years, just as the Rwanda Patriotic Front did 
from Uganda over the course of a generation. 

So far, the new government is getting high 
marks from UN and other foreign diplomats 
here. It has formed an ethnically balanced cabi- 
net, installed Hutu as president and prime minis- 
ter, and given assurances that there will be inter- 
national participation and full transparency in 
any genocide tribunals. 

But the government’s signals have not yet 
persuaded the Hutu refugees to come home. 


persuaaea tne nutu refugees to come home. ._ rr 

Of the more than 1 million who fled to Zaire * * e 

when the front took power last month, fewer • 

than 100,000 have returned, despite the horrific ^ direcIor * ^ w mission m 

conditions in the refugee camps along the wanaa - 

border. All the top leaders have given assurances that 

When Prime Minister Fans tin Twagiramungu, if the Hutu refugees come bade, the innocent will 
a moderate Hutu, says the problem is that “our be protected. They also pledge that elections will 
message has not been getting through,” he means be held, although the new president, Pasture 
to be taken literally. The new government does Bizimungu, has said ft may take five years, more 
not yet have radio signals strong enough to than double the time envisioned in the power- 
broadcast its reassurances to the refugees, al- s h a ring agreement reached last August 
though the United Nations plans its own The new government has spoken of hnirfinp 
broadcasts. genocide trials for 20,000 to 30,000 officials* 

For now, the refugees are getting a relentless militia and mili tary fig ures of th e form e r govem- 
diet of Hutu extremist propaganda. The rumor in meat, a figure that Kabul calls “alarming” and 
the camps is that any Hutu who returns will be not conducive to reconciliation. 


f Horrors world briefs 

bring spread by the wiflina and soldiers who ' 47 Die in Russian Air Crash, Shaking 

encouraged the mass exodus irithe first place, ‘ 

part of their strategy to cede the country to the A lfeadT"lrQIU)icd ATIfltlOfl lUuuSlTJ 
££“* From "but UK. ft. population with (Rj=ulen) people k^dFrito 

Some Hutu refugees w91 never retinu. because 

they took part in the atrocities. Even those whose °^?rwl^5 5 ^nistrv said an Antonov- 12, a huge military 
hands are dean will need a lot of persuading. b^rtdmilar^^U.lHeratles C-130, crashed on landing 
For a generation, the Hutus had been taught atanmrfield in Siberia, near the Chinese border. The 39 nuhiary 
to believe that if the Tutsis came back to power, personnel two relatives of officers, and six crew members on 
they were all going to be killed.” said Abdnl ■ braid were ail killed, a spokesman said. 

Kabia, executive director of the UN miss on in The cause of the crash was not known, but the plane came down 

Rwanda. 45 kilometers (3 miles) short of the runway. Heavy ram was 

if riiWSS.S S^blowto Ruslan £ 

be protected. Tneyalso pledgTthat elections will already been shaken up by the 

be held, although the new president Pasture breakup of the g* 
Bizimungu, has said it may take five years, more Itar-Tass sard 270 people had been killed m 
than double the time envisioned in the power- this year and that the accident rate was significantly higher than 
sharing agreement readied last August ' that in other countries. 

The new government has spoken of holding ' _ # 





KUALA LUMPUR (Reutere) — Malaysia on Friday outlawed 
. Al Aitjam, a radical Islamic sect that has grown rich and powerful 
■w hite arousing security concerns around Southeast Asia. 

Prime Minister Mahathir bin Mohamad promised “to break up 
its communes” if the sect .continued to teach its “deviationist” 
brand of Islam. 

• •• Al Arqam, a mystical Sufi sect- with 100,000 followers that 
bdieves a messiah is coming soon before a prophesied doomsday, 
is npw forbidden, under a decree issued by the Natio nal I F atwa 
'Council, to nzn its many businesses and schools or spread its 


British Discharge 260 Homosexuals 

.. LONDON (Reuters) — The British Defense Ministry has 
discharged 260 military personnel for bring homosexual, accord- 
ing to figures matte. public Friday by a member of Parliament 

Theymriuded army majors, a Royal. AirForce squadron lead er 
and two chaplains. Some of those dismissed may take the govern- 
ment to the European Court of Human Rights and sue for 
damages. Defense officials say homosexuality is not conducive to 
good mifitaiy, discipline: 

A Labor member of Parliament, Barbara Roche, said of the 260 
dismissed since 1990, “They are treated appallingly, with investi- 
gators asking in timat e questions and searching their personal 


MkUUrfntABOcHgdPM 


A Rwandan refugee carrying water Friday through a crowded camp near Goma. Zaire. Only about 100,000 of the refugees have returned to Rwanda. 


TWA flriefeU.S. on Survival Plan 

- WASHINGTON (WP) — Company officials and union leaders 
from Trans .Worid Airlines Inc. have outlined a survival plan to 
top Clinton administration officials that they hope will keep TWA 
flying beyond this winter. 

Transportation Secretary Federico Pena and Labor Secretary 
Robert Reich were told that TWA’s cash reserves have dwindled 
to just over $100 milli on — considered low for a large, casb- 
depeadent company — and/that summer travel, while heavy, has 
not been up to expectations, according to sources. 

TWA said that it would slash 3,000 jobs from its payroll. Other 
steps, all to be taken within the next month, include renegotiation 
of union contracts to cut $130 millio n a year from the airline's 
costs, which remain among the highest in the industry despite 
concessions connected with the restructuring. The renegotiations 
nail focus on work rales and no further wage cuts wQl be sought. 


TRAVEL UPDATE 


Hutu Refugees and Zairian Troops Make Fatal Mix Southern France Air Del^ to linger ^ 


By Keith Richburg 

Washington Past Service 

GOMA. Zaire — Violence 
has erupted at two of the largest 


rauus * wr. rciu- camps for Rwandan refugees, 

,eavill E tvo Zairian soldiers and 
l 7 ? banny-opcraled ra- onc ^ dead and under- 
dios had been distributed m the 


scoring the tensions between 


ca ^Pf‘ . , . , the million-plus Rwandans who 

The station, operated for the havc ned Md ^ 

by paid, Ul-disdplined soldiSTni 

Without Borders, a French re- semfu] of the massive influx, 
lief group, is broadcasting hour- . ... 

long programs three times a day In 811 madeot on Wednes- 

in French, Sw ahili and Kinyar- day. a Zairian soldier was 


wanda. the language spoken by death by refugees 

most Rwandans. whlle frying to steal a car out of 

Most refugees in eastern Kibumba camp, the largest 
Zaire are Hutu, who fled fear- refugee settlement, according to 
ing retribution from a victori- account by the United Na- 
ous Tutsi-led rebel army. lions High Commissioner for 

The UN says defeated Rwan- Rdu ^ 4 MOther “ ddent - 


dan rtdte Sd 3 T JESS ? ** ^ cannon Thm^ 
aovem ment nfnnittkhi™ refugees armed with ma- 


telling them thw wtU be flS ,a ° SOld,Cr sus P ected of and three were wounded, 
by Tutsi if they leave. — , _ _ _ 

mS»nutin"T wa p g ta- Fund New 3V 

mungu, said the government 

was looking for 32,000 people ji„„ • 

linked to the massacres of Tutsi G * ai 

(hat began in ApriL 

UN officials, meanwhile, .. W ^ s | DN 9 TON ~ 1> ? ens 
warned of rising tension among ^ara J. Perry has warned that t 
the refugees ineastero Zaire. A ^ve to curtail training exeras 
Zairian soldier, who witnesses ship maintenance, stop pu 
said demanded money from a P ** 5 and make other cutbacks 
refugee, was hacked to death, 001 a ? soon on funding requ 
Mr. Mourn iris said. (AFP, AP) °P S* 1 ™ m ^ ofr 


extorting money and property 
from the refugees. 

Food distribution was sus- 
pended at the Katale camp fol- 
lowing the machete attack, said 
Pan os Mourn tzis, spokesman 
for the UN refugee agency here. 
He said the refugees who killed 
the soldier stole two rifles the 
soldier was carrying and still 
have the weapons in their pos- 
session. 

The violence continued Fri- 
day when about a dozen Zairian 
soldiers began breaking into 
refugee huts at the Kibumba 
camp, ostensibly on a search for 
weapons. They began stealing 
radios, mattresses, and at least 
three goats from the refugees 
when an angry crowd formed. 
The soldiers opened fire, and 
Mr. Mourn tzis said one refugee. 


Mr. Mourn tzis said hisagen- troops at Goraa's airport. Die 
cy had asked the Zairian au- soldiers, armed with rifles and 
thorities to increase security on automatic weapons, were sur- 
the perimeter of the camps and rounding planes loaded with re- 
rein in the soldiers, who have lief supplies and helping them- 
been terrorizing the refugees selves at gunpoint to some of 
since they first crossed the bor- the aid. He said Friday that the 


der en masse last month. airport looting appeared to 

Mr. Mourn tzis said he had stopped after the corn- 

witnessed Zairian troops loot- . ' 

ing personal possessions from , violence brings to the 

refugees at the height of the fore concern of relief agen- 

exodus into Goma. He said that and others that the masive 
among the favorite items taken m “ ux °* Rwandan Hutu into 
by the soldiers have been cars amon 8 soldiere and 


w d-j c » ‘ .. AIX-EN-PROVENCE^ '.-France (AFP) — - . French air traffic 

■ War tusk seen mtSunmdi controllers, who bave caused holiday chads in southern Europe, 
Burundi risks slipping into are to resume normal work hours starting Saturday, but weekend 
the same ^ an cam»gp as its delays are expected to test until the end of the summer, 
neighbor Rwanda without in- Controllers based in Aix-en-Provence, who had refused to work 

lemational preventive action, overtime tince July 1 1, agreed to work a normal summer week of 
the rights organization Amn es- 36 hours, i nstead of 32 hours, from Saturday, 
ty International declared on . Having failed to obtain extra staff.. they had accepted a concilia- 
Friday, Reuters reported from tk» procedure over retirement conditions and did not wont to 


London. 

An Amnesty International 
mission just returned from Bu- 


become social outcasts for the trouble- they had caused, regional 
union official Pierre Bossy said. ' 


nmdi MintedaSm * Britisl, . r * fl *V«visora voted dedsrrely against joining signal 

worko ?, ID a scven-w*k oW pay dispute, mVEt was seen as a 
*5 V “ * low . to testrtm'stotegy. Further industrial action is 


brought here by refugees. 

He said tensions remained 


militiamen suspected of massa- 
cres inside Rwanda, and the 
presence of Zairian troops who 


bake their living through odor- 
^drrtrfomcralswulddeade U(m loo i£g hud created 
later whether to resume food h „ e j,, rernctrSratet-o Zaira a 


distribution at Katale. 

Earlier this week, Mr. 
Mourn tzis said the UN had 


an elderly man, was shot dead, complained to Zairian officials 


about the behavior of Zairian 


Fund New Missions. Pentagon Pleads 


UNIVERSITY DEGREE 

BACHELOR'S* MASTER'S • DOCTORATE 
F^WarKLteardA^BrrtExpaderxx 
TttoufrComeriBtHomoStoty 
(31(9471-0306 ext 23 
Rbc (31(9471-6456 
Fax or send detided resume tar 
(BP FREE EVALUATION 

Pacific ^ Western Unmraty 

2875 S. King Street HonokJlu. Hi 96826 


By Bradley Graham 

Washington Past Service 

WASHINGTON — Defense Secretary Wil- 
liam J. Perry has warned that the Pentagon will 
have to curtail training exercises, delay aircraft 
and ship maintenance, stop purchases of repair 
parts and make other cutbacks if Congress does 
not act soon on funding requests for military 
operations in Rwanda ana off the coast of Haiti. 

Mr. Perry said the costs of these unpro- 
grammed operations were proving especially 
Burdensome for the Pentagon because they fall 
in the final weeks of fiscal 1994, which ends Sept. 

“It’s a matter of timeliness," Mr. Perry told a 
House panel Thursday. “If we wait too long, the 
services must make decisions to cut off 
programs." 

His remarks came during a hearing at which 
members of the House Appropriations subcom- 
mittee on defease expressed concern that U.S. 
forces were being stretched too thin by a grow ing 
number of humanitarian and peacekeeping oper- 
ations in places like northern Iraq. Bosnia and 


Rwanda at a time the military was shrinking. 

General John M. Sbalikashvili, chair man of 
the Joint Chiefs of Staff, who joined Mr. Perry at 
the hearing, said he shared such concerns. 

How to balance the need to keep U.S. troops 
prepared for war while employing them increas- 
ingly in noncombat situations around the world 
has become a central challenge for the Clinton 
administration. 

Military commanders accept that more de- 
mands will be placed on their troops to partici- 
pate in what the Pentagon labels “operations 
other than war " But paying for these operations 
and allowing troops sufficient lime for combat 
training have become problematic for the De- 
fense Department. 

Mr. Parry said the United States would contin- 
ue to provide to humanitarian operations “those 
unique capabilities" that American forces enjoy, 
meaning largely logistical and airlift services. But 
he signaled that the administration would also 
attempt to avoid extended commitments. 

“We are an array, not a Salvation Army,” he 
declared. 


volatile mix that would soon 
erupt. 

“You have two very, very vio- 
lent groups,” Mr. Moumtzis 
said. 


Puma on Loose 
JntheForests 
Northof Paris 

Room 

PARIS — Gendarmes 
backed by a helicopter are 
hunting for a puma that es- 
caped from a cage at 
Charles de Gaulle Airport 
two weeks ago, the police 
said Friday. 

The cougar, weighing 
about 60 kilograms (130 
pounds), has been spotted 
several times in forests, 
north of Paris but has man- 
aged to elude captors. 

Experts said the cat. 
which had been flown from 
Latin America, was evi- 
dently frightened and was 
unlikely to attack people. 


tribal hatreds as Rwanda 7 — 7 muusinai acuon is 

R iTS^^lSS^o the pbmDeA <* Aufr 12* 15 and 16, successive working days. (AFP) 

point of territorial ‘"apartheid” ■ Striktag-SAS Commuter flight a tt e nd ants agreed to return to 
after bouts of “e thnic cleans- work while their union attempted a new round or wage talks. (AP) 

Ing- carried cm by anncdmiU- After a ^toy, higb-tech taggage systera twier ddayed the 

9P«““S D&ivePs new airport, the city will spend still more 
money to build a law-tech alternative: the old-fatSed conveyor 


dreds of people every month in 
Burundi with effective impuni- 
ty as the justice system has vir- 


Six months after openir 
S ta t e s , MGM Grand Inc. 


(AP) 

e biggest casaio resort in the United 
announced plans to open a second. 


tually broken down. Amnesty albeit much smaller, gambling center across the street from its $1 


billion complex' on the Las Vegas strip. 


(NYT) 


Iran Clamps Lid on Riot-Tom Gty 


nessman in Qazvin said. 


1TEHRAN The police im- TtolnS!^^ m * ndc g f n< j fP i { 

pc»ed a near state d siege on killed anri 50 wounded. No offi- 

the not-tom Iranian city of dal toll has been released. Q 32 ™* s influence and provid-. 
Qazvm on Friday. a nn #h«r • more jobs in administration." 

“Policemen are stationed at tdmC Sft}! R ^ ident5 said Qazvin’s de- 

every 20 meters in the main Il mands stemmed from ethnic 

streets. They stop and question nKirTSihS dtff 61 ^ 65 with Zaryanis —the 

people and check cars,” a busi- an<J tire ' framer are Persians, the latter 

nessman in Qazvin said. , ’ „ Azens — and perceived prefer- 

“We have had something tike ., He Procters had hit ential treatment given to Zan - 
an undeclared stare of siege Nasn, a Qazvin dqmty j'an since brfore the 1979 Islam- 

Erom last night,” he said by tide- m ^uamenl, with rocks. ic revolution. 

fAone, adding that gxjradk But residents said that Friday ~ — 

gunfire could still be heard prayer services were held ap- 

throughout the dry. parently without inddenL ArmernanOoefto YfeitU^. 

The, b usin ess m a n ^id that Riots swept the city, an in- Reuters 

according to unofficial rqjorts dustrial and agricultural center -YEREVAN a 


Arm e n i a n Chief to Visit U.S. 


from last night,” he said by tele- 111 rarliament, with rocks. ic revolution. 

jAoae, adding that gaoradk But residents said that Friday ~ — 

gunfire could still be heard prayer services were held ap- 

throughout the dry. parently without inddenL AxmemanOriefto VlBitU^. 

The b usin es sm a n raid that Riots swept the city, an in- Reuters 

according to unofficial rqxnts dustrial and agricultural center -YEREVAN 

piSM 'WS at* 

STovct' ‘"? to State traSunday'TirflsSS 


^Y EREVAN, Armenia — 
President Levon A. Ter-Petro- 
wan wifi travel to the United 


ton on Tuesday. 


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** 


INTERNATIONAL HERALD TRIBUNE* SATURDAYS UNDAY, AUGUST 6-7, 1994 


Page 3 


4. 


Ua. 


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alp. 


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U u. &' &} S&. i- 


f«r • * »r ■ 
K" x ‘ ^r. 




By Sam Howe Verhovek 

New York Tima Service 

—Faroes H. Barrett flew in 
northern Afnca m World War II, in Korea and in 

85 a tenant colonel in the 
Air Force after 28 years of service. Then he look up a 
second career as a schoolteacher in Texas and Mary- 
land. .- .. 

Sowhenhe fH^retiredforgoodhere two yea re 
a 8°» he joked to his friends that he had gamed die ri ght 
to tee off on cvey single hole of every single one of the 
41 golf courses in the Pensacola area. 

He never came dose. He was too busy volunteering 
for local, charities, from walking in- the March, of 
Dimes to manning the Earth Day table at a local fair. 
And after an abortion doctor, David Gunn, was shot 
to death last year, Mr. Barrett became so angiy that he 
volunteered to be an escort for Dr:. Gann replace- 
mrat, so that it would never happen a gain 

.Having fought in three wars on foreign. seal the- 74^ 
year-old Mr. Barrett was not to survive a- fourth, in his 

own country. He was killed along with the new doctor 
July 29 as he — *■*- »■— - - * 


ars Is Slain Trying to ‘Keep the Peace’ in Abortion Conflict 


: ^ UUVA.JJUIU uic uaiAiuK 

lot w the Indi es Center, an abortion rJinfe wig wife;. 
June, who is 68, was with him at the timi* and was shot 
in the ann. She was released from a hospital on 
Sunday. The police have charged a 413-year-old abor- 
tion opponent with murder. 

In -the days. since the killings, much attention has 
been given to the man arrested, Paul J. Kilty audio the 
doctor, John B. Britton. Mr.. Barrett, though,' was part 


oF a wider group in Pensacola, one of more than five 
damn people — many of them military retirees — 
willing to assume the risks of escorting women and 
health-care workers into the clinics. The escorts have 
often, had to thread their way through throngs of 
. protesters bearing placards and shouting, as Mr. Hill 
frequently did, “Mommy, Mommy, don’t kill me!” 

; Mr. Barrett said he saw escorting as an extension of 
his military service. 

“My dad was a military man, and there’s a stereo- 
: type of the military man, that he’s all about war,* his 
daughter. Dandy Barrett Witty, said the other evening 
as relatives gathered on the back porch of the Barretts* 
ranch-style house. “But Dad taught me from the time I 
could understand that his primary mission was to keep 
the peace. That’s what his fe eling was the day he died. 
That's what he was doing the day he died.” 

■ Mr. Barrett him s e lf was; very direct about why he 
had chosen to serve as an escort. “I’ve spent my life 
doing my best for the security of my country and the 
people who live in h," he told a local newspaper last 
year. “Why should I stop nowT 

. Mr. Barrett .was in many ways a conservative man, 
but the question of whether his own thoughts on 
abortion had undergone a transformation is compli- 
cated. Even his widow and his children say they are not 
exactly sure where he stood on the issue. 

“My dad may not have been pro-abortion,” said his 
daugh t er, Ms. Witty, “but he was most assuredly pro a 
woman’s right to choose. Hefdt very strongly that she 


had that right, and that she should do it safely and 
without harassment." 

There was evidence that his opinions on other issues 
had grown more liberal over the years. In the 1950s, 
for instance, when stationed at Ellington Air Force 
Base in Houston, be was in charge of~a review board 
that examined the sexuality of service members sta- 
tioned there and discharged many homosexuals. 

Four years ago, on his second or third date with 
June — both were widowed at the time — she had 
something to tell him. 

“‘I just want you to know. Jim.’” she recalled 
saying, “ *1 have a gay son who is HIV-positive. And 1 
want you to meet him.’ WelL he accepted that. He got 
to know my son. He loved tny son.” The son. Arthur, 
died in San Francisco last year at the age of 43. 
Afterward, Mr. Barrett said that he had become deeply 
disturbed by what he had had to do at Ellington. 

Mr. Barrett had been much looking forward to a 
75th- birthday party in his honor, planned for Aug. 9 at 
the officers' club of the Pensacola Naval Air Station. 
“We are going to celebrate this milestone with a party 
to beat all parties.” read the invitations. 

Instead he was eulogized in a memorial service last 
weekend at the Unitarian Universalist Fellowship. At 
the service, there were tributes to his military career, 
and Theresa Hunter, past president of Escambia chap- 
ter of the National Organization for Women, said: 
“That man had more life in him than most people, 
regardless of their age. He was just a very vital per- 
son." 


‘New Theology’ Backs Killing 


By Laurie Goodstein 

Washington Pos: Semrc 

WASHINGTON — The Reverend David 
C. Trosch. a Roman Catholic priest in Mo- 
bile, Alabama, teaches that God smiles on 
those who take a life to save the lives of the 
“unborn." 

The archbishop in Mobile suspended him 
from his parish last year after Reverend 
Trosch tried to place advertisements in news- 
papers saying that murdering doctors who 
perform abortions is “justifiable homicide.” 

These days. Reverend Trosch spends his 
time on the telephone promoting what he 
calls his “totally new theology.” 

While his views are denounced by his own 
church and by nearly all in the anti-abortion 
movement, he has provided some of the philo- 
sophical underpinnings to the loose network 
of extremists who have resorted to violence 
against abortion providers. Reverend Trosch 
said he would not bixnself kill, because his 
role is to “teach." 

He and Paul J. Hill, who was arrested last 
week in the killing of a clinic doctor and his 
escort in Pensacola, Florida, are among 25 


people who have signed a declaration justify- 
ing the use of lethaTforce to defend “the lives 
of unborn children." 

Although some among them claim 
churches and ministries, their groups are in- 
dependent of mainstream Christian denomi- 
nations. They include Donald Spitz of Chesa- 
peake. Virginia, and Mike Bray, pastor of the 
breakaway Reformation Lutheran Church in 
Bowie, Maryland, who served 46 months in a 
federal prison for 10 bombings of abortion- 
rights clinics in 1984 and 1985. 

Reverend Trosch said in a telephone inter- 
view that ir is necessary to defend every fetus 
from the moment of conception. "By any 
means necessary,” he said, borrowing the 
words of Malcolm X. 

“Please keep in mind that if Jesus had not 
been allowed to be bom, none of us today 
would have ever been allowed to enter heav- 
en,” Reverend Trosch said. 

He insists that his beliefs are consistent 
with Catholic tMrhing. In June he delivered a 
document to the Vatican asking Pope John 
Paul II to weigh in on the “justifiable homi- 
cide” theory. There has been no response. 


+ rou nc.iL \on> + 


Clinton Tak— the Rosy View of Economy 

WASHINGTON — President- Bill Clin ton used a rain- 
interrupted Rose Garden ceremony Friday to claim creditfor 
the nation’s^ good health on the first anniversary of the 
passage of his economic program. “The future loolcs good," 
he declared. . .. 

Private economists say much of the current rebound would 
have happened anyway. But that didn’t stop the White House 
from cheering. . 

“There is no sweeter anniversary than the one we are 
celebrating today. We didn't win by much, it was by the 
narrowest of margins," said Vice President AI Gore, whose 
tie-breaking vote m the Senate last Aug. 6 sent the measure to 
Mr. Clinton's' desk. The bill raised taxes on the wealthiest 
Americans and set in motion a process to slash S500 billion 
from the deficit over five years. ' (AP) 

H— Hh Car#; A CtassCaughtln thm Middle 

WASHINGTON' — Suddenly* the fault lines of class and 
generation are opening up in the healthrcare debate. In the 
scramble to transform the system, the poorest, youngest, and, 
to some extent, the oldest Americans are’ coming out ahead. 
Inevitably, some of their gain is coming at the expense of 
those in the middle. 

. “The group that is most fikdy to behdped least, at least as 
the discussion stands now, is the working middle class. - ' said 
Drew Altman; presi de nt-of the Kaiser Family Foundation, a 
private, nonprofit health care phfianthropy. He said that was 
“a little surprising, since it was the rise of middle-class 
concern that put this issueon the front burner.” ■ - 

Nor is the irony lost on Paul M. Eflwood Jr., the intellectu- 
al father of the “managed competition" theory that Mr. 
Clinton has said is the foundation of his own approach - to 
health reform. “The political driver, of healthcare reform was 
' not some a^fonnq ebneernivith the haVe-noteof society," 
he said. ‘Thepolitical driver was the fact ritkt we had rvery 
worried middle class.’* , ... 

It is by now wdl known that working people of modest 
income account for the largest share of the uninsured. But it 
is becoming just as evident that Mr. Clinton's chief proposal 
for covering them; a requirement that employers pay 80 
percent of their health benefits,, has virtually no chance of 
surviving.intact • :; v- (LAT) 

Congr— • Lo»e«lt»P«fltf*t-CirtM»if Zmal 

WASHINGTON — Ever mice Congress barely passed the 

daflmf nffln a yr» n | * fjjg 

conservative 

, . _ r r enoufih and 

that voters were demanding more spending cuts. 

Yet, given the opportunity, members of Congress have 
shown a decided reluctance to go much beyona the strict 
spending strictures laid down in the Clinton pkm.- 

Now. the proposed “A to Z" proposal for throwing open 
the House to 56 hours of unfettered debate and votes on 
reducing discretionary and entitlement spending hasrun out 
of steam. A highly publicized campaign to collect signatures 
of 21 8 House members to guarantee a vote on "A to Z" this 
year has stalled at 204. (WPJ 



Qu of /Unquote 


Joel Behenson, a spokesman for Governor Mario M: 
Cuomo’s re-election campaign in New York* on the with- 
drawal from the race of Howard Stern, talk radio’s bad boy: 
“The campaign won’t be the same wkhoutHoward." (NYT) 


Away From Politics 


•A._» - 

victims at random and 


■who 
l the win 


— selects 
of business- 


es has struck again, critically wounding a waitress in Stony 
Brook. Other shootings in nearby Commack left a diner 
patron dead and a gas station attendant shaken but unhurt. 

• Television wotencehas actually increased ihiruig the past 
two yearn despite all the attention the issue has received 
during that time, according to a study by the toter for Media 
and Public Affairs, which monitored a angle day at program- 
ming in Washington. 

• Fire fiditerc Mined ground on two migor wildfires in central 
Washington, bmrainfess lightning storms swecpingover the 
Pacific North 


• ojmxiv Northwest started more . 

• For suffocating 32 puppies on an plane crammed with 
ant male DduAnlines wasffoed $140,000 'by the Agncul tore 
Detriment. Delta packed the cargo hold of. a Boemg 737 
with the puppies and another 108 dogs and cats in 58 kennels 
on a JuneftT 1 990, flight from St Louis, Nfissonn, to Salt Lake 
Sitoh Weatherddayed ihe flight for two hours.. . 

• The NAACP executive ifirector, Benjamin ^ T. Gwis Jr., 

much as $332,000 to settle a threatened sex discrimination 
■* brought ty a disgruntled fpm*r. ^ 


*J.S. Discloses Gas Teste 

The Assocwtfti Press 

PADUCAH, Kentucky — 
Workers at a uranium plant m 
Kentucky intentionally re- 
leased radioactive gas into toe. 
air in 1955 and 1974 to see how 
the wind would cany it, tne 
Department of En er ?y 
The plant’s contractor. Martin 
Marietta Energy Systems., raid 
the amount of radioactive ma- 
•• terial was inslgnificant- 


JDEAIH NOTICE 


Schiffinan -DANIELS. 

Dial peacefully ffl home 
afttfkingillnws. 

Ft riuedyjixecul ‘tye of 
Gcneihi.Mrilixs 
’ Ovwseav Gxpoirilfcm. 

. .StuvhvU by wife jmljilt 
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•; • and . '•ter ivtlwr v - 
-aiul Iterfamily. 


Ex-Aide Feels Heat at Whitewater Session 


By Susan Schmidt 
and Sharon LaFraniere 

' Washington Pan Service 

WASHINGTON — “You 
crossed the -line," an impas- 
sioned Senator Donald W. Rie- 
gle Jr. told the former White 
House connseL Bernard W. 
Nussbanm, by putting pressure 
on Deputy Treasury Secretary 
Roger G Altman to keep hfs 
decision-making power over an 
investigation that involved 
President Bill Clinton. 

“f think you had no right to 
inject yourself in Roger Alt- 
man's consideration of whether 
he should recuse himself," 
shouted Mr. Riegle, Democrat 
of Michig an, who heads the 
Senate Banking, Housing and 
Urban Affairs Comnuttce. 
“This was one time when you 
should have bit your tongue if 
you had to bite it m half and not 
stick your nose in -that deci- 
sion." 

. Mr. Riegle said he had no 
doubt that Mr. Nussbaum’s 
pressure tactics led Mr. Altman, 
a friend of Mr. Clinton’s, to 
change his mind In February 
about whether to recuse himself 
from the highly sensitive case. 
At the time, Mr. Altman was 
acting hbad of Resolution Trust 
CorpA an independent agency 
created to dean up savings and 
loans institutions. 

Mr. Riegle’s outburst on 
Thursday night was a dramatic 
highlight of five days of mara- 
thon testimony before liis com- 
mittee* Both House and Senate 
banking committees are look- 
ing into how White House and 
Treasury officials responded to 


the Resolution Trust Corp.’s in- 
vestigation of Madison Guar- 
anty savings & Loan, owned by 
the Clintons' business partner 
in the Whitewater rou estate 
venture. 

Mr. Nussbaum, who resigned 
from the White House last 
spring, defended himself by 
saying that Mr. Altman only 
considered recusing himself 
from the Madison case because 
“he didn’t want to take the 
heat.” For him to recuse him- 
self, Mr. Nussbaum said, “was 
totally unprincipled." 

Mr. Nussbaum appeared jo- 
vial at the start of the verbal 
assault but. grew increasingly 
grim as senator after senator 
attacked him. 

“Instead of being a strong 
man like you are,” Mr. Altman 
“backed down," Senator Rich- 
ard G Shelby, Democrat of Al- 
abama, told Mr. Nussbaum. “I 
think he was afraid. I think you 
helped him make the wrong de- 
cision.” 

■ Lawyer Unaware of Tape 

A federal regulator accused 
of seeking to change an embar- 
rassing finding in a 
Whitewater-related investiga- 
tion testified .Friday that she 
did not know her statements to 
an investimior were being tape- 
recorded. The Associated Press 
reported. 

Republicans have accused 
April Breslaw, a Resolution 
Trust Coip. lawyer, of telling a 
criminal investigator that her 
bosses would like to conclude 
that the Clintons’ Whitewater 
land venture had not caused a 


California Investigating 
Detectives for Simpson 


Return 

. LOS ANGELES — Private 
detectives hired by O J. Sii 
son’s defense team are 
investigation by a California 
state agency because they are 
not licensed to operate in the 
state and may be breaking the 
law, an official said. 

-The California Department 
of . Consumer Affairs is con- 
ducting its inquiry into three 
investigators who were hired 
from out of state to help Mr. 
Simpson, said Louis Bonsignor, 
an agency sp o kes m an. 

Mr. Sunpwn has pleaded not 
to murdering nis ex-wife. 
Brown Simpson, 35, and 
her Friend Ronald L. Goldman, 
25, who were stabbed and 
slashed to death outside Ms. 
Simpson's Brentwood town- 
house the night of June 12* Mr. 
Simpson, 47, is scheduled to 
stand trial Sept. 19. 

The three detectives are also 
the subject of a complaint by 


the Los Angeles County Crimi- 
nal Investigator's Association, 
which has issued a cease-and- 
desist order against them. 

“These three gentleman are 
not licensed to operate in the 
state of California," Mr. Bon- 
signor said in a telephone inter- 
view from Sacramento, the state 
capital “That is a matter of 
public knowledge." 

He said the investigation into 
their activities in Los Angeles 
was being conducted by the 
Consumer Affairs Depart- 
ment’s Corrections and Investi- 
gative Services branch. 


Yellsin to Visit Ukraine 

The Associated Press 

KIEV — President Boris N. 
Yeltsin of Russia will travel to 
Ukraine cm Aug. 29 to meet 
with the country's new presi- 
dent, Leonid S. Kuchma, and 
sign a trade and economic ac- 
cord, officials said Friday. 


International 

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Marketplace 

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•Tuesday 
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• Wednesday 

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•Thursday , 

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• Friday 

Real Estate Marketplace, Holidays and Travel 

• Saturday 

- Arts ami Antiques 

Plus over 300 headings in International Classified 
. Monday through Saturday 
For further information, contact Philip Qma in Paris: 
Tel: (33-1) 46 37 94 74 - Fax: (33-1) 46 37 52 12 

TtcralbSSribune 



A Jittery House 
Delays Health Vote 


Vtui WiUm'Thc A*~vhHoJ IT**. 

Bernard W. Nussbaum during Senate testimony on Friday. 


loss to a failed Arkansas savings 
and loan. 

The RTC investigator. L. 
Jean Lewis, had already con- 
cluded otherwise in criminal re- 
ferrals that had been forwarded 
to the Justice Department for 
possible prosecution. 


Acknowledging that her con- 
versation with Mr. Lewis on 
Feb. 2 was tape-recorded. Ms. 
Breslaw told the House Bank- 
ing Committee Friday that her 
statements came in a “cursory 
and unimportant chat" that she 
only vaguely recollected. 


By Adam Gymer 

New York Times Semrc 

WASHINGTON — House 
leaders have put off a vote on 
national health insurance until 
Aug. 19, a delay that is likely to 
give nervous representatives 
time to see how the Senate votes 
before they have to stick out 
their own necks on the political- 
ly dangerous issue of requiring 
employers to insure their work- 
ers. 

Democratic leaders in both 
the House and Senate insisted 
Thursday that they were not 
basing decisions on what was 
going on in the other chamber. 
The reason given for the one- 
week House postponement was 
the time it was taking legislative 
draftsmen and the Congressio- 
nal Budget Office to process 
various alternatives. 

But Democratic lieutenants 
made it clear that the delay 
would bring sighs of relief in the 
House. 

Many Democratic represen- 
tatives are hoping the Senate 
preserves the concept of em- 
ployer payment:*, even as a last 
resort, before they vote on a bill 
with stiffer requirements. The 
payments would begin in 1997 
under the House bill. The Sen- 
ate measure would not require 
them before 2002. if at all. 

If the Senate can protect its 
employer-financing provision 
against Republican efforts to 
kill it, said Representative Ben- 
jamin L. Cardin, a Maryland 
locrat and an important 


vote-counter, “that would cer- 
tainly offer momentum to our 
side." 

Lawmakers in both chambers 
are especially touchy about em- 
ployer financing because 
whichever way they vote they 
risk alienating small businesses, 
which oppose the concept, or 
the public, especially union 
members, which favors the con- 
cept. 

In the Senate, while no one 
was about to claim victory on 
the issue, supporters of the Sen- 
ate bill, put together by the ma- 
jority leader. George J. Mitch- 
ell. Democrat of Maine, were 
increasingly confident that the 
Democrats could prevail on 
that pivotal question. 

■ House Delays Grime B31 

Kenneth /. Cooper of The 
Washington Post reported from 
Washington: 

The House has put off final 
action on a $ 30 billion crime 
bill until next week, primarily 
because conservative Demo- 
crats have united against an as- 
sault weapons ban contained in 
the omnibus legislation. 

Conservative Democrats, 
backed by intense National Ri- 
fle Association lobbying, have 
remained opposed to a proce- 
dural resolution that would al- 
low a final House vote on the 
crime bill. About 30 conserva- 
tives who met Thursday stuck 
to their position that the ban on 
some military-style weapons be 
voted upon separately. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH Intentenonunat i onal & EvanqaScal Sun- 
day Soivtae 10.00 am & nao am/ Kids 
Wetama Do CUwsfraat 3, S. Amster da m 
Mo. 02940-15316 or Q2SXM13B9. 
HANNOVER 

INTERNATIONAL CRIST IAN ASSEMBLY 
(AOG) An E i/angelfcaWnie r-denomirullonal 


VIENNA 

VENNA CHRISTIAN CENTER, A CHARIS- 
MATIC FELLOWSHIP FOR VIENNA'S IN- 
TERNATIONAL COMMUNITY. * English 
Language • Tranwferw»*>aitonat moote a) 
■ * *■ ■ 17. 1070 Vienna. ftOO pm Ewry 


jay. EVERYONE IS WELCOME. For 
mote rtamialioi cat 4S-1-31S-74I0. 


BfOWl ffl (7044) 244-3376 Of 3SCE 
KIEV 

INTERNATIONAL CHISTTAN ASSEMBLY 
(AOG) An EtgigeteaMnter-dencrniriat l ona 
FatowShp rmeim. Sundays a 1030 am h 
KSevIs Couid d Trade Unions buWng. IB 
KhreschaUt Street. Contact Pastor Eldon 
Brown a (7044) 244-3376 or 350? 

LYON 

LYON CHRISTIAN FELLOWSHIP. 1 Us rue 
P.L. Bomajx 69100 VOeurtanne Sundays 
700 pm. TSj 72 36 35 52. 

MILAN 

ALL SANTS CHURCH f AngfcsYEpScapsfl. 
fijmg restoration mi mol at vole Mepo. 39, 
Mfero In flu Chapel u! me Orsofcw rnsttue. 
Holy Comtmnion Sundays at 1&30 and 
W c 4nesday a 1&30. Surtay School, Youh 
Fui .vship. Creche. Coffee, study groups, 
and communev actnratcs. All are wocomeJ 
C» (02)655 225a 

MUNICH 

WTSWATlONAL COMMUNITY CHURCH, 
EsrangeHc2l, BMe Bdeukg. sennees in Engfi- 
sti 4:(5 pm Stmttev3 a gtnfcerSlr. 10 (02 
Thensimar.) (089) 93 45 74. 

MONTE CARLO 

WTL FELLOWSHIP. 9 Rue Loue-Nolan, 
Sunday Worship U:00 & 6 p.m. 
Td: 92.165600 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH. 56 Rue 
des Bons-Raisms. Rueil-Walmafeon. An 
E.vsgricai chuch tor ihe Engfch speaking 
communAv located in the western 
sutub&SS. 9:45; Wns>«p: lews. CWdens 
Church aid Nursery. Youh mjnetrte9Dr.BC. 
Thomas, pastor. CaU 47.51.29 63 or 
47.49.1539 (tx hfarmataa 
HOPE NTERNATC-NAL CHURCH (Euan- 
|. Sin 930 am HcteJ Grin Metro 1 : 
ds La Defense. Tel: 47.73JS1S4 
W47.75.1427. 

THE CONSERVATIVE JEWISH COMMIWE 
TY h Paris 'Adath raabm" inuies you to jo«i 
hem lor Rash Hashenrvh and Yem Kfepir 
services. For details and seals, phone 
45 .5ajMH3 w varte Adath Shalom. 2S be, 
me des Betes-FeuSes. 75016 Paris. 

THE SCOTS KIRK (PRESBYTERIAN) 17. 
iub Bayard. 75008 Para. Metro FD Fkxjse- 
wfi. Faray sente 4 Sunday School at 1030 
am every Sunday, as wtoma. For r*ma- 
lion 48 784794. 

SAINT JOSEPHS CHURCH (Roman 
Catholic). Masses Saturday Evening 
630 pm. Sunday. 50. avenue Hoche. PWS 
ah. Tel.: 422728 56. Melro. Charles de 
Gafe-Etofe 

STRASBOURG 

ST. ALBAN (Anr^canl a rEgfcw des Dome* 
cans. Eudhansl 1030 am comer Bhd. de la 
Vidotrc & me de ITJniverSil£. Strasbourg 
C3) 86350340. 

TOKYO 

ST PAUL INTERNATIONAL LUTHERAN 
CHURCH, near IMMkkN Sin. T*L: 3261- 
3740. Wtahip Servos: 930 am Sundays 
TOKYO UNON CHLWX.nearOmotesan- 
<to stovoysta. Tet 340CKXW7. wonhip xt- 
vices Sunday IWXliunraW 
USA 

tf you uuld Bve a Irw Rite amnsby ns* 
pfeftge contact l*EGUSE de OW15T P O. 

Dot 513, Soulon, kvfcwvi J788I USA 


THE EPISCOPAL CHURCHES 
OF EUROPE (Angfion} 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF THE HD- 


George V or Alma Maroeeu 
FLORENCE 

ST. JAMES' CHURCH Sun. 9 am Rte I & 
11 am. Roe 11. Via Bernardo RuceHai 9, 
50123, Florence. Italy. Tel : 3*5529 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING (EpiBCO- 
pai'Argfcan) Sun. Holy Commuton 9 & 11 
am. Sinday School and Nursery 1045 am 
Sebastiai Ftinz Sr. 22. 60323 Frankfurt, Ger- 
many. Ul. 2. 3 Miquel-AJIee. Tel: 49/69 
5S0184. 

GENEVA 

EMMANUEL CHURCH 1SL 4 5»i Soi 
10 am. Eudranst & 2nd & 4th Sux Momng 
Prayer. 3 rue de Morthoux, 1201 Geneva. 
SMaertaral Tel:4l/22 732 80 78. 

MUNICH 

THE CHURCH OF THE ASCENSION. Sun. 
11-45 am. Holy Eucharist and Sunday 
Schod. NureeryCarsj 
se 4. 81545 1 
TaL-49B964B1B5 

ROME 

ST. PAUL'S WITHIN-THE-WALLS. Sun. 
830 am. Holy Euchanst Rte h 1030 am. 
Choral Eucharbi Rde H: 1030 am. Chuch 
School lcrd**en 6 Nursery care provided; 1 
3. Via Nape* 56. 001B4 


TeL 396489 3339 0 t 3S6 474 3569. 

WATERLOO 

ALL SANTS' CHURCH 1st Sin. 9 & 11:»5 
am Holy Eucharist wih Chkteris Chapel al 
11:15. Alahei Sundays H:l5amHolyEu- 
c*Bfisl and Sinday SdiooL 563 ChatBsee de 
Lawn. Ohtev Beigun. Tef . 32/2 384-3556 
WIESBADEN 

THE CHURCH Or ST. AUGUSTINE OF 
CANTERBURY. Sir. 10 am Farty Eudia- 
rsL Frankfccier Strasse 3. Wiesbaden. Ger 
many. TdJ 4961 1 3166.74 


EUROPEAN 

BAPTIST CONVENTION 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
mam at ftOO am. Bona Nova Bapitd Ou- 
ch Cana de ta Ciutdl de Balaguer 40 Pastor 
Law Borden. Fh. 439-50S9 

BERUN 

INTERNATIONAL BAPTIST CHURCH. 
RERUN Rtfihentmrg Sb. 13. (Stagitl Bfefe 
study 1045. worefip 3i 12.00 each Sunday. 
Charles A iVartord. Raster. Tel.: 030-774- 
4670. 

BONN/KOLN 

THE INTERfJATIONAL BAPTIST CHURCH 
OF BONNKOLN. Rhenau Stncse 9. W*l 
W erehip lflO pm Cahm Hogue. Pastor. 
TeL;(0223E)47CC1. 


BRATISLAVA 

BteaShjdytiEnglEb 

PaBsady Baptist Church Znnskeho 2 1 6 JO- 
1745. Coni act Pastor Jozop KutocA, Tel: 
31 6778 

BREMEN 

INTERNATIONAL BAPTIST CHURCH [Erv 
glsh language) meefe at Evangefch-Frskfr- 
chllch KrauqemelndB. Hohanlohestrasse 
Hatmann-Bose-Str. (around Ihe comar from 
the Bahrfof) Sunday worchip 1700 Ernest 
D. Water, pastor. To, 04791 -12077. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Strada Popa Rusu 22. 3fl0 pm Contact Pas- 
tor Mto Kemper. Ta!. 312 3860 

BUDAPEST 

Hemeilonal Bapret Fetawhp. B Brrtro u. 56 
(mart entrance Tepatsarw u. 7. immecfeiieSy 
behrd (rent trtranee). 1030 Bite study. 810 
pm Pastor Bob Zbrnen. TeL: 1156116 
Reached by bua 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Center. 36. Drahan Tzankov 
Btvd. Worshp 11J». James Drice, Pastor. 
TeL 704367. 

CELLE/HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 
Wfindmufen Snasse 45. Cete 1300 Worshp. 
1400 BMb Study. Pasor Wert Campbeft. 
105141)46416. 

DARMSTADT 

DARMSTADT1EBERSTADT BAPTIST MIS 
SION. B*3te study & Worshp Sinday 1020 
am Sladtmteston Da-EberstadL Buesdielstr. 
22. Birio study 9.30. worshp 1045. Pastor 
JmWafrfcTeL- Q£15«O0921& 
OUSSELDORF 

INTERNATIONAL BAPTIST CHURCH. En- 
gfch. S£. 10.00, worship 11.05. Chikfeen'S 
chuch and nureay, Maos a tee internal oral 
School. LeudYenburger IGrchweg SU-Kai- 
serewerth. Fhendy hflowsfiip. AI denomna- 
lions welcome. Dr. W j. Delay. Pasior. 
TeU 0211 WO0 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Evangetsch-Freiurchfche Gemewfe. 
Soderes*. ll-ia 6380 Bad Hamburg, pho- 
ne/Fas c 06173^2728 senmg Ihe Prankfurl 
and Tamils areas. Germany. Sunday ww- 
shto 09:45. nursery + Smdayflfihool 10sX). 
women's Me stirfps Housegroups - Sin- 
day + Wednesday 19-in. Pastor M. Levey, 
mentis Eucpem Baptist Ccnvencn. "De- 
ctate Hs glory amongst tie notions.' 
BETHEL INTERNATIONAL BAPTIST 
CHURCH. Am Dachsberg *L FranMurt iM. 
Sunday worshp 11:00 am and 600 pm. Dr. 
Thomas W. HA pastor. Tel.: 0695495SS. 
HEIDELBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH. Industrie Str 11, 6902 Sandhau- 
sen.BUet 

Paul Hendri*. tef: 06224-52295. 

HOLLAND 

TRNTTY BAPTIST S.& 990L Wt«hp 1030. 
nursery, warm fellowship. Meets at 
Bloemcanmiaan 54 In Wassaruar. 
TeL:0l 751-78024. 

MOSCOW 

NTEFBMATIONAL BAPTIST FELLOWSHIP 
Meethg 1 IQl> Ktno Center Bu*Sng 15 Dnif- 
DitOTriovsKdya UL £1h Ffeor. Has 6. Metro 
SWim Barriteduya Pastor Brad Siamey Fh. 
(095)1503891 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH. HobSf. 9 Engfeh Langume Ser- 
vices. Bible study IBflO. Worshp Servfee 
1710. Pastor’s phon* 6906534. 

PRAGUE 

Memakrat BapSsl Fctewshp meets or ttv? 
Czech BajHtsi Church VinohiadsKa # 
Prague 3. At metro slop Jintuz Prxtetxad 
Sunday a.m. 11:00 Pastor: Bob Ford 
(02)311 0693. 


WUPPERTAL 

International Baptist Church. Engkh. Ger- 
man. Person. Worship 1030 am, SeterSr. 
21. Wuppertal - EbertefcL AS ckmomrsilbno 
welcome. Hans-Dietor Freund, pastor. 
TcL 020B'4696394. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH d 
WSdenewii (Zurich). Switzerland. Peter 
Jenktes Leigrubenstr. 11 CH-6B05 
Richters wil. Worshp Sendees Sunday 
momngs 1 1 30. Tel: 1 -7002912. 


ASSOC OF BslTl CHURCHES 
IN EUROPE &MIDEAST 


BERUN 

AMERICAN CHURCH IN BERUN. cor. of 
Cfey Alee a Pwsdamer Str, SlS. 930 am, 
Wbrshtp 1 1 am TeU 0306132021. 

BRU5SEL5 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS. Sunday School 
930 am and Chuch 10-45 am KaUonberg. 
19 lal the In. School). Tel.: fl73.05.B1. 
Bus 95. Tram 94. 

COPENHAGEN 

WTERNATIONAL CHURCH of Copenha- 
gen. 27 Famergade. Vartov, near Rfcffms. 
Study 10:15 & Worshp 11:30. Tel.: 
31624785. 


FRANKFURT 


TRINITY LLTHERAN CHURCH. Nfeelungen 
Alee 54 (Across bom Buger Hospital). Sun- 
day School 930. worshe 11 am TeL (069) 
59947B or ST255Z. 

GENEVA 

EV. LUTVffiRAN CHURCH of Geneva. 20 
rue Verdana Sunday worshp 930. h Get 
man 1 130 n Engfeh. Tel (002) 3103069. 

JERUSALEM 

LUTHERAN CHURCH d the Redeemer, OW 
Cny. Munstan Rd. EngRsh worship Sul 9 
am AI are welcome. TeL (02) 281-049. 

LONDON 

AMERICAN CHURCH In London at 79 Tot- 
tenham Q Rd W1. Worshp at 930. SS at 
10£0 am. Sung worshp a! 11 amGoodgq 
St. Tube: Tet 071-560 2791. 

PARIS 

AMERICAN CHURCH IN PARIS Worshp 
1 1 30 am 65. Ouai rfOtsay. Pars 7. Bus 63 
at door. Metro AJma-Marceaucrlnvaflrtes. 

STOCKHOLM 

IMMANUEL CHURCH. Worshp Christ n 
Swedish. English, or Korean. 11:00 a.m. 
Sunday. Bnqer Jarl&g. at Kungstensg. 
17. 46/06/ 15 12 25 * 727 lor more 
rrlcnrtfion. 

TTRANE 

INTERNATIONAL PROTESTANT ASSEM- 
BLY. Merdencmnaboial & Evangefca l Ser- 
wx$- Sul 1030 am. 530 pm. Wed. 500 
pm Rroga Myslym Shyn. TeW^t 356-42- 
42372 or 

VIENNA 

VIENNA COMfALMTY CHURCH. Sinday 
worshp in English 1 1 .30 A M . Sunday 
school, nursery, rtematmiat afl rtenomro- 
tons wefcome. Dordheergasse 16.VBnna 1. 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 
FYotestan Engfeh tanguag® rnpatiiaies. Sin- 
days. 1 1.00 am (SepL-hiay). 10 am. Uune- 
Ang.); Sinday School 955 (Sept-May) UL 
Ltafewa 21. Tei 43 . 29.70 
ZURICH 

WTER NATIONAL. PROTESTANT CKJRCH 
English speakng. wksJKp serves. Sunday 
School & Nursery. Sundays 1 1 30 am.. 
Schanaengasse X Tel: (01) 2625525, 


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'Page 4 


SATURDAY-SUNDAY, AUGUST 6-7, 1994 



OPINION 


Hcralb 


!NTKRN\TH)!N\L 

" --Ttt 



tribune 


ITRI.IS|IM> mm Till- NfcW 10Kk TIWS 1MI I III « LMIIMrniN MKT 


A Korean Deadline Nears 


■ The United Slates resumed high-level 
talks with North Korea in Geneva on 
-Friday with some hope that the new Kore- 
an IraacThip will stay on a constructive 
-negotiating path. But a deadline looms 
that could tiirow the talks off track. The 
.hope stems 'torn the North’s readiness to 
resume talks so soon after the death of 
’Kim li Sung, the only leader it had ever 
.known, and from ait editorial in the gov- 

■ eminent- run newspaper that is unusually 
conciliatory by Pyongyang standards. 

The deadline is imposed by corrosion 
of the spent nuclear fuel rods recently 
removed from North Korea’s reactor at 
Yongbyon. That could eventually expose 
workers and international inspectors to 
radiation or flash fire. 

Unless this danger can be alleviated 
promptly, the North Koreans are threat- 
ening to start reprocessing the spent fuel 
next month, thereby generating plutoni- 
um that can be used to make bombs. 

Fortunately, there are ways to solve the 
corrosion problem, or at least delay its 
onset. But they require North Korean 
cooperation, which is likely only as part 
of a broader deal with the United States. 

The United Stales would like to relo- 
cate the rods to a third country for repro- 
cessing, thereby denying their bomb- 
making potential to the North. But as its 
price for giving up the material. North 
korea is likely to insist on diplomatic 
recognition and security assurances. It is 
also intent on eventually receiving a new 
light-water nuclear reactcr ?nd help with 
its electricity needs in .he m^time. 


There are ways to retard the corrosion 
while such a deal is being negotiated. The 
cooling ponds can be chilled, replenished 
with pure water and have their acidity 
reduced Alternatively, at much greater 
effort and expense, the rods can be re- 
moved from the ponds and stored in dry 
canisters, where they corrode more slowly. 

As pari of an ultimate solution, re- 
placement of the North’s existing reac- 
tors is worth pursuing. The United States 
is considering arrangements for Russia or 
South Korea to provide a light-water re- 
actor. financed in pan by Japan. Such a 
reactor is somewhat less vulnerable to 
misuse than the graphite reactor North 
Korea now has. It is marginally more 
difficult to divert nuclear fuel from it, 
and the North would have to rely on 
others to supply fuel, making the North 
more susceptible to outside influence. 

What happens in the six years or more 
that it takes to build a new reactor is 
critical. These intervening years would 
provide a true test of North Korea’s will- 
ingness to give inspectors unimpeded ac- 
cess to its nuclear sites. 

The North would also have no need 
for reprocessing facilities, which could 
be dismantled Nor would the North 
need to complete its new graphite reac- 
tor, a threat because it would generate 
plutonium once it is up and running. But 
while it is pursuing these technical solu- 
tions, Washington must not slight the 
diplomatic and political arrangements 
to make them workable. 

— THE HEW YORK TIMES. 


Arafat’s Discouraging Move 


Yasser Arafat likes to tell interviewers 
that the Palestinian state he envisions will 
not resemble the stifling autocracies so 
common in the Arab world And Pales- 
tinians who have seen close up the free- 
doms enjoyed by Israelis would like to 
hold him to that vision. But the early 
evidence from the self-rule areas of Gaza 
and Jericho is discouraging. 

On July 25. reportedly on Mr. Arafat’s 
personal orders, officials of his Palestine 
Liberation Organization shut down An- 
Nahar, one of the two main newspapers 
in the occupied territories. It was a bla- 
tant case of political suppression. An- 
Nahar is pro-Jordanian. Al-Quds. its sur- 
viving rival generally supports the PLO- 

An-N ahar was charged only with failure 
to renew its circulation license. But other 
publications, including Al-Quds. say no 
such licensing system exists. An-Nahar’s 
real offense was its pro-Jordan editorial 
stance — or, as the PLO put it. having “a 
line that contradicts the national interests 
of the Palestinian people." 

In one case of conflict, Jordan and the 


PLO have competing cl aims on Jerusa- 
lem’s Muslim religious sites. Last week. 
Israel intensified their conflict by prom- 


ising to give “high priority” to the Jor- 
danian monarchy’s historical role as cus- 


todian or these sites. 

But anger over these developments 
cannot justify the suppression of An Na- 
har. H anan Ashrawi, die former Palestin- 
ian negotiator, rightly calls the closure 
“a clear violation of freedom of the press 
and freedom of speech.” 

Mr. Arafat’s peace with lsra :1 does not 
depend on his tolerance for democracy. 
Nor does the closing of An-Nahar fore- 
close the possibility of political pluralism 
under PLO rule. Elections in the occupied 
territories scheduled for this year will be 
another important test 
Other Arab slates shut down newspa- 
pers regularly, and Israeli occupation au- 
thorities did too. But Mr. Arafat said a 
PLO government would be different. Per- 
haps when he calms down he will change 
his mind about An-Nahar. 


— THE NEW YORK TIMES. 


Keeping Air Costs High 


Subsidies always make competition 
less fair, and they often make it impossi- 
ble. The huge amounts of money that 
several European governments are 
pumping into their airlines in a frantic 
effort to keep them alive constitute gross- 
ly unfair competition with all the airlines 
— the Americans and some of the other 
.Europeans — that gel no government 


support. Europe is supposed to be mov- 
ing toward Full deregulation of airlines 


over the next three years. But that cannot 
happen until European governments — 
above alL that of France — bring them- 
selves to abandon the idea that there can 
be no failures, no consolidations and not 
even any layoffs in the airline industry. 

The European Union reluctantly ap- 
proved last week a S3 j5 billion subsidy by 
.the French government to Air France. 
Since these things are contagious, at the 
same time it similarly approved a $2.3 
■billion bailout by the Greek government 
of Olympic Air* ays. Earlier in July, TAP 
Air Portugal got approval of more than 
$1 billion in government aid. 

Airline deregulation is proving :o be 
excruciating in some European countries. 
It is not only that most nave their own 
national flag carriers and are desperate, 
for reasons of prestige and sentiment, to 
keep them aloft, it is also that some 


Europeans, notably the French, do not 
accept the idea that competition ought to 
be allowed to cause layoffs. 

Air France is notorious for its low 
operating efficiency and its huge losses. 
The government had appointed a chief 
executive with a mandate to get its fi- 
nances under control. Last fall he 
brought out a plan that called for wage 
cuts and. inevitably, the elimination of 
several thousand jobs. The immediate re- 
sponse was a series of strikes that para- 
lyzed French airports. The government 
quickly buckled, accepting the new chair- 
man’s resignation and. in the interest of 
social peace, utterly abandoning his plan. 
That is why this summer’ s enormous sub- 
sidies have become necessary. 

The chairman of British Airways, 
which gets no subsidies, called this rescue 
of his competitors a grave setback to the 
development of a free market in ar trans- 
portation. The U.S. secretary of transpor- 
tation, Federico Pefia. made the same 
point. The French apparently would pre- 
fer a return to the cartei that used to 
govern the international airline industry 
in stately fand expensive) serenity. But 
that would reimpose a burden that most 
governments and nearly all air travelers 
long ago found to he intolerable. 

- the Washington post. 


Other Comment 


Courage in Warsaw 


On Monday, President Roman Her- 
zog of Germany accomplished a trans- 
action between two countries that can 
be difficult even between two estranged 
friends. In Poland on the 50th anniver- 
sary of the Warsaw Uprising, Mr. Her- 
zog said: “Today. I bow down before the 
fighters of the Warsaw Uprising as be- 
fore all Polish victims of the war. I ask 
for forgiveness for what has been done 
to you by Germans.” Mr. Herzog did 
not go as far as politically possible. 


He went as far as humanly necessary. 

President Lech Walesa was wise not 
to defer to the feelings of those who 
thought no German should be in atten- 
dance on this occasion. “We do not give 
absolution to the murderers in War- 
saw,” Mr. Walesa said, “but we do not 
pass those feelings upon the German 
nation.” If Mr. Walesa had fallen short 
of his own difficult standard, if he had 
not invited Mr. Herzog, this anniversary 
could hare been just one in an endless 
parade. Courage made it historic. 

— Los Angeles Times. 



International Herald Tribune 

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S 



Do We Really Need to Start Bracing? 


P ARIS — A recent report 
fiom Washington suggests 
that Congress will pass with en- 
thusiasm a $50 million program 
for saving the world from colli- 
sion with a comet. The chair- 
man of the House Science Com- 
mittee, George Brown Jr., is 
quoted as saying that this pro- 
gram “is going to be easy to 
sell.” It would build a network 
of telescopes to give early warn- 
ing of a “killer comet” like the 
one that struck Jupiter in July. 

I suppose that to Congress 
$50 million is not a lot of mon- 
ey. certainly if spending it will 
save the world. One might like 
to see the same congressional 
enthusiasm to fund universal 
health insurance, educational 
reform, a reconstructed infra- 
structure and the other good 
things Bill Clinton promised 
during his campaign; however, 
that is so banal and politically 
loaded an observation as scarce- 
ly to be worth making. 

Nobody has a vested interest 
in letting killer comets hit the 
Earth, and NASA does have a 
vested interest in a new missi on 
and new funding. Representa- 
tive Brown, a Democrat from 
California, home of the aero- 
space industry, wants a federal 
comet-watch program to begin 
in the 1996 fiscal year. 

Dr. Robert Park of the Uni- 
versity of Maryland, spokesman 
for the American Physical Soci- 
ety, which also is interested in 
the project, says that “nobody is 
going to dismiss this.” He 
should know that there is al- 
ways the exception determined 
to prove the rule. 

The saying is that you can’t 
be too carefuL but I think you 
mn. The threat to our lives and 
happiness from being hit by an 
interstellar object seems to me 
sufficiently baroque as to allow 
the U.S. government to go on 
ignoring it in good conscience, 
as it has ignored it since the 
republic was founded. 

For the sake of the nervous, 
however. I would ask why the 
telescopes and astronomers we 
already possess would not de- 
tect a comet hurtling toward 
Earth. The comet that plunged 
into Jupiter’s atmosphere was 
found by amateurs using their 
own equipment But I suppose 
NASA will include an explana- 
tion for this in the feasibility 
study Congress has already 
commissioned, which is sup- 
posed iu be ready by February. 

Again, being negative, I would 
think it interesting to have the 
opinion of mathematicians and 
astronomers not connected with 
NASA or the American Physi- 
cal Society as to the probability 
of a comet’s hitting us — our 
solar system being quite large 


By William Pfaff 


and our planet quite small. 

Thinking ahead, as I am sure 
Mr. Brown is doing, I would 
imagine that as the purpose of 
finding the killer comet is to 
deflect it away from us, another 


beings From space who might be 
morally confused mortals like 
ourselves. Programs for monitor- 
ing space to hear alien radio 
tiansnusskms seem to assume 
that bring s on other planets will 
have a message for us. It is hard 
not to see in this the secularized 
scientist’s search for angels. 



program win be needed to de- 
velop a suitable rocket and 
atomic munition for displacing 
killer comets from their course. 
I am confident that nothing in 
the present American arsenal 
would be found suitable. 

Space is glamorous and pos- 
sesses the mystery of infinity — 
literal infinity, that which lies be- 
yond the observable galaxies: of- 
fering divine mystery. I have al- 
ways been struck by the interest 
scientists take in the possibilities 
of life elsewhere in the universe. 
They do not seem to approach 
this in the detached way that 
they might explore the rain forest 
for unknown animal species. 

The search for intelligence in 
space has nearly always an emo- 
tional ehaig e, expectation either 
of redemption or of submission. 
The world faces either alien at- 
tack — the theme of H.G. WeDs, 
his imitators and hundreds of 
fictional and film fantasies — or 
redemption through benevolent 
alien intervention in earthly af- 
fairs. We are expected to meet 
superior beings who can show us 
the way to peace, a new and 
more enlightened way to live. 

We seem unprepared to meet 


The discussion of infinity in- 
evitably introduces theological 
questions. Why does the nation 
with the highest levels of reli- 
gious belief and church-going in 
the Western world so fear the 
world's end as to finance a 
NASA program whose aim is to 
prevent that from occurring? 
If God in his inscrutable wis- 
dom — or even an inscrutable 
indifference, as some would ar- 
gue — has launched a comet to 
stray us, why is Congress to 


make its puny effort to thwart 
i 1 Is this n 


Him? Is this not presumption? 

I realize that there is no dif- 
ference in principle between us- 
ing an atomic explosion to de- 
flect an earth-bound rocket and 
using an antibiotic to save an 
individual life. But 1 am less 
interested in the theology of the 
matter than the proportionality. 
At some point the world will 
come to an end. The sun- wiD be 
extinguished. In the knowledge 
of this. I would think congres- 
sional as well as individual-at- 
tention is better devoted to how 
we live now than to preventing 
the eventually inevitable: 

International Herald Tribune. 

© Los Angeles Times Syndicate 



nent 

And Population Meet 


By Stephen S. Rosenfeld 


W ASHINGTON — To look 
in on current official and 
expert thinking about the world 
population problem is to become 
aware of a disappearing act that 
has transformed and mooted 
much of the common public un- 
derstanding of this issue. 

Gone is the old emphasis on 
population and family planning 
programs. These are the things 
that the inattentive among us had 
thought still defined the American 
approach to population. — and 
that have led to a certain strained 
public focus on the opposition of 
the .Roman Catholic Church to 
some of these programs. 

A State Department planning 
paper prepared for the thud Unit- 
ed Natrons population conference, 
wltidi opens next month in Cairo, 
dryly notes: “These programs 
have periodically drawn criticism 
for narrowly focusing on lowering 
hhthratog and insufficiently ad- 
dressing hrawwn rights, women's 
health and. cultural differences.” 

It is to these latter matters that 
the U.S.' government and the pop- 
ulation establishment have now 
turned Trace the arc of the pqpu- - 
lation conferences the United 
Nations puts on every 10 years. 
The first, in Bucharest in 1974* 
saw the United States deter- 
minedly advocating slow growth 
rates even as a then redistribu- 
tionist and anti-capitalist India 
insisted for the developing coun- 
tries that “development is. the 
best contraceptive.* 

By the second conference, in 
Mexico City in 1984, poor coun- 
tries were acknowledging a need 
for population programs. But — 
this was Ronald Reagan’s time — 

‘ ed States pronounced 
toon a “neutral factor” and 
back family pfenning ef- 
forts worldwide. 

Cairo in 1994, says the depart- 
mental p lanning paper, is a con- 
ference with a newly broadened 
focus on population “and devel- 
opment,” and marks a “new in- 
ternational consensus.” 

It reflects (l) a response to 
women’s groups and citizens of 
developing countries^ (2) a broad 
agreement that development and 
family p lanning work best jn.tap- . 
demand (3) recognition that pop- 
ulation growth contributes to en- 
vironmental degradation. 

The paper says it is “widely ac- 
knowledge! that f amily p lanning 

should be provided as part of 
broader primary and reproductive 
health imtiativesand that popula- 
non policy should encompass eco- 
nomic opportunityfor women and 
elimination of legal and soda! bar- 
riers to gender equality.” 

It is a far ay from the old 


concentration on family plan- 
ning. Many of us have followed 
and sometimes been numbed by 
the ongoing debate pitting, in its 
most extreme form, two men 
against each other. Paul Ehrlich, 
a neo-Malthusian, has argued 



growth unlocks resources — the 
more people, the more geniuses. 

Off camera, so to speak, a more 
moderate and balanced school 
has beat forming. Its views have 
been collected by the Overseas 
Development Council in an aptly 
titled study, “Population and De- 
velopment: Old Debates, New 
Conclusions.” Presumably this 
expert consensus arises from in- 
tdlectnal engagement, not just fa- 
tigue. It colors official State De- 
partment thinking, too. 

Population growth is not the 
o\erwbdming affliction for devel- 
oping countries that some have 
cudmed. says the ODC study, but 
it should not be regarded with 
equanimity either. At the individ- 
ual and household level, there are 
dear negative effects of popula- 
tion growth under conditions of 
hig h fertility, though when you 
look at aH the forces at work in the 
economy, matters are less defini- 
tive. Circumstances are important 

These “new conclusions” sound 
fairmough to me. But at the point 
where issues of population inter- 
sect with issues of environment, it 
becomes neossaiy to ask whether 
the conclusions are new enough. 
The development council report 
finds this the most difficult pan 
of the whole assessment, conclud- 
ing — the way people do when 
they are really stumped — by re- 
stating the problem. 

The impact of rapid population 
growth on the environment is a 
favorite theme of the State De- 
partment’s undersecretary for 
global affairs, Tim Wirth. A 
spokesman for the now-vogue 
concept of ^ “sustainable develop- 
ment.-^ growth without degra- 
dation — he shifts the burden of 
environmental protection from 
global population growth to 
America’s own “growing capacity 
to consume resources and pro- 
duce wastes.”- That is, he shifts 
the burden from “them” to “us.” 

Global population growth 
seems to mf palpable, undeniable, 
in pne measure or another a threat 
America’s “giowiug capacity to 
consume resources and produce 
wast^seems atiisparagejnen t of ; 
what others celebrate as die U.S. 
economy. If this is part of what the 
United States is bringing to Cairo, 
not all of us are reaiy for it. 

The Washington Post. 


.vy- 


j 


v 


Clinton Did the Deed and So America Subsidizes China’s Army 


N 


EW YORK — Two months 
ago. President BUI Clinton 


By A. M. Rosenthal 


wiped out Asian human rights as 
liplor 


a political, economic or diplomat- 
ic concern of his administration's 
foreign policy. He did this with 
the help and guidance of the 
American China lobby, which 
pays for its business profits in 
China by supporting the interests 
of the government in Beijing. 

But only the president could ac- 
tually do the deed and only in one 
way — by tearing up promises he 
had made before and after the 
presidential campaign, including 
his own executive order. That was 
the one all about bow the mini- 


mum trade tariffs China enjoys 
would be raised unless Beijing al- 
lowed Chinese and Tibetan citi- 
zens some relief from forced labor, 
political arrest, prison torture and 
religious persecution. 

China, sensing the sponginess 
of the president’s commitment to 
human rights before many or us 
who voted for him., did not give 
him an inch. So he caved. 

Why he did I do not know or 
perhaps am not ready to believe. 
Mr. Gin ton learned long ago how 
important the money and support 
of nuyor corporations are at elec- 


tion time. American politicians 
learn this. But not all go along, not 
on an issue of honor and heart. 

At least 100 members of the 
House of Representatives have 
stated their readiness to resist the 
pressure of the China lobby, the 
president and Beijing. Next week 
they will vote for legislation to 
raise the low tariffs subsidizing 
the exports of the Chinese Army 
to the United Slates — yes, the 
Chinese Army. 

How many more will join them 
depends in good part on how 
many Americans really care. 


Warsaw Lost, but Its Struggle Mattered 


B RUSSELS — In the summer 
of 1944, the dilemma facing 
Warsaw’s residents was not unlik e 
that facing the people of Paris. 

General de Gaulle was con- 
vinced that the liberation of 
France must not happen without 
French participation, without a 
national uprising, without some 
role for the French in w inning 
back their independence. And the 
French Resistance was persuaded 
of the need to make a proclama- 


By Leopold Unger 


1944 POLAND 1994 


tion in Paris of French sovereignty 
over the territory liberated from 
tite Germans and the Vichyites. 

The beginning of the Paris up- 
rising, on Aug, 19, 1944, was 
linked to the Allies’ offensive, even 
if it was not officially coordinated 
with them. Five days bier, Gener- 
al Dwight Eisenhower ordered the 
all-French Leclerc Division to be- 
gin its march to Paris, a decision 
made both at General de Gaulle's 
insistence and under pressure of 
events. As one of the general's men 
said, the French capital had to be 
saved from Warsaw’s fate. 

The question had arisen in 
Warsaw, with the Red Army ap- 
proaching in late July: Was there 
to be liberation without an upris- 
ing. or liberation through an up- 
rising? The Poles, hoping to gain 
control of their capital before the 
Red Army could do so, revolted 
against the Germans. But War- 
saw’s fate was quite different 
from Paris’s. Warsaw burned. 

There was no Eisenhower nt de 
Gaulle, no support or salvation, 
wailing across the Vistula River. 
Stalin was there. And he allowed 
Hitler to liquidate Warsaw, refus- 
ing to permit the Western Allies to 
use his air bases to airlift supplies 


to the desperate Poles. Like the 
Polish state in 1939, Warsaw was 
hit from both east and west 

Debate ova the Warsaw Upris- 
ing continues. For a half-century, 
censors muted those Polish histori- 
ans who contended that an upris- 
ing was necessary to halt a Soviet 
takeover. The Communists blamed 
the horrible tofl (200,000 lives lost, 
the dty flattened) on “the fascists” 
who had given the order. 

But the message and the lesson 
of the uprising survived. During 
those long Stalinian nights, the 
Poles remained convinced that 
had it not been for the Warsaw 
Uprising, the war’s aid would 
have seen Poland become the 
newesi Soviet republic. 

It is always difficult to justify a 
defeat But today, the Poles can 
say — as the/ have had to do so 
ofren in their tragic history — 
that some defeats mean more 
than some victories, that they can 
forge or strengthen a sense of na- 
tion. and that they remain in the 
collective memory as essential 
steps on the path to freedom. 

When the uprising began, and 
thoughout its 63 interminable 
days, Warsaw was an island, an 
enclave of freedom between two 
totalitarian states. 

On Aug. 1. 1944. the stakes were 
dear beyond debate: The uprising 
was necessary for independence, 
in the face both of German domi- 
nation and Soviet expansion (the 
Soviet Union had already assumed 
direct control of eastern Poland). 
But final success came only 50 
years later. Today it is not pre- 
sumptuous to say that without the 
uprising, the long wail for liberty 
would have been longer still — not 


only for the Poles but for the Ger- 
mans and Russians as weiL 

Postwar Goman leaders have 
recognized the importance of 
this. Just as Willy Brandt in 
1970, knelt humbly before the 
monument in the Warsaw Ghet- 
to. Roman Herzog, 24 years later, 
struck a truly somber tone in 
marking the sacrifice of the is- 
land’s defenders. Thus, a dramat- 
ic page in the history of German- 
Polish relations could be turned 
once and for alL 

Why did Boris Yeltsin, the man 
who cleared the path to democra- 
cy in Russia and who acknowl- 
edged the horrible truth about the 
1940 massacre of Polish officers 
in the Katyn forest decline to 
come to Warsaw? Why would be 
not salute the memory of those 
who died in the struggle against 
totalitarianism? 

Moscow offers no official an- 
swer. Bui privately, it is said that 
while the Katyn massacre can be 
laid at the feet of the NKVD. 
predecessor to the discredited 
KGB, the Warsaw “operation”, 
was an army affair. And the Rus- 
sian Army refuses to face up to its 
responsibility. Mr. Yeltsin, who 
has had to show his “understand- 
ing” of the generals’ feelings more . 
than once, has yielded yet again. 

It is a pity. Had he acknowl- 
edged and accepted responsibility 
for this dark chapter of Russian 
history, he would have helped 
Russia to come to grips with its . 
crenpfexes and to put to rest the 
lingering doubts. 

War does not end with the final 
''ease fire, nor even when a peace 
treaty is signed. A war ends when 
its consequences have faded away 
— and above alL when its root 
causes finally disappear. 

International Herald Tribune. 


Once the tariff pressure was off. 
the Chinese repaid Mr. Clinton as 
he and the lobby could have fore- 
told — if they had cared. The 
noose has tightened on all dissf 
dent activity, reports Human 
Rights Watch/ Aaa. And the polit- 
ical branch of the conference of 
American Catholic bishops says 
that religious persecution is in- 
creasing and so is forced abortion. 

China is cashing in big. Hus 
year it win sell Americans w0 bil- 
lion more than it buys from them. 
Meanwhile Beijing, according to 
the CIA, is the chief nuclear sup- 
plier to Iran and the major missile 
salesman to Syria and Iran; it still 
tests nuclear weapons and is the 
only major nuclear power to in- 
crease its military budget 

Here is-.the evil amiecty: The 
U.S. consumer is supporting the 
growth of the Chinese “People's 
Army,” Much is both the major 
instrument of Chinese power 
abroad and the major weapon of 
repression at home. 

Are we all total fools with no 
commitment to ti nman rights or 
even our own interests? No, not 
all of us — not the bishops, not 
the AFL-CIO, not the h uman 
rights groups, and not those 
members of Congress getting 
ready fer next week's fig ht 

One of them, Gerald Solomon, 
Republican of New York, has in- 
troduced one-paragraph legisla- 
tion: Reject the president’s deci- 
sion, raise the tariffs. It won’t win 
but, oh, what a pleasure it would 
be to vote for him in November. 


The other representatives have 
put together compromise legisla- 
tion that targets principally those 
products manufactured by the 
network of thousands of plants 
owned by the Chinese Army. 

The administration is now so 
teamed by China that, along wiih 
the China lobby, it is fighting any 
h n m an rights move against the 
forced-labor economic power of 
the Chinese military or its subsi- 
dization by U.S. low tariffs. 

Hie Chinese Army’s products 
range from guns exported by (he 
thousands to America to machin- 
ery, furniture and clothing — of- 
ten produced by workers paid in 
prison grucL That wipes out 
American competition and makes 
for huge profits that go to leading 
Communist Party families, the 
party itself and the army. 

_A11 around Asia other coun- 
tries with a taste for repression 
are delighted with the signal from $ 
Washington — forget that human 
rights stuff; when it comes to 
trade, America does not care. 

American voters have a 
choice. They can phone or fax 
their minds to their representa- 
tives about subsidizing the Chi- 
nese Army. Or they can go on 
making Chinese generals merri- 
er, more stuffed with American 
billions and more powerful mili- 
tarily. Either way, one day the 
news of the Amen can choice will 
get to the Chinese and Tibetans 
in their subsidized torture cells 
and labor camps. 

The New York Times. 



BV OUK PAGES; 100, 75 AND 50 YEARS AGO 


1894; Resentful Clergy 

PARIS — That conflicts on reli- 


gious questions are always the 
most difficult of settlement is 


— _ — - WV»UVUtt,lil AO 

once again proved in the case of 
Hungary. It will be remembered 
what a desperate resistance was. 
made by the bishops to the new 
law authorizing civil marriage. 
But the lower dergy, who bad 
been excited and who do not un- 
derstand much about Pariiaroen- 
taiy finesse, have hot calmed 
down and hav. turned u>jtr anger 
upon die bishops and t’te nobtes.- 

kn., ..... . . , 


tional Garment Retailers’ Asso- 
ciation. It was manifest that 
American designers are not in 
favor of knee-length skirts, all 
the models shown being about 
eight inches above the floor. 


1944: No-Man’s Florence 



uyyu <uiu 1 K HODieS.' 

Indeed, the agi lation has assumed 
stidi proportions that thrinterven- 
t.i>n of Pope appears to be not 


...... - — - . -I UC UUI 

‘only ues*rable but even inevitable. 


19 19: Low Skirts Prevail 


NEW YORK —The firei Ameri- 
can fashion show of the season 
was given here last night I Aug. 5] 
under the auspices of the Na- 


ROME — [From our New York 
edition:] The greater-part of me-- 
dieval Florence, the dty of the 
Medids, is aoo-manVland today, 
[Aug. 5], with German gims in#- 
trenched in the hQls two miles 
north of the dty and 8th Artny 
troops encamped in its southern 
outskirts.. Five of” Florence’s six 
old bridges were blown up by the 
retreating Germans, Fortunately 
they .spared the loveliest of alL 
the Ponte Vecchio. It may never 
be known whether the Ponte Vec- 
chio was spared out of respect for 
its .artistic value or because it is 


too narrow to permit the passage 
°f targe vehicles. 








INTERNATIONAL HERALD TRIBUNE, SATUKDAY-SUNDAY, AUGUST 6-7, 1994 


Page 5 


** 


Haiti Thumbs Its Nose at U.S. 

Generals Respond to Threats With Resolve 


By W illiam Booth • 

Wcnhlagnn Post Service 

• PORT-AU-PRINCE, Haiti. — F? r from 
bowing lo UA invasion threats, Haiti's defi- 
ant nrihtaiy rulers and the government they 
installed have dug in and are taunting Wash- 
ington with measures designed to show long- 
term resolve. - \ 

In the last- week, Hahfs de factoj^venj- 
tnent has called for. Actions in November; ; 
declared a state of siege, lncladmg'a'&ansfer 

of all civilian pOWCIS U> militar y cnntsrJ., and 

initiated charges of treason against the Rever- 
end Jean-Ber&and Aristide, the exiled presi- 
dent, whom the United States ha$ pledged id 
return to power. , 

They have also threatened Haitians assist- 
ing ‘interventionists” —the lafad for anyone 
who endorses a foreign invasion and 
staged huge demonstrations oniside the U S. 
Embassy.' . • - - - - 

On Thursday, the government deported an 
American television news crew, saying the 
journalists had photographed “sensitive in- 
stallations" at Haiti's international airport. 

At least 'some of the military's defiance is 
designed to assure its troops and backers that 
the generals remain in control and. are not', 
about to fly off into exilet-WhOe U.S. officials 
characterize the moves as bravado, Haiti ana- 
lysts and diplomats' "say the mDitary intends to ' 
outlast :botn sanctions and international iso- . 
iation. 

Some anti-Aristide politicians also, are' 
pushing a plan that would have Lieutenant 
General Raoul Cfedras, Haiti's nrilhaty lead- 
er, resign in October and be replaced by the 
army’s deputy dneLBrigadier General Jean- 
Claude DupervaL Haiti’s two other military 

... n t i 


army chief of staff, Brigadier General Phi- 
lippe Biamby, would'bc reassigned. 

But there is no indication General Cfcdras 
has agreed to such a plan, while U.S. officials 
have stressed that there will be no lifting of 

- sanctions without Father Aristide's return. 

Far from the popular isnagi* of thuggish 
■clowns, Haiti’s military leaders have 'Been 
’ roasters of delay, continuing to defy interna- 
tional condemnation and draconian sanc- 
tions that have devastated the economy and 
forced the poor to buy rice and beans by the 
cup. at prices three and four times the usual. 

- Now the military and its allies are using 
television and radio to stir nationalistic feel- 
ings against foreign intervention. On televi- 
sion, the government airs hours of footage of 
the U.S. invasion of Panama. 

The de facto government and its supporters 
say they are simply responding to toe threat 
of invasion. Moreover, they have been em- 
boldened by mixed signals from Washington. 

“They’re convinced, they’re really con- 
vinced, that the international community is 
bluffing,’* said a Haitian political consultant 
.with ties to the democracy movement. “The 
U.S. has no credibility — not with the elite, 
not with the miljtaiy, not with the democratic 
camps, nobody." 


leaders, Port-au-Prince's police chief, Lieu- 
rrangois, and the 


tenant Colonel Michel 


The Senate turned down a plan Friday to 
prohibit President BOl Clinton from launch- 
ing an invasion of Haiti without congressio- 
nal approval. The Associated Press reported 
from Washington. 

In a 63-to-31 vote, the Senate rejected an 
amendment by Senator Arlen Specter, Re- 
publican of Pennsylvania, to that effect. Some 
. who oppose an invasion objected to the Spec- 
ter proposal on constitutional grounds, say- 
ing it would improperly tie the president’s 

hands. 


Mid-September or Later for Invasion 


By Ann Devrpy 
and Daniel WDtiams 

- ■ tyashargion Port Serrice - 

WASHINGTON — President Bill Clin- 
ton's top advisers have concluded that they 
need until at least- mid-September to launch 
an invasion of Haiti under “optimal” condi- 
tions, senior officials said. , 

That condnsion, reached after a seriesof 
meetings on Haiti this week, was based an 
what officials said was the time needed to 
enlist and train the international component 
of an invasion' force headed by. the United 
States. No country has stepped forward to 
join such a force, however. Argentina, the 
only country to .have made a public commit- 
ment to join, withdrew it Thursday. 

Officii said they also wanted to seal Hai- 
ti’s porous border with the Dominican Re- 
public, long a major hole in the economic 
blockade of Haiti. . 

One official said that it would be “a matter ; 
of some weeks" before the United States was 
prepared to invade: But others noted th«»t if 
American lives were threatened Or Haiti ex- , 
plodcd inviolcace,miBtaiy^acti<Mi rcould be- 
undertaken right away. 

Another official saidihal Mr. Ointoiv wiio . 
was involved in somebatuoi all the meetings, . .. 


had “a great number of individual decisions 
, to make,” including a determination that eco- 
nomic sanctions would produce no further 
progress and that invasion was toe only way 
to achieve his goal of ousting Haiti's military 
rulers. - 

Pending decisions include whether to issue 
a public deadline for their departure from the 
country, whether to send a high-profile envoy 
to Haiti to deliver an ul tima tum to the mili- 
tary, and whether to enlist support in Con- 
, grass for an invasion. 

Tire delay m reaching decisions has costs 
. not only for Haiti, suffering under sanctions 
. and a repressive regime, but also for Wash- 
ington, as it tries to synchronize policy with 
that of other countries. - 

As Washington has tried to collect invasion 
partners, Venezuela and other governments 
toat oppose an invasion have prepared a sepa- 
rate, diplomatic approach to Haiti. The Vene- 
zuelans have proposed sending a delegation 
of foreign ministers to Haiti to offer a secure 
and comfortable exile to the military leaders, 
and amnesty- for their subordinates left be- 
hind: 

If Lieutenant General Raoul C£dras and 
Other Haitian militaiy leaders refuse to leave, . 
the nmnsters would then warp of invasion. 


U.S.~ North Korea Talks Resume but Go Nowhere 


By Alan Riding 

V» York Tmtci Sen ue 

PARIS — The United States and North Korea met 
in Geneva on Friday to resume the high-level negotia- 
tions that were interrupted by the death of President 
Kim 11 Sung last month, but no breakthrough was 
reported on the central issue of American concerns 
about North Korea's nuclear ambitions. 

After eight hours of talks, Robert L. Gallucci, the 
chief American negotiator, said there was common 
ground in some areas, such as the need to improve 
bilateral relations, to reduce tensions on the Korean 
Peninsula, to bolster security in the region and to 
respect the Nonproliferation Treaty. 

"Those are the areas of agreement," he said at a 
news briefing outside the U.S. mission to the United 
Nations. “To say the devil is in toe details, however, is 
something of an understatement, and there are cer- 
tainly areas of disagreement as well." 

Kang Sok Ju, the deputy foreign minister leading 
the North Korean team, described the talks as ‘'busi- 
nesslike and useful" but he also noted that there were 


“great complications" on many issues. And he added, 
“Neither side came to any agreements on the subjects 
under discussion." 

The two sides had originally planned to meet again 
Saturday in the North Korean Mission to the United 
Nations, but they decided instead to adjourn until 
Monday to allow' time for delegates to consult their 
govern men ts. 

Mr. Gallucci, who held just one day of talks in 
Geneva with Mr. Kang on July 8 before the session 
was suspended by President Kim's death, said it was 
too early to gauge whether North Korea's position had 
changed “At the moment, I cannot characterize the 
discussions as different." he said. 

Like Mr. Kang. Mr. Gallucci was reluctant to go 
into details about the talks on Friday, but he con- 
firmed that they had involved North Korea's request 
for a light-water nuclear reactor to replace the graphite 
reactors that the United States believes are being used 
to produce wcapons-grade plutonium. 

He said they had also discussed the 8.000 spent fuel 
rods extracted this spring from a nuclear reactor at 


Yongbyon, 60 miles ( 100 kilometers) north of Pyong- 
yang and now kepi in a cooling pond. North Korea has 
said the rods are deteriorating quickly and need to be 
reprocessed into plutonium, a solution the United 
States strongly opposes. 

Mr. Gallucci said the problem of what to do with the 
rods had to be addressed as soon as possible. “That 
issue we discussed,” he said. “I cannot tell you that it 
was resolved." Experts say the rods would yield 
enough plutonium to make four or five nuclear bombs. 

Asked about a statement from Pyongyang on Fri- 
day that North Korea considered special inspections 
by international experts of its militaiy sites to be 
"unreasonable,” the American delegate reiterated that 
a settlement of toe dispute would have to include close 
monitoring of North Korea's nuclear facilities. 

Mr. Gallucci said that both sides should have a 
better notion or prospects Tor an agreement when they 
met again Monday. He said that by then, they should 
also know how long toe talks would continue. North 
Korea has agreed to freeze its nuclear program while 
the negotiations are taking place. 


CLJJVTON: Democrats Advised to Keep Distant in Fall 


Continued from Page 1 

idterm election was -in 1934,. 
s the first term of Presi- 
- ranklin DL Roosevelt. 

“The mood of the election np 
to this point has energized Re- 
publicans and somewhat de-: 
moralized Democrats," said 
Mr. Greenberg, who did not 
make specific predictions about 
sibfe losses. 


possibl 

He added, “Obviously, the 
White House must do more to 
mobilize Democrats in support 
of candidates this year." - 

The notion that incumbents 
should separate themselves 
from a president of their own 
party is nothing new. Some Re- 
publican officials gave such ad- 
vice in 1990, after President 


George Bush-agreed to a deal to 
raise taxes.' 

And in June, Donald 
Swritzer, political director for 
the Democratic Party, said in 
ah mterview With Tbe Washing- 
ton Times: “There are clearly 
some areas of the country where 
it is not going to benefit a can- 
didate to associate himself with 
Bill Clinton." 1 

Mr. Sweitzer was immediate- 
ly rebuked by Mr. Wilhelm for 
his comments. But Mr. Green- 
berg offered much the same 
message, though his memoran- 
dum was less explicit. . 

Mr. Greenberg also asserted, 
however, that Republicans 
would be wrong to try to turn 
the elections into a referendum 
on the president because people 


still want him to get things 
done. 

“If the Republicans choose 
to make this election about 
stopping Clinton,” he said, 
“they are missing the mood of 
toe electorate in' these swing 
districts, where voters still want 
to see Clinton succeed.” 

Incumbents, Mr. Greenberg 
said, should discuss their legis- 
lative battles and emphasize 
that they were in them not for 
din ion but “for the people at 
home." 

The memorandum is striking 
in its acknowledgment that Mr. 
Clinton’s top legislative initia- 
tive — health care — has not 
struck a chord with voters. 

Mr. Greenberg did not return 
a reporter’s calls about his 
memo. 


D’3S/)v 


UN Wavers 
On Serbia 
Sanctions 

By Richard D. Lyons 

Nnr York Times Service 

UNITED NATIONS, New 
York — The Security Council 
would crack down on Serbia 
with harsher sanctions involv- 
ing financial assets, weapons, 
fuel and possibly food, or it 
would ease toe present sanc- 
tions, depending on the word- 
ing of two draft resolutions ai 
the United Nations. 

These carrot-and-stick pro- 
posals would be to punish Ser- 
bia if it fails to persuade toe 
Bosnian Serbs to accept the lat- 
est international peace plan for 
Bosnia, or to reward toe Serbs if 
their diplomatic efforts are suc- 
cessful. 

One of toe two versions, 
which UN officials said were 
drafted by representatives of 
the United States, Britain, 

France, Germany and Russia, 
would reinvigorate sanctions 
that were imposed on Serbia 
and Montenegro in 1992, but 
which have been increasingly 
violated. 

Provisions under consider- 
ation for the new sanctions 
package are a virtual blockade 
on traffic headed to Serbia on 
toe Danube River, a major 
route for oO imports. A so un- 
der consideration are a freeze 
on a wide range of Serbian fi- 
nancial assets, and even a limit 
on the amount of fuel in the 
tanks of trucks entering Serbia. 

Demands for even stricter 
sanctions against Serbia may be 
undercut by Belgrade's an- 
nouncement Thursday that it 
was withdrawing economic and 
political support for the Bosni- 
an Serbs. 

But the harsher version could 
be introduced if the Security 
Council doubts the sincerity of 
Belgrade's announcement 

One diplomat here said that 
many of his colleagues re- 
mained unconvinced of the sin- 
cerity of the announcement 
from Belgrade and chat the for- 
mal introduction of toe harsher 
resolution might be the better 
choice because it would pres- 
sure Serbia to make good on its 
announced intentions. 

But toe Russian representa- 
tive, Yuli Mr. Vorontsov, said 

after the announcement from fi ■ ^ i > ~i~e o _ _ ___ T 

Ser^ac^ position *££*£1 krIKx5!5S NATO Jets Pound Bosnian Serbs for Seizing Weapons From UN 

“turning point" in efforts to 
bring peace to Bosnia. 



****** '•’►.vfiy 

V * . . .r? 

■ - : >*?■- ;T? K *y 


— • Nan lUnri'TV Wind Pnrv. 

Israelis i»uttjng up a sign of changing times Friday at EOat border post with Jordan. 

Rabin to Visit Jordan for Talks With Hussein 


Ageme Fmme-Prme 

AMMAN. Jordan — Prime Minister Yitz- 
hak Rabin of Israel is to travel to Jordan on 
Monday, for toe first time, to meet King 
Hussein, Information Minister Jawad Anani 
announced Friday. 

He said Mr. Rabin would cross to toe Red 
Sea resort of Aqaba after a ceremony to mark 
toe opening of a new border crossing between 
toe two countries to be attended by the U.S. 
secretary of state, Warren M. Christopher. 


Crown Prince Hassan is to represent toe 
king at the crossing. Later, King Hussein is to 
host a lunch, to be followed by talks. 

Mr. Christopher, starting a new Middle 
East peace mission on Saturday, will travel by 
car from Jordan into Israel, inaugurating toe 
new crossing between Aqaba ana Eilat. 

On the Israeli side near Eilat, bomb dispos- 
al experts cleared a minefield to make way for 
toe border crossing, to be used at first mainly 
by travelers who are not Israeli or Jordanian. 


APOLOGY: 

Frank Admission 

Continued from Page 1 

latest attempt to break toe im- 
passe between Israel and Syria. 
A though. Israeli officials say 
they see no big breakthrough on 
the horizon, mere have been a 
few signs that both sides were 
attempting to break the ice. 

The apology was made “to 
prevent escalation and to ap- 
pease toe Lebanese," said an- 
other Israeli who closely follows 
military affairs. 

But. he added, had Mr. 
Christopher not been due on 
Saturday, and had negotiations 
with Syria not been progress- 
ing, “I am not sure the apology 
would have been issued.” 

The Israeli statement came 
against a backdrop of diplo- 
matic contacts by Beirut to get 
Washington to persuade Israel 
not to mount a massive military 
operation against Hezbollah in 
retaliation for last month's 
bombings of Israeli and Jewish 
sites in Argentina and London. 

Israel has accused Hezbollah 
and its patron, Iran, of staging 
those attacks, which left almost 
100 dead and scores of others 
wounded. 

The seven deaths came when 
three Israeli jets struck a two- 
story home in the Milage of Deir 
Zahrani. The attack also 
wounded 17 people. 

Shortly afterward, an army 
spokeswoman said that “during 
an attack on terrorist targets, 
one bomb accidentally strayed 
off its course and hit a house in 
the village of Deir Zahrani The 
army stresses innocent civilians 
are not toe target of our air 
raids and expresses sorrow for 
toe casualties." 

An Israeli Army spokesman 
said the cause of toe error was 
under investigation. 

Shortly before the raid on 
Dor Zahrani, Israeli jets had 
twice within an hour struck at 
another site, described by Israe- 
lis as a Hezbollah base, in toe 
Lebanese village of Ein Bous- 
war, toe army said 

■ Rockets Fired Into Israel 

Pro-Iranian guerrillas fired a 
salvo of Katyusha rockets into 
northern Israel late Friday, ap- 
parently in retaliation for the 
Israeli air raid the day before, 
Reuters reported from Tyre, 
Lebanon. 


Continued from Page 1 


The Security Council also 
will seek to sort out its options 
on toe UN peace force in Bos- 
nia, probably early next week. 


JOBS: Strong Growth Puts Watt Street on Defensive 


Contiimed from Page 1 - 

big auctions of securities 
next week; by reassuring 
tors that the Ame rican , 
al . bank was on guard 
st inflation 

would be the responsible 
to do, to move and move 

ptiy” 

t in separate interviews 
rede, five top Federal Re- 
officials expressed an un- 
it ty about the economy’s 
aon that Friday’s figures 
partly address. Their mi- 
nty suggests that toe Fed- 
ieserve will- wait at least 
Aug. 16 before raising 
again; 


The central bankers have 
three basic questions as they try 
to 'analyze five confusing eco- 
nomic data this aimm er Is eco- 
nomic output growing, do peo- 
ple have toe money to buy that 
output, and wDl people actually 
spend toe money if they have it? 

The first question was an- 
swered on July 29, when the 
Commerce Department an- 
nounced that the country's eco- 
nomic output grew at an above- 
average ■ annual rate of 3.7 
percent But more than half the 
extra ootputwent into business 
inventories as consume - spend- 
ing slowed sharply. 


So central bank. officials have 
been waiting for evidence of 
whether American consumers 
have toe money to buy these 
goods and whether they will ac- 
tually buy them. Friday’s fig- 
ures on jobs and wages suggest 
that more Americans are earn- 
ing more money. But they do 
not show whether Americans 
win spend toe extra money or 
save it. 

The Commerce Department 
is scheduled on Thursday to re- 
lease its figures on retail sales 
during July, which Fed officials 
eagerly await as an indication 
of spending in the economy. 


FRANCE: After Killings, 16 Algerians Are Arrested 

“The p 
which refu 


aed from Page 1 
o odious JDurdersT 
me does not serve 
mixing it with ter- 
5 cannot build the 
jeering the outside 

cb leader delivered 
fore toe five flag- 
ns. ' 

ta- accused-France s 
tners of naivett in 
at a “peaceful dia- 
Id be established 
slamie militants 
the notion that 
r I si antic Front 
mid enter the Alge- 
ment was an illu- 
ie added that toe 
> either back a gov- 


ernment that might fall short of 
democratic values 1 br allow Is- 
lamic extremists to seize power. 

France has asked Germany 
to muzzle Rabih Kebir, the 
president of the Islamic Front’s 
leadership in exile,' who Paris 
claims has been allowed to en- 
gage .in - political . actions even 
- though be is supposed' to be 
under a bah in Euskirchen, near 
Cologne. 

Mr. Kebir ^refused to con- 
demn the latest . attack on 
French nationals and .instead 
blamed toe worsening dimale 
of violence on France’s con- 
tinuing support for the army- 
backed government of Presi- 
dent Lamine Zeroual, a former 
geheral. • 


NewLotcdown 
On Ml Everest: 
It’s Shrinking 

Agertce France- Presse 

HONG KONG — 
Mount Everest, the world's 
tallest mountain, is shrink- 
ing, according to recent 
measurements taken by the 
China State Bureau of Sur- 
veying and Mapping, toe 
press agency Xinhua re- 
ported. 

The most recent mea- 
surement of toe mountain, 
taken in 1992, showed Ev- 
erest to be 8,846.27 meters 
tall (28,843 feet), indicating 
that toe- peak was 1.86 me- 
ters shorter than toe height 
recorded 17 years before. 

The latest figure was toe 
result of more than one 
year of calculations, follow- 
ing Chinese scientists' com- 
pletion of fieldwork near 
toe summit with toe help of 
Italian mountaineers. 


backdrops Bosnia has seen since the war 
began. The rejection Last week by toe Bos- 
nian Serbs of toe plan to divide Bosnia 
between Serbs and a federation of Mus- 
lims and Croats has placed them on a 
collision course with toe five powers, in- 
cluding the United Slates and Russia, that 
drew it up. 

Under the plan. Serbian holdings in 
Bosnia would drop from 72 percent of toe 
country to 49 percent; Muslims and 
Croats, who have accepted the deal, would 
share the rest. Already, toe UN Security 
Council is considering ways to tighten eco- 
nomic sanctions against Yugoslavia, the 
main patron of toe Bosnian Serbs. 

But by snubbing toe plan, toe Bosnian 
Serbs also appear to have antagonized Yu- 
avia and their erstwhile mentor. Presi- 
lt Slobodan Milosevic, toe architect of 


toe third Balkans war this century. On 
Thursday, Yugoslavia announced that it 
was shutting its border with toe breakaway 
Bosnian Serbian republic, implying that it 
would deny them further military aid, be- 
cause ibeir brother Serbs had renounced 
the plan and called a referendum on the 
issue instead. 

According to UN officials, the show- 
down began shortly before 4 AM. when 
Serbian soldiers crept into a UN weapons 
collection point in toe Serbian-held suburb 
of llidza and roared out with four heavy 
weapons, a T-55 tank, two armored per- 
sonnel carriers mounted with guns and a 
tracked 3Qmm anti-aircraft arwlery sys- 
tem. Ukrainian soldiers were manning the 
site, an abandoned electronics factory, and 
General Rose said one was injured at- 
tempting to stymie the predawn raid. 

The collection points were set 


up m 


February as pan of toe NATO plan to 
bring peace to Sarajevo. The plan came in 
response to toe Feb. 5 killing of 68 people 
in a mortar attack on Sarajevo’s open-air 
market. 

The Serbian raid was just toe latest in a 
string of incidents designed to erode toe 
integrity of toe zone. General Rose said. 

Finally, earlier this week, the Bosnian 
Serbian Army sent the UN command in 
Bosnia a letter demanding that it hand 
ewer toe 281 heavy weapons kept in nin e 
collection points around the city. The rea- 
son, according to a Bosnian Serb, General 
Stanislav Galic, was to give toe better 
armed Serbs the firepower to counter a 
Bosnian Muslim offensive north of Saraje- 
vo. 

General Rose rejected the claim. “We 
don’t regard the weapons collections 
points as some kind of supermarket," he 
said. 


U.S. Picks Up 120 Cuban Defectors 


The Associated Press 

MIAMI — About 120 Cuban 
defectors were picked up by the 
U.S. Coast Guard after their 
boat ran out of fuel while trying 
to outrun Cuban government 
vessels. 

Another 73 Cubans aboard 
the feny chose to return to 
Cuba on Thursday when toe 
boat was found adrift 30 miles 


uses the free choice of 

support to the military dictator- Odna Rebuffs Taiwan on Murders 

ship,, is an outright provoca- J 

tion," he said. “He who sows 
the wind w31 harvest the tem- 
pest" 

“We are not opposed to for- 
eigners, whether they are 
French or otherwise,” he said. 

“But we must draw attention 
to France’s position, which re-, 
jects popular and .democratic 
choice. . 

; The Algerian debate must be 
based on the sovereignty of the 
Algerian people, who are free to 
choose their government and 
their leaders." 


northeast of Havana. They were 
taken aboard two Cuban gov- 
ernment vessels, the U.S. Coast 
Guard said. 

The Coast Guard turned toe 
1 17 Cubans it picked up over to 
immigration authorities after 
docking in Key West, Florida, a 
Coast Guard spokesman said. 
The refugees are routinely pa- 
roled into the community. The 
Cubans had fled Wednesday 
aboard a 50-foot ferryboat that 
normally runs in Havana har- 
bor. 


The Axnxitued Press 

TAIPEI — China rejected 
Taiwan's demand Friday that it 
reopen an investigation of toe 
robbery and murder of 24 Tai- 
wanese tourists on a Chinese 
pleasure beat, and it accused 
Taiwan of opening fire on Chi- Mr. Tang to reinvestigate toe 
nese fishing craft in toe Taiwan March 31 murders, which trig- 


war in 1949. Despite progress 
on some problems between the 
two countries. Mr. Tang's visit 
has been marred by demonstra- 
tors. 

A Taiwanese negotiator. 
Chiao Jen-ho. said he had asked 


Straits. 

_ The exchange of recrimina- 
tions came oa toe third day of a 
visit to Taiwan by Tang Shubei, 
the highest ranking mainland 
Chinese official to come to toe 
island since the end of the civil 


gered the worst crisis since Chi- 
na and Taiwan embraced de- 
tente in 1987. But Mr. Tang 
said the case was closed, Mr. 
Chiao told reporters- China has 
executed three men for robbery 
and murder in the case. ' 


NEW FALL 
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ART 

Satizrday-Sunday, 
August 6-7. 1994 
Page 6 


INTERNATIONAL HBRATXI TRIBUNE, 









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/4« American Jeep amid wartime setting on display at the Museum of History of the Federal Republic in Bonn. 

Probing Modern Germany’s Soul 


By Michael Lawton 

B ONN — What is a German? Thai 
is a question that has never ceased 
to fascinate the Germans since 
Germany was a mere conceptual 
identity scattered throughout a number of 
principalities and with a considerable dias- 
pora in Eastern Europe. Now Chancellor 
Helmut Kohl has given his people a new 
answer with the Museum of the History of 
the Federal Republic of Germany. 

Kohl proposed the idea in 1982 as a way 
to help young Germans appreciate the 
roots of the democratic Federal Republic. 

The museum uses modern techniques to 
make histoiy come alive. You can sit on 
the original seats in a reconstructed Bun- 
destag debating chamber with parquet 
floors laid by the son of the man who laid 
the originals; or go into the public gallery 
where there are 1950s television cameras, 
look through them and see original de- 
tales. 

There's a cinema, where you can watch 
old newsreels and sentimental films. There 
are historical relics; Konrad Adenauer's 
official Mercedes, the rustic wooden chairs 
and table at which Kohl and Mikhail S. 
Gorbachev, the former Soviet leader, sat in 
the Caucasus as they negotiated German 
unity, and a news agency camera whose 
lens was smashed by the Stasi at a Leipzig 
demonstration in 1989. 

It’s a museum for the senses. Twenty- 
seven hours of film and video material 
have been woven into the exhibition. Ev- 
erywhere there are things to touch, drawers 
to pull out, headphones to put on. Many 
people will go just to see things they threw 
away when they went out of fashion, from 


FRANCK 


kitchen utensils and standard lamps to old 
newspapers. The user-friendly museum is 
reached directly from the subway station. 
There is also a caf6 serving German region- 
al cuisine and a computer linked to the 
national employment office to get job in- 
formation. 

Initial fears that the museum would be 
too deeply influenced by the views of its 
initiator, Helmut Kohl, who has a doctor- 
ate in histoiy, have proved groundless. 
Instead, a variety of committees represent- 
ing every establishment interest has en- 
sured that the museum offends no one, to 
the extent that many of its explanatory 
texts are bland. Parly politics take up rath- 
er too much space, although feminism, the 
movement against the Vietnam War and 
the Baader-Meinhoff terrorists have their 
little corners. 

B irr, as befits an establishment 
history, only those elements ac- 
knowledged by the establishment 
have a place. Where, for example, 
are the anarchist squatters and the punks 
bauring at railroad stations? 

The museum does not give a wholly rosy 
picture of German postwar history. The 
trials in the 1960s of the SS guards at 
Auschwitz and the riots in Rostock in the 
1990s have their tittle comers. The Ger- 
man people are not always shown at their 


best Beneath the histone photo of Willy 
Brandt knedingat the Warsaw Ghetto 
monument in 1970 is the Spiegel opinion 
poll showing that a majority saw the ges- 
ture as exaggerated. 

There is no denying the tough start that 
the new republic had. Hie exhibition starts 
in the rubble, with newsreels showing chil- 
dren trying to find their parents. A black- 


ART EXHIBITIONS 


painted room tells briefly and movingly of 
the honors of N azism. The nibble, the 
reconstruction and then the economic mir- 
acle are imaginatively and generously pre- 
sented. But the nearer you come to die 
present, the cooler the exhibition becomes 
until with the final section, on Germany in 
Europe, the atmosphere and the blue-gray 
color scheme become positively icy. This is 
evident in the treatment of German unity. 

Indeed, German unit/ has been a prob- 
lem for the museum. When Kohl made his 
proposal in 1982, he mentioned “the divid- 
ed nation.” but that was before anyone 
expected reunification. Six weeks after the 
foundation stone was laid in 1989, the 
Botin Wall fell. There were some who 
immediately called the whole project into 
question, but, as Kohl said at the muse- 
um’s opening in June, the democratic ori- 
gins of the Federal Republic are Just as 
important to the future of a united Germa- 
ny as they were for the West on its own. 

The museum’s makers said a new con- 
cept wasn't necessary, just a sharpening of 
details, since they had always intended to 
show life in the East. In the event. East 
Germany is largely found along the edge of 
the museum, behind steelmesh barriers, 
with exhibits designed to prove that West 
Germany was better all along. 

East German historians, who were not. 
invited to join the academic advisory 
board, have made a number of serious 
criticisms of factual inaccuracies, and have 
attacked the impression conveyed that a 
normal civilized life was scarcely possible 
in the East. 

Michael Lawton is a free-lance writer 
based in Germany. 


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German Pre- Impressionists 

Imentadmal Hendd Tribm 

L ONDON — In a se- 
quence of 90 pictures 
on view at the Nation- 
al Gallery until Sept. 


InttnuaUmal Hendd Tribm 

L ONDON — In a se- 
quence of 90 pictures 
on view at the Nation- 
al Gallery until Sept. 
4, the strange journey that took 
19th-century painting in Ger- 
manic countries to the thresh- 
old of modernity has been 
mapped out for the first time. 

“Caspar David Friedrich to 
Ferdinand HocUen A R oman tic 
Tradition,” as the show is 
called, is a somewhat mislead- 

SOIJITO MELIKIAIV 

mg title. It hardly does justice 
to the enigma posed by the aes- 
thetic split personality case that 
affected the major stars of Ger- . 
man arc There was the public 
facade and then there were the 
revolutionary small sketches 
they somehow produced behind 
the scenes. 

Friedrich, the best-known of 
an, carried it to extremes. Early 
on, he seemed destined to be- 
come one more among scores of 
highly sidled, if not particularly 
remarkable, painters in the 1 8th- 
centuiy tradition. Bom in 
Greifswald on the Baltic Sea, he 
was only 20 when he began his 
artistic training at the Copenha- 
gen Academy in 1794. ■ There. 
Friedrich acquired a very precase 
manner. This comes through 
even in the crayon portrait of bus 
fath er which be drew in 1801, 
three years after he had settled in 
Dresden. It is superbly done and 
instantly forgettable. 

Then came the influence at 
Romantic ideas, feverishly dis- 
cussed in the circles in which he 
moved. Friedrich developed a 
theoiy on the “authority of 
emotion” and conceived land- 
scapes fraught with weighty 
symbols. In a “Port by Moon- 
light,” that was pain tec in 1811, 
sailing boats at anchor on a 
dark sea have masts and ropes 
outlining elongated triangular 
figures that resemble the church 
spires in the distance. The alle- 
gory of the boat as a Gothic 
cathedral sheltering believers 
on the ocean of life hardly 
needs to be spelled out. Luckily , 
Friedrich did not stop there. 

T HAT same year, he 
painted a “Landscape 
with Oak Trees ana a 
Hunter” that could 
have been executed in a differ- 
ent age. Although inspired by 
Ruisdael’s landscape in the 
Dresden Gemaldcgalerie, it is 
utterly different Friedrich's 
composition does not have a 
focal center. The landscape 
runs in a continuous line with 
no beginning or end, like some 
block lifted out of real nature. 
This is the photographic vision 
before the camera came into 
existence. Reality, observed 
with the pleasure of a jeweler 
carefully chiseling detan, was 
entering European art 
But there was much more to 
it Seven years later came one of 
Friedrich’s most remarkable 
landscapes. His study of a 
“Woman on the Beach of Ru- 
gen” is probably the earliest Eu- 



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ropean beach view. One can al- 
most fed the wind making 
ripples over the vast expanse of 
sea and curbing four tiny sailing 
boats over the dark surface 
done in touches of green. White 
cliffs appear on the horizon. A 
woman, her bade turned to the 
viewer, leans on a low boulder 
in the foreground. This is an 
entirely new way of looking at 
nature, worthy of Boudin and 
early lmpressionism. 

By the late 1820s, the new 
perception had taken Germany 
further down the road to mo- 
dernity. Carl Blechen’s study of 
“The Ruins of Septiamiu&L in 
Rome” done in 1829 shows 
crumbling walls and arches in 
sandy oexe and green under a 
pale blue sky. The suggestion of 
a southern dty in the harsh 
noontime glare calls to mind 
Corot’s landscapes done about 
the same year. 

By the mid- 1830s, Blechen 
was stealing a march an Cour- 
bet’s work with which he does 
not seem to have been acquaint- 
ed. In “Monastery in the 
Wood,” bis realism is tempered 
by the broad brushwork. The 
comer of a cloister goes right up 
to the top of the canvas block- 
ing out the sky. Unkempt trees 
rise in the foreground- No at- 
tention is given to detail. From 
here to pre-impressionist 
French realism in the 1860s tike 
distance is short 

The Zeitgeist was pushing in 
that direction. Moves were be- 
ing made from every comer, m- 

cluding southern Germany. 
One of the most wonderful 
studies in the show is by the 


Bavarian Johann Georg von 
Dfflis, The “View of Prater. Is- 
land at Munich” is all about 
tigh t effects- in the foliage of 
huge trees. It teeters on the 
brink of Impressionism as early 
as 1820 or thereabouts. 

The astounding Adolph von 
MenzeJ, perhaps die greatest 
revelation in the show, finally 
closed the gap with Impression- 
ism, even if in confidential stud- 
ies not for display. 'Nothing in 
Von MenzeTs training might 
have led one to expect such 
boldness. He never intended to 
become an artist in the first 
place: He became head of the 
family printmakmg business at 
17 when his father died in 1832 
and set about learning about 
engraving. He was prolific- Be- 
tween 1839 and 1842, he pro- 
duced 398 wood Wock HIastra- 
tions for a “Life of Frederick 
the Great” He went in fra: 
large-size h is torical pamtings.- 
and latex 1 drilled toward sub- 
jects dealing with more recent 
events in Prussia. - 


C URIOUSLY, the trig- 
ger to Von MenzeTs 
creative genius was his 
careful recording of 
daily life that he used for creat- 
ing historical characters. IBs 
portrait of a man wearing a 
tbrecHcomaed hat in 18th-cen- 
tury style- is done with a vigor 
and a penetrating ptydxdogical 
insight that make it a master- 
piece defying labeling- 
The arris rs supreme achieve- 
ment is a small study of Berlin 
tenements painted in 1847 . ra 
1848 from tire window of ids 


apartment. He jotted down col- 
ored impressions in quick date 
of paint. Von Meozel always 
retained this bold virion. Twen- 
ty years later, he painted anoth- 
er view from an apartment win- 
dow, different but equally 
•' inventive and modernistic. The 
open window occupies much of 
the composition. Beyond, a 
haze of green leaves rises from 
below in a courtyard. At left, 
' the upper section of an apart- 
■ merit house is an excuse fra: a 
study in odor variations on a 
wall surface, mostly in shades 
of mellow oerc. 

Far from Bolin, in Munich, 
Gad Sjpitzweg was treading his 
own path to alternative Impres- 
sionism. “The Printer in a Gar- 
den” done in a palette of sunny 
-greens heralds the later work of 
Monet. The brushwork is 
sketchy, but more dainty and 
more careful. Even the idea of 
touehefrof red for- few roses to 
‘ fiyenrq> the green could be Im- 
presskxxisL But if cuxrent art his- 
torians are to be trusted, the date 

could be as eady as around 1850. 

- The discovery of this other 
Impressionism bubbling be- 
neath the surface in Germanic 
Zands without any contacts with 
the French schools is gripping. 
Works such as these are hardly 
ever seen outside Germany or 
Switzerland. True, the forerun- 
ners of Impressionism must be 
pideed out erf a mass of other 
paintings, many of crass con- 
ventionality, from Arnold 
BOcklin to Jacques-Laurent 
Agasse. Romanticism, more 
than once, is a fig leaf for kitsch. 
But the price is worth paying. 


In Limerick, An Irish Collector’s Legacy 


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June 24 - September 18. 1994 

Lyonel Feininger 

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By Rita Rraf 

New York Tima Scrrice 

L IMERICK, Ireland — In the art 
trade of the 1930s, John Hunt’s 
eye became legendaiy when he 
bought medieval iyones, bronzes 
and enamels for Sir William Burrell, a 
Glasgow shipowner. 

After World War II, the dealer sold 
other ancient, Romanesque and Gothic 
treasures to the Metropolitan Museum of 
Art, the Ryksmuseum in Amsterdam, the 
Museum of Fine Arts in Boston and the 
Walters Art Gallery in Baltimore. 


But the bulk of Hunt’s personal collec- 
tion and the most compelling Irish discov- 
eries he made are now exhibited here atthe 
University of Limerick in, ap p ropriately 
enough, the Hunt Museum. 

The museum, a private trust established 
by the Hunt family, is operated in part by 
the government of Ireland. A repository for 
items assembled over 50 years by John and 
Gertrude Hunt, the gaOety.has on . display 
roughly half of the 2,000 pieces that re- 
mained at his death in 1976. at age 75. 

The rest are on loan to the British Muse- 
um and the Victoria and Albert in London 
or are in storage until the Hunt Museum 
moves to its new home next year. 

BOOKS 


“Well be in before Christmas,** says 
Mairead Dtmlcvy, the director of the Hunt 
Museum, who is also a curator at the 
National Museum. The new premises win 
be the Old Custom House:, an 1 8th-century 
structure in downtown Limerick overlook- 
ing the River Shannon. 

While the range of the Hunts’ art — 
pottoy chards from 5,000 B.C. to a Picasso 
drawing dated 1904 — is impressive, the 
most memorable pieces are the Irish works: 
neohthic, Critic, viking and medieval. 

The Hunts’ archeological and early ec- 
clesiastical pieces axe, for the most part, 
equal in quality to those in the National 
Museum m Dublin. 


MUSEUMS 


LUCERNE, Switzerland 


f Museum 

Ro&engart Donation 
A collection of important 
fate works and exhibition 
“Picasso photographed by 
David Douglas Duncan" 


International 
Herald Tribune 
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Every Sahndoy 

Contend 
FredRorvan 
Tel.: (33 1) 
46379391 
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INFORMATION WAR- 
FARE: Qiaos on the Elec- 
tronic Superhighway 

By Warn Schwartau. 432 pages. 
$2191 Thunder’s Moulk 
Reviewed by 
David Nicholson 

T HIS isn't a book.. Instead, 
it’s a seminar between hard 
covers, the kind presented by 
$50,00fl-a-day consultants 
whose fees are God’s way of 
telling major corporations they 
have too much money. . 

As a three- or four-day semi- 
nar in, say, someplace Hire Can- 
can or St Vincent, “Information 
Warfare” would have much to 
re commend it, not least the sun 
and the sea, and the fact that 
somebody rise was picking up 
the tab. But the impecunious re- 
viewer, sweltering in summer 


AtITH ORS 

la Os PubHsh Youf Book. 
Mas subjects canddard 
indudn* BdJjtfan. Biography . 
(ftfl dtcn's SOTta. Poems. 

Fiction and Flrsi Books 
AVON BOOKS <IT5, 
l.Dovcdak audios. 

465, Battersea PaA Scad, 
London SW11 4LR.. Eflybind 

Menber Publishers Ajjoebikm. 


with only a fan and a glass of 
iced coffee for comfort, can only 
grit his teeth and press on 
through the book’s 400 pages. 

True, much of what Winn 
Schwartau has to say is of value. 
The economies of the major na- 
tions are, he notes, increasingly 
information-based, dependent 
on a global network of oomput- 
ers and satd K tewmnninications 
systems. While computers and 
instant communications offer 
unparaUdcd opbortumties for 
business and industry, they also 
give terrorists opportunities for 
“information wmiare.” 

As Schwartau sees it, there are 
three classes of information war- 
fare. Gass 1 is aimed at individ- 
uals. Anyone who has a Social 
Security number, uses a. credit 
card, or has a bank account 
leaves a trail of vital statistics in 
computers and databases. 


pNEW AUTHORS 

I PUBUSH YOUR WORK 
1 ALL SUBJECTS CON9DERED 
R Authors WortJHwttelrivtod 

I WHte or send your manusetytb 
I MINERVA PRESS 
IzOLDiMOfcffntWRD, LONDON SW730Q 


A hacker with malevolent 
motives might modify a driving 
record so that- it shows thou- 
sands of dollars in unpaid fines, 
or change credit bureau records 
SO that they show ''consistent 
failnre to pay bOJs. 

The goal of Class 2 mforma- 
tion warfare is to cfcffupt a com- 
pany's business or to steal vain- 
able information. Schwartau 
paints scen ar ios of- electronic 
eavesdropping aimed at giving 
investors advance notice of a 
“^many’s {dans to issue new 
stock, ray, or aimed at stealing 
technology, that can then here? 

producedtibeaphr overseas. 

Finally, there is Class 3 infor- 
mation warfare, in which aa- 


Then, too, there is the matter • 
of repetition. Schwartau Ulus- ” 
totes each of his three dasses . 
of _ information warfare over 
and over again. Has bode codd 
nave been more valuable had a 
editor insisted it be half as - 


wun me am or discovering mil- 
itary secrets or disrupting a 
country's economy. . . 

Much of this wfll be familiar 
to anyone who‘ has read the cy- 
berpunk science fiction of w8- 
liam Gibson or Bruce Ste rling 
and one of Schwamu’s faffing 
is that, instead of sticking tothe 
facts, he tries to write scenes 
stowing how these of 

formation warfare could be 
waged. Gibson and his cohorts 
it .first, and better, and so 
Schwartan’s scenarios are ama- 
temisb and sSly. 


. AD the hype about the infor- ‘ 
matron superhighway is morel 
Jan a little remimsoent of the - 
days when tdevis^ was in its * 
infancy. That new medium was • 
supposed to change our lives by “ 
brin ging cultural events , 
e duc a tio nal programs our i 
living rooms. Instead, it has ar- ! 
swwty beat responsible for the 
deame of literacy and the rise of 
vwaence in our society, as wdl as 
a general debasing of the culture. 

Something similaris bound to * 
"^pen-vwth die electronic so-,' 
{^dDfiaway, which seems as lflce- W.- : 
tyto become the CB radio of tbe - 
”9Us asit does a medium that will " 
our fives for the better. ^ 
dangers Schwartau prints ~ 
^areieal, but there are other, - 
ahead, “for 
Warfart" takes no’ 

note afth<ai 





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International Herald Tribune, Saturday-Sunday, August 6-7. 1994 


Page 7 



THE TRIB INBEX?115.._^ 

28o'ISS±!^J^!?_ w ?^' 4 J d^Vs;« OT po 3e d at 


by Bloomberg 
120— ’ 


inesfr News. Jan.- t, 1992 - 100. 1 

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£to9Kl 3229 Pnv^ 12083 

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Gridlock: Up the Creek in Shanghai 

ling Port Struggles With Dilapidated Waterways 


•limn 


By Kevin Muiphy 

IntenMonal Htndd Tribune 

■ SHANGHAI — Boatman Chen did 
not get trapped in the memorable 6,000- 
vesset, 16-day traffic jam that stretched 
up and down Suzhou Creek last year. 

He and his load of plastic buckets, 
sled reinforcing rods ana firewood were 
s om ewhere else that day in their increas- 
ing struggle for a clear course through 
ShanghaTs overcrowded waterways. 

- . Shanghai's explosive export perfor- 
mance and building boom have turned 
many of its watercourses to gridlock. 

“If s our biggest problem,” said the 
veteran of 30 years on the water as heavi- 
ly laden barges chugged up Suzhou 
creek, narrowed fartherby fleets of boats 
waiting for loading. Out on the Huangpu 
River that connects both to the sea and 
die Yangtze River, frei^hiers jockey for a 
safe path past Shanghai’s Bund financial 
district. 

Like most of its long-neglected infra- 
structure, Shanghai's roads and rivers 
are straggling to keep pace with the city’s 
13.6 percent annual economic growth 
rate, a boom that appears unaffected by 


Beijing's measures to dampen the econo- 
my. As in other critical areas such as 
roads, sewers, electricity and telecom- 
munications, the sol a lion will rake time 
and money. 

Myriad construction sites and sprawl- 
ing factory districts invigorated by new 
foreign investment have drawn Mr. 
Chen's family and others into the traffic 
flow. 

“Recently there have been many re- 
ports of jams in the rivers," said Yu 
Beihua, deputy director of the govern- 
ment planning commission's in vestment 
division. “A lot of unsafe ships are sail- 
ing in the rivers, and some have sunk, but 
we cannot decrease the number of ships; 
we can only improve our facilities and 
administration. 

But, hamstrung by tight funding and 
the need to update the main port’s cargo 
facilities, the dredging and widening of 
vital tributaries risks falling far behind 
the increase in traffic 

“The problem emerged very large last 
year because of Shanghai's fast develop- 
ment,’* said Feng Lmxun, the deputy 
division chief of the inland waterways 


administration who personally led the 
untangling of 14 kilometers (8.7 miles) of 
Suzhou Creek last month from one of S3 
patrol craft under his command. 

“Tempers can be high,” said Mr. Feng 
of the waterway gridlocks, where ship- 
pers and boat owners lose money and 
live-aboard boat crews grumble about 
getting stuck in midstream without fresh 
vegetables to cook. 

More than 1.5 million vessels are esti- 
mated to ply the city’s 2,100 kilometers of 
inland waterways each year. A report in 
ibe local Wen Hui Bao newspaper said 
more than two dozen shipping jams, each 
lasting an average of three days, were 
reported during one busy stretch last year. 

The situation has become more chaot- 
ic as barge owners who once relied solely 
on lowing in packs have strapped en- 
gines on individual scows. 

To cope, Shanghai is spending about 
200 million yuan (S24 million) to dig 
channels and dredge silled tributaries. A 
major channeling project in the new Pu- 
dong development area will swallow 10 

See PORT, Page 9 


Nextel to Expand 
Wireless Network 
With Acquisition 


Compiler) by Our Staff From Diytauhr. 

RUTHERFORD, New Jer- 
sey — Nextel Communications 
Inc. said Friday it would buy 
Dial Page Inc. and acquire ail of 
Motorola Inch’s specialized mo- 
bile radio licenses in two sepa- 
rate stock transactions valued 
at $2.4 billion. 

The agreements expand Nex- 
lel’s presence in the U.S. wire- 
less market, where it competes 
against McCaw Cellular Com- 
munications Inc. and the wire- 
less units of the seven Babv 
Bells. 

The move comes amid a wave 
of consolidation in the wireless 
industry as the companies try to 
position themselves to offer na- 
tionwide services. In addition, 
cellular companies are joining 
forces to combine their finan- 
cial resources before Lhe auc- 


At a Trillion, Kidder Finally Noticed 




©Womaibral Horrid Trt>un« 


. CeapHed bp Otr Stuff Prm Dispatches 

NEW YORK — Kidder, Peabody & 
Co.’s internal investigation Into its bond 
scandal concluded tins week that Joseph 
. Jett, a former star trader, simply made 
up trades and marked them down as 
having made money. 

The. contentions remain to be proven, 
but the report , came down when the 
public was being bombarded with other 
allegations of high-flying schemes. 

In Russia, the government has alleged 
that MMM, a giant company run like a 
mutual fund, was instead a giant pyra- 
mid in which shareholders were paid off 
with money from new subscriptions. 

in Washington, meanwhile, a popular 
game played among lobbyists and con- 
gressional staffers is essentially a chain 
letter that costs $>,000 to play. 

• Kidder’s 85-page report, prepared by 
Gary G. Lynch, the former enforcement 
director of the Securities and Exchange 
Commission, blames the firm's execu- 
tives for hot understanding what Mr. 
Jett whs up to. 

The report concludes that the execu- 


tives did not bother to figure out how he 
made so much money in complex instru- 
ments as long as the fins was doing well 
Nearly $350 milli on in phantom profits 
were created; eventually Kidder took a 
$210 minion charge against earnings. 

In the first three months of 1994, the 
report said Mr. Jett told Kidder he had 
made trades involving $1.76 trillion in 
principal value. In fact, the report said. 
$79 billion of those trades were reaL The 
95 percent remaining — $1.68 trillion — 
was never traded. 

Mr. Jett has denied that he did any- 
thing wrong, and neither he nor Kidder 
has been charged with anything. Mr. 
Jett, however, was fircd. 

“The door to Jett's abuses was opened 
as much by human failings as by inade- 

S iate formal systems.” Lhe report con- 
uded. “In particular, employees 
throughout the firm appear to have de- 
ferred to lhe success of the fixed-income 
division.” 

The internal report absolved all of 
those executives above Mr. Jell, former- 
ly the chief Kidder government-bond 


trader, of guilty knowledge, but it sharp- 
ly chastized the institution for monu- 
mental failures in oversight 
Mr. Jett allegedly took advantage of a 
Kidder accounting system that allowed 
him — by simply announcing plans to 
take two offsetting positions — to post a 
phony profit The system would eventu- 
ally wipe out that false profit, but by 
then newer, similarly fictitious gains 
would have been created. 

He did that, the report said, by alleg- 
ing activity in a pan of the government 
bond market that has been around for 
many years, and whose fundamentals 
are well understood. 

It consists of stripping a Treasury 
bond — separating each interest pay- 
ment and the eventual principal repay- 
ment. and selling them separately. 

Sometimes, when strips are selling for 
a relatively high price, the practice can 
be profitable: Sometimes it is possible to 
make money by reconstituting a bond, 
that is buying ail the strips and putting 

See KIDDER. Page 8 


Banks Hint 
At Rescue Plan 
For Procedo 

Compiled by Our Staff From Dispatches 

FRANKFURT — The majority of 
the 50 creditor banks owed money by 
the collapsed factoring group Procedo 
GmbH have expressed support for a 
salvage plan, which will protect the com- 
pany from creditors, an official said Fri- 
day. 

Peter Keber. chairman of the provi- 
sional steering committee for creditor 
banks, said that a final result would be 
available Monday. 

Under the proposal. 90 percent of 
nonbank creditors must agree to the 
plan and Procedo’s shareholders must 
give up 75 percent of their holdings to 
allow the sale of the company. Procedo 
must also find sufficient funds to be able 
to pay back 35 percent of its debt, or 
around 630 million Deutsche marks 
(S400 million). 

(Reuters. AFX) 


lion of wireless licenses later 
this year. 

Wireless telephoning is es- 
sentially the same as cellular 
telephoning, but it uses a differ- 
ent band of the radio spectrum. 
Nextel is expected to pose a 
competitive challenge to exist- 
ing cellular companies. 

“Nextel will be the first com- 
pany to offer advanced inte- 
grated wireless voice and data 
communications, featuring dig- 
ital clarity and reliability, a sin- 
gle telephone number that will 
work anywhere and availability 
across North America,” said 
Morgan E. O’Brien, the chair- 
man of Nextel. “As a result of 
these transactions. Nextel has a 
strong spectrum position 
throughout the United States.” 

Motorola, based in Schaum- 
burg, Illinois, will receive 62 
million shares of Nextel stock 
for the specialized mobile radio 
licenses and properties, which 
will form the core of Nexiel's 
digital wireless system. 

The merger with Dial Page, 
based in Greenville. South Car- 
olina, fills a large gap in Nex- 
tel's coverage area. Sharehold- 
ers of Dial Page will get about 
28 million shares of Nextel, 
equivalent to about $784 mil- 
lion. or approximately 1.07 
Nextel shares for each Dial 
Page share. 

Nextel’s stock closed SI. 125 
higher, at $26,750, while Dial 
Page fell SI. 375 to $30,625, and 
Motorola rose 25 cents, to 
S52.75. 

MCI Communications 
Corp.. which has agreed to pay 
SI. 3 billion for a 17 percent 
slake in Nextel and is negotiat- 
ing an agreement to jointly 
market wireless services nation- 
wide under the MCI brand 
name, said it supported Nex- 
tel's plans. 

Nextel said it expected to 
complete the Dial Page take- 
over by the end of the year. 

( Bloomberg, AP. Reuters ) 


V f ptv.. 


>V 


■is 



ssue 



By Peter PasseU 

; A few lfok Tima Sendee- 

EW YORK — Accoidihg to Ger- 
trude Stem, dxoseis an>se«arose. 
But not according to the Depart- 
ment erf Ctrameic^ which is an the 


American Beauties. 

And while it’s easy to make light of the 
latest charges that Colombian growers are 
“dumping” milli ons erf dollars worth of flow- ; 
ess in Miami and points north, die Colombi- 
ans aren’t laughing- ' i ‘ 

Not should American consumers, s u g ge s ts 
Robert Z. Lawrence of Harvanfs Kennedy 
School of Government. For the. case illustrates 
much of what economists think is wrong with 

it 0 * -• — - 1 mm *“■ tMk Yiifmlw tlmiA^e 



Colombians have been accused by li!s. gi©w- 
exs of setting cut flowers below their fair 
market value. And on ail five occasions the - 
Commerce Department has exacted only to- 
ken penalties. 

Why, then, art the . U.S. growers trying 
a g ain? ' 

One possibility, suggests Gary Hufbauer, 
an e c o n om i st at the institute for International 
Economics, is that the trade laws encourage 
U.S. producers to harass competitors. 

Even dumping accusations with little legal 
merit are expensive to defend against, he 
notes, and government procedures for calcu- 
lating fair value are so arbitrary thar bizarre 
outcomes are not unknown. , 

However dubious, the Colombian rose case 
illustrates how far the U.S. anti-dumping law 
has strayed from its economic rationale. . . . 


means exporting 
below the price charged in the borne market 
' That cas offend in either of two ways: The 
^domestic price may. be above cost, implying 
that the seller is a monopolist gouging the 
folks bade home. Or die export price may be 
below cost, raising the prospect that the ex- 
porter is trying to eliminate the competition 
and then exploit its ill-gotten monopoly. 

. But U-S. law doesn’t require die Commerce 
to find that the export price is 
the home price. It only needs to prove 
that the foreign company is exporting below 
its cost of production. 

It sounds ample; but it's complicated. Con- 
sider the issue of what export price to use to 
. compare with cost. Should it be the average 
price over a day? A month? A year? 

■ Or should it be the price in any single 
.transaction — the definition favored by 
plaintiffs, who speak darkly of “rifle dump- 
ing” in which non-U.S. producers sell, for 
example, 999 tons of steel above cost in order 
to sneak in oacLton. below cost 

- The U.S. industry argues that the Colombi- 
ans sell roses for less than their average cost 
during the summer ~ but so, of course, do 
U.$. growers who make Sailing around Val- 
entine’s Day and take whatever they can get 
during the off season. 

Tf dumping assessments based on daily or 
monthly prices have any logic,'’ concludes 
Mr. Htzfbauer, it is only for goods that can be 
held as inventories, v 

■ Then there is die matter of computing the 
non-U.S. producers’ costs, a maze of prob- 
lems even where companies maintain solid 

See ROSE: Page 8 


Japan Says 
Trade Gap 
Grows 4.7% 

Compiled bp Om Staff From Dispatches 

TOKYO — Japan's current 
account surplus grew 4.7 per- 
cent in June from a year earlier, 
to $11.11 billion, on a rise in 
exports, taking die six-month 
surplus to a record $68.78 bil- 
lion, the Finance Ministry said 
Friday. 

Economists said, however, 
that the trade gap was narrow- 
ing in yen terms. 

Japan’s huge current-account 
and trade surpluses have been a 
major source of tension for 
more than a decade with its 
trading partners, including the 
United States, some Asian na- 
tions and the European Union. 

The surplus in the current ac- 
count, a Voad measure of a 
nation’s international economic 
flows, was the biggest ever for 
any six-month period because 
of the value of the yen against 
the dollar, officials said. 

The ministry said the monthly 
surplus, up from $8.7 billion in 
May, included a merchandise 
trade surplus of $1 3. 1 billion, up 
14.2 percent from June last year. 

In yen terms, the current ac- 
count surplus for Januaxy-June 
fell 6.7 percent, but because of 
the yen’s 9.7 percent rise against 
the dollar over the same period, 
the surplus •vent up is dollars. 

(AP, AFX, Bloomberg) 


CURRENCY & INTEREST RATES 


Ctom Rates 


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Page 8 

market diary 


Strong Job Growth 
Shocks Wall Street 


Confuted by Or Staff Fran Dispatches 

NEW YORK —Wall Street 
was jolted Friday by the gov- 
ernment’s report of strong job 
growth in July, which ignited 
fears that the Federal Reserve 
Board would move quickly to 
raise interest rates. 

The price of the benchmark 
30-year Treasury bond plunged 
1 12/32 point, to 8429/32, send- 

U.3. Stock* 

mg the yield up to 7.55 percent 
from 7.40 percent Thursday. 

The bond-market rout helped 
pull down stocks, with the Dow 
Jones industrial average closing 
down 18.77 points at 3,747.02 
and losing issues outpacing 
gaming ones by a 13-to-7 ratio 
on the New York Stock Ex- 
change- 

Higher rates can slow eco- 
nomic growth to a more moder- 
ate pace, but they also crimp 
corporate profits by raising 
borrowing rates and holding 
back spending by both compa- 
nies and consumers. 


Stronger Employment 
Undercuts the Dollar 


Compiled bv Or Staff Fran Dispatches 

NEW YORK — The dollar 
dropped against the Deutsche 
mark Friday in response to an 
unexpectedly strong fall in the 
July U.S. unemployment rate, 
but dealers saw a silver lining of 
strength if the Federal Reserve 
increases interest rates. 

The U.S. currency rallied 
briefly in an indecisive market 

Foreign Exchanga 

after the employment figures 
were released, but it trailed off 
from that point and closed 
down almost a pfennig at 
1.5797 DM, compared with 
1.5873 DM on Thursday. 

The dollar closed at 100.200 
yen, a slight loss from Thurs- 
day’s 100.475 yen. 

At Nomura Research Insti- 
tute, the analyst Martin de 
Blocq said that the employment 
figures, which were potentially 
more inflationary than had 
been expected, caused the bond 
market to fall. This, in turn, 
dragged the dollar down. 

“It’s pretty frustrating for 
dollar bulls,’' said Bob Near, a 
vice president at the Bank of 
New York. 

“The jobs number was good 
enough to increase the prospect 


that the Fed will raise rates. I 
thought we would have reacted 
positively, since the dollar 
needs a positive interest-rate 
move to break out of its range 
against the European curren- 
cies. But the bond market react- 
ed so poorly that the dollar 
couldn’t ignore iL” 

Other closing dollar rates in i 
New York compared with 
Thursday included 1.3335 Swiss 
francs, down from 1.3406, and 
5.4090 French francs, down 
from 5.4325. The British pound 
rose to $1.5415 from $1.5357. 

(AP, Bloomberg) 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 6-7, 1994 


Via Anedoted Press 


am? 


Among individual issues, 
Lowe’s plunged 2ft to 30ft in 
active trading after the build- 
ing-material retailer was down- 
graded by an analyst after it 
reported the smallest monthly 
sales increase in five months. 

In over-the-counter trading, 
SLM International dropped 1ft 
to 7ft after the maker of toys 
and sporting goods reported 
second-quarter earnings below 
analysis’ expectations. 

Tele-Communications new 
Class A shares slipped ft to 23ft 
a day after the country’s largest 
cable television company reac- 
quired its programming affili- 
ate, Liberty Media Corp„ as 
pan of its merger with QVC. 

Ben & Jerry’s Homemade I 
plunged 2ft to 14 after the ice 
cream maker reported a sharp 
drop in earnings. 

Caterpillar fell 2ft to 104%. 
accounting for a lareepercent- 
age of the Dow’s fall. The com- 

K announced that share- 
ers approved a 2-for-l 
stock split. (Bloomberg, AP) 




fessiSfsaSi?' 


Dow Jones Averages 


(Mi MgA Low Lost On. 

Indus 376X07 37&SJ9 3742.16 HO SI— 1&J7 
Trans 1*0060 1*0L43 1SKL47 15W-23 -AOS 
US 19055 191.34 188183 1BM3 —181 
Comp 130129 1311. U 1301 S) 1305*6 _» M 


! Standwd A Poor’s Indexes 


EUBOPEAH FUTURES 

Metals 




industrials 

Trcnw. 

UtUlHas 

Rhymes 

SP5C0 

SP 160 


hw low aou are* 

53134 53093 532.18 — LIB 
38859 3B177 38413-164 
16045 199.11 13916— 077 
45.08 4458 *459—019 
45640 456® 4573)9 — «1 
47L94 421.91 *2117 —077 


240000 2401,00 
Man 2*0400 


: jOhY -V ■ . r f 


NYSE Indexes 


Msb 

Law 

Last 

Chg. 

*35k 

6IW 

63 Vk 

+ 9% 

505* 

SO 

50H 

— rt 

33V, 

31% 

33rt 

♦ lVk 

91 H 

SUV, 


+46 

656 

4 

*’A 

♦ to 

S* 

30 

30H 

— 2V6 

46W 

45V» 

459% 

-54 

14 

13H 

1* 

— V4 

291k 

22H 

39« 

+ V* 

86W 

26 

7** 

+ Ui 

1844 

I7H 

lfto 

+ to 

24 Ik 

24 

2446 


SSVk 

MV% 

55 

+v» 

X 

21% 

299k 

—V* 

63to 

Site 

62W 

—to 


.vr:/.. ■ v * x • jt'- : . ' 8 • 

nr.- ■■ *>+, » H-. * 

V< /—*•'. . v; ! :1 r\ ■ 


NYSE Host Actives 


TeMex 

GnMotr 

campon i 

ACVai 

RjRNcb 

LoweSS 

am* 

ShnHuon 

Fords 

MdMOt 

NMecEnt 

WtUMort 

PMMr 

Mere* 

IBM 


AMEX Most Actives 


ChrtMtf 

OwvSft, 

XCLLM 

Elan 

UnvUi 

SPI Pn 

Vtoefl 

Soacrvta 

NTNCom 


NASDAQ Most Actii 


ToiOnA 

NutMCrn 

Owe 

inM 

SnooOv, 

asm s 

GcteZOOO 

3Com 

108 On* 

SLMs 

660 

Orodos 

Borlnd 

Mlcsfl* 


HMi Law Last Chg. 

Composite 22X77 ISM 23130 —077 ! 

industries 31156 31015 310*3 —073 i 

Tran SO. 246.93 2*448 J4LU —14? I 

unity men Z11J5 71142 —151 . 

Finance 21113 71254 21136 -077 


ALUMINUM {HMl CTfld*) 
Ooflars pot bmUtk too 
Soot 1421® 1422® 

forward 1*4350 1449® 

COPPER CATHODES (HWl 
Baiter* nr •arirjk ten 

spot 2400® WOI® 

Forward MO® 2®4® 

LEAD 

Dollar* per metric ton 
Spat 579® 560® 

Forward 59640 597® 

NICKEL 

Dollars per metric too 
Soot «ttL00 600® 

, Forward 6140® 6170® 

I TIN 

Doltars per metric too 
o — t ar w w wwiw 

ftnwrd 519000 5105® 

ZINC OpecJoS KWGn® 

Dalian per metric tM 

Spot 937® 930® 

Forward 959® 960® 


1428® 1429® 
1456® 1457® 
Crade) 


Mod lpw Lnrt Seme Ctetee 

a 169® 16425 16825 16025 — 033 

' 1*050 U7JS 16725 W725 -075 

Mar 166® 16525 16550 1*450 —050 

AW N.T. NjT. N.T. 16450 —050 

MOT K.T. N.T. N.T. 168® —050 

est. volume: 16451. Open kit. 104209 


578® 57V® 
SW® 596® 


6110® 6130® 
0200® 6218® 


5045® 5055® 

5115® 5125® 


941® 942® 
963® 964® 


I BRENT CRUDE OIL UPEI _ 

UA do ton per D orm l ate ef I®* Dcrrac 
Sep 1126 17® 1757 17® —033 

Oet 1036 1757 17® 1758 -057 

NOV 1014 17® 1747 17® —854 

D« 17® 1725 17® 1723 —049 

Job 1776 17® 1720 1721 -0® 

F® 17® 17® 17® 1720 —0*3 


W> 17® 17® 17® 1720 —0*3 

ter 17® 1727 1727 16® —043 

Ipr 1743 17® 17® — 0X1 

tey 17® 17® 17® 1657 —0® 

Ian 17® 17® 17® 1A86 —043 

Ihr ■ N.T. N.T, MX 16® —043 

MB N.T. N.T. N.T. 16®— 6® 

EM. vnh/m*: 51530. Open Int, 167584 


Financial 

hM Low Obu Change 


Stock indexes 


NASDAQ Indexes 


Composite 71829 716® 71129 —1® 

Industrials 7195? 718.15 719® —3.10 

Bonus 766® 764® 766® <-03* 

Insurance 90451 89621 90451 +4.00 

Finance 9*2.98 940® 945® —US 

TronSH. 727.12 724.17 72451 —825 


AMEX Stock Index 

Htatl LOW La« On. 

641® 439® 6*0® —151 

I Dow Jonas Bond Average*: 


20 Bands 
ID Utilities 
10 industrials 


1-MO NTH STERLING (UFPE) 

(980090 -Pis at 189P® 


91.14 9iA3 94.11 — 082 

9327 9125 9324 +001 

9176 92® 9276 Uncft. 

£2 ffi? S?£ =8S 

91® 9153 97AI —810 


srvc&'S? 

SS U&0 3WA +3 

EsL volume: 1MM. open Hiti VAIL 
CAC48 (MATIF) 


VaL 

Utah 

Law 

Last 

am. 

tan 


69. 

9 

—9k 

6124 26to 

25 

25to 

-to 

4838 

9to 

•to 

9 

» to 

4582 

1V„ 

1V U 

Ito 

—to. 

4064 33 'A 

3114 

32 

♦ to 

3sra 

6U 

Sto 

Vh 

+ to 

330* 

189k 

18to 

ISto 

-to 

31*4 349k 

34 

3446 

••At 

3039 

2to 

2to 

2to 

—to 

2924 

8to 

Tto 

B'A 

-to 


NYSE Dlery 


EMC 91® 91-53 9151 —002 

NUT 9127 91® 91® — CJJ2 

JM 91® 91.15 9121 —OJS 

Sep 91® 71 i)2 9UJ4 —0(0 

Dec N.T. N.T. 9053 -003 

Mar N.T. N.T. 907* —002 

Job H.T. N.T. 90M —UN 

EsL volume: 53397. Open int.: 537.616. 

SMOOTH EURODOLLARS (UFPE) 

SI mUlloa - pti of 10* pd 
Sw 9*56 904 9452 —0.16 

D«C N.T. N.T. 94.11 —021 

MOT N.T. H.T. 92® —023 

Jon N.T. N.T. 9853 — 025 

s*p N.T. MX 9326 —025 

Est. voluens: *5. Open Bit: 4581. 

mourn w** 

Sep 9S.11 95JI7 9U7 —CUB 

Dec 9+99 9474 94J7 +0JH 

Mar 9474 94 M 9470 — 0JB 

Ja 94® 9423 94® —005 

Sep 9472 9+05 94.10 — 0® 

Dec 9190 9139 9182 —0® 

Mar 9171 91*0 9163 —007 


9407 —CUB 
9457 +0O1 

9470 —102 

94® — 805 


Total issues 
Ne«Yeahs 
New lows 


786 912 

1396 11a 

712 7*2 

285* 23*2 

25 41 

*7 26 


Sfa =» 

9198 —057 

9253 —088 


Dec 9114 9110 7110 — ' 

Mor 7100 9258 *258 — 

JOT 9296 92JB 9283 — 

Est volume: 151969. Open ht: 680655. 

tssaaBRmsr 


A» 213488 2098® 2119® +1700 

Sep 272580 210550 212680 +17® 

Oct N.T. N.T. N.T. Untfu 

Dec 2134A0 213400 715409 +17® 

MOT tLT. N.T. ZU300 +T7M 

EsL vohimt: 21L34& Open Int: G2JB6. 
Sources; Mattt Associated Press, 
Lon don mtl F i n anc ia l F utures ExcttmOr 

latt rift oJeom Cidorvi 


PhrMemta 

Company per Amt Pay ROC 

IRREGULAR 

Rhone Pautoe ADR b 15243 8-15 Ml 
Wimama CoaJ . 8125 8-15 679 

Bopprax amount par ADR. 

rroex split 

Tedinltroi Inc 3 for 1 spin. i 

VaivoAB ADR S tor 1 spflt 

CORRECTION 

Putnam Hivid Ad ®S ns s-s 

CorrecJirtB amount. 

SuOurtxei BitcpOH J73 B-15 8-29 


AMEX Dlery 


VuL HWl 

Law 

Last 

Chg. 

41542 23W 

23 

23Uu 

— to* 

41133 28H 

JSto 

2696 

+ lto 

34354 «SVk 

45 

45 

+ to 

31651 STA 

Sftto 

®to 

-to 

26644 ISto 

IS 

ISto 

+to 

25437 21 

20H 

20Mi 


22774 14 

13V6 

14 

-to 

21023 Slto 

4996 

509% 

—to 

20472 BVj 

fl'A 

8V„ 

—V* 

20249 7to 

59% 

7to 

— lto 

201B4 23to 

23 to 

23 V. 

—*4 

20072 37’A 

369% 

J7to 

—to 

19525 12 to 
19479 52V. 

11V% 

i2to 

—96 

52to 

52to 

—to 

18758 50to 

4«to 

SOOfm 

• V H 


Advanced 
Ocllnod 
UndianoM 
Tetri Issuas 
NewHiptW 
NSW Lows 


Sot 

94X2 

94® 

90S 

—006 

Dk 

9421 

94® 

94.13 

— 0.12 

Mtr 

RN 

9X84 

93® 

— C.U 

Jun 

9X73 


916* 

— 0.15 

sot 

U51 

9X42 

n*s 

— 6.11 

Dec 

9126 

Sl7 

9X22 

—OK) 

MDT 

93® 


9X01 

-are 

JUR 

9255 

92.87 

92® 

—009 


I NASDAQ Diary 


Adwmced 
Decflmd 
Uncharmed 
Total issues 
NewHlphs 
New Lows 


Spot Coiwnodtiw 

Commadny Today 

Aluminum, lb 1*45 

_ Cooper etectralytlc, lb 1.14 

ESI- Iran 1=0 B, ton Jlloo 

cons. Lead, lb 0® 

Sliver, trey ai 5.16 

1987 Steel (scrap). Ion 119® 

2*982 Tin. lb 14752 

ZMclb 04621 


Est. volume: *9837. optn biL: 187833. 
LONOOILT(UFPE) 

RMUM - Pts « art* o» IS* pet 
sot ko -11 un-i* 102- 10 +MO 

Dee N.T. NT. ID+26 +003 

Est. volume: 668*9. Open Int.: 120820. 
OERMAN GOVERNMENT BUND (UPPE) 
DM 250008 -PtS Of TO* PO 
Sop 9060 92® 2381 —0.11 

Dec 9286 92® 9271 —0.12 

EtL volume: 112591 Open krtj 180807. 
j 19-YEAR PRBNCH GOV. BONDS IMAT1P) 

1 PPSOMH-Ptsof lOOpct 
SOP 117.16 11686 117® — UN 

Doc 116.10 11570 116.14 —054 

Mar 1158* 115® 11582 —a® 

Jen NT. NT. 114® —056 

Est volume: 11UMI. Open Int: 130204. 

Industrial* 

KWi Low Lost seme CbVe 
GASOIL (IPS) 

US. deflars ear Metric lon-tets of MO tore 
Are 1S750 15580 15580 15680 — *25 

5» 1*100 159® 159® 15980 UnS. 

Oct 1*4® 15280 16280 1*275 —075 

NOV 166® 1*475 1*5® US® —025 

Dec 168® 14680 1*6® 1*675 —073 


Putnam HiYid Ad jns us s-ts 

CorrecHna ommmL 

Sutwrtxei BitcpOH ATS B-15 8-39 

OcrtfVIno name ot company. 

INITIAL 

Arcto Incn _ 84*7 MS 9-2 

INCREASED 

Illinois ToolWks Q .15 9-30 10-25 
REGULAR 

§ A4 8-15 M 

.10 6-31 t-15 

.IS M2 9-1 

O JJ7 9-2 9 •» 

Q 81 8-19 9+ 

O ta 9-14 10-3 

a .10 6-2* 9-2* 

Q M MS 9-1 

S JD TM 11-19 

M AS 9-15 9- IS 

8 .1) 10-21 11-7 

ST 5-3* M3 

a M 10-28 11-15 . 

O £43 0-22 M 

M 51 IS Ml 

S -20 9-15 9-38 

' - .10 8-15 M 

M .10 8-15 Ml 

<2 M +15 10-1 

Q M +1* +21 

a jb ms 

a m ms +1 

a 8125 6-12 8-2* 

O 8075 6-12 8-2* ! 

a 2 MV M 

0 73 9-30 KWI 

G M 10-11 11-7 

- 85 8-5 8-19 

Q 86 *-31 +15 

Q ,H S-2* 9-30 

Q 32 fU 10-15 



KIDDER: More Signs of Lax Supervision in Jett Case ROSE: Are Colombians Dumping? 


Cantmued from Page 7 
them back together to form a 
bond. That is known as a recon 
in Wall Street language. 

The markets in those bonds 
are relatively efficient, however, 
and arbitrage keeps the prices 
of the strips and the recon dose 
to each other. The profit to be 
made is usually small 
A single strip constitutes a 
government promise to make a 
payment in the future. As a re- 
sult, the price of that strip will 


rise as the payment date ap- 
proaches, assuming there is no 
change in interest rates. 

The former Kidder account- 
ing system allowed Mr. Jett to 
take credit for whatever part of 
that inevitable rise be wanted to 
daim, the report said. It did 
that because he would report 
having agreed to sell the securi- 
ty in the future at the higher 
price, while seemingly paying 
the lower, current price. 

As the later date neared, the 


report said, those fictitious 
profits would v anish from the 
books. To get the profits back, 
he would have to come up with 
more trades. 

Over time, various questions 
were raised at Kidder, but until 
this spring no one seems to have 
noticed the inherent im plausi- 
bility of what Mr. Jett said he 
was doing. He had been, in fact, 
given huge bonuses. 

(NYT, WP) 


Cootmaed from Page 7 
financial data. To finesse the 
accounting issue with Colombi- 
an roses, the Commerce De- 
partment could fall back on the 
traditional definition of dump- 
ing. 

But because there effectively 
is no home market for Colombi- 
an flowers, the department is 
considering using the price of 
Colombian roses sold in Europe 
as its benchmark. 

The catch there, however, is 


that Colombia sells only a to- 
ken number of its roses outside 
the United Stales. To avoid be- 
ing judged by European prices, 
the Colombians are apparently 
prepared to end all rose exports 
to Europe. 

Could the anti-dumping laws 
be fixed? “You’ll never get a 
level playing field as long as 
there is one set of rules for do- 
mestic production and one for 
imports,” Mr. Lawrence of 
Harvard argues. 


that vrould make an^q^n d ^ 

homeS^riS nuSS^X United Smesmd^oJdp^doxto . 
40; pawn! of the market m some state, Umttmsa^ r ^, 

USAir Criticizes Pflots’ Wage Plan 

ARLINGTON, Viigmia (Renter s) — USAir said; 

Friday the wage concessions proposed by its pilots ujuot on. 
Wednesday were “fflasoiy” and “undennmed by several serious^ 

^The aiHinp- that while the proposal offered some “hopeful 
prospects for future negotiations,” it also contained several provi- 
onr^ that were “unacceptable.” . . . „ 

The union latex characterized the company* s criticism as utter- 
ly false.” 

The union’s plan calls for $750 million in wage concessions w 
return for part ownership. • 

Diamond Project Declared f a Bust’ 

VANCOUVER. Britiafa Columbia (Itauten)— Caaaffi m dtar 
mood-mining companies suffered a setback Friday ' when sample 
results showed that mining would not be profitable in the so- . 

called Tli Kwi Cho project „ . . ■ 

“It’s a bust” said independent analyst John Kaiser. I see a. 
minimntn 50 percent dropfor these stocks and it may escalate into 

an avalanche?' ’ . * 

The giant British milling company RTZCorp. has a 40 percent- 


X IlC KUUll snu*u II II 11111 a w my i i y — — -f; — 4 

interest in the project Other companies with stakes include 
Dentonia Resources LuL, Kettle River Resources Ltd., Horaeshoe . 
Gold Mining Ino, SouthemEra Resources Ltd. and Aber Re- 
sources Ltd/The stocks had soared on mvestor optimism that the 
companies would eventually build a mint 

Worker Drag Use Declines in U.S. : 

PHILADELPHIA (AP) — Positive tests for drug use among : 
American workers and job appficants continues to decline, except - 
far marijuana, a testing lab reported Friday. 

SnnthKline Beecham dmical Laboratories, which collects fees , 
for pe rf onn in g worker drug tests, found that 7.8 percent of 1.8 • 
milfi on workers tested positive for drug use between January and ! 
June — down from 85 percent for the same period last year. 

If the trend holds' true for the rest of the year, it would be the 
seventh straight decline among those who underwent SmithKluie ■ 
tests, the company said. 


tests rose 8.8 percent from last year, to 43 J percent of all positive 
drug tests, the company said. 

Gain From Sale Saves Borland’s Net 

SCOTT'S VALLEY, California (Bloomberg) — Borland Inter- 
national Inc. reported an increase in first-quarter net income 
Friday, hot the software maker would have posted a $36 million 
loss if it had not sold part of its business to Novell Inc. 

Borland’s net income rose to 56 14 million from 56.2 million in 
the same period a year ago. 

Revenue for the quarter ended June 30 fell 44 percent to $69. 1 
nullion, including! one-time revenue of $24 J million from die sale 
of licenses of its Paradox database program to Novell. 

Borland gained 599.9 motion from the sale of its spreadsheet 
business to Novell. 

SmA American Trade Pact Resolved 

BUENOS AIRES (AP) — Presidents of four South American 
countries signed a c ommo n market pact Friday that is designed to 
boost trade and prosperity, in the region. 

Negotiators for Argentina, BraaL Uruguay and Paraguay set 
the stage Thursday by armoimcmg they had settled remaining 
disputes over the pact, known as Mercosur, which takes effect Jan. 




U.S./AT THE CLOSE 

Umtrin Buyout Offer Sparks Dispute 

CHICAGO 

s«a« and federal attest . 

X American General said that its F ’ 
not violate antitrust or insurance taw* sad : ltros ortremoy 
disappointed in the latest in a senes of enttenchm^J ^ 

1 rinirrin adopted a shareholda’ngms plan 


WORLD STOCK MARKETS 


tana Pu ne Aug. 5 


Amsterdam 

ABNAmraHld 62® a® 

ACF HoWina 3940 *470 

Aegon KKL90 in JO 

AnoW 

ALra Nobel 219.70 218® 

AMEV 


BojvWessanen 


Aegon WOTO in® 

Allow 4ft® *7® 

Ak=a Nobel 219.711 21&20 

AMEV 76® 7ft® 

39® 19® 
68.90 69.10 
140 1*2® 
Elsevier 1*9® 169 

Fofcker 1630 1ft® 

Gist-Brocades 50® 5030 

HBG ^ 298 30 299® 

HeWeken 23820 237® 

Hoogowens 7UD 7690 

Hunter Douglas 7970 81® 


Rhetnmetall 

IS? 

Thyssen 

Vteta 

vaba 

VEW 

Vk® 

Valk5*raoen 
We Ha 


940 938 
*91®fi9*8D 
310 311 

320 322 

5267057680 
355355® 
*90®*87® 
517® 517 

IBM NQ7 


Fbsona 

Forte 

GEC 

Gent Ace 

Glaxo 

Grand Met 

GRE 

Guinness 

GU5 

Hanson 

Hllbdown 

HSBCHMk 


4070 *0® 
8370 81® 
82® 82® 
fiM 5ft® 
5070 50 

50-10 50® 
71.90 72.10 
19 19 

S3® 52® 
5S® 5610 

IT) 44 80® 

111® 1T7.90 
5570 SS® 
120 ® 


IHC Caland 

Inter Mueller __ 

Inti Nederland 82® 82® 
KLM 
KNP BT 
ICPN 

PtAhort 
PWllPJ 
Polvoram 
RoOeco 118® 11790 

R a damoe 
Raltaoo 
Rorento 

Roval Dutch 199® 

Slark 49® 

Unilever 196 194® 

Van Ommeren S3 52® 
VNU 187® 186® 

WaltefS/Klinnr 120® 120® 
EOE Jude x :_*»® 

Prrno ui : *1979 


Brussels 

2630 2625 

7770 8000 


Helsinki 

eSEgSS*? 0 4-,'S LSSlGenGro 

MS"* 

K&E 15 •» 

Slock rn arm 223 2 20 


iKssnun* 1 


BBL 

Bekoert 

CBR 

CMB 

CNN 

Cbdierlll 

Cebopa 

Colruvt 

Detnatre 

EteCtrabeJ 

EtoctraNno 

GIB 

GBL 

Gevaert 

GtavertxH 


4800 4790 
■25® 2590 
4185 *1® 
27625 27675 
120® 121® 
■2535 25® 
7010 2D® 
8200 199 


3270 32® 
1452 1450 
<255 *205 
97® 99® 
51® 50® 

31® JIM 

Kredtetbank 71® 7110 

Masne u«2 i*74 

PetTtumo NX® ioa» 

Powerfln 32® 31® 

Pedicel 542 552 

ROVUteBelM 55® 5KD 

5oc Got Banaue as® 8*90 

socGen Befgkwe ros ,2m 
Soflna 14550 14525 

SotvOT 15773 16000 

Tasseaderlo 10700 10675 

TradeM 104® 103® 

UCB 250® 24775 

Union Mbilere 2590 25*5 

Wagons Ut* NA. 7430 

Carnst SbdiMra : 77V Jo 


Frankfurt 


AEG .. 18S801ELH 

Alcatel SEL 335 345 

AllklflZ HoM 2490 3472 
Altena 620 616 

Alka 1015 WHO 

BASF XBMXB3Q 

Barer 36M034U0 

Bov. Hvoo bank *15 *19 
Bav Venn rat* *51J0 *SSl50 

BBC 765 res 

BHF Bank 
BM W 

Conn nenBank 
Continental 
□gimierBwu 
Deoussa 

□T BODCOCk __ 

Deutsche Bank 73&S0 744 
Dougus 501 509 

Orndner Bank 39039150 

FddmueMe 310 313 

F KfVOP HOCSCtl 2ZJ.lt) 226 
Harpetw 338 3» 

Henkel sn«R50 

KKMM 90S 910 

Haectet 
Hoizmann 

I I fl UTt * A 
4 IM MET! 

IWKA 
Kail SaQ 
KontwJt 

Kaufhof >» »» 

KHD 13200 131 

KhHCkner WerfoetiUO M3 

Unde 925 918 

mnnanao 2i7jo223J0 

MAN *5* 449 

Mannesman) *49, 
MetaUgeeeU 207 

Mugnat Ruadc 21 

Prtaoaaa 4 »g4n* 

RWE KUO 4*5 


Hong Kong 

BkEast Asia J2J0 
Caltwv FtacKtc 12JB 
gtewn a.Kong 3820 
OUnaUoIrtPwr 39*0 
Dairy Farm Inri I1AS 
Hang Lung Dev UJO 
Hang Sena Bank 54.75 
HenaerjonLand 40-50 
HK Air Ena. 4770 

HK Ortna Gas M30 

HK Electric 2LS0 

HK Land 21^5 

HK ReoJly Trust 21.13 

HSBC Holdings 9675 
HKSnana Hits 1175 
HK Telecomm lias 

HK Ferry 15^5 

HvrtOi Wharrewa 36 
Hyson Dev 2330 

Jordlne Mam. *175 
Jordlne Sir HU 2975 
Kowloon Motor 15^5 
MOTtaorin Orient 10*5 
Miramar Hotel 2175 
N)n* World Dev 2575 
5HK Props SITS 

SWIM 379 

S*rire Poc A *5J5 

TolCUeuna Pros 1270 
TV6 175 

WrtiarfHok! 31*0 
Wing On Co Irm 12 
Wlnsar ind. IMA 


Johannesburg 

AECI 
AHeett 
Anglo Amor 
Barlows 
Blwocr 
Buftels 
Df Bfers 
orletanteln 
aenear 
GF8A 
Harmony 
HlelweM Steel 
KlOOf 

Nedbank Cm 
Ratafonfeln 
Rusetof 
SA Brews 
31 Helm 
Saftol 

western Dcee 


175 NoMtest 
™ NthWst Water 

« P«rson 

m ™ P& 0 

223 V0 PUkingtan 
PtnwGcn 
Pruocnlltri 


Reck! It Cal 
Redlond 
Reed inti 
Reuters 
RMC Grown 
Rolls Ray os 
Raltunn (unit) 
Royal Scot 
RTZ 

Mnsbwry 
Seal Newcas 
Scot P ower 
Soars 

Severn Tran 

Shell 

Stebe 

Smith Nephew 
SmlfhKHne B 
Smith rWH) 
Sun Alliance 
TateiLvte 
Tosco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
Utd Biscuits 
Vodafone 
war Loan 3Vb 
Wellcome 
Whitbread 
williams hobs 
W illis Carraon 
P.T.3B index : 3 


Do minion Toni A 7te W Handy m on toi im no 

Dooonue A 1216 12%, Investor B Tflc 184 

EJUVCLn. ,14° US » vr 

MoCMMl CTlP 1 IW I8ft Procardia AF 119 130 

Natl Bk QattdO ffl* SV, SarxJvlk B 117 120 

PojerCern. 1914 i«, sol A K tw iS 

S-E Banken 48 42 

Skandki F 116 116 

Ouebecor A TITti I8IA Skonska 158 158 

}» SKF tS Iffl 

TcMOMoe 19H 19fti Store 44Q 426 

vidian 1710 12»o TrwieboraBF 107 im 

Intf m lilul s IBdOT : 190SU? Volvo BF 773 772 

pigvtaas : rmsT A tf o y i r u e ^^ 1 952*3 


Ah-Uauldr 
Alcatel Akmam 
Asa 

Boned re fOe) 

BlC 

BNP 

Baurawas 

Danone 

Corrofour 

CCF. 

Certis 
Chorgeurs 
aments Franc 
OoOMed 
Elf -Aquitaine 
Eura Disney 
Gerv Eoux 
Havos 
1 metal 

Lafarge Coppee 

Legrana 

Lvon- Eaux 

oroal IL'I 

L.VJ6LH. 

MotrtFHachetfe 

WUchetln B 

Meullnu 

Por l b o s 

Pecwneyintl 

Pemad-Ricarti 

PiWd 

Plnau it Print 

Rodttf 

Rh-PouiencA 
Raff. 51. Louts 
Scnott 

Saint Goboln 
S.EJB. 

5*o Generate 
Suez 

Thomson-CSF 

T M. 

Valeo 


KandeisOankm 102 103 

IS IS Toronto 

NOrtdl Hydra 258 257 AK1MM lo . 

Procardia AF 119 120 ‘gj 

Sandvlk B 117 120 ’SJ 

i^&mfcen ’il ’S Wtoerta Enew 

gssa F a ss , E Barrleh "“ asas 

IK, is 1 ^ 

Trelleborg BF 107 IM ISJSSS'" ^ 

Volvo BF 773 772 

Atte™vte-: 19S16S 7^ A 0 

Previeos . 197518 Crnndev 4*0 5 

CISC, _ 36W 3CH 

Canadian Podflc 22 22K. 

Can Tire A im 11 

r . , , Canfor 20K. 2116 

Sydney cora 3*0 m 

Amcor 978 9.18 gLlrvlB ^ ^ 

ANT i 7 T lii LMQPIPa 5 

K P 19*0 T9 *0 cSililS’EmI S5 ^ 

ol 256 358 I 1 ® 1 ^ 

Bougainville 190 a 90 ^ 

CotoWvtr 08 OS 

Coma len sm 207 £2 

%% 'Z£ eSMJT IS? '5t 

PSeroBrew LM iS 

Goodman Field 1*6 1*5 pSJSL <■*-..« .-J ,'*» 

ICI Australia 11® 1U0 FwherawllA IAS I7W. 

Magellan 1.93 L9S SVx 

M1M 3 259 

NatAustBmik 1178 1170 S^/jflaRes ‘ * 

News Cara 855 858 vS 

Nine Network tSO 4*0 “*"•* iS* H5 

N Broken HIM 1*3 X56 . IS* 


Co mo Ico 509 207 

CRA 19JU 1970 

CSR 687 4JB 

Fosters Brew 1.14 1.14 

Goodman Field 1*6 1*5 

ICI Australia 11*8 1170 

Magellan 1.95 155 

MIM 3 259 


090 090 “AJtefA 
08 OS S™*? 
507 207 J* 


Nine Network *50 4® 

N Broken HIM 3*3 156 

PocDantoP 4*0 <J8 

Pioneer inn 3 258 Bov 

Nmradv PaseMan 123 272 

OCT Resources 1-0 1S7 

Sonias 195 3.95 '^Erj^V 

TNT 267 2*7 *52** 

Western Mining 7*4 77* , SSILr« 

Ws taoc Bonking *68 465 if=SZ.^Z 

WaadsWe *78 *73 

» Sr 

9*7 Mark Res 

531 Matson A 

11-50 NomoindA 

Norandolnc 

9*4 Tnbvn Itaranda For, 

AM • OK y° Norcen Eners 

558 Akal Etodr _ ' 

601 ASOhl Qwmtari 
AsahIGtaM 
Bro* of Tokyo 


HoINnger 17K 12Vs 

Horoncm 19W 189k 

Hudson's Bay 2S*i w 

imaeca 35fe 36 

1KO 38 38N. 

I PL Energy 301k 305, 

-tannoefc 16W 1AM 

Lcdatl 199k mi 

LQbtawCo a 2«P- 

Mockende BVk Ite 

Magno intf A S2% 55te 

Monte Leaf 12 12 

Maritime 23 23*. 

Mark Res W4 7Yi 

Molson A Z1W 21W 

Noma IMA » 6 

Norandolnc 2SVt 2SH 

Norondo Forost 111* n* 

Nor an Energy 169 m 16V 


Sao Paulo 


Madrid 



BBV 31® 31® 

Bco Central Hlsp. 27ss 2730 

Banco Santander 5350 53® 

Bareifg 1085 1® 

CEPSA 3350 3J30 

Dragoons 2 2BD 2210 

Endesa 6230 6248 

Ercros 1® I® 

Iberdrola 959 9® 

Rnnol *295 42*5 

Tabocolera 3525 3700 

Tetefankn 1850 18SS 





57 Milan 

Banco Comm 
Boston 

Benetton group 
Ogo 
CIR 

Crodltal 
EnkJiem 
Ferfln 
Feriin Ri» 

Flat SPA 
Fmmecainkn 


Conan 
Costa 

fssisitaisf'" 

Dotwo Securities 
Fanuc 

_ — _ . Full Bonk 

Sao Paulo mm 

Botco do Brtedl 2160 2160 SitaSi 

g gr 77IO 9L99 !go£ k ° t, ° 

Eletrobros 274 262 _kaxsi AlrllrVH 

Itoutwnco 221 217 Kdlma 

Light 345 8*3 Konsoi rower nro wn J stetca A 

ParaMoanema 14J0 14® X ^ Energ 

Tetebros 4479 4370 KoSd 

SlSfnra 4 < )'t 9 1*14 KW?™ 7220 7470 I TorotgrB 

{STb£b«. ,2 m Mc^Etecimfc 1760 T7® Tranwtja Uta 

vote Rio Dace IM 113 Unteirw-ww nm im I TrrvwTrla Phis 


451k 4* 

121k Rte 
199k 193* 
365 120 
281k Wi 


Nthn Telecom 451k 46 

Nova COOT 12Tk IZte 

Ostwwo . 199k 199* 

P agurin A 265 130 

Placer Dane 28tk avi 

Paco Petroleum 9V> 91k 

PWA Carp 067 ft® 

Royrock 1« 141* 

RenatiOTnce 29 29°* 

Roge rs B 209, zra 

Rottimera 77 77 

RayOIBankCan 2 Th 77*. 


Setters Res 12W 17W 

scatrs Hora n* aw 

__ seognm *21* <2*k 

J® 90s tenCOi 79k 8 

1720 17« Shell Can 431* 4T-* 

5210 52*e Sherrttt Gordon T2*k 1!4k 

72B 718 SHLSrstemiae 71* 71k 

742 7® Soufftom 1716 17U 

959 975 Seer Aerospace 15M. 15W 

2MQ 26® ste tal A _ V*i V*> 

407 412 Ted isman Energ 29 29 

12S0 1210 TeckB 2ZV* 22»k 

953 958 !•«’»*’_ ’59k 159k 

714 735 Toronto Damn ® 2BVJ 

7320 74T0 Torotar B 24'<j Mk 

1760 T7® TransatlB Util 141k uw 


950 958 Thomson 

714 715 Toronto Damn 

7320 7*70 Tocstor 0 


SnaaCna 6000 6T30 Knma^si 

Tetebros 4*79 4US KS2? * 4 

Teles* *49*0 449 Kyocera 

{STsEb— Vm m Metaj Elec link 17« 17® TransattaUtiJ l*Vk uw 

Vae RnOea IM M3 Matsu ElecWks 1130 11® TromCda Ptoe 17Vk 17H 

^ el9 _ , ■ 100 MWJSil BH 2810 28® TrtkSlFtnlA 4.W 4. 10 

KRS£^ 4W5 »§? S SS KfeErargy ® '& 


Singapore 


Cerebos 

utvoev. 


Fraser Heave 
Gentlna 


AUTsuMshl Kcsei 
Mttsubtsht Elec 
MltsuttshiHev 

MHubisM carp 
Mitsui and ca 
Mllsul Marine 


849 B53 

8CJ 814 . 

1730 I?® Zurich 

17*0 17. 1ft I NGiC Insulators lSS TOO AX^jltoeB new ®7 

I WtW Securities 1200 iws oSca^nBoCa 12® Wo 


7 * 5 Mmukcahi 

7 JO 7.10 Mitsumi 
11*0 11*0 NEC 


OeWOTHeaePI L7S 172) NteOOnKpgWU W® TOO CfeatMgvB 


LondOfl Plnmecamlco 

Abbey NafT 379 1*4 

AJlted Lyons 571 5® E. 

Aria Wiggins 192 280 l!^ 

Argyll Group 277 278 g”? 1 

Ass Brlf Foods 6 571 HStoSeitoro 

BAA 970 9J3 pumowmm 

BAP 5.17 5.12 55*®™iES? 

Bank Scattand 16* 1® 

Barclaw 5JB U6 M 11 

Ban 573 163 S??' 1 

BAT 446 467 

BET 172 1.18 

Blue arete 371 Ml Sgfg" 

RiefirrM 70 7*1 SOT POfllg Torino 


Hume Industries 6.10 Alt) J Nippon Steel 


BAT 446 467 

BET 172 1.18 

Blue arete 371 Ml 

HOC Group 771 764 sis™ 

Boots 561 578 3!f_ 

Bowcter 467 458 

BP 409 403 

Brit Airways 430 431 SH -0 

Bril Gas 279 279 

Brit Steel 167 16* 



IBdKtOte 560 560 Nippon Yusen 

klkSL™, ® ^5 ««*^8cauntE 

1 pHm ffES H2 **®"*»® s«c JEavn jaimoii b 

I um CnOfii 1*48 1/7 KTT 8S4DQ BfiOa i rw^ rz*r R 

ymay an Bank a 975 961 Olympia OntWOi 1T70 1170 jiS^rSdi B 

OCflCteretan icio Pj«*er 2a® 2900 N«teR 

OUE 860 165 Sanyo Elec 

Sembowana 11.10 1170 snare 

Shwtb ig SJ5 SMmazu 

SI me txwrr <33 430 5WnptSU Own 2090 7110 SflwfazT^ 

SIAtoretei 11S0 1360 Sony STOO 3H0 sehtaffierfi 

S*Pcra Uwd 7J0 760 Sumitomo Bk 2010 2010 suturK 

ypQ fO Pnt» 14.W W Sumitomo chem 537 548 Surveillance B 


809 812 

363 361 EtekTroa F ~ 3*5 ^ 

«1 Fischer B 15® 15® 

jg JH IMtrtjfacount B 21® 21® 

250 2270 J el moll B NA. 93a 

LamSsGvr R 79* at® 


OUB 4*0 660 Ricoh 

OUE 860 165 Sanyo Elec 

Sembowana 11.10 1170 snore 

Shwib 535 575 SMmazu 

Slm eDCWrr 438 470 5MnriXJO» 

SIAtorefgn 1150 1360 tear 

3>err Lend 7 JO 760 Sumitomo Bk 

SXxy press 16.10 16 Sumitomo Oi 

SfeBSteamsMp 4J4 414 Sum! Marine 


2kb 29® Nestle R 
960 934 I fieri OlH 
561 577 


412 412 

lira ns? 


incBueteieRiiLss ui 
®sa Hid 0 1510 1520 


731 739 safra Republic 114 11* 

Sondnz B _ 71? 718 

SCttaOW B 81® 7850 

Sutler PC 973 M8 

« SuriwtnoneeB 2120 2140 

SS SI Swiss Bnk Core B 39r an 


STioro Tetecomm 366 1® Sumitomo Metal 315 n IteRtMur D sm rn 

Struts Trofttna 3*1 .XSl Toi set Carp 6*7 6*5 I Iwteo 


iSS i™ SwtoW-R 8® 7 to 

J2M '2S UBS B 1150 1184 

43H 4W Winterthur B 693 730 

Zurich Ass 8 1303 13® 


Bill Gas 279 279 

Brit Steel 1.57 15* *"* Rf » 

BritTeMCam 379 373 iljp 

8TB 3.® 367 Ftyvioos : IlM 

Coete Wire *63 4*6 - 

awBurvSen <64 46* M - nll , . 

corodon los lis Montreal 

ic^jSwp 197 368 BommrSerB im im 




u 14W Tokeda Own 
2 26 237 TDK 

227J.12 Tetlln 

Tokyo Marine 1270 1270 1 cm im-,- 9774* 

Tokyo BecPW 3000 XU ISSJS8?! «KT 


Stockholm 

AGA 70 

m,\ “ 

Atlas Copco 9360 

Electrolux 8 790 

Ericsson 417 

ESMIto-A 106 


Teppan Printing U90 1*90 

J m Tarayind. 77s 778 

Toshiba 775 779 

X 4930 Toyota 2130 21*0 

<30 630 TaraoWUSec «5 891 

169 173 o' j, 102. 

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VfatenMidhw Aig 3 

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M® Low Open. HWi low oase Os OpJnl 

Grains 

W4EAT CCBOT) Mebunk*nm-ae»HrbuM 
L5TA M2 s»a 94 UM* XXPA Ulk U4Vk ^aan* MJOf 
L*5 X07 Dec *4 IM XWMi 3 XfiK *DJmi 3X377 

L64J6 337 Mor 95 LS3I6 366 3614* 3LSV* *063 X981 

L5flk LIJftMcyW LOU LSI 3*» LSW *4W* S 

1421* HI *1® 331 332% 23PM 3321* *018714 1,128 

M. UoS^^OTM KL09 “•* 2 

LBYi MTHSotM 362 3651* 141 365 *-40116 1UMS 

360 1121*OecW l®Vi IS X4SV4 3371* * OJOVi 17349 

IB 4 X3f*sS>% 131 132 ** “}«**»»* 

ea.sata NA. D ri2*s.«jtes 4931 141 1 

J^OPOIW »M alt 2X1 

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SES JJi* JI™ 11716 *0686 4I.M6 

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HF 1 127 L38>! 'LODV, 24M1 

L85 237ViMDy® 133 235V* 233 23S *061 10,132 

2^1* 234 VtAAK 13TV. 237V: 23714 239V* *O0t 1332 

220V| X37 5*D K 260 2*1 2*9 261 *081 4® 

263 13S1AD K9S 2*1* 2*1 2611% 26H* i 4.9® 

I _ mlra l£5Vl.J]&i 

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71190 UP 3® 

say “tANS CCBOTT SAWtwiryew-UaOTirorkpgwl 

736 SJlWAugM 533 539 1721% SJSVi+t. Otv, tms 

i* 3 * Ml* 546V? .ILQSV? 14OT 

H?,, 460% *ft05V, 7V23 

764 360 Jm® 1*4% 270 X£3 161% *066 H im 

7JS 569 Mar® 533 5J9 5JJ 5J7V% +CLM% * rma 

JgJT- 5MV, x 77V, JS5 

5S5 ^ MTVS *ftD5V* 5JH 

JSS ia5ft M» 5JB 188 *405 12S 

5JI 5J7 S«3 9S 534% *CUM% 22 

L50W ITSViNov® 1871% 190 l®fe SJ9W *O0*V% 2*S 

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2E-® tJOJODecM 171 ,W T72.M T7190 TTljkJ *0J0 313» 

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3035 ZlASAuaM 

3034 2260SepW 

2934 221000 M 

28*7 Z2JMDOC94 
7X55 7265 **175 

2830 22.73 Ator M 

1165 Z233*tor9S 

273S 2101IJUJM 

2730 2295 AuoM 

2435 2235 Sta® 

zim 22 to Ocs® 

ZUM zuacmz95 

EiLBPei 2SXO0 Thu's. S«Sa 11*0 
WsCPMH 91090 U» 191 

Livestock 

CATTLE (CMBU euatte-Minrte. 

TXB SljUAue W n35 7235 7115 

74. W *5.75 Oct 94 7172 74® 7L52 

7*30 4730 Dec *4 71-73 72. » 71 6S 

7433 67J0FWJ® 7065 7UJQ 71)65 

7110 49*0 Aar® 7X00 723J 7130 

6930 4L40JHK 03 0 49.15 49® 

6830 6150 Aug® 68.16 68.10 6U0 

§«-«*« 11433 HVlKte 13633 
Tb/s ooer w 7U40 elf 531 
FB25DER CATTLE tCMERJ 
8360 71.I0AUU94 

CJO nj85ep« 8U0 

8135 TIUlOriM 79*6 

I 6833 T160HW94 8M7 

1 ea« 729SJW1H 7930 

7*J0 7125 May® 7100 

8035 723 Mor « 7735 

7690 7245 Apr M 74J0 

co.edes UH Thu's^ries 
Thu's mn inf 11394 off 56 
HOGS (OBU AWN-atewL 
53*0 42*5 Aug M 463S 4670 46U 

49-75 396SM94 41 39 42.10 4130 

5050 >3SDK«1 4L90 <132 

SUfl 3860 FM® 4DJ9 41*5 46JS 

<180 SOJUApr® 39.® 40*0 39® 

<7 JO G75JUIH *67J 4U0 4175 

4100 433334® ALAS 44*5 4465 

4635 4UOAU09S CL2S 433S ATS 

4000 39JOOS® 4030 *850 4032 

EsLicSes 4*84 Thu's. safes 1141 
TWlOPenW 21646 «■ 4ta 
PORK BELLIES KMTO ftUMbrimwi 
5030 2635 AUOM 31 JO 3137 31 JB 

6005 41A0FC0® 4665 *6*5 46*5 

4020 4162 Mor® *630 4630 4630 

41.15 <230 MOT® 

U® 4L2SW® 4730 46® 4730 

025 <1®4W« 4SJS 4630 4&K 

Es. sates 1342 Ml* 1-971 
Ttersapsnlm 63*3 cB 163 


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374® 6830AM M 206® 208.15 I9BJ0 

244-25 77.H09CW 210JS 212® 3M® 

244® TUQMora 71173 21433 209® 

344*0 K3DM0y95 2U25 AT® 

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12® 1057MoyW 116* 11® 11® 

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11® JiSmwW 7X40 11*5 

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2S M 1 * 1428 vu 

1510 104) Dec 94 1467 1469 1434 

l 2£* to!S IS 7 1507 

55 UK 1515 isos 

16® • t22£Jul9S 

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,^-22 ,1M0 «m> I' 8 ® i 

119® 107*0*1(95 1 

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112® T1 2® Nov 95 •] 

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sales 2.500 Thu'x.M(as UM2 
TlWsepfflte ZU79 nfl 59 

Mdols 

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110® 91.UAITH K 

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sails 1M0O Tbu'c*®* 11,904 

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9905 37L5Sg94 5)56 5200 5140 

5640 So ^ S| 

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4148 MOO Mar 94 

J87JI 587JMOy9* 

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INTERNATIONAL nBBAin TRIBUNE, SATURDAY-SUNDAY, AUGUST 6-7, 1994 


Page 9 , 

EUROPE 







ini 


J; 


• c _• . 




- c- 


MOSCOW — Angry share- 
holders called on. Russian au- 
thorities Friday to free Sergei 
Mavrodi, the president of the 
MMM investment fund who 
was arrested Thursday. 

The arrest of Mr. Mavrodi 
has shut down MMM, which 
last week devalued its shares try 
more than 99 percent in a single 
day and which the government 
has called a scam. MMM says it 
has 10 million investors. 

“AD mqor decisions are taken 
by the preside and ft is impa^ 
sible to run a company from 
prison,” said a statement read to 
about 3,000 investors gathered 
outside the company’s head- 
quartos in central Moscow. 

Mr. Mavrodi could face as 
much as five years in prison if 
allegations of tax evasion 
against another company in Ins 
corporate empire, areproved, 
the police said. They said Mr. 
Mavrodi and his brother, Vya- 
cheslav, had managed' to de- 
stroy documents bdfore police 
swarmed into their apartment 
Thursday.' 

MMM said its offices would 
stay closed until the chairman 
was released. - 

Investors dutched banners 
reading “Hands Off Mavrodi,” 


and speakers demanded infor- 
mation cm . why tax authorities 
were investigating Mr. Mayro- 
dTs companies. 

Authorities, describing 
MMM's shares as no thing more 
than lottery ticke ts, have ac- 
cused the mm of vitiating tax 
and scarcity laws. 

/. They say the firm had been 
running a classic pyramid oper- 
ation, using money from, share 
purchases to fundan advertis- 
ing campaign and allow share 
buybacks at highermes. 

-The government's antitrust 
committee said Friday it 
planned lo start penalizing in- 
vestment companies that adver- 
tised exorbitant' rewards and 
then did not deliver them. 

But MMM. shareholders de- 
‘ xnand more of the government. 
Thousands of them signed a let- 
ter to President Boris N. Yeitsm 
asking for bis hdp and threat- 
ening a nationwide vote of con- 

yroB m ingnt if 

. they did not get it 

ty, the government 
said Friday that foreign invest- 
ment in Russia totaled $278 
mini on in the first half of the 
year, down sharply from the 
previous year. 4 
(Reuters, AFP, Bloomberg, AP) 


:Re*r 


Aeroflot 
Jfon’tBeSold, 
Moscow Says : 

Reuters 

MOSCOW — Aeroflot 
Russian International Air- 
lines, which sold a 49 per- 
cent stake to its employees 
at a closed auction m June, 
has no plans to open up to 
the public or sell block 
shares to foreign investors, 
an executive said Friday. 

Sergei Plevako.chainnan 

of the Privatization Cam* 
mission at Aeroflot, saidSl 
percent of the airline would 
remain in state hands.. 

Aeroflot, which flies to 
135 destinations in more 
than 100 countries, is amir 
talized atZ19 trillion rubles 
(SI million).. Aeroflot 
shares, with a 1, 000-ruble 
face value, cost 1,700 rubles 
at the auction to employ- 
ees, Mr. Ptevako said. 


Recovery Bypasses Europe’s Banks 


Bloomberg Business Hews 

FRANKFURT — Even as Europe’s 
economies advance, analysts are warning 
investors away from bank stocks. 

First-half earnings reports have shown 
that most major European banks offset 
tower t rading income with lower provi- 
sions for bad loans. While some man- 
aged hefty increases in pretax profit, 
analysts consider the operating profit 
lackluster. 

“The chances of bank stocks outper- 
forming the market or showing any 
growth are very bad,” said Charlotte 
Frenzd, a banking analyst at DB Re- 
search GmbH, a unit of Demsche Bank. 
“Things won’t pick up until next year." 

Union Bank of Switzerland was the 
latest tig bank to disclose that it had 


suffered a tig drop in trading income. 

In the past year, German bank stocks 
underperformed the market by 3bout 13 
percent, Swiss banks by about 1 1 percent 
and British banks by about 18 percent 
As market performers, only insurance 
shares were worse. 

“In terms of leading, the basic busi- 
ness of banking, the industry tread is 
similar — aD arc facing the same flat 
dr™-™*, apart from the Bavarian mort- 
gage banks,” said Derek Stillman, an 
analyst at James Capd in London. 

But Dino FuscluDo, European portfo- 
lio manager at Lazard London Interna- 
tional Investment Management, said 
banks had reached attractive valuation 
levels. 

Uts Brenner, a portfolio manager at 


Swiss Volksbank in Zurich, said be ex- 
pected cost-cutting in the retail divisions 
of Switzerland’s three largest banks — 
UBS, Credit Suisse and Swiss Bank 
Coip. — to enable them to outperform 
European rivals in the next few years. 

Some banks have exceeded the admit- 
tedly low expectations of analysts. 
Shares in Deutsche Bank AG rose on a 
modest increase in operating profit. 

Shares in Britain's No. 2 retail bank. 
National Westminister PLC, regained a 
tiny fraction of the 27 percent lost this 
year after a major increase in pretax 
profit. Analvsts concluded, however, 
that the bank was still snuggling. 

Allied Irish Banks PLC also exceeded 
expectations, boosted by the fastest- 
growing economy in Europe. 


Trading In< 


CaopUedtf bur Staff Fnm Dupacfm 

ZURICH — Union Bank 
of Switzerland said Friday its 
first-half set profit fcD 28 per- 
cent from a year earlier, pri- 
marily because of a 68 percent 
drop m trading income: 

The hanking company said 
h had <Mirhmg s of 929 million 
Swiss francs ($697 million) in 
the quarter, down from 1.29 
hiTtirm franco in the 1993 first 
half. Income from trading op- 
erations was 493 million 


francs, down from 1.55 billion 
a year earlier. 

Bearer shares of UBS fell 3 
percent in Zurich, to 1,150 
francs. 

The bank's drop in trading 
income was more severe than 
those of its competitors such as 
Cridh Suisse, said lari Mc- 
Ewen. a bank analyst at Mer- 
rill Lynch & Co. in London. 

The large drop showed 
UBS had been caught off 


guard by the sudden rise in 
short-term interest rates this 
year, other analysts said. 

“The main conclusion one 
can draw is that the bank had 
certain expectations for inter- 
est-rate movements and it went 
wrong," said Jim Hyde of Wil- 
liams de Broein London. 

The bank said its interest 
income slipped to 1.78 billion 
francs from 1.92 billion. 

But UBS said lower provi- 


sions for credit losses prevent- 
ed further losses in net profit. 
UBS lowered its credit-loss 
provision to 790 million 
Francs from 1.07 billion. 

The bank's income from 
commissions rose to 2.14 bil- 
lion francs from 1.93 billion 
francs. 

Separately, UBS said it had 
obtained regulatory clearance 
to offer American depositary 
reoeipts on Aug. 15. (Reuters. 
AFX. Bloomberg) 


investor’s Europe 


Frankfurt 
DAX • " 

■2300- 


London 
FTSE 100 index 


Puna. 

CAC4a 



5 s 



r 3 kk> — 

W- 

ffla) — ¥ 

SO0 — “ — 

9Bn0rr:.-~-.T 

Jff. 

-TTa 

Friday 

Close 

419.67 

UftW . - w » ■ 

"tv f( tJi-TXt 

1994/.; • ... 

Prev, 7. %■ . .. 
Close Change 

.419.79. 

lvat nm FJ A — M IA M 

1994 • ■ 1994 

Exchange index 

Amsterdam AEX 

Brussels 

Stock Index 

7,737^0 

7,740^3. -. .-DJ34 : 

Frankfurt 

DAX 

2,184.76 

2,183^6 V'/riLU 

Frankfurt 

FAZ 

827 M 

. 825.73' ..+05B. 

Helsinki 

HEX 

1,877.21 

1^8651 '.^.48 

London 

Financial Times 3D 

2A71M 

2.461.60 +0^« 

London 

FTSE 100 

3,16730 

3.1S03ff..;4ttS* 

Madrid 

General Index 

321.12 

. 319.77 • -KM2 


Milan 


MIB 


Paris 


CAC40 


2,10707 2,093-45 ■ +051 


Stockholm • AffaerSvaerfeten 1,952.63 1,875.88 


Vienna 


Stock Index. 


452J35 461.60 '+P-27 


Zurich 


SBS 


927.64 


Sources ■ Reuters, AFP 


9314,1 .'. ,-0.40 
]«ucfnaaortJ HertWITnbz 


EU Output Rises 4% Swiss Store Firm Takes Stake in Fust 

. %-r ' £!• by Our Staff Fix** Ditpaeka But Wilhelm Blaeuer, finan- gains were probably caused by 

T TVT*_._ TR ~ ru _ Mm- dal analyst at Union Bank of a mixture of a .cyclical market 



Very briefly: 

• France's Economy Ministry said Friday it had appointed the 
banks Credit Agricole and RothsdriW & Oe. to advise 

ment on a “change in the capital of state-owned automaker 
Renault, which is being privatized. 

• Koninkfijke PTT Nederland NV, the commercial Jdeviaon 
group RTLand VNU NY’s magazine group said they planned to 
start a telephone home-shopping system in September. 

• Italy’s cabinet authorized the suspension of procaiures for the 
fusion of Banca Naaonale ddle Comnmcaoom SPA ln lstituto 
Bancario San Paolo <E Torino SPA. to review the sales and other 
solutions," the Transport Ministry said. Reuters, afx. Bloomberg 


Carr lied by Our So# From Dispatches 

BRUSSELS — Industrial production in the European Union 
was up 4 percent in May from a year earlier, adding to the 
conviction that European economies are pulling out of recession. 

The underlying rate of industrial production “is clearly on the 
increased said Eurostat the EU statistics bureau. 

la Britain; meanwhile, industrial output rose a modest 0-3 
percent in June while manufacturing output fell 02 percent, the 
. Central Statistical Office said, The drop eased concern in financial 
mmfats jywprnnient migh t raise interest rates without 

undermining confidence in the economic recovery. 

' ‘There is nothing in the data today or recently to suggest the 
iwwicwwy t Sr .accelerating, and that lias to be favorable for the 



Swing i^t/L'o^ngFust “Tbe transaction raised suspi- i™ 1 * course dis_ 

AG^a household appliance re- " “c£aK LKasko, uading^- 

ssrsrssra 

410£rancs for^S’s P bearer director of Jdmoli, said the possible. (Reuters, Bloomberg) 
shares between February and " ■ — ■ ■■■ " * 

May this year. 

Jebnoh said it planned an op- 
tion or conwatible loan in the 
next few weeks to help fi n a nc e 


Forte Expects Profit Boost 

ConpUed by Our Staff From Dupauha 


Chief economist 

at DKB International. 

industrial production in the April-Jane period was 2.0 percent *rr — r — 

tidier, thanin the preceding three months and 5.7 percent above shr® . to anT n 1 fl T LONDON The hotels and leisure group Forte PLC said 

tbcyiar-tariier quarter, the Hft profit Friday that first-half profit increased as business picked up at its 
np 1.3 percent from the preceding three months and 3 .5 percent ^ Fust ’ s d^tron- hotels throughout Britain, parucularly m London. 

from the year-eaiher gwiter. . . ' « -■ , «vmni«n«nted Jdmo- ^ ^ njease first-half earnings Sept. 29. In April, 

Forte said pretax profit slipped to £87 million in the year ended 
Jan. 3 1 from £7 1 million a year earlier because of smaller one-tune 
gains. 


m ilit »«WUU1U — " ~ ~ ~r T « . ■ - r ■ 

| ™ op 1.6 peraSr lower both 

- 1 5?- - (Reuters, Knight-Bidder, Bloomberg, AFP) and mcrease their margins. 


( Bloomberg, Reuters) 



PORT: Up the Creek in Shanghai 


depth of the Shanghai approach 
to the mouth, of the Yangtze 


Continued from Page 7 

rimes that amount in the next Currently the chann el is too 
few years. shallow to accommodate larger 

The goal is to encourage use container ships and is only open 
of larger ships, increasing the to many ships at tigh tide, 
cargo per vessel. But authorities which could restrict the growth 
admit such measures may not of other ports farther upthe 
be enough to do tire job if Yangtze, known as the Drag- 
growth continues at its current on’s Tail- 
pace. The dredging project, which 

SsEffifaiSSfi eMflgWg 

announced major investments ^ 

in deep port facilities, and work 38 percent m 1993 over tne pre- 

is under way to inc 


increase the vious year. 


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united nations education, 
scientific and cultural organization 

UNESCO 

ft********** 

Invitation to register for bidding 

The following works in one 
of its Headquarters buildings, in Paris 
are to be subject to tender: 

»»****** ■ * ■ * -* 

Treatment or replacement 
of asbestos and fire stop valves 
in the Sixth Building 
Ground floor+15 storeys 
floor area 30,000m2 

*»******* ■ * ■ * - 

Bidding exercise N° 1 
Lot N° 1 - Construction of temporary 
prefabricated offices 
Lot N°2 - Transfer of contents of offices 
Lot N°3 - Treatment or elimination of 
asbestos 

Lot N°4 - Replacement of fire stop valves 
Lot N° 5 - False-ceiling insulation 
These lots may be included in a general works 
contract or treated separately. 

Bidding exercise N° 2 

Supervision and co-ordination of all 

work 

Documentation is available in French only 

Bid issuance: 15 September 94 
Commencement of work: End of year 1994 
Estimated duration of work: Tliree years 

4hMhMhHhMh |hE 

Applications for tender documents, 
together with references covering similar 
operations, should be sent to: 

UNESCO - BPS / GES 
Travaux d'Amiante 
7, place de Fontenoy, 

75352 Paris 07 SP (FRANCE) 

to arrive not later than 31 August 1994, 
Reliable references required 


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N 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, AUGUST 6-7, 1994 


Page 11 


ASIA/PACIFIC 


Chinese Inflation 
Pro] 



Bloomberg Business News 

BEIJING — Chinese govern- 
ment economists warned that 
inflation would not subside 
quickly and . urged the central 
bank to raise interest rates and 
rcvahiate the yuan, the official: 
Chin a Securities newspaper re- 
ported Friday.. 

The economists, from the 
State Infommtion Office, pre- 
dict the country's retail paces 
wffl rise 18.8 percent this year. 
on& percentage print below the 
annual rate recorded for the first 
half .of 1594, the newspaper said. 


'A’ Shares 






The economists argue that 
the. 10. percent inflation tar get 
fixed by the government this 
year is tmreflfistic and should be 

changed . 

They also forecast that Chi- 
na’s industrial output would 
grow 2U5 percent for the whole 
year, slightly up from the 21.1 
percent growth registered last 
year, the paper said. 

The predkaums indicate that 
Chinese economic pfcumera new 
accept that the ecoooiBY is slow- 
ing only gradually and that infla- 
tion r emains da ng ero u sly high • 

The researchers also said the 
govcmmcal had devalued the 
yuan too far against foreign cur- 
iencrcs..Tbe central bank may be 
forced to issne more bank notes 
in the second half of the year, 
“threatening the normal opera- 
tions of die national economy,” 
thepaper quoted them as saying. 


They said the central bank 
&ould tii 




■ r*" • 

.- ; X 


Reuters . 

SHANGHAI — China’s do- 
mestic stock markets took an- 
other jump Friday, capping a 
wceklong rally .spurred by gov- 
erning measures to shore up 
th^reviously ailing bourses. 

SnangfraTs A share index of 
stocks reserved for Chinese in- 
vestors, rose about 22 percent, 
making a total gain of about 
’ 109 percent on the week. The 
index finished at 700.57 prints 
on heavy trading of 10.49 bil- 
lion yuan (SI biin on). 

The index is up J 13 percent 
from its record low hit last week 
and is about halfway back to its 
record high Ml in February 1993. 

In Shenzhen, the A share in- 
dex rose nearly 11 percent, to 
165.92. points,' for a gain of 74 
percent on the week. 

Institutions and individual 
investors joined to launch anew 
buying spree on a rumor - that 
Beijing would offer Joans of 10 
• bflhon yuan to selected brbker- 
\ ages, traders said.- : \ 

After an emergency meeting 
. late last week, the China Securi- 
ties Regulatory Commission 
: announced measures to reinvig- 
: orate the markets, including a 
; suspension of new listings until 
at least (he end of the year. . 

Other moves included plans 
! to gradually absorb ‘ foreign 
funds into the A-share maiket, 
f develop domestic investment 
- funds, promote institutional m- 
vestment and experimentwith 
. limited foreign management of 
corporations. 


should lift interest rates to qudl 
toflatiosaiy expectations. : 


Timber Battles Heat Up in Pacific 


By Michael Richardson 

Iutenatmai Herald Tribute 

KUALA LUMPUR — The Solomon 
Islands warned that it may suspend rite 
license of a Malaysian timber company , 
another sign that small countries in the 
Sooth Pacific are starting to take a stand 
against big Asian logging companies. 

The Solomons have given Sflvania 
Products Ltd, a unit of the listed Malay- 
sian forestry company Kumpulan Em as 
BhtL, until Monday to show why its 
license should not be suspended, the 
company said late Thursday. 

Frauds BtCy Hilly, die prime minister 
of the Solomons, said Kumpulan 
had “consistently breached the condi- 
tions of its license by carrying out illegal 
forestry practices.*’ 

He said his government was “not pre- 
pared to see our forest resources kid- 
napped and our people's livelihood 
squandered.” 

Kumpulan Etnas said arrangements 
were bang made for representatives of 
the company to meet Solomon Islands 
officials to ‘xlarify the matters raised.” 

Mr.: 
meat 


land, Papua New Guinea and 12 inde- 


pendent and self-governing Pacific 
island stares that the Solomons n 


< would no 

longer issue new logging licenses after 
Aug. 29. Tire leaders met at the South 
Pacific Forum in Brisbane, Australia. 


Is recent years, large logging compa- 
nies, mostly from Malaysia, South Korea 
and Indonesia, have gained extensive 
tropical forest concessions in the Solo- 
mons, Papua New Guinea and Vanuatu. 

But Vanuatu recently announced it 
would cub the activities of Asian log- 
gers, and Papua New Guinea is under 
pressure from environmental groups and 
some forestry officials to do the same. 

Paul Keating, the prime minister of 
Australia, said m Brisbane that “unless 
the environmental piracy of foreign log- 
ging companies operating in the South 
Pacific region is controlled, the f inure for 
the region will be bleak.” 


Mr. Keating said it was important to 
ensure that Pacific island states were 


exploited by unscrupulous compa- 
who not only pay inadequate rates 


. Billy Hilly told a group of govern- 
leadezs from Australia, New Zest- 


“not 
nies who 

of return but also cany out logging prac- 
tices which would not be tolerated in a 
developed forestry culture.” 


Mahathir bin Mohamad, the prime 
minister of Malaysia, reacted indignant- 
ly to Mr. Keating’s remarks but ap- 
peared to ignore the fact that similar 
comments had been made by South Pa- 
cific island officials. 

Mr. Mahathir said Australia had been 
angered because it ones dominated the 
economies of the South Pacific and re- 
sented the involvement of entrepreneurs 
from other countries. 

Bui Lim Keng Yaflc. Malaysia's minis- 
ter of primary industries, advised Malay- 
sian companies to apply what they had 
learned about sustainable logging in Ma- 
laysia and follow the rules and regulations 
of host countries in the South Pacific. 

Mr. Hilly Billy said some residents of 
the Solomons had joined forces with for- 
eign companies “with one aim in mind, 
to cut down the trees for money." 

He said that in 1993, logging compa- 
nies removed 700.000 cubic meters of 
timber from the Solomons, more than 
double the amount in 1992. 

At this rate, Ik said the country would 
run out of commercial timber within 15 
years, leaving “a ravaged forest, polluted 
water supplies and coral reefs smothered 
in siiL” 


Investor’s Asia 


Hong Kong 
Hang Seng 

11QDD . - 


Singapore 
Straits Times 


Tokyo 

Nikkei 225 


sm 


2380 

* m 

---- - ' M‘ 



1994 - 



m' a m JTa' 

1994 


Exchange 
Hong Kong 

Index 
Hang Seng 

Friday 

Close 

9,60221 

Prev. 

Close 

9,64255 

%" 

Change 

•0.42 

Sinsspore 

Straits Times . 

2^73.12 

2^71.17 

+0.09 

Sydney . 

ah’ ordinaries 

2,09130 . 

2,053.50. 

+0.40 

Tokyo / ■ 

■ Nikkei 225 

20,521.70 

2067EL84 

-0.75 

Kualu Lumpitf Composite' * 

1,089.15 

1,086^0 

+022 

Bangkok 

...SET 

1.4T8.60 

1.416.71 

+0.13 

Seoul 

Composite Stock 

935.82 

927.49 

+QJ0 

Taipei .. 

Weighted Price 

6,91 £L21 

6,789.57 

+1-91 : 

Manila 

. PSH 

2,88038 

2,897^2 

-0.49 

Jakarta . . ./ 

Stock Index 

472^0 

468.73 

+0.87 

NewZeatimd’ 

■NZBE-40 ■ 

2,11106 

2,101.88 

+0.45 

Bombay 

National Index, 

2,038.65 

2,015.10 

+1.18 


Sources: Reuters, AFP 


InMiulxulllnilil hihw 


India Tight ens Its Rules Cambodia 9 s Investment Law 


Very briefly; 


-Reuters 


BOMBAY. — India’s capital-markets 
regulator, stung by charges that it is 

allowing big private companies to profit 
from preferential issues to major sharo- 
‘ holders, has' set rules against allotting 
shares at discounted prices. • 

On Thursday, the Securities and Ex- 
change Board of India announced new 
Tales on, prefere n tial allotments of shares 
and convertible warrants, saying it had 
acted became of an increase in p referep- 


5 


rial aSonnents of shares “at a price unre- 
lated' to the prevailing market price.” 

The announcement, which was hafifri 
investors, was a response to criticism 
die board for allowing more than 30 
multinational companies to incrcare their 
stakes in their Indian units by 
shares to themselves at steep discounts. 

The preferential allotment method 
was also used by major shareholders in 
more than a dozen Indian companies to 
acquire shares cheaply. 


Reuters 

PHNOM PENH — Cambodia’s Par- 
liament has passed a long-awaited invest- 
ment law, but businessmen and others 
said Friday that they did not expect a 
sadden rush of investment to the country 

“Tf’r a tail;- : 


mate, but overall Cambodia'saitractrve- 
ness has not changed,” another said. 


• Kanwi International Airport near Osaka. Japan, has agreed to 
reduce its landing fees when the S15 billion airport opens Japan 
next month, according to an airline industry source. 


‘It’s a fillip to potential investors, but 
given overall am 


Under the investment law. profits are 
exempt from taxes for eight years. La- 
bor-intensive industries also are eligible 
for tax incentives. 


• Alcatel Alsthom, the French communications group, said its 
.S panish subsidiary Alcatel Standard Electrics had signed con- 
tracts valued at S 140 million to proride telephone cables to China. 


confidence in Cambodia, I 
don’t think there is going to be a queue 
of people waiting to come in,” one for- 
eign businessman said. 

“It will enable the investment process 
to move forward after months of stale- 


imported construction materials, 
equipment, raw materials and unfinished 
goods are exempt from duties when used 
for various types of ventures, including 
tourism facilities and projects that are at 
least 80 percent export-oriented. 


• Walt Disney Co. is seeking $77,000 m damages from the three 
Chinese publishing houses it is suing in Beijing's Intellectual 
Property Court, an official report said. 


• PT Pasifik Satefit Nusantara, Singapore Telecom, Singapore 
Technology Ventures and Hughes Communication Inc. agreed to 
launch an Asian mobile-telephone communication satellite sys- 
tem valued at as much as $900 million. a fp, ap. afx 


Foreigners Again Buying in Japan 
Oversea Funds Hocked to Market in June 


• CdoqAtoty Ow Staff From Dispatches 

. TOKYO — Foreign buying 
= of Japanese securities increased 
in June, with overseas investors 
_ more than doubling their net 
share purchases as the'Nikkei 
stock average rallied, the Fi- 
nance Ministry said Friday. 

- Foreigners bought $82 bil- 
bon in stocks in the month, up 
from $3.B billion in May, the 

ministry said- • 

But analysts said farcign iD- 
yestment tailed off after mid- 
June, when the Nikkei 
Ifimshed a 31 patent rally- 


index has since slipped 3 per- 
cent, including a 0.75 percent 
drop Friday. 

“We’re definitely not seeing 
the foreign stance we saw two 
months ago, when everyone was 
h uffish, ” said John Doyle, a fu- 
tures and options trader at 
Chemical Securities. 


Between June. 20 and July 29, 
05 bfl- 


forrigners sold a net $3. 
lion m stocks, according to the 
Tokyo Stock Exchange. But the 
exchange’s figures are not di- 
rectly comparable to the Fi- 
nance Ministry^ data. 


In the bond market, foreign 
investors sold $276 million of 
Japanese domestic securities in 
June, down sharply from $1.7 
billion sold in May. 

Japanese investor, by con- 
trast, increased their buying of 
foreign bands but scaled back 
their overseas stock investing 
slightly. 

Japanese investors bought a 
net S8J24 billion in foreign 
bands in June, up from $5.60 
bflhon in May, and a net $2.01 
b&km in foreign stocks. 

(Bloomberg AFP) 


Chun King 9 s Owner to Seek Buyer 


Compiled ty Our Stuff From Dupaieha 

SINGAPORE — The food and beverage 
group Yeo Hiap Seng Ltd. said Friday it 


intended to sell its unprofitable Chun King 

er of 


Carp, unit, an American producer maker 
Asian-style foods. 

The company told the Singapore stock ex- 
change that the joint-venture partners to the 
investment in the Chun King companies had 
decided “not to continue to hold their invest- 
ments in Chun King for the long term but to 
offer the entire interest for sale, so that ongo- 
ing losses would be eliminated." 


by 1 8 percent- The company blamed sluggish 
growth in (he JJS. food and beverage market 
and the strong Singapore dollar. 

Yeo Hiap Seng said it was exploring other 
expansion possibilities and was negotiating 
with PepsiCo Inc. on a possible joint venture. 

Responding to rumors that' it mav have 
struck a property deal with Wing Tai Hold- 
ings and Orchard Parade Hold, Yeo Hiap 


Seng said it had in principle expressed inter- 
est in getting a stake in the Tien Wah site in 


the northern 
commitments 


of Singapore but said no 
id been made. 


Yeo Hiap Seng paid $52 million to buy 
Chun King from RJR Nabisco Inc. In 1993, 
Chun King was said to have reduced Yeo 
Hiap Seng’s North American operating profit 


Wing Tai and Orchard Parade said this 
week that they had jointly bought the land for 
218 million Singapore dollars ($145 million). 

( Reuters, Bloomberg) 


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ONE OF Tiff WEALTHY &RQPEAN WOMEN». FLORIDA - GOLF OF MEXICO 

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w^iiiovrewi.iii — 501 ^ 57* taS md sfan she BJROPEAN IMVBSITES • 38/5 ^10* ta 8 , sin, btewL An extremdy 

Kfa'lNikmafAnsaVar fawn and ywrfdwnim** ; opal . 6 areherMeHdAd»wJtf 
W exdodvdy ar r owed end and raw pn^fesaari - frrt rate abS^ iB.btetand 

warm Of MONEY 5 : fcnad irvo^vc hendP_ EegubrW in Western Btrope «nd Asa, am frrfen 

iillrn Aidon T nrn nrpiriV sddaBBdarimamagBatdmafteuJA 

F YOU AL50 ESlffl* TCAWTlONS, BfiKS AT© MORAL^ VALUES WE WBL BE PIEASD TO RECSVE YOUR APPUCAHON. 

. Oa9y IO-19 he*. 0-81545 Mundhen/Ooooany Harlhavser Str. IO-B By a p po int ment j 

V - » For responsibie people ■ — — — * * 


Of Sntda m 

vAo pe nal beady/infeSgrreii/ 
dt^tefant/sensitMly n a UStti to a 
great vrarrth an mnnaw n far 
dters. She eradet grea dyfa in every 
apea of her He whether wearing 
jnz er a die dnea/axdfas a 
tarnwic timer far two a er g axan g 
ettravogatf fared donet partes. She. 
k faaoJ y jadependeri She is in 
north of on Jp U e tirapem/ 
Anerime bnnesoHi) who is 
twoohre. *e* y > owed, toimdtk 
bat sired snort, 


rownta, More, c aw p wionde, 
unte at remer, end finondolr "de- 


pendetrf fa here at kwesf 
Pfcese send r«<ad 


shone tor IHT, &50 

Are, 8to rt NY. NT 1B P? USA. 


hm 


BJROPEAN MAMAS SUS£AU 
CoofideriidRy. Bdob MoncpmM. 
lfi*tAY Jii 

Tet 34-1-536,1 AS7 Par 554.99*7 


HQ ndk n^pe d^j South American 


I wji i wBUMHRj lof fwno^t C Q WyJ ^P" 
3H0 yeas eH ready to fa* abed sa 
raortbs per yea m Qato, Eewda, 


fedora m &mm. CareUd t mta be 
wd e de oded, tAodrie. Mo3 remne 
attpffetoitoi 

Mr Mritie F. AVEUAN O. 

4, de P res i den t X n rew dy 

751T6 fU, RBANCE 


.JNTLUNONSOFBJII 

HW«E- USA. - EAS1HN EySOFL 

“MBfBiilWSS* 


MADAME DBACHY 

9 *x6t Modnd 75006 Pins 


ran MfBXM WOMAN. tJ. 

wblaxfa, Bonin London, seeb 
BKcedd, ancere. lfadl generae aid 
henodate gu riw im far rm* 

W^w«UMmm|44 


r. 3 j yeas 
FransfaAai. brown nar. aw ms, 
Ufjra paatioa nceEent nieu 
Hireai idscsonentMd unAtapccd 
jonrf, genrie, uwffigere. lerssiw, keen 
a> irodem ah. beyfa rides- Wocti 
Be to meet man wrfi majure sped 
and yaetMel daader. strong nraded 
ad dfacnoaata. MADAME DESaCW 
til 44 7P 76 75 


USA Very hadsome SB yeas eld 
eoapity r f.O French, dvacsd, 
Ira 86 kA dak har, brown eyes 
bippt ta»e &9 me< icring ptaos. 
bombs pwg * Mo 6 jriood 1 ) sports. 
Seels to meet 4050 yr ok! varan, 
orino A 


J, cfareAsit refined, wjcyinp 
to kmtt d dscorer n> wesL 


MADAME DBACHY 03-11 447Q7676 


mo voui jshct wunso » 

McWnte’s tnAMu dub fat agk 
men & women. Ask far free faodene. 
McVAite, PO Bv 907, 8600 S&ebag 
DenwtRft +4S« 80 12 54. 


50ULMA1E (The Kafir Owe) fadesrre 
agency far pawn, be wide toe 
Safatate Safe SOI. UT ffawe, 223, 
Regett 5L, tonden Wl> BQD Enntond 


8 WUSH BOSE 9DVBMESS w* »h 
ja*. TrnsSed, t n tofc g ert, matorfe 
Seeb Orrian/Onett rvfaana. frfr 
krs Hmci/HZ Tel UK: 90B 373115. 


SUCCESSFUL HANDSOME Young 
Mat w odd jb toraeqAfr aeraoire 


ATTRACTIVE YOUNG MODS- mb 
pnowtfy seare peisa*, ftesady on 


to fcrim Ahfc to trereL'Tet 
frwe 075C7J4 (ft 


I Eferwbfe phonal 


«AN1 LADffiS hM rrerrme. 0#*, 
CEBSAXas 545 OrdoTti. 1003 




PRETTY FRB9CH WOMAN, 37, edu- 
cfaed, refaied, bnmae seeb mere 
werfhy, caw, nW 3 w, 4065. Fea 

± reaere teftagg 5M 71 tMy 


SB4GIB WQBMflDE seek 
. Rjidb. Free rfo: Hemes, 
3» 1106607^ D-MBBEBerKi 


FRIENDSHIPS 


Q^Eduh Brigitia 


Fahrenkrog 


Say YES- TO A IWTOtSSHP THKAJCHTIIE 
INTERNATIONAL PARTNERSHIP-AGENCY 

WITH ABSOLUTE PTJWONAL ASSISTANCE 

Give St YOUR FULL CriWFUXNCL 
Call me every day i also SaiTSunI 
GERMANY, BxENRaCUStraEE 51 . 

D-60316 FRANKFURT AM MAIN, 3-7 PJ18. 


Tel: (0) 17) -2455252 
TdHOl W- 431979 
Fax: (0) 59 - 432066 


now you can hx yol* aftointwnt tor 
NEW YORK - LOS ANGELES - SINGAPORE 


SOUND 
EXCLUSIVE 


INTERNATIONAL OFFICE 


CONFIDENTIAL FRANKFURT- IN THE HEART OF EUROPE ^ 


O A FASCINATING COSMOTOUTAKUDV (New York). . . 

A SUNNY B&MJTY WHO UWB LITE WITH FASDNAJIMJ OIARMKa®; 
AND CHEERFUL NATURE lEARl.YdffSfl.mi. AN ENCHANtTNC.^ 
BLONDE LADY WITH A MODEL-LTKE FlCl' BE . FEMI NINE AND REFINHi^M 
aSJANTCtlTlOCK. A MANHATTAN BASED SUCCESSFUL 8USIM5S WOMA^jvtv 
IM.B.A.I WITH OWN INTERNATIONAL COMPANIES. SHE IS LIVING 
WONDBFUL RSEENCES ON THE US-EAST AND WEST COAST A PEPFarT^./;^ 
HDSIB& but family ure rbtssentsthf most mortant Value TO ■;£ 
HER. Sffi LCIVB TRAVELING MAS BEEN IN FUROFE FOR A LOW TIME 
PARIS. ETC-1 AND ALSO SPORTY ACTIVITIES. SAILING, HORSE-RIDIMl^RIp 
TEMGS. a VERY WARM HEARTED AND GENEROUS LADY WHO DESIRES Aj;*™* 
MARRIAGE WITKTItApeOllATEPrtJlWER. £ 

PLEASE CALL: 05 GERAIAfrV ('ll I71-24S5252Q1 (0j ffHG 19 79 5*4 


A HEAL MAN... 

47/1. 82. A PRESIDENT OF A GROUP OF COMPANIES WITH AS V <* 
WDNDBSR.lL TYHCAL AUSTRIAN ClLSRtl OTENNAl A imflAMCj^Li 

WITH AND EXCELLENT BACKGROUND AND LIFESTYLE. A CHAPMl^G'fe 
GENTLEMAN WITH AN ELEGANT AND SPORTY APPEARANCE. HE IS* 
ROMANTIC. NUMEROUS AND &NER0US WITH A STRONG PERSONALITY ! 
TTIB WARM HEARTED MAN KAS A SENSE OF IRADmONAL FAMILY LBfci 
SVHTY SPORTY: QCIF. TDWlS. SLUNG. SAUMi AND FLYING (OWN IETF I 
ALSO ENIOYS SH0P1NG FOR ELEGANT THINGS. HE IS LOOKING KM 1 
RJtwrwOMAWTOSHWEHlSLK. 

PLEASE CALL: (~6 GERMANY IB) 171 JJS S2 52 ot|0jWH3 1979 


! 


; v ' 










£ 


NASDAQ 


Sb 

Dtv YM PE 100s 


| 12 Month Si 

LewLorwtOi'w ! HW Lot brack Ov Yifl PE 100s 


i LuwLdectOi'oa 


Friday’s 4 p.m. 

This list compiled by vie AP, consists of the 1 ,000 


most traded securities in terms of dollar value, tt Is 
updated twice a year. 


m, 




itiasa 


6*4 

5* 

Jto 
1256 

m 

4 Mi 
JVt 

tt 

IS 111* 
177U01 
Ato 
3M 

9^ 
4to 
4V, 
AM 

n 

tv, 

4to 

4 V. 






m 


v-*b 






128 4.5 11 




15* 

2M* 

ffi. 

zav* 

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Acr 

ISto IS 

3954 371m 

Si Ato 

hv. svi 

is r 

9V, V 
8 714 

34V. 321* 

10to n* 

£M* 231* 
29 2fl 
«* fU 
49* 444 

m m. 

IPW 39* 


m 









2D 20V* i V* 
11V*. 111« ■ 


m. 


WtT 








* 


**T>* 


33 


7T T. 


Friday’s dosing 

Tables include the nationwide prices up to 
the dosing on Wall Street and do not reflec 
ttete trades elsewhere. Via The Associated Press 


HWlLow Stock 


Div YM PE 1001 High LmLctestCh-Be 


9** B AIM Sir A2 S3 
37 239* ALC 

12** 8*4 AM Inti n _ 

lto ViAMinwr 
14** 9WAMC 
28'.* 25'-; AMC of 1.75 62 

5 IVnAHC _ 

4Vi ItoARI HkJ _ 

2 A** 22 ARM F pf 238 9.9 
3 IV H A5R J30 9.4 

75** 411* ATT Fd 2-71 e 3.9 

S *» 4 AcfcCom _ 

3to Acmeu _ 

6lM 4 AcknRsc _ 

4’* 7 AdvFui 
15** 9*kAdvMog — 

y/u **AdvMotfT 
ID 3to AdMd pf 
5** 2 AdvPnol _ 


lAto 7’iAlrWot _ 

«V* IlhAIrCM _ 

7** 594 AlamCD _ 

12'* dtoAfnaW _ 

Shi 3 V. Alerter n 

** v-AlertCwt 
IBtolB AHoagn n 144 8.1 

2** Alfin 
17** d AlWRih 

119* 7*. AOouH 

4** 3 Atohain - 

11 4*i AIpiriGr _ 

44 34 Alcoa M 373 6A 
7** 4** Am ant _ 

1'/i, ViAmhltti _ 

14*. 91* AFMP2 1JS 13.5 
25*. W* ABfcCT 122 ifl 
7BV. 1 5’~. AmB.tr s .13 .5 

8to2'ki,Am£cos 
1'V„ ItoAExpl 
29 24 AExpl of 2_25 8.4 

14** 3** AIM B4 143940.9 

16'.« l3toAIMS5 1440 97 
141* 11'/* AIM Mn ^o«43 
13 llWAIMABn .399 4.7 
49 SUmAIhtxH -S3e 1.1 
18fel2toAmUsts .800 « J 
279*1 41* AMzeA .44 3.1 
21 Vi I4 1 * AMzeB 44 3.1 

idl* frUAmPosn 
91* 4' jAREInvn .81 104 
121* 7**AR«Ur M 87 
5*. 2V.ASOE 
4** toAmShrd 
5 7'v»ATeaiC 
13'* AViAmpaf 
21* llAmpB «*t 
14 V. 74 27 

37 99. Andrea — 

4 )i* atom to _ 

159* to Aug Par 1440 c - 

71* 31* Anunco 

14** StoApraann ~ 

11V. MAiVRii 
10 6 AiTOwA 

125* S’* Arfrvtn _ 

41* 29*Astn*c 
12to 7to Alan 
V„ 'AAtlsCM 
T"* 1 Altos wt 
181* 6to Audvox 
3'/l »H,AuBre 
9** 4 AurorEI _ 

2V»2".,AaCon 


_ 47 B*. B 

21 206 3*** 331* 
_ 50 II II 

- 3 l'/b IVu 

19 32 13 irS 

- 30 24 25** 

B 100 3V m 3to 
_ 1 41* 41* 

_ 45 341* 23*. 

_ 82 21* 2*4 

_ 4* 68 to 681* 

24 23 45* 4 

- 1 Ilk M 

18 2 Ato Ato 

IS 2 2'A 25* 

30 45 145* 14W 

1401 1* to 

_ 31 9 81* 

-. 99 2*t r»* 

7 8 M ». 

_ 210 Bto Bto 
55 25 21* 21* 

19 52 75* 4*. 

13 25 llto 1DM 

~ 13 S'* 554 

- 23 to to 

... 229 171* 171* 
_ 31 l«* I'm 

4 17 4V. 4"'b 

17 47 Bto 81* 

.. 297 5V* Sto 

_ 465 r* 7V. 

- WOO 561* 56V. 

_ 1154 81* 455 

_ 40 >* u ■*„ 

- 30 ill* n** 

B 30 23 727. 

IS 28 28VCi 7B*i 
... 14 2'»* 2 , V la 

- 507 1"„ 11* 

- 7 241. 241* 

B 20 3to J55 

10 75 IS 1454 

10 102 17V* 129* 

11 47 121* I2'/| 

18 3u49to 49‘* 

14 11 171* 17to 

12 17 20 1* 205* 

12 T 20V. 20 V, 

- 31 7V* 7 

_ 21 7V* Tto 

4 49 75* 71* 

- 43 4>M 3to 


3M* —1* 

n » 5. 

19.4 - 

I2*» _ 

» -to 

W*- «1| 


LOTLotararge 


17 Month 

LOT Stock 


Ow ru pe looi 


1.60a 7JJ -. 
08 2 11 


W, —v* 
«»* —V* 
4to • to 
3V. —to 
6 to _ 
2to —to 
141* —\* 
•to — V* 
9 -to 
25* _ 

fc* W “ 

71* • to 
7to -5* 
into —to 
Sto 

1* — V., 

J7to -to 
i'. —v* 
4"'i» —'to 
Bto -to 
51. - to 
Tto —to 
544* _ 

Ato _ 

'**4 ... 

1 1 '* -to 
22’* —to 
78 to -to 
2'V„ -to 

I'm -'to 


AB 7.1 _ 
M 1J 10 


_ 7 3*j 3to 

349 10to 95* 
340 IV., I to 
5 13to 135, 
40 151* 149. 
8 59* Sto 

24 IV. 15* 
512 7 to 7 

i tv m 
3 7 7 

15 7'. 7V* 


39 226 31*07 

- 134A 41* 496. 

-.122 to to 

-. 40 7to 2to 

8 141 7to 7to 

... 759 to to 

35 132 Sto B 


3to _ 
wto —to 
T2to _ 

I2v. —1* 

4»to -to 
171* —i* 
2P* —to 

T"=6 

7to -to 
79* —to 
4'* -to 
to _ 

S to —to 
to -to 
tv H _ 
13to —to 
14 to —to 

Sto —to 
Ito - 
7 —to 
99* _ 

7 -5* 

7to —to 
4 

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7to 

TV. —to 
0 to — Vi« 

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Bto tto 

3$ "t 

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4to 

I Bto » 


Mto WtoTlTOFBj 


Sto 7** BA HO 
175% 11 V* BAT s A7« 

82V.70toBHt 
29to IJtoBNFBC 48 
11 5 Vi Baker 

5 to 3toBaldw 
73tol9V*BarFa 1.91* 
251*21 toBT tf*7"j nl AB 
26to JltoBT evil* 1.90 
to v 3 BanvHi 
2to lVi.BanvnSn 
265. Idi.BarrU) 

IVn to BorrWr 
701. 5 l 'iHarvRG 5 
2i lOto BavMaa JO 
S 2 1 v* Bayou 
6 'm 2'*BSHKwl 
7to3''5,B5HK pwl 
34to 291* BSMBK n 201 
7to ItoBeardCo 
JV'i toBdmcic 
26toi3 Bencne 
Bto 4'*BonErv 
104 BSto&e^Ca 2.00a 

I4to 4 6. Bet a wen 
23** IJViBInkMf 32r 

I9toi0 Soft A 
3‘* I ftoohm 
I5'ill BIVBMJ9 105 
14'* I I , *BNJ1Q 77 

495. 365, BlarCo J 05e 

lltoTO'VBIewng 70 

41 to )4to BlounlA 30 

16", IT.jBoddic 1.74 
12". B'-.BOMVal 
Sto I'lBOtoRir 
7a'v PtoBdAne J4 

91* 7V* BrodRE 44 

17'* r'.Bfanon 32 

5'. I'.Branavw Obe 

14’. 9*.Brvcn g 104 
3'. 7- . Brock Co 
3 . ItoButhnn 


15 79* 

381 13 s . 
34 77V, 
IIS 

46 51. 

49 5 

44 271* 

236 231* 

53 23 
194 to 

11 2 

54 31 to 


2to 2to 
I3to I3to. 
77'* 77'.* 


«9 20to 
111 20 V, 
106 47 b 

5 3 

25 49* 

21 311* 

3 lto 
745 

44 74>«i 
95 8 
2 875, 
728 7i* 

19 21 to 
422 19U 
IJ I-.. 
60 I lto 
42 12 
1 4SV. 

luMto 
54 41 

4 14'-. 

M I IV, 
37 3 

275 775. 
115 l\ 
f 15 

11 i 

34 14'. 1 
25 3'V 


51* 51V 
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279* 22to 
M'm 72'-’. 
22' . 23'.* 
to to 
Wu I'V., ■ 
20 to 215. 

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1 9 to 19*. 

4 to 4to 

1 3 ■ 

49* 41* 
315* 31 'A 
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741* 24to ■ 
7 to 7 to 
87*7 87 to 

4 to 7V* 
71 21 

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4S". 45to 
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40** 40V* ■ 
I4to I4to ■ 

III* 11*. 

7'^4 1 

715* 775* 
8'.', fl". 
IS 15 
4 to 4 to ■ 
14 14 

lto 3to 


M'b 

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840 II 0 


37 

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7 

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ll«CVBFn 

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17 

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M 

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5.2 

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1.60 

142 

1.60 

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12 

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1.9 

7.40 

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1.16 

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1.9 

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11 


... 29 46, 

- 164 l»u 

_ 112 12V* 
28 2 91* 

_ 3048 3Vu 

- 139 99* 

.. 101 194* 

- 292 31* 

„ 14 V6V* 

7 


l k 



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5to 5V. 
89* 1*9* 
B« 81* 
39* 39* 
69* 49* 
29* 121* 
99* 99* 
89* 84* 
29* 121* 
54* IS* 
2V* 
W* 47* 

Sto si* 

19V* 199* 


m 


111* 7 TTwrrfMr — 

iB'Ai 74*ThrmP _ 

m* AtoThrvm* _ 

TOto 75*Thma»**n 
MtoUWnttrntxi 
lto '/.THrmwl _ 

421* 8 ThraaFa _ 

lto 

106 92**To6E PiO 1000 103 
9to rA Tolland . _ 

9 2 TocSrce _ 

IVm toTorW _ 

1BV* 7^*ToflPer -We -lj 
Mb 2 TownCly _ 

fl* ItoTWAvto 
5 toTWApf _ 

101* BtoTbroU, .14 13 

71* 3 TM-Uton . _ 

2H •VuTriUfrwt _ 

111* SiZTVfdex _ 

34* 2 TrinftmJi _ 

WfltW?" 

496 4 TubMcx — 

29*617 Tuma A JJ] A 1 
299*17 TumBB .07 At 
121* 49*TtmrC ’ _ 


141* U 

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71* 79* 

av* avt 

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129* 121* 
lto ito 
40»* 38to 

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97VS 975* 
Bto Bto 
49* 61* 

HI* l{ 

ss tt: 

life 8 V* 




Ato 6 
2 SJm ZV* 
99* 99* 

IV* IV* 


796 _ 

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9 Vj fto - 
129* +to* 
lib— 7*. 
40V. »9* 
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IV* lto 
Sto Sto 
If IBM 
1914 189* 


Sto + 5* ■ 
19 _ 

IBto —to 


pr*rfxi 


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74to - 
13to —to 
14V, -to 
Tto —> 
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239* —to 
454 > to 
109* —to 
235* ito 


- »J TV. 3v., 3v„ 

^ 31 11* lii 1^! 


m 




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OCtlOh 


I3to 13V* 
3to Sto 
« 21 * 
•to Sto 
■SH 59* 
13M 1456 
13to 13V* 
Uto 13V* 
389* »»* 
91* 99* 
Uto-13to 

40 1* All* 

14to 144* 


WH* 1 *» "T * T1 '* 1 “rtHow ramuoiiiK 

Kp" fcWWBTV. 

-tiDcfc a^SSid^ or potoin PnwacHno la month*, mm 
«*«nswim dolo of srtrr. 




n r ?? fBCnl ? d **■ 

BonhB. •^scairrtlcrsassumMbr such com- 

“-jasffflap"- 1 

ivw — wtrti woiYoaii, - 




















































































FIRST COLUMN 


So, You’ve 
Seen the 





ERHEAhcm, the Irish n^rris fer 
of finance, raised an eyebrow or 
two in Mew York th^ summer. 

His business calenda r — and 

that of what seemed like half his country- 
men — lead him to the Giants? Stadium 
for the Irdand-Itaiy World Cup match. 

The surprise was the generosity with 
which Mr. Ahem was distributing; tickets. 
It is, after all, difficult to. be known for 

a'kw^Sation, low drfjvto^^P^ono- 
my at the cost erf high unemployment. But 
Mr. Ahern’s objectives are geared toward 
European integration, and the price, ap- 
parently, has.to be paid. 

Which leaves the Irish — and the Lux- 
embourgeois — in something of a 
quandry. Under the German presidency 
of the European Union, fmam-p. minister 
Theo W aied is pressing for the imposition 
of withholding taxes on all mutual fund 
income payments in Europe. Luxembourg 

and Britain aigne that the afamHqn l ghrwiM 

be to allow all European countries to pay 
income gross of tax. 

As for the Irish, one <hmg is cer t ain .* 
Mr. Ahern’s generosity win not extend to 
giving his country’s tax concessions away 
withoutafight. MJD. 



Offshore Funds Flowing Upstream Into the Maintream 




By Conrad de Ae nBe 


• < ■ KV 




-*nd number of fundi 

— ,a.„, 


■ w 

I ’ ' m 

kllL 

r_ • ■! 

|||[? 

m 


IHi 



;68/*88 ‘80^* ^2- ^*84 j '■ 


Performance average of offshore versus 
M domestic equity funds. Total % returns 
M over one, three and five years to 7/18/94 . 1 



** .W- ft 

- owWses. -vt" • 

Sources: Upper Analytical Services; UkropoL 


lift 


Dublin’s Star Still on the Rise 


By Bale Netzer 


F INANCIAL companies winch 
set up shop in Dublin before the 
end of 1994 wflLbe guaranteed a 
10 percent oxrporale tax rate xm- 
tfl the yearMOSu Companies that come to 
Dublin afterward win pay the normal 
Irish corporate tax rate of 40 percent - 
The fiscal bonus has, as hoped, attract- 
ed demna of fund companies to Dublin's 
International Finanam Services Cento; 

* as it continues -toLvfe for bosaness with 
other European offshore locales such as 
t ^inii'b o P»g wwt ttie rhamiij Island*-. 

Officials at Irdantfs Industrial Devel- 
opment Authority, the state aig arai a rio n 
responsible Tar promoting the country’s 
nascent fin a naaf center, saythata h houg h 
they are lobbyiti£ Brnssds 1 for an exten- 
sion of the dcadbne, tbe disappearance of 
the tax incentive wffl hayeiijue effect on • 
the financi al center’sgrowth. 

Fund compames thatThave already set 
op a Dublin operation, moreover, say the 
tow tax rate was just one factor that'drew 
them there. More important, they say, 
were the conditions that allowed them to 
ffihfl Ticc their offerings to investors; the 
ready supply of an educated andrelativdy 
cheap workforce to accompluh. custodial 
and administrative tasks, and a central 
bank willing to woric for speedy approval 
of new fund offerings. 
AsmrnostothcroS^Kxek)caks,thercis 

no withholding tax on investment income 
in Ireland for non-resident investors. 

European fund providers are not die 
only ones migrating to Dublin. Others, 
from far-flung international locales, have' 
come to Ireland in order to set up an 
operation ****** allows them to sell their 
products across Enropean-bordera. 

“We wanted a foothold in Europe, and 
Ireland has a lot of advantages over Lux- 
embourg” said John Loww, mt on at io nal 
ny ^ykj^^ irnmafler for Ola Mutual Inter- 
national Fund Managers in DuhBn, whose 
parent company is based in South Afidca. 
Some Fund campank& based in . the 


United States and Aria add that' they 
’ an Bn fjH«h *p «in*ig base for 



“The bads in Germany and France 
wiD es tablish offices in Luxembourg bc- 
. cause if s easier feu them,” said Paul Mc- 
Nanghton, chief executive erf Morgan 
Grenfell (Ireland) TimHed. “But the Brit- 
ish. the Japanese, the Korean, the Ameri- 
can,. the Swiss and the Scandinavian? 
They're coming to Ireland now *ha< they 
have a. choice.* - 

.. The attention Dublin is winning from 
the international financial aimmanity is 
in huge part due to the leading rote that 
-Ireland's central banthas taken in quickly 
approving new investment products^- At 
me Dubhn office erf U.S. based-Federated 
International Management Limited, for 
example; operations manager Peter Butler 
ssud the central bank 7 * gukk approval 
process has helped satisfy investors. 

"Our French customers were dissatis- 
fied with the approval time in Luxem- 
bour®” be sakL in Dublin, we were 

. able to introduce our corporate bond fund 
.within a number of weeks and that im- 
pressed them.” 

When Old Mutual wanted to launch an 
e mer g ing m ar k ets bond fund, it attempted 
to get approval in one week, according to 
Mr^ Lowry. “It ended up taking three 
: weeks,** » admitted. “But in Luxem- 
bourg, it would have taken even longer. 7 ” 

Fund companies which have come to 
Dahlia also praise the wiffingness of Ire- 
land’s central bank to consider products 
invoJving ccanpficated derivative securities. 
*. The central bank has also approved so- 
called “professional investor funds.” As 
long as snch vehicles require a nriniroum 
investment of 200,000 Irish pounds 
($303,000); fund managers are allowed to 
trade in riskier investments not deemed 
appropriate for novice investors. 

t Tbcy , re going on the assumption that 
if you have a lot of money, you know what 
you 're doin&” said Mr. McNaugfaton. 
They talm a very pragmatic approach 
and they’re both tough and fair on a day- 
to-day baas.” 


O FFSHORE has migrated to the 
namsmaun. After once being 
shnymed as gimmi cky invest- 
ments suitable only for the rich 
and shifty, funds set up in offshore tax 
havens have developed wide acceptance, 
fust among regulators, then among ordi- 
nary investors, especially in Europe. 
Assets in the offshore funds tracked by 

Upper Analytical Servioes totaled S343 
bOhon at the end of June. Despite sagging 
stock and bond markets this year, that 
figure is 14 percent higher than the $300 
bulidn in assets recorded at the end of last 
year. In 1993, when markets were healthi- 
er, assets rose 43 percent. 

Double-digit asset growth has been the 
role for the offshore fimri industry for 
many years; total assets have risen from 
$61 trillion at the end of 1 986. Much of that 
growth was ps ropefled by the European 
Communi t y’s UC3TS directive; which al- 
lowed funds domiciled in one member state 
to have t he rig ht of access to any other. 

The UCTTS directive gave a big boost to 
Luxembourg, a European Union member 
that is considered an offshore haven be- 
cause it offers tax advantages similar to 
those in investment centers which are liter- 
ally offshore. In fact, in terms of 
invested, Luxembourg is far bigger i 
other offshore jurisdictions pm together. 

"The big effect that UCTTS had was to 
legitimize the offshore fund market,” said 
one fund industry executive. “It gave it an 
official imprimatur.” 

Of offshore funds. Bill McBride of Lip- 
per remarked: *T think they’re getting eas- 
ier to market to the real wodd, largely 


because of real-world interest from inves- 
tors. Also, some major players are 
more sophisticated and have in 
heavily in technology and in building 
good distribution networks.” 

Technology is important because off- 
shore fund shareholders are a diverse lot 
that can pose considerable administrative 
difficulties. Statements must be sent out in 
different lanpiagp? , currency conversions 
have to be made, and dealings with clients 
need to conform to the legal frameworks 
of various jurisdictions in which funds are 
sold. Several institutions, notably Luxem- 
bourg banks, are spending large sums to 
beef up their shareholder record-keeping 
systems. 

“Maintaining accounts is very expen- 
sive,” Mr. McBride said. “Technology 
providers to the fund industry in Europe 
who can show that they can cut costs will 
be in demand. Technology is going to be 
an important driving force.” 

Cracking the distribution eHannrfx in 
the markets that offshore fund providers 
want to expand in, especially in Europe, is 
a metre daunting feaL Most funds are sold 
through banks on the continent, and 
through brokers, financial planners or in- 
surance companies in Britain. 

The tendency is for those institutions to 
ush their own products, or those offered 
companies with which they have a 
longstanding relationship- For others, it’s 
tough to get a foot in the door. That’s why 
direct marketing is seldom used. 

The American discount brokerage 
Charles Schwab & Co. is trying to spread 
the direct practice with its International 
FundSource Service. Funds in three off- 
shore families — Guinness Flight, Roth- 



Ey 


Domicile of Offshore Funds 

Guernsey 11.4% - 1 ~ p 

Hong Kong 2.9% 

Ireland 4% — 

Isle of Man 1.7% 


Jersey 9£% 
Luxembourg 39.7% 



Cayman Islands 12.1% 
Virgin Islands 7.2% 
Bermuda 7.6% 
Bahamas 0-3% 
Other 2-3 


Netherlands 
Annies, Panama, 
Switzerland 1.0% 


Source: Offshore Fund Cude 1994/95 


Location a Lift for Luxembourg 


By Rupert Bruce 


L uxembourg is an offshore 

fund management cento; with a 
difference: Unlike most, it is not 
an island, and its regulations and 
taxes are hght-to-nonnal, rather than 
hght-to-non-cxistenL It does, however, 
have strict banking secrecy laws. 

Pierre Jaans, director general of Luxem- 
bourg’s Monetary Institute, which over- 
sees the country's investment industry, 
says Luxembourg's appeal to the banks, 
investment management companies, and 
life insurers that have flocked mere, fits in 
its blend of geographical position, multi- 
lingual work force, and determination to 
bdp the fining*?! community. 

*If you have an industry erf 220 banks 
with about 20,000 people directly em- 
ployed by them, you have a lot of know- 
how available,” said Mr. Jaans. 

Luxembourg emerged as a financial 
centerih the late 1960s, when it became a 
center for the Eurocurrency business. 
Then, in the 1980s, it became a popular 
anterior private banking and investment 

• mon^gemml 

Over the past four years, it has grown 
dramatical^ as a fund management center. 
Whole in 1990 there were 805 funds with 
assets erf 23 trillion Luxembourg francs 
{$89.2 bflBocX there are now over L2O0 
lauds with assets of 10.4 trillion francs. 

Two of the largest groups in Luxem- 
bourg are Fleming Fund Management and 


Fidelity Investments (Luxembourg) SA. 
Fleming set up in 1988 and now has be- 
tween $2 WBon and $3 billion under man- 
agement in its Fleming Flagship funds. 

Christopher Cottrell, chief executive of 
Fleming Fund Management, says his goal 
is to nearly double tbe amount of assets 
under management a nnu ally. Meanwhile, 


Fidelity, which launched its Fidelity 
P onds family in late 1990, has $2.8 billion 
under management 

“We were looking for somewhere to 
base our central operation within conti- 
nental Europe,” said Mr. Cottrefl. “We 
wanted somewhere that was fairly dose to 
our clients, somewhere that was neutral, 
and somewhere we could get a good sup- 
ply of multilingual staff.” 

Analysts say t hat L uxembourg antici- 
pated the 1987 UCTTS directive that gov- 
erns the marketing of mutual funds in the 
HU several years before it happened. By 
1983, Luxembourg authorities were pretty 
sure of what the directive would stipulate, 
some note, and they adapted their own 
laws to dovetail with it 
This meant that when the directive fi- 
nally came into force; Luxembourg-based 
fund management groups were able to sell 
their funds across Europe immediately. 

Jacques Drossaert, managing director 
erf PaaEuroLiCe. which opened its Luxem- 
bourg office in January of 1991, said: 
“Luxembourg is very centrally located, 
and, maybe more importantly, there is a 
social, political and economic stability 
that is very high.” 


Cutti 


Page 15 

Taxation and regulation 
Setting up on your own 
Slipping through the net 



schild and Wright Investors’ Sendee — 
can be bought over the phone 24 hoars a 
day, and without a service charge, which 
can mean a big saving. 

Even so, in the seven months or so that 
Schwab has offered the service, public 
response has been muted. Neil Statley. 
managing director of Charles Schwab 
Lid, the subsidiary in Loudon that runs 
the program, said that just 500 customers 
had invested SI0 million or so in the 
funds. A similar service that Schwab oper- 
ates for American fund traders holds bu- 
ttons of dollars in customer assets. 

“It’s the first time Schwab had launched 
a fund service outside the USA,” Mr. 
Statley said. “It’s a case erf developing the 
prodnet” He said that discussions had 
been held with other fund families to join 
the program, although so far there are do 
takers, most likely out of fear of ruffling 
the feathers of intermediaries, who contin- 
ue to bring funds most of their business. 

“It’s a delicate line to travel," said an 
executive at a fund company that declined 
to participate in the Schwab sendee. “It’s 
an aspect needs careful handling, but 
it’s so mething the industry in Europe is 
going to have to grasp in the next five 
years.” Ultimately, he said, funds may 
offer two char ging structures, depending 
on how they find their customers. 


offshore Funds is important. Servicing the 
accounts of their varied and far-flung cli- 
entele makes the funds expensive to oper- 
ate, and this hurts returns. 

A look at domestic and offshore equity 
funds that invest in three countries — the 
United States, Britain and Germany — 
shows that during the last five years, the 
offshore funds generally underperformed 
the domestic coses, according to Micropal 
a firm that tracks fund performance. 

“My would be some portion of 
that is going to be expenses,” Mr. 
McBride of Lrpper said of the poor show- 
ing. “There are more service costs, and 
generally offshore funds have been able to 
command higher management fees. And 
they have tended to be smaller than their 
domestic counterparts, so they don’t bene- 
fit from economies of scale:” 

While offshore funds can't lower their 
costs appreciably, at least not yet, they are 
starting to improve their service. Many of 
the larger companies are starting to offer 
American-style frills such as checkbooks 
and charge cards and long business hours. 

Fleming Fund Management (Luxem- 
bourg), for instance, expects to extend its 
opening hours early next year and beef up 
its customer-service staff “to be more 
available to shareholders, not just for 
dealing but for further information,” said 
Rodney Williams, a director at Flemings 
in Frankfurt. 

“We have to take it that we are a service 
business,” he said. “What is going to mark 
out the winners and losers in the invest- 
ment fund industry is a commitment to 
give high levels of service to clients." 


Bermuda Seeks Its Own Niche 


By Aline Sullivan 


i IliraUTrihiUv 


W HILE Bermudians claim that 
their country is peerless 
among offshore centers, not 
everyone is enthusiastic about 
the tiny island’s role as a center for invest- 
ment funds. 

Few observers deny, however, that Ber- 
muda’s financial services sector has land- 
ed some pretty big fish in recent years. 

A0 23 of Fidelity International’s curren- 
cy funds, for example, are domiciled in 
Bermuda, although the fund managers are 
based in Britain and the funds adminis- 
tered in Luxembourg. Indeed, one of tbe 
knocks against tbe island is that its small 
size can translate into high costs for provid- 
ers. That means that many funds domiciled 
on the island are actually run elsewhere. 

Fidelity’s money funds are now worth 
more than $500 million, up from $300 
million in September 1993. “Bermuda's 
tax laws are more beneficial to currency 
funds than any of the other places we 
looked at,” said a spokesman for Fidelity 
International in London. 

Bermuda is now the domicile of an ever- 
increasing number of offshore funds — 
460 according to a recent tally — includ- 
ing 268 mutual funds and 51 unit trusts. 
Asets under management totaled SI 1.7 
billion as of April 30, up from $103 bil- 
lion at the aid of last year. 

Investment managers choose Bermuda 
for several reasons, say analysts. Among 
them are the absence of taxes on non- 
resident investors, which attracts business, 
a sophisticated telecommunications net- 
work and competent custodial services. 

Another charm of tbe scari-tropical ar- 
chipelago for those who actual run their 
funds out of Bermuda is its proximity to 
tbe United States: The islands are only 
600 miles off the coast of South Carolina 
and are regularly serviced by planes to 
New York and London. 

A stable political system also helps. 
Bermuda remains a British colony, a sta- 
tus supported by the island’s powerful 


business community. Companies regis- 
tered in Bermuda operate according to 
British law — a known quantity for inves- 
tors. Bermudian regulation df funds is 
more rigorous than in most offshore cen- 
ters, but remains far less onerous than that 
in the United States or Britain. 

“We do have regulation but not to (he 
extent found in many jurisdictions,’' said 
Malcolm Williams, general manager of the 
Bermuda Monetary Authority, a regulatory 
body. “Our flexibility and lade of a pletho- 
ra erf regulation maxes us very attractive. 
Doing business here is safe but simple." 

Bermudian fund managers like to say 
»h«t they service a global client base while 
other offshore centers are more regional. 
Bermuda-domiciled funds are particularly 
popular with high-net-worth Asian and 
Middle Eastern clients who value security 
above any ocher criteria, observers say. 

Thornton Unit Management’s New Ti- 
ger Selection Funds, a family of 10 single- 
country funds, are domiciled in Bermuda 
and managed out of Hong Kong. A 
spokesman for the company said Bermu- 
da is “an efficient ana well-established 
center for fund administration,” which 
also has a good reputation among Europe- 
an and Asian investors. 

All told, (he performance of Bermuda 
funds is roughly in line with those else- 
where. Tbe downturn in world markets 
earlier this year caused the amount invest- 
ed through Bermuda to drop to SI 1.7 
billion at the end of April, down from 
almost $13 billion at tbe end of February. 
But managers say business is picking up 
again. 

Some investors warn, however, that fur- 
ther growth might be hampered by regula- 
tory restrictions in other countries. Ber- 
mudian managers are unable to market 
their mutual funds in the United States, 
for example, and only a few have obtained 
recognition from the Securities and In- 
vestments Board in Britain. 

Perhaps as a result of these constraints, 
some investment managers in Bermuda 
are beginning to focus more on running 
investment portfolios. 


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Page 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, AUGUST 6-7, 1994 , 


iRABC Futures Pond 
n»ABC itfrente Fund (E.CJ] 
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w aig japan Fund _j 


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d UBZ Lhiuldirr Fund S s 

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w ine i p in t eil um ero eupp Il e A hy the BandefiMmlwitfi ifa» exc i uilii n c< eo ro * gapt eehnendpatee 
i piotH i me mippRmt (d) - dmOft (w) - nUy; (b) - bLmntUldy; ff} fartnighUy ( every hep w 


H-rep 0M «) B W-twipew#eWr>W- nhnW|. 


TEMPLETON WJafiDE INVE5T7AENTS 
GROWTH PORTFOLIO 

•gas a h - gS 

- i {S 

tfoSSj 1 was 


! PORTFOLIO. 


B umo Term. 


0 Lono Term - DMK DM 

ERMITAGE LUX (35343330) 
w Ermttooe Inter Rote Stmt -DM 
w Ermltnoe Selz Fun d. » 


318224 

1063570 


iv Ermltos* Asian Hedge Fd_S 
m Ermitone Eure Hedge Fa —DM 
w Emltaoe Crosby asm Fd— 5 
w Erm wage Amer HdoFd — S 
w Etmitooe Emer Mkt* Fd_S 
EUROPA FUNDS LIMITED 
0 Ameri ca n Equity Fund * 

0 American Ob! Ian Fund— J 

w Aslan Equity Fd_. — s 


HUB 

4244 

983 

1188 

I9.lt 

845 

1S.1I 


w Euraonm Eaultv Fd_ 


EVEREST CAPITAL (819) 292 CM 
m E west Capital inn Lta..^^H 


25428 

14427 

12839 

12*44 


FIDELITY I NFL INV. 5ERVICE5 CLmc) 


1X85 


0 Discovery Fund. 

0 Far Cost Fund. 


0 FW.ftiw. Assets - 


0 PKL Amer. Values IV. 
0 Frontier FuM. 


0 GMnl Ind Fund. 


d Global Selection Fund. 
B n«w E urope Fund, — 
0 Orient Fund. 


tf 5PCCW Growth Fund. 
0 World Fund. 


2048 
87 J? 
19*35 
11120680 
36l56 
1980 
2177 
1421 
11985 
4488 
11924 


FI NMANAGEMENT SA-LegaM(4191/ZBZra 
w Delta Premium Carp— s— 2 12128# 

FOKU5 BANK AS. 478 428 5S5 
wSCtatands mn Growth Ffl_l B3T 

FOREIGN ft COLONIAL EMERG MKTS LTD 
Tei : London 071 12B 1234 
0 Argentinian invest Co Slcavl 
0 Brazilian invest Co Sieov — % 


w Catombian Invnt Ca Skmyji 
0 GUO Em Mfcb Inv Co Slcov 8 


d ind km invest Co Slcov.. 

0 Latin Amer Extra Yield Fdl 
d Lathi America income Ca_8 
0 Latin American invest Co— 5 

0 Mexican invest Co Sicav 1 

w Peruvian invest Co Sicav —1 
FUND MARKETING GROUP (BID) 
P.O. Box 200), HcroJIten. Bermuda 
m FMG Octal (X June) . 


24.10 

34J4 

1784 

10-33 

1130 

08541 

98* 

1180 

4184 

1480 


m FMG N. Amer. Of June) 
m FMG Europe (30 June) 


m FMG EMG mkt (X June 1 35 
m FMG O (X Jura) 5 


FX CONCEPTS (BERMUDA) LTD 

w Concepts Forex Fund .5 

GAIA CURRENCY FUNDS 
iv Gala Hadee ll 5 


1US 

1125 

981 


1133 


!in. 


_SF 


mGolo Guaranteed CL I . 


mGtazGuurenmeda.... 


145.91 

1982 

8529 

8481 


/MORE INDOSUEZ FUNDS 04/OB/9e 
Te(:(352)4454 3«« 

Fax : (3531 46 54 B 
BOND PORTFOLIOS 

0 DEM Bond . .PH 585 DM * 

0 Diver bond — — DU 2.73 SF 1 

0 Dollar Bond— DIs 126— s 1 

0 European Bd DIs 1.19 Ecu 1. 

0 French FrwiL_Dlsl8.l9_FF 11 

0 GMtai Band DIslSO 5 2 

EQUITY PORTFOLIOS 
0 A5EAN $ 8. 


BANK BRUSSBL5 LAMBERT U94) 547 2017. 


0BBL invest America. 


0 BBL Invest Belgium 

0 BBL Invest For East — 

0 BBL Invest Asia — 

0 BBL Invest Latin Ainsr. 
0 BBL invest UK. 


■41B.ro 
1149180 
HI 1280 


0 BBL Rento FdlntL. 
0 P a tr i monial. 


0 Re nto Cash SMoMum BBFBF 


PVOTE Cash S-Madhim DEM DM 

0 Renta Cash S-Medkim USD 5 
0 BBL (LI inv Goktmlnti. — S 

0 BBL □ invest Europe LF 

0 BBL (0 U1V EunHntmg, — LF 

0 BBL (Ll invest World LF 

BANQUE BELOE ASSET MGMT FUND 
Share Distributor Guernsey 0481 7244)4 ■ 


34753 

362280 

2Q145JB 

12851380 

301854 

517126 

12884 

1415200 

1333380 

362B80 


winrt Eauhv Fund. 


wMI Bond Fund- 

» Dollar Zone Bd Pd 

wAsb Padflc Roakn Fd. 


w Sterling E«ul 


p— — III/ I u.l 


1386 

1589 

1187 

1183 

1028 

1253 

1825 


—mm Dragon FiniflM— — 

■r Futures Fd a a units s 
Futures Fd a C Unit** 


96.11 

13151 


mMondma Fut; Fd Ser. 1 CL AS 
Uma Fut. Fd Ser. 1 CL BS 


13127 

11781 


na Fut. FdSer.2a.es 
it.FdSer.20.DS 


w IPNA-3— — 

0 ISA AstanGrewth 


t Curr.Ci A Units—* 
tairr.a B Units— 5 


SrthFdlY 


0 ISA Japan Rea. Growth l 

d isa Padflc Gold Fund 9 

d ISA Asian income Fund S 

0 Indowez Korea Fund 1 

I Fund S 




<88 

1121 

IB 

2087 


wCoiraest Eurooe- 

cortcEprwiH 


■DMPBfund 

b W AM G lobal Hedge Fd- 
a WAM Inti Bd Hedae Fd. 
CONCERTO LIMITED 
IWNAV29 Jul I994.^^H 


JF 


102438 

1294JH 

125329 


COWEN ASSET MANAGEMENT 


Cornn Eh^rorbe Fund N.V. 


sOvAfli 
wCkmBShs. 


CREDIS INVESTMENT FUNDS 

0CS Port! Inc DMA DM 

0 CS Portf Inc DM B DM 

Peril Inc (Urn) A/B Lit 

Portf inc 8FR A SF 

Portf Inc 5FR B 5F 

Portf incussA s 

Portf ineUSJB s 

Portf Bai dm. 


1117.99 

171982 


102189 

1B9H29 


i Portf BaJ I Uni) A/E 

i Portf Bcri 5FR 

i Portf Bal USS- 


i Portf Growtn DM. 


Portf Gro (Ural A/B Ut 

Growth SF 


IPortfMM 

I Pont Growth uss 


I Money Mark« Pd BEF .BP 

I Money Market Fd CS CS 

i Money Market Fd DM— dm 

Money Market Fd FF FF 

[NMey Market Fd Eeu-Eeu 
Market FdH FI _FI ■ 


97987 
100424 
96284 
90785 
166198 
9ME0680 
101187 
10T054 
104188 
94799580 
98951 
1014 


* a IS£SBltdL i r 


I Monev Mariit Fd SF _5F 

1 Manrv Marital FdS S 

l Money Market Fd Yen-Y 
I Monev Market Fd I. 


0 getfte SwitWWW COP SwifeSSF 


J CS Ea Pd Emerg Mfcti. 

0 CS Eq Fd Lot America— j 
0 CS Eq Fd Small Cta Eur_DM 
0 C5 Eq Fd Small Cap USA— S 

pmSulm Fds inti sp 

l Em Biuo oups A . 


0 indosuez Hang Kong FundJ 

0 Oriental Venture Tru«. 1 

d North American Trust— _s 

0 Slngta & Motor Trust I 

0 Podtlc Trust——. UK* 

0 Tasman Fund— ^ ^ S 


a 


i Furel. 

_ god Trust 5 

artmare Japan «torrant_s 


t Japan Warrant. 


far. 



EN SUUIE-GI 
8P 

SF 21354 

SF 16683 


LUANCE -CREDIT BANK- 


10181 

13480 





98. N) 
106.14 
10681 
9116 


10480 

19226 

10*10 


m. 


IIS s? 

f USoPB 


! ttSfc 


6858 

1486* 

1181* 

10529 

128C1 

26897 

27256 

19.146 

37571 


(Xra MANORS URELAHmLTD 


I.Hse DodaDub. 447I89BMM 
J - 1283 


BARING INTL FD MHGR9 (IRELAND) LTD 
(NON S)B RECOGNIZED) 

W Australia J 


w Japan Tedm oto gy. 
w Janan Fund. 


w Jaeon New Gmtrattai. 
wMakiYsia B Singapore— 


w North America. 
rOchnxB Fund. 
rPadftcF 


wintonwitoncrtBand. 
trEurm Fund 


wTrtstarWarnmt- 


w Global E monring Mkts- 
‘ 1 America; 


f Field- 


wCurrencyl , 

w Currency Fvmd Managed —5 
w Korea Fund - 


w Berks Eirwe World Fd. 
BDD GROUP OF FUNDS 
wBDO USS cash Fund .H 


12385 

2425 

4228 

114.98 

1U0 

1756 

11159 

3629 

15.17 

15.45 

1659 

5083 

9J7 

183* 


w BDD Ecu Ctah Fund- Ecu 

» Prime Cash— _SF 


w BDD Swfcn Franc L 

w BDD int. Band Fund-USS—5 
w BDD Int. Bond Fund-Ecu —Ecu 
w BDD N American Equity Fd* 
w BDD Europcta Equity Fund Ecu 
mBDDAslon Equity Fund— J 
mBDD US Small Cap Fund — s 

ntSOD Jtata Fd S 

fflBDD Einpr u bm Mkts Fd — S 
w Euroflrandere Fixed Inc — FF 
’ Eurofln MwifFCy Bd Fd — ff 


BEUNVEST MGMT fGSY) LTD 
w Beanvest-Brndl 5 


538229 

615525 

508650 

524488 

4840.10 

480921 

620485 

140&27 

101629 

lonano 

icoaw 

1077653 

932959 


w Bel Invest -dotal - 

w Bellnvest-isniet. 


w Bellnveat-MuitRiend . 


BNP LUXEMB 
INTER CASH 
f Frmcc Menetolre- 
I France Securlte— 

/ Inter Cosh I 


125483 

929.11 

42S59 

90B07 

91654 


f Inter Cash Ecu. 

I inter OrdiQBP. 
t Inter Cash USD. 


/ Inter cash Yen- 


INTER MULTI INVESTMENT 
wPrlvattsotltaSlnll Invest _S 
w Telecom invest A 


1493180 

1784522 

2779.43 

193957 

149257 

125184 

164902 


INTER OPTIMUM 
nrlnlertond USD— 
wBEF/LUF. 


1255LI7 

100727 


wMultldevtsesDM. 
wUSD 


INTER 5TRATEGIE 
w Austral H-. . 


133422 

1529752 

125555 


NfrotlCB. 


n Europe du Hard. 


w Europe du Centre, 
w Europe du Sad- 


ly Amer tamduNord. 
wSud-EtfAsl 
, Globe 


lAslatlaue. 


S^urawcpKUA (w3) D i!f?Ecu 

0 Eurosec ECU B I Cap) Ecu 

0 Intelxc USD A (Dlvl 5 


122187 

1JM18J 

1274.16 

287787 

100784 

121375 

156954 

173886 

34164 


0 jitkrisec USD-B (Capi; 


1421601 

M3J9B1 

217557 


0 Intaftrond USD A 1 


0 intelbond USDS (Cap) —_S 
0 Fbmeee Gbbal FM A (DlWFM 


0 Flrmtec Gleeot FM B (Cop)FM 
0 inUibandFRFA(Dly) — FF 

0 Intribond FRF FF 

0 Fgr Foot USD A (Dlv) * 

0 Far East USD B [Can)- — s 
0 Janan JPY A I Dlv) y 


158260 

198161 

2310694 

7358571 

1098091 

1428390 

278014 

27JM00 

11535KB 


rJ CS Emn^lue^ca B 


France Funrf A — f F 
France Fund B— — .FF 
Germany Fund a DM 

Germany Fund B DM 

Gow Mines A. 


13... 

101721 

930.97 

98022 


0 Asla.Paclftc- 


0 Continental Europe— 
0 Deveiopina Markets. 
0 France 


-Ecu 


0 Germany— 

imtrnunonai 


0 Japan. 


0 North America. 

0 Switzerland.— 

0 United KJnoonrn 

RESERVE FUNDS 

d DEM 03 5875 DM 

0 Dollar D(a 2.W2 s 

0 French Franc— FF 


d Yen R nerve. 


6154 

2.174 

1Z99 

2881 


GEFINOR FUNDS 
London r 71 -4V* 41 71Ganeva;G-22735S5X 

w Scottish WorM Fund * 46*8385 

w Stole St- American S 34857 

OENESEB FUND Lid 

w (A) Genesee Eoste * 14784 

w S> GenesH Short - < 69.99 

w (Cl Genesee Opportunity _5 HI29 

Fl Genesee Non-Equity - J 1X27 


I LOGOS 


wll SlnNtatBtadB. 
wii Pacific Bond B. 


-Ecu 


GLOBAL ASSET MANAGEMENT 
OFFSHORE FUND5 
1J Mtri^AOUBtall of Mon 4M2442t<07 

wGAMAiSroo*. d 


1067.76 

138041 


43754 


WGAM ASEAN3 
it GAM Australia- 
vr GAM Boston 


w GAM European— 
nr GAM France.—— 
vgamfmH 


WGAMGAA 
W GAM Hilt 


w GAM East Ada. 

Em=m 


AM Money MBs USS * 


SSSSTRs 


d Do Pe u t s ehemark. 

0 DoHi^^ro^H 


45282 
22221 
30983 
12*45 
11287 
9457 
117655 
26189 
211.92 
156J4 
74889 
92425 
100J9' 
100.47 ■ 
10021' 


w GAM Allocated Ml tH^a s 


loi^ 5 


0 uSSS Mines B' 
0 CS Gold Valor_ 


Hlwaa Iberia Fd bUTpS 

lEEMS =r-ti l 


S Japan Megatrend SFR— ! 

Yen — 


i Japan Megatrend 1 
iNethwkmds Fd A. 
, Netheriands Fd ■ 


[KSS: 

— Hn- Valor. 

spn-xa ■ 


riant B—. 

jar-T-jg 





[Sterling 

. jlerSwf SI 

Valor US- Dollar _s 

Fmr aaB - s - 

Ure/ 



i F cu 





15 


T. Bond DM A D M 


l-T. Bond DM B. 
1-7. Bondi A 
l-T. Bend SB 


Iss Franc Bond A. 

_ ta Franc Band 8. 

cr^uttadr'icole 
INDEXIS 

d Indexls USA/SAP 500 I 

0 Index i Japan/ Nikkei y 

d index s G Hret/FTSE r 

0 Indents France/ CAC 40 FF 

0 InderisCT FF 

MONAXIS 


127.13 

10136 

15648 

10207 

160.11 

Mfl.93 

29781 

10*24 


1886 

1848.14 

1381 

15485 

11780 


d Court Terms USD. 


0 Court Terms DEM. 
0 Court Terme JPY_ 
0 Court Terme GBP „ 
d Court Terme FRF _ 
0 Court Terme ESP- 
0 Court Terme ECU _ 


-DM 


.Ecu 


1694 

3986 

2271)0 

U» 

13835 

290556 

19.97 


0 Actkms inn Dlverslflees FF 

0 Actuns NenMmertcolnei J 

H Actkxn JooocoUoS Y 

0 Actions AmMssb I 


0 Actions AUermxidra DM 

0 Actions Francoises FF 

0 Actions Em & Port pro 

0 Actions Ihilleniias LJt 


0 Actions Bassln PocJHquo s 

0 OWIb Inti Dtvereiflees FF 


0 Oblia Nord-Amertarines— -S 

0 0MI9 JaBonabes Y 

OMk 


0 DMIfl Anglabei- 


0OMIP AUomandes DM 

0 ObUa Francoises — FF 


0 Oblle Em & Port.. 


12781 

2171 

1929.99 

1174 

GAO 

145-56 

3701*2 

35739X 

37 

120.14 

1*58 

229181 

1385 

3944 

15125 


0 Oblig Convert intern.. 
0 Court Terme Ecu. 


0 Court Term* USD. 


0 Court Term* FRF FF 14113 

CREDIT COMMERCIAL DE FRANCE 
0 ElvseesManetolre. - _FF 9034U7 


0 Sam Adi oash USD B. 
CURSITOR FUND M 


0 Cunlftx Eost Aston Eq * 

0 Cursltor Glbl Gwth Sub-Fd J 
DARIER HENTSCH GROUP 
Tel 4142 7DB 48 37 

0 Hentsdi Treasury Fd SF 

0 DH Mol or Markets Fund SF 

0 dh Mandarin PortMki SF 

0 SorrMKil FkrtMlo — — SF 


DISCOUNT BANK GROUP 


9*3480 

10454-DO 

101XX3 

31980 


w GAM Emera Mkts MIN-Fd 8 
wOAMMm-EuroeeUM— - » 


w GAM 

IV GAM 

WGAMMIH-U: 


Europe DM DM 


11680' 
6026 
16725 
12601 
12786 
171 X 


w ORM Trodjng DM D M 


w gam Trading Ui 

iv GAM ~ 
ir GAM 


■— H vs Value. 
( Selection J m 


BfisssS? 

^■Tvet w 


13420 

1*682 

16485 

97424 

10823 

6112) 

75224 

13297 

33124 

-wmi 


lyahre- 


i Whitethorn. 


I Bond Yen. 
i Bono DM— 


~SF 


i Bond t. 




■■■uverool USS- 
*SAM ComoestteJr^ 


12259 

19683 

67721 

14*98 

18481 

10156 

1462780 

170.17 

1SU3 

1X59 


Global strut Fd a A 
Bjotaishtt foci B. 

HHn Shot Fd q 
bStrtrtFdfl 


hgStralFdCIA. 


Mna Strut Fd Cl 
wg Mkts Strati 





9986 

loan 
Man 
101 JB 
10521 
9926 
9921 


H) Eurooe. 


GUERNSEY CAPITAL MANAGEMENT LTD 
I GCM Global SeL Ea. —S__ _ 10682 


GUINNESS PLIGHT FDMHGR5 (Go**T) Ltd 
GUINNESS FUGHT GLBL STRATEGY FD ■ 


0 Maneasd Curreocv. 


d GtaVd nrrrxt. m 

I 0 Gtatai High I ncome Bond^j 

d GdtTcaend.^^^^^M 


0 Euro HMD 1 nc. Band. 

0 OfObfll Equity. 


J 


3*77 

2U1 

UU4 

2124 

K.U 

2751 

13*74 

S44S 

12280 


d American Blue Otta 
a Jonon and Padflc— 

0 UK 

GLHiKeS5 FLIGHT INTLACCUM FD 
0 Deutsehemork Money— —DM 89523 

0 US Dollar Money 5 3821* 

0 US Dollar High Yd Bond — S 2358 

infiBakmcadGrtb— ' 


HA3E NBKH LER ASSET MANGT ( 
wHasemkldorCDmAG— — s 

i* HoeenMcMer Cam hK * 

wHpMrtil cttler Dhr * 


3689 


MERtULL LYNCH 
GLOBAL CURRENCT BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 
0 Category A . . .A* 


l Serl^t 


-AS 


d Goteaorv n 

) NAD I AN DOLLAR PORTFOLIO 


items A-K 
0 Class A-2_ 


rFL 


nr UnSoTvatued / 

ROBECO GROUP 

P08 973J0n AZ RotterekRlLnon 224UZ* 

0 RG Amer loo Fund ... . — FI 13ug 

d ro Europe Fund — fi . tun 

'gs 

0 RG Manev Phii/ Ft— jr *. ■ 11520 




d Emi New. !ri*iTjy l B ~ P)o 

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d OosSB-1. 
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1S.16 
I 13021 
150980 


DEUTSCHE MARK PORTFOLIO 
0 Categ ory A PM 

S - Uw3eAN BOND PORTFOLIO (DM) _ 

CtesA-l 5 *W 

0 Class A-2 — S J589 

it rinn M a 1*07 

0 rtw *. 1 153J 



llUq jOROUP EDMOND DE) 


NEW TjgjR GEL FUND 

tf Hona 

4 -Japon-^H 


■ W gLtjHtavHwflalO f 

a FUflOHtHIU . .. _ «.t 


w Force ( 
wLolcora. 






JP 


wMotxfinvBsf Crslsaance— FF 1396J0 

ivMofldlnvost 0n> Wftot PF 1241.15 

wMondiinest Emerg Growth Jtp 130782 

wMondlnveb! Futures FF 127185 

HEPTAGON FUND KV (5V994I5H5) 

t Heptaaon QLB Fund S a«87 

m Heptagon CMO Fund-— —3 Na 7080 

HERMES ASSET MANAGCMEIVT LTD 
Bermuda: (8091295400a Lux: (352140444*1 
Float Prioea 

mHurmss European Fund— Ecu 34QJS6 

m Hermes North American Fds 29084 

m Hermes Asian Fund . * 38154 

m Hermes Emara MktaFuiKLS 11929 

m Hermes SiroteglBs Fund. * 69124 

at Hermes Neutral Fund— J lixsz 

m Hermes caoboi Fund 5 64588 

m Hermes Bond Fund Ecu 123627 

m Hermes Sterling Fa t 10085 

« Hemes Gold Fund -5 41250 


INCOM^ARTNERS (A5IA) UWT i 


w Askm Fixed lacameHL 

INTER INVEST (BERMUUIIJ I luM 
C/a Bank of Bermuda. Tel : 809 295 AIM 


10884 


m Hedge Hog B Conserve Fd-I 
I NTERNATfONAL ASSETS FUND 


Z Be RoyuL L-24/9 Luxembourg 
w Europe SudE Ei 


cu 


INVESCO INTL LTD, POB 271, Jersey 
Tel: 44 534 73114 

0 Maximum Income Fund t 

0 Sterling Mngd Pm £ 

0 Pioneer Mantels t 

0 O total Band. 


0,9500 

2.1500 

6Jt700 


0 Okasan Global Slratagy. 
0 Asia Super Growth 


0 Nlpportl 

0 Asia Tlow Warrant. 


PREMIER SELECT FUNDS 
0 American Growth -J 

0 Dollar Reserve J 


178200 
2S5i ea 
2X200 
AAS0Q 
32600 
92000 


0 European Growth. 


68700 

B5300 

1X1900 

5J0B0 


0 European Enterprise— 2 
0 Global Emerg top Markets -5 
d Glotal 


I d Nippon Enterorhe. 
d N Ippan Growth— _ 

0 UKGmriiL^H 


0 Sterling Reserve. 


9.1300 

52700 

02100 

58600 

MHO 


0 North American Warrant. 
tf Greater China Opps_^H 


ITALFORTUNE INTL. FUNDS 


*1000 

78900 


w Class A (Aegr. Growtn ihriJ* 

W CfeBS B (aKiJflil EQUIIV1.MN 


w 0038 C (Global Bona) . 
w Class D (Ecu Bond) _■ 


-JScu 


(297580 

122 * 

11.19 

18.91 


JAR DINE FLEMING fGPO Bax 1H4I Mg Ke 

0 JF ASEAN Trust S 5621 

d JF Far East Wmt Tr 5 2289 

0 JF Global Cotv. Tr S 1487 

d JP Hong kong Trust i 1854 

0 JF Japan Sm. Co Tr _Y 55XMJX) 

d JP Japan Trust Y 12952JB 

0 JF Malaysia Trust S 2623 

0 JF Pacinc iitc.Tr. * 1339 

0 JF Thaliimd Trust —S 3927 


JOHN G43VETT MANT (I8LMJ LTD 
Tel: 44834 - 62 94 X 


r Goveti Man. Futures - 
rGovettMan Fut. USS. 


w Gavett S Gear. Cure. 


y Pewits Glbl BaL Hdae- 
group 


JUUUS BAER 
a BoertandH 

0 Can bar ■! 


1X07 

824 

1280 

10JD14 


d Eoulbaer America. 


0 Eoultaar Europe. 

Sltaddnrf^lH 

0 SwtnbarZlJ 


246*19 


m 


0 Europe Band Fund— _Eeu 

0 Swiss Band Fund SF 


0 DM Bend FUHL. 


SSEEASSfes^ 

BGnMa 

0 PoeiffcStocfe FundJ 
0 Swta B lock Pund-jB 
0 Special ■■■■ 


3M 


0 Japan Stock 1=una .Y 

d German Slock Fund— DM 

0 Korean Stock Fund 5 

0 Swiss Franc Cash JF 

SB8®fr “ 


llli 

244182 

f-flyjo 

12980 

127380 

12120 

’lli 

i£3 

1X90 

13380 

139.90 

14280 

997000 

10550 

8980 


171 080 
■6SJJ0 


0 Sterling Cash Fund. 

SRffittKterz* 

KEY ASSET MANAGEMENT INC 
m Key Global Hsdgt I 


1269a . 
129080 
110980 
104980 
112280 


mKyy Hedge Fund inc. 


25125 

15027 


Ki PACIFIC ASSET MANAGEMENT I 


mKI Asia Padflc Fd Ltd. 
KIDORRi PEABODY H 


% 


158 


8 OHHa peofce Fund Ltd. 


I Fund. 


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5 



Offshore Investors Face Tough Choices 


Sc*a^KPWStol^Kenh(fy.Cm*hy 


Inonmnl Herald Tribune 


'shore Firm? Think Twice 


•By Michael D. Mcffickle 

■ 

NANY given day,ac- 
wff ■ cording tosome oc- 
■ #perts,abouthaIfafaIl 
i%*-^ J foreign deposits in the 
world are sitting m offshore 
companies and hank accounts. 

\ Wmle most of it belongs to 
multinational corporations «wd 
^istitutions, a small, growing 
portion belongs to individuate, 
i£any of whom have created 
offshore companies. 

; Bat bow exactly does one set 
dp an offshore company or even 
an offshore bank account? Is it 
iteaOy worth it, or even legal? 
{Tow modi will it cost? The an- 
swers are co mp lex. While it-is 
generally legal for American, 
and British nationals, for exam- 
ple, to estaSdi^t sndi entities, 
the lawful ways to go about it, 
and benefits* are not always be 
clear. 

- Barry Engel, a princip al of 
Colorado-based Engel and 
Rndznan, a law firm spedafo- 
i£g in asset-protection trusts, 
notes that for a variety of rea- 
sons, people have some pretty 
fanny ideas abont offshore 
companies. Many American in- 
vestors, he said, have the ims-r 
taken notion that money invest- 
ed overseas is not taxable until 
^is brewght back in to the Unit- 
ed States. ... . V’ ; • 

j “l get probably me or two 
eafEsa week where peop&£ start 
to talk about fanning a foreign 
corporaiion,” Mr. Eood [sm d. 
“Toe first thing I ask is: ‘Why- 
are you doing tihnS? What do 
you seek to acoompfishY” 


Mr. Eagd said that snch que- 
ries often lead to a discussion in 
which he ends up qindBy dis- 
pelling. popular myths .about 
offshore companies and invest- 
ments. 

Specialists say that the top 
three legitimate reasou why an 
individual might want to estab- 
lish a c ompan y or account off- 
shore are privacy, asset protec- 
tion from litigation, and 
carefully selected investments. 
The exact purpose of the off- 
shore company or account, ana- 
lysts add, wiu often determine 
in which territory it should be 
setup. 


of entity in the locale best suit- 
ed to onefe mdnwhiak needs 
has beoosne an increasmgfy dif- 
ficult matter as the number of 
offshore centos has multiplied. 
Walter H. Diamond, vice presi- 
dent of the Isle of Man-based 
Offshore Institute, a group that 
conducts research and rsemi- 
nars, notes these are now at 
least 60-sepairute offshore juris- 
dictio n s, odi cf wh i ch bias its 
own advantages' ahddSsadvan- 


Mr. Dsamond said that it is 
always a good idea forpeopkto 
actually “gp there, and take a 
loot” at me locale, no matter 
hoiir remote itrmght be. 

. "There’s no , such dung as a 
perfect jurisdiction,* Mr. Bagel 
said “They vary dxamaticapy. 
Youwant to lock ai evcrythmg 
from ihe specific laws they 
have, their infiastrucluie, polit- 
ical and social stability, geo- 
graphic considerations and the 
cost strocarie.” ' 


of Santa Monica-based Off- 
shore Outlook, ai newsletter that 
monitors industry trends, said 
that one jurisdiction currently 
in favor Is the British Virgin 
Islands. According to Mr. Gms- 
bexg, those islands account for 
roughly one fourth of the 
1(X),000 registered companies in 
die 12 largest offshore centers 
globally. 

The British Virgin Wands, 
with the Bahamas, Turks and 
Caicos islands following suit, 
have also been aggressively go- 
ing after offshore business, Mr. 
Gmsbexg noted. 

“Basically, you can incorpo- 
rate within 24 hours,” he said. 
“You don’t need auditors, you 
don’t need all kinds of dungs. 
There are no taxes, and die ac- 
tual incorporation and registra- 
tion fees are very, very low com- 
pared to the Channel Islands 
and some other centers’.’ 

A simple use of an offshore 
company is to enhance privacy. 
For example, if executives or 
celebrities do not want their 
home address to appear in real 
estate records, they might elect 
to have the properly owned 
through an offshore company. 
This would make it nearly im- 
possible for someone to find 

their residence. 

Ownership of anything from 
a bank to a boat can be legiri- 
matefy transferred to such an 
offshore company, with similar 
results. 

Mr. Engri said that an off- 
sbare company of this type win 
add a degree of privacy, but 
does little to actually protect 


assets, because the owner of the 
offshore company holds the 
shares. “Ownership is what 

lawsuits” he said? ^n^^ier 
words, we may set up an off- 
shore trust But nobody ‘ovals’ 
a trust” 

Mr. Engel said that if an indi- 
vidual is faced with litigation, 
he can fully disclose his rela- 
tionship to the trust in court, 
bat the assets are out of reach. 

Kevin Mirecki, an attorney 
and managing director of 
American International Corpo- 
rate Services in Los Angeles, a 
firm that acts as a corporate 
agent in offshore havens 
around the world, said that in 
most instances, U.S. expatriates 
don’t really get any special 
breaks when it comes to srmply 
setting up an offshore invest- 
ment account He noted that 
American citizens are subject to 
U.Sl taxes cm investment in- 
come earned anywhere in the 
world. 

Anthony Axtabane, a partner 
with Prioe Waterhouse Invest- 
ment Funds Services Group, 

said expatriates should pay dose 

attention to the tax and legal 
angles and “how that fits in with 
your home country's rules.” 

Adam Courtenay, consulting 
editor for the Offshore Finan- 
cial Review in London, warns 
that expatriates should also be 
careful who they. do. business 
with in the offshore field. The 
offshore arena, he said, has al- 
ways had its share of “dodgy 
characters, in which case com- 
panies have been used for 


names na 
fraudulent 


purposes. 7 


Hiding Income: Templing, Risky and Illegal 


• By Iain Jenkins ; 

A n aroma of waf- 
fles fills the monring 
air in the Gaps du 
Midi station in Brus- 
sels, as pensioners queue far 
their tickets to the neighboring 
State of Luxembourg. But these 
men and women are not ordi- 
nary day-trippers: They are tax 


Later that evening, they will 
return with briefcases and 
handbags stuffed with cash. For 
in Luxembourg, they wifi have 
picked up dividend chedsfioan 
their inv estments in offshore 
bond or equity funds. It will be 
a pleasant day out, made all the 
more satisfying by the fact that 
the Belgium -taxman . can do 
nothing to stop them. 

^ Such expemtions are by n© 
man*; limited to Bel g i an s, of 
co urs e. Investors of all nation- 
alities have betel known to j& m 
and out of offshore centers, 
Weighted down with s lightly 
heavier valises on the return 


twefremember states, and each 

country jealously guards sover- 
eignty over its-own tax affairs. 

Adding to the difficulties of 
the “global taxman” is the cost 
of cross-border investigations, 
winch are extremely labor-in- 
tensive and hardly worth the 
trouble if the sum involved is 
not a huge one. Offshore inves- 
tors can tims easily fall through 
cracks between, various n ationa l 
taxation sys te ms and effectively 
disappear. . 

Tax authorities do, of course, 
hare some weapons. One often 
turns out lo be the naiv ety o f 
the investor, who simply trans- 
ftes money to an offshore bond 
fund, for example, but forgets 
.he will hare to explain where 
the money that earned 5 per- 
cent in a domestk bank account 

. the previousyear has gone, if be 

is audited. 

“Yon can’t just say that you 

lost the money on the horses,” 


are likely to get away nn- 


fftit who is likely to win tins 
increasingly complex game erf 
pat and mouse between the tax 
Cheat and the tax collector? Is it 
possible that investors can suc- 
ceed minding aH of theffcapital 

and dtutetk, or van a 
dreaded tax demand — ^ accom- 
panied by a cordial letter in- 
f arming the recipient erf an im- 
minent audit j— drop through 
ihe mail slot one day? . ■ 

: GeidGebhaid, a tax special- 
ist at Fleming Fond M anage r s 

In Uacmboorg, says: “It is all a 

matter of hp* pw&c go abort 
it. Certain thing s will be ywy 
difficul t for the tax a uthori ties 
to trace. The main danger is 
getting money in and out of an 
offshore center.' Once it: is there 
it is safe.” 

; For the moment, the odds 
appear stacked in favor of the 
investors. Geyer' acbowntants 
and lawyers can easily come np 
wjSh effective evasion schemes, 
aldysts say. And no bank or 
fund company in the Cayman 
Islands, Dublin, Lu*c ui boacg 
or Bermuda — to name a few 
offshore centers — » 
bound to disckwe ihe finanoat 


lost the toossey on the horses,” 
said Tony Frahcar, chief execu- 
tive of Sneer & FriedlanderTri- 
vestmenl Management, which 
runs a number ot Dublin-based 
nffth nr e funds. “That isn’t go- 
ing to wash. And you can’t just 
make it disappear. Increasingly 
this ‘cold money* is traceable.* 

Tim “traceaNfity” of money 

movements is abo.a powerful 
t wap tm in the arsenal of the 
taxman. Not long ago, people 

could arrive in an offshore cen- 
ter with suitcasesfollcfDcut- 

sdicmaifcs or US. dollars, and 
hand them over a counter in 
exchange for shares in an off- 
shore fund. Today, new roles on 
money laundering make such 
.practices more difficult. 

Mot offshore fond manag- 
ers •mu simply not accept cam 


nowadays. Others will accept 
the money and, if it appears 
suspkaous m origin, notify au- 
thorities immediately. 

And while electronic transfer 
js acknowledged as the easiest 


way fcogwiwu a— ~ 
movements leave traces in bank 
records which, in many conn- 
tries, can thes be injected by 
tax authorities if tiiey hare any 

m - m nf urtlT 


“Therete virtually no way for 
the Gteman tax authorities to 
die* out who invested what in 
Luxembourg,” said Thomas 
Balk, an officer at Mmrich- 
based Hypo-Bank. “I would re- 
gard Luxembourg as pretty 
safe.” 

Tax authorities may have an 
even tougher job in c o m b a tin g 
the nim ble expatriate, or the 
free-lancer who fives in one 
country but earns income in an- 
other. Such peogie have an ex- 
ceflent chance c* hiding invest- 
ment profits. And money which 
they transfer around me world 
can eaa^ di s app ear undetected 
into offshore funds. 

Greg Hope, a tax specialist at 

Towers Perrin, a London-based 
firm erf actuaries says: “Most 
free-lancers are paid gross. It is 
then left to their c on sci en ce to 
feyfa how iwn ‘* to declare. 
Proyidfingti^ctmtractiswilha 

■ c o mpany outride the country, in 
which they are resident, they 
could get away without declar- 
ing the payment.” 

Money earned by a U.S. con- 
sulting engineer on a free-lance 

contract with a Gennan compa- 
ny, for example, could be paid 
into a Gennan account and 
then shuffled into a Luxem- 
bourg fund without thetLS. tax 
authorities knowing anything 
about iL The chances of the 
German bank alerting ILS. tax 
authoritim, moreover, are rzo- 

nuscule. 


OFFSHORE 

COMPANIES 

FROM ONLY US5250 


• Ore ad WMofehro compote an 

Vustoav used by budnssamad high 

nainAInMULiarteanttnm 

prtatyBTdprSBcfcoothcoBrmdase*. 
Rr REE SM page bnduaeqtelng 
DBamstuGbiBisndteaMgeiol 
aataafagjBtelArawdWdicatet 
B±*tDiysmBA,IU. 

injternatoialccmpany 



at FMnta.CMHQMCKAfl 

StaBBSOIOt 


By Martin Baker 


E XACTLY where your 
money is located may 
not have much direct 
impact on its invest- 
ment performance, but, it af- 
fects just about every thing else. 

There is a simple clwJrfiat for 
the international fund investor 
looking to choose an offshore 
home for investment funds. Sat- 
isfy yourself that these few, sim- 

nil# rntana liaiaa Vumhi 


you should be able to achieve 
something dose to the ideal 
combination of discretion and 
security. 

• Regulation. If there is one 
palpable truth to be extrapolat- 
ed from the continuing murid* 
ness and mystery known as the 
BCG affair, it is that regulators 
do not know how to cooperate 
in dealing with international 
firms. Btrt there is an important 
difference bet w ee n the con- 
stantly shifting assets of an in- 
ternational hanlc such as BCCI 
and the theoretically more sta- 
ble monies of a co l lective in- 
vestment vehicle. 

The money in an offshore 
fund sho uld stay firmly under 
the supervision of the chosen 


The classic trade-off is be- 
tween regulation and taxation. 
The usual rale is that the more 
stringent the former, the heavi- 
er the latter. But the truth is that 
there is no ideal location for 


BRIEFCASE 


American Heritage’s 
Sibling Taking Off 

A recent arrival on the U.S. mutual 
fund scene is the American Heritage 
Growth Fund, a vehicle which aims to 
invest in undervalued companies. The 
fund is attracting more interest than usual 
because of its older sibling, the American 
Heritage Fund. 

The $91 milli on American Heritage 
Fund was a widely publicized success sto- 
ry until this year. Manager Heiko 
Thieme’s strategy of malting big bets on 
speculative companies paid off spectacu- 
larly, returning an average 52.28 percent 
annually from 1991 through 1993. But this 
year the fund has plunged 28 percent, 
mostly because of its large stakes m trou- 
bled small companies. 

Mr. Thieme wifi also run the new fund, 
and hopes to deliver some of the bounce of 
the rrngfnal, minus the risk. Among its 
current holdings are Exxon, Merck, the 
pharmaceuticals group, and Micron Tech- 


cvery fund. It depends on dr- 
cumstance. For example, if in- 
vestors choose a fund that has a 
flexible investment concept, the 
regulatory authorities may not 
like it. 

The extremely popular “um- 
brella fund" concept — where 
the investor commits money to 
one vehicle with a choice of al- 
locating it to various, “sub- 
funds" invested in different as- 
sets — is not acceptable to the 
Swiss regulatory authorities. 


risdictions such as Luxem- 
bourg. 

Some fund experts believe 
that similar “feeder”-typc 
structures may actually help the 


Hie classic trade- 
off is between 
regulation and 
taxation. 


investment performance of in- 
ternational funds. Cleverly 
structured feeder funds “may 
enable foreign investors to 
achieve a higher return when 
compared to investment in a 
foreign fund which directly 
owns [domestic] securities,” 
said a spokesman for Dublin- 
based consultancy and account- 
ing firm KPMG Kennedy 
Stokes Crowley. 

The jury, however, is still 


very much out on this issue. 

It is possible to invest in 
funds domiciled in “brass 
plate” jurisdictions with mini- 
mal reporting requirements, 
and virtually no taxation. But 
investors taking such a risk will 
need to be satisfied that the 
other criteria for making a safe 
investment are fully met 

• Taxation. The other side of 
the coin from reporting and reg- 
ulation, the taxation of offshore 
funds varies enormously from 


though the absence of with- 
holding taxes on investment in- 
come for non-resident investors 
is fairly universal. 

Indeed, the hot topic in the 
European fund industry is the 
attempt by Germany to impose 
withholding taxes on funds do- 
miciled in Dublin and Luxem- 
bourg. But these domiciles are 
within the European Union and 
relatively highly taxed and reg- 
ulated. As offshore centers go, 
these are dose to the mainland. 

If the fund is located outside 
the European Union in a juris- 
diction which has a double- tax- 
ation treaty with the country 
where the investor is domiciled, 
withholding tax can be elimi- 
nated. However, the benefits 
obtained under the double tax 
treaty may be outweighed by 
the level erf domestic tax im- 
posed on a fund. 

• Reputation. Investors 
would do well to look at the sad 
procession of investment 


scams, of which the MMM de- 
bacle in Russia is merely the 
latest and most egregious exam- 
ple. 

Although readers may fed 
thgnsdves more financially so- 


versed in the wiles of capitalism 
the average Ru ssian , the 
message bears reiteration: Only 
do business with finns that have 

a l ong -established reputation. 
If you want to invest relatively 
safely, that is. If you like the 


t- m - ■! " * '.• 


ram, certain winners and free 
loaches, deal with whom you 
like. 

But in general, wdl estab- 
lished firms are not going to 
offer scams to the public, and 
they also tend to have local of- 
fices — which helps if you want 
real information. 

• Location. The whole idea 
of an offshore center is that of 
being away from home. But it 
does facilitate investor happi- 
ness if the fund center is in the 
same time zone and the people 
ta kin g care of your money 
speak at least one of the lan- 
guages in which you are com- 
fortable. 

Readers are exhorted lo 
choose wdl, choose wisely, and 
not to forget that investing off- 
shore does not always exempt 
the investor from local tax re- 
quirements. 

Additional reporting by Bar- 
bara Wall 


oologies, a computer chip maker. An ini- 
tial investment of $5,000 is required. 

For more information, call (1-212)474- 
7308 in the UiL, or fax 397-4036. 

Hew Guide Offered 
To Emerging Markets 

Kleinian International Consultants, 
whose bailiwick is emerging stock and 
bond markets, has published a guide to 
bond markets in 70 small countries. 

The tome, called “Emerging Bond and 
Money Market Guide,” surveys sovereign 
and corporate H«nnmfm»tM in lo- 
cal and western currencies, available in 
the different markets. It also goes over 
such issues of interest to would-be inves- 
tors as taxation and foreign exchange con- 
trols, and summarizes the financial and 
economic climate in each country. 

The guide is certainly not for every- 
body, and it’s priced that way. At $425, 
the 150-page book costs about the same as 
a $1000 face-value Venezuelan Brady 
bond. 


For more in formation, or to order the 
book, call Kleiman in Washington on (1- 
202)686-4200, or send a fax to 686-4646. 

Amex Lists Warrants 
For Japan Equities 

Japan is the flavor of the month at the 
American Stock Exchange. The Amex last 
week began listing warrants on Japanese 
stocks and on the yen. 

The brokerage Bear Steams has floated 
a series of call and put warrants on the 
Japan Index, an Amex contrivance that is 
essentially equal to one- tenth the value of 
the Nikkei 225 , the benchmark index of 
Japanese shares. The strike price of the 
two-warrant series, the index point at 
which the intrinsic value is zero, is 207.65. 

The yen warrants, issued by Paine Web- 
ber, have a two-year trading life and a 
strike price of 99.9 yen. 

The Money Report is edited by 
Martin Baker 


“The next problem for the 
expatriate comes when they 

want to re-polriate the money,” 
said Mr. Hope. “Most choose to 
keep it in an account and let it 
rdf np interest They then use h 
to pay far a cottage m France or 
a holiday to Switzerland. They 
never bring it bade home.” 

But for many investors, the 
worry and uncertainty of 
whether they are going to get 
caught is too much. They can’t 
be bothered with tire skulldng- 
gery, preferring to benefit sim- 
ply from the tax deferral advan- 
tage offered by offshore funds. 

Analysts also warn that when 
an offshore investor dies, his 
money is often repatriated, 
leaving hens to answerfor capi- 
tal gwfnR imd inheritance taxes. 

Jeremy Hancock, senior tax 
manag er at Price Waterhouse in 
London, says: “Most people 
should not need to tty to evade 
taxes. In mort countries there are 
ways of structuring investments 
in offshore centers to make them 
tax efficient and legal.” 


f No. 1 ^ 

OFFSHORE COMPANY 
SPECIALISTS 


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EVTERIVATIONAL HERALD TRIBUNE, SATURDAY-SUNPAY, AUGUST 6-7,1994 


SPORTS 


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U.S. Player Ramos Plans 
To Rejoin Spanish Club 


By Robert McG. Thomas Jr. 

Mnr York Times Service 

NEW YORK — If he tries to 
pick up anything heavy he gels 
a headache. He can’t run or 
exert himself, and even a little 
header for the benefit of pho- 
tographers is out of the ques- 
tion. 

Even so, a month after he 
caught an elbow that fractured 
a bone in his skull during the 
U.S. soccer team’s 1-0 loss to 
Brazil during the World Cup, 
Tab Ramos is on the mend. 

Having b*en recuperating at 
his parents' home in Hillside, 
New Jersey, he plans to leave 
for Spain on Tuesday, to re- 
sume light training within a few 
weeks. He hopes to rejoin his 
club team. Real Betis, by the 
end of October, two months 
into the season. 

Any tendency to self pity was 
dispelled Thursday when Ra- 
mos slopped by Ronald Mc- 
Donald House in Manhattan to 
pose for pictures, sign auto- 


Williams Disputes Reports 
On Cause of Senna’s Crash 


Compiled hp Our Staff From Dispatches 

DIDCOT. England — The 
Williams racing team on Friday 
described as "unfounded" re- 
ports saying the crash that 
killed Ayrton Senna at at the 
San Manno Grand Prix proba- 
bly was caused by a broken 
steering column. 

Reports in the French news- 
papers L'Equipe and Infomatin 
said Italian investigators had 
found a fracture in the column 
that could not have been caused 
by the car's impact with the 
concrete wall 

Infomatin quoted the team’s 
chief designer, Adrian Neweya, 
as saying the steering column 
was modified shortly before the 
race because Senna had com- 
plained he could not see his 
control panel clearly. 

In a brief statement from its 
headquarters. Williams said: 
“Current media reports giving 
information regarding the possi- 
ble cause of Ayrton Senna's acci- 
dent are not based on the official 
findings of the technical experts 
investigating the matter. 

"They have not yet reached 
any conclusions and" have asked 
the magistrates for a delay until 
the end of September. 

‘Therefore, any speculation 
prior to this date in unfound- 
ed.” 

• The Italian government 
gave its approval Friday to safe- 
ty measures that would allow 
the Italian Grand Prix to be run 
Sept. 1 1, drawing protests from 
environmental groups outraged 
that hundreds of trees may be 
cut down. 

Italy's minister for cultural 
and environmental treasures. 


graphs and mix it up lightly least one World Cup match on 
with children. television, , according to a Har- 

“What happened to me was ris Poll, 69 percent don't care if 
nothing, 1 ' he said, glancing at a there's a new professional soc- 
few of the approximately 75 cer league in the United States, 
children who live at the East The Associated Press reported. 
73rd Street facility while in The survey, released Thurs- 
New York for cancer treatment, day, said 53 percent of respon- 
The most dedicated young dents were more interested in 
fan turned out to be Gabriel soccer than before the World 
Moreira, an II -year-old from Cup, 24 percent said their inter- 
Brazil. Ramos, born in Urn- esl remained the same and 23 
guay, found common ground, percent said it decreased. 

“1 wanted Brazil to win my- Those who did tune in liked 
self," Gabriel said. They were what they saw. Forty-three per- 
the best team.” cent found it very enjoyable 

Mirza Smailbegovic, a 4- and 39 percent found it some- 
y ear-old from Bosnia, was a what enjoyable, 
tougher sell, perhaps because he And those who tuned in were 
and Brian Leetch of the Nation- the audience that interests 
al Hockey League’s New York spor ts advertisers. Fifty-five 
Rangers have become pals. percent of males surveyed 
No, Mirza said, he did not watched at least one game . Fif- 
watch the World Cup. ty-nine percent of those with a 

“I watched the hockey play- household income of more than 
ere," he said, “Brian won the $50,000 watched at least one 
big trophy.” game and 49 percent with a 

• While 44 percent of Ameri- household income of between 
can adults surveyed watched at 535,000 and 550,000 watched. 

Twenty-nine percent of those 

surveyed would like to see a 
new professional league. 

ITf-prcs AllArte Even among those who 
U ICO UCUU1 lO watched the World Cup, 52 per- 

, i - cent don't care if there is a new 

Pflfia'c I 1*0 ell professional league, while 47 
Dliila O va CtOll percent would like to see one. 

Among those who didn't 
Domenico Fisichella, voted watch the tournament, 82 per- 
against the cabinet decision, cent don't care if there is a new 
His office said he saw no reason league and 15 percent would 
to disregard standards to pro- like to see one. 
teetthe environment. The poll of 1,249 adults was 

The cabinet endorsed a plan conducted from July 25-28 
approved by the regional Lom- has an error margin of 3 percent 
bardy government that opened Results of the survey showed 
the way for the destruction of far greater awareness of soccer 
more than 500 trees to widen a than before the tournament 
safety zone bordering the Mon- Three weeks before the World 
za track’s Grand Curve, consid- Cup began June 17, just 25 per- 
ered a possible hazard by For- cent of those surveyed by the 
mula One drivers. (AP, Reuters) Harris Poll were aware the tour- 


SCOREBOARD 


Major League Standings 


AMERICAN LB AGUE 
East Division 



w 

L 

F«t. 

OB 

New York 

AS 

38 

842 

_ 

Baltimore 

SB 

48 

.547 

10 

Boston 

52 

56 

Ml 

17 

Toronto 

52 

56 

-481 

17 

Detroit 

49 

59 

.454 

20 


Central D tv Mon 



Oleosa 

A3 

44 

JI9 

_ 

Cleveland 

62 

44 

JB5 

'* 

Kansas City 

«2 

47 

669 

2 

Milwaukee 

SI 

57 

472 

12'4 

Minnesota 

48 

59 

449 

15 


West Wviskm 



Texas 

52 

56 

48! 


Oakland 

47 

60 

.439 

4«t 

Seattle 

43 

AS 

410 

»Va 

Californio 

44 

66 

404 

Bt* 


NATIONAL LEAGUE 
Gail Division 

W L Pd. 
Montreal 68 » 436 

Atlanta A3 u sm 

Nowvork 53 54 >91 

Philadelphia 52 5A Ml 

Florida 45 A0 AM 

Control Division 

Cincinnati 64 43 J98 

Houston A2 47 -54? 

Pittsburgh 51 5A 477 

Ctilcaao 48 59 449 

St. Louis 48 59 jU9 

Weil Division 

Los Amralas 54 54 jgg 

San Francisco S3 57 jm 

Cotorodo 5) to .43? 

San Dlogo 43 AA .387 


Thursday’s Line Scores 

AMERICAN LEAGUE 
Oakland 000 001 010-0 4 1 

Kansas erty 100 100 12x— 5 u 1 

Reves. Horsman (71, Eckorslev (8) ana 
Stelnbach; Apfrier. Brewer 181, Montgomery 
Ml and Moyne, w— Appier, 7-4. L— Reyes, 0-1 
Vv — Montgomery (26). 

Toronto OM 103 M3— 3 f 0 

Boston 002 000 000-3 I I 

Stott letnvre, Rlgtwtt! (81. W. Williams (II, 
Hall (9 > and Bardore.' Clemons, Maiendu (9). 
Frohwirtti (W and BerryhIIL w-SIWtlemy re, 
M. I— Clemons. On. Sv-Holl (181. 

Detroit sot 800 000-8 5 8 

Cleveland 318 801 Mx-8 I I 

Bergman, Groom (8).S. Davis (8) and Tettto- 
ion: Lonoxand Alomar. W— Lopez, 1-1. I— Berg- 
mav 1-1. hr— C leveknt Baerga (17). 

Ci Icon OM 0M 100— I • 8 

Texas 001 Ml Mi-4 IS 8 

J. McOowoJKmd Melvin; BohanoruOSver (7). 
Henke (91 and l. Rodriguez. W-Oolwno n .a-1. 
L-J.McDaweU.M.Sv— Hank* U5».H«*-CW- 
coon, L. Johnson (3). Texa* Greer. (101. 

New York 180 no 310-9 19 0 

Minnesota oat 000 000-3 t 1 

J .Abbott, Wick men (6 1.GItaon 19) ondStan- 
lev; Erickson. Stevens (51, Campbell (9) and 
Walbeck. W— Abbott. 9-7. L— Erickson. 8-1 !. 
HRs— Minnesota Hrbofc (91. 

Baltimore tie sis om-ci t e 

Milwaukee 003 101 Six— I 18 8 

Williamson. Poole (7). Mills (81 and Holies; 
EWrea, Lloyd 371, Henry (81. Fetters (97 and 
N 1 1 Bon. W— E Wrod. 11-in. L— W1 1 1 lom son, 3-1. 
8*— Fetters 117). hrs— B altimore, c Rhaken 
(13). Milwaukee. Js. Valentin <101. 

Seattle OM 010 010-4 8 2 

California M0 001 100-3 7 I 

Cummings. Gassage (7), King (SI, Ayala (9) 
ana D. Wilson, c. Howard (Bl; Bn. Anderson, M 



Sa»ta Dcnnondnik/Roucn 


Motoko Obayashi, left, and Aki Nagatomi celebrated after 
a 15-5, 15-3, 6-15, 15-11 victory over China gave Japan the 
bronze medal in the women’s volleyball competition. 


Russians Sweep 
Skating Golds 

The Axrodaud Press 

ST. PETERSBURG — 
The hometown favorites 
won two figure skating gold 
medals Friday- night at the 
Goodwill Games. 

Olympic champion. 
Alexei Urmanov won the 
men's competition with his 
classical routine to Rossini 
while Artur Dmitriev and 
Natalia Mishkutienok, 
skating almost flawlessly 
with power and elegance, 
easily won the pairs. 

The winners, who all live 
in Sl Petersburg, reprised 
their routines from the 

Olympics in T jBchamm er. 

Urmanov nearly missed 
a triple flip, but his marks 
of 5.8 and 5.9 were enough 
to beat Todd Eldredge of 
the United States, with Phi- 
lippe Canddoro of France 
taking third place. 

Dmitrie v and MishltU- 
tienok led a Russian sweep 
in the pairs, with Marina 
Eltsova and Andrei Bush- 
kov getting the silver and 
Evgenia Smshkova and Va- . 
dim Naumov the bronze. 

Earlier, Surya Bonaly of 
France took the lead in the 
women’s competition with 
a straight-forward perfor- . 
mance m the technical pro- 
gram. 

The one exception to a 
dour session in a nearly 
empty arena was StPeters- 
burg-bom Olga Markova. 
She nailed a crisp triple 
lutz-double toe loop combi- 
nation in placing second. 


nameat was being held in the 
United States this year. 

• Rom&rio, who says he's 
had a grueling year, has offered 
a mea culpa to his Barcelona 
club for failing to show up — 
but he’s still not going back. 


Latter U>, B. Patterson (Bt and Myors. W— Gra- 
nge. 3-0. L— M. Loiter, 4-5. Sv-Avala (16). 
HRx-Saaflte, Anthony (9). T. Martina n». 

NATIONAL LEAGUE 
Pittsburgh IN Ml 188-8 11 1 

PMMeMda M0 IN 088-1 1 8 

Ltober, MomartlHo (81 and Panted; Schil- 
ling, Borland (71. Slacumb (9) and Ltabertnal. 
W— Lifter. A-A. l— scull lino, 1-8. HR— Pitts- 
burgh, King (51. 

Florida ON M8 188-8 I 8 

CMcaaa 0M 0M 0W— 1 5 > 

Gardner. Perex (8) and Santiago; TrachssL 
Crim (71, Bautista (91 and Wilkins, 
w— Gardner, *4. 1 — Troehsei. 9-7. 

H Re— Florida. Sheffield (34), Sant moo (11). 
San Diego 000 0M M0-8 A 8 

LM Angela MO 1M 0«>e— 1 I 0 

Bones. F tor t* <|j and Auamuo; Ke. Gran. 
Td. Worrell (9) and Piazza W-Ke. Or oss. 9-7. 
L-Boim 8-U Sv— Td. Warren (9). HR— Las 
Angeles. PJazxo (24). 

SI. Louis 000 W1 194—7 II 1 

Montreal DM ON 183-1 5 0 

TawksburvandPagnazzl: Ruotor, Scott (7), 
Rolos 191. O. White (9) and D. Fletcher. 
W— Tewksbury. 13-10. L— Rueter, 6S. 
HRe— St. Louie, zetle (17), WMten (13). Mon- 
treal. L. Walker 2 (18). 

Colorado ON 810 108-4 9 f 

Houston OB 0M 10*— 4 8 1 

Rttx. Harkev (3). Czaikowsfcl <51, Painter 

(7) and Girard); Kilo. Powell (7), To. Janet 

(8) , Hudek (9) and Servols. W— Kile, 8-6. 
L— RHx. 4-4. 

The Michael Jordan Watch 

THURSDAY'S GAME: Jordon went Mor-4 
In the Banmt'7-3 kaa to llw Greenville Brovea. 
He hod two shWM. a fob out and a fly out. 

SEASON TO DATE: Jordan h now batting 
.192 (71-(ar-SA9) with 34 runs. 16 doubles, one 


“They’re absolutely right I 
said I would report and 1 didn’t 
There must be punishment," 
the truant World Cup most 
valuable player said Thursday. 

“If they want to fine me, no 
problem," he said. “I accept the 


triple, om heme run, 40 RBL 39 wolka, 91 
itr I kaouts and M stolen bases In 39 attempts. 
He hea ID putouts, five assists and IDerron ex 
an outfielder. 

Japanese Leagues 

central Leone 


CFL Standings 


Bandera DhrMax. 
» L T 
3 2 0 



W L 

T 

ML 

OB 

Baltimore 

• 2 

2 

D 

hi ns 4 

Yomlurl 

52 37 

0 

JM 


Ottawa 

2 

3 

0 

159 159 4- 

OiunlcM 

45 44 

0 

JD6 

7 

Toronto 

2 

3 

0 

152 171 4 

Hon sdln 

45 46 

0 

495 

8 

ahreveparf 

0 

4 

0 

78 W 0 

Yakut) 

42 45 

0 

483 

9 

Hamilton 

0 

4 

a 

83 146 0 

Hiroshima 

41 46 

0 

471 

» 


MVflU 11 UW0HM 

• • 1 

Yokohama 

40 47 

0 

460 

n 

Calgary 

4 

1 

0 

213 .105 • 


Friday's Results 



Edmonton 

4 

1 

0 

150 ra t 

□wnichl 7. Yomlurl 3 




BrttCotwnMa 4 

1 

• 

HO 115 > 

Yakut t 5. Hamhln 0 




Sacramento 

3 

2 

0 

113 147.8 

Yokohama 17. Hiroshima 4 



La* Vegas 

2 

2 

0 

W 189 4 


Pod he Leone 



W 

L 

T 

ML 

OB 

Selte 

49 

37 

0 

J70 

MM 

DOM 

49 

39 

1 

J57 

1 

Orix 

47 

38 

1 

J53 

IVi 

Kintetsu 

47 

40 

1 

J40 

an 

Lotto 

36 

53 

0 

404 

14M 

Nleaon Ham 

33 54 3 

Friday's Remits 

479 

i*n 


Kintetsu 10, Settw 3 
DoM 5. Orix 1 
Nippon Ham 4 Latte l 

Work! Cham ptonaNpa 

TtwadoVs Reautfi 
United states 9, Netherlands 3 
South Korea 4 Cana* 3 
Taiwan lft France 0 
Puerto Rico tft Sweden 2 
Cuba 7, CotomMa l 
Australia vs. Italy, nnp. lightning 
Japan vs. Panama sun. llahtntne 


So Mo tch ew an 2 3 0 129 1 

Thursday's Reovflfi 
Wtroilpeg 34 Toronto 34 
Edmonton 42. Saskatchewan » 
British Columbia 4ft Sacramento W 


SECOND TUT 

■ratatf vs. South Africa Second Dm 
Friday, at Leeds, Inland 
Engtond let hrnlnu: 477-9 dec 


TRANSITIONS 


■ABB BALL 

Aimrlcwt Lmw 

CHICAGO WHITE SOX-Oened Shone 
Turner, tollekfor, and ategned him to Wr- 
mtagham, 5L. 

Minnesota— K ent Krtek. lit baseman, 
will retire at end «M9M swoon. 


DREAM: The Sequel as Film Noir_ 

Grtmaed from Page 1 within. two points twice, but 

most the 1992 Olympians sur- China made 12 of 15 free 
rendered was 85, in their 32- throws m die overtimt Hn 


point, gold-medal conquest of 
Croatia. And that was against a 
■ team with three solid NBA pros 
on it, not the fifth-place Euro- 


Weidong led China with 27 
points, while Paulo de Almeida 
led Brazil with 26. 

In Pool B, Croatia beat Cuba, 


pean qualifier, which is what 85-65, as Dino Radja of the 
SisSpanish team is. Boston Celtics got 25 points 

The original Dream Team and eigiht rebounds. Croatia S 
blew people out simply off the NBA frontline of Radja, Toni 
turnovers they created with Kukoc of the Chicago Bulls and 
their pressure and the resulting Stqjan Vrankovic, formerly of - 
high-wire transition show. This the Celtics, helped Croatia Fm c 
time, the Americans actually ish with a 45-20 rebound odvan- 
produced four more turnovers tage. Croatia shot 61 percent 
than did the Spanish, who also from the field, making 36 of 59 
out-assisted the U.S. pros, 17- shots. ■- 
16. That was more damning evi- Australia beat South Korea; 
dcncc that the NBA offense 87-85, despiLe scoring only one 
continues to deteriorate into a point over the final six mmute& 
game of power dunking or 3- South Korea closed an 86-71 
point shooting with little dse in deficit to 86-85 with 55 seconds 
between. - to play before Andrew Gaze, 

Think about this: with Joe who finished with 31 points, 
Dumars and Reggie MUIer tak- made one free throw with 13 
ing dead-eye target practice, the seconds left. Kyung Eun Moon 
Americans shot 71 percent in led South Korea with 24 paints, 
the first half, and walked off all on 3-pointers, 
with an 8-point lead. Lazy de- In Fool C, Russia beat Ar T 


fense by CrNeal and Mourning gentina, 84-64, as Yevgeni Kis- 
resulteo in marry men jumpers, sourin got 19 points, 12 on 3: 
several by a 7-foot center pointers. Russia finished with a 


named Ferran Martinez and 6-5 45-23 ai 
Tnrrti V iUaeamp a- who scored a and ou 
game -hi g h 28 points. 19, fron 

.When Alberta Herreras bur-: Cana 


icd a 3-pointer with just over first North American host to, 
five minutes left in the first half, this event with an 83-52 victory' 


into the M 01e! Ole! Ole! Old" 
chan t still reve r berating around 


idd Angola to just 15 field 
pals. Heriander Coimbra had 
6 points for Angola and was 5-' 


U.S. World Cup venues. The for- 5 from 3-point range. 


S mishment — and another 15 
tys in Brazfl.” - (AP) 
• • Mohamed Amman has 
been hired to replace Abdeflah 
Blinda as coach of Morocco’s 
national team following its 0-3 
finish in the World Cup. (AP) 


FOOTBALL 


lead lasted only a few seconds, 
and then Kevm Johnson and 
Derrick Coleman led Team 
USA to the 8-point halftime 
lead that Dumars (21 points) 
and MUIer (20) helped extend 
to as much as 23 with afluny of 


iters early in the second Germany. A 3- 


In Pod D, Jbs6 Ortiz had 19 
points to lead six scorers in dou: 
ole figures as Puerto Rico 
cruised past Egypt* 102-74. 

Panagiotis Fassoulas had 18 
points and 10 rebounds to lead 
Greece to a 68-58 victory over 


^-pointer by Gior- 
ith 12^3 to play 


. “The ; difference between gave Greece the lead for good 
Dream Team Land ns was that and started a lO-O run. 
they were able to get ire on • Kukoc rmortedly is close 
toms and put them away, . said to si g nin g a six-year deal with 


MUIer, after Spain fought hade, the BuUsthat will pay ttim S26 
dosing to 12 before it was over, million and make him the hi g h- 


PF PAR* 
182 183 « 


By then, the Americans est paid player in the club’s his- 
looked as if they just wanted the tory — topping even Michael 
gome to end, except for Dorm- Jordan. - 
nique WDkms arid Steve Smith, “Tm really happy about it," 
who didn't get off Nelson’s ‘ Knkoc told the Chicago Tri- 
bench until thclast few miznites buna, which reported the deal 
of garbage time. Nelson said in Friday’s editions, 
that, based on practice, those _ The team’s spokesman, Tom 
two are the odd men out of the Sunthbara, saia Friday that the 
rotation. So annoyed was Wit- contract had hot been signed 
kins by the slight max he iname- yet, but that, “hopefully, a de^T- 
diately forced two Junqwrs that is dose." . * 

missed, one entirdy, ran over a As a rookie last season, when 
defender trying to spin to the the Bulls paid trim Sl.l million, 
basket and then stuck a forearm Kukoc averaged 10.9 points^, 4 
shiver to a Spaniard’s neck on assists anclfour rebounds, 
defense. • _ He was tet-known fOT hia 

That’s another tiling Dream iwtwtiiot heroics, hit tin g the 
Team I never dealt with -- con- game-winner in three regular- 
troversy over playing time. * as ® 1 gam« atw mQame 3 of 


troversy over playing time. 
Coach Quick Daly manag ed to 
use everyone, even a coQegian, 
Christian Laettner. Then again. 


ip tire Eastern Comerenre semifi- 
m nals against New York, v •. 
in. In that game, Kukoc sank a 


opponent 


- . " - ' ' • . ' onds. - 

• ■ In other games, The ilssocf- Pippen, who will earn about 

atedPress reported: $2.8 million- next season, has 

In the other Pool A game, said he would have a problem if 
China surprised Brazil, 97-93, Kukoc were to earn more tiiazl 
in overtime China made eight him 

straight free throws to open the “If Tm satisfied, I don’t care 

overtime and took an 87-79 lead what everyone else is going to 
with 3:28 left. Brazil closed make,” Kukoc said. 


straight frw^tinws tooj»Eii tire “If 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 





TO OUR READERS 
IN BELGIUM 


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and save. 

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jumpers, sourin got 19 paints, 12 on 3? 
t center pointers. Russia finished with a 
z and 6-5 45-23 advantage in rebounding . 
i scored a and outscored Argentina, 3$ 
19, from the free throw line, 
eras bur- Canada started its run as 





















Page 17 






By Richard Sando mir 

. Sew York Tima Service 
‘ NEW YORK — The Sugar, 
Orange and Fiesta bowls have 
been selected to rotate art annu- 
al matchup of the season's two 
top-ranked college football 
teams in order to try to dete^ 
mine an undisputed national 
champion every year. . . 

• During a two-hour telephone 
call Thursday,' commissioners 
from the four athletic confer- 
ences that are involved ap- 
proved the -three-bowl coali- 
tion, which will start on Dec 
31. 1993. . 

The six participants in the 
bowls wfl] be the champions of 
the Atlantic Coast, Big Ea st, 
Big 12 and Sou theastern confer- 
ences and two at-large teams. 
The CottoaBowl and the Gator 
Bowl were rejected in their ap- 


/Is in the aH j a noe ,' 

. The plan to fashion a nation- 
’al champion could be derailed 
Only if a first- or second-ranked 
team came from the Big Ten or 
Pacific-10 Conferences, which 
play in the Rose BowL~ 

The deal is for six years, but 
the four conferences can get out 
by majority vote after three 
years. The alliance severs the 
traditional ties between the 
competing bowls and confer- 
ences. Instead, the bowls will 
choose their participants on a 
touting baas. 

Although the dates have not 
been made official, ihelflceE- 
hood is that on Jan. 2, one bowl 
will play host to the No. 1- and 
No. 2- ranked teams. An earlier 
bowl game; played Jan. I, wzD 
involve the No. 3 and No.. 5 
selections. The third bowl 

r ie. played Dec. 31, will pit 
No. 4 and No. 6 selections. 
The selections don’t have to jibe 
with the season’s final ranlangs, 
which are determined by polls 
of writers and coaches. 

- "ItH give us a chance to pick 
Notre Dame, Penn State or 


SIDELINES 

Twins’ Hrbek Retning - 
WINNEAPOLT^fAPy ~ 
Kent Hrbek, 34, the former All- 
Star first baseman who, has 
spent his entire career in the 
Minnesota Twins’ organization, 
announced that he will retire at 
the end of the season. 

“It’s not that I realty wanted 
to, but I think I had to,” said 
Hrbek, who has battled several - 
injuries the last five, years.' 

9 Robert Paxish,.41, thenine- 
time All-Star center of the Bea- 
ton Celtics, signed with the 
Charlotte Hornets, reportedly 


MicMgaa,' saM Chudc Zatar- ■||||| i W4 II j~ ^ 7 V ’ -- 

am. the Sugar Bowl president, 

“who have all played in oar 

game before.". • •. 

CBS. will air the Fiesta and 
Orange bowk'bbtb Jonnefly oa 
■NBC ABC will broadcast the 
Sugar Bowl from New Orleans. 

ABC whicb canies the Rose 
Bowl, is very well positioned. 

Dennis Swanson, president of 
ABC Sports, said: “We have two 
of the four bowls. We start in 
September knowingwe can ab- 
solutely host the dSampiopshi p 
game. And both our games are 
in exclusive time periods, winch 
is advantageous in ratings." 

Dick Ebersot, the president 
of NBC Sports, which is out of 
the major bowl business be- 
cause the Cotton .Bowl lost its 
bid, said: “It was crystal clear 
ti> ine in March that the person- 
al whims of the commissioners 
drove this, based on whether 
they could play golf." 

Whimsy or not, the commis- 
sioners’ decision, returns CBS 

heavily to ooDege football with ^ , „ . . . _ _ ^ 

two bowl games, which will pro- Shortstop Jose Hernandez, having forced Bret Barfoene, dropped the ball as Florida won its third straight in Chicago, 
cede the network’s start of regu- .... 
lar-SMSon SEC and Big East „ 

Baseball Talks: Stalemate or Showdown? 


Indians Close In 
On White Sox 



broadcasts in the fall of 1996. 

Tom Mickle, assistant com- 
missroncrof the Atlantic Coast 
Conference, said the decision to 
pick the Oxaogp. Bowl came 
down to Mtamfs better weather 
compared with the Gator 
Bowl's cooler, foggier dimate in 
Jacksonville, Florida. The Fiesr 
la Bowl’s choice was based on a 
higher bid than the . Cotton 
Bowl’s and better weather in 
Tempe, Arizona, than in DaBas. 

Richard Catlett, executive dir 
rector of the Gator Bowl, said: 
“It’s hard to understand how the 
commisBoaers could use a meth- 
od of selection that opted not to 
take significantly more money 
from us than the Orange Bowl" 

Catlett said the Gator .Bowl 
had offered $1 15 million, an esti- 
mated SIO milli on to S15 miTKnn 
more than the Orange’s bid, and 
1 was rcbnSding Its stadium. 

. Mickle added that the com- 
missioners were not concerned 
over whether the Fiesta Bowl 
actually had a- firm. financial 
commitment for ' continued 
sponsorship - by Jhtienoatioaal 
-Business Machines. An IBM 
spokesman said its sponsorship 
would conclude Jan. 1, 1995, 
with a two-year option that is., 
now under review. 

NBCs Ebersol hurled some 
bitter words ax the Fiesta Bowl, 
saying it was not contractually 
free to speak to any other net- 
works until November. 

; “If we were going to extend 
ourselves tobe in this game,” he 


stud, *1 wanted to do it with 
people who understand integri- 
ty and partnership. They had 
, , . s no legal right to talk to another 
agreemg to a two-year deal , jxetwork, hut I chose not to 

an optional third year, and a make a legal issue because 1 was 


guarantee of about $55 million. 
’ •Trent Dflfer, the Fresno 
State quarterback who was the 
fust-round draft pick of the 
Tampa Bay Buccaneers, agreed 
to terms on an eight-year, $1&5 
million contract. 


horrified at the thought of mak- 
1 — a new deal with them." 

reply, John Junker, the ex- 
ecutive director of the Fiesta, 
said only: .‘T wish the best to 
NBC ana all the fine people at 
NBC Sports.” 


By Richard Justice 

WoshotgCM Pott Service 

NEW YORK — Major 
league basebalTs labor negotia- 
tions remained at an impasse 
even as the players announced 
they would stick to their origi- 
nal strike date of Aug. 12 de- 
spite management's refusal to 
make a scheduled $759 million 
pension-fund contribution. 


The players said they hoped 
that giving the talks another 


week might result in ending the 
stalemate; but both sides also 
said that such a possibility 
seemed unlikely with the own- 
ers continuing to roast on a 
ceiling on salaries — a salary 
cap — and the players refusing 
to consider one. 

It was an indication of how 
Httle has been accomplished 
that, with a strike eight days 
away, die two sides met only 
briefly Thursday afternoon. 
The union chief, Donald Fehr, 
attended oidy-part of the ses- 
sion as his side made a series of 
proposals aimed at easing the 
revenue squeeze on small-mar- 
ket dubs. 

The session was completed 
Friday morning, with no indi- 
cation of when the two rides 
would meet again. 

In the wake of the nonpay- 
ment, die players considered 
calling Thursday for as imme- 
diate strike.’ But after a 75-min- 
ute talk by conference call be- 
tween union officials and player 
represenatives, the onion an- 
nounced that Aug. 12 would 
still be the day. 

‘ “After laUong about it at 
great length, the board decided 
that just because the owners are 
behaving in an irresponsible 
and provactive manner, it does 
not mean that the players have 
to do so," Fehr said. “It will 



The Associated Pros 

The New York Yankees have 
run away with the American 
League East. 

The Texas Rangers have 
pretty much won the AL West 
by default 

Thai leaves A merican League 
Central, where there's still a 
great divisional race with one 
week left before the players' 
strike date. 

The Cleveland Indians pulled 
within a half-game of Chicago 
on Thursday by beating De- 
troit, 5-0, while the White Sox 
were losing in Texas. 

Kansas City, meanwhile, 
won its 13tb straight game, over 
Oakland, which put the Royals 
— who were nine games out 
before their streak started — 
just two games behind the 
White Sox. 

Albie Lopez pitched a five- 
hitter for Cleveland and struck 
out a career-high 1 1 in his first 
complete game. The crowd of 
41,926 gave the Indians their 
28ih straight sellout in their last 
home game before the strike 
date. 

"I think I proved I can pitch 
up here now," the 22-year-old 
Lopez said. “I think I can stay." 

He was recalled from Class 
AAA Charlotte on July 23 after 
Mark Clark, Cleveland's win- 
ningest pitcher, had his right 
wrist broken by a line drive. 
Lopez was 3-1 with the Indians 
last year and 12-2 at Charlotte 
this season. 

Carlos Baerga had a two-run 
homer for the Indians, and 
Wayne Kirby, Sandy Alomar 
and Omar Vizquei had RBI sin- 
gles. 

Kenny Lofton helped Lopez 
with a sensational leaping catch 
of Dan Bautista's drive to the 
fence in left-center leading off 
the fifth. 

“The guy hit it and I said, 
‘Kenny's got it,’ ” Lopez said. 
“Then it kept going and I said. 
‘No, Kenny doesn't.* Then 
Kenny got it." 

The Indians have eight games 
left before the strike date of 


Aug. 12. The White Sox have 

11 . 

Rangers 4, White Sox I: 
Rusty Greer wen 1 2-for-4 with a 
two- run homer in the eigblh in- 
ning as Texas stretched its lead 
in the AL West to 4 games. 

Jeff Frye and Juan Gonzalez 
added RBI singles to help the 
Rangers move within four 
games of .500. 

Chicago had won four 
straight before dropping the fi- 

AL ROUNDUP 

nal two games of the three- 
game series. 

Royals 5, Athletics 2; In Kan- 
sas City. Felix Jose had three 
three tuts and Kevin Appier, 
with only one decision in his 
eight previous starts, pitched a 
four-hitter. 

The Royals' streak is the 
longest in the major leagues 
since Atlanta won 1 3 straight in 
1992. 

Yankees 9, Twins 2: Visiting 
New York won its seventh 
straight and opened a 10-game 
lead in the AL East as Benue 
Williams hit three doubles and 
Luis Polonia, Wade Boggs and 
Paul O'Neill also had three hits. 
The Yankees tied their season- 
high with 19 hits. 

Mariners 4, Angels 2: Goose 
Gossage got the victory in his 
! .000th career appearance and 
Eric Anthony Jut a two-run 
pinch homer 'in the eighth as 
Seattle won at California. 

Only Hoyt WjJhdm (1.070) 
and Kent Tekulve (1,050) have 
pitched in more major league 
games than Gossage. 

Brewers 5, Orioles 3: Jose 
Valentin hit a two-run homer 
and John Jaba had a pair of 
RBI doubles in Baltimore as 
Milwaukee snapped its three- 
game losing streak. 

Blue Jays 5, Red Sox 2; Joe 
Carter reached 100 RBIs for the 
sixth straight season and John 
Olerud knocked in two runs 
with a ground out as Toronto 
won in Boston. 


Kile Strikes, Astros 
Beat Rockies Again 


Ski .11 M Falfc'Rjnncrt 


A fan at dote Pirates-PhflBes game in Philadelphia let Us thoughts on a strike be known. 


come as uo surprise that the glad the tempest in a teapot has 
players' level of resolve, which passed and we can get back to 
was already extremely high, is the real issue 
now several levels higher.” -ru— . — 


Richard Ravitch, chief nego- 
tiator for the owners, welcomed 
the union’s action, saying, *Tm 


BY THE CABLOAD By Dean Niles 


ACROSS 
1 Quite the rage 

5 “Throw 

From the 
Train" 

10 Abbr. in car ads 

J3 Gilt 

'19 Top of the line 

20 Ne plus ultra 

2 1 Associate of 
Tiggerihe Tiger 

22 One of the 
Beverly 
Hillbillies 

21 1990 Craig 
Lucas play 

26 Rich fabric 

27 Go with 

28 Old- fashioned 

29 Galatea's 
beloved 

30 A rathe and 
others: Abbr. 

31 Lohy perch 

32 Onetime 
Hers hey 's rival 

35 Contributing 

38 "ft is a nipping 

eager air : 

Shakespeare 

39 Location of 
many ban 

42 Side petals of a 
flower 

43 1 966 Wilson 
Pickett hit 

44 Anderson’s . 

“High ' .. 

47 Skedaddles 


48 disanx 

(so-called) 

49 Good-sized 

50 Sphinx sice - 

51 Sample 

52 "Hurts So 
Good" singer 

57 Dred Scott 
Justice 

58 Purpose 

59 Robe.- 

60 Worker, 
informally 

61 Disposes of 
evidence, in a 
way 

62 Colorful , 
perennial 

64 Sculptor . 
George 

65 Stone neap ^ 

66 One of the , 
twins in 

"V Twins” 

68 ski 

69 Caramel-, 
topped dessert . 

70 Literary 

monogram 

73 Copacetic state 

74 Shdleywork 

76 - — -glance 

77 Criticized 


83 , 1 954 Kurosawa 
classic, with 
The" 

88 Give way 

89 Boost the banery 

91 Cache 

92 Let down o ne; 1 *, 
guard ' 

94 Tilts . 

95 Person with a 
mission 

96 coxa 


1 

2 

2 

4. 

J» 




21 




V 





as as 137 


se): Sp. 

97 Small airport 
craft, for short 
99 first woman in 
the British.,. , 

. . Parliament 
200 Places for •' 
doctors' strikes? 
104 Author ‘ 

. Raymond . 

107 Oklahoma group 
109 News ' - 
interruption . 
tiff Chess champ 
Mikhail. 

Ill Certain «ldiets ' 
312 Actress — ~ 

May Oliver 
113 Fit ' 


78 L.B.J. biographer 114 jKie.66.ag. 


Room 

80 Propeller 

81 Prance's 

deGlenam 

82 Sorority letter 


Solution to Puzzle of Jafy 30-31 



115 Feminist Lii^ 

116 Baritone - 
down 

. 7 Bullfighter’s 
•••red cloak ■ 

2 : — — dc combat 

3 '. dc Castro 

. (Spanish 
hobtewuman) . 

4 PianopedaL 
that mute the 
strings 

5 College test . . 

6 -"Waning for" 

Lefty". 

playwright 

7 Take 

your leader" 
8'Much-quratd 
- luminary 

9 San Francium 
-suburb* . 

10 Stemming 
It Group on 
horseback . 
12 Looking up 
• 13 Nightwear, fpr 
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There are increasing signs 
that a strike could be a long 
one. Tbe union has SI 73 million 
in licensing money set aside to 
distribute to players Deeding 
funds during a strike. The own- 
ers, a management source said, 
have a huge line of credit with a 
consortium of banks. 

That’s the frightening pan 
of all this,” a source involved in 
the negotiations said. "Both 
sides have tremendous re- 
sources. If it’s going to be a war 
of attrition, it could be a long 
one.” 

However, a management 
source said a few financially 
strapped clubs have already 
borrowed money, some of them 
to their credit limiL But the 
source cautioned that (he own- 
ers. unlike previous years, re- 
main prepared for a long fighL 

Even lie Chicago White Sox 
owner, Jerry Reinsdorf. who 
seemed to break ranks last 
weekend by announcing he 
would settle for a rollover or the 
current system, sent his col- 


leagues a letter stating he sup- 
ported tbe salary-cap effort and 
was "prepared to accept what- 
ever pain must be endured to 
achieve that change.” 

The union's proposal would 
give management another de- 
vice for helping small-market 
dubs without asking the players 
to accept a salary cap. Fehr 
wouldn't reveal details of the 
plan until he'd given all of it to 
the owners, but it's believed to 
involve a sharing of all broad- 
cast revenues instead of just the 
national television package, 
which is now.’ the case. 

One of the largest disparities 
between large-market and 
small-market clubs is those tele- 
vision revenues, which range 
from about S50 million per sea- 
son for the New York Yankees 
to around S3 million for teams 
such as Pittsburgh, Seattle and 
Minnesota. 

The owners will quickly re- 
ject the proposal since the large- 
raarket clubs have said they 
won’t share another cent of 
their revenues unless they get 
something in return — in this 
case, a salary cap. 


The Associated Press 

Don Baylor thought his Col- 
orado Rockies were about to 
erupt Darryl Kile was feeling 
the heaL The Houston Astros 
playoff hopes were in danger. 

False alarm. 

After a single and a double 
put two Rockies in scoring posi- 
tion with nobody out and the 
heart of the batting order com- 
ing up, Kile turned the heat into 
smoke that blew by Dante Bi- 
chette and Charlie Hayes. 

“That’s the inning we’ve been 
looking for for a while, runners 
on second and third with no- 
body out," Baylor said Thurs- 
day night. “Six pilches later, 
we’re out of iL" 

And KOe was into it He re- 
tired 13 in a row after the two 
hits, scattered eight hits over 6 ti 
innings and pitched the Astros 
to their ihuil straight vietoiy 
over their least- favorite oppo- 
nent. 

Even with this 6-2 triumph, 
the Astros have a sorry 7-17 
record against i he second-year 
franchise. 

More importantly, with the 
anticipated strike now a week 
away, the Astros moved within 
three games of idle Cincinnati 
in the Central division and 
within two of Atlanta in the 
National League's wild card 
chase. 

Craig Biggjo hit a two-run 
triple to cap a three-run second, 
and Scott Servais also drove in 
two runs Tor Houston. 

Cardinals 7, Expos 3: Bob 
Tewksbury’s five-hit pitching 
and Todd Zeile’s third major- 
league grand slam helped Sl 


Louis hand visiting Montreal 
its second loss in 16 games. 

Tewksbury. 1-3 with a 9.43 
'ERA in his previous four starts, 
retired 10 straight to start the 
game and went on to his fourth 
complete game. 

Zeile’s 17th homer broke 
open a 3-1 game in the ninth, 
and Mark Whiten hit his J3th 
homer. 

Larry Walker hit a solo 
homer in the seventh and a iwo- 

NLROUNDUP 

run shot in the ninth to account 
for all the Expos runs. 

Dodgers L. Padres 0: Mike 
Piazza hit his 24th homer 
against visiting San Diego while 
Kevin Gross and Todd Worrell 
combined on a six-hitter for 
Los Angeles, which moved 214 
games in from of idle San Fran- 
cisco in the West. 

Gross retired 14 straight, and 
Worrell got his ninth save. 

Pirates 5, Phillies 1: Curt 
Schilling, the MVP of last year’s 
National League playoffs, lost 
for the eighth time in nine deci- 
sions this year as Philadelphia 
fell to visiting Pittsburgh. 

Jon Lieber allowed only three 
hits in 7Vs innings. He struck 
out six and was supported by 
two RBIs from Dave Dark and 
Jeff King's fourth homer. 

Marlins 5, Cubs 1: Mark 
Gardner held Chicago to five 
hits in 7% innings as Florida 
won its third straight in Chica- 
go- 

Gary Sheffield hit his 24(h 
homer and drove in three runs 
for the Marlins. 


14 "WfidflowcrMic 

15 Onslaught 

16 Ham men 
character * 

17 "... saw 

KIba' 

• 18 Capos 

24 Golden-rule 

• • word 

25 ll«arts“In 
the name of 
Allah..." 

31 Prank 

32 N«t dirinknTg 

33 Paris 
destination 

34 Piggery 

■ 35 Dishijol 

36 Novelist 
Ktibbc-GriQci 
' 37 Garter ci uwjtttt 
.38 Qrtktniwly 
' 39 lamcv. 


40 Displayed, as 
charm 

41 Demlvi’s shuts 
44. Housrnf Poe 
45 Stop running 

50 "Mr. Mom’ 

en-«ar;19K3 

52 Overborn* 

53 Low- fat 

. alternative 

54 *Vnlantt,“e.ft 

55 Presr.es 

56 " — ~ Alice” 
fanudnjgfiLn) 

.57 "JuH.— r 

61 Mow! fmlcr 
63 SfM ' 

i*4 Scoop (up) _ 

65 David 0*mHT 
ficUk mother 

66 Adventurous 


67 Gush 

68 Up (Murk) 

69 Distress signal 

71 Publisher 
Hoffenbng 

72 Letup 

75 Porter’!* - - 
Got That 
Thins* 

78 Lepl writ from 
an appeals 
eoun. briefly 

79 Middle amis. 

81 Influenced 

83 - — Bnitlo. 
Calif. 

84 Pint word ol 
"UJyssc*" 

85 J r tir 

86 Tinwt hence 

87 i Ugh-powcred 


90 Honeyed 
Turkish 
confection 

9 3 Range d 
expert i< e 

95 “Fiddlesticks!" 

WTie 

97 Lnwhfe 

98 Runner's goal 

99 Pituitary 
hormone, for 
short 

ZOO Vqjri jt trevtku 

101 Man PridaY 

102 Corn cake 

103 tlwal sound 

105 When Paris 
kkulrs 

106 Raw 

108 lJt*-ii- 

yimrseller’s 

sun 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, AUGUST 6-7,1994 


DAVE BARRY 

Some Brilliant Ideas 


The Other Victims of the Guns of August 


M IAMI — Today we pre- 
sent Science Quadrant, a 
look at some wonderful ideas 
developed by brilliant scien- 
tists. 

Our lead item concerns an 
exciting medical breakthrough: 
ROBOT IN YOUR COLON: 
We found out about this thanks 
to the May 18. 1994, issue of the 
Massachusetts Institute of Tech- 
nology’s Tech Talk, featuring an 
article about an MIT student 
who has invented a miniature 
remote-controlled robot de- 
signed to crawl far into your 
large intestine. This will be a 
great boon to the medical pro- 
fession, which, as you know, is 
always looking for new things to 
stick as far as possible into our 
various bodily orifices. 

So you just know that the 
colon robot is going to be a big 
hit in the medical community. 
Tech Talk states that the robot, 
which looks like a tiny tank, is 
equipped with a claw to "grasp 
and carry objects,” and that it 
“can be operated by a person 
with a joystick . . . but it also 
functions independently when 
un tethered.” 

That last statement worries 
us. We don’t want a robot of 
this nature — especially if it has 
a claw-functioning indepen- 
dently. (“Hey, has anybody 
seen the colon robot?” “No, but 
I’ll keep an eye 
OOOOWWWWW HEY GET 
OUT OF THERE.”) 


At this point you’re askin g, 
“How soon can L the medical 
consumer, have this device 
creeping around in my intestinal 
tract?” The answer, unfortunate- 
ly, is “not yet” The problem is 
that whatever idiot designed the 
human body was dearly not 
thinking in terms of robot ac- 
cess. According to Tech Talk, 
the large intestine “is wet, slip- 
pery and lades firm surfaces , 
the robot, as currently designed, 
does not maneuver well in there. 
It might get stuck inside you, 
and then the medical profession 
would have to send in a minia- 
ture American Automobile As- 
sociation Tow Truck Robot, 
wearing a tiny blue uniform with 


its name (“Roy") embroidered 
over the shirt pocket. 

So they’re working on budd- 
ing a better colon robot, and we 
hope they succeed, just as we 
hope that one day scientists will 
develop . . . 

THE SPY FLY: We found 
out about this thanks to a spe- 
cial issue of the newspaper Fed- 
eral Times put out for Public 
Service Recognition Week, 
which honors government em- 
ployees (motto: “You Have the 
wrong Department"). The is- 
sue begins with a message about 
improving government written 
by (speaking of robots) Vice 
President Al Gore, who makes 
the following statement: 

“When the IRS asked cus- 
tomers what they wanted, the 
IRS got a surprise. Customers 
wanted simple forms, help that 
is easy to get, and very little 
contact with the IRS.” 

We can certainly see how 
these findings would surprise 
the IRS, just as they would sur- 
prise any normal American who 
has spent the past 75 years en- 
cased from head to toe in ce- 
ment. But that is not our point. 
The point is that this same issue 
of Federal limes has an article 
about the federal government's 
Technology Reinvestment Pro- 
ject, which is spending millions 
of dollars to develop new tech- 
nologies for exciting uses, such 
as the Spy Fly. 

□ 

How would the Spy Fly 
work? Federal limes asks us to 
imagine a scenario in which the 
dictator of a “ferociously ag- 
gressive nation” is in his under- 
ground bunker, planning a nu- 
clear attack. 

“As the dictator talks,” says 
Federal Tunes (we are still not 
making these quotes up), “a fly 
crawls, unobserved, across the 
ceiling. The fly is equipped with 
a sophisticated electronic lis- 
tening device, far smaller than a 
human pore. Later, the fly will 
bring his precious load of re- 
corded information back to a 
U. S. intelligence officer.” 

We here at Science Quadrant 
think this would be a fine use of 
our tax dollars. 

Knight-Ridder Newspapers 


International Herald Tribune 

L ONDON — This week marks 80 years 
since the guns of August fired, leading to 
four years and three months of unparalleled 
savagery and needless sacrifice. “0 Jesus, 
make it stop," wrote the poet Siegfried Sas- 
soon, a decorated officer, but when it did stop 
it did not end. 

On July 1, the anniversary of the start of the 
Somme battle in 1917, a member of Parlia- 
ment, Andrew Mackinlay, presented a bill 
granting posthumous pardons to the 346 Brit- 

MARY BLUME 

ish soldiers who had been court-martialed and 
shot at dawn in the Great War. Mackinlay’s 
earlier version of the bill, last October, was 
killed, John Major having said "it would be a 
mistake to try and rewrite the events of the 
past.” This summer’s bill also failed but 
Mackinlay, a Labor Party member whose co- 
sponsors include members from all parties 
from Tory to Welsh Nationalist, says be will 
keep trying. “I see this as a memorial to those 
soldiers,” he said. 

The Somme offensive resulted in the loss of 
420,000 men from the British Expeditionary 
Forces and in no strategic gain. In the four 
months from its start, 32 soldiers were execut- 
ed, only three of whom had had medical exami- 
nations. “The death penalty is instituted to 
make such men fear running away more than 
they fear the enemy,” the satisfied commander 
of one of the executed men said. The charge 
was usually cowardice or desertion. •>.'( 

The executions represent a tiny number * 
among the mini ons slaughtered, but they are a In h 
potent symbol of the war's injustices. The 
graves are forever marked Died in Action, 
rather than Killed in Action or Died of 
Wounds (although one irate family demanded that 
Shot at Dawn be inscribed on their sot’s headstone), 
and deaths were often as arbitrary as a sniper’s bullet, 
being based on a procedure that did not require 
proper inquiry or rules of evidence, a decent defense 
or the right of appeal. “An archaic and macabre 
ritual.” says Anthony Babington in a book whose title 
is in itself a summary: “For the Sake of Example." 

Babin gton’s book, published in 1983 and m a 
revised edition last year, is the base of later studies 
and of Mackinlay's bill. Babington, a retired judge 
who was twice wounded and won the Croix de 
Geurre in World War II, began his research as part 
of a history of army disdpune, then was intrigued 
when he saw how closely (he number of executions 
followed the pattern of military disasters. 

He was the first person to be given access to the 
then-secret records by the Judge Advocate General 
who told him he was glad to do so, haring looked at 
one or two cases and being sure that everything was 
right and proper. 

“And of course directly I sat down to read the first 
few cases, I could see it was not.” Babington said. 
The courts-martial were overburdened, conduct- 





rfe^cr-Vioiin 

In horrendous World War I trench conditions, some soldiers 
cracked and were executed; now pardons are sought 


ing an average of 160 trials per day during the four 
years of the war. They were also usually ill-informed 
and often highly prejudiced. The procedure, since 
discarded, was that the court consist of three offi- 
cers, that the accused be allowed a defender, usually 
called the Prisoner’s Friend, and that death sen- 
tences be confirmed by the Commander in Chief. 
No legal training was required, often the accused 
was undefended, witnesses would frequently be ab- 
sent or unidentifiable. 

Babington says the trial notes he consulted were 
very scant and showed no signs of legal training. 
The files sent to the Commander in Chief often 
contained prejudicial hearsay. “I remember one 
brigadier who said, ‘this NCO is a thoroughly bad 
lot, he is known to be such in his battalion." Until 
almost the end of the war. a man who had been 
sentenced to death was informed only just before 
his execution. 

A few of the executed were indeed a thoroughly bad 
lot. murderers and rapists, which is why Babington 
favors a case by case review rather than a blanket 
pardon. But his book makes dear that a majority of 
the men suffered from shell shock, although evidence 


of previous wounds or mental treatment was 
not given and the very existence of shdl shock 
* often denied. A sergeant, who had fought 
bravely through 1 1 nonstop months and was 
praised for his keenhess by his compaoy com- 
mander, was accused of “shamefully casting 
away his arms in the presence of the enemy, - 
his legs having suddenly given, out before an 
attack. The medical officer found no sign of 
nwOTiiar rh eumatism, so the sergeant was 
shot . \ _ ■ ... , .. 

The British trendies were less wefl-bunt 
than the German, sometimes neck-high in 
mud, fiUed.with die stench of dead comrades 
and huge insects known as corpse flies. British 
soldiers were issned steel hehnets'orily in 1916 
and even then some officers refused to allow 
their man to wear them (the French had them 
from 1915) and they served longer on the line 
than the ranch: Only in 1917 were they 
allowed as much as 10 to 14 days leave every . 
15 months. 

Records of German World War I execu- 
• dons were destroyed, but Babington cites a 
German historians figure of 150 death sen-' 
icnccs and 48 executions. The French Army, 
plagued by mutinies, has never released its 
figures. Only three of the 346 British executed 
were officers, less a sign of privilege, Babing- 
ton thinks, than of better framing and (this he 
bases on his World War II experience as a . 
captain) of having the mental and emotional 
protection of being physically responsible for 
other men's lives. - - 
Members of Parliament were aware from 
1914 that the executions were often unjust 
and questions were raised throughout Lbe war, 
Hers always reassuringly answered by the Under- 
secretary for War. “What was really horrify- 
ing,” said Babington, “was that the Undersec- 
retary for War got op in die House of 
Commons and quite near the end of the war said 
that he hadn’t come across a case where a man had 
been executed who had been previously wounded or 
treated for shell shock, which was absolute — wefl, 
let us hope he was misinformed.” 

So Andrew Mackinlay’s bill follows parliamenta- 
ry tradition and be says his mail is overwhelmingly 
in support. “John Major’s argument that it is past 
history would be valid if we were talking about the 
Napoleonic or Boer wars, but we all have fathers or 
grandfathers or great-grandfathers who fought in 
the Great War. As long as we go to the war memorial 
every year to remember them, this question has to be 
of our times. 

“It is not the most important thing in the world, ■ 
but it is important,” he said.. 

Judge Babington regards it as essential that jus- 
tice be done, even retroactively. Certainly not re- 
viewing the subject is just another non-answer to 
the question posed by Isaac Rosenberg, killed at 
dawn while- on night patrol, in a poem called 
“August, 1914.” 

What in our lives is burnt . . 

In the fire of this? 


PEOPLE 

Jackson and Presley 

Arrive in Budapest 
Michael Jackson and his * 
bride, Lisa Marie Presley, ar- 
-rived in Budapest late Friday. 
His spokesman, Lee Sobers, 
said it was the couple’s first 
appearance in public since the 
announcement this past week 
that they had married in secret 
outside the United States 1 1 
weeks ago. Jackson is filming a 
video promotion of him rescu- 
ing a generic Communist state 
from Red Army troops in Bu- 
dapest. Mr. Sobers said the cou- 
ple would visit a children’s hos- 
pital Saturday. 

□ 

Franco Zeffireffi, the film di- 
rector, says he’s still haunted by 


the memory of the German sol- 
dier he killed 51 years ago dur- 
■ ing the war. In an interview in 
Corriere <Mfa Sera, he says: “In 
those moments you just don't 
think, either you are the first 
one to shoot or you’re dead." 
But he adds, “It’s a story that 
has bothered me all my life.” 

□ 

.. .Jerry Lee Lewis, 58, is invit- 
ing tourists to his un-Grace- 
land-like ranch-style home in 
Nebbit, Mississippi, to help him 
pay off a 5560,000 tax debt to 
the IRS. Five dollars a visit. 

□ 

What’s in a name? When the 
name is Rush, as in Rush Lint- 
faugh, enough for a lawsuit. ~ 
Aaron Barber, a businessman/ 
and fafled Democratic candi- 
date for Colorado secretary of 
state, wants to host a liberal 
radio talk .show: “After the 
Rush.” Lawyers for Limbaugh 
have threatened legal action 
while the American Civil Liber- 
ties' Union has filed a suit in 
Harbor's behalf, citing free 
speech and free enterprise. ' 

The Ruffing Stones obviously 
had better things to do. The 
band skipped a tour of the 
White House although some 
members of their entourage did 
show up for a private tour. 


IWnERNAIlOIVAL 

CLASSIFIED 

; Appears an Pages 6 & / J 


WEATHER 


POSTCARD 


Europe 


Atm* 

Arabian 

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Bnatora 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 


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36/97 17/82 
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38/79 17/83 
29184 17/83 
31/88 31/70 
21/78 13/86 
30*BB 24/75 
30*80 19*86 
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27/80 18/81 
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A few ahowers will lingor 
over Flonda early next week. 
Tire rest o* the Easi wfl Have 
dry, pleasant weather Sun- 
day: warmer, mare humid 
weaiher will arrive Monday 
end Tuesday. Scattered 
thunderstorms and gusty 
winds will visit the non hem 
Rocky Mountain region the 
next several days. 


Pi 


Europe 

Dry. pleasant weather will 
settle over the British isles 
Sunday and Monday. An 
AHanltc storm will spread 
rate Into Ireland Tuesday. A 
cold Iron! will bring relief 
from tfw currant heal wave 
as tar south as Geneva and 
Prague early next week. 
Rome and Albans will Be 
sunny and hot 


Asia 

Abnormal heal and drought 
will persist Irom Japan 
through Korea into early next 
week. Typhoon Doug will 
pass By northern Taiwan 
Sunday and approach east- 
central China early next 
week. Heavy rate vr* contin- 
ue In the northern Philip- 
pines. Singapore will be 
warm wtth a stray shower. 


Middle East 


Today 

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Saratoga Springs: Horse Racing Aficionados’ Paradise 


By William Grimes 

Wim- York Times Service 

S ARATOGA SPRINGS. New York — 
The world of horse raring can be harsh, 
even seamy, sometimes. Aqueduct in 
Queens on a freezing winter day, for exam- 
ple, is not a sight to gladden the heart, and 
the sound of grown men banging on trash 
cans and cursing as their long-shot play 
fails does not please the ear. 

The horses still look noble, but there’s 
not much else to prop up the image of 
thoroughbred racing os the sport of kings. 
When the wind off Jamaica Bay bowls 
down the bade stretch, there's only one 
thing to do: dream of Saratoga. 

The annual summer meeting at Saratoga 
Springs, New York, now in its 126th year, 
is horse racing's Garden of Eden: Five 
weeks of top-quality racing presented in 
ideal surroundings and wrapped in the 
festive atmosphere of a county fair. 

Money is wagered, of course. But for a 
brief, idyllic interlude, finer feelings come 
to the fore. 

Love would not be too strong a word to 


introduce here. Hoisepiayers really do love 
their sport, and the horses that compete in 
it It says everything about Saratoga that 
last year a fan organized Fourstardave 
Day, in honor of (te old-timer who now 
has trotted out onto the main' trade and 
won a tu rf race eight years in a row. For his 
special day last summer. Fourstardave was 
walked over to Siro's restaurant, a SaratOr 
ga institution situated near the clubhouse 
entrance, where he was presented with, the 
keys to Saratoga Springs. There will be 
another Fourstardave Day on Aug. 27;. 

If racing fans goa little crazy at Sarato- 
ga, it's not ihrir fault. The atmosphere 
intoxicates them. 

The race track itself was laid out in 1863. 
and remodeled in 1902.. In theafi-wooden 
grandstand, a Victorian masterpiece with 
cupolas, old-fashioned ceiling fans stimu- 
late the air. To signal the scratches for the 
next race, a worker hoists wooden plaques 
up a pole. 

Most unusually, the track is of a piece 
with the town, which was conceived as a 
stately pleasure dome, a mineral springs 


spa with gambling and racing tacked on. It, 
was a Victorian Las Vegas, a town for higiY 
rollers, swells and nabobs riding the big- 
money wave of tiie Gilded Age. Henry 
Janies found the place disgusting. 

But time baa worked a tnmsforraation. 
A bit of the raffish finding lives on. But the 
summer , homes that James dismissed as 
vulgar eyesores now count as masterpieces. 
hign-VTctorian jewels set in spacious 
lawns, radiating a sense of amplitude and 
the brass-plated confidence that multiple 
millions of dollars buy. 

Saratoga Springs attracts thousands of 
visitors who. nave no. intention erf placing 
so much as a $2 show tret Throughout the 
summer the Saratoga Performing Arts 
Center offers a schedule of rock concerts, 
concerts by the Philadelphia Orchestra 
and performances by the New York City 
Ballet The town is also the site of the 
National Museum of Dance. There is more 
to the place than horses. 

But for the hoisepl&yer, Saratoga is sum- 
mer, camp, a place to watch horses, think 
horses and talk horses from dawn to dusk. 


Travel in a world without borders, time zones 

or language barriers. 


ABET Access Numbers. 

Ho w to caO around the world. 

1. I'Mfig the chair below. And the country you are calling from. 

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China, PBOee 10811 

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Hong Kong 800-1111 

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EUROPE 

Armenia** 8*14111 

Austria-*** 022-903-011 

Belgium* 0800-100-10 

Bulgaria • * 00-1800-0010 

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COUNTRY ACCESS NUMBER 
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Luxembourg 0-800-Qm 

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MalcT 

Monaco* 

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Poland**** 

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Slovakia 


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8 * 100-11 


Sweden? OgOragU 

Switzer la nd* 15540 41 

U-K. 0500-89^)011 

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MIDDLE EAST 

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Panama 

Pern* : ” 

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0008010 

00*8312 

980-11-0010 

114. 

119 

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190 

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) 174 

109 

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156 

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80-011-120 


CARIBBEAN 

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