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Israel Puts 
Pullout From 
West Bank 
Into Doubt 

Babin Losing Support 
As Terror Attacks Fuel 
Anger Over Peace Pact 

By Barton Gellman 

Washington Post Service 

JERUSALEM — Fourteen months af- 
ter reaching a limited peace with the Pales- 
tine Liberation Organization. Israel’s gov- 
kerning Labor Parly leadership has 
' concluded that the next steps toward 
peace, including the withdrawal of the 
army from the occupied West Rant- can- 
not proceed in the way that Israel agreed to 
in the accord signed on the White House 
lawn. 

Last week, Israel handed over the last of 
five agreed self-rule powers to Palestinians 
in the occupied West Bank, permitting 
them to collect their own taxes and man- 
age their own hospitals and medical clin- * 
ics. But the real centerpiece of the agree- 
ment — pulling Israel's army out of Arab ■■ 
towns and villages — is now in doubt. 

Prime Minister Yitzhak Rabin debated 
the most graceful way to extricate himself 
from that promise at a cabinet meeting on 
Sunday, six days before he flies to Oslo to 
receive the Nobel Peace Prize. Senior 
members of his government and the Labor 
Party made contradictory proposals last 
week, but all appear to agree that with- 
drawal erf the army in the foreseeable fu- 
ture is impractical. 

[Israel’s military intelligence chief. Gen- 
eral Uri Saguy, told the cabinet on Sunday 
that rival armed factions were turning the 
Gaza Strip into another Lebanon, Agence 
France-Presse reported. The economic 
management of the authority was also de- 
ficient, according to General Saguy, who 
was addressing ministers as part of the 
debate on how to ensure security under the 
next stage of Palestinian autonomy. The 
discussions on the issue are expected to 
continue Wednesday.] 

?What is driving the renewed debate is 
first and foremost a decline in public sup- 
port for Mr. Rabin’s Labor coalition. 

Some cabinet ministers say openly that 
public outrage at a two-month surge in mm 
terrorist attacks, which is expressing itself 
as disapproval of the peace pact with 
Yasser Arafat, the PLO chairman, could 
cost Labor the 1996 election. 

“The people aren’t willing to participate 
in the risks that die government is willing 
to take to advance peace,” said Nissim 
Zvili, the Labor Party secretary-general 
and a member of Parliament. Mr. Zvflj 
said the government did not have an an- 
swer to terrorism and should halt the peace 
talks where they are for another “two 
years, meaning after the elections.*' 

Mr. Rabin lias not endorsed that view, 
but he is signaling strong reluctance to 
withdraw the armed forces, as the agree- 
ment mandates, from “populated areas” erf 
the West Batik. That withdrawal was 
scheduled to take place before the Pales- 
tinians hold elections for their self-rule 
authority, elections that were supposed to 
have been held before now. 

Natal Abu Irdineh, an adviser to Mr. 
Arafat, noted that the PLO leader was 
facing internal challenges. “We need this 
election,” he said, to beat back critics from 
the Mamie Resistance Movement who op- 
pose Mr. Arafat’s accord with Israel. 

Israelis “are under pressure, and we are 

See PEACE, Page 4 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

Paris, Monday, December 5, 1994 



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Israeli policemen arresting a Druze cleric in Jerusalem during a protest Sunday by several thousand Druze. Nine policemen and several protesters were injured. 

In Somalia, It’s as if Intervention Didn’t Happen 


By Keith B. Richburg 

Washington Past Service 

MOGADISHU. Somalia — The ubiq- 
uitous “technicals” are back — pickup 
trucks mounted with anti-aircraft guns 
once again roving the dusty, rubble- 
strewn streets. 

Back, too, are the swaggering young 
men in T-shirts and sandals, with Ka- 
lashnikov rifles slung over their shoul- 
ders, extorting money from passing vehi- 
cles at makeshif t roadblocks. 

Traveling around the streets of Soma- 
lia's capital today is strikingly reminis- 
cent or the days in 1992, when chaotic 
warfare among rival militias plunged So- 
malia into anarchy and a famine that 
prompted a U.S.-led militaiy interven- 
tion. 

Once again, to traverse Mogadishu. 


travelers must hire a carload of armed 
thugs, hoping they will deliver protection 
for a hundred bucks a day, plus time off 
for lunch. 

Gone are most of the foreign troops 
who manned sandbagged checkpoints — 
although the sandbags are still there. “I 
think the looters use them,” one Somali 
said of the deserted bunkers. 

U.S. Marines first landed on the 
beaches of this port dty two years ago 
this week to launch Operation Restore 
Hope, a humanitarian mission aimed at 
ending the devastating famine and im- 
posing some order on the chaos. Billions 
of dollars were spent and 36 Americans 
killed before U.S. combat forces were 
pulled out in March. 

Today, there is no famine in Somalia 
— the country is enjoying record har- 


vests — and no open warfare for the 
moment. But the capital is bracing for a 
new clan war that most Somalis and 
foreigners fear is inevitable. 

And the United Nations*— technically 
in command of the operation since May 
1993, but really only in charge since the 
Americans left — has been reduced to 
irrelevancy. The UN mission is due to 
pull out early next year, and its leaders 
appear to be more concerned with plan- 
ning that withdrawal than with what is 
happening outside the fortified UN com- 
pound. 

Many Somalis say they see few tangi- 
ble benefits from two years of foreign 
military intervention. “The United 
States has spent a lot of money, but we 
don’t see where all that money has 
gone." said Ahmed Sheik Ibrahim, 33. 


.“The Americans have shown a bit of 
kindness to us. But we never got any 
money from them.” 

Now, outside the gates of the sprawl- 
ing UN compound, unemployed young 
men, disgruntled job-seekers and hang- 
ers-on watch angrily as milli ons of dol- 
lars of equipment — and with it, then- 
hopes — is locked in crates and loaded 
onto trucks to be shipped away. 

. “There’s no one getting assistance 
from the UN,” said Ahmed Mahamud 
Far ah. “There's fighting in Somalia ev- 
ery day. There’s refugees. If they’re not 
helping these people, they should just get 
on their boats right now and go." 

One African diplomat who has been 
trying to mediate between the factions 

See SOMALIA, Page 4 


Kiosk 1 Yeltsin Faces NATO at Budapest Summit 


ion. __ __ 

'’SSStfSSZ France Detains 

ce," said Nissim . „ , 

STCSii Libyan in Probe 


PARIS (Reuters) — A Libyan intel- 
ligence agent is being held in Francs 
in an investigation into the 1 989 mid- 
air bombing of a French DC-10 airlin- 
er in whidh 171 people died, an Interi- 
or Ministry spokesman said Sunday. 

He said Ali Omar Mansour was 
detained on Thursday in Paris and 
would be banded over on Monday to 
the anti-terrorist magistrate, Jean- 
Lonis Biuguifcre, for questioning. 

“He is an officer in the intelligence 
service," the spokesman said. The 
Libyan news agency JANA, moni- 
tored in Cairo, said he was “an inno- 
cent citizen” on a visit to France for 
medical treatment. 


Compiled dir Oar Suff From Dupdcfas 

BUDAPEST — President Boris N. Yelt- 
sin of Russia made it dear Sunday that he 
would use a European security summit 
meeting to drive home Moscow's opposi- 
tion to the expansion of NATO. 

Mr. Yeltsin's remarks, on the eve of the 
52-nation conference, underscored the dif- 
ficulties that leaders will have in agreeing 
on ways to mwintain and mVmnr*! Europe- 
an security in the post-Cold War ora. 

The Bosnian conflict, raging not far 
from Hungarian borders, remains a glaring 
reminder of instability in Europe. 

Mr. Yeltsin and leaders from the United 
States, Canada, Europe and the former 


Soviet Union began gathering here Sunday 
for a two-day meeting of the Conference 
on Security and Cooperation in Europe. 

The meeting will try to agree on ways to 
prevent more Yugoslav-style conflicts, but 
Russia’s concerns that NATO plans to 
take in East European states would leave it 
isolated, disagreements about peacekeep- 
ing in the former Soviet Union, and differ- 
ences over Bosnia are now likely to domi- 
nate the meeting. 

President Bill Clinton is to pay a brief 
visit Monday. Secretary of- State Warren 
M. Christopher arrived Sunday. 

“The president and others will be work- 
ing to try to strengthen CSCE in order to 


Books 

Bridge 


Page 4. 
Page 4. 


For Palestinians in Gaza, 
There’s a New Foe: Arafat 


By Youssef M. Ibrahim 

New York Tima Service 

GAZA — Gaza’s jails provide a barom- 
eter of just how far Yasser Arafat has 
fallen in his own homeland. 

Palestinians taunt their jailers, employ- 
ees of Mr. Arafat’s Palestinian Authority, 
by addressing them in Hebrew. 

In interrogation sessions, jaded Islamic 
militants begin their answers to Palesun 
ian investigators with “ katzin / the 
brewwonifor officer. Some answer °^y 
Hebrew, which they learned from years 
spent in Israeli jails. . _ r 

“It’s hurting them," said a 
Hamas, the Islamic resistance movement, 
who was recently released from jail. 

“We are breaking them down, he saio. 
“Some avert their eyes, can t look at you 

straight Others become 

Rv the time they let 


us go, they have little doubt Palestinians 
hold them in contempt as Israels new 
henchmen in Gaza.” . . . , 

The Hamas message is pamfufiy Mum, 
the tactic effective and the impact wiae- 

^toGaza and increasingly West 

Bank, Palestinians who 

reel as the sole enemy have come to see the 

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Palestine Liberation Organization and its 
chairman, Mr. Arafat, as another enemy. 

Mr. Arafat, 65, his 10,000 PLO police- 
men and the few hundred PLO bureau- 
crats and supporters he brought with him 
from exile in Tunisia are sinking into deep- 
er isolation, becoming the object of deri- 
sion and distrust. 

In the short space of time since he ar- 
rived here in July after three decades of 
struggling from Jordan, Lebanon and Tu- 
nisia, Mr. Arafat is finding little warmth 
among Gazans and evaporating support 
among Palestinians on the West Bank. It 
amounts to a state of open rebellion, to 
which he has responded with repression 
and helplessness. 

On the streets of Gaza, there are many 

of what Israelis and many Palestinians 

See ARAFAT, Plage 4 . 



Russia Scans the Stars, and the Future Is Mostly Bad 


By Fred Hiatt 

Washington Pan Service 

MOSCOW — In Russia, astrologers do 
not sugarcoat the news. 

‘Today is a largely dangerous day,” one 
recent, typical horoscope warned from the 
pages of the newspaper Kommersant. 

“You may end up broke,” one warning 
goes. “This day is entirely unsuitable for 
undertakings of any sort.” 

The next day may not be any better: 
“Fraud, cheating and crooked deals are 
only a small fraction of the troubles that 
threaten to disrupt all your plans today,” 
another Kommersant chart began- 


Banned in Soviet days as beneath the 
dignity of scientific Marxism, astrology 
has caught on in a big way in the new 
Russia. Russians may hear their future on 
the radio, see it on television, call for a 
personalized account by telephone or read 
it in almost any newspaper or magazine. 

Even in the official government newspa- 


per R ossi sid e Vesti, there is a horoscope 
devoted entirely to health: “Your health 
reserves are low,” it warned one day. “You 
may have problems with your spine,” it 
added. Or, “It would be best to refrain 
from sexual relations. Diseases beginning 
today may last a long time;” 


Even when the signs are auspicious, 
Russian astrologers can find a downside. 

“A growing energy field during this 
week will be a stimulus for action,” the 
astrologer of Moskovsky Komsomoleis 
predicted recently. "But if you don’t sur- 
render to its influence, the result may be a 
serious disease or nervous breakdown.” 

It is no secret, of course; that Americans 
love happy endings — to the point of 
childishness, many Russians say — while 
Russians enjoy wallowing in the trough of 
despondency. No one curls up with a bowl 
of popcorn and “The Brothers Karama- 
zov” to cheer up. 


Neither is there any question that many 
Russians’ lives are exceedingly troubled. 
If you fight fra- the communal toilet 

S morning, get splattered by street 
every day and scrimp on sugar for 
your tea each evening, yon may justifiably 
fed skeptical of a rosy horoscope. 

But the difference in astrological ap- 
proach raises questions: Are the planets 
really so different over the Western Hemi- 
sphere? Are American astrologers lying to 
spare their readers pain? Or could it be 
that Russians are unhappy, at least in part, 

See STARS, Page 4 


be able to deal with future crises like Bos- 
nia in a more effective way,” Mr. Christo- 
pher said before meeting Foreign Minister 
Laszlo Kovacs of Hungary. “That should 
be a measure of this meeting." 

But Mr. Christopher said there would be 
no return to the confrontation of the Cold 
War period. 

“we’re working together on a number of 
problems," he said. “We will always have 
areas of disagreement, we wlQ always have 
things to talk through and work through 
together as two major powers naturally 
do.” 

Russia wants a commanding role in Eu- 

See CSCE, Page 4 


No. 34,763 


Republicans 
Call for Major 
Air Strikes 
Against Serbs 

Dole and Gingrich Blast 
UN as Incompetent and 
Lament Role of NATO 

By Paul F. Horvitz 

international Herald Tribune 

WASHINGTON — The two top Re- 
publican leaders in Congress ridiculed the 
UN peacekeeping effort in Bosnia on Sun- 
day and called for a major bombing cam- 
paign against the Serbian mili tary. 

Secretary of State Warren M. Christo- 
pher, responding to the harshest domestic 
attack yet on the Clinton administration's 
Bosnia policy, immediately challenged the 
Republican strategy as a prescription for a 
major ground war that would require thou- 
sands of American troops. 

He labeled it “a war strategy” doomed 
to failure and contrary to U.S. national 
interests. 

Using their most explicit language to 
date and outlining virtually identical poli- 
cies, Senator Bob Dole of Kansas and 
Representative Newt Gingrich of Georgia 
said in broadcast interviews that NATO 
and the United Nations had been embar- 
rassingly ineffective in Bosnia. 

“When you get to a serious problem 
with serious violence," Mr. Gingrich said, 
“the United Nations is literally incompe- 
tent, and it kills people by its behavior.” 

The two officials, who will take over as 
leaders of the Senate and House of Repre- 
sentatives in January, called for a sharply 
toughened U.S. policy against the Serbs 
combined with an effort to arm and train 
Bosnian Muslims. 

Mr. Gingrich suggested sending General 
Colin L. Powell, the retired chairman of 
the Joint Chiefs of Staff, to Belgrade to 
issue an unmistakable threat of massive air 
strikes to “paralyze” Serbian society unless 
ground fighting ceased. 

At the same time, the Georgia congress- 
man angled out the United Nations as “a 
totally incompetent instrument wherever it 
matters.” He said Washington should 
“radically overhaul" its view of the world 
body, which obtains substantial financing 
from the Urtit^d States. 

The Republicans' position signals a pos- 
able effort by Congress, when control 
shifts from Democrats to Republicans in 
early January, to put greater pressure on 
President Bin Clinton to lead an unequivo- 
cal campaign against the Serbs. 

Mr. Dole, despite hearing contrary 
views last week in direct talks with NATO 
leaders, said UN forces should withdraw 
from Bosnia and the North Atlantic Treaty 
Organization should start “robust” bomb- 
ing of any and all Serbian military targets, 
though probably not Belgrade itself. 

“There's a big question about the con- 
duct of NATO because of this disastrous, 
humiliating affair,” the Kansas senator 
said. 

Mr. Gingrich, in a blistering attack on 
the United Nations, said its behavior in 
Bosnia, “looking pathetic and helpless," 
had resulted in many deaths there. 

Genera] Powell, he said, should tell the 
Serbian leadership in Belgrade and inside 
Bosnia that if they pursue a general offen- 
sive, “We would reserve the right to take 
yon apart and we would do it in three to 
five days and we would paralyze your 
capacity to function as a society. And 

See BOSNIA, Page 4 

Deutsche Bank 
Fights Back to 
Save Reputation 

By Alan Friedman 

International Herald Tribune 

PARIS — When Hilmar Kopper pre- 
sents Deutsche Bank’s latest financial re- 
sults Wednesday in Frankfurt the bank’s 
chairman may be forgiven if he sighs with 
deep relief that 1994 is finally drawing to a 
dose. 

Although still one of Europe's most 
powerful financial institutions, with a tri- 
ple- A credit rating, Deutsche Bank has 
been beset by a series of financial and 
political mishaps in recent months, and its 
platinum-plated image has been dented 
heavily. 

Both analysis and even some of the 
bank’s own executives concede that 1994 
has been one of the worst periods in the 
bank’s 125-year history. It has been a year 
in which the giant German bank has been 
humbled by mistakes and outside criticism 
as never before. 

“People thought Deutsche Bank was in- 
vincible really, and it now seems not so 
invincible," said Robert Grant, an analyst 
at UBS Securities in London. 

Even looking down the road, many ana- 
lysts say, the bank appears to lack the kind 
of dynamic leadership and visionary strat- 
egy associated with Alfred Herrnausen, 
Mr. Keeper’s predecessor, who was slain 
by terrorists five years ago. 

In fairness, Deutsche Bank — which was 
once described as being “like God in 
Frankfurt” —suffers from being by far the 
most visible of all Goman h anks Thus 
both its successes and failures are magni- 
fied. 

The bank’s financial strength — as mca- 

See BANK, Page 11 





INTERNATIONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


** 



Europe Again Divides French 

Federal EU a Central Issue in Presidential Vote 


By Alan Riding 

New York Times Service 


PARIS — France's presiden- 
tial election campaign is barely 
under way, but this country’s 
place in Europe is already 
emer ging as a central issue, with 
the outcome of the vote certain 
to influence die pace of Eu- 
rope’s unity drive through the 
end of the century. 

Under President Fran 901s 
Mitterrand, France has been a 
key promoter of regional inte- 
gration, Mr. Mitterrand himself 
helped design the Treaty on Eu- 
ropean Union, which was 
signed in the Dutch town of 
Maastricht three years ago and 
set the stage for turning the 12- 
nation bloc into a federation. 


In contrast, the two main 
contenders for the conservative 
candidacy, Prime Minister 
Edouard BaUadur and the 
Gauilist party leader, Jacques 
Chirac, oppose anything resem- 
bling a European federation. 

The uncertainty about 
France’s future European poli- 
cy has already begun to cause 
unease in Germany. Paris and 
Bonn have worked together for 
decades on what is known here 
as “European construction." 

Last week. Chancellor Hel- 
mut Kohl had first-hand experi- 


tantana ount to dismantling the 
monarchy, while many German 
politicians, who already live in a 
federal republic, are undis- 
turbed by the idea of greater 
power-sharing within Europe. 


But when the treaty was only 
French 


narrowly approved by 
voters in a referendum in Sep- 
tember 1992, it became appar- 
ent that many were worried that 
a strong Europe would under- 
mine French identity and inde- 
pendence. Now everything sug- 
gests that they will have to 
choose between two sharply 
contrasting visions of Europe in 
the elections neat spring. 

If. as seems likely, the Social- 
ist Party nominates Jacques De- 
lors, it will pick a man who has 
long campaigned for a more 
centralized Europe from his 
post as head of the union's exec- 
utive commission. 


Everything suggests 
that voters will have to 
choose between two 
sharply contrasting 
visions of Europe. 


Indeed, it was a position pa- 
jreoared recently by Mr. 
» w ».’s 'Christian Democratic 
Party that set off the debate in 
France. It proposed that a hard 
core of European nations — 
s pecifically , Germany, France. 
Belgium, the Netherlands and 
Luxembourg — move ahead of 
the others toward federation, 
with the first step being adop- 
tion of a common currency. 

Both Mr. BaUadur and Mr. 
Chirac were quick to oppose 
thin , aware that their Rally for 
the Republic party had been 
divided by the Maastricht trea- 
ty referendum and convinced 
that public support for a federal 
Europe has further eroded since 
then. 



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cnee of the French debate when 
he received French leaders in 
Bonn. 

There is and will be more 
and more of a federal and inte- 
grated Europe," Mr. Mitter- 
rand said at a news conference 
attended by both the German 
chancellor and the French 
prime minister. 

Mr. Bahadur diplomatically 
responded that the debate on 
Europe should not be trapped 
in “outdated models.” But in an 
article in Le Monde, he said 
bluntly that a European Union 
with a growing number of mem- 
bers “cannot be federaL” 


Rather, Mr. Bahadur’s vision 
is something resembling Euro- 
pean union It la carte, with dif- 
ferent countries working to- 
gether on, say, monetary, soda! 
or security issues when their in- 
terests coincided. 


Significantly, while stressing 
that the alliance with Germany 
would remain central to French 
policy, he also said that France 
should seek closer ties with 
Britain, Spain and Italy. 


With Austria, Sweden and 
Finland joining in January and 
several East European coun- 
tries seeking admis sion, he not- 
ed that a federal Europe could 
work only through majority 
voting. 

“Therefore, the five big states 
representing four-fifths of the 
population and wealth could be 
put in a minority,'* he said. 
“And this they will not permit” 

In truth. European leaders 
have never agreed on what they 
mean by “federal.” Horrified 
British Conservatives view it as 


Unsurprisingly, the percep- 
tion is that Mr. Kohl would 
prefer Mr. Delors to be Mr. 
Mitterrand's successor. Mr. Do- 
lors has said he will respond to 
the offer of the Socialist nomi- 
nation before Christmas. Cur- 
rent polls indicate that he 
would defeat either Mr. Balla- 
dur or Mr. Chirac if the presi- 
dential elections were held now. 


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Passengers leaving the U.S. ship Gettysburg in Djibouti, where some were taken. 


Achille Lauro Survivors Arrive in Kenya 


Reuters 

MOMBASA, Kenya — A group of 106 
cheering survivors from the Achille Lauro 
disaster arrived here on Sunday at the end of 
an ordeal that began when the liner burst into 
flames off Africa last week. 

The cargo ship MSC Lucy brought the crew 
members to Mombasa, shipping officials 
said. Four other ships carrying about 500 
passengers and crew are expected in Momba- 
sa on Sunday night, they added. Other survi- 


vors have arrived in the port of Djibouti. 

Also on Sunday, it was announced that an 
elderly Dutchwoman who survived the 
Achille Lauro sinking had died after falling ill 
on a rescue vessel A Dutchman is still miss- 
ing, Italian Coast Guard officials said. 

Almost 1,000 passengers and crew' aban- 
doned the Achille Lauro after the fire broke 
out last Wednesday. They were transferred to 
10 rescue ships off the coast of Somalia. Two 
other elderly passengers died in the accident 


But when it cranes to cam- 
paigning, Mr. Delors may have 
to temper his European mes- 
sage to fit France’s more na- 
tionalist and introspective 
mood. Not only will ne face 
attacks from the Gauilist candi- 
dates, but three minority parties 
— one on the left and two on 
the right — are openly anti- 
European. 


DUTY FREE ADVISORY 


US$1 7,000,000 



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far. In the 'world-famous Abu 


Abu Dhabi Airport. Notification 


Q & A: Hungarian Renaissance 


Mediocre Musuxd ‘Fraternity* Gives Way to New Ideas 


Ivan Fischer, director of the Budapest Festi- 
val Orchestra, has been in Paris as a guest 
conductor. He spoke with Meggan Dissfy for 
the International Herald Tribune. 


Q. What was it like to be an artist in 
Hungary before 1989? 

A. It was all very fraternal. There was never 
any real competition. Artists engaged in a 
collective meditation about the arts. The state 
made sure that no one stood out. If one 
person won a prize one year, it would go to 
someone else the next. Artists didn't even 
think in terms of commercial success or inter- 
national recognition. They were not even 
aware of it I’m talking about the real artists. 


didn’t matter since it was art for its own sake. 
The good musicians either left, or stayed and 
got worse. 

Q. How did the Budapest Festival Orches- 
tra come about? 

A In 1983, I assembled 80 of Hungary's 
finest musicians to perform at a festival We 
used Western-style methods to raise the mon- 
ey for the performance ourselves — ticket 
sales, sponsors. We were an immediate suc- 
cess. Afterwards we were invited to all the 
major music festivals in Paris. London and 
Salzburg. The orchestra quickly became a 
symbol of the dissident movement It gave me 
courage to see that the public wanted change. 


Q. How are they faring now? 

A. Today, music critics are no longer our 
friends. They might even criticize us. All of a 
sudden, audiences matter; books have to sell 
so many copies. There is a large pool of 
mediocre artists who are complaining today 
because they don’t know what to do without 
their safe jobs. So far, the theaters and orches- 
tras have not been totally abandoned. State 
subsidies are just now beginning to shrink. 
But in my opinion, very few of the “artists” 
can make it even if they haven’t lost theirjobs 
yet 

Q. Don’t some artists welcome the change? 

A. I am disappointed by the resistance to 
change in Eastern Europe. Nobody is admit- 
ting it, but the artists didn’t really want the 
wall to falL This is true even of my own 
musicians. They were happier under the for- 
mer system. They complain and don't want to 
change. 


Q. What effect did communism have on 
music? 

A The world of music was incredibly claus- 
trophobic. There was no daring, no new ideas. 
It was all very gray and comfortable. At times 
it may even have been interesting, but it 


Q. Today the Budapest Festival Orchestra 
is a permanent fixture? 

A. Yes. We have combined the best of the 
American sy stem of sponsoring and the Euro- 
pean tradition of subsidies. Our budget is S2 
million a year. The state contributes about 
half. The rest is private support coming from 
our Foundation Endowment Fund. 

Q. Whal should be done to promote culture 
today? 

A." We must be brutal in cutting subsidies. 
Money should only go to projects that work. I 
think the free market will dc good for the arts. 
We have a chance to create something won- 
derful in Eastern Europe. That is why I am 
going back. Culture is our very best shot. 
We’ll be much better off competing in the arts 
than in agriculture or high-tech. The transi- 
tion from state subsidizing is boring and 
should be put quickly behind us. 

Q. Is this opinion shared by many? 

A. I don’t sense much enthusiasm. I have a 
bunch that Eastern Europe will reject the free 
market and try some new form of socialism. If 
that happens, I won’t have a place there. 

Q. And if the transition to a free market 
does succeed? 

A Then Eastern Europe could become the 
world center of the arts. 


3 Killed in Shooting at Swedish Club 


The Associated Pros 

STOCKHOLM — Gunmen 
opened fire early Sunday on a 


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FRS EVALUATION 


PiacjSc Western U ni vers i ty! 

N. Septfvoda Bhrd., Dept. S5J* 1 

Los Angeles, CA 00049 


trendy nightclub, killing throe 
people and wounding 18. The 
police believe the killers were 
seeking revenge after being 
turned away by the doorman. 

The police said they had is- 
sued an arrest warrant for a 
man who had a history of vio- 
lent crime. Two other men were 
also involved in the killings, ac- 
cording to the police. 

Walter Kogoe, the head of 
the violent crimes division, said 
investigators believed the 
shooting with an automatic rifle 
resulted from an altercation 
earlier in the night 

“Several people were turned 
away by the doormen earlier 


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WORLD BRIEFS 


Che chen Opposition Is in Disarray 

GROZNY, Russia (Reuters) - Chechnya's Russian-toted 
inoeartd to send out conflicting signals over strategy 
mSunday aspresrare from Russia mounted to end^ttingmttte 
a&hern region. Moscow is 

nya’s benders to back up threats that it wffl cla mpdo ro todrftte 
opposition and the region’s separatist leader. President Dzhokhar 

Dudayev, do not lay down their anns. • 

The disarray in opposition ranks camewhefl a key figure, 
Ruslan L KhakbulatSTa former Russum HOmidimmL 
abruptly left the region for Moscow. He said the buildup of 
Russi an troops had made Lis work superfluous. Russia is bruiz- 
ing in troops,” he said before leaving his e thnic homeland. 

" now I we 


ing in troops, nc stun uwuit 6 

you know I was always against this development. 

Shortly afterward, a Russian government center set up to aeaL 
with tire Chechen crisis said the Chechen Provisional [Council 
opposition movement of Umar Avturkhanov had told Moscow it 
vmsready for peace talks. But Mr. Avtnrichanovsaidat his base at 

that hie iwn XLYYlllrf not lflV dOWH thflT 3QOS. Hfi 


up or iacc “ic wusojuwiuw. 

Bonn Parly Leader Threatens to Quit 

4 - * - - L.. Cmia TYnniiirmf 


BONN (Reuters) — A threat by the Free Democrat leader 
Klaus Kurd to quit if his party’s ministers are barred from 
holding parliamentary seats has rattled a party already in turinofl 
over its future, officials said Sunday. 

As Mr. Kinkd issued bis warning, Free Democratic Party 
members launched an attack and one called for the 57-year-old 
be replaced. Party members have long been critical of 
Mr. Kinkel’s ability to cope with his double function as party 
leader and foreign minister. - . 

Mr. Kinkel’s threat was the latest blow to the party, the junior 
partner in Chancellor Helmut Kohl’s center-right coalition. It is 
straggling to carve out a new liberal profile since suffering a string ; 
of W rnnnlftring election defeats this year. Mr. Kinkel has taken 7 
most of the blame for the party’s slide. 


Kaifu May Seek to Lead New Party 


TOKYO (Reuters) — Former Prime Minister Toshflri Kaifu 
hinted on Sunday that he would run for the top post of a new 
political party that aims to unseat Prime Minister Tomfidri 
Murayama's coalition. 


The New Frontier Party, a merger of nine opposition groups 

ornament, is doe go 


with 213 lower and upper house members of Poi 
select its first leader on Thursday, two days before its official 

launch. 

“When the time comes, 1 wiB consider the matters comprehen- 
srvdy,” Mr. Kaifu said. “1 will make my feedings known on the 
seventh.” the Wednesday deadline to announce the candidacy. He 
is a former member of the Liberal Democratic Party. 


Opposition Leads Italy Runoff Races 

ROME (Reuters) — Centre-left opposition candidates were set 
to win mayoral runoff races in four of six Italian cities in local 
elections on Sunday seen as a test of political sentiment, according 
to a television exit poll 

In Brescia, the closest watched race, the former Christian 
Democrat leader Mino Martinazzoli was forecast to win 575 
percent of the vote against 42 5 for Industry Minister Vito Gnutti 
of the Northern League, the poll said. The poll, by the Abacus 
group for RAI television, also forecast victory for opposition 
candidates in Sondrio. Massa and Brindisi. The first round of 
voting was held on Nov. 20. 

The opposition Democratic Party erf the Left and the centrist 
Popular Party, successor to the Christian Democrats, formed local 
alhances to challenge candidates from the coalition parties in 
Prime Minister Silvio Berlusconi’s government 


Algerian Editor Dies o£ Wounds 


dailj 


TUNIS (Reuters) — The editor of Le Matin, an Algerian daily, 
died on Sunday, a day after be was attacked by suspected Muslim 
fundamentalist gunmen, and the government said it was giving 
high priority to preventing such attacks. 


The official Algerian press agency APS said the editor. Said 

third Algerian journalist killed by 


MekbeL died in at 9 AML, the 
suspected Muslim guerrillas in a 72-hour peno 
The international group Reporters Without 


riod. 

group Reporters Without Borders said Mr. 
Mekbel was the 27th journalist killed in the North African 
country since June 1993. 


For the Record 


Hungary's worst train accident in 26 yearn, which claimed the 
lives of 29 people and injured 52, was caused by human negli- 
gence, MTI news agency quoted the police as saying Sunday. An 
express train derailed on Friday night because of an incorrect 
setting of the points at Szajol station, 120 kilometers (75 miles) 
east of Budapest ( Reuters ) 

Gorauen shot and IdDed a Georgian opposition leader and badly 
wounded his wife, a former deputy prime minister. A police 
spokesman said, Georgy Chan tuna, 35, head of the opposition 
National Democratic Party, died after gunmen raked the car near 
his home in Tbilisi with machine-gun and automatic rifle fire. His 
wife, Irina Sarishvili, a member of Parliament, suffered several ' 
bullet wounds. (Reuters) 


TRAVEL UPDATE 


and a scuffle broke out,” Mr. 
Kegoe said. “They came back 
later.” 

The shooting look place at 
5:15 A.M. at the Sture Compa- 
ny discotheque in central Stock- 
holm, a little more than an hour 
after the scuffle. 

The gunmen, dressed in mili- 
tary camouflage jackets, shot 
through the doors and win- 
dows, touching off panic inside 
the building. 

The police said two of the 
victims, one of whom was said 
to be one of the doormen, died 
at the scene. The third, a wom- 
an, died on the way to a bospi- 
taL 


N.Y. Airports Got Tough on Hustlers 

NEW YORK (NYTj — The Port Authority of New York and 
New Jersey, which runs the three major airports serving the New 
York City area, has taken steps to enforce a new law against 
hustlers who often target foreign tourists. 

Ground-transportation hustlers at the airports now face up to 
51,500 in fines and 45 days in jail. A total of 75 illegal drivers hare 


^^ a f resle ^ since the law took effect Nov. I, a port authority 

emiy $50 fines. 


police sergeant said. In the past, hustlers faced' 

Hustling charges can be filed against people who pretend to. i 
help with luggage and then either charge the tourist dearly for the - 
service or steal the bags; limousine drivers who solicit riders 
without previous arrangements, and taxi drivers who overcharge. 


This Week’s Holidays 


Banking and government offices will be closed or services 
curtailed in the for 


— following countries and their dependencies this 
week because of national and religious holidays: 

MONDAY: Haiti, Thailand. 

TUESDAY : Finland, Spain. 

WEDNESDAY; Ivory Coast. 

THURSDAY: Aiacnlina, Austria, Brazil Chile, Colombia, Costs Rica. Italy. 

Monaco, Nicaragua. Panama. 'Paraguay, Portugal 

FRIDAY; Tanzania. 

SATURDAY: Equatorial Guinea, Kenya, Namibia, Thailand. 

Sources : J.P. Morgan, Reuters. 


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Theamericas/ 


INTERNATIONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


Page 3 



Most Murder Victims Killed by Strangers 


— ' n “ °n Sunday reported a 

tte n£i^5v!3^ patterns m the l»0s, sawMSat 

ss* s rK 

aSSrehas^^I?? ¥ view 01 the random nature the 

thiFBfrSS ^ P 1 * 3 * 5 *** P 1 *** during what 

£ 1 ™ ,^kd defined dr^nnstaacesSich as 

bears or among family * 1 adZ 

cJ^fc 2?®”^ ^ FBI said the number of 

srawis comes in the United States fell by 3 percent in 

°f 1994 > continuing a dSTthat 

s £?»r rate feu "» 5 p^ 1 iast >« 

5&S*?** ^? ious crimes into two categories: 
cnines of violence, like murder and rape, andcrimes 
agamst property like burglary and areon? 


Crimes of violence dropped 4 percent in the first 
half of 1994 from the same year-ago period. 

Of the various violent crimes, the overall rate for 
mnrdere fell 2 percent, rapes decreased 6 percent, 
down 4 percent and aggravated assault 


dropped 6 per- 

lefts each declined 2 


robberies went 
dropped 3 percent. 

Of the property crimes, 

cent, while larcenies and car ..... ... 

percent. Only the arson rate showed no change. 

The decreases occurred after a dramatic eight-year 
upswing; fueled by a wave of inner-city murders and 
drug-related incidents involving deadly assault weap- 
ons. 

Officials offered no explanation for the trend and 
cautioned against too much optinusm. 

“Any decline in reported crime is welcome, but the 
level of crime is still unacceptably high and it must be 
su bst antially reduced,** said Louis Freeh, the FBI 
director. 

Gerald M. Caplan, a fanner federal law-enforce- 


ment official who is dean of the McGeoige School of 
Law in Sacramento, California, offered a note of 
caution, saying that data collection “is not so refined 
that one can safely predict a trend in this area.** 
Demographics could explain some of the modest 
decline, Mr. Caplan and others suggested. They point- 
ed to the shrinking numbers of Americans in the 18-to- 
26 age group, which accounts for most violent crime. 

Jan Chaiken, an authority on crime figures at the 
Justice Department, said, “People also are working 
more to protect themselves, which is why we have seen 
a decline in burglaries and car thefts.” 

The FBI also issued its final figures for 1993, which 
showed that 14.1 million serious offenses were report- 
ed that year to law-enforcement agencies across the 
nation, or 5,483 crimes for every 100.000 inhabitants. 

Aggravated assaults accounted for 59 percent of the 
violent crimes reported last year. Robberies accounted 
for 34 percent; forcible rapes 5 percent, and murders 1 
P«cenL (Reuters, LAT) 


White House Uneasy Over Whitewater Plea Accord 


By Stephen Labaton 

New York Times Service 

WASHINGTON — White 
House officials have expressed 
surprise and apprehension 
... about reports that Webster L. 
* * Hubbdl, a dose friend of Presi- 
dent Bill Clinton, has agreed to 
plead guilty to felony charges 
and cooperate with Whitewater 
prosecutors in their expanding 
investigation. 

Bracing themselves for a new 
round of political criticism, the 
officials nonetheless said that 
they did not believe the idea 
agreement would have any sig- 


nificant legal ramifications for 
the White House. 

They said Mr. Hubbdl, once 
the No. 3 official in the Justice 
Department, did not have any 
incriminating information 
about either President Clinton 
or Hillary Rodham Clinton. 

“The disposition of this case, 
if true, does not concern either 
of the Clintons or Whitewater,** 
said a close aide to the presi- 
dent “The charges are totally 
unrelated and arise out erf Hub- 
bell’s billing practices in little 
Rock.” 

Privately, though, some offi- 
cials expressed concern that the 


plea agreement would bring in January. “It can be expected Whitewater independent coun- 
Whitewater back to the fore that be will be called in 1995.” sd, Kenneth W. Starr, 
and that Republicans would Senator Alfonse M. D’A- 
point to it as another sign of a mato, Republican of New 
tarnished presidency. York, who will bead the Senate 


Mr. Starr’s office declined to 

mished presidency. York, who will bead the Senate col ^ ma ? t ahonttbe HubbeO in- 

Congressional Republicans Banking Committee, said the ''estigation. Although Mr. Hub- 
id that Mr. Hubbell’s ded- plea agreement “confirms the rf?_ has agreed m principle to 

need for Congress to continue 


said that Mr. Hubbell’s deci- 
sion had made Whitewater 
hearings next year imperative 
and that it was now inevitable 
that they would demand his tes- 
timony. 

“We had requested Hubbdl 
as a witness last year, and the 
majority turned us down,** said 
Representative Jim Leach, Re- 
publican of Iowa, who will head 
the House Banking Committee 


its investigation into the many 
unanswered questions concern- 
ing the Whitewater controver- 
sy.” 

Mr. Clinton has referred to 
Mr. Hubbell as his closest 
friend. He was also Mrs. Clin- 
ton’s partner at the Rose Law 
Finn through the 1980s, a peri- 
od now bring examined by the 


plead guilty to two felony 
counts, lawyers were described 
as still working on the wording 
of the formal plea agreement. 

Until it is formally complet- 
ed, Mr. Starr’s office did not 
want to make any comments 


Mr 


Lt might jeopardize i 
■. Hubbell reconsider. 


.* -"i- 


Away From Politics 


• Scores of young people fleeing a brawl 

in an overcrowded nightclub m Eliza- 
beth, New Jersey, became trapped in a 
narrow stairwell, where they were 
crushed, killing four — including a 13- 
year-old girl — and injuring at least 20. 

• Federal fmdtag for creating human 
embryos solely for research purposes will 
be prohibited, the Clinton administra- 
tion said. The derision does not consti- 
tute a ban on human embryo research, 
nor does it prohibit federal funding for 
research on '‘spare’* human embryos fer- 
tilized for possible implantation in .pa- 
tients of in-vitro fertilization dirties. 

• The Uni versit y of New Hampshire re- 
instated a professor who had been sus- 
pended for classroom remarks that stu- 
dents said, amounted to sexual, 
harassment The trustees agreed to nay J. 
Donald Sira, 59, 560,000 in bade pay 
and damages, plus $170,000 in legal fees. 


His “transgression’': To illustrate simile, 
he described belly dancing as bring “like 
Jefl-O on a plate with a vibrator under 
the plate.” 

• The airborne wfanfahear warning sys- 
tem on USAir Flight 1016, which 
crashed July 2 in Charlotte, North Caro- 
lina, killing 37 people, was useless be- 
cause of a design that delayed its warn- 
ing until just before impact the National 
Transportation Safety Board said. 

• A Southwest Airlines jetimer made an 
eme rg en cy landing at Burbank, Califor- 
nia, after the pilot reported mysterious 
fumes that annoyed some passengers. 
No fumes were' found. 

• The body ®f * 76-year-oW man in the 
early stages of Alzheimer’s disease was 
found in Sdigman, Arizona, near the 
remote area where his wife survived two 
weeks stranded in their van. 


• A federal judge has upheld a jury’s 
award of S7J nffion in damages to a 
Springfield, Virginia, man who de- 
stroyed his liver % an apparently toxic 
reaction after he took Tylenol and drank 
wine. The drug maker, a unit of Johnson 
& Johnson, wfll appeal 

• Harvard Universit y announced that Da- 
vid Rockefeller, an alumnus and former 
chairman of Chase Manhattan Bank, 
had riven the university SI 1 million to 
establish a center for Latin American 
studies. 

• Prosecutors dropped charges against 
Margaret Kelly Mrchaefc, the former day 
care teacher who spent five years in pris- 
on before her 1987 conviction for child 
sex abase at the Wee Care Nursery of 
Maplewood, New Jersey, was overturned 
on appeal last year. 

WP, LAT. AP. NYT 


People involved in the inves- 
tigation said Mr. Hubbell had 
agreed in principle to plead 
guilty to two counts rather than 
face an indictment with more 
counts and potentially stiff er 
penalties that Mr. Starr was 
prepared to seek. 

He has been under investiga- 
tion for reportedly overcharg- 
ing his law firm and the federal 
government for its representa- 
tion of regulators involved in a 
savings and loan case. 

The charges in the draft in- 
dictment are only marginally 
related to the Arkansas real es- 
tate venture that has given the 
Whitewater inquiry its name. 

Some of the false billings un- 
der investigation are said to 
have involved work that Mr. 
Hubbell did for U.S. regulators 
examining Madison Guaranty 
Savings & Loan, which was op- 
erated fry the Clintons’ partner 
in Whitewater, James B. 
McDougaL 


POLITICAL \on:> 



Mm Dmidu/Tlie Aooctucd Pits 

HOUSE PROUD — Newt Gingrich of Georgia, left, the future speaker of the 
House, and the incoming Senate majority leader. Bob Dole of K an<M>g , meeting with 
the press in Washington with a model of their new acquisition, the Capitol building. 

The Georgia Republican said those figures 
were proof that ‘You’ve got scattered 
throughout this administration countercul- 
ture people." 

In a broadcast interview, Mr. Gingrich said 
that he “had a senior law enforcement official 
tell me that in his judgment, up to a quarter of 
the White House staff, when they first came 
in, had used drugs in the last four or five 
years.” 

He said the administration had had “huge 
problems getting people through security 
clearance” because there were so many peo- 
ple “who had a lot of things that weren’t very 
easy to dear.” 

The White House had no imm ediate com- 
ment on the allegation. 

Mr. Gingrich's remarks came as he tried to 
explain a statement he several weeks 
ago that President Bill Clinton and his wife 
were “counterculture McGovem-niks.” 

He asked how Mr. Clinton could have a 


Toughest Task; for Daschle 

WASHINGTON — In electing Tom 
Daschle to lead them for the next two years, 
the 47 Democrats of the new Senate have 
chosen to tread dose to the political path they 
have followed since Bill Clinton became pres- 
ident. 

Mr. Daschle, a South Dakotan who turns 
47 next week, campaigned aD summer as a 
reformer of the Senate’s Gordian knot of 
rules and traditions, as a man who would 
ramrod legislation onto the floor and get 
senators borne at a decent hour. That was 
back when Democrats ran the chamber and 
fully expected to kero doing so. 

But Democrats wul be in the minority in 
the 104th Congress, which convenes next 
month, and Mr. Daschle's reform plans are 
moot. What distinguishes him now are his 
unusually dose ties to a president and a first 
lady whom any number of Democratic sena- 
tors blame for their loss of power. 

Mr. Daschle’s hardest task could be con- 
vincing the Senate’s Democrats, almost half 
of whom opposed him in the dection last 
week, that he can stand up to Mr. Clinton. 

“What we needed in the last Congress, and 
did not have, was a leadership that could sit 
down in the White House and say to the 
president. That won’t work, that will fail* ” 
said a top aide to one senator who opposed 
Mr. Daschle. “And I don't know who that’s 
going to be in the elected leadership now ” 

(NYT) 

Drugs and the White Hou— 

WASHINGTON — Up to a quarter of 
White House staff members used illegal drugs 
in the four to five years before they began 
their jobs, the future speaker of the House, 
Newt Gingrich, asserted Sunday. 



thinks it's OJC* 

Asked about his acknowledgment that he, 
Kke Mr. Clinton, had smoked marijuana as a 
youth, Mr. Gingrich said, “That was a sign we 
were aHve and in graduate school in that era." 
Mr. Gingrich, 51, is three years elder than the 
president. (AP) 

Quote/ Unquote 

Barbara Sinclair, a political scientist at the 
University of California at Riverside, on the 
lack of dissenting voices among the new Re- 
publican majority in Congress: “Of the few 
true generalizations you can make about poli- 
tics, one of than is that new majorities tend to 
be more cohesive.” (NYT) 



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Page 4 


BNTEBNATIONAL HERALD TRIBUNE, MONDAY, DECEMBERS 


1994 


U.S. to Speed Asylum Process 

Changes Seek to Reduce Backlog and Abuses 


% Stevea Grouse 

WASHINGTON - Concerned (hat tens of nation of thm application wrthin 180 days, the 
thousands of people have appUod authorized by the anti-crime 

asylum as a method irfgettinaajobmfteUimed Ugg LTS^rfS^r/the agency will 

States, the Imm^yon a^NamrJnatimSM^ ^than d^^tiie numb® of asylum examm- 
fa me INS said tiutt lo reduce the Mtajjf 

dZS^^lumseetomanyofwhomhddg be achieved by 

ȣ d^dS,.^ulddouble tiienumber 

terview the 3,000 Cuban children bemg held in 
Guantanamo and Panama and would grant ra- 
tty, on a case-by-case basis, to those bangra 
greatest hardships. Their parents will be admit- 
ted with them. • ... „ „ 

Ms. Meissner denied that the decision was an 

^Bu? theJNS said it had scrapped a plan to 


of asylum officere, interview all new applicants 
within 60 days and seek to dispose of new cases 

within 180 days- . . 

Doris Meissner, the agency s commissions 
said the asylum program needed to he re^mwa 
because of the embarrassing backlog and wide- 


But the IPO saiu u uau i-- AxieusL when thousands Ot t~u- 

impose a $130 asylum application fee. Cn^csoj r^ra^y^A^i^wnoi those 

a Tg ue d l ha. 1 many appheants would would 

^Ms. Mdssner^o'maounced two other pohu- n ^^^^ a ^ t 2 mollIlce d that the OintoD 

ssrsiaasasms £S 33 biaa* 

tfrramo Naval Sluuonand m Panama. The P™^^'§^Sr to remain in the Uuit- 


Swiss Vote 
To Tighten 
HandUngof 
Foreigners 

The Associated Prtsa 

BERN — Swiss voters on 
Sunday overwhelmingly hacked 
government plans to tighten 
asylum procedures and make it 
easier to expel foreign crimi- 
nals. 

In a reflection of popular an- 
ger against foreign drug dealers, 
72.8 percent, or 1.4 million peo- 
ple, voted in favor of the tough- 
er measures. About 530,000 
people voted against Turnout 
-was 43 percent 

The new law allows local au- 
thorities to detain foreigners 
without proper papers for three 
months, and in certain in- 
stances six months, pending a 
decision on their asylum appli- 
cation or deportation. 

This is mainly aimed at peo- 
ple who have applied for refu- 
gee status and then committed a 



U.S. Gets 

Nowhere 
In Talks 
With Serbs 


asssagees esses ‘ 

Under current roles, asylum seekers can ob- lence and human ngnw 61 J expulsion. 0 , 

■ BOSNIA: Republicans Urge Major Bombing of Serbs 

fotmdlv disagreed with the poh- lost to the Serbs, but on Sunday 
cy outbnaiby^fr. Dole, saying STinSf^afe 

it wU certain to drag the Unit- only apph«L to to »UN 
ed States into a ground war be- area of Bihac, which has been 
could not 



cases are caught up in the backlog. 

To discourage this, asylum applicants from 


year. 
December. 


AMERICAN 

TOPICS 


A Tradition: Piety in Public Places 

Across the United States, city councils be- 
gin the most routine business sessions with an 
invocation. Athletes bow heads and join 
hands in the locker room as they would in a 
church. And the vigilance of civil libertarians 
for the constitutional separation of church 
and state notwithstanding, criches still pop 
up on public property at Christmastime. 

Such open displays of piety may puzzle or 
amuse non-Americans. But public acknow- 
ledgement of the divine remains an integral 
part of life in much of the United States, 
Gustav Niebuhr notes in The New York 
Times. 

“You have to realize that America is. of the 
most advanced industrial nations, the most 
religious," said Robert N. Bell ah, professor of 
sociology at the University of California at 
Berkeley and an author of “Habits of the 
Heart; Individualism and Commitment in 
American Life” (HarpoCollins). 

A poll released last year by a consortium of 
social science research centers showed that, 
among the dozen technologically advanced 
nations surveyed, belief in God was highest in 
the United States and Ireland. 

In the United States, popular piety has 
been nourished by the very fact that it is 
voluntary, say those who study religion and 
law. 

Short Takes 

Tony Berryman, 54* of Detroit, was so frus- 
trated by squatters in his vacant house that he 


doused it with gasoline to bum it, andposa- 
bly to collect insurance, firefighting officials 
said. But he was killed when a pilot light set 
off an explosion, trapping him mside. 

Lots of people drive motorcycles to work. 
But how many ride brand new Hariey-David- 
sons at work? Jeff Nesbit rolls them off the 
assembly line and hops on for test drives at 
the Hailey factory in York, Pennsylvania. He 
has done it 65 times a day for five years. That 
is more than 80,000 bates, or about $800 
million worth of custom chrome, steel, leather 
and robber. “There’s no better job on Earth, 
says Mr. Nesbit, 34, a smile connecting his 
bushy sideburns. “And I get paid for it! 
Since the biggest Harleys are nicknamed 
“hogs,” he could be described, perhaps, as 
bring in Hog Heaven. 

Actors Equity takes a An view of people 
who takft pictures in theaters. In addition to 
copyright problems. The New York Times 
notes, the flashbulbs momentarily blind the 
actors, who then may blunder into a one-ton 
piece of moving scenery. At a recent matinee 
of “Sunset Boulevard,” Glenn Close made her 
entrance to a mass popping of flashbulbs. 
Normally ushers rush down the aisle to stop 
these people, but they were all in the lobby 
dealing with late arrivals. So Miss Close took 
matters into her own hands. Dropping out of 
character, she announced, “Ladies and gen- 
tlemen, we can either have a photo session or 
we can go on with the show, but we cannot do 
both.” The house went wild, the shiitterbugs 
were squelched and the show went on. 

Gem of the Day, from the Ann Landers 
advice column: Winter is the season when the 
children leave open the doors they slammed 
all summer. 

International Herald Tribune 


on. 

generosity toward peo- 
sed is inscribed into the 

iimawitarinn traditions Of OUT 
country,” the government said 
in a pre-vote brochure. 

“Once a person has been re- 
fused asylum, he or she must 
accept the decision. That’s the 
only basis on which we can 
mnfntain our humanitarian pol- 
icy,” it wrote. 

Switzerland granted refugee 
status to 18,000 people last 
year. 

In Zurich, the crater of the 
country's biggest open drug 
scene and violence between 
competing dealers, 80.6 percent 
of voters were in favor of the 
tougher approach. 

Parliament approved the 
tougher law in March. But op- 
ponents collected the 50,000 
signatures needed under the 
Swiss system of direct democra- 
cy to challenge it in a national 
referendum. 


Continued from Page 1 . 
we’re tailing you to just bank off 
and accept an armed truce.” 

Both Republican leaders 
were highly critical of Mr. Qin- 
ton’s handling of Bosnia policy. 
After initially outlining a more 
aggressive policy in Bosnia than 

NATO allies in Europe, the 
White House recently approved 
a shif t aimed at aligning with 
Europe in pressing for a diplo- 
matic solution. Europeans com- 
plain that their troops are bear- 
ing the peacekeeping burden in 
Bosnia without American help 
on the ground. 

White House officials said 
Sunday that diplomatic efforts 
had not been exhausted and 
that bombing would only wors- 
en the situation. 

Mr. Christopher said he pro- 


cause Washington 
walk away from the inevitable 
failure of an air campaign. 

“No military expert that I 
know of feds that a bombing 
campaign would be successful, 
Mr. Christopher said. 

Defense Secretary William J. 
Perry took a similar approach, 
saying in a separate broadcast 
interview that ground combat 
between Muslim and Serbian 
farces was stalemated. 

“That suggests to us that a 
peace plan is best for all parties 
concerned,” he said. 


BUDAPEST —U.S. officials 
said Sunday that they had made 
little progress in new peace 
talks with the Bosman Serbs, 
even against a background of 
growing pressure for United 
Nations peacekeepers to pull 

0U Secretary of State Warren M. 
Christopher said Charles Red- 
rn* n, an aide who met Saturday 
with the leadership of the Bos- 
nian Serbs, described the talks 
as “useful but not decisive. 

A U-S- official said eariier 
that Mr. Redman had made no 
headway trying to persuade the 
leader of the Bosnian Serbs, Ra- 
dovan Karadzic, to join talks oa 
a plan from the five-nation 
“contact group.” . . 

“There was no indication 
Karadzic bad moved, nor did 
we expect him to,” the official 

The Bosnian Serbs have so 
far rejected the peace plan, 
which would give than roughly; 
half of the former Yugoslav re- 
public. 

Ministers from the contact 
grotm nations relaunched their 
peace plan in Brussels bn Fri- 
dayT renting they could allow 

some form of confederation be- - 

tween the Bosman Serbs and 
kinsmen in Serbia. 

Foreign Secretary D odgjjg ; 
Hurd orBritain and Ms Fheactr 
ngnen joinca w. counterpart, Alain JnppfyjwOl 
broad attack on the Mr. Chris topher and other 
itions and what they ^ talks they! 


Lmt/Tbc Awjdiwd Piw 


under Serbian assault. 

Further NATO air strikes, 
which have been intermittent, 
are not ruled out, Mr. Perry 
gairf- 

Mr. Gingrich joined Mr. 
Dole in a 
United Nations 
see as a tendency by Mr. Cta- 
ton to seek multilateral solu- 
tions to problems that require 
stronger U.S. leadership. 

Both Republican leaders 
called UN troops in Bosnia 
“hostages r Mr. Gingrich called 
it “unbelievably dangerous 


to 


Onl^ a week ago, Mr. Perry have N ATO in a “palheto arri 
umy , M military situation m 


said Muslim forces could not 
hope to regain territory already 


helpless' 

Bosnia. 


ARAFAT: In Gaza, PLO Chief Becomes New Enemy CSCE: 

Talks in Budapest 


Continued from Page 1 

consider ominous signs. White- 
washed and freshly painted less 
than two months ago at a cost 
of $3 million to $4 million to 
remove anti-Israeli graffiti, the 
walls of Gaza, particularly 
those leading to Mr. Arafat’s 
residential and office complex 
by the seaside, are again full of 
violent slogans. _ . : : 

But now the villain is Mr. 
Arafat and his Fatah militia 
and police force, who are de- 
nounced as “killers of Palestin- 
ians,” “bats of darkness,” “Isra- 
el’s loyal servants” and “the 
dogs of Arafat.” 

Gaza, which was experienc- 
ing the euphoria of liberation 


from Israel’s occupation this 
summer, is now brimming with 
fear, turmoil and whispered 
talk of conspiracies. 

In November, PLO police- 
men shot at demonstrators op- 
posing Mr. Arafat’s policies. 
Fourteen people were killed 
and 200 were wounded. Pales- 
tinian militants shot at cars car- 
rying PLO secret police offi- 
cials, wounding some. And 
demonstrators demanded the 
resignation of four of Mr. Ara- 
fat’s top aides, describing them 
as “corrupt traitors.” 

The increasing tension has 
alarmed senior Israeli officials, 
as well as Arabs and Westerners 
who looked forward to an era of 
peace and prosperity. 


“This is a taming point,” said 
Jacques Neriah, an Israeli strat- 
egist who served until recently 

as the senior Arab affairs advis- 
er to Prime Minister Yitzhak 
Rabin and has long main t a i n ed 
a relationship with Mr. Arafat. 

Mr. Neriah added, “We are 
now entering a period of semi- 
instability during winch the op- 
position will be testi n g him at 
every opportunity.” 

Palestinians dismiss talk of a 
civil war among themselves as 
nonsense. They say the struggle 

is now focused on whether Mr. 
Arafat can reverse the trend of 
abandonment he is experienc- 
ing from large segments of Pal- 
estinians. 


BOOKS 


PEACE: Israel Hesitates on Pullout 


SAINT-EXUPERY: 

A Biography 

By Stacy Schiff. 525 pages. $30. 
Knopf. 

Reviewed by 
Kenneth Murphy 

W ANTING to know an au- 
thor because you like his 
books, Eric Linklaier once said, 
“is like wanting to know a goose 
because you like p&tfc.” The pite 
was spread pretty thickly in the 
life of Comte Antoine Jean-Bap- 
tiste Marie Roger de Saint- Exu- 
pfery — aristocrat, pioneer, avia- 
tor and author — leaving scam 
time for the business of writing 
the books, such as “The Little 
Prince,” that have immortalized 
his name. Characteristically, 
when he and his airplane disap- 
peared on a flight in 1944. Saint- 
Exup6ry was juggling a number 
of literary projects along with his 


role as a reconnaissance pilot for 
the Free French air force. 

Schiff s is a biography in the 
round. Never in this long book 
is there a point when the reader 
wants to put it down. This is a 
weighty work in several senses; 
From beginning to end, the sto- 
ry is deftly constructed; narra- 
tive, analysis, description and 
speculation flow into one an- 
other painlessly. 

Ambivalence was at the heart 
of Saint-Exupfcry*s literary 
achievement, and Schiff treats in 
detail the sources of his singular 
restlessness. Bom into the im- 
poverished fring es of the aristoc- 
racy of provincial France, the 
young Samt-Exup6ry did not 
relish the official education and 
narr ow career choices deemed 
appropriate to one erf his posi- 
tion. Quite literally, he took to 
fKght, beco min g one of that 
small band of freebooting celeb- 
rity aviators who captivated the 
public on both sides of the At- 


WHAT THEY'RE READING 


• Julian Evans, author of 
“Transit of Venus: Travels in 
the Pacific,” is reading '"The 
Letters of Gustave Flaubert 
edited by Francis Steegmuller. 

“In an age dominated, one 
might say contaminated, by bi- 
ography, it is wonderful to go 
back to the words of writers 
writing about themselves. The 
book is an utter joy from start 
to finish. " (Rod erick 

Conway Morris, IHT) 



Continued from Page 1 

under pressure as well,” Mr. 
Abu Irdineh said. “We want 
our legitimacy to come from the 
people. Any delay is very dan- 
gerous. Peace is now at a very 
critical and sensitive period. If 
fails, everybody will pay 


BRIDGE 


By Alan Truscott 

O N the diagramed deal, 
played at the Regency 
Whist Club in 1987, Milton Pe- 
trie, the founder and chairman 
of Petrie Stores, outwitted his 
opponents with a brilliant 
stroke. 

As South, he was not happy 
to find hims elf in three no- 
trump, which was nearly hope- 
less. 

After a diamond lead against 
his three no-trump, Petrie could 
have hoped for a miracle in the 
shape of a doubleton king-ten 
combination in clubs on his 
right Instead, he ducked the 
diamond lead in dummy and 
waited for East’s next move af- 
ter winning with the queen. 

It seemed to East that he 
should attack clubs, although 
there were two points he ought 
to have considered: the opening 
lead suggested that West held 
four diamonds and so was un- 
likely to have more than four 
clubs; and South would have 
won the first trick in dummy if 
he was seriously worried about 
a club shift. 

Nevertheless, East shifted to 
the club king and Petrie laid his 


trap: he played low without any 
revealing pause. East thought 
he had struck gold, for his part- 
ner’s seven seamed to be a sig- 
nal. But when he led another 
dub he was discomfited tofind 
Petrie fairing all the remaining 
tricks. 

A shift bade to diamonds by 
East at the third trick would 
have left South with a useless 
club suit, and resulted in a 
three-trick defcaL 

NOkTH u>) 

♦ KB643 
O A KQ9 

<t AK4 


lantic in the 1920s. Saint-Exn- 
pfay lived a nomadic, precari- 
ous, often despairing existence 
as he began bis writing career, 
thrusting hims elf, hlS brooding 
silences, magic tricks, bad debts 
and perpetual cigarette smoke 
upon a small clique of loyal and 
long-suffering friends. 

Schiff is worried, as only a 
late 20th-century biographer 
can be, about Saint-Exupery’s 
sexuality. She is worried that 
Saint-Exup&y’s failed romance 
with that dreamy collector of 
men, Louise de VUmorin, was 
so all-consuming that, for years 
after, Saint-Ex upfiry's life 
seemed emotionally dislocated. 
Although she provides full de- 
tails about the oddities of their 
relations, whatever magic Lou- 
ise held escapes Schiff. 


becilic peons." More telli ng , per- 
haps, was his confining this tes- 
tament to bis private diary. 

Such privacy hardly fitted 
Saint-Exupfcry to the intellectual 
civil war that followed France’s 
collapse in June 1940, although 
it does gp some way toward ex- 
plaining the isolation in which 
he found himself in New York 
after fleeing the Nazi occupa- 
tion. In her desire to defend her 
hero, and her dislike of Gaullist 
chauvinism, Schiff seems to 
overlook the central issue. Nei- 
ther the over-sensitivity of de 
Gaulle’s supporters, nor the 
rfumrififtss of allowing Ms war fording to senior members of 
memoir “Flight to Arras” to be his government, that those two 

published in occupied France, 

nor the content of writings that 


tor 

The problem for Mr. Rabin is 
that he and many independent 
analysts have come to believe 
that the agreement signed in 
Washington has a logical flaw. 

In the interim period, before 
the two sides agree on the “final 
status" of the West Bank and 
East Jerusalem, Israel is sup- 
posed to grant a large dollop of 
autonomy to the Palestinians 
without making permanent ter- 
ritorial commitments. 

For that reason, Israel is enti- 
tled under the accord to keep all 
its settlements in place while 
the talks proceed. 

But in negotiations on the 
accord, Palestinians convinced 
Israel that they could not hold 
free elections while Israeli sol- 
diers continued to patrol their 
streets. Israel therefore, agreed 
to puli back its soldiers from 
towns and villages. 

Mr. Rabin has concluded, ac- 


pro visions are incompatible. Is- 
raeli newspapers are quoting 
“national assessment sources,” 
a euphemism for military intel- 
ligence, as saying that it is im- 
possible to protect many settle- 
ments while withdrawing from 
nearby population centers. 

The example of tiny Net- 
zarim in the autonomous Gaza 
Strip, where four Israeli soldiers 
dial last month at one exposed 
road junction, has driven home 
this analysis to Mr. Rabin. 

Ori Orr, a former general 
who chairs the Parliament’s De- 
fense and Foreign Affairs Com- 
mittee, said that if Israel with- 
drew its forces and more settlers 
were killed, the whole peace 
agreement with the Palestinians 
could collapse. 

One possible response for Is- 
rael is to begin uprooting some 
settlers. Mr. Rabin clearly aims 
to do so in the long run. 

But as Environment Minister 
Yossi Sand acknowledged, any 
such move is tantamount to de- 
ciding on Israel’s future borders 
— a decision Mr. Rabin does 
not now feel strong enough to 
defend. “This is the most im- 
portant part of the peace pro- 
cess,” Mr. Sand said, “as it will 


Sand said, 
inevitably decide the next 
phase. It won’t be reversed.” 


Continued from Page 1 

ropean security affairs through 
the conference. Its only major 
link mother European nations. 

Both NATO and the European 
Union are expanding, but Rus- 
sia is not welcome in either. 

Russia is against the expan- 
sion of NATO to the east, Mr. 
Yeltsin said before leaving 
Moscow. If that happens, he 
said, “NATO’s frontiers will 
reach the border of flic Russian 
Federation.” 

In another example of things 
to come, Russian demandsfor a 
free hand in peacekeeping in 
Nagorno-Karabakh blocked 

agreement on Sunday U> rend a 
3,000-strong multinational 
peacekeeping force to the en- 
clave, diplomats said. 

The North Atlantic Treaty 
Organization recently ordered 
ministers to define conditions 
for admitting former Warsaw 
Pact foes. Angered by the move, 
Russia backed out of a program 
for closer political and military 
cooperation with the allies. 

The United States and other 
Western nations are willing to 
give the security conference 
more muscle to prevent region- 
al conflicts and monitor human 
rights. But they refuse to let it 
overshadow the Atlantic alli- 
ance. 

Created in 1975 by the Hel- 
sinki Act, the Conference on 
Security and Cooperation in 
Europe was the only institution 
in which NATO and the War- 
saw Pact came'together to dis- 
cuss security and human rights 
issues. 

Those tasks have changed 
with the end of the Cold War- 

The leaders were also to her- 
ald the signing of the Nuclear 
Nonproliferation Treaty by 
Ukraine, which inherited 176 
nuclear missiles and around 
1,800 warheads after the 1991 
Soviet collapse. 

President Leonid Kuchina 
will sign the accord Monday in 
the presence of Mr. Clinton. 
Mr. Yeltsin and other leaders. 
In exchange, Mr. Kuchma ex- 
pects to get Western aid to pay 
for dismantling the weapons. 
Mr. Clinton was scheduled to 


Lv ^ V Drr A TIC! , , „ . „ Mr. Clinton was scheduled to 

' -EE STARb; Astrology Booms m Bussm 

Ms. Globa appears to be in ington on Monday evening. The 


What mattered, quite simply, n , 



Louise, 
as . 

French structure. Schiff is 
at her most informative and per- 
suasive in her accounts of Saint- 
Exupfcry’s adventures as an avia- 
tor. His isolation, so against the 


something that even “The Little 
Prince” might have known. 


scopes 

'fit can be pretty pessimis- 
acknow lodged Yelena 


tic. 


Myasnikova, chief editor of the 
Russian edition of Cosmopoli- 
tan. 


*3 


WEST 
* q iq 9 2 
? J 62 
0 J1?5 2 
*87 


EAST 

♦ A J5 
0 10864 
0 Q76 

* K 10 6 
SOUTH 


In its way, however, Saint- 
mpery’s political nalvetfe was 

a backhanded tribute to the pu- "In the current issue of that 
writers like ^ vision. Floundering magazine, for example, Tamara 

in the complicated politics of oKlisted the “fortunate" 
his age, Sainl-Exupeiy “wrote a days in November and Decem- 
satire of the adult world." That ber, a total of 12, and the “nega- 
“The Little Prince" emerged so live" days, 28 in alL 
shortly before Saint-Ex upery’s “We’re not very happy about 
death assured that his legend that, because we want Cosmo- 


_ held ' Sun- 
day in Belgrade. 

In a news confermce after 
meeting with Mr. Hurd and-Mr. 
Juppfc/President SlobodanM- 
loscvic of Serbia saM he' 
agreed with the peace plan 
called for an aid to 

the fighting. 

Mr. Hurd has warned that if' 
progress is not made soon, the 
UN will have little option but to 
withdraw its more than 22,000 .. 

leave 

Bosman Serbs and the Miep 
Tim-led Bosnian: government 
forces to fight it out 
The British lieoteaant gener- 
al who commands UN forces : • 
Bosnia, Sir Michael Rose, ech- 
oed ML Hrad*sfni*tratian Sun- 
day, saying; “You cannot go on- 
ppa fyk ee pirig in. avacuum. We. 
have seen a certain impasse aS- 
vdop over the summer months, 
and we're probably seeing the 
consequences of that now. 

UN. SeczetarynGraeial ,Bu- 
tros ButrosGhati saidSaturday 
that contingency plans for a 
pullout of t& UN troops were 
wdl advanced. 

Bosnian Serbs released 20 
British and 33 Dutch peace- 
keepers, 53 of the total 402 they 
were holding as insurance, 
against further NATO air- 
strikes. And UN military con- 
voys reached the Muslim eti^ 
claves of Gorazde and Bihac 
this weekend. (Reuters, AT) 

■ Rnsoa Vetoes UN Rebuke 
Russia unexpectedly broke 
with the United States and the 
European allies over Bosnia by 
casting a rare veto to block a 
UN Security Council resolution 
that contained a rebuke to the 
Sobs, The Washington Post re- 
ported from New York. 


SOMALIA: 

H^otMission? 

Cautioned from Page 1 

said most people in Mogadishu 
questioned whether the foreign 
soldiers had done anything to 
the Somalis. He pointed out 
that people in sura places as p, 
Baidoa mid Baardheere, where 
famine was most acute, remem- 
bered the aid brought in- hut 
their overall impression was 
that the foreign troops came 
and went without changing 
thing s f imriamfm tall y. 

What many here expect is 
that once the last troops leave 
the UN compound, crowds will 
storm the fences to loot whatev- 
er equipment and supplies are 
left. “They will try to gethold of 
this budding," said Major Zu~ 
hair Chattha of Pakistan, the 
UN military spokesman. 
“Hopefully, we will not he 
here. ’ 

“The port and the airport wifl 
be a big problem,” a top UN 
official said. “There’s going to 
be a big battle for them.” 

A few blocks from the com- 
pound, at the headquarters o> 
General Mohammed Farah At* 
(fid’s Somali National Alliance 
militia, there is a swirl of activi- 
ty. Crowds gather, hoping to 


4 7 

i? 7 3 
0983 

*AQ 9 5 4 3 2 

North and South were vulnerable. 
The bidding: 

Nonh East South West 

1 * Pass 1 N.T. Pass 

3 N.T. Pass Pass Pass 

west led the diamond two. 


Andrfe Malraux became 
and even men like Andre 
and Samuel Beckett were forced 
to take rides — was crucial to 
Samt-Exupays virion. Not even 

the Spanish Uvfl escaped from its creator's pages politan lo be a very optimistic 

lyst of agitprop and even from his control. That magazine," Ms. Myasnikova 

novels, couldcoax him mtocom- ^ ^ during myth is bom. said“But when you’re dealing 

with a famous person, a real 

Kenneth 


mitments. “Franco’s soldier is 
noble; his opponent as wdl," he 
wrote on leaving Spain soon af- 
ter tire bombing of Guernica. “I 
condemn any school of thought 
which — for coherency’s sake — 
is forced to reduce the enemy 
army to a pack erf p il l a g in g, im- 


Murphy, author of authority in the field, of course 
“ Retreat from the Finland Sta- it’s very difficult to say: ‘Don t 
tion: Moral Odysseys in the write what you really think. 
Breakdown of Communism, " Write that^ everything will turn 
wrote this for The Washington out O.K.’ w 
Past. 


no danger of that “November tr ans -Atlantic round 
is the hardest month,” she sandwiched between two ^hite 
warned Aquarians. “It will House events — a Sunday after- 
bring the loss of friends and noon ceremony honoring pa- 
protectors, hostility and deceit, trons of the arts and a congres- 
and problems with your par- stnnal ball Monday night, 
eats. Be careful about your Mr. Clinton has a Latin 
health.” American summit meeting in 

Valery Ledovskikh, the pen J^^t^^^domdMtodby P 0 ®* 008 inlhe new “govern' 
name of the astrologer who ^ ami tSSTS neot" Gmeral Aidid is mp**' 

wntis weekly m toma^n, ^ Republican control of 

Russia s leading business news- r * 

paper, would have his readers & ■ 

simply wait for another day. Lrais «i 

* J felt it important to make a 

“symbolic demonstration of the 
U.S. commitment to the CSCE 
and to a broader engagement in 
dealing with European security 
problems,” particularly because 
erf “the continuing agony we 
face in trying to grapple with 
the Bosnian crisis.' 


One official said Mr. Clinton 


“Ail attempts to interfere 
with the natural course of 
events and to change it for the 
belter will lead to no good re- 
sults,” be wrote on one recent 
gloomy day. 

"The onty thing you can do," 
he added, ts tighten up securi- 
ty on your delivery trucks.” 


(AP, Reuters) 


ed to declare. Asked about the 
departing peacekeepers, his 
supporters say only one tiring: 
Good riddance. 

“Our country is free,” said 
Abdulkarim Ahmed Ali, thgg 
secretary-general of the faction- 
“We feel some sort of indepen- 
dence now, Thor policy was the 
‘new world order,’ and it frilled. 
We were the testing ground, 
and they failed. They tried ev- 
erything, and everything is fad- 
ing." 






3yR!Vft: 


SUB® 


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• A(''flM.‘ -V 


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■’■If !.,*>„>■<<, * 


People in China. 


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Opening The Door to 
The Most Important 


The International Herald Trirune and The State Commission for Restructuring The Economic Systems Present 

The 1995 China Summit 







MONDAY, DECEMBER 5, 1994 

OPINION 


leralb 


INTERNATIONAL 



nttUMlH) WITH THK VfcW YORK TIMES ANI> THE WASHINGTON POhT 


Straight Talk About NATO 


tribune Just Muddl ™g 

- Without Any Policy 


“Frankly," Warren Christopher con- 
fessed to NATO, “the international 
community was insufficiently pre- 
pared" for Bosnia. Or hadn't you no- 
ticed? The secretary of stale was at his 
dreamiest in Brussels. 

He actually found some NATO 
achievements to hail. The alliance has 
done “whatever" the United Nations 
asked — but this ignores the minimal 
nature of the UN requests. It has “estab- 
lished a no-fly zone” — but only inter- 
mittently enforced it. It has “prevented 
the conflict from becoming an air war" 
— this in good measure by limiting its 
own air missions. It has been “instru- 
mental in preventing the spTead of the 
conflict" — but also instrumental in 
letting down Bosnia. 

What is the purpose of avoiding 
straight talk about NATO’s Balkan per- 
formance? -An alliance challenged to ful- 
fill a new mission of strengthening Eu- 
ropean security outside its members' 
borders failed dismally. 

Nor are its Bosnian trials at an end. 
NATO forces, provided by Europeans, 
are there in a weight dominating the UN 
peacekeeping presence. That creates the 
bizarre situation where NATO units, 
sent in supposedly to help Bosnians, are 
subjected to Serbian threat, attack and 
detention and end up adopting as their 
first mission relief and rescue for them- 
selves. This mission notably detracts 
from the capacity to relieve Bosnians. 


What East Europe Needs 


After the disarray over Bosnia, the 
national security crowd in Washington 
seems to be seized with the question of 
how to save NATO. They should instead 
be asking bow to ease the insecurity in 
Eastern Europe and Russia. To do' so, 
they need to be clear about the well- 
springs of that insecurity. 

The newly freed nations need political 
and economic reassurance, not military 
aUiance. and a helping band to bring 
them into the community of democratic 
nations. The worry is that the United 
States is not up (o the job. especially 
now that the Republicans have taken 
control of Congress. 

Some in the Republican Party, like 
Senator Jesse Helms, seem to regard any 
help to transform Eastern Europe and 
Russia as a waste of time and money. 
The hope is that leaders of broader vi- 
sion like Senators Robert Dole and 
Richard Lugar will sense the opportuni- 
ty and iusiain the effort. 

Offering NATO membership and se- 
curity guarantees to Poles. Czechs and 
Hungarians is tangential to meeting 
their felt needs. It is also sure to alienate 
those who are excluded, especially Rus- 
sia. where a nationalist reaction could 
topple Boris Yeltsin and the reformers, 
thereby increasing Eastern Europe’s in- 
security. Foreign Minister Andrei Ko- 
zyrev underscored that point last Thurs- 
day by holding up the start of his 
country's cooperation under NATO’s 
Partnership Tor Peace. 

Left intact. NATO can provide mili- 
tary insurance in case things go wrong in 
Russia, it can also help promote change 
by reaching out to ex-Warsaw Pact ar- 
mies. including Russia's, promoting dem- 
ocratic control of the military and facili- 
tating military conversion to peaceful 
pursuits. Yet NATO alone cannot meet 
Eastern Europe’s needs. Other institu- 


tions can — if they are strengthened. 

Universities, foundations and other 
nongovernmental organizations need to 
sustain support for democracy and the 
free institutions that nurture it. Private- 
public partnerships can encourage ev- 
erything from the stocking of libraries 
and the housing of military retirees to 
funding scientific research by former 
bomb-builders. 

The European Union has yet to lay 
out a strategy for bringing the East into 
a European-wide market. It can move a 
lot more quickly than it has to lower 
agricultural and other trade barriers. It 
also can construct road and rail corri- 
dors to link the East and West, and 
invest in projects to reverse environ- 
mental degradation. Washington also 
needs to be involved. 

The Helsinki accords give the 53- 
nation Conference on Security and Co- 
operation in Europe a leading role in 
preventing ethnic conflict and protect- 
ing human rights. The CSCE can also 
provide political legitimacy and over- 
sight for peacekeeping in the region. 
Yet Washington has looked upon the 
CSCE as a rival to NATO and tried to 
constrain it. 

The thickening web of ties to the 
West can help reassure anxious East 


Europeans, including Russia, that they 
if they want in. At 


will not be left out 
the same lime, the West would be right 
to insist that the political and economic 
standards it sets for cooperation are 
met by countries seekiag assistance 
and closer ties. 

The new Republican majority has a 
chance to help transform the East. But it 
will not succeed if it focuses on expand- 
ing NATO and does not try to meet the 
East’s political and economic needs — 
and ease its ethnic frictions. 

— THE HEW YORK TIMES. 


When Laurels Don’t Help 


It takes a special kind of disdain for 
world opinion for a government to perse- 
cute a Nobel prize-winning writer or a 
world-famous poet and force him to flee 
his home. Unfortunately, it is by no 
means uncommon. It happened recently 
(o the Nigerian poet and playwright Wole 
Soyinka, who won the literature prize in 
1986. And something like it has hap- 
pened to the exiled Chinese poet Bei Dao. 
not a Nobel laureate but well-known and 
beloved both in and outside his native 
land, who tried to visit his parents and 
was held, interrogated and finally sent 
back from the Beijing airport to the Unit- 
ed States by Chinese authorities who ac- 
cused him of political activities. 

Bei Dao is back in Michigan, where he 
came after some of the Tiananmen Square 
protesters took his work as a moral an- 
them. Mr. Soyinka is in Paris, having fled 
there after authorities confiscated his pass- 
port in early November and refused to let 
him travel to a planned conference in 
Strasbourg. Taking the hint that, as he put 
it, the government might be preparing to 
give him “the Burmese treatment" — a 
reference to another Nobel laureate, peace 
prize winner Daw Aung San Suu Kyi, who 
has spent the five years ance the prize 
under house arrest— Mr. Soyinka escaped 


over the border by expedients that he 
would not describe on arrival in Europe 
but which, he told reporters there, 
“wounded my sexagenarian dignity.” 

You could say that both these men got 
off relatively lightly, and exile does com- 
pare favorably with some other alterna- 
tives — imprisonment, torture, assassina- 
tion — faced by famous and nonfamous 
people of conscience who express p rind- 
plea dissent to governments that brook 
none. Mr. Soyinka bas been prominent in 
pro-democracy activities and most re- 
cently filed a lawsuit challenging the le- 
gitimacy of the current Nigerian military 
government of General Sani Abacha. in- 
stalled in 1993 after previous leaders can- 
celed the results of a free election. (It was 
after the lawsuit failed, in late October of 
this year, that his passport was seized.) 

But it is the government’s intolerance, 
not the writer's suffering, that is most 
significant in such cases. The visibility 
conferred by a Nobel prize is supposed to 
afford some measure of protection to the 
laureate. When that protection fails to 
work, when governments are so dismis- 
sive of world opinion that they persecute 
or fail to protect even individuals so hon- 
ored, it is a sign of real trouble 

— THE WASHINGTON POST 



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By William Pfaff 


The international “contact group/ 
including die United States, is now mak- 
ing a fresh attempt to draw Bosnian 
Serbs into the international peace plan. 
But the first item in the group's appeal 
necessarily will be the safety of the 
peacekeepers. Here lies the case for re- 
moving the peacekeepers and giving the 
Bosnians the chance that they insist they 
want to fight their own battle. 

In Brussels, meanwhile, NATO came 
up against another shock for which it 
was “insufficiently prepared." No soon- 
er had Secretary Christopher welcomed 
Russia's agreement to join the NATO 
Partnership for Peace security-coopera- 
tion program than the Russian foreign 
minister refused to sign. 

Instead he complained about NA- 
TO's stated intent to take in new mem- 
bers from Centra] Europe. 

Already NATO’s progress toward en- 
largement is slow verging on glacial. The 
government in Moscow has its jitLers 
about a new “line” being drawn in Eu- 
rope. That puts a burden on NATO to 
explain and demonstrate to Russia bow 
the careful, deliberate and transparent 
enlargement of the alliance serves the 
general confidence and stability. To 
slow further would be to grant Russia a 
veto over an alliance of which it is not a 
member. To back down on enlargement, 
after backing down on Bosnia, must be 
regarded as unthinkable. 

— THE WASHINGTON POST 


F Western governments now 
take refuge in thickets of blather, 
having abandoned Bosnia. They 
promise reform of their institu- 
tions of cooperation so that never 
again will there be a tragedy like 
the former Yugoslavia's. 

U.S. Secretary of State Warren 
Christopher promised last Tues- 
day “a strengthened CSCE” to 
deal “more effectively and more 


Are the powers prepared 
to defend the principle 
that only peaceful and 
negotiated territorial 
change in Europe is 
acceptable ? 


soundly” with future-cases of in- 
ternational aggression. NATO is 
“fundamentally sound,” accord- 
ing to Dee Dee Myers at (he 
White House. There is “a Bosnian 
crisis, not a NATO crisis." 

France’s foreign minister calls 
for “a new international confer- 
ence” on the former Yugoslavia. 
Germany’s foreign minister says 
(hat “aggression should not pay.” 
International villainy must surely 
recoil at such words. 

Mr. Christopher says Partner- 
ship for Peace has made “extra- 
ordinary progress.” NATO has 
“talked* itself through the condi- 
tions, the circumstances, the im- 
plications, the responsibilities of 
membership” and “over time . . . 
must be willing to include nations 
that are willing to assume the nec- 
essary obligations and commit- 
ments.'' It will be enlarged. 

Or perhaps noL The North At- 
lantic Council meeting in Brus- 
sels on Thursday named a com- 
mission to report back on the 
matter in a year. 

This is criminal irresponsibil- 
ity. It marks both Americans and 
Europeans. 

The latest French-German 
summit agreed to do nothing but 
recommend peace and negotia- 
tions to Y ugoslavia. Chancellor 
Helmut Kohl's own party has 
asked that the Bosnia arms em- 
bargo be lifted. This was ignored. 
Mr. Kohl deferring to President 
Francois Mitterrand's implicitly 
pro-Serbian neutralism. 

Leaders will now discuss how 
to give Europe’s military organi- 
zation, the Western European 
Union, the command and logisti- 


cal structures that NATO pos- 
sesses and the WEU lacks, so that 
Europe — next time — will not 
have to depend on American 
agreement and cooperation. 

An anonymous French diplo- 
mat says, “The United States 
wants more than ever to control 
the show, on the back of the lives 
of French and British soldiers.” 
Fine, as an expression of bitter- 
ness over what has gone on in 
Bosnia. But will the Europeans 
take future responsibility? Expe- 
rience suggests that they will not. 

The notion that reform of the 
mechanisms of cooperation can 
solve the problem is delusion, as 
every intelligent member of the 
American and European political 
classes must know. The collapse 
of the United Nations, NATO 
and the European Union in Bos- 
nia had nothing fundamentally to 
do with the political and military 
machinery at the disposal of the 
Western countries. It had every- 
thing to do with the lack of a 
common policy. They did not 
know what to do with the ma- 


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It follows that the future wiQ not 
be improved by bureaucratic fid- 
dling with the mechanisms of co- 
operation. It will be affected only 
by alliance decisions — Atlantic or 
West European — or the acts of 
individual governments prepared 


to defend civilized values even if 
others dither or retreat 
It is essential that the policy 
problem be addressed, not the 
mechanical one. There are a num- 
ber of serious conflicts in waiting. 
The problems of national minor- 
ities will worsen in that Greater 
Serbia which the Western powers 
now seem anxious to ratify. Alba- 
nian and Hungarian minorities 
have no secure place in the Great- 
er Serbia now m prospect. 

The new Hungarian govern- 
ment bas dropped the irredentist 
rhetoric that characterized its 
predecessors, but the tensions 
provoked by Hungary’s national 
diaspora remain grave. Roma- 
nia’s government has done little 
to halt the aggressive anti-Hun- 
garian acts of local authorities in 


Hungarian-populated Transylva- 
nia. Greek-Tarkish hostility over 
Greece's maritime claims in the 
Aegean Sea has been contained 
up to now only by strenuous 
American diplomacy. Greek - 
Macedonian and Greek- A! bani- 
an tension remains serious. 

The Western powers have ac- 
quiesced in Russia’s reassertion 
of authority in Chechnya, which 
unilaterally claimed independence 
in 1991. What is Western policy 
with respect to the other new states 
issued from the old U.&S.R.? 
What distinctions are made? 

These issues have to be ad- 
dressed. Institutional reform 
means nothing if the Western 
governments do not know what 
to do about actual problems. 
Here is where a joint policy ef- 


fort must be made during the 
months to come. Threats and op- 
tions must be put before policy- 
makers now, while there is time 
for confidential reflection and 
common decisions. 

What would NATO actually 
do about a Ukrainian crisis? 
What is the policy of the Europe- 
an Union on Balkan irredentist 
claims? Are the powers prepared 
to defend the principle that only 
peaceful and negotiated tern ton- . 
a! change in Europe is accept- 
able? Wfll they defend human 
rights? How? Only with talk? 

Now is the time to deride. They 
have a second chance to do so, 
after Yugoslavia. It may be the 
last chance. 

International Herald Tribune. 

© Los Angeles Times Syndicate. 


In Ex- Yugoslavia, the World Was Caught Unprepared 


■y^ASHINGTON — The Brit- 


ish writer Said was speak- 
ing of the Balkans, and in parti- 
cular of the part that used to 
be greater Yugoslavia, when he 
memorably wrote: “They pro- 
duce more history than they can 
consume locally.” 

It is another of the occasional 
overflows of Balkan history — 


By Edwin M- Yoder Jr. 


It was clearly a mistake to 
take on such a role before 
thinking it through. 


featuring the usual Cain-Abel vi- 
olence — that has brought the 
otherwise insignificant little dly 
of Bihac, in Bosnia, to the civi- 
lized world’s distressed atten- 
tion. Bihac is supposed to be a 
United Nations “safe haven" for 
victims of Serbian aggression. It 
looks more like a trap, for the 
victims arid for the UN peace- 


keeping force as well And what 
is the reaction in Washington? 

A blame game. 

There was a revealing episode 
on the MacNefl/Lehrer News- 
Hour on Nov. 28. Anthony Lew- 
is, the New York Tones colum- 
nist, complained that the United 
States and its NATO allies had 
failed to act to punish or deter 
Serbian aggression. Larry Eagle- 
burger, the former secretary of 
state, exclaimed: “In other 
words, it's all my fault." He had 
been George Bush's secretary of 
state; Mr. Lewis said the initial 
mistakes were made during the 
Bush years. 

Anyone who knows anything 
about Bosnia or Mr. Eagleborger 
knows that his mea culpa was 
absurd — a satire of the view that 
the world, with its complexities, is 
Washington's to fix; that when it 
declines to be fixed, we Ameri- 
cans must beat our breasts, even 


if 99 percent of us never heard of 
the place we were supposed to fix. 

To Woodrow Wilson’s misad- 
ventures in World War I and the 
so-called “loss" of China to com- 
munism in 1949 we must now add 
Bosnia? So tl seems. 

Mr. Eagleburger is among the 
few in Washington who actual!)’ 
know something about Yugosla- 
via and the obscure tangles of 
Serbian, Croatian and Bosnian 
nationalism. He served twice in 
Belgrade, the second time as U.S. 
ambassador. He knows the lan- 
guage, culture and politics. 

It was a considerable irony — 
and it may have been America's 
unacknowledged good fortune as 
well — that one so well instructed 
in the realities of Balkan politics 
was in charge at the State Depart- 
ment when the old Yugoslavia 
began falling apart. 

One consequence of Mr. Eagle- 
burger's expertise, and of his 


Capitalism Is Rampant, So the Flabby Better Shape Up 


Wi 


r ASHINGTON — Liberals 
and conservatives alike re- 
gard the Republicans' “Contract 
With America" as a bold venture. 
In truth, it is a timid measure 
that even if carried out will leave 
the United States a handicapped 
player in the global capitalism of 
the 21st century. 

Make no mistake, a capitalist 
revolution is sweeping the world. 
Communist central planning is 
no longer throttling the produc- 
tion and productivity of 1.2 bil- 
lion Chinese people. Develop- 
ment planning is no longer stifling 
Latin America. 

Latin America has a potential 
market twice that of the United 
States, and China's is four times 
as large. We know that these new 
players on the world scene are 
serious when the Chinese Com- 
munist Party uses its power to 
create stock markets and protect 
entrepreneurs, and when former 
socialist states such as Chile and 
Argentina privatize social securi- 
ty and national health care. 

In 25 years, according to World 
Bank projections. China will have 
the largest economy, with the 
United States a distant second. 

In a global economy, capital 
will flow to areas where returns 
are highest and away from those 
where it is savaged by taxes, regu- 
lations and tort liabilities. 

So the United States has no 
choice but to stop building wel- 
fare and entitlement dependen- 
cies that it can no longer afford, 
and to return to the small-govern- 
ment era that permitted wave af- 
ter wave of penniless immigrants 
to be absorbed into the economic 
life of a thriving nation. 

The Republican contract takes 
steps in the right direction, but 
they are a baby's faltering steps, 
not the strides of confident lead- 
ers. Even Republicans are too im- 
bued with guilt over inequality to 
permit America to reativ compete 
on the world stage. 

If the United States, a welfare 
stale grown soft and fat. is to 
survive in a competitive post-so- 
cialist world, it must privatize So- 
cial Security and health care, 
abolish welfare and cease to tax 
human and physical capital. 

Above all. we Americans must 
return to equality before the law 
and terminal e the emerging legal 
system — a throwback to feudal 
times — in which people have 
differing rights based on their sta- 
tus, in this case race and sex. 

Privatizing Social Security is on 
urgent matter of survival. The vi- 
ability of a pay-as-you-go system 
that transfers money from one 
generation to another depends on 
a high ratio of workers to retirees. 
This is no longer the case in the 


By Paul Craig Roberts 


United States, and the system is 


already ranging on its promises 
/ benefits. 


by taxing Social Security i 

Privatization will be financially 
challenging. Large amounts of 
general revenue would have to be 
used tc support those in retire- 
ment while younger workers are 
moved into Individual Retire- 
ment Accounts and similar plans. 
These revenues can be made avail- 
able only by curtailing functions 
of government that are inconsis- 
tent with a self-reliant people. 

As Western Europe has discov- 
ered, a welfare-dependent popu- 
lation is a disadvantage in global 
competition. Only disciplined 
people with high saving rates to 


cushion themselves against un- 
certainties will make tire adjust- 
ment to the new world order. 

The economic cost of a govern- 
ment-supplied safety net is exor- 
bitant, and its perverse incentives 
are socially debilitating A new 
safety net wfll have to be built, 
using a combination of lower tax- 
es, expanded Individual Retire- 
ment Accounts, medical savings 
accounts and charitable activities. 

Nor can the United States af- 
ford the antipathy to meritocracy 
that suffuses its economic and so- 
cial policies. Capitalism depends 
on the recognition and reward of 
merit, but American law now de- 
mands advancement by race and 


gender quota. A country bent on 
equality of result at all costs has 
no prospect of success in the 
emerging world capitalist order. 

When multicuituralists demand 
the demolition of traditional aca- 
demic standards even for the train- 
ing of scientists, one must wonder 
whether the 2 1st century will find 
the United States engaged in (he 
dismantling of modernity while 
its competitors become modern 
states. The cost of such a disas- 
trous course cannot be offset by 
any economic policy. 


The writer. It.S. assistant secre- 
tary of the Treasury in 1981 and 
1982, is a fellow of the Cato Insti- 
tute. He contributed this comment 
to The New York Times. 


Upset With Urban- Industrial Failings 


gERKELEY, California — 


When Newt Gingrich start- 
ed using (he term “countercul- 
tural” as an all-purpose pejora- 
tive before last month's election, 
I began to woiry about the accu- 
racy of America’s national his- 
torical record — specially when 
he attached the word to sweep- 
ing judgments about “American 
civilization." 

As I coined the term jn my 
1969 book “The Making of a 
Counter Culture," it referred to a 
minority within the protest move- 
ment of the period that had raised 
challenging questions about the 
sustainability of urban-industrial 
society. I sought to give coher- 
ence to the movement, traced its 
antecedents back to (he Roman- 
tic movement of the late 18th cen- 
tury and gave the thing a name. 

Almost at once the media be- 
gan bending that name out of 
shape, limiting it to a sensational 
surface — drugs, sex, weird hair 
styles, raucous music, misconduct 
in public places. As it appears in 
textbooks and dictionaries today, 
the word “counterculture” is of- 
ten defined as little more than an 
adolescent outburst 

The word meant nothing 1 so 
simple or easily categorized. True 
exponents of the counterculture, 
as I saw it, believed that capital- 
ism and its Marxist opposition 
were equally committed to ex- 
panding urban industrialism, tak- 
ing the culture of the industrial 
city to be the unquestionable wave 
of the future. The only dispute 
between them was who should 
own and run the system. During 
the Cold War era, capitalists and 
Marxists alik e were wedded to a 
dogmatic acceptance of techno- 
logy and science and were intoler- 
ant of other worldviews. 


By Theodore Roszak 


From the countercultural per- 
spective, “alienation” — limited 
by Marxists to the relationship of 
workers to property and labor — 
went further than leftist ideo- 
logues i m ag in ed, because they 
themselves were as ahenated from 
the primitive, the body, the ecstat- 
ic and (he feminine as any profit- 
driven entrepreneur bad ever been. 

Even drugs, the most erratic 
and hazardous aspect of the 
countercultural protest, were 
more than mere fun and games; 
they represented a search for 
some altered state of conscious- 
ness that might “cleanse the 
doors of perception,” in William 
Blake's phrase, and usher us into 
the postindusirial future. 

Of course, bad he troubled to 
ask what the word really meant, 
Mr. Gingrich would still have no 
greater liking for the countercul- 
ture. It has, after all, given rise 
to causes omitted from his con- 
tract with “normal Americans": 
environmentalism, feminism, 
the rights of gays, American In- 
dians and ethnic minorities. 

But he is more beholden to the 
'60s than he may know. It was 
guerrilla computer hackers, 
whose origins can be discerned 
in the old “Whole Earth Cata- 
logue/’ who invented the per- 
sonal computer as a means, so 
they hoped, erf fostering dissent 
and questioning authority. 

This is the same technology on 
which Mr. Gingrich, the “conser- 
vative futurist,” is banking to re- 
build (he economy. 

Whatever else one might reject 
in countercultural pro Lest, it was at 
last a brave cal! for openness and 
diversity. In comparison, “Ameri- 


can civilization,” as Mr. Gingrich 
sees it, is a poor thing: a narrow 
terrain bound by rigid orthodox- 
ies. For one who bolds so power- 
ful an office, he is worrisoraely 
blind to those democratic vistas 
that Walt Whitman, a voice of the 
counterculture if ever there was 
one, celebrated when he heard 
“America singing, the varied car- 
ols 1 hear.” 





W 


P 


pt^ 


' V 


The writer is author of the forth- 
coming "The Memoirs of Elizabeth 
Frankenstein a novel. "The 
Making of a Counter Culture" will 
be published in a new edition rurxt 
year, ffe contributed this comment 
to The New York Times. 


wariness of American public im- 
patience with military engage- 
ment in faraway places, was an 
anguished prudence. 

When the tragedy in Sarajevo 
was unfolding, Mr. Eagleburger 
told me that had he been able to 
envision a plan for effective U.S. 
military intervention (one that 
the American people would sup- 
port), he would have favored it 
He could see none. Neither could 
I, then or now. 

As the extent of the UN- 
NATO failure emerges, Monday 
morning quarterbacks lacking Mr. 
Eagleburger’s grasp of the reali- 
ties are offering glib after-the-fact 
judgments — notably Senator 
Bob Dole, who seems to have 
appointed himself instant secre- 
tary of state for Balkan affairs. v 

Hindsight is perfect U is obvi-* 
ous that the United Nations and 
NATO have failed to find an ef- 
fective role in Yugoslavia. Nei- 
ther has, a formula, for containing 
the surging tribal energies and 
hatreds released all over Central 
and Eastern Europe by the col- 
lapse of the Soviet Union. 

Moreover, the United Nations 
is now paying a bitter price for its 
mindless patronage of national- 
ism from 1945 on, as great colo- 
nial empires dissolved and every 
successor statelet with a tele- 
phone system and an airline pro- 
claimed itself a nation and occu- 
pied a General Assembly seat 

Yugoslavia, a comparatively 
sophisticated society, is a repre- 
sentative victim of those centri- 
fugal nationalist passions. It 
worked far belter as a federation 
than it is likely to work as a 
grouping of hostile states. 

But nationalism remains a tox- 
ic legacy of the romantic age. 
What the world needs is a com- 
pelling counter-ideology, an anti- 
nationalism. It would; do more 
than guns or tanks to stop such 
unsightly events as we have wit- 
nessed in Bosnia. 

NATO, for its part, is a grand 
alliance conceived for the monu- 
mental task of preventing the 
communization of Europe, ft was 
a famous success, but ultimately 
nothing fails like success. 

When the Soviet Union col- 
lapsed, it yielded the stage to a 
bewildering array of fratricidal 
nationalists eager to renew old 
enmities and refight old territo- 
rial wars. So far, NATO bas nei- 
ther the will nor the machinery 
to police this new tribalism. 

That policing may eventually 
become its role and perhaps it 
should. But it was clearly a mis- 
take to take on such a role before 
thinking it through. 

That is the meaning of Bihac, 
and it has tittle to do with the 
decisions of Larry Eagleburger 
or anyone else. 

Washington Pest Writers Group. 


lV- " 




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IN OUR PAGES: 100, 75 AND 50 YEARS AGO 
1894?: Stiff Peace Terms 


v > 


YOKOHAMA — In view of the 
action taken by China for the 
puipose of bringing about a ces- 
sation of hostilities, the question 
of terms of peace is being gener- 
ally discussed here. From the 
statements of the Japanese press, 
it appears that Japan is prepared 
to insist on very heavy condi- 
tions. As the extent of Chinese 
territory occupied by the Japa- 
nese armies increases, the de- 
mands of the Mikado's Govern- 
ment will grow proportionately. 


don. before a large and distin- 
guished throng, including the 
Prince of Wales. Besides retaining 
his title of heavyweight champion - 
o ME ur ope^ (C arpm tier won. the 

of America, for the world tidSi£- 
Incidentally, he won £5,500. -. 7 - 




1944: Luck Over lokp 

HEADQUARTERS 
BOMBER COMMANI 


1919; Boxiag Sensation 

LONDON — One of the greatest 
sensations ever produced in the 
boxing ring was created to-night 
fpec. 4J. when Georges Caipen- 
Uer, of France, knocked r jt Joe 
Beckett, erf England, in just over 
one minute. The contest took 
place at Holbora Stadiuxn, Lon- 


2\&y 

COMMAND. Sato 
— [From our New York edstion^! ' 
In one of the most dramatic ana 
unusual events in amal cxjffibaf . 
history, an American Superfor- 
tress which had just, bombed tbfc 
Nakajuna aircraft factory at Tor. if 
kyo was rammed by a Japanese" 
fighter plane over the target yeK 
terday [Dec. 3| and lost part 
one engine and nacelle* but made . 
it home safely. The enemy plane 
then careened into another Japs^’ . 
nese fighter, and both plunged td 
the ground in flames. 





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Taiwan Opposition 
Wins Important Job 

Nationalists Still Dominate , 
But Democracy Is Evolving 

By Kevin Murphy tion under way in Taiwan, ana- 

TiSST - *- 1 — lysis said, 
aen cnT-T 1 ?^ a Bh l years “This is a remarkable result 

‘ . 1 80 was sitting in the process of Taiwan's de- 
°f association mocratization,” Wu Jau-shieh, 


INTERNATIONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


Page 7 


" m 


wi a 

a magazine or 
Taiwan s Nationalist 
its authoritarian r ule. 


&n academic at National 
Chengchi University’s Institute 
of International Relations, said 


n. ; ui u i miu iuuuiu nuauuns, saia 

^landing m front of 30,000 of the ejections, in which voter 

ann9 - «_ jl i.j 


upporters earl 
Democratic F 


turnout exceeded 78 percent 
“It’s the first time in 30 ye 


«*uon wrm the government executive position.” Mr. Wu 
mat once imprisoned him and “And two opposition par- 
oozens of party founders. lies who are ideologically op- 

Over the din of horns and a P 08011 wih work together to con- 
™nage of fireworks, Mr ^ the Taipei Gty Council.” 

also promised, in the once-sui>- Ostensibly local in nature, is- 
pressed native Taiwanese dia- landwide electoral contests nev- 
lect, to mend the ethnic drri- CT far from debate over 

sions pricked by fierce rhetoric Taiwan’s national identity and 
in the island nation’s most emo- ^2“? rdauous with Beijing, 
banal and important elections. wluc “ regards the rich trading 
Rowdy and rapid, political “5?°“ 115 a ra ?, c S ade province 
change has nonahdeJTlSoS S ,em P orari1 '' be 5 , °“ d 

relatively smoothly to Taiwan iDun- 

since martial in<u a While the Democratic Pro- 



Beijing’s 2 Enduring Officers 

Military Leaders Positioning for Post-Deng Era 


m*. ' 

m.hS 


TuOuu Tdi'Ajfrar Fnoor-Prax 

Election posters coming down Sunday in Taipei, where the Nationalists lost a key post 


since martial law and one-oartv w “ Ie T “ c Democratic Pro- 
rule were lifted m iq »7 party £ rcssive Party and the more re- 
^ t, cently formed New Party railed 
firmlv - who ^ ve against entrenched Nationalist 

Taiwa ? f 100 ® corruption and inept local ad- 
rSS S m h reSo fr K m a inla f ? d ministrations, voters inevitably 
££“ “ I®??* he ^ d on V 5 focused on individual candi- 

grfonaa. «,*««,«* 


minion eligible voters went to 
die polls on Saturday. The Na- 
tionalist PaitV. or Knnmintflno 


still dominates the national 
government as well. 

But Mr. Chen’s victory in 
Taipei and a strong showing by 
another opposition party 
formed less than two years ago 
typify the dramatic but general- 
ly peaceful democratic evolu- 


* WWB U WWi UIV X^ViliWl auw 

Progressive Party advocates 
formal declaration of Taiwan's 


MW AMVM/ U Vlll 

China, if supported by plebi- 
scite. 

The New Party, which draws 
support from Mandarin Chi- 
nese-speaking families original- 
ly from the mainland, aspires to 
eventual ramification with Chi- 
na. It also distrusts the goals of 


the Nationalists, who have 
moved to install native-born 
Taiwanese in positions of pow- 
er alongside Lee Teng-hui, the 
president who strives to main- 
tain a delicate status quo that 
defines Taiwan’s identity in de- 
liberately fuzzy terms. 

Jaw Shau-kong, a popular 
New Party leader who placed 
second to Mr. Chen in the Tai- 
pei mayoral contest, accused 
Mr. Lee of having a secret plan 


iu ucuiare muepenaence in 
1996, a hint of the likely tone of 
Taiwan's first direct presiden- 


IKU CKU1UU3, IV DC liCJll 

that year. 

Democratic Progressive can- 
didates, one diplomat said, 
“could reasonably downplay a 
pro-independence stance that 
still makes many Taiwanese 
nervous with the argument that 
these are local elections about 


local issues,” referring to deep 
fears that China would invade if 
Taiwan formally broke away. 

“But in the upcoming presi- 
dential elections it will be a 
much different story.” the dip- 
lomat said. “Each candidate 
win have to defend their policy 
on the future of the island. This 
will prove very emotional” 

Attacks on such politicians as 
James Soong, the Nationalist 


gUVWUVI 1 1UIIUUI l IVTUIW) 

for their inability to speak the 
local dialect fluently and heated 


dates* backgrounds staked pas- 
sions in the lead-up to voting. 

Scattered interparty thuggery 
and widespread allegations erf 
vote-buying by the Nationalists 
prompted authorities to put 
70,000 policemen on alert Sat- 
urday night. 


But the specter of mayhem 
that led some commentators to 
fear that the country’s experi- 
ment with democracy might 
meet a damaging setback never 
materialized, as all parties con- 
fidently claimed success at the 
polls. 

The Nationalists maintained 
an overall majority of support 
and control of the provincial 
governorship, a holdover from 
the days when Taipei claimed to 


m 1 Hi J, ,V. 


By Patrick E Tyler 

New York Times Service 

BEUING — When Deng 
Xiaoping was purged from the 
Chinese leadership in 1976, a 
senior marshal of the People's 
Liberation Army helped smug- 
gle him to southern China in a 
windowless horse cart. Protect- 
ed by military allies, Mr. Deng 
bided his time until comrades 
prevailed over enemies and 
helped him eventually become 
paramount leader. 

Now, as Mr. Drag's health 
continues to decline, two top 
military leaders. Admiral Liu 
Huaqing, 78, and General 
Zhang Zbra, 80, are positioning 
themselves to influence China’s 
political succession and any 
power struggle that might arise 
from his death. 

Put in place by Mr. Deng in 
1992 as transitional figures to 
guide his designated heir. Presi- 
dent Jiang Zemin, Admiral Liu 
and General Zhang have con- 
ducted what UJS. intelligence 
agencies describe as a “major 
purge" of the top ranks of Chi- 
na’s armed forces. 

The purge, ordered by Mr. 
Deng, coincided with the re- 
moval in 1992 of President 
Yang Shangkun and his half- 
brother, General Yang Baibing. 
The Yangs were suspected of 
building up their own power 
base in the armed forces, but 
they could still play a role in the 
succession because of their con- 
nections. 


,/,.i «t t T n 


strictly enforced a retirement 
age of 65 that seems to apply to 
everyone except themselves. 

But now, with the purge con- 
cluded and Mr. J iang ’s posi- 
tions as leader of the Commu- 
nist Party and supreme military 
commander unrivaled. A dmir al 
Liu and General Zhang appear 
reluctant to leave the stage. 

“The old guys are still in con- 
trol of the mili tary," one China 
analyst said. “They just refuse 
to retire, and I believe they are 
going to remain in office to hold 
on to their own power.” 

In recent months, there have 
been persistent reports that 
General Zhang would be forced 
to retire next September during 
the annual gathering of the 
Communist Party leadership. 

In a rare pubhc comment on 
leadership changes. Mr. Zhang 
dismissed this speculation when 
approached by two Western re- 
porters during a banquet at the 
Great Hall or the People. 

“There isn’t going to be any 
change,” he said with a grin. 

Now, two months after the 
party’s leadership meetings, 
several Western diplomats say 
they believe that retirement 
plans for the two military lead- 
ers have been shelved. 

“1 think they are anxious not 
to leave at a time when Deng 
seems about to go and there are 
lots of questions about the tran- 
sition,” one said. 

Whether they resisted retire- 
ment or had their terms extrad- 


committee, and he and General 
Zhang are deputy chairmen of 
the Central Military Commis- 
sion, China's national security 
oonnnii, which Mr. Jiang heads. 

Both are also members of 


al and family relationships are 
the foundations of power in 
China. Admir al Liu, for in- 
stance, was a prot£g& of Mar- 
shal Nie Rongzben, who nur- 
tured C hina’ s strategic nuclear 
programs through the Cultural 
Revolution. General Zhang’s 60 
yearn in the party and mmtary 
include serving under Marshal 
Chen Yi, who was foreign min- 
ister under Zhou Enhu. 

Helping to cement Mr. 
Jiang’s power, the admiral and 
the general have themselves 
groomed a new generation of 
top generals. 

But the continued presence 
of A dmir al Liu and General 
Zhang reflects not only the jit- 
ters about Mr. Drag’s health, 
Chinese and Western experts 
say, but also a possible lack of 
confidence in Mr. Jiang’s abili- 
ty to hold together the compet- 
ing forces within the party and 
Chinese society overall. 

“Jiang Zemin is not a rode 
that you can build a regime on,” 
said a longtime China special- 
ist, who argues that the presi- 
dent will quickly find hims elf 
straddling irreconcilable differ- 
ences between the party’s mod- 
erates and hard-liners after the 


and its substantial resources for 
patronage and control of the 


Bang, Admiral Liu and General Tiang is an open question. The Should a power struggle 
Zhang have unproved the pro- only thing certain is that their erupt, as one did after the death 


rr ■ ' rvmL'i.Mi : 


one of three Taiwan television 
stations. 

“If we are going to move to- 
ward full democracy, one has to 
get used to the fact that you 
can’t win them all” said Jason 
Hu, head of the national gov- 
ernment’s information office. 


pie’s Liberation Army officer 
corps, which is still recovering 
from the Maoist days when 
rank disappeared and everyone 
was a private preparing for a 
“people’s war.” 

They have rebuilt China’s 
military academies more 


Admiral Liu remains a mem- the general would be amrmg the 
ber of the Politburo’s standing key power brokers. 



Elizabeth Glaser, Politically Active AIDS Victim, Dies at 47 


Las Angela Tima Service 

LOS ANGELES — Eliza- 
beth Glaser, 47, whose agoniz- 
ing stray of how she and her 
two chfldrra . became infected 
with AIDS brought a tearful 
silence to the floor of the 1992 
Democratic presidential con- 
tention, died from the disease 
Saturday in Santa Monica, Cal- 
ifornia. 

The wife of the actor Paul 
Glaser (of “Starsky and Hutch” ' 
fame) had in the five years since 
die first disclosed her flteuess be- 
come a lobbyist in theinteroar 
tional battle against the disease. 

She said she became infected 
with the AIDS virus in -1981 
after recdvmg a blood transfu- 
sion when .riie was nine months 
pregnant with her first child. 
Arid. 

In 1985, Arid became seri- 



It was determined she had 
passed thie virus to Ariel 
threap her milk; She also had 
transmitted the virus to her sec- 
ond child, Jake. Her husband 
was the only family member 
who remained uninfected. 

After ber daughter’s death, 
Mrs. Glaser went to Washing- 
ton and lobbied congress on a l 
representatives, seeking help 
both to fight the AIDS battle 
and to raise the public's con- 
sciousness about who was ai 
risk She also co-foanded the 
Pediatric AIDS Foundation. 

In 1992, she was asked to 
speak at the Democratic con- 
vention. 

“Exactly four years ago. 

Mis. Glaser said, “my daughter 
died. She did pot survive the 
Reagan adminis tration- I am 
here because my son and I may 
not survive another four years 
of leaders who say they care — 
but do nothing.” 

Soufima Stravinsky , 84, 

Son of Russian Composer 

SARASOTA, Florida (NYT) 


Ron 

Elizabeth Glaser as she ad- 
dressed the Democratic Na- 
tional Convention in 1992. 


— Sviatoslav Soutima Stravin- 
sky, 84, a composer, pianist and 
the youngest son of Igor Stra- 
vinsky, died of respiratory fail- 
ure here Nov. 28 after a long 
illness. 


Mr. Stravinsky was reared in 
Paris, where he studied the pi- 
ano with Isidor Philipp and mu- 
sic theory and composition with 
Nadia Boulanger. He made his 
Paris debut in 1934, and was at 
first a specialist in his father’s 

S o music. Between 1934 and 
he toured with several 
Stravinsky works. 

He joined the faculty of the 
University of Illinois School of 
Music in 1950 and taught piano 
there until 1978. 

Lionel Slander, 86, Actor 
And Liberal in Hollywood 
LOS ANGELES (NYT) — 
Lionel Stander, 86, whose grav- 
elly voice and beetling brow 
made him a memorable pres- 
ence on stage and screen and 
whose pohtical beliefs in the era 
of the Hollywood blacklist 
earned him a long exile from 
American films, died of long 
cancer Wednesday at his home 
in Los Angeles. 

Mr. Stander, who began his 
show business career at the age 
of 17, was working as recently 
as two weeks ago, when he ap- 
peared once again with Robert 
Wagner and Sttfame Powers as 
Max, the lovable father figure, 
confidant and chauffeur, in a 
two-hour “Hart to Hart” spe- 


cial broadcast by NBC in Feb- 
ruary. 


Luther H. Foster Jr., 81, who 
headed Tuskegee Institute for 


Often cast as a seriocomic 28 years, died Nov. 27 of a heart 
villain, Mr. Stander appeared in attack in East Point, Georgia, 
such films as “Mr. Deeds Goes Irwin Kostal 83, a Holly- 
to Town,” “Loved One,” “New wood orchestra tor and conduo- 
York, New York” and “1941.” tor who won Academy Awards 
Fiercely liberal he made a fo r his work in “West Side Sto- 
memorable app earance in 1953 ty” and “The Sound of Music,” 
before the House Co mmi ttee on med Nov. 23 of a heart attack in 
Un-American Activities, which Los Angeles, 
had been investigating commu- W ilBam Tapley Bennett Jr., 
nism in Hollywood fra years. 77, a career diplomat who 


Survivor Rescued In Manila Bay 


The Associated Pros sion between the 2,432-ton fer- 

MANILA — The second in ty and the 12^00-ion Kota 
command of the ferry that sank Suria, a Si nga porean-registered 
after colliding with a freighter freighter. Thirty-eight bodies 
was rescued in Manila Bay on have been recovered, and at 
Sunday, two days after the acci- least 107 people are missing and 
dent that killed more than 140 presumed drowned. An investi- 
people, the coast guard said. gation of the accident launched 


A coast guard spokesman. 
Lieutenant Commander 
Amado Samante, said Grief 
Mate Reynaldo Bnlodo of the 
ferry Cebu Gty was rescued by 
a fishing boat off Naic, a town 
about 40 kilometers (25 miles) 
southwest of Manila, near the 
site of the collision. 

Commander Samante said 
453 people survived the colli- 


gation of the accident launched 
Saturday has not yet deter- 
mined which vessel bad the 
right of way. 


served as U.S. ambassador to 
the Dominican Republic during 
that country’s 1965 civil war 
and who recommended U.S. in- 
tervention, died Tuesday in 
Washington after along Alness. 

George Bel Timmerman Jr., 
82, one of the South’s last segre- 
gationist politicians, died Tues- 
day in Columbia, Sooth Caroli- 
na, where he had served as 
governor from 1955 to 1959. He 
died of injuries' suffered in an 
automobile accident on Sept. 4. 

Connie Kay, 67,1 a drummer 
best known fra his work with 
the Modem Jazz Quartet, died 
Wednesday of cardiac arrest at 
his borne in New York. 

Sarnia Gamal 70, one of the 
leading belly dancers in the 
Arab world, died of cancer 
Thursday in Cairo. 

Marshall Sprague, 85, a his- 
torian and journalist who wrote 
books about the American 
West, died Sept. 9 in Colorado 
Springs. 


Wl 

IAT 


■ 


As our world cortfinues to be tom apart by ancient reBgnus 
doctrines and sup asSB o n s, nfeSgertpecpte are increasingly ques- 
tioning the role of reSgron in contemporary society. 

Although toereare those uric believe ha higher power* or 
"Sipreme force", they consider the many nsSgious beBefs to be 
confined to the SmAaltons of mankirxfs imagination 

Most religions insist ther God is the onfy true God, but toe 
probable tod is that no human bang, considering the infancy at our 
evolution, can know what God reaBy rs - ff indeed one exists at aB. 
IfyouwoMBketovokxyouropnononGod, therightandwmng 


[ l[V'I. L , l l I'-J t-i ‘.ll 1 



In this Tuesday’s 



Agate* France- Prase 
DHAKA, Bangladesh — At 
least 29 people were killed Sun- 
day when a boat carrying more 
than 100 passengers crashed 
into another vessel and cap- 
sized on the Bolai River in 
northeastern Bangladesh, state 
television reported. 


ORIENTAL CREDIT LIMITED (In Liquidation) 

NOTICE OF BAR DATE FOR RUNG CLAIMS AND PROCEDURE THEREFOR 

NOTICE fs hereby given that, pursuant to an Order of the High Court of Justice, Chancery Division, 
Companies Court {die “Court") dated 21 st November 1 994, the Court has set 21 days from 
advertisement as the last date upon which claims may be filed (the "Bar Date") against ORIENTAL 
CREDIT LIMITED ("OCL") which is in liquidation proceedings in the Court under the English 
Companies Act 1985. All holders of claims of whatever character whether secured or unsecured, 
liquidated or unliquidated, fixed or contingent against OCL arising before 27th October 1988 must 
file them according to the procedures described below no later than the Bar Date in order to 
receive any distribution from the assets of OCL IF YOU ARE REQUIRED TO FILE A CLAIM BUT 
DO NOT DO SO IN THE MANNER AND TIME PRESCRIBED, YOUR CLAIM WILL BE FOREVER 
BARRED. YOU WILL NOT BE ENTITLED TO ANY DISTRIBUTION ON THAT CLAIM, AND YOU • 
WILL RECEIVE NO FURTHER NOTICES REGARDING YOUR CLAIM. 

1 . OCL'S BUSINESS - OCL earned on business as a bank and was engaged in providing a wide 
range of banking services. 

2. PROCEDURES FOR FILING CLAIMS AND LATEST DATE FOR RECEIPT- All holders of claims 
must file a claim on the requisite Proof of Debt form only (copies of which are available on request 
from Touche Ross at the address and reference shown below). The Proof of Debt form must be 
received by no later than 5 pm on 21 days after date of advertisement 2nd December 1 994, at the 
following address; 

Touche Ross & Co., PO Box 810, Cedric House, B-9 East Harding Street London EC4A 3AS. 

Ref SES/HWM. 

3. FURTHER INFORMATION - If you have any questions about this notice or the procedures for 
filing a claim, you may contact Touche Ross & Co. by mail or by telephone (during the hours of 

1 0.00 am and 5.00 pm London, England time, Monday through Friday) at the following address and 
telephone number 

Touche Ross & Co., PO Box 810, Cedric House, 8-9 East Harding Street London EC4A 3AS. 

Ref SES/HWM. Telephone: 071 936 3000. (Contact: Mr M. Brewer). 


Newton 

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AnHgva (dedicated phsaei) 

m 

becJiBafaWe-K/ • 

0042487-187 

Arttgwa (pay phm) 

m 1400-366-4663 

0001018 + 

80514877 

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00-1-800-777.hu 

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1405731-7877 

Armenia 

510-155 

Ereader / - 

171 

A«to*i(Optoi}+ . 

0055511-10 

*BYH(C-k4l + 

356-4777 

AmMId + 

1-800481-877 

Egypt (ell etoer} + 

02-356-077 

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022405414 

B Sokrodor + 

191 

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1405389-2111 

Rf Wen* 

004495100-3 

BaiMoiA 

14008774000 

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91051-0184 

Milan * 

08051 0014 

France + 

19+0087 

SeSza (teak] ' 

556 ' 

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01350013 

MztO 

*4 

Goon* 

005001-411 

-Bermuda/ 

1-805623-0877 

Geam 

9951366 

Balrto ' 

0800-3333 

Guatemala + 

195 

Brazil 

0058016 

HandoccA 

001 4051 21 2000 

MbfcVbgfahi.A 

14058774000 

HaooKaag 

8051877 

Bulgaria A. 

058051010 

Hoag Kang 6 

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Canada — 

14058774000 

Hungary +/ 

00+90501477 

CMa 

00#0317 

Ireland +■ 

999-003 

Chin (EegTkkl 4/ 

10513 

tadfa + 

005137 

Chlaa (Haadaito) +/ 

1051* 

tnd oner la 

001401.15 

Cetoatoia (EagGskJ 

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haload + 

1405554001 

CelemMa {SpaeUJ - 

990-135110 

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177-1024727 

CrttoHca + 

163 

Bat, + 

172-1877 

OetoJa+ 

99440513 

Jaredes - 

1-800-8774000 


Jc*xn (DO (Engfeh) + 

Japan (XDO) [Eng Wt) + 

Japan (Je peneu) + 

Konya / 

Kona [Decern] + 

KatOa [XT) ♦♦ 
fan* ' 

UnUwUit 
MHwimJa ✓ 
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0066-55-888 

0600-12 

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Saipan 

Union and Bala +■ 

San Maria* + 

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Singapore + 

Soatb Africa + 

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(pan, of entry aaly] 


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105-16 

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385-0813 

1-2354383 

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1800-15 

8000-177-177 

0800-994001 

900-994013 

1-800-277-7468 

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Unfed IGoodor* {Mercury] 
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*P*g«8 


INTERNATIONAL HERALD TRIBU NE, MONDAY, DECEMBER 5, 1994 

CAPITAL MARKETS ON MONPAY 


Most Active International Bomb 


The 250 most active international bonds traded 
tfwrxightheEuTOCtear^stemlOrffie week ending 
JD0C. 2. Prices supplied by Telekurc. 


JDoc. 2. prices supplied by Telekurc. 

Rak Karo ^ Cm MdfKTt Price YM4 

Austrian Schlilng _____ 


U4 Austria 74 10/1&AW IDaiOOO 7,6300 

213 Austria FRN 4*. 05/21 /W 0MS0O «740 
229 Austria T-bms zero 05/02/95 773671 JxSOOO 


Belgian Franc 

ZB Belgium 7 _ 

Canadian PoBar 

iw eie o 

Dautsdie Kart 


Q4/79/99 974W0 7.1700 


wram mjsoo b.iqoo 


1 Trevhond 

2 Germany 

3 Germony 

4 Treuhand 

5 Germany 

6 Treuhand 

7 Treuhand 

8 Treuhand 

9 Germany 

10 Treuhand 

11 Germany 

12 Germany 

16 Germany 

17 Bundespast 

19 Germany 

20 Germany 

21 Germany 

24 Germany 

25 Treuhand 

26 Germany 

27 Germany 
2? Germany 
30 Germany 

34 Germany 

35 Germany 

36 Germany 

38 Germany 

39 Germany 
4) Germany 

45 Treuhand 

46 Germany 

47 Germany 

48 Treuhand 
SO Germany 
52 Treutxmd 
54 Germany 
57 Germany 
59 Germany 
68 Germany 
61 Germany 

63 Treuhand 

64 Germany 

66 Germany 

67 Treuhand 

68 Treuhand 

70 Germany 

71 Germany 
73 Treuhand 
77 Germany 

79 Treuhand 

80 Germany 

84 Germany 

85 Germany 

86 Treuhand 

89 Treuhand 

90 Treuhand 

92 Germany 

93 Germany 
97 Germa n y 
99 Germany 
10T Germany 

102 Germany FRN 

103 Germany 
107 Treuhand 
111 Germany 
119 Germany 

122 Germany 

123 Germany 
130 Germany 

138 Germany 

139 Sweden 

144 Germany 

145 Germany 
149 Germany 
156 Germany 

158 Sweden 

159 Bundesbk Lin. 
164 Germany 


09/09/04 

11/11/04 

07/15/04 

07/01/99 

01 / 21/02 

11/25/99 

05/13/04 

04/29/99 

09/20/01 

07/29/99 

12/20/95 

03/20/96 

07/21/97 

10/Q1/04 

01/20/9B 

07/15/03 

09/30/96 

01/04/24 

11/12/03 

05/20/99 

09/15/03 

02/20/01 

10/20/97 

10/20/97 

10/20/00 

01 / 22/01 

03/20/97 

02/20/96 

12/20/00 

10/01/03 

08/20/01 

09/20/98 

06/11/03 

09/22/97 

03/04/04 

01/22/96 

01/22/96 

05/20/98 

12 / 20 / 0 ? 

10/20/98 

07/09/03 

07/22/02 

OB/14/98 

04/23/03 

01/14/99 

M/22/96 

06/20/16 

09/24/98 

04/22/03 

06/25/98 

07/20/95 

10/20/9$ 

08/20/96 

12/02/02 

01/29/03 

12/17/98 

05/21/01 

12/22/97 

01/20/97 

02/22/99 

08/21/00 

09/30/04 

05/02/02 

03/26/98 

05/22/95 

07/20/00 

02/20/98 

11/21/96 

05/02/03 

12/20/99 

02/22/95 

10/21/02 

05/22/00 

08/11/95 

07/20/95 

02/23/95 

12/21/94 

02/20/97 


101XW50 
1015771 
96.0800 
978100 
103-2700 
10031712 
960240 
95-6900 
1046317 
972871 
103J0100 
103.1220 
103.9380 
1008488 
99.6680 
94.4500 
1008300 
82.6700 
91.4800 
96.9600 
91.3243 
1060600 
102.1250 
101-5220 
103.3857 
10&47B3 
103-2800 
103.1300 
107.9020 
1014700 
1072160 
765986 
96.6233 
103.4000 
922043 
1032700 
1024713 
98.7317 
902829 
94.7600 
95.0750 
103,2200 
98.4700 
94J600 
934767 
1034775 
81.6514 
96.1317 
95.9850 
97.8567 
1024600 
1028800 
1017200 
99.7350 
98.1425 
998157 
1014000 
1007933 
100.9720 
948350 
1067000 
988200 
1(05767 
988800 
101.4800 
107300Q 
97.9267 
101 JWO 
94.9900 
1008000 
987651 
99.1325 
1077100 
95.7744 
101.9900 
988654 
99.7713 
1008100 


188 Germany 
172 EximBkJoaan 
m J.P. Morgan 
214 World Bank 
219 Germany 
228 Germany 
231 Austria 
233 Germany 
240 Germany FRN 
243 KFW 
245 Germany 


Danish Krone 


13 Denmark 
23 Denmark 

31 Denmark 

32 Danmark 

33 Denmark 
44 Denmark 
55 Denmark 
58 Denmark 
74 Denmark 
78 Denmark 
113 Denmark 
147 Denmark 
197 Denmark 


cm 

MM* 

Price 

YWd 

KM None 

Cm 

MfWttV 

Prlc* 

■ms- 

7Vi 

07/20/95 

1002300 

74800 

112 Netherlands 

9 

05/15/00 

1075500' 

83400 

5% 

12/17/03 

88.9000 

65100 

116 Netherlands 

«% 

02/15/99 

98.9500 

65200 

7% 

n/xm 

1015528 

7J300 

133 Netherlands 

0% 

01/15/07 

1084500 

85700 

7\4 

10/13/99 

101 5400 

7.1700 

143 Nether tanas 

8V6 

06/01/06 

1075000 

75400 

Wi 

01/02/99 

987000 

65900 

146 Netherlands 

716 

06/15/99 1015500 

7J900 

Ob 

05/20/97 

995250 

63900 

150 NcffwiteidS 

8% 

09/15/07 

1047500 

75000 

616 

01/10/24 

810000 

75300 

IS Netherlands 

8% 

02/15/07 

1045700 

75800 

7V4 

01/20/00 

1O17SO0 

7.1500 

142 Netherlands 

6 

05/15/96 

1005000 

45000 

555 

04/06/00 

995300 

55900 

181 Netherlands 

8 V. 

02/15/00 

1045000 

759® 

TVi 

12/31/94 

995093 

75400 

188 KFW HOT Fin 

7% 

17/29/04 

993000 

75800 

m 

05/22/95 

1015200 

WOOD 

190 Netherlands 

8% 

09/15/01 

1074500 

8.1400 





196 Netherlands 

816 

06/15/02 

1045500 

75600 





214 Netherlands 

7 

05/15/99 

997000 

75200 





238 Netherlands 

evi 

04/15/03 

965*00 

65800 

7 

12/15/04 

895100 

75100 

239 Nettwrtonds 

9 

10/16/00 

108JBOO 

85100 


12/10/99 918000 
05/15/03 96JO00 
11/15/98 1D278Q0 
11/15/00 1028500 
11/15/96 1027000 
11/15/95 1018300 
02/10/95 1008100 
00/10/96 978000 

08/10/95 1017000 
04/03/95 968174 
02/10/96 98.9000 

01/02/95 998493 


Spanish Powta 


98 Soafn 
106 Soaln 
108 Spain 
161 Spain 
167 Spain 
174 Spain 
176 Spain 
183 Spam 
194 Spain 
200 Spain 
234 Spain 
237 Spain 


It/30/90 

08/30/99 

05/30/M 

01715/97 

02/28/97 

11/30/M 

02/28/09 

06/15/02 

12/15/98 

10/30/03 

00/30/03 

06/15/97 


Finnish Markka 


118 Finland 
153 Finland 
175 Finland 


FTsnch Franc 


94 France OAT 
105 France OAT 
110 France OAT 
126 France OAT 
154 France BTAN 
160 France BTAN 
171 France OAT 
178 France OAT 
205 France OAT 
21B France BTAN 
221 France OAT 
233 France BTAN 
232 France BTAN 
235 France BTAN 
241 France OAT 
244 France OAT 


04/25/05 
10/25/04 
10/25/03 
10/25/25 
MAI 2/99 
11/12/98 
04/25/23 
05/27/00 
04/25/04 
10/12/96 
11/25/02 
04/12/95 
05/12/98 
11/12/97 
04/25/03 
01/3OTM 


Italian Lira 


182 Italy 
247 Italy 


04/01/99 904600 9.4000 
06/01/04 82.1000 10-3500 


Japanasa Yarn 


56 World Bonk 
114 Italy 
117 world Bank 
121 World Bank 
131 world B«mk 
136 Exlm Bk Japan 
140 World Bonk 
185 SpftitabFRN 
198 Japan Dew. Bk 

207 Sires ser 121 

208 Toshiba Amer 
220 Sweden 

248 Cofir) inti 

249 SEK 


12/20/04 

06/20/01 

03/20/03 

12/22/97 

06/20/00 

10/01/83 

03/20/02 

12/31/99 

09/20/01 

11/15/99 

09/14/95 

09/20/99 

11/29/M 

11/28/97 


Dutch Gafldar 


77 Netherlands 
40 Netherlands 
49 Netherlands 
B3 Netherlands 
87 Netherlands 
91 Netherlands 


01/15/04 89. 2000 6.4500 
10/01/04 98-6500 7-3500 

07/15/98 977500 63900 
04/15/96 1005000 64500 
01/15/23 96J0500 7.8100 
02/15/03 97.6700 7.1700 


SwMfsh Krona 


180 Sweden 11 

212 Sweden T-bills zero 
227 Sweden 1046 


mm/99 1027600 107600 
05/17/95 956703 97700 
01/23/97 101.5400 103800 


U.S. Dollar 


03/15/M 957610 93700 

09/15/96 973163 63700 
01/15/99 IOSL7T40 104100 


14 Argentine FRN 6Vz 

IB Brazil FLIR8 L 4 
22 Argentina Par L 416 
43 Venezuela FRN SPA 
51 Brazil 9804) FRN 6 ft. 
62 Brazil El LFRN 6 
69 Mexico B 616 

75 Mexico A 414 

76 KFW Inti Fin 814 

81 Argentina FRN 7M 

82 Brazil L FRN S¥t 

88 Venezuela A 644 

1M Mexico FRN 714 

109 Brazil ZL FRN 6% 

115 Brazil por YL3 4 
120 Finland 74k 

125 Sweden FRN 5 v. 

128 Brazil par Yl4 4 

129 Greece 944 

132 Sweden zero 

134 Venezuela A 7 

135 EOF 7 

137 Venezuela B 7 

Ml Mexico B FRN 677 

142 Nigeria main 51k 

152 Italy FRN 5V3 

157 Italy 6 

163 Argentina 1035 

165 BNG 7 

166 World Bank Stt 

169 SNCF 71A 

170 ESI FRN &08 

173 World Bank 7to 

177 Finland 644 

179 SEK 7 

187 ElB 644 

191 World Bank 71k 

192 Argentina 844 

793 THJ 244 

19S BcoCom Ext. 744 
203 LKB FRN 5% 

2M Mexico A FRN 614 

206 Venezuela par B 644 

2D9 Bco Com. Ext. zero 

210 Bco Cam. Ext. zero 

211 Poland FRN 616. 

217 World Bank 844 
222 OKB 7Vl 

224 Argentina zero 

225 Brazil main fi 

226 Britain 714 

230 Canada 6ft 

236 Sweden 5ft 

242 Sweden FRN 5% 

246 Sweden FRN 6 H. 


03/29/05 
■ 04/15/14 
03/31/23 
12/18/07 

01/20/01 

04/15/06 
12/31/19 
12/31/19 
11/30/M 
03/31/23 
04/15/12 
03/31/20 
12/28/19 
M/15/24 
04/15/24 
07/28/M 
02/08/07 
04/15/24 
11/28/99 
05/22/95 
03/31/07 
11/2 9/9t 
03/31/07 
12/31/19 
11/15/20 
06/29/98 
09/27/03 
11/01/99 
08/23/99 
03/01/01 
11/30/90 
07/28/99 
09/27/99 
11/24/97 
11/29/96 
06/30/99 
01/19/23 
12/20/03 
11/28/04 
02/02/M 
11/04/98 
12/31/19 
03/31/20 
02/24/95 
05/31/95 
10/27/24 
03/01/97 
11/15/99 
02/24/95 
09/15/13 
12/09/02 
07/07/97 
12/01/95 
11/15/96 
06/01/98 


15 UKT-nare 
28 France OAT 
42 France BTAN 
53 EIB 

65 France OAT 
72 France BTAN 

95 Italy 

96 UKT-note 
100 Britain 
124 Finland 

127 France OAT 
148 UK T-Wlls 
151 France OAT 
199 France OAT 

201 UK T-bllls 

202 UKT-MUs 
215 France OAT 


01/21/97 

Q4/25/M 

03/16/99 

01/34/01 

04/25/02 

03/16/98 

02/21/99 

01/23/96 

02/21/01 

02/13/07 

04/25/00 

02/16/95 

04/25/22 

03/15/02 

05/11/95 

01/12/95 

04/75/03 


At Long Last, the Rally Takes Hold 

^ ... -riot* The key assumptions that separate opti- 

tk. /i«,^ fnl detail- The market IS in a better late 2 are those OH the om- 


By Carl Gewirte 

]ni emotional Herald Tribune 

PARIS — The long forecast, woefully 
delayed rally Is financial markets has tak- 
en hold the way analysts expected almost a 

year ago; High and rising U.S. interest 
rates are pulling money into the dollar, and 
a weakening Deutsche mark is relieving 
currency tensions within Europe, enabling 
bond markets to recover. 

The dollar finished at a two-month high 
of 100.605 yen in New York and was well 
bid against the Deutsche mark at 1.5800 
DM. Meanwhile, U.S. bond markets stabi- 
lized last week despite & jump in short- 
term yields and European bond prices ral- 
lied with the biggest gains registered in 
Italy and France. 

The year’s delay between forecast and 
performance is mostly dismissed as a pain- 


ful The market is in a “better late 

than never” mood. „ 

“We*ve got good reason to celebrate, 
declares Qmsiopher Potts at Banque In- 
dosuez. “It should be dear to aH that we’ve 
seen a major turn in aB markets. Those 
who don’t want to believe it will miss the 
rafly.” 

He dismissed comments that markets 
ware overly volatile because of thinned 
year-end trading as “an alibi for people 
with no convictions who don’t know wnat 
to da” 

But as far as the pessimists are con- 
cerned, the ament ratty is nothing more 
than a trap — a respite in the declines that 
will reappear early next year. 

For these analysts, too much has 
changed to permit the scenario expected 
for the past year to begin unfolding now. 


mists and pessinusts are *oseont^OTt- 
lndk for U-S- inflation and the expected 
Snd in interest rates in Gennanyandthe 
rest of Europe, .... 

Kit Judres at S.G. * 

London warns that the high and nang 
US. interestratesnow suppartmgtbedci. 
lar will look less attrartrve n«Uear « 
rising inflation erodes the real*® 1 ®® f* 1 
as increasing Eun^^tcrKt iatofw-, 
ther. narrow the appeal to hold dollars. 

“I struggle to believe that this rally is the 

real thing.” be says, noting that there is “a 

ty ylawi a umnnnt of CODlplaCCXlCy SbOQt ti® 

outlook” for inflation and the con tinning 
strength of the U-S. economy. 

‘ i Year-end factors are helpful and tech- 

See RALLY, Page U 


A Tamer Week Seems Likely as Fed Vigil Begins 


CanfStdty OwSlaff From Dispauha 

NEW YORK — After digesting a strong 
dose of economic data last week and wind- 
ing up little changed. Treasury bond prices 
are likely to spend this week in a tight 
range as investors ponder whether the Fed- 
eral Reserve Board will raise interest rates 
before Christmas. 

“I don’t see a compelling reason that 
anything is going to move,” said Cary Lea- 
hey, economist at Lehman Brothers Inc. 

Bond prices were buffeted last week by a 
batch of data showing strong growth in the 
U.S. economy accompanied by only the 
mildest signs of inflation. 


“The market has a 50-basis-pcant ogb las- 
ing built in for December and anot h er SO 
b asis points" for die next Fed meeting in 
January, said. Steve Wood, director of finan- 
cial market research for BA Securities. 

Those expectations have seen the yield 
curve continue to .flatten, with the spread 


chief investment officer at ABB 
Investment Management Coip. in Siam-. 
' ford. Connecticut. ‘ : 

Some Wall Street traders might “get 
themselves into a lather” that the Fed will 
raise rates Dec. 20, said Robert Smith HI, 
executive vice president at Smith Affifialr. 

a w* . . “ _ V rt «0 flint 


US. CREDIT MARKETS 


ed Capital Corp., but “my guess is that 
they’ll probably wait until Februaiy ” : 

But after job growth of 350,000 far No- 
vember and a shde in the une mp loyment 
rate to 5.6 percent, the Fed could be 
spurred to raise rates if economic indica- 
tors due before Dec. 20 hint at infl a ti on, 
other analysts said. 

The Fed’s so-called beige book of re- 
gional economic conditions is due 
Wednesday, and “arty evidence that infla- 
tion is picking up in the wage market could 
be a problem.” Mr. Lcahey said. 

Of more importance could be testimony 
Wednesday in Congress by Alan Green- 
span. chairman of the Federal Reserve 
Board, on monetary policy and the econom- 
ic outlook. (Knight -Raider, Bloomberg) 


between tire 30-year bond yield and two- 
year note yield collapsing to 49 basis 
points on Friday from 74 basis points a 


The yield on the benchmark 30-year 
reasurv bond finished the week at 7.91 


Treasury bond finished the week at 7.91 
percent, down slightly from 7.93 percent 
the previous week. But it was a wild ride 
for investors, with prices first plunging and 
then surging back to recover tire loss. 

This w eek, investors can expect smooth- 
er sailing as Lhe market awaits the outcome 


“What is happening brace is what theoreti- 
cians would expect” after 250 basis points 
of tightening, by the Fed this year, said Sam 
gaharij economist at Fuji Securities. 

But the Fed stiH could be the Grincfa 
that stole the bond market rally if it does 


not tighten Dec. 20, with tire yield curve 
quickly steepening again, Mr. Wood said. 


of the Fed’s next policy-making Open 
Market Committee meeting on Dec. 20. 


quickly steepening again, Mr. Wood said. 

“I don’t see any possibility that tire Fed 
will raise rates in December” said Anders 


New International Bend Issues 


Compiled by Laurence Desviiettes 

«— <ss> ■* °r — 2 


Floating Rate Notes 


Crystal Castle 
Euro-Finance 


SI 50 1999 Ojo 99-bi — Over 3-month Libor. Noncallable. Fees 045%. Denominations SKUIOO. (Swiss Bank Cora.) 


Eagle Pier Corp. 


S30Q 2001 »A 99.73 — 


Over 6-montti Libor. Noncallable Fees 025%. Payable in Jan. increa s ed from S200 million. 
(Morgan Stanley I nfU 


Federal Housing 
Finance 


$1,100 1995 Vb 100 — 


Over 1 -month Ubor. Noncallable. Fees not disclosed. Denominations 5100000. (Morgan 
Stanley infLj 


Government Asset- 
Sacked Securities 


S2Q0 1999 0.15 99 J9 — 


Over 3-month Ubar. Noncallable. Fees QJ75%. Denominations siOQjOOO. ( Union Bank of 
Switzerland.] 


Spintab 


5300 1996 0LO5 99.55 


Over 3-month Libor. NancaJkibte. Fees not disclosed. Denominations 510000. (Lehman 
Brothers Innj 


SI George Bank 


S250 2000 0JC 99 m — 


Over 3-month Libor. Noncallable. Fees 0. 20%. Denominations SltUKM. Payable In Jan. 
(Union Bank of Switzerland.) 


Urban Mortgage 
Bonk of Sweden 


99jn — 


Over 3-fnonffi Libor. Noncallable. Fees' naf disclosed. Denominations SlftOOfl. (JLP.Morgaqg, 
Securities.) ^ 


IMI Bank infl 


025 1999 Vb 99-575 — Over 3-martfh Ubor. Noncallable. Fees 0.15%. Denominations CUXMMO. Increased from £100 

million. (HSBC Markets.) 


European m.240,000 1999 'U 100 jo — Below 3-manth Ubor. Noncallable. Fees 0J0%- (CS First Boston.) 

Investment Bank 


Montreal 


cs200 2000 Qj» 99jt — Over 3-month Bankers' Acceptances. Noncallable. Fees 0.15%. Payable in Jan. (Merrill 

Lynch )nfL) 


Fixed-Coupons 


Austria 


Banque Nat! on ale 
de Paris 


$400 2005 8% 101J2S 99 jb Reotfered at 99J15. Nonoallable. Fees 2%. Payable In Jan. (JP. Morgan Securities.) 


$200 1997 7% 100JB7 99.75 Reaffered at 99J90. Noncallable. Fees 1»k%. Payable in Jan. (BNP Capital Markets.) 


Bayer fcche 
Landes bank 


$200 1997 7V* TOO J38 99.41 Reaffered at 99^5. Noncallable. Fungible with outstanding issue, raising total amount to 

$500 million. Fees 1%%. (Lehman Brothers lnt*l.) 


Bayerische 
Vereinsbank 
Overseas Finance 


$200 1998 


101 J9 99 jo ReoHered at 9939. Noncallable. Fees 14fe%. (Swiss Bank Corp.) 


Carco Auto Loan 
Master Trust 94-3 


Blfe T01JM5 — Reoffored at 99*20. Noncallable. Fees m%.{CS First Boston.! 


CEZ Finance 


Council of Europe 


European 
Investment Bank 


89b 99.7* 


7Va 100J3 


8 101J3S 


— Semiannually. Noncallable. Fees 0J2S%. Denoml nations SlftOOO. (J J>. Morgan SecurttlesJ 


99 j4 Reoffered at 99X3. Noncallable. Fees 1Vb%. (Swiss Bank Corp.) 


99.W Reaffered at 99.71. Noncallable. Fees 1?b%- (Morgan Stanley lnt*1.) 


European 
Investment Bank 


8 Vi 101 J44 IOOjs Re a f f ered at 99J69. Noncalldble. Fees 2%. (Morgan Stanley lnt*L) 


Export- Impart 
Bank of Japan 


8V& 99 j* 99 jo Noncallable. Fees 0325%. (Bank of Tokyo Capital Markets.) 


Ford Credit Europe 


PepsiCo 


Suedwestdeutsche 
LB Capital /Markets 


8 10i.li 


laijif 


74b 10076 


99jo Reoffered at 99.96. Noncallable. Fees 1*6%. (ABN-AMRG Bank.) 


99.75 Reaffered at 99369. Noncallable. Fees 1 4b%. (Morgan Stanley Inn.) 


99jb Reaffered at 99.76. Noncallable. Fees lVb%. (Lehman Brothers lnt*L) 


Walt Disney 


Wlestdeufsctie 

Landesbank 


8 101.15 


79b 1 00725 


IOOjb ReoHered at par. Noncallable. Fees 1%%. (Merrill Lynch inn.) 


"-58 Reoffered at 99*4. Noncallable. Fees not disclosed- (Credit Lyonnais.) 


General Electric 
Capital Carp. 


7 1Q2J5 — Reoffered at lOOVb. Noncallable. Fees 1*4%. (J.P. Morgan Securities.) 


DSL Bank 


Bayerische 
Hvpotheken und 
Wechsei Bank 


El 00 1996 


FF1JJ00 1996 


8 100J16 


7 101 J05 


~ ReoHered at 99J16. Noncallable. Fees ivb%. ( Barclays de Zoete Wedd.) 

99j7 Reoftered at 99.95. Noncallable. Fees 1V4%. (Credit Commercial de France.) 


Commerzbank 
Overseas Finance 


itlisoaoo 

AWS12S 


IOQjo Noncallable. Fees IVb%. Pa Y Qble In Jan. (Banco di Roma.) 
99js Noncallable. Fees 2%. Payable In Jan. (Hambras Bank.) 


Dresdner Bank 
Australia 


New South Wales 
Treasury Corn. 


New South Wales 
Treasury Corp. 


Argentina 

Commerzbank 

Ireland 


Korea 

Development Bank 


V 12,500. 

V 20000 
r 30,000 

vioaoo 


Korea 

Development Bank 


98.70 Noncallable. Fees 1 V5%. Payable In Jan. 1 Dresdner Bonk.) 

~ Semiannually. Noncallable. f=e« 1%%. Denominations AusSIOflOO. (Nomura mn.) 

— Sem I annually. Non cal table. Fees 1%%. Denominations AusSTgooa ( Nomura inn.) 

Noncallable. Fees not dlscfowd. Denominations io million yen. (Pofwo EurooeJ 
Noncallable. Fees 0,15%, Denomination s 100 million yen. (DK3 mtr.) 

~~ Noncallable. Fees Q .325%. Payable In Jon. (Merrill Lynch mm 
~ NoncoJJobJe. Fees not disclosed. Payable In Jan. ( Vamalefil IntT Bank.) 

Noncallable. Fees 040%. (Nomura fntt.) 


Landesbank 
Rhein land-Pfalt 


Noncallable. Fees not disclosed. (Norlnchukln Int'l.) 


Mitsubishi Cora. 
Finance 


~ ' Noneollable. Fees 0JO%. Denominations 100 million yen. (Sanwa ln«.»‘ 


l«sl Week’s Markets 


Euremarts 


AU figures an asof dose attraOng Friday 

Stock Indexes 

Untied States Dec. 2 Nov.2S cirge 

DJ IndUS. 3J4W3 3J0U7 +101% 

DJ Util. 17?41 17961 -ail% 

DJ Trans. WUO 1629.18 +051 % 

S&P100 42104 47147 +W4% 

S & P 500 453J0 45229 +023% 

5&P Ind 53083 53751 +025% 

NYSE Cp Tttffll 34768 +0.17% 


Eurobond Yields 


Britain 

FTSE 100 MUJ0 343150 -033* 

FT 30 2J238D 132340 +0JB% 

Japan 

Nlkkd 225 18,9983) 18666.93 +178% 


Germany 

OAX 283831 205162 -0M% 

HQpgKong 

Hang Seng 822157 865853 -505% 


60890 60660 +038% 


Money Rates 

United States Dec. 2 

Dlscountrata 4V 

Prims rate JVj 

Federal funds rate s 7/16 

Japan 

Discount m 

Call money 222 

3-manlh Interbank 25/16 

Germany 

Lombard un 

Call money SW 

3-month Interbank &30 

Britain 

Bank base role Sto 

Call money 5% 

3-month Interbank 65/16 

Cold Dec 3 Nov.! 

London 37950 38451 

PmfixJS 





□ec.2Nav.2S YrMgliYr law 

Dec. 2 

Nov. 25 

ILLS, tag term 
U5.1, mam term 

848 

8.19 

847 

853 

048 431 
820 545 

4V 

« 

UJ1X. short term 

7J< 

745 

754 488 

SV6 

aft 

Posnos starting 

9J4 

9.18 

941 824 

57/16 

450 

Freed) fnetes 

&07 

813 

834 557 



ItaSaoUre 

1158 

1U5 

1150 751 



Danish kruen 

638 

B3t 

874 430 

W, 

1% 

Swedish krana 

1056 

VLSI 

1153 754 

222 

23/16 

ECU, kng tam 

854 

842 

884 616 

25/16 

25/16 

ECU, mom term 

821 

859 

850 551 



Coe. 5 

9.12 

9.12 

944 638 

650 

sw 

530 

600 

535 

129 

Aes.5 

NXS 

Yea 

1044 

9.17 

457 

1834 

9.» 

459 

1044 659 
941 899 
454 257 

Source; Luxembourg S/ock EKftOnge. 

516 

5* 





Ski 

516 





6V16 

6ft 

Ubor Rates 




Weekly Selee 

PttnwtyMatM 


Cedel Eoradcor 
s Henf i Nsef 
M«to9«S 241 SI 45970 1,487.90 994« 

Convert US 46JD 8L60 060 

FRJta 16350 - 60US 

ECP 6717J9UU6358 1036225 

TatM 7,12840 10,97050 12ASS40 M7Z30 

Seandary Market 


Cedel Emclesr 
t Nod S N«* 
Straights 12021 JO 19400703010040 2M6W 
Cowed- 44878 33U0 77982? 

FMs 7J92J0 1^98502754110 838846 
ECP 673778 2MM7BKVOLS 227*570 
TOM 2650040 4751tl0697ff2) 5634620 
Source: Eunchar. Cedel 


Wane Index From Morgan Stanley CaeUei tun 


US.t m 6% 6« 

Deutsche roirt 5 5/Wi 55/16 5% 

PomtterUaa » ssnt 6 ( 3/14 


l-Bwaie 

Francti franc 57/16 

ECU 5% 

Yes 


DecZ 

J-maart tenants Sem* 

57/16 59fe 513/16 

5% 6 63/16 

m 2% 2 9/M 

Sources: Uavrti Bank, Reams. 


iii* il' 1 ' 


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V- *« &t. : : *.rf ^fesSW^STSs’ ftti-v^afiSSS '*w&m**. Nfifc 


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...v 


International Herald Tribune ; Monday, December 5, J994 


Page 9 


INTERNATIONAL manager 


^Ma Quel Plans to Profit 
From Mexico Phone Deal 

By Anthony DePaima 

M _ . . 1 . „ **’•' yw * 7 " no Senwr 

Mc,dct ? — He had just pulled off the 
swiping a sweet SI billion joint 
venture with AT&T out from under his competitors’ 
IS??. *”? m . &** process reshaping the future of 

So h™ .. ‘“ocommumcations in Mexico. 
sk> how did Dionisio Garza Medina, 40. the chairman of the Alfa 
group and scion of one of Mexi- - - 
oos most prestigious b usings r*i u i . ■ 

dynasties, celebrate his coup? Global Competition 

saS^ OI Sd d a 0V £da a £*52 **“* °P en borders have 
Mejdco Q ty changed the rules of 


Mexican business. 


whore the announcement was 
made before he boarded a pri- 
vate jet to Alfa’s headquarters in 

Monterrey to get back to work. 

r _ _ • ^ arza ““y come from an old-line industrial family, but he 
represents a new kind of Mexican executive. 

»__ S ince booming Alfa’s chairman and chief executive in April, he 
has quickly recognized that global competition and open borders 
have changed the rules of Mexican business. 

In his first few months in charge of the diverse conglomerate, he 
has cut corporate costs by 40 percent, taken two of the four 
divisions public and, most notably, signed the deal with AT&T to 
form a joint venture that is sure to get a big piece of Mexico’s long- 
distance business in just over two years. 

The right to provide long-distance service now belongs exclusive- 
ly to Tdfefonos de Mfcxico, but its government-protected monopoly 
lasts only until 1997. Then the government will spread the business 
around, and Alfa and AT&T are certain to get a big chunk of iL 

It may seem odd that AT&T would choose a company Kira Alfa, 
with no experience in telecommunications, but what it clearly 
wanted was a partner that knows Mexico weD, that knows the 
regulatory ins and outs. Mr. Garza convinced AT&T that Alfa 
could offer exactly that 

“I think he is going to turn out to be one of Mexico’s great 
entrepreneurs,’’ said Timothy George, a friend of Mr. Garza’s who 
is an investment banker at Morgan Stanley & Co. and who made 
the initial contacts between Alfa and AT&T. 

Mr. Garza’s rapid-fire moves have shaken up a company so 
battered by a brutal economic restructuring and family hardships 
— including a 1973 kidnapping that ended in the murder of a Garza 
patriarch — that it was in danger of losing its place as a force in the 
Mexican economy. 

"When I took over, there was a feeling that Alfa had to do 
something,” Mr. Garza said. 

When the government privatized Tel&Fonos de M&rico in 1990, 
the board of Alfa considered bidding for iL But recalling the 
disastrous growth of the 70s, die members decided it would be wiser 
to complete a restructuring and invest any available cash in its core 
companies. 


GATT Opens Doors to New Issues 

Despite Accord, Trade Issues May Only Get Tougher 


By David E Sanger 

New York Times Service 

WASHINGTON — The enormous 
global trade agreement approved by 
Congress this week does not mean an 
end to trade conflicts, economists and 
administration officials say. 

If anything, the biggest trade accord in 
two generations will clear the way for 
new struggles over a different breed of 
trade barriers, winch may be more 
daunting than those it resolved. 

The 22,000-page General Agreement 
on Tariffs and Trade dealt with many of 
die sensitive political issues facing the 
international trading system, including 
the gradual reduction of tariffs on agri- 
cultural products and the protection of 
intellectual property rights, such as 
copyrights and patents. 

But the conflicts the Clinton adminis- 
tration and others see ahead will involve 
a new generation of issues that mirror 
many of the foreign policy problems fac- 
ing the United States today. Those issues 
include bow countries act wi thin their 
borders on labor conditions, environ- 
mental standards and human rights, 


rather than simply how they interact 
with other states. 

These were some of the most emotion- 
al matters brought up by GATT oppo- 
nents in the debate that preceded Thurs- 
day's Senate vote. But many of the 
targets of these complaints, such as Chi- 
na and Indonesia, have already told 
Washington that they consider these 
questions to be none of its business. 

AH of those issues are outside of 
GATT, and many think they should stay 
that way. 

Talks already have begun on another 
set of issues that were left over when the 
GATT negotiations ended, including the 
movement of “cultural” products, such 
as movies, across national borders and 
the opening of markets to foreign insur- 
ance companies, securities firms and 
banks. Those are also the subject of sev- 
eral bilateral negotiations, particularly 
between the United States and Japan. 

These new issues are likely to be 
played out in new forums. For many 
reasons, this GATT, in fact, may be the 
last sweeping global agreement of its 
kind. No one is eager to slog through 
another 12 years of talks with such an 


array of players, each with radically dif- 
ferent interests. 

During the recent debate, members of 
Congress repeatedly expressed frustra- 
tion that the expansion of the GATT was 
so vast, and its effects so unpredictable, 
that none of the experts and lobbyists 
who descended on Capitol Hill could 
come up with believable estimates of 
bow much the American economy would 
benefit, or how many American workers 
would lose their jobs because of in- 
creased imports. 

“In the end, most everyone voted on 
an emotion about freer trade.” one U.S. 
official said Friday. “No one wanted to 
look like an economic Neanderthal.” 

To make the next set of agreements 
easier to negotiate and more understand- 
able, many think the drive to liberalize 
commerce will continue largely on a re- 
gional basis, through accords in Asia, the 
Americas and Europe. 

■ China Attacks U.S. on GATT 

China said Sunday it would probably 
be unable to rejoin GATT this year be- 
cause of opposition from the United 

See GATT, Page II 


EU Airlines Try 

Balancing Costs 
And Open Skies 


EU to Enshrine Wide Currency Bands 


Reuters 

BRUSSELS — European 
Union finance ministers Mon- 
day are expected to declare the 
current wide fluctuation bands 
of its exchange-rate me chanism 
to be the new norm, as the EU’s 
single currency plans are re- 
vived 16 months after bring all 
but declared dead. 

“The language is very convo- 


luted, but the end result is effec- 
tively declaring the current 
bands normal,” an EU source 
said. 

The source was referring to a 
document the officials will dis- 
cuss over lunch at a meeting 
mainly dedicated to looking at 
the state of the economy, fight- 
ing unemployment and finding 


funds for 14 major road and rail 
projects. 

Finance ministers have until 
the end of the year to decide 
whether to retain the guidelines 
that allow currencies m the Eu- 
ropean Monetary System to 
fluctuate as much as IS percent 
above or below a central rate. 

The ministers temporarily 
widened the fluctuation band, 





THE TRIB INDEX 

World Index 

International Herald Tribune 
Work! Stock Index, composed JJJ ~X 

of 280 internationally investahte ni “ • :'•••" rT* 
stocks from 25 countries, •; • •"" r 

compiled by Bloomberg !!? ■ v . •• 

[Justness Nows. 



Weekending December 2, ® / • ... 

daily dosings. ... Li **&&&*+ 

Jan. 1992 = 100- f M T w T F 


130 

129 

128 

127 

126 

125 

124 

123 

122 

121 


102 

101 

100 

99 

98 

97 

96 

95 

94 

93 


Axto/PacWc 


------mm- 






. •' : ... 



: ssfi 

F M T 

W T F 

North America 15*3 


•• . — 

> . , 

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■ ■■ . . ■ 



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raw i«w * 


Industrial Soetow/Weekend dose 

lacy num 

Enarav 11204 111.89 40.13 C ap** Goods 112.19111.41 4070 

0555 122.57 122- 43 M RawHatertate 12B.1112R5D jjO 

Financ e 111.84 110.06 »L62 Consumer Goods 102.71 10213 -0.12 

Sarvices 111.31 1 12.75 -1.28 WaceBaneoig 113.6811525 -1-36 

Arwtfm a- AuH aft. .griM-. rMtertantfm. Not 

nntomt. rmnoe, and V otkw *. For 

TOuk Bnd ' * COTTMCWtf Of ffW 20 tt»08 *1 WTO 

28 SSSSSSiSSSXi'ZSSLuo* 

OlnwnmonalHerddTribww 


Ariane Failure Raises Questions , 
But Business Is Not Likely to Suffer 


B/oombef Business News 

PARIS — The failure of an Ariane launch last 
week, the second this year, is a blow to Arianc- 
space, the pan- European consortium that builds 
the rocket, as well as to satellite operators and 
television viewers. But it is unlikely to hurt the 
rocket consortium in the short term. 

The satellite launch business is inherently risky, 
a fact conceded by satellite operators, who also 
acknowledge that they have few real alternatives. 

Arianespace, a French-led group comprising 
more than 50 European aerospace and defense 
companies, controls 50 percent of the market in 
satellite launches. Only two other companies, 
both American, offer comparable services: Me- 
Donned Dooglas Corp^ with the Delta n rocket, 
and Martin ^arietta Corp., with the Atlas. 

The National Aeronautics and Space Admin- 
istration, the U.S. space agency, also launches 
commercial satellites with its space shuttles. 

All three companies are booked solid for the 
next two years; Arianespace has scheduled 30 
l a unc hes by the end of 1996. 

Still, a second failure in a year is enough to put 
Ariane in the hot seaL 


“It’s the second in a calendar year, and that 
means it wfll have an important psychological 
impact," Caude Sanchez, a spokesman for the 
European consortium, said. “This is serious.” 

But Mr. Sanchez maintained that it would not 
be enough to send away customers, or to topple 
Arianespace from its perch as the leading launch 
company worldwide. 

“Has it shaken our confidence? Absolutely 
not,” said Vanessa O’Connor, information offi- 
cer at Eutdsau the European Telecommunica- 
tions Satellite Organization. “Unmanned launch 
vehicles cannot be 100 percent failure-free. This 
is the nature erf the profession we are in.” 

Eutelsai knows that better than anyone. It was 
that group, a pan-European cooperative, whose 
satellite was lost in January when Ariane ’ 5 launch 
No. 63 fell into the Atlantic after the launcher’s 
third stage failed — the same scenario as in 
Fridays crash. Eutdsafs Hot Bird 1 television 
satellite is scheduled for the next Ariane launch. 

But Eutelsat and other satellite operators lose 
id every time a launch operation fails. 


operators often have spare satellites 
made in the event of a crash, it is often many 
months before the spares are ready to be sent. 


CURRENCY RATES 


lUrtM 

s 


Loddon(a) 

Madrid 


•? ^ ,<1 


Dec. 1 

s • SJ. - a- a 5- 

u#a is ^ UN 22* — MB o»4 as w 

SMS a* tun, iaK 1577 - luo urn- 

W ” *55 nisi 1131* MSfl W 1779 “ 

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mm u»» «“* ^ umd w I* on mss 

HOT Yor* fW — HfL" — SS“ W «■ *»**”■ X" 

S*» s ” uy UB U7B MB — “ 71* 

S 2 K S US* w» *>«• - «• m 

S«JSSSSSS 5 S 55 a!S 

im aw 7*5* x»» ^ 

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|SD * uZvnet. TerertD and Zurich t/xtr* la ottier anforr. 

<***** ^ ^ *** * m; "*•:”*«**! HA.: n 

a; To bm mo oomvr «• 
avert*** 

oaw'Ooa**££S g— »■ ^ 

carneev ^ nSSti UB&3 S.Kor.»on 3K30 

bsmAPmo WW Haas Kami US Sw«d.Kn>aa 7J3TI 

**»*■* ”■» ^0 Taiwan 3 »» 

Amsb f**- iMflB onom nn tmmi 

BretOnx* ^ ndOLnn^ 7™^ £2«a5a U0J9 TorWiRilre 3«5. 

«iS5s sss-S rr s. 

* SJ mtair- « 15545 

F or w ard flatwa c*™* 

"L™ 3WW wWMtar 137SS 1375S 1J5S 

SSSU, S SS SSS- W5S 9496 

1 1 II hi 1 1 la ami* inU iw> 

3 wtt*frdPC T ja? , ■ . Bonk (BnsseWi Sorco Corrmerdofe 

SO*** !NG « n**> t Tokyo}; Rovot Bank oKMo 


Talpei Notebook 


Stock Scandal Just a Diversion 


No strangers to shenanigans, Taiwan's 
stock market players are carefully monitoring 
a special investigation into one of the coun- 
try's biggest speculators and a powerful legis- 
lator, James Dung Ta-ming. 

Mr. Oung and a few colleagues find them- 
selves at the center of a scandal over a series 
of stock defaults that knocked the highly 
speculative market down from four-year 
highs in early October. 

The authorities are trying to determine 
whether Mr. Oung played a role in the mete- 
oric and inexplicable rise of locally listed 
Imperial Hotel shares and 3.4 billion Taiwan 
dollars ($130 million) in defaults that para- 
lyzed the market when big speculators in the 
stock couldn't meet their margin calls. 

It is not Mr. Oung”s first time in the lime- 
light, but judging from small investors’ reac- 
tions to the case and other market controver- 
sies, they are not too worried if it isn’t the last 

“The punters love the so-called Trig hands,’ ” 
said the brad of a foreign brokerage in Taipei, 
referring to the major stock players who con- 
tribute much to die local exchange's notorious 
volatility and huge daily turnover — $2.08 
billion on Friday, which was moderate. 

“The Trig hands' moves create the specula- 
tive action, and naturally everyone thinks 
they've got the inside track on information,” 
the broker said of a market where at least 80 
percent of turnover is attributed to small 
investors. “CM course, that’s exactly what the 
big speculators want them to think." 

In the case of Imperial Hold, its shares 
started the year at 78 Taiwan dollars and 
soared to 402 in August before shrinking to 
53.50 at Friday’s dose. 


Taiwan Moves Up in GAIT Race 

While Beijing and the rest of the world 
grandstanding^ debate whether China quali- 
fies as a developed country or not for the 
purposes of joining the General Agreement 
on Tariffs and Trade and its successor, the 
World Trade Organization, Taiwan is quietly 
getting on with its own application. 

A highly protected economy where intellec- 
tual property protection is often ignored, Tai- 
wan, applying as a developed economy, has 
rapidly moved to lower barriers to many 
imports and improve copyright and trade- 
mark protection. 

Things are not yet perfect, according to 
Taiwan’s trading partners and the countries 


fication. 

market 


closely involved with its GATT 
Agricultural imports and finan 
access remain hot issues. 

But as keen as Taipei is to get into GATT 
before its political nval Beijing is included, 
Taiwan’s negotiators are not offering too 
many concessions too quickly. 

Any move to allow Taiwan into the global 
trade club before China would undoubtedly 
provoke fhina, something for which Wash- 
ington, Tokyo and Europe have no apparent 
appetite these days. 

Election Raises Media's Profile 

Islandwide elections held Saturday brought 
to a climax the debate over the role of Tai- 
wan's three commercial television stations in 
a more democratic society. 

A legacy of the days when Chiang Kai- 
shek’s Nationalist Party ruled with no opposi- 
tion, one station is controlled by the Taiwan 
provincial government, another by the armed 
forces and a third by a commercial arm of the 
Nationalist Party, or Kuomintang. 

Members of the opposition parties have 
cried foul over perceived bias against then- 
candidates and turned to underground radio 
stations and pirate television broadcasts to 
get thdr message out 

Sensitive to criticism of the Kuomin tang’s 
control of the mainstream media, the central 
government is allowing more mho stations to 
be licensed and expects to open bidding for a 
fourth commercial television broadcaster. 

For some in the industry, change can’t 
come soon cnough. 

Taiwan Television Enterprise has borne the 
brunt of campaign criticism. One of its lead- 
ing news reporters went on a hunger strike 
over its decision not to broadcast an impres- 
sive opposition open-air ratty. 

But the station also was attacked by the 
Nationalists, whose party runs the govern- 
ment that controls TTV. 

Unhappy with a controversial report, a 
rowdy demonstration arrived at TTV head- 
quarters vowing to pummel the building with 
10,000 eggs until Chuang Cbeng-yea the gen- 
eral manager, apologized to them. 

“I was happier working in the sport depart- 
ment," said the news department manager, 
Liao Tsang-song. of the new operating envi- 
ronment, according to local newspaper repons. 

Kevin Murphy 


which had been percent, in 
August 1993 to try to preserve a 
system that had come under 
heavy speculative attack. 

The decision on whether to 
declare the 15 percent bands 
normal is the key to whether the 
door to creating a single curren- 
cy at the start of 1997 is to be 
left open. Under the Maastricht 
Treaty, a currency must have 
been inside its so-called normal 
bands for at least two years to 
qualify that country to join in 
me single European currency. 

A declaration of normality 
would have no immediate im- 
pact an the currencies in the 
grid, which are the Deutsche 
mar k, the guilder, the Irish 
punt, Danish krone, the 
French, Belgian and Luxem- 
bourg francs, the peseta and the 
escudo. 

Bnt it would be highly sym- 
bolic of the EU’s revitalized in- 
tention to press ahead with its 
plans to create a angle currency 
either in 1997 or by 1999 — an 
idea many thought was dead 
less when the exchange-rate 
mechanism collapsed last year. 

The ministers at the meeting 
also will try to deride how to 
fund the 14 multimillion-dollar 
road and rail proposals put 
forth by the European Commis- 
sion. 

A group chaired by Henning 
Christopher sen, the comnris- 
sioner for economic and finan- 
cial affairs, has said that financ- 
ing for only five of the 14 
projects is in place or dose to iL 

The group, with the excep- 
tion erf Britain, agreed that all 
funding options should be left 
open. 

The British, representative re- 
fused to agree to any new forms 
of support. “That is our posi- 
tion. We are not alone,” a Brit- 
ish diplomat said. 


By Barry James 

ImemaHonai Herald Tribute 

PARIS — The problems 
faced by the state-owned Iberia 
Air Lines of Spain illustrate the 
crisis erf an industry attempting 
to cope with a history erf over- 
staffing and high costs, while 
facing a deadline for full dereg- 
ulation within the European 
Union. 

In a job-cutting and pay- 
slashing deal still being negoti- 
ated by its pilots, Iberia’s man- 
agement is seeking to create 
conditions for the 
Union to authorize a 130 
peseta ($1 billion) state bailout. 

European airlines have until 
April 1, 1997, to prepare for an 
open-skies policy that will per- 
mit any Eli airline to operate 
anywhere in the Union with few 
restrictions. 

Europe's struggling state- 
owned airlines are to receive $7 
billion in government aid au- 
thorized this year by the Euro- 
pean Commission. This in- 
cludes $3.7 billion for Air 
France, $23 billion to Olympic 
Airways and $1.1 billion to 
TAP Air Portugal. Iberia re- 
ceived a 120 billion peseta 
bailout in 1992, which places a 
question mark over its attempt 
to obtain a fresh cash injection 
from the government 

The European Commission 
last month adopted new guide- 
lines for aid in the aviation sec- 
tor, which state that an airline 
can receive aid only once as 
part of a strict restructuring 
program that excludes the right 
to increase capacity to the detri- 
ment of rival earners. Compa- 
nies that have received aid al- 
ready “need not come knocking 
at the door again,” said the 
EU’s competition chief, Karel 
Van Mien. 

Whether the guidelines apply 
retroactively to Iberia may end 
up being tested in court British 
Airways, which is challengin g 
the Air France subsirfy in the 
Court, said it was 


Eun»ean 

watching 


carefully. 

“The reason that Iberia and 
Air France and Olympic are in 
trouble is because their struc- 


Zambia Liquidates 
Its National Airline 

Agence France-Presse 

. LUSAKA, Zambia — Debt- 
ridden Zambia Airways has 
been liquidated and its 1,300 
workers dismissed, the nation’s 
vice president, Godfrey 
Miyanda, announced Saturday. 

Mr. Miyanda said it would 
have cost $100 million or more 
to rescue the carrier. Interna- 
tional donors had threatened to 
withhold $160 million in aid for 
Zambia’s balance of payments 
if the government attempted 
such a rescue. 


hire is too big to cope with 
current overcapacity," one ana- 
lyst said. “There is simply too 
much capacity chasing the 
available passengers at the pre- 
vailing prices. The prices have 
come down, and the airlines 
have got too high a cost struc- 
ture to cope with the yields, 
which are obtainable from to- 
day’s market.” 

EU officials say the large 
amounts of state aid to strug- 
gling flag carriers are one of the 
reasons the latest round of Eu- 
ropean deregulation, intro- 
duced in January 1993, has not 
had more of a direct impact 

This aid has made it more 
difficult for smaller carriers and 
stan-up operations to obtain 
bank financing. 

Established airlines have 
held on to most of their airport 
slots, impeding the efforts of 
smaller airlines to open new 
routes. The battle for landing 
rights at Orly Airport near Par- 
is, where several independent 
airlines have challenged the mo- 
nopoly of Air France and its 
Air Inter subsidiary, illustrates 
the overcapacity at several Eu- 
ropean airports. 

Overstretched air traffic con- 
trol resources have also discour- 
aged the growth of a deregulat- 
ed market 

Under current deregulation 
rules, European airlines have 
limited cabotage rights. British 
Airways, for example, can fly 
from London to Lyon and pick 
up passengers in Paris, provid- 
ed that these do not exceed 50 
percent of seat capacity on the 
route. But in 1997, airlines will 
obtain full cabotage rights, 
which means that British Air- 
ways will be able, if it wishes, to 
set up domestic operations in 

See AIR, Page 12 


Kidder to Close 
Tokyo Office as 
Part of Sale by GE 

Bloomberg Business News 

TOKY O — Kidder, Peabody 
& Co. will announce Monday 
that it is closing its Tokyo 
branch and laying off about 140 
employees, the Nihon Keizai 
newspaper reported. 

The U.S. brokerage, a unit of 
General Electric Co., is being 
sold to PaineWebber Group Inc. 
for $670 million of stock. 
PaineWebber said last week it 
would keep Kidder’s offices in 
Zurich and Geneva but would 
dose its office in Paris. 

More than 2,000 Kidder em- 
ployees are expected to lose 
their jobs because of the sale, 
the newspaper reported Satur- 
day, but PaineWebber said it 
had recently hired 140 Kidder 
employees. 



THE LINK BETWEEN THE PAST 
AND THE FUTURE 


Omega Speed master Automatic. 
Self-winding chronograph 
in 18 k gold. 

Swiss made since 1848. 


..55 





OMEGA 

The sign o 


































































INTERNATIONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


Page 11 




•?SS5&^ ■! 


StS&s, Asence Vr* n ~> D . abl^rwS? ^onomy would en- “Ylie real purpose of the U.S. economist in me ministry, 

eportedfrom Benin? 06 Presse dav wiih^iSJ 0 ™ hands so “ e I s t0 P*T °P en China’s financial, China was a founding mem- 
j • • Bc 9* n 8* dfi T io P n * countries insurance, telecommunications, ber of GATT but quit in 1950 

•JrL* a *r» ar J lc * e m die China drJJuT? . a lhrBal . to die U.S. transports and other service after the Communists came to 

laflys Business Weekly a re- i status in the world markets." power. It asked for readmission 

earcher in the Foreign Trade tS!^' u l The sectors where the United in 1986 and would like to rejoin 

tna tconoim c Cooperation Stju^ » ■ y f e . Unite f i requires the most from this year so it can be part of the 
Wuiistiy, Yu Peiwei, said. “The hie ^possi' die Chinese are those where it is creation of the World Trade Or- 

U5. fears that a rapidly grow- nffiirr u °? die question powerful, such as automobiles ganization, which will replace 

■ ' 01 UATT ’ he sard. and services, said Mr. Yu. an GATT on Jan. 1. 

^AXJLY. Bond Markets Finally Gain Ground, a Year After the Forecast 

Lieal *. e 2 ,9 [p^dng or at the latest "Inflation expectations have and then begin raising them by 

*vvth the dnStr 81 * ,f or ipeetmg, clearly diminished as a result of autumn, or whether it will start 

jvJnrfc tmft w « aa ? doUar c . The . con tinumg strength perceived aggressive action raising rates in the opening 

S 110 hoWn m die latest economic from the Fed m the first half of months of 1995. 

kman^ m the fundamental out- reports has eliminated any next year,” says Bob Tyley at D ■ . . . „ _ . 

hook for further weakness,” he doubt about the Fed’s next Paribas Capital Marker in Bui with the dollar on the nse 

^ move. This was shown by the London. P “f »“«* rates 

I Neil MacKinnon at Citibank dramatic rise in the yield of the ». ■ t u .. ■ «... electing anticipated rises m 

in London argues that “wS three-month Eurodollar futures Jl t ^ os f dimuushed fears short-term levels, there has 
wmessingaSS rSLl! re , contract, up 45 basis poinu 5 about inflation that now pose been a flurry to buy dollar pa- 

7.15 percent for MarcfLd 8? greatest nsL Detenorating per on the mteniaiional capital 
. i - uian a struc- r n . ... inflation Derformance more- market. New ;e_ 


Sailing 


“The real purpose of the UJS. 
is to pry open China's financial, 
insurance, telecommunications, 
transports and other service 
markets." 

The sectors where the United 
States requires the most from 
the Chinese are those where it is 
powerful, such as automobiles 
and services, said Mr. Yu, an 


economist in the minis try. 

China was a fo undin g mem- 
ber of GATT but quit in 1950 
after the Communists came to 
power. It asked for readmission 
in 1986 and would like to rejoin 
this year so it can be part of the 
creation of the World Trade Or- 
ganization, which will replace 
GATT on Jan. 1. 






° r at toe latest "Inflation expectations have 
us Feb. I meeting. clearly diminished as a result of 

me continuing strength perceived aggressive action 

SOOWn in it" IniKi fmn, .U„ c iTT .u. rt i__,r .r 


• - , »ibugiu (J6U.CIVCU aggressive acuuu 

snown in the latest economic from the Fed in the first half of 
reports has eliminated any next year,” says Bob Tyley at 
a°ubt about the Fed’s next Paribas Capital Markets in 
move. This was shown by the London. 

twSomf ^r^olJ^f uLl^ Ji is - df*® diminished fears 
contract im as ff aboul “Nation that now pose 


"Inflation expectations have and then begin raising them by 
clearly diminished as a result of autumn, or whether it will start 

n,rr,iv*ll nnMvAocW.A lAlinii nailiMB HIM (V* AfunifW 


the dollar rather thanastnie- 
gral recovery. There’s no doubt 
mat current direction of the 

T h wuld reach 

J.65 DM much sooner than the 

i But by then, he says, rising 
German interest rates will cause 
jthe dollar to retreat 
j The current rally in the U.S. 
currency and bond markets is 
fcaad cm the conviction that the 
FeSferal Reserve Board will fol- 
low last month’s aggressive 
(three-quarter percentage point 
rise (or 15 basis points) with 
another increase, possibly at its 


percent for December 1995 imiau ? n pen°rmance repre- market. New fixed-coupon is- 

»hree-month deposits currratiy die pnnapal nsk for bond sues amounting to S3.6 billion 

fetch 6% percent Y ****** ’ says John Lipsky at were launched last week, of 

Although there was some 5 d( ? n0 u Br °toers Inc. m New which all but $1 billion mature 

question about how mudToT York, who says he b^eve core in less than five years. Investors 
this change might haverefiect- « likely to edge higher, have Utile incentive to buy long- 

e , - i . . . In blS VIEW, il wouM hi> nwmn. Q n.nw kum.u >1.0 


raising rates in the opening 
months of 1995. 

Bui with the dollar on the rise 
and the market interest rates 
reflecting anticipated rises in 
short-term levels, there has 
been a flurry to buy dollar pa- 
per on the international capital 
market. New fixed-coupon is- 
sues amounting to S3.6 billion 
were launched last week, of 
which all but $1 billion mature 


this change might have reflect- 
ed forced liquidation of losing 
positions in the derivatives mar- 
ket, analysts agreed that the fu- 
tures market now fully dis- 
counted a big Fed increase in 
short-term rates. 

The fact that long-term U.S. 
bond yields were virtually un- 
changed on the week shows that 
bondholders are convinced that 
the anticipated Fed increases 
will keep inflation tamed. 


in his view, “it would be prana- er-dated paper because the 
lure to conclude that upward yield curve on benchmark U.S. 
pressures on bond yields have government paper is unusually 
abated.” flat: 7.7 percent at five years. 

Against that background, the and 7 91 P ercen ‘ 

dollar is especially vulnerable ai years ' 
to changes in German interest Although issuance of dollar 
rates. There Is a raging debate paper is expected to remain 
about whether Germany will heavy, the main focus this week 
hold rates stable through the is expected to be a jumbo 2J 
end of next year, whether it will billion DM, five-year issue i 
cuts rates early in the new year from Spain. 


BAJVKj After a Tough Year , Deutsche Bank Looks Ahead to Better Times 


Continued from Page 1 

■ sured by $350 billion of total 
assets, or an estimated $13 bil- 
lion of hidden reserves — is not 
in doubt, but repairing the 
damage to its reputation could 

• be complicated by the following 
; problems: 

• The bank’s profit growth is 
being held back this year by 
poor trading results and the 
overhang of huge loan write- 

) offs. Most estimates call for un- 
changed or even lower 1994 
; eamings. 

• The bank has been embar- 
rassed by unprecedented criti- 

! cism from shareholders and 
other banks over its handling of 
i the near bankruptcy of Metall- 
' ges ellschaf t and the collapse of 
; the Jfirgen Schneider real estate 
i empire. The Deutsche Bank 

• board member who chairs the 
MetjOgeseHschaft supervisory 

; boaio, Ronaldo Schmitz, has 
raised eyebrows by plunging 
into - an unusually emotional 
and public debate with such 
critics as Professor Merton 
Miller, the Nobel Prize- winning 

■ economist 

• Politicians dose to Chan- 
; ceQor Helmut Kohl are said to 
; be angered by Deutsche Bank’s 
: threat to challenge in court any 
1 law that would force it to re- 
J duce its equity stakes in indus- 
1 trial companies and by the 
I bank’s recently announced plan 
1 to shift its investment banking 

activities from Frankfurt to 
! London. 

• Analysts complain about 
; insufficient financial disclosure 
i and say that Deutsche Bank’s 

return on equity is unimpres- 
: sive when compared with big 

• U.S. banks. 

• l ook in g to the future, crit- 
ics say that despite profitable 


don. “Having been insensitive an oil futures contract in New 
in the past to criticism they are York that brought the company 
now perhaps loo sensitive.” to the brink of bankruptcy early 
“There seem to be some cred- this year. He denied the asser- 
it control weaknesses, and I tion by Professor Miller and 
think Deutsche Bank would ad- other critics that the huge losses 
mit that,” Mr. Grant said. at Metallgesellschaft need not 
"I think the bank has had a have occurred, cl aiming that the 
closer look at itself, has been company was “technically in- 
stopped a bit in its tracks, and solvent** and needed a rescue, 
has had to reassess its internal When asked to respond to the 

controls,” he added. complaint from other European 

An executive at a rival British banks that Deutsche Bank dis- 
bank, speaking on condition he played arrogance in pushing 


The hank’s financial strength is not in 
doubt, but repairing the damage to its 
reputation could he complicated. 


not be named, called Deutsche through a costly debt rescfaedul- 
Bank “a formidable institu- mg for Metallgesellschaft in 


national investment banking 
operations with its Morgan 
Grenfell subsidiary in London. 

Politicians were upset be- 
cause it was Mi. Breuer — as 

§ resident of the Frankfurt 
tock Exchange’s operating 
company — who backed Mr. 
Kohl’s drive to create a Europe- 
an financial center in Frank- 
furt. 

He said he had not betrayed 
Frankfurt “because I never sug- 
gested Lhat Germany should be 
the place where international 
securities should be traded." 
But he acknowledged that it 
would take three to five years 
before Deutsche Bank could 
hope to compete with invest- 
ment banks such as Merrill 
Lynch & Co. or Goldman Sachs 
& Co. 

Deutsche Bank’s future strat- 


B anlf “a formidable institu- mg for Metallgesellschaft in egy, meanwhile, would involve 
tion.” But he added that the January, Mr. Breuer said the seeking to retain market share 
bank "is not as well managed as fear of a big bankruptcy caused at home in retail and corporate 


it Kkes to pretend.” 

The view from the Deutsche 
Bank boardroom is obviously 
different from the outside per- 
spective. During an interview in 
Munich last week, Rolf-Einsl 
Brener, one of the 12 board 
members, offered a defense of 
the bank. 

Mr. Breuer declined to make 
any profit forecasts, but he ac- 
knowledged that earnings from 
trading in foreign exchange, de- 
rivatives, bonds and other secu- 


fear of a big bankruptcy caused at home in retail and corporate 
his bank “to do more than the banking, limiting other Europe- 
nsoal arm-twisting” an retail banking business to 

Italy and Spain, and trying to 
- But the Deutsche Bank diro- develop capital markets busi- 
tor seemed certain that he could through Europe, 
forecast political and judicial Analysts acknowledge tha t 

CVm ^iL, Gcrn T y - h * Deutsche Bank’s future strategy 

conadered new legislation un- solid enough but rather 

hkdy to be passed despite cans unexciting. Some say that given 
from leading politicians in all ^ problems of 1994 , Deutsche 


parties for a law to limit bank ^ remain uider close 
equity stakes in industrial com- 5 ^^ for many months. One 


parties 


analyst said Deutsche Bank’s 


Mr. Breuer also responded to woes could eventually prove to 


rities had suffered u a very sab- criticism from politicians in be helpful to the bank because 
— — * 2-1 j — 1: — ” n » tvot*...!... ™™.i “they have been living in an 


; looks unimaginative, if stolid. 

. The bank’s response has been 
to come out of its comer attack- 
ling what it calls a political 
'threat to “expropriate" its con- 
;troversifll industrial sharebold- 
lings, to admi t that there were 
management lapses, which 
! caused the Schneider loan 
-losses, and to la un ch a costly 
advertising campaign aimed at 
| restoring its standing with tne 

f^SS^some analysts and lead- 
ing figures in the Frankfurt fi- 
nandal community say they de- 
'tect something of a bunker 
mentality’ at Deutsche Bank. ^ 
“They’ve turned full circle, 
said Derek Bulman, a banking 
analyst at James Capel in Lon- 


"MULTIMANAGER N.V." 

IN THE INT'L HERALD TRIBUNE 

Note to the prices for the Multimanager Funds as at 
31-Ocfober-94 are as follows: 

World Bond Fund XEU 12.54 

European Equities XEU 14.36 


stan rial decline.” Bonn at Deutsche Bank’s recent “they have been living in an 

Analysis expect Deutsche decision to consolidate its inter- ivory tower for much too long.’ 

Bank’s 1994 pretax profit to de- 

dine sbghtiy from last year’s 4.6 , . . 

billion Deutsche marks ($3 bil- 
lion). Net income is expected to | If |UB||| nU Ail A AED M 1# n 
fall from 12. billion DM in 1993 IflUfclilflHWMWBII NUw* 

“MSggj* IN THE INT'L HERALD TRIBUNE 

mibraDl^diarEe for the col- Note to the prices for the Multimanager Funds as at 
lapse of the Schneider business, 3 1 -October-94 are as follows: 

will be lower than the 33 billion | w n 19 u 

DM recorded in 1993, but prob- Wond Bond Rind XEU 12.54 

ably still above 2.0 bilKon DM. European fowfces XEU 14.36 

6ut the bank’s return on eq- mb MOA 

uity, which was 12 percent last ^oq 

year, is considered to be poor H5S 5*2| 

by most analysts when com- ^ 

pared with banks of compare- Hodge U5D t ZJy/ 

ble see in the Urutod States n^ n a tt ac hement has been made against certain 
though similar to that of other ^ fa company in Luxembourg tor a value of 

more striking is USD 1 ,500 ; 00a lhe pebble effect dF this atachment 
the degree to which Deutsche has not been taken into amount on computing the 
Bank is depending on earnings 1 above mentioned Net Asset Values, 
from its Italian bank subidiaiy MeesPiarson 

and from its Luxembourg oper- Fund Administration 

ations to offset what looks like j (Isle of Manf limited 

being a lackluster interest and P.O. Box 156, 1 8-20 North Quay 

commission income perfor- t-iJSSS’S ! nf aW'abrwv 

mmee ua German* 6261 !>9 MEE5PIN G 

■ facsimile: 44 |0) 624 688334 


Arbitrage USD 9.92 

Hodge USD 1239 

"An attachement has been made against certain 
assets of the company in Luxembourg tor a value of 
USD 1,500,000. The possible effect dr this attachment 


Taiwan’s Markets 
Prepare for Rally 
After 'Stability’ Vote 

Compiled by Our Staff From Dispatches 

TAIPEI — The victory by the governing Nationalist Party 
in historic elections Saturday was an endorsement of political 
Stability that is likely to give a boost to Taiwan's economy, 
business leaders said Sunday. 

"The result is a triumph for stability, and that in turn 
should be good for business and the economy," said David 
Yu, manager of the Taipei Fund and vice president of 
National Investment Trust Co. 

“This was a stabi l iz in g election at home and in cross-strait 
ties," said James Robinson, a professor of the University of 
West Florida, who was in Taipei to observe the vote. 

The strong showing by the Nationalists should propel a 
rally in share prices, analysts said. The market bullishness 
would be underpinned by Taiwan’s good economic funda- 
mentals, they said. The Taiwan dollar, which closed at 26.29 
to the U.S. dollar, is also expected to strengthen. 

The Nationalist Party, a huge corporate force lhat owns 
more than 100 companies, was the business leaders' favorite 
in Taiwan because of its dose contacts with the island’s 
powerful conglomerates, analysts said. 

“The ruling party won the governor's race, and this will 
likely trigger a short rally for edebration led by the Big Three 
provincial banks this week.” said Ben Chen, manag in g direc- 
tor of Barclays de Zoete Wedd. The Big Three banks are the 
First Commercial Bank, Hua N an Commercial Rank Ltd. and 
Chang Hwa Commercial Bank Ltd. 

“It’s the best result we could have had, a modest change 
mixed with people’s wish for stability and innovation,” said 
Daniel Chen, chief economist of Chinatrust Commercial 


DEC 1 5 (6 p.m. to 8 p.m.) 

Hue) Concede Palm Beach. 

IPimwaudedc la Place. 13009 Mau^tlk- 
US S Foreign Commercial Service 
i Marseille Deteunonl 
rordialK imnm \Ou to 

THE U.S. /FRANCE TAX AND 
FINANCIAL PLANNING SEMINAR 

isTjeijsir- Jjtkm: Vnciialajs a: fan 
■aass, oKsrm ti-tfr wbsrif arwa 

s» puRTj ae iivsTsi prtfifc nSiirj 

-■«r» j* 'Ife'Xinrx’ifTiJiIhaiv 
-ASCirrwesWfflUS andwriBifeTf 

Pinlchxkift F7S bj retereun FIDOa the doar 
BEftftfmFhtatrllMCF3DI(l7n».ilh|C«Din 
Vah( ha codde fain, repba "lb" by “3F 

MARSEILLE" 


FEB. 2M8. 1995 

j Africa Trade & Investment 
Conference 

ToBkfi pteCP in Libreville Gabon. 

ihis hieh-ied mnleow win biinfi ppethB 

basnes? and industry leaders Horn the*™*? 
cJ .AIrfca Asia Eiropeandlhe Americas mrifi 
*Tth Ain can oAcnuenl and business todre 
tedacuss uaJe&mvesnTwra craaruraties 
m Aina Kev topes indude lmwmenl dnrale 

sxnres d linatw. Ainas stock maiteisand 

speewe industnes 

Ctviuct Barbara Hayward 
USA Tel; |202| 8o2-3955 
USA Fax- [2021 863-3956 

GABON 


INTKRNATH HVAI. 




Daniel Chen, chief economist of i 
Bank, Taiwan’s largest private bank. 


(Bloomberg, Reuters! 


LIVING IN TEE U.S.? 
Now Printed in 
New York 
For Same Day 
delivery in key Cities 

TO SUBSCRIBE, CALL 

1 - 800-882 2884 

(IN NEW YORK. CALL 212-7S2-3890) 


r PROMET ENGINEERING (SINGAPORE) PTE LTD 

INVITATION for pre-qualification for the procurement of "goods" for: 

HUB RIVER FUEL OIL PIPELINES PROJECT IN PAKISTAN 


2. Asia Petroleum Limited has applied for a loan from the World Bank (WB) towards the cost of the Hub River Fuel OH Pipeline 
Project in Pakistan and it is intended that part of the proceeds of this loan will be applied to eligible payments under the 
contracts) for which this w/itation to pre-qualify is issued. The funding facility wiU be extended trhough the Private Sector 
Energy Development Fund (PSEDF) administered by the National Development Finance Corporation (NDFCi and will be as 
per the WB/PSEDF guidefines. This facility has been established by the Government of Pakistan under an arrangement with 
the WB to finance energy and infrastructure projects in the private sector. 

2. The Hub River Fuel Oil Project comprises the engineering, procurement and construction activities associated with 
underground cross country 36‘ and 14" high pressure fuel oil pipelines, and associated facilities. The pipelines are 
designed to supply heavy furnace oil from the Marine Oil Terminal (at Port Qasim) to storage tankage at Pipri Terminal and 
from there to storage tankage at Hub Power Company (HUBCo).The pipeline originates at the Marine Oil Terminal located at 
Port Qasim, Karachi, Pakistan and ends at the Hub Power Plant at Khalifa Point in the Hub District of Balochistan. Total 
overall length of the pieliie is approximately 85 km. 

3. Promet Engineering (SJ Pte Ltd (PE(S)PL), the Engineering, Procurement and Construction Contractor for this project 
invites, on behalf of APL, interested and suitably experienced and financially sound international suppliers and fabricators to 
submit for pre-qualification for 

(A) The supply of major components for the pipeline including, but not limited to; line pipe, pipe coating and insulation, 
mainline valves and scraper laucher/receivers. 

anct/or 

(B) The supply and fabrication of modularised equipment complete with instrumentation, control panels, etc. including, but 
not Med to: mainline pumps and drivers, booster pumps and drivers, heat exchangers, boiler packages, water 
cooling system, instrument air system, meter and meter provers, pre-fabricated control building complete with 
Supervisory Control and Data Acquisition system including fibre optic communications, and diesel purging facilities. 

4. SCOPE OF WORK 

- The scope of work consists of the procurement and fabrication of major components for 36’ and 14' underground cross 
country high pressure fuel oil pipeKnes. designed to supply heavy furnace oil from the Marine Oil Terminal (at Port Qasim) to 
storage tankage at Pipri Terminal, Sind Province and from there to storage tankage at Hub Power Company (HUBCO), 
Baluchistan Province. 

The procurement would involve, but not necessaly be limited to, the supply and delivery of: 

• Line Pipe -both 36’ and 14' diameter, ERW type to API specification 

• Pipe coating and insulation 

• Pipeline valves and ancillary associated equipment 

• Scraper launchers/receivers 

• Other Long Lead Mechanical and Electrical Equipment and Instruments 
It is envisaged that the following items will be provided as modularised units; 

• Mainline (positive displacement type) and Booster Pumps (centrifugal type) complete with drivers and associated controls 

• Heat exchanger pakagefs) 

• Boiler packaged), including water treatment 

• Air system 

• Diesel purging system 

• Water cooling system 

• Prefabricated control building complete with Supervisory Control and Data Acquisition system including fibre optic 
communications 

5. Prequafrfication is open to firms and voluntarily formed joint ventures from eligible source countries as defined under the 
"Guidelines : Procurement under IBRD Loan and IDA Credits.' Domestic contractors may apply for qualification 
independently or in joint venture with foreign contractors. 

6. interested eligible suppliers and constructors may obtain further information and inspect the prequalification documents at 
the following address: 

PROMET ENGINEERING (S) PTE LTD 
21 PANDAN ROAD, SINGAPORE 2260 
TEU+6J 266 0312 
FAX.: +65 261 1784 

7. A complete set of pre-qualification documents may be purchased by any inter sted eligible applicant on the submission of a 
written application to the above address (Attention: Project Director) and upon payment of a non -refundable fee of US$ 200 
Requests submitted by mail should include a certified cheque in the amount and currency indicated above in favour of 
Promet Engiieering (S) Pte Ltd. The document wil be promptly despatched by registered airmail. Under no circumstances 
will APL or PE(S)PL be held responsible for late delivery or loss of the documents so mailed. 

8. The prequalificatkxi documents must be duly completed aid returned to toe address noted at Para 6 above, before toe 
specified pre-qualification closure date (nominally 45 days after date of placement of initial advertisement). 

9. All contacts emanating from this enquiry to suitably qualified supplier will be executed between Promet Engineering (S) Pte. 
Ltd., toe (EPC) Engineering, Procurement and Construction contractor, acting as toe "Employer" on behalf of Asia 
Petroleum United, and the suppliers). 


LUXOR INVESTOR eOMRANY 

lQA.BautevariRflyal 
R.C. LuxenbOHi; B 27.109 

f jptice of Meeting 

■“ " ' ‘ . ^ ANNUAL GENERAL MtHUNG of LUXOR 

Notice is - ita [tansWBd Office in l^woSbouiE, 10A, 


Qoalevicl Royal on: 


Wedneobr 14 th Dssmber. 1994 at I 4 homs, 


tettepop 0 ® 0 * 600 ***"* — 

September. 1994 
1 ToBselveHid«lti|*iteBetBn 

3 . To teas'* andadof* tt* Aare 


*30foSepembeJ»A 


TheShwtaldKSCn 


de Moans- 





t£ durcboMers on mood a 


!8 d, November. 1994 


>!. ■ % • ‘ * f % \ 1 ■ 

First nine 

■’s. >rv-" 

;/i .. v t 1 :' >: ?. 

The results of ING Group for the fustm^e. inonfes-^j^l^kiow a gratifying 
increase. Net profit rose by 18.7% to jponthS ;1993 ^ 

NLG 1,387 million). 

Net profit per ordinary share went up ^ ; |3 ' 

Both the insurance and the banking : 


Amounts in Dutch guilders 

Fus nine months I 
1994 

First nine months 
1993 

Change 

(millions! 

Result before taxation 

Net profit 

2.354 i 

1,646 

1.916 

1,387 

+ 22.9 

+ 18.7 

(guilders) 




’Net profit per share 

6.29 

5^4 

+ 13.5 


30 September 

31 December 


\ e 

1994 

1993 


(billions) 7- 
Total assets -; 

353.4 

339.4 

+ 4.1 

Investments;-. 

137.3 

132.1 

+ 3.9 

Bank lending] 

148.1 

144.9 

+ 22 

Group capitaUrase 

22.7 

22.6 

+ 0.4 

(guilders) 




Shareboldltjf; equity per share 

79.29 

S2.45 

- 3.8 


■f - 


After the strong increase Ijy; 

slightly from NLG 21.5 billion at the end of l3ecember 1993 to NLG 21.6 billion 
at the end of September 1994. 

The Executive Board expects an increase in profit per share for the whole of 1994. 


ING 



GROUP 


The report for the first nine months can be obtained at the following address: 
Internationale Nederianden Group. P.O. Box 810, 1000 AV Amsterdam, 
The Netherlands. Tel.: (+31) 20 541 54 60, fax: (+31) 20 541 54 51. 







n-J. o 


mt si 


Page 12 


SKIES: AuHnes 5 Balancing Act 


INTERNATIONAL HERALD TBJBUNE r MONDAY, DECEMBER 5, 199 4 — 

Credito Italiano in Position to Qaini Romagnolo 


SHORT COYER 


CoDtmaed from Page 9 
France in direct competition 
with Air France. 

British Airways has shares in 
re gional subsidiaries in France 
and Germany, *ed it is likely to 
expand into fully owned sub- 
sidiaries once full deregulation 
is effect. _ . 


zon is increasing passenger traf- 
fic and revenue as Europe 
moves out of recession. 


After a cost-paring program, 
I yfthansa announced a return 
to profitability for the first six 
months of this year, and Air 
Fiance says it expects to be 
profitable in 1995. But most of 


S&P May Cut County’s Debt Rating* 


jta«n in line with the interests of the itself to changing Romagnoto’s mjtmrnt whgh O t^has de; S&T J , r bhwd Dispatches) —In response topoten 

MTI.AN — Credito Italiano Romagnolo group and its statutes requmng the approval darod it wants to awe wjui NEW y 9«m < wiiSnln thcinvStment fund of Orange Count) 

SsSSi s&sSzsts f-sSaS®* ESP*** SSsr , ‘“°* J 

snaftaisrt: Si-— ' *■“ SSarwai 

sewnd-lar^t bank in Italy.. IMh^aMtemwri divided payoutswould not be ^anse it SaWS S& derivatives,, winch 


uus uwu a uiuuah»u I»*«v «V1 — r . C .. jImOOO 

control erf Credito Romagnolo . j&dy to ^receive a different fore the end of 


stale-owned carriers will have 
no choice but to cut costs and 

staff heavily as deregulation ap- 
proaches. 

But analysts said that mu 
these reductions still may not 
be enough to absorb overcapac- 
ity in the European market 
British Airways, which reduced 
staff to about 30,000 from more 
than 50,000, is one of the few 
carriers to reap the benefits of a 
determined cost-cutting pro- 
gram over many years. 

The bright spot on the bori- 


biHion francs ($6.5 billion) for italiano near 
Air France and an estimated (SI J9 billion). 
400 billion pesetas in the case of improved off 
Iberia. par share to 2 

The improved financial sdtua- original 19,00 
tioa in Europe reflects the glob- J*du to buy i 
al picture, where airlines stand J«m»agnolo s 
likely to earn $1 billion on 4&2 percent, 
scheduled international routes “Theimpoi 

after piling up losses of 515.6 it was accepl 
billion in four straight years of board,” a < 
losses. But SI billion stui is less spokesman sa 
than l percent of earnings and offer.” 
is considered insufficient for Romagno: 

steady recovery. scribed the nt 


(51 3 billion). Credito hafiano’S 
improved offer raised the price 
per share to 20,000 lire from an 
original 19,000 lire and commit- 


to consider it Monday. 

Romagnolo further indicated 
its assent by dropping plans to 
merge with a local savings 


a strong client base in the 


Romagnolo said, “the com- wealthy Bologna area of Italy. 


forihisniole, which w^d ta taKSTSiZtf jSS Wtai-iM- or^mmodife. 

' U Analysts said that given the the state carriers are carrying a accqrtedaswterildcalfioni H* lar^-everbaiJc takwver uwjl 1997 and add mmoniy ariall- and fflediuin- and Eatoige TOpnaa 

cn^SfSrenapa^r in Europe, heavy debt load — about 36 Credito ItaKano, which win cost ™ the Milan boune, ftomthe shareholders will have iepre- busiliess sector and give it dvil charges against Bankets Trust YortCtap. mwnn«na 

cum» ovacap ty _ , , /«* < Knimni fnr r. 1 j£ a|J0 ncar fy 3 triflum lire Bank of Italy, which is expected saltation on the board. strona cBent base in the -.v derivatives to some cor P OTa JJ r f^^> P®°P& 

1.9 baiiCffljL Credito Italiano’; to oonader it Monday. Romagnolo said, “the com- wealthy Bologna area of Italy, with the situation said. .(NTT, Oamber^ 

tproved offer raised the pnee Romagnolo further indicated ^ ^ _ . • -n , 

x share to 20,000 lire from an its assent by dropping plans to “ Kararian RenfiWS CfU6St IOF ijOIuiGll 

ttSRtASft fiMt iSS?S 77,„ Air y 1 „ Cli ^Sus, Ohio (B« 

amagnolo’s stock, up from Bologna. Romagncdo made the J f2£ 1 vCJM? XOrK JL WHCS 1^0* ^ meel the board of Borden 

\2 percent plan as a so-called poison pill to ___ -‘inodificaticms" of his bid for a nunonty stake m the food ant 

was by 1 the entire Credito Italiano said it would Regains Electronic Rights “gk fm* Tasco, dm«° 

inert ” a CmlitA T toll Ann ttflnd Hv nuranlPMnn Rnmnc. O ^ IfwatiM nslted that BOTdCD bring 3S DflnV (STBCWSRS pOSSibb 


tcait to buy up to 65 percent of bank, Cassa di Rispaxmio di 
Ramagnolo’s stock, up from Bologna. Romagncdo made the 


4R2 percent 

“The important thing is that 
it was accepted by the entire 
board,” a Credito Italiano 


plan as a so-called poison pm to 
rend off Italiano’s initial offer. 

Credito Italiano saidit would 
stand by guarantees on Roruag- 


to meet wnn i 

^‘modifications' 


da j'? fSmto Frank Tasco,,cbainnan of the company, M, 


spokesman said ”It is a friendly nolo’s autonomy made last 


offer.” 

Romagnolo’s board de- 
scribed toe new offer as “more 


week in a first attempt to soften 
up its reluctant bid target 
- Credito Italiano committed 


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U . ■ _ r. iL. miJrat plnCM TllPSl1fl.V_ . 


NEW YORK — The New York Times Co. regained significant meeting iter the market doses Tues&ty- . _ ■ . 

control <Wdectronic tights to the conteSTof itsllB&hip hfcKarerian offered last; 

newspaper through an agOTcnt with the British-Dutch publish- share, for 20 percent of Bordea’sstock. 'Die offerro^a^di^ S 
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service, frees Times Co. to use the contents of the daily newspaper share. Borden s shares cloaca rnaay w - 

ina variety of new types of clectrtxiic servia» for consumers. p e i|«eot Sl£DS Deal ill Soilth Africa ! 

n^v^jmdectronic services distributed to profesaonals in the ™M£°*;** ^ 


1\%% Week Ahead-. World Economic Calendar, Dec. 5-9 


A ochedute at 04* tmokta economic and 
flnancW events, compBea tor too tntomo- 
Hanoi HonW THbMW by Bloomberg Bum- 
nets Nows. 


Europe 


A l l a Pac H te 


•D«o. a Tripol Cfltoinuttoraportcorv 
sutwprinlndiKterAtavvrnbsr. 

Sytkwy BonDo Fnaor, goramor ot Tha 
Home Bank of AusWfe, to tritSreas in- 
uvotrtNrtt confsranoa on potontud of Aol«< 
Paciflc capita markets. 

• Dm. S Matootimi Australian ov«r~ 
OQO wwMy eomtngs tar the quarfw to 
XIq.31. 

Tokyo AuMmobto im p orto ra Anocte- 
Bon reteaaos Ntwembor vohicto imports 

•Dm. 7 Tokyo FiaiteraltonofBanMors 
Association reioams Nowombor deposits 
and loans el Japan's IT etty banks. 
WaMngton Producer price Index tar 
Juty^Septodber quarter. 

Taipei Unietry or Rnanoa to report «*■ 
porta in Norenater. 

Dbaka, Bangi a deah Country's 1,7 mH- 
aon flouemment amptoyaes go on strike 
to damand salary increase. 

• Dm. 8 Sydney Employment figures 
tar November. Forecast: Jobless rate to 
rise to 92 percent Ratefl sales figures tar 
October. Forecast 2.8 percent gain. 
Wastpa&Jtattxjume Institute consumer 
confidence Me* tor December. 
WMBnBkm Naw Zealand tarros of trade 
tar September quarter. 

Tokyo Leader ot new oppowtton party 
to be chosen. 

• Dec; S Tokyo sank ot Japan re- 
leases Its quarterly Tonkan" survey ot 
business s en tim en t . 

• Dec. IQ Tokyo Non-Commun i st 
opposition perttas » term unified party. 


• Dm. S BrawMis EURnenoeUfliB- 
tar matt to tfiscuw budget deficits and 
etmdanBzaBon ot EU wBhhokBng taxes 
on ftww tacome tavestnwnts, 

London November MQ Forecast down 
at percent in month, up 6.9 percent In 
year. October fintt money data. October 
housing starts. 

Expected any the* this week: 

F tran kt u rt October manufacturing or- 
ders. Forecast: down T 4) percent Novem- 
ber final cost of fiving. October final M3. 
Oc t o b e r retail sttas . Forecast down OB 
pareanL vwsMm oarman October ratal 
saiea. Forecast up tLS percent. 

Room October hourly wages. Forec au 
up ZJS percent 

Zurich TWnLquartar GDP SA. Forecatt: 
up 1.7 per cent In year. November unom- 
pta ym a nt rata Forecast 44 percent. 
Amt to ilw October PPL October retafl 
attesuokane. 

• Dae. 7 London October manotao- 
turins output Forecast up 03 percent in 
month, up 52 percent in year. October 
Industrial production. Forecast up 02 
percent 

Br usse l s NATO defense ministers meet 
through Dec. 8. 

• Dec. 8 Cop enha gen October indua- 
trtal production and Orders. 

Fmttdwi Bundesbank central council 
meeting, west German third-quarter 
t33P. Fore cas t: up 1.0 percent in quarter, 
up ZZ percent in year. West German No- 
vember unemployment rate. Forecast: 
down 13.000 Jobs. East Goman Novem- 
ber unemployment rata. Forecast No 
change. 

Geneva mating to toy final groundwork 
tor Mfcrid Trade Organization, plerwoO to 
taka over tram GATT in January. 

• Doc. 9 Amsterdam November con- 



sumer price Index. Ferrecaa: no Change tn 

month, 141 2-B percent in year. 

Essen. Germany EU teadare gatftar tar 
six -month European council summit 
through Dec. 10. Trends Inductee admto- 
ston of Esat European countries to EU 
and ways of taddtog unemp lo yment 


(53341 mUtanj.-an brdWooJktksd ao- 
counflngunJt 

Mo (to Janeiro The oorttrsi bmktooOBr 
2 million 38-dey central bar* beads, or 
BBCs. OuttooteYlttd cauttries tram 538 
percent 

• Dm. 7 Weabtagtan The Labor Dw 
penment report# iwriaedprodoctivi^ and 
costs tar the thkd quarter. Tbs Fatter* 
Flaaanm report October oontefosw tno- 
it The r ectorei fl ssiirva Boad rri ss nu ag 
so-ctfted beige book report on current 
ec on omic oondUtana. Alan Gre e nspan , 
the Federal Reserve Board chNrman, tss- 
tffiosbetore Bis Joint Ecooemta DoamR- 


Anwrleas 


• Dae. S Wash ington October new 
home safes. 

Detroit U.&. automakers report sales of 
new cars and flght-duty trucks tor Novem- 
ber. 

Ottawa Monthly international reserves 
report BuWng permte report tor Octo- 
ber. 

Sao Paulo tastltuto tor Economic Re- 
search. or FPE. to raterae tattatkxi rata 
kvr November. 

SattSago Nattontt Institute of Stafisdcs 
announces Inflation (or November, Indus- 
trial production lor October and the rata 
ot unemptoymant in the three months to 
the and of October. 

e Dae. tt W a afitagfa n October hous- 
ing completions. 

New York Johnson Rodbook research 
service releases Its weakly sunny of 
■atne-stare sates at more dwn 20 depart- 
ment. discount end drain stores in the 
U& 

Santiago Government debt auction 
worth U2 mfBon Unided de Fo mento 


Ottawa Whiter 1804 sootel trends report 
Esttmatoa of labor bwoma tor Septenta. 
Sao Pauto Antnrea amomoW manu- 
tacturare assoefotfen to raiaaaa preduo- 
itan figures tar November. - ■ 
Caracas Cabfnst me wi ng to dtacuss 
model oonbaeto for Joint wntures In Bit 
ofifaidusky. " 

• Deo, D Wasbtogton Gonmeree De- 
partment reports. October wfm lasa le 
trade. The Labor Departmant reports inf. 
1W snakfy state imaibptoymeniconpsn- 
safion insurance rtalnw, 

NswYerfc ThsAmertcanForaatandPa- 
per Assoctetton itaeaeos thorssteta of Its 
capacity expansion sunny tor 1884417. 
Ottawa Monthly houatag siartt report 
MwIniT Ctitif kwgl unvafis Mntoota to- 
duatoW producHon growth rets for Ssp- 
tamber. Mexico's Central Bank an- 
nauncaa the irritation rasa far November. 
Forecast rise between 04 percent aret 
OJS percent 

•Dec. 9 Wea M ngto n TheFSderaiRe- 
asve reteaaes Its weeWy report of nates 
texfttffltee of Uacommw cM banks, 
ftllwiiis New motor veMcte sates raoort 
tar October. New housing priostod^pitor 
Ociobar. 

■tail Presktant sai Clinton attends 
Sumrtit ot the Amertcae through Dec. 10. 


We can’t 

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like this. 


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‘Turnaround Year’ Ends With Modest Growth 

Hungary's new Socialist-led government offers its European neighbors a lesson in adopting hard measures to set its economy on the right course. 


Fifty-two national delega- 
tions and 1,000 journalists 
will attend the summit of the 
Conference on Security and 
Cooperation in Europe 
(CSCE) in Budapest in early 
December. The host country 
will offer these visitors an 
instructive lesson on how 
adopting hard measures can 
pay off in fundamental 
gains. 

“No one ever said or 
thought that consistency was 
going to be easy,” says Lasz- 
lo Pal, Hungary's minister of 
industry and trade. “But we 
have always known that ad- 
hering to certain policy 
guidelines, no matter how 
difficult, was the only way 
to effect a true transforma- 
tion of Hungary’s econo- 
my.” 

In Hungary, as in much of 
Central and Eastern Europe, 


the first “turnaround year” is 
nearing its end. Over the last 
i 1 months, the fruits of this 
consistency have been in- 
creasingly manifesting 
themselves in the country’s 
current economic indicators. 

In early 1994, Hungary 
firmly (if modestly) entered 
the growth column, and the 
year’s expansion in GDP is 
now forecast at somewhere 
between I percent and 2 per- 
cent, in line with regional 
averages. Germany’s Man- 
ager Magazine is predicting 
3 percent to 4 percent GDP 
growth in Hungary in 1995. 

Industry leads the way . 
In a real switch, the coun- 
try’s industrial sector, until 
recently a problem child, is 
now serving as the econo- 
my's locomotive. German 
experts have forecast a surg- 


MAGYAR NEMZETI BANK 


NATIONAL BANK OF HUNGARY 


f ® WEAIEi 


• In Europe, nations are preparing for a well- 
considered transfer of part of their sovereignty In 

economics, politics, legislation and security. In 

contrast, four of Hungary's neighbors have established 
over the past two or three years their independent 
currencies and national banks, i.e. the instruments 
and, perhaps, symbols of economic sovereignty. 

• National versus supranational frameworks, 
history versus the present seemingly unprecedented 
challenges. Or are they indeed? Some 70 years ago, 
new station states and (as we now know) states . span 
with a finite life emerged out of the collapse followmg 
World War l.lt was 70 years ago that the Central Bank 
of the newly sovereign Hungarian state, one of the key 
institutions of the Hungarian economic stabilization of 
that era, was established, it was a period when the 
central banks of a number of countries in the region 
SLre established or reestablished. It is no accident 
that the dissolution of the Austro-Hungarian 
monarchy, the coming into being of the ^dependent 
Hungarian. Czech, Polish, Austnan, and other financial 
systems, the analysis of hyperinflation and attempts at 
stabilization have been so high on the agenda of 
economic historians. 

. Today's decision-makers, however, cannot go 

Eastern Europe. 

of banks of Hum an-, like all 

system In 1948. th eC nnomy, was subject to 

other Jnstiturions of Ae e«nomy^ 

strong state Jj? h ec j jn j 987, and gradually the 

system was from its commercial 

Central Rankwas dwafed™ 1 f , itjca j system 
banking functions, the move to a 
in 1990 made it establishing the role 

Uaandanfenf 

developed economies. 

Hungary ena ^S»ttai’and Implementing monetary 


J? \ v- 

' 7:: H* 


direct financing cannot £ y one yea r. 

annual fere"* ’ f S fo? bS* fo>“ ldn * have “ 
market, * teU, " g 

government securities. 


• The National Bank of Hungary is the sovereign 
borrower for the country, with a traditionally 
impeccable debt record. Despite the challenges 
brought by die transition and the restructuring of the 
economy, smooth external financing was ensured for 
the country's economy by tapping international capital 
markets. The National Bank has been an issuer of 
bonds in German, Japanese, Austrian, British and U.S. 
markets, maintaining a safe stock of reserves of foreign 
exchange, which now amounts to about seven months 
worth of imports. 

• The Hungarian government has been pursuing a 
liberal licensing policy toward those applying for 
banking licenses over the past years. Currently there 
are over 40 banks operating in the country, half of 
them fully or partly owned by non-residents. The 
banking law enacted in 1991 In parallel with the 
National Bank act provides an up-to-date legal 
environment for banking activities. The basic markets 
have been created: the interbank money market, the 
primary and secondary securities markets, the 
interbank foreign exchange market (spots and futures) 
and the commodity exchanges. 

• The National Bank of Hungary Is still the foreign 
exchange authority, although foreign exchange 
management has been widely liberalized and 
decentralized. Commercial banks are free to borrow 
from abroad, while corpo-rations may do so upon 
obtaining authorization from the Central Bank, which 
has been liberally granted. 

• During these years of transition, inflation was 
kept under control in Hungary, partly as a result of an 
appropriate monetary policy. The increase in the 
consumer price index reached its peak at 35 percent 
in 1991 /and Inflation has moderated since then while 
remaining in the range of 20-25 percent Bringing 
Inflation down remains a top priority for the National 
Bank in the years ahead, as the transition problems 
are slow in being solved. Still, confidence by foreign 
investors is dearly indicated by the dynamic inflow of 
foreign capital. 

• The lessons from the 70-year history of the 
National Bank reinforce a strong commitment 

to sticriy adhere to a sound monetary policy in order 
to foster a stable environment conducive to sustained 
economic growth. The challenges of steering the 
country toward a modem market economy and of 
meeting the' requirements of a modem financial sector 
are indeed formidable. We are well aware that for us 
to join the Euro-pean Union we cannot duck these 
challenges. We are determined to put Hungary firmly 
on the road to Europe, and in this endeavor we are 
counting on the support of the community of the 
developed countries, as we are convinced that the 
success of this transition will bring fruits for them as 
well. 


ing 10 percent rise in Hun- 
gary's 1994 industrial output 
- a regional best. The Hun- 
garians themselves are more 
cautious, putting the figure 
at about 8 percent. Grarify- 
ingly. the highest rates of 
growth are being recorded in 
such advanced industrial 
sectors as telecommunica- 
tions (up 55 percent), elec- 


tronics-based equipment (up 
31 percent) and computers 
and office machines (up 21 
percent). 

Several Central and East- 
ern European countries have 
managed the difficult and 
painful job of reorienting 
their export flows from east 
to west. Hungary has ac- 
complished this better than 


most. Led by a 17 percent 
jump in international sales 
of industrial products, ex- 
ports to the El) are running 
26 percent higher in 1994. 
Trade with the EU now ac- 
counts for a solid 50 percent 
of the country’s internation- 
al business, which itself is 
up nearly 9 percent in 1 994, 
helping to diminish the 


country’s large trade deficit. 

“An economic transfor- 
mation never proceeds even- 
ly on all fronts,” says Peter 
Akos Bod, president of the 
Hungarian National Bank, 
and a glance at the country's 
mixed bag of results shows 
what he means. Solid results 

Continued on page 15 


52 Nations Come to Town 


Budapest will come almost to a halt 
on Dec. 5 and 6, when the summit 
meeting of the Conference on Securi- 
ty and Cooperation in Europe 
(CSCE) takes place. This is a 53- 
member European security organiza- 
tion encompassing most European 
states as well as the United States and 
Canada. It has no real power and no 


military force at its command, but 
part of its importance lies in the fact 
that it is the only major security orga- 
nization of which Russia is a mem- 
ber. 

In addition to delegations from 52 
member countries (the former Yu- 
goslavia, although a member, is not 
taking part in the conference), another 


50 observer nations are expected. 
Delegations from member states have 
been in Budapest preparing for the 
summit since OcL 10. 

Traffic will be heavy in Budapest 
as each delegation will have a motor- 
cade to take it to and from the meet- 
ing. The city's mayor. Gabor Dem- 
szky. has declared a school holiday. 


Hungary -Part of Europe’s 

PAST. PRESENT AND FUTURE 


% ... 


* Contributing to Europe’s culture 
and tradition for a thousand years 

* Pioneering the progress of 
European political activities 

* Producing world famous 
Nobel prize winners 

* Preserving firm political stability 

* Approaching market economy 

* Updating and privatising industry 
and agriculture 

* Exporting world famous products: 
software, salami, Ikarus buses... 

* Receiving dominant share of the 
region’s foreign investment 

* Forming a bridgehead to 
Eastern Europe 

* Closely associating with the EU, 
EFTA and the Visegrad countries 

* Providing splendid tourist destinations 

* Catching up with European 
standard of living and 
economic development 


OUR HERITAGE IS THE URGE TO CREATE 





> I 
















I ;Tl H ii»M f IV1 IT VJ1 U XM Mu I ij 3 M 


SPONSOR Kl> SI ( HON 


Hard Economic Battles Have Been Fought, Says Minister 


LfaszJo Pal has been Hun- 
gary’s minister of industry 
and trade since July 1994. 
Born in 1942, Mr. Pal has 
degrees in energy engineer- 
ing and industrial manage- 
ment, and has worked as a 
development engineer in 
various research and public- 
sector bodies. In 1990, he 
was elected to Hungary’s 
parliament. In the following 
interview, he explains the 
government's economic pri- 
orities. 


Many international ob- 
servers waver between opti- 
mism and pessimism when 
evaluating the performance 
of your country's economy. 
Wfiat is your government's 
assessment of the economic 
outlook for Hungary? 

First and foremost, there’s 
been no wavering from the 
Hungarian end. Both this 


government and its prede- 
cessors have seen die situa- 
tion clearly from the outset, 
and there have been no wild 
swings in either evaluation 
or actions. This fundamental 
consensus as to the state of 
Hungary's economy is be- 
hind the continuity and con- 
sistency shown in our eco- 
nomic policies and repeated- 
ly remarked upon by many 
foreign observers. 

There’s also been a com- 
mon perception of what 
Hungary’s underlying assets 
are and how to parlay them 
into solid economic growth. 
The assets are well-known: 
decades of experience in 
conducting international 
business, high levels of 
work- force education and 
expertise, capable entrepre- 
neurs and executives, and a 
range of new technologies. 
To ‘fully activate these as- 


sets, Hungary has knocked 
down all the walls between 
it and the world's business 
community, openinf its 
economy to die international 
market. Each government 
has played a role in formu- 
lating the structures further- 
ing this openness. 

All three governments 
have had to deal with the 
huge debt load accumulated 
over the previous 40 years. 
All three have had to config- 
ure a folly developed system 
of social support to fit into 
the limits imposed by budget 
realities. These have been 
hard, not entirely successful 
battles. 

There is also a consensus 
as to what the current situa- 
tion of the economy is. 
Thanks to the implementa- 
tion of a series of hard aus- 
terity measures, real gains 
have been achieved, includ- 


ing a year of overall growth 
and declines in both the rates 
of unemployment and infla- 
tion. The trade and budget 
deficits are still too high, but 
have been showing signs of 
substantial improvement 
over the last three months. 


Aim is Integration 
Into EU and NATO 


Good relations with neighbors seen as essential. 


hen Hungary's new 
Socialist prime minister. 
Gyula Horn, took office this 
summer, he announced. "I 
am the prime minister of 
10.5 million Hungarians." 

He was contradicting a 
statement by a former prime 
minister that Budapest could 
provide leadership to 15 mil- 
lion Hungarians, including 
the several million ethnic 
Hungarians living outside 
Hungary's borders in Roma- 
nia. Slovakia, Serbia and 
Ukraine. This has been a 
thorny issue in Hungarian 
foreign policy. 

Large parts of Hungary 


be achieved on the basis of 
stable international relations 
in the region. 

“If we do not normalize 
our relations with our neigh- 
bors, I do not think Hungary 
would be welcomed as a 
partner by the European 
Union or NATO,” says 
Hungary's foreign minister, 
Laszlo Kovacs. 


Snuggled into the picturesque Zemplen hills in northeastern 
Hungary, the vineyards of the Tokaj region produce wines 
(also known as Tokay) that are the envy of winemakers the 
world over. 

The Tokaj Aszu dessert wine is produced by adding 


grapes affected by node not to partially fermented wine. 
The pungent sweetness of the grapes gives Tokai Aszu a 


The pungent sweetness of the grapes gives Toka| Aszu a 
distinctive flavor that has remained unique, despite would- 
be imitators. 

The state winemaking collective in Tokaj has been broken 
up, and foreign investors are now rushinginfo Tokaj. Wine- 
makers are promoting wine tourism by ottering tours of foe 


makers are promoting wine tourism by ottering to 
ancient wine cellars of Tokaj and tastings of the 
toges. 


tours of foe 
ie best vin- 
TJLS. 


were awarded to neighbor- 


ing countries as the Haps- 
burg empire was disbanded 
at die end of World War I, 
resulting in large ethnic mi- 
norities living in states with 


a different national majority. 
Concern for the rights of 


Concern for the rights of 
those minorities and mutual 
suspicion has at times 
soured relations between 
Hungary and its neighbors. 

But the new government 
is determined to overcome 
post differences. Much-de- 
sired integration into the 
West, they argue, can only 


Bilateral treaties 
Mr. Kovacs is referring to 
the two major priorities for 
Hungary's foreign policy. 
The first is integration into 
the Euro-Atlantic communi- 
ty and accession to the Euro- 
pean Union and NATO. The 
second is to diffuse the ten- 
sion that has accumulated 
with Hungary's neighbors. 

The new government is 
working energetically to- 
ward concluding bilateral 
treaties with Slovakia and 
Romania that would confirm 
the permanence of present 
borders and guarantee the 
rights of ethnic minorities. 

The issue of minorities is 
one of the most crucial in the 
region, as demonstrated by 
the ongoing war on Hun- 
gary’s southern border be- 


tween the successor states of 
Yugoslavia. With borders 
adjoining both Serbia and 
Croatia, as well as Ukraine 
and Austria. Hungary walks 
a diplomatic tightrope at 
times. 

“Hungary is located be- 
tween East and West geo- 
graphically," says Mr. Ko- 
vacs. “Just for this reason, 
we have to have good rela- 
tions with both East and 
West.** Demonstrating its 
capacity to act as a bridge, 
Budapest is hosting the sum- 
mit meeting this month of 
the Conference of Security 
and Cooperation in Europe. 


tions on the part of NATO 
member states than on Hun- 
gary's state of preparedness. 
But Admiral William 
Owens, vice chairman of the 
V.S. joint chiefs of staff, 
said on a visit to Budapest in 
October that Hungary ap- 
peared very dedicated to 
participation in the Partner- 
ship for Peace program pro- 
posed by the United States 
and seemed to be following 


the right pattern for eventual 
foil NATO membership. 

In September, a brigade of 
the British Coldstream 
Guards arrived in Hungary 
for three weeks of joint mili- 
tary exercises with some of 
Hungary’s elite troops, in- 
cluding a new Hungarian 
brigade set up to participate 
in future NATO peacekeep- 
ing exercises. LiL 


Joint exercises 
Hungary is waiting for 
progress in its accession to 
NATO, which depends 
more on strategic considers- 


mg exercises. 


MOFA 


FIBREBOARD FACTORY OF MOHACS 

H-7701 Mobiles, Budapest Highway, P.O. Box 129. Phone: 36/69-31 1-922 - Fax; 36/69-322-742 

Build on a company tilth a well-fashioned range of products and international ties 

MOFA is Hungary's largest and most successful producer of fibreboard, and a leader in its 
field in Europe. The company's natural, lacquered and laminated fibreboard and hardboard 
are used in the constructional joinery, construction and furniture industries all around the 
world. In addition, the roofing boards of refrigerators and the inside covering of buses are 
produced from fibreboard. 

In 1994, exports accounted for fully 50% of MOFA's 1 .200-million-forint in sales. It supplies its 
goods to almost every country in Europe, from Scandinavia to Cyprus; big volumes are sold 
to the Italian, German and Austrian markets, as well as to Croatia, Slovenia and Greece. 
Recently, the company expanded sales to the Near-East, and it has started transport to 
Lebanon as well. The company has a well-developed network of representatives in both the 
Hungarian and export markets. 

MOFA is a well-established company, with a new management and a commercial structure. 
Over its almost four decades of operation, the company has made its "MODEKOR", 
"MOLAKK” and other trade names synonymous with product quality. 

fn early 1994, the company was privatized. Since then, it has started to produce such new 
products as wall coverings finished with different designs. These elements are especially 
good for the inside panelling of houses, flats and offices. 

The long-term plans of the company include an OSB production plant; based on it there is 
also a planned investment in a plant producing prefabricated houses. This product has been 
highly appreciated in the U.S.A. for a long time, and it is also catching on in Europe. 

Prefabricated houses, as long as they are affordable, can offer a good way to alleviate the 
Hungarian housing shortage. On the other hand, once the Southern Slav war is over, they can 
help rebuild these countries. 

In addition to the company's reputation, its track record of successful operation {sales have 
risen 12 % over last year) and its exciting range of products, MOFA has a number of other 
important assets. It is located in Mohacs. a town on the Danube, which has its own port. 
Production facilities are in a good condition, and all necesssary infrastructure is provided 
and can be further developed. 

MOFA is seeking investors with the capital required to finance the expansion of the 
company’s international activities, and to contribute to the realization of the plans for new 
developments (OSB plant, prefabricated houses.) 

For a complete briefing on the exciting opportunities that would be provided by working with MOFA. 

please contact : 

MOFA Dezso Szanto General Director 
H-7701 Mohacs, P.O. Box 129 
Tel.: 36/69-31 1-922 - Fax: 36/69-322-742 

MOFA wishes to take this opportunity to thank the US's AID program for the machinery and 
other support generously provided to the company. 

/ 


mg than our predecessors. 

If I may say so, the previ- 
ous government had a lais- 
sez-faire approach to boost- 
ing exports, and that was 


{ irobably one cause of the 
ast two years’ drop in ex- 


You have painted a picture 
of accord and consensus be- 
tween your government and 
its predecessors. What are 
the areas of difference and 
disagreement? 

There have been quite a 
few changes since this gov- 
ernment took office on July 
15. Many of them have sur- 
prised outride observers, in- 
cluding our government’s 
resolute implementing of a 
“no frills” approach to the 
budget- We’ve proven our- 
selves to be fiscal realists, 
and much more tough- 
minded in terms of budget- 


last two years’ drop in ex- 
ports. 

This government has tak- 
en a hands-on role. By way 
of an example, we’ve been 
reaching out to neighbors in 
Central and Eastern Europe, 
formulating new trade ties 
and working agreements, hi 
the Come con era, these 
countries had been our ma- 
jor trading partners. Today, 
they are promising markets 
for our higb-quality goods 
and services. Our efforts are 
already showing solid re- 
sults. 

As the above example 
shows, a consistency in ap- 
proach and perception does 
not mean an unqualified en- 


dorsing and perpetuating of 
previously enacted mea- 
sures. This government is at- 
tacking many of the coun- 
ny’s persisting problems in 
a new way. 

In the debt area, for in- 
stance, we have worked with 
the National Bank of Hun- 
gary to step up collection 
procedures from countries 
owing money to the Hungar- 
ians. and we are making foil 
use of the country's positive 
cash flow in managing debt- 
related expenditure. 



Many of Hungary's recent 
problems have arisen from 
events outside its control 
and outside the country. 
What effect will the ongoing 
improvement in the world 
economy have on your coun- 
try over the next few 
months? 

If coupled with further 


progress toward integrating 
Hungary and its economy 
into the EU, this upswing 
could produce several more 
percentage points of GDP 
and industrial growth. This 
“post-recession bonus” 
would have a direct impact 
on how normal Hungarians 
- and that description defi- 
nitely applies to members of 
this government - live and 
weak. 

We in the government are 
all normal Hungarians. We 
do not live in palaces for re- 


moved from the common 
folk. We also wonder how 
we are going to make ends / 
meet every month when the 
price of heat or water goes 
up, how our retired parents 
are going to survive on their 
ever-smaller pensions. . 

Over the last few years, 
we’ve all made somte.yerfy «.• 
necessary, very hard sacri- 
fices in the interest of loaig^ 
team economic progress. 
would be 
these ‘ ‘ 


Skill at work: aquatity 
control engineer 
test at a Japanese: 
carplant in Hwejarp ■ • 

— // 



A Welcome for Foreign Investors 

Major international companies have found advantages in a skilled workforce and tax concessions. 


Wi 


. W hether they make light 
bulbs, cars or cookies, many 
international manufacturing 
companies have moved into 
Hungary since 1990. Hun- 
gary was the first former 
communist country in East- 
ern Europe to establish the 
legal framework necessary 
for a free-market system. 
This created confidence 
among major international 
companies, which have now 
poured more than $7 billion 
into the country, making 
Hungary the receipient of 
half of all the foreign invest- 
ment that has come into 
Eastern Europe. 

The giant U.S. corporation 
General Electric led the way. 
Toward the end of 1989, GE 
began negotiating for the 
purchase of Tungsram, the 
state-owned electric light 
bulb manufacturer. GE (ten 
set about restructuring the 
company, investing heavily 
in a new plant, improving 
efficiency through intensive 
staff training and, inevitably, 
cutting jobs. 

Since 1990, GE has in- 
vested over $600 million in 
Tungsram. (This was the 
largest foreign investment in 


Hungary until the Mag- 
yarcom consortium of 
Ameritech and Deutsche 
Bundespost Telekom took a 
30.2 percent stake in Matav, 
the Hungarian Telephone 
Company.) Tungsram's 
work force shrank from over 
1 8.000 to just 9,500. but the 
company started to recruit 
about 1,000 new workers in 
1994. GE closed two plants 
in England and one in Aus- 
tria this year and shifted pro- 
duction to Hungary. After 
four hard years, Tungsram 
has turned serious losses 
into a small profit, and the 
1994 figures are expected to 
show further improvements. 


Car manufacturing 
The automotive industry has 
moved into Hungary in 
force. Previously, Hungary 
was known for its heavy en- 
gineering, producing trucks 
and coaches. Now Ford, 
Suzuki, General Motors and, 
most recently, Audi have ail 
set up manufacturing opera- 
tions, taking advantage of 
the availability of skilled 
workers. 

These early birds won 
large tax concessions from 


the government, including 
100 percent tax holidays for 
five years (with all profits 
reinvested ia the country), 
and a 60 percent tax break 
for a further five years. 

Hunguard is a division of 
the Michigan-based 
Guardian Industries. In 
1988, this glass manufactur- 
er set up a joint venture with 
the Hungarian Glass Works 
in Oroshaza, southern Hun- 
gary. The plant uses float 
glass technology to make 
precision panes for architec- 
tural use, mirrors, picture 
frames and the automotive 
iodusrry. Altogether, 
Guardian has injected $70 
million in capital into the 
plant, buying out the joint 
venture partner. 

“There is very good po- 


through difficult times. Hun- 


guard exports up to 75 per- 
cent of its output, and Hun- 
gary’s central position with- 
in Europe and good trans- 
port links have helped cut 
costs and improve competi- 
tiveness against other Euro- 
pean glass makers. 

Beginning in 1995, com- 
panies will have a further in- 
centive to set up in Hungary. 
The corporate tax rate in 
Hungary will be one of the 
lowest in Europe. The tax 
law has not actually reached 
the statute books, but corpo- 
ration tax is due to be halved 
from its present 36 percent 
rate to 18 percent. There will 
be a 25 percent withholding 
tax on profits that are repa- 
triated. 

Andre Friedmann, tax 
partner at KPMG in Bu- 
dapest, points out that the 
large number of tax treaties 
Hungary has with other 
countries often reduces this 
tax. “Companies based in, 
say, the U.IC, that own more 
than 25 percent of a compa- 


tential in Hungary,” says 
Rolf Stub, Hunguard’s ti- 


Rolf Stub, Hunguard’s fi- 
nance director. “With a good 
capital base, there is good 


opportunity to grow a suc- 
cessful business.” 


Capital needed 
Mr. Stub points out that the 
high cost of borrowing 
means high capitalization is 
vital to carry a company 


ny in Hungary will pay just 
5 percent on profits taken 
out of the country,” says Mr. 
Friedmann. Lucy Hooker 




Hungarian Bank 

for Investment and Development Ltd. 


How would you like to discover an untapped 
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Figyelo Economic Weekly 
provides a unique and full coverage of Hungarian 
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The Hungarian Bank for Investment and Development 
established in (991 is a longterm bank promoting 
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Figyelo is considered essential 
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For more information call 
(361)- It 1-1 850, (361 )-1 31-0395, 
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Phone.- (36-1 M 53-0023 
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Mailing address: H-1365 Budapest 5. POB 678. 


Figyelo Publishing Ltd. 
Budapest, Alkotmftny u. io. 
1054 
Hungary 




H 

U 

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G 

A 

R 

Y 














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v>j n 


\£& 


SI'OXSORKn SKCT 



TRIBUNE, MONDAY, DECEMBER 5, 1994 



SPONSORED section 


The Whole World Watches 
As Telephones Go Private 

T^eUcomnunica'ions sec, or has been a najor beneficiary of foreign invesanem 
Matav, the Hunparia^tp-ip^ ^ extens ', ve modernization It is not just the terres 

phone company in rw m " program. Just over 250,000 telephone system that is 


6-IOII ICJC- 

phoDecompany, in Decem- 
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From September 1 993 i 
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new subscribers will have 
been connected to their local 
exchange by the end of 
1994, a growth rate of 19.3 
percent, very near the target 
stipulated in the concession 
contracts. Matav will then 
have 1,545,000 direct ex- 
change lines. 

This level of system devel- 
opment does not come 
cheap. Matav will have spent 


It is not just the terrestrial 
telephone system that is im- 
proving. Hungary has two 
GSM mobile phone opera- 
tors as well as an analogue 
450 MHz provider. The old- 
er technology for mobile 
phones came Co Hungary 
when U.S. West and Matav 
established Westei Ra- 
diotelephone in 1990. It 
won over 50,000 sub- 
scribers. In early 1994, the 
competition really began to 





WmU 

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A portable phone is sold in 
Budapest, when the 


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The Budapest Stock Exchange, where business is expected to double in the next year. 


competition among mobile Capitalism’s Return Means a Boom in Stocks 








they were not participating, 
they were interested in 
which of their rivals would 
eventually win. 

Since then, the new joint 
venture partners - the U.S. 
Ameritech, the German state 
telecoms provider Deutsche 
Bundespost Telekom and 
Matav - have embarked on 


$645 million on upgrading 
its technology and services 
in 1994 alone, according to 
Ulrich Schaumann. Maiav’s 
chief technical officer. As a 
result, Hungary will have op- 
tical-fiber Links with all its 
neighboring countries, and 
Budapest will have ISDN 
services this year. 


phone operators has 
become Intense. 


bite, with the two 900 MHz 
GSM providers. Pannon 
GSM and Westei 900, bat- 
tling for market share. Nei- 
ther company has released 
data on the number of its 
customers, but both say de- 
mand is well above their 
original estimates. 

I.H 


boast quality companies 
with strong management. 

The exchange has also be- 
come part of the privatiza- 
tion process. Of the 40 
shares on the exchange in 
September 1994, 19 had 
been privatized. Foreign in- 
vestors have driven the share 
market up, with 80 percent 
of turnover coming from 
non-Hungarian purchasers. 


During 40 years of communism, Hungary's 
once-ramous cuisine lost much of Hs flair. 
Robert Gej-Bert is changing that. After exten- 
sive research in the Far East, he produced a 
new Hungarian cuisine, which he is introduc- 
ing in Budapest's Fortuna restaurant. 

"Here in the Fortuna, we are hying to re- 
build Hungarian cuisine by faking into ac- 
count its Asian roots," he says. 

Fogash fish from lake Balaton is served on 
a bed of sauerkraut under a fine layer of ba- 


con. Beef from the long-homed cattle of the 
Great Plain is served in a sour cream sauce 
with gherkins. 

"In old Hungarian feed, harmony had to 
be achieved between five basic tastes - 
sweet, sour, bitter, salty aid spicy - no one 
taste could dominate," says Mr. Cej-Bert. 

In January, the Fortuna is going to offer 
food literally fit for a king - for a 
rayed gala in Sweden. 

T.RS. 


The number of shares offered - and the quality of the companies involved - has grown dramatically in the past four years. 

r JL\e Budapest Stock Ex- interest of both domestic and reconstructed companies, boast quality companies The f 
change was the first bourse foreign investors. In 1993. Many did not trade for with strong management, better, 

to be launched in Eastern total turnover on the ex- months on end. With the ad- The exchange has also be- some bi 

Europe after the Berlin Wall change rose by 550 percent, vent of shares like Danubius come part of the privariza- utilities, 

collapsed. June 1994 up to 195.69 billion forints Hotels. Primagaz, Csemege tion process. Of the 40 pany, t) 

marked the fourth year of ($1.78 billion) from 33.67 Julius Meinl and Zwack in shares on the exchange in compan 

operation for the exchange, billion forints in 1992. By 1993 and a raft of further September 1994, 19 had Mr. Bolt 

While remaining smaller the end of this year, turnover listings in 1994 such as In- been privatized. Foreign in- Other 

than other Central European will have passed the 200 bil- ter-Europa Bank, Egis. vestors have driven the share listed in 

exchanges, it is expanding lion forints mark. Graboplast, Sopron Sorgyar, market up, with 80 percent energy 

slowly and exhibiting more Lajos Bokros, the chair- Globus. Pannonplast and of turnover coming from ^ovemn 

stability as it matures. To- man of the Budapest Stock Pharma vit, the BSE can non-Hungarian purchasers, tize. 

day. 40 shares are listed, al- Exchange, believes this 
most double the 1992 num- progress will continue. “The 

ber. capitalization and turnover -w- -y-y 

Up to the early part of of the BSE will increase MOPTIhOT I Th AT^ ' I ’i-l |h \A 

1993. trading in Fotex, a di- very rapidly.” he says. “It I WIMrULilWO T 

versified retail group, ac- will double the size of cap.- M and more capita * flowing foto cause good-quality com, 

counted for about 90 percent lahzabon next y«r. Hungary in the forrS of portfolio Lest- brought to foe Jrket J 

of all equity transactions on About 50 brokers are h- ^fEstimates for this form of invest- Speaking just after a , 
the exchange. Turnover m censed to operate on the ex- in IW vary between $250 million Ror^Landnlan, a direct, 

government secum.es com- change The majority have and 5400 millloI / vestment Management i 

prtsed between 80 percent roqtaternentofSO -Hungary tad been early in the process “We like the ojTponunii 

and 90 percent of total million fonnts that allows 0 [ Qjxmi.ng the economy to market forces level.” But Mr. Landmai 

turnover. This is changing, them to underwrite .ssues. so B me ^ '„ch as food mem has rough decisiot 

Now, stock transactions pharmaceuticals," says Glen Wellman of the macroeconomy, sut 

irnke ijp 30 percent ofacbv Foreign interest ihe Central European Growth Fund of budget deficit, reforrmr 

lty in "l QO-f 1 / iQQd 5S2 Credit Suisse First Boston, which has and raising energy price 

In 1993 and early 1994, coming to the stock market $200 million under management. “The ture has been addressed, 

the listing of several major has boosted the image of the Hungarian market has been attractive be- flow Hungary's way. 

shares dramatically im- exchange. Some of the earn- 
proved and stimulated the er listings included some un- 


interest of both domestic and 
foreign investors. In 1993, 
total turnover on the ex- 
change rose by 550 percent, 
up to 195.69 billion forints 
($1.78 billion) from 33.67 
billion forints in 1992. By 
the end of this year, turnover 
will have passed the 200 bil- 
lion forints mark. 

Lajos Bokros, the chair- 
man of the Budapest Stock 
Exchange, believes this 
progress will continue. “The 
capitalization and turnover 
of the BSE will increase 
very rapidly.” he says. “It 
will double the size of capi- 
talization next year.” 

About 50 brokers are li- 
censed to operate on the ex- 
change. The majority have 
the capital requirement of 50 
million forints that allows 
them to underwrite issues. 

Foreign interest 
The quality of new shares 
coming to the stock market 
has boosted the image of the 
exchange. Some of the earli- 
er listings included some un- 


The prospects look even 
better. “We expect to see 
some big issues like public 
utilities, the electricity com- 
pany, the gas distribution 
companies and Matav.” says 
Mr. Bokros. 

Other shares likely to be 
listed include those from the 
energy sector, which the 
government intends to priva- 
tize. Tim R. Smart 


Portfolios Lead the Way 


More and more capital is flowing into 
Hungary in the form of portfolio invest- 
ment. Estimates for this form of invest- 
ment in 1994 vary between $250 million 
and $400 million. 

'"Hungary had been early in the process 
of opening the economy to market forces 
and in some sectors, such as food and 
pharmaceuticals,” says Glen Wellman of 
the Central European Growth Fund of 
Credit Suisse First Boston, which has 
$200 million under management. “The 
Hungarian market has been attractive be- 


cause good-quality companies have been 
brought to the market at realistic prices.” 

Speaking just after a visit to Budapest, 
Rory Landman, a director of Baring's In- 
vestment Management in London, says: 
“We like the opportunities on the micro 
level.” But Mr. Landman says the govern- 
ment has tough decisions to make about 
the macroeconomy, such as cutting the 
budget deficit, reforming social security 
and raising energy prices. Once this pic- 
ture has been addressed, more money will 
flow Hungary’s way. TJLS. 


‘Turnaround 
Year’ Ends With 
Modest Growth 


Continued firm page 13 

have been achieved in re- 
ducing unemployment, now 
down to around 1 1 percent 
(a two-year low). Inflation, 
at 18 percent, is at a five- 
year low, but is still too 
high. The private sector and 
its various indicators (num- 
ber of automobiles, retail 
outlets, restaurants, hotel 
beds) continue to grow, with 
the number of companies up 
9 percent over the previous 
year. 

Also remaining high are 
the country’s budget 
deficits, external indebted- 
ness, and, on the positive 
side, the influx of foreign 
capital into Hungary. 

Cardinal policy point 
“There is a very direct con- 
nection between the phe- 
nomena,” says Mr. Pal. 'To- 
day’s debt load was an un- 
fortunate legacy of the pre- 
1989 government. Debt ser- 
vice is largely responsible 
for the current deficit Nev- 
ertheless, all three post-rev- 
olution governments have 
made fulfilling all interna- 
tional financial obligations a 
cardinal point of policy — 
and for a very good reason. 

He adds: “Our five years 
of unswerving adherence to 
international rules of busi- 
ness play have won us toe 
confidence of the world s 
business community. Ample 
proof of this confidence is 
provided by the foreign in- 
vestment figures/’ 

By the end of October 
1994, $1 billion had been in- 
vested by non-Hunganan 
companies in the country, 
bringing the cumulative to- 
tal to $8 billion and keeping 
Hungary at the top of the re- 
gional charts. Importantly, 
some 40 percent of that sum 
has gone directly into manu- 
facturing facilities -- invest- 
ments that are behind toe re- 


cent spurt in industrial out- 
put 

“For me, the great vote of 
confidence is toe fact that 
the international business 
community takes Hungary’s 
financial probity for grant- 
ed,” says Mr. Bod. “No one 
ever questions the ability 
and willingness of Hun- 
gary’s public and private 
sectors to meet their com- 
mitments and obligations." 

Rise in outlays 
In office since July 14, toe 
new left-center government 
has shown itself to be more 
“hard-line” than its prede- 
cessors, recently announcing 
a further wave of price hikes 
and support cuts. Despite 
this stepping-up of an al- 
ready severe austerity pro- 
gram, Budapest still has a 
prosperous, bustling air. 

In fact, by informal stan- 
dards, the city’s affluence 
has reached mainstream 
West European levels. Mod- 
ern Western automobiles 
make up a large percentage 
of the city’s worsening traf- 
fic jams. On many main ar- 
teries, toe number of fast- 
food franchises has doubled 
over toe past year. 

The country’s “shadow 
economy” has also grown 
and was recently estimated 
to be one-third the size of 
toe official one. w 

“It has gotten larger, 
agrees Mr. Pal, “because the 
volume of ‘informal busi- 
ness relationships between 
the various sectors of toe 
Hungarian economy and 
with the outside world has 
been drastically expanding. 
Also getting larger are our 
efforts to bring toe shadow 
economy into the official 

one. As one of many exam- 
ples. our tax authorities are 
netting new, powerful com- 
puters and are engaging in a 


^Hungary 

»***■_ 



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/Xy WORLD MEETING OF NATURE 

aJ PROTECTORS, 

HUNTERS AND FISHERMEN 

The idea of the international exposition on hunting and nature 
conservation Naturexpo ‘96 was bom in Budapest more than 
two years ago. Following the success of the International 
Hunting World Exhibition ’71, a group of Hungarian 
businessmen, nature protectors and bankers grew enthusiastic 
_ j and decided to revive the exposition on commercial basis. The 

/l/f'Z'' idea was accepted very favorably, and the initiative was 

/ welcomed by statesmen, experts and laymen alike. It seemed 

evident to them that both nature conservation and hunting 
should be approached from a different point of view within the 
scope of an international event 

The success of the Budapest International Hunting World 
International Exposition of Exhibition 71 has been a very frequent topic of conversations 

Naum* Huntina and Ftshina among hunters due to its 2.5 million visitors, the overwhelming 
Budapest shows and favorable publicity worldwide. The trophies and the 

i 5 fc»«^ 5 ta«niiw.i 996 innovations in wildlife conservation exposed in 1971 have 

received praise: articles and reports came to light in technical 
journals in the seventies, marking that with the Budapest International Hunting World Exhibition a 
kind of change had started. The wide-ranging exhibition was regarded by some as the first sign of 
reconciliation of toe former opponents hunting and nature conservation. Beyond the nostalgia for the 
Budapest International Hunting World Exhibition, felt even today, responsibility for flora and fauna 
strengthened on behalf of Hungarian hunters and fishermen. So when Mr. Tam^s Hajas, the well- 
known businessman, raised the idea of the hunting exposition in 1996, it became evident that the 
original conception must be supplemented with nature conservation. 

First a consortium was formed for the preparation of the International Exposition of Nature, Hunting 
and Fishing '96 by five companies: OTP National Savings and Commercial Bank Limited, MAVAD - 
Hungarian Game Management and Trading Company Limited, HUNGEXPO Company Limited for 
Fairs and Publicity. Pilis Park Foresty Limited and Kettner-Hajas Ltd., and with the participation of Mr. 
Istvin Egyed, the general manager of the project and head of Naturexpo '96 Ltd., the organizer 
company. It was formed to organize the event after getting all the necessary permissions. One of the 
largest Hungarian commercial banks, OTP National Savings and Commercial Bank Limited, is a 
majority shareholder in Naturexpo ’96 Ltd., and this very bank will finance the preparation of the 
whole project. 

Since June 1 993, the time of the first press conference, a great many of applications for the exposition 
have already been registrated. Among the group of supporters are C.I.C. (International Council for 
Game and Wildlife Conservation), Ministry of Agriculture, the Ministry for Industry and Trade, the 
Ministry of Nature Protection and Water Treatment of the Republic of Hungary as well as the 
Hungarian Hunters’ National Association. The chief patron of the event will be Mr. Arp£d G6ncz, 
President of the Hungarian Republic. 

The Naturexpo ^ will be held at the Budapest International Fair Center between August 15th and 
September 8th, 1996. The basic themes of nature conservation, hunting and fishing will be touched 
upon: off-road vehicles, the newest results of wildlife conservation and environmentally friendly 
technologies; thousands of interesting and existing inventions will be shown. International 
organizations, multinational companies, and different countries will also be represented. There will 
be scientific conferences, films, book exhibitions and spectacular animal shows. A group of experts, 
marketing and advertising agencies are at work on the success of the exposition, among them Mr. 
SandorToto, who was the chief organizer of the International Hunting World Exhibition 71. 

There are a few months left until the opening of the International Exposition of Nature, Hunting and 
Fishing '96. In the meantime newsletters are being published, events and programs arranged and 
famous foreign guests invited by the leaders of Naturexpo "96 Ltd. with the aim of attracting as many 
Hungarian and foreign visitors to this special event as possible, and to make people feel the 
significance of the responsibility of mankind for toe environment The event is intended to be in a 
pleasant atmosphere, among plenty of interesting things to see. 

According to plans, the continuation of toe Nature Conservation conference in Rio will take place in 
Budapest in 1996, as part of Naturexpo. This nature conservation conference and exposition has a 
particular importance in giving an account of toe newest results and future tasks of the scientists and 
laymen, and the sustainable use of the natural resources, because today the protection of the 
environment is the duty and personal responsibility of the whole of mankind. 


SUSAN HADLEY KIN CADE 








INTERNATIONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


SPONSORED SECTION 


n vrri ion 


Soon to be on sale: 


owned 


4 new. far-reaching Act on Privatization is expected to greatly increase the number of blue-chip state-omed compan/es offered for sale in Hunga „ 

Currently under consideration by the country's parliament, the Act is due to take etteci cany ? 


The 

and of integrating 


Act is designed to further the Government ofthe Republic of Hungary’s aim of building an economic system based on on the internal 

this system into the worm business community. By securing investment from abroad, the Act will also o» rf management expertise. 

tionat /eve/, as these foreign companies will provide their Hungarian partners with Iresb capital and indispensable marketing , ; .*• 


An accelerating pace of privatization 


“The Act is designed to speed up the transfer of 
ownership from the public to the private sec- 
tor.” says Ferenc Bartha. Mr. Bartha has 
headed the country's privatization efforts since 
July 1 994. His long and distinguished career 
includes stints as the president of the National 
Bank of Hungary (the country's central bank) 
and of the Banque Indosuez’s branch opera- 
tions in Hungary. 


try’s trustee for companies to be privatized) 
was paid in cash. For the State Holding 
Company (the trustee for companies in which 
the public sector has a long-term interest), the 
comparable figures were some 45 percent of 
the agency r 's 22 billion forints in income. 


in their sectors and kinds of energy. As is the 
case in Western countries, the slate will contin- 
ue to have a voice in the regulating of future 
suppliers. 


For further. 

. nitoosa 


The Act will hav e a sweeping impact. The 
Government plans to sell 850 companies at 
present fully or partially owned by the state 
within three years. 


Wanted: cash on the barrel 

In addition to setting up procedures accelerat- 
ing the pace of privatization, the new Act 
places a high priority on facilitating purchases 
made on a cash basis. There is a simple and 
substantial reason for establishing this prefer- 
ence: to secure a further source of income for 
the nation’s budget. The 1995 draft budget has 
pegged projected income from privatization to 
150 billion forints ($1.4 billion) - equivalent to 
one-third of the amount required to meet the 
years debt payments. 

in the first half of 1994, only 27 percent ofthe 
47 billion forints in privatization proceeds real- 
ized by the State Property Agency’s (the coun- 


Focus on the energy sector 
The Government has scheduled the privatiza- 
tion of Hungary's electricity and natural gas 
supply sector for the next few* months. 
According to Mr. Bartha, any prevailing uncer- 
tainties affecting investment in this area are to 
be dispelled by the enacting of legislation and 
other measures. For instance, the Government 
is preparing to launch a major correction of 
energy prices. At present, the prices levied are 
lower than the cost of energy production and 
transmission. 

As Mr. Bartha points out, the setting of energy' 
prices is a highly sensitive matter, as these 
prices in turn influence production costs and 
hence the profitability of the country’s industri- 
al sector. Energy prices also have a direct 
impact on standards of living. Due to these fac- 
tors. the prices will be determined by the politi- 
cal process, which will also set up a compre- 
hensible framework for the selling of charges 
in the future. This aspect Is highly important, 
as future energy suppliers will have monopolies 


Bolstering the banks 

By the end of this year, the Government intends 
to have formulated a plan of privatization for 
the country’s banks. As of this writing, there is 
only one state-funded bank in which non- 
Hungarian investors hold a significant stake: 
the Hungarian Foreign Trade Bank (MKB). in 
which Bayerische Landesbank (Munich, 
Germany) and the European Reconstruction 
and Development Bank (EBRD, London) have a 
42 percent shareholding. There are several for- 
eign-owned banks in the country'. 

The next commercial bank in Hungary to be 
privatized will probably be the Budapest Bank 
(BB). Standing in the way of the privatization of 
the other banks has been the reservations 
expressed by interested investors as to the 
quality' of the loan portfolios held by the coun- 
try's various commercial banks. These reserva- 
tions are not unfounded. However, as part of 
the banks’ debt consolidation process, the gov- 
ernment has provided more than 300 billion 
forints in non-performing loan relief. These 
debts were a by-product of the process of eco- 
nomic transformation. 


Hungarian 
Press and 

. Tel.: f+3&S}: : 26 
' Fax: 




However, the banks’ privatization cannot be 
separated from events taking place on the 
country 's capital markets, emphasizes Mr. 
Bartha. 


The capital markets bold the key 

The Budapest Stock Exchange’s daily turnover is 
less than those in Prague or Warsaw. The rea- 
son for this is that Hungarian companies are 
also quoted on Vienna's and other exchanges. 
Hungary's large utility companies are set for 
listing on the country's stock exchange. The first 
institutional investors in the country are now 
appearing. The Government intends to take all 
measures at its disposal to further both trends, 
notes Mr. Bartha in conclusion. 


NH . y • vo.-: V. r. 






Hungarian State Holding Company/State 

New Privatization Strategy in Hungary 


r. "V 1 .. " a. 


. = w:--; feml'&u <■ V * 

• • !•• ■ * * Y-VS.. /' ■ 

M-V ' *•.: . . » n j\* 


H ungary's privatization program 
is nearing the halfway point. 
According to fhe latest estimates. 


■ ■ According to me lafesr esnmafes, 
47 percent of me public sector's total 
former holdings have now been priva- 
tized. There are varying valuations of 
the property privatized. According to 
the State Property Agency's data, it 
owned 1 ,800 companies worth 2 tril- 
lion forints l$l 8 billion) in 1 990. 


1 990, a period in which fhe legal 
framework for the privatization process 
was not yet fully in place. Acts setting 
up the State Property Agency and the 
Hungarian State Holding Company 
(charged with managing the compa- 
nies to remain in the public sector's 
ownership on a long-term basis) were 
subsequently passed Dy Parliament. 


If is on this basis that the 47 percent 
mentioned above was calculated. 
When compared to the results achieved 
by the other countries in Central and 
Eastern Europe, the figure illustrates the 
country's strong position within its eco- 
nomic region and the confidence inter- 
national investors have placed in 
Hungary. This confidence manifested 
itselrfrom the very start of the transfer 
motion process and ensued from a 
variety of practical factors. Hungary 
quickly established a legal frameworx 
conducive to the creating of a market 
economy. The country has also dis- 
played a high degree of political stabil- 
ity. In recent years, Hungary's annual 
rates of working days lost to strikes 
have been among the lowest in Europe. 
Furthermore, the country has a large 
stock of highly trained, relatively inex- 
pensive workers. In view of these fac- 
tors, if is no wonder than some $7.2 
billion in non-Hungarian long-term 
capital has been invested in the country 


The new government intends to acceler- 
ate ihe pace of privatization. It wishes 
to accomplish the sale of the remaining 
companies in public sector ownership 
and designated to be privatized within 
the next two to three years. 


zafion finally assumes, investors will 
find it easier to deal with. This new, 
"one stop" organization will not only 
hold the 1 60 companies previously 
owned by the Hungarian State Holding 
Company and those 600 still under the 
stewardship of the State Property 
Agency, but also the real estate ana 
omer property currently belonging to 
the Treasury htolding Organization. 


largest telecommunications company) 
ana Hungary's natural gas companies. 
Internationa! investors have already 
expressed interest in acquiring these 
companies. Pharmaceutical companies 
are also considered to be highly attrac- 
tive by the international business com- 
munity. 


through investment funds, as yet to be 
established. To this end, the government 
will moke fell use of the Budapest Stock 


will make tell use or the Budapest Stock 
Exchange. It is planned to float some 
10 to 12 companies on the stock 
exchange within the near future. 


The companies to be held by the new 
organization are heterogeneous. The 


most valuable are fhe ones still entirely 
owned by the state and active in such 


owned by the state and active in such 
important areas as utilities. These 


The first change instituted by the gov- 
ernment was to reformulate the coun- 
try's basic approach to privatization. A 
new strategy and a draft law were pre- 
pared by a committee of senior econo- 
mists arvd successful business persons, 
after securing input from various pro- 
fessional bodies and government min- 
istries. The draft low was submitted to 
the country's parliament in November, 
ft should be passed by early next year, 
meaning that Hie new privatization 
approach and law could take effect by 
spring 1995. 


include Magyar Villamos Muvek Rt. 
(Hungarian Electricity Co.), MOL (oil 
supplier), MATAV Co. (the country's 


supplier), MATAV Co. (the country's 


Role of stock exchange 
The new government has set a prefer- 
ence for purchases on □ cosh basis, as 
such purchases provide both the federal 
budget and the companies sold with an 
influx of fends. The new strategy also 
foresees that foreign companies will 
play an even greater role in the coun- 
try's economy. The companies' capital 
expenditures could be channeled 


At the same time, it is obvious that only 
o portion of the companies to be priva- 
tized will succeed in attracting investors 
willing to pay cash for their assets. For 
some 600-700 small and medium- 
sized companies, purchase by cash- 
paying investors remains the most 
desirable option. However, the man- 
agements of these companies would 


If is anticipated that a number of com- 
panies will be privatized by manage- 
ment buy-outs initiated by company 
work forces or executives. In such case, 
preferential schemes will remain in 
force, in fact, a new form of preferen- 
tial payment has recently been formu- 
lated. In it, employees and executives 
buy 1 0 percent of the company's 
shares up front, with a further 40 per- 
cent to be purchased over a 10-year 
period. 


After this, the new owners receive the 
rest of the company's equity free of 


accept some form of preferential buy- 
ing system, in which payment is made 


ing system, in which payment is mi 
on a staggered basis. 


chofige. However, this solution will only 
be implemented in situations in which 
there is no other way to privatize ihe 
company in question. 



during the last four years, with this tak- 
ing place both via privatization and via 


ing place both via privatization and via 
greenfield investment. 


Heightened interest 
Today, fhe early fast pace of investment 
has slowed. The reason is that many of 
fhe most profitable and promising com- 
panies nave already been sold. A 
large number of highly valuable com- 


The new strategy's underlying objective 
is to boost the overall growth of 
Hungary's economy. During fhe strate- 
gy's^ formulation, mere were involved 
debate on whether it would be more 
productive to restructure the companies 
to be privatized before putting mem on 
to the market, or to sell them in their 
current state and let the new owners do 
fhe job of revamping them, it was 
decided that the public sector should 
not attempt to save companies it had 
been unable to manage effectively. 


At the beginning of October. Gyula Horn. 
Hungary’s prime minister, named Attila Lascsik 
to head the State Holding Go. The new director 
general, interviewed here, is 35 years old. 
unusually young by Hungarian standards for 
such a senior position. Mr. lascsik describes 
himself as a technocrat. He is well-qualified for 
his position, having studied finance and having 
held a number of senior corporate positions. 


Your appointment coincided with changes in the 
ranks of the board of directors of State Holding 
Co. According to the government, the reason for 
these changes was the wish to place privatiza- 
tion experts in senior positions, and to thus 
expedite the privatization process. 4s you know, 
the State Holding Co. is sei to be merged with 
the State Property Agency, meaning that your 
tenure as CEO will probably only last until the 
end of 1991. What can you accomplish during 
this limited amount of time? 


Company are to be divided into two main groups. 
The first group is more numerous but their indi- 
vidual and total value is less. Companies in this 
group have share capitals of less than 1 billion 
forints ($9.1 million). Their size makes them 
attractive to domestic investors. The companies 
attracting foreign interest are mainly in the 
infrastructure Reid. They supply electricity or 
natural gas.or are active in telecommunications. 
Tb sell these companies, we are preparing highly 
detailed tenders and are conducting corporate 
audits undertaken according to international 
standards. At the same time, we are working on 
overall approaches to the privatization process 
which incorporate international practices. These 
approaches also take the interests of our country 
into account, as the infrastructure sector is of 
key importance to the future of the country. 


The plan for the privatization of. the country's 
natural gas companies will be finalized during' 
the second half of November. We are well aware 
of the fact that the existence of a clear and com- 
prehensible tariff system is an important preconr 
dition for privatization. The Ministry of Industry' 
is intensively working on such a system and 1 
trust that this problem wiii be solved by next ' 
January. 


The privatization of MATAV. the country's most' 
important telecommunications company, is 
already partially completed. Thirty-three percent 
or its stock was sold by the State Holding 
Company Iasi year. We are currently looking into 
floating the rest of its equity on the Budapest 
Slock Exchange. 


ponies are still partially or totally 
owned by tbe public sector. These com- 


panies are, however, subject to the pro- 
visions of a special ad of parliament, 
which sets the shares held by the gov- 
ernment in the various companies. 
Another factor has been the heightened 
interest shown by investors in the 
region's other countries, increasing the 
level of competition for investment capi- 
tal. Despite these factors, Hungary's 
position in its region remains strong. 


Public seder 

The public sector intends to reduce- ihe 
number of companies currently held as 


long-term assets, and thus to merge the 
State Property Agency ana the 
Hungarian State Holding Company. 


Hungarian State Holding Company. 
The debate as to the structure of the 


merged organization has yet to be 
concluded. Parliament will have the 
final say on this matter. The core of the 
debate is whether the new organiza- 
tion should be a joint stock company or 
a public sector agency. The position 
currently prevailing is for it to be a 
publicly owned company. The Minister 
of Finance would represent fhe owners 
and exercise executive power. 

No matter what form fhe new organi- 


The ideas guiding Hungary's approach 
to privatization nave changed several 
times over the past few years. So-called 
"spontaneous privatization" was a 
common occurrence in 1989 and 


li is especially imjKiriant to maintain ihe conti- 
nuity of the privatization process during this 
period of transition, and to avoid any interrup- 
tion of the ongoing work. A great deal of prepara- 
tory work also has to be carried out before the 
new law takes effect, because tbe new law will 
cause major changes in organizational struc- 
tures. Through these changes, the privatization 
process will be made much more comprehensible 
to foreign investors, who will have to deal with 
only one agency. 


Approaches have been put together before, but 
few tenders resulted from them. Whats different 
about this time ? 


Some people have i oirnl the criticism that your 
company’s privatization-related decision-making 
processes have slowed dawn lately, instead of 
accelerating, as you haw said should be happen- 
ing. What is the truth ofthe matter? 

The companies held by the State Holding 


These large-scale infrastructural systems are 
currently state-owned and operated monopolies. 
We do not plan to change, them into private-sec- 
tor monopolies. Instead, to give an example, our 
plan foresees that individual power plants and 
network operators are to be privatized. They will 
then he linked to MVM Rt. (Hungarian Electric 
Co.) by trade supply agreements. MVM is cur- 
rently the most, valuable company in the country, 
with the value of its power plants, suppliers and 
network systems amounting to some 500 billion 
forints. The privatization plan for MVM should be 
completed by the end nr November, ll is derived 
from one compiled hv Schrwder Co. of the U.k. 
Tender preparations may start as soon as 
December. However. Ihr actual privatization will 
not lake place, until some time in 1095. 


One focus of our interest is the country’s banks, 
an area in which interest from foreign investors 
is also strong. The most promising candidate for 
privatization is the Budapest Bank. Co. An fnsfi- 
tuiional investor is interested in the- bank, but 
the completion of sale won't take place until 
1995. The Budapest Bank has a shareholders’ 
capital of 12.64 billion forints. We are preparing 
to launch OTP Co., the country’s largest building 
society, on to the. Budapest Stock Exchange. The 
bank’s share capital amounts to 23 billion - 
forints. 


In the industrial sector, pharmaceutical compa- 
nies haw attracted mast of the foreign invest- 
ment interest. The privatization of these compa- 
nies has already begun and is being carried out 
partially through sales to foreign investors, and 
partially by floating portions of the companies’ 
equity on the Bmfapesi Stock Exchange. We 
oxpfici further investment by foreign companies 
in this regard. 



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ESTERNAHONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


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Tourists a/rfving af Budapest have a choice that includes a relaxing game of chess fri a heated pool or an architecturally interesting tfnirch neat uake Balaton. 


15 


The need for more - and richer - visitors opens up attractions outside the traditional destinations. 


In die first eight months of 
1994, Hungary received 26 
million foreign visitors. In- 
come from tourism repre- 
sents 8 to 9 percent of Hun- 
gary's gross domestic prod- 
uct, on a par with agriculture 
and telecommunications. 
Foreign exchange receipts in 
1992-1993 amounted to $3 
billion. And in the first half 
of 1994. Hungary’s income 
j from tourism went up by 20 
'/percent over the same period 
in 1993. 

The 1,100th anniversary 
in 2996 of the arrival of the 
first -Hungarians in .the 
Carpathian basin promises 
to be a spectacular celebra- 
tion that will draw visitors 
by the millions. 

In the early 1980s, most of 
Hungary’s visitors originat- 
ed from other Eastern bloc 
countries and had little 
spending power, but now 
more and more tourists from 
Western Europe are vaca- 
tioning in Hungary. The 
number of American tourists 
in Hungary has increased 
every year for the last 10 
years, and this year looks 
likely to top the quarter of a 
milli on mark. 

In the picturesque and 
well-preserved little towns 
near the Austrian border. 


shopkeepers and hoteliers 
quickly learned how to cater 
to the streams of mostly 
Austrian visitors. Signs are 
painted in German, and peo- 
ple working in the service 
sector speak German. 

Austrian and German 
guests come to shop, to sit in 
the kavehazok or cafes, or to 
soak in Hungary’s famous 
spa waters. Health tourism 
has taken off in Hungary 
over the last few years. 

Renowned festivals 
Others come tor the 
renowned spring festival of 
classical music or for the jol- 
ly wine festival around har- 
vest time. Lake Balaton pro- 
vides ideal facilities for war 


terskiing, windsurfing, 
swimming and sunbathing. 
Budapest itself is a vibrant 
cosmopolitan city. 

Two-thuds of the tourist 
industry is in private hands, 
and tourists are not being di- 
rected only to traditional 
tourist destinations, such as 
Lake Balaton and the his- 
toric sights of Budapest 

“These days tourists think 
differently about Hungary, 
and we definitely intend to 
change our image,” says 
Ervin Poes, director of poli- 
cy and research at the Hun- 
garian Tourist Board. “The 
attention of many Western 
tourists has moved from the 
seaside resorts to nature: the 
Great Plain, spa tourism. 


hobbies. We have great pos- 
sibilities if we build around 
our natural resources.” 

The challenge that Mr. 
Poes feces is not only to in- 
crease the numbers of visi- 
tors, but also to attract 
tourists with higher incomes 
who will spend more per 
day. 

“We would like to give a 
higher standard of service 
for mass tourism and a big- 
ger assortment of services,” 
says Mr. Poes. “We would 
like to tum some of our ho- 
tels into real tourist com- 
plexes. We want to create 
completely new touristic 
products for the higher strata 
of the population from the 
West.” TJLSL 


ibonyi Square, in Buda. hosts some of 
the region's liveliest ana most authentic 
dances. 

Bands accompany wild heel-lacking, 
leaping tmd spinning couples. Mgrcz- 
ibanyi cultural house offers everything 
from traditional Hungarian folk dance 


to Moldavian and even Indian varia- 
tions. 

"It's a way to see a side of Hungarian 
culture that you do not see in norma! 

i -.1 " 4™. 


Born of Adversity, A Culture Thrives 

Like an island in a sea of Germanic and Slavic peoples ; Hungary nurtures a distinct identity. 


Hungarian will never 
tire of talking history. Over a 
glass of Bull’s Blood or on 
the bus, informal conversa- 
tions are often punctuated 
with historical dates and ref- 
erences to the lessons of past 

ages- . . . 

Knowing Hungarian his- 
tory is the key to the Magyar 
heart, aud if they wax 
me lanch oly on the subject, it 
is because of the tragic ro- 
manticism with which they 
regard their own fete. 

Hungary is like an island, 
surrounded by what has, at 
times, been a hostile sea oi 
Slavic and Germanic peo- 
ples. This has cultivated in 
Hungarians a strong patrio- 
tism and identification witn 
their past 

To begin with, the tan- 
n iiflbe itself is an oddity* in- 
comprehensible to Hun- 
gary’s neighbors and unre- 
lated to Slav or Indo-Euro- 
pean language groups. De- 
spite its Finno-Ugnc ongms* 
it is only vety distantly relat- 
ed to languages such as 
Finnish and Estonian, and it 
presents a challenge even to 

'T Tis not only 0, ^ 
guage that makes Hungary 
Unique. A rich culture of tra- 
ditional dance, crafts ; and 
music thrives m the country 
side around Budapest 
ant women still j 

market dressed in colorful 
folk costumes. 

Nomadic origin 
Hungarians originate from 


nomadic tribes from the east 
of the Ural mountains in 
Asia. They arrived in the 
Carpathian basin on horse- 
back in 896 and settled 
down to prosper from agri- 
culture and cattle-rearing. 

But it has not all been 
plain sailing since then. 
Hungary spent 150 years un- 


LHC Li 1 lou a. — r 

with its Hapsburg overlords 
until in 1867 a certain 
amount of autonomy was 
granted. 

In 1920, Hungary was 
punished for its role in 
World War L The Treaty of 
Trianon awarded two- thirds 
of Hungary’s territory to its 
neighbors, and a third of 
Hungary’s population be- 
came citizens of other states. 
The rights of ethnic Hungar- 
ians living abroad is still a 
highly emotional issue in 

Hungary. . . 

The violent uprising 
against Soviet domination in 
1956 forced another wave of 
Hungarians to emigrate. 
Many of them have 
achieved international re- 
pute in science and the axts- 
Visitors to Hungary often 
laugh because every time an 

invention is mentioned, be »t 

the television or the ball- 
point pen, their hosts will 
claim a Hungarian deserves 
some credit for us develop- 

H'professor Emo Ruhjk s 
magic cube may have been 
just a simple toy, but it took 
{he world by storm in the 


N 4 - * . 

‘ l y ' V 

>r ) T ::vj 4 V - - 

m -7 ' 1 w 'N. 

M : • A® ^ 

iMmrnms, 


A mfofr r wfr d center of Budapest life: the Hungaria coffee shop. 


1980s. And Hungarians 
have produced more win- 
ners of the Nobel Prize per 
capita than any other coun- 
try. 

Earlier this year, Hungan- 
an-bom John Haisanyi won 
the 1994 Nobel Prize for 


economics with two other 
economists for their work in 
applying the principles of 
games such as chess to com- 
plex economics issues. Hun- 
garians have always been 
good at chess. 

Tim R. Smart i 


INDUSTRIAL PLANT 
ON SALE 
IN HUNGARY ! 

COOPDMFORM Co. offers 

for purchase a real estate with 11-200 nr area 
in central industrial area of Budapest, 

6 km to Parlament, with: full public utilities, 
industrial railway, 7200 m z building. 

Address: Post Box 131, 

H-1443 Budapest 70, Hungary 
Phone: +36-1-121-0808 - Fax: +36-1-121-0807 


USEFUL ADDPF&SF3 


Budapest Stock Exchange Ministry of Finance 

Deak Ferenc utca 5 Jozsef Nador ter 2-4 

5th District, Budapest 5th district, Budapest 

Tel.: 117 5226 Tel.: 118 2066 


State Property Agency 

Pozsonyi ut 56 
13th district Budapest 
Tel.: 269 8990 









CALL FOR TEMPERS 

On behalf of the Municipality of Budapest/H/ The Budapest Metropolitan 
Property Management Center Co. Ltd. 
hereby invites tenders to purchase 
the exclusive property of the Municipality of Budapest 
in the fifth district of Budapest, at 12 KAxolyi Mihaly Street 

The four storey /plus basement/palace was built in 1866 and designed 
by Mikioo Ybl the most significant Hungarian architect of the period. 

The aim of the tender is to choose the new owner of this historical building 
in the heart of downtown Budapest, 

who will renovate it while preserving its original architectural character. 

The invitation for bids is international and public. The documentation, including 
the conditions of the competition and technical information, may be purchased 
between 9:00 a.m. ana 12:00 noon on work days up to Januaiy 12, 1995 
at the non-refundable price of 30,000 HUF + 25% VAT, 
at Budapest Metropolitan Property Management Center Co. Ltd., 

23-27 Vdci lit , XU floor, Budapest XIII, H-l 134 Hungary 
Phone/Fax: f 36-1/120-2278 , 120-1278 

Tenders must "be received before 14:00 p.m. January 20, 1995 


tenders. 


The opening of tenders: January 24, 1995, 10:00 a.m. 

A committee designated by the present owner will preliminarily evaluate tenders. 
The final decision ought to be made by February 28, 1995, 
by the General Assembly of the Municipality of Budapest. 

Hungarian law requires that we notify bidders that the inviter of bids has foreign trade rights. 









Page 18 

NASDAQ NATIONAL MARKET 


INTERNATION AL HERALD TRIBUNE, MONDAY, D ECEMBER 5, 1994 

I «. ■ nkj VI 


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INTERNATIONAL HERALD TRIBUNE. MONDAY. DECEMBER 5. 1994 


Page 19 



SPORTS 


Sweden’s 5th Title 
Is Full of Thrills 


*1 WMi'UtUICJ 

. MOSCOW — Yevgeni Ka- 
felnikov beat Stefan Edbers, 4 - 
6 , 6 - 4 , 6 - 0 , Sunday in the third 
angjes match of the Davis Cud 
. anal. 

His victory, however, came 
three matches too late for Rus- 
aa, smcc Sweden had clinched 
the 1994 title with another five- 
Kt thriller in the doubles match 
the day before. 

In the last match, Magnus 
Larason easily beat Alexander 
Vol kov 7-6 (7-4), 6-4, to make 
the final score 4-1. 

. Jan Apell and Jonas Bjork- 
man, less than two weeks after 
mnning the ATP World Dou- 
bles Championship in Jakarta, 
had teamed to defeat Kafelni- 
kov and Andrei Olhovskiy, 6-7 
(7-4X 6-2, 6-3, 1-6, 8 - 6 , and give 
Sweden an unbeatable lead in 
the best-of-five final, 
h This is Sweden’s fifth Davis 
‘ Cup title, its first in seven years. 
M It was a lot of fun to win in 
Jakarta last week, but this is 
really something," said Apell, 
beaming beside his partner. 
“This is bigger, with the team 
. and everything. After all, we 
play for Sweden." 

Apell, 25, and Bjorkman, 22, 
became doubles partners two 
years ago and were invited only 
this year, along with 24-year- 
old Larsson, to join Edberg, 
who is now 28 ana addressed as 
“father" on the national i«im. 

“It’s been a great memory for. 
me," Edberg said. 

It was even sweeter for John 
Anders Sjogren, the retiring 
captain whose first Davis Cup 
ajuad lost the 1989 final to Bo- 
ris Becker and West Germany. 
Until this year, Sjogren’s teams 
had come no closer. 

“This is a classic Swedish 
team, with team spirit," he said 
after his players tossed Him into 
the air. 

The left-handed Apell and 
right-handed Bjorkman had 
won the doubles in the team’s 
earlier Davis Cup rounds 
against Denmark, France and 
the United States, 
sj Favored to win here, they 
Cmtserved the Russians (1 1 aces 
and service winners to seven) 


and won more points (32-15) at 
the net. But the match could 
have gone either way. 

Kafelnikov, Russia’s top 
player, played brilliantly, even 
alter exhausting himself Friday 
and hurting his left wrist in a 
fall. The Swedes tried to keep 
the ball from him, but he scored 
often with sharp service returns. 

Sweden held every service 
until the fourth set. Then the 
Russians broke Bjor kman twice 
and evened the match. 

With the decisive set tied at 
two games apiece and 10,000 
spectators roaring, Russia blew 
the advantage three times; 
Apell held service when Olhovs- 
kiy volleyed into the net and, on 
the next point, Bjorkman land- 
ed a smash at Kafelnikov’s feet. 

That was the point, Apell 
said, when Russia's momentum 
tan ouL Each side held service 
until Olhovskiy double faulted 
to set up match point, and Ka- 
felnikov’s easy forehand from 
the net went wide. 

Kafelnikov, 20, afterward 
cited the “huge psychological 
pressure for us’’ to win. 

Sjogren had another explana- 
tion. “Apell and Bjo rkman did a 
great job ” he said. “They were 
very hungry." 

(Reuters, LAT) 



La Bomba Tomba Still Has a Bang 


Ttxvruu SUulo'remVdcvrtcn 

Coach John Anders Sjogren, got a lift into retirement 


Compiled by Otr Staff From Dispatches 

TIGNES, France — Three- 
time Olympic gold medalist Al- 
berto Tomba began what he has 
said will be his last season of 
competition in the best way; 
with another slalom victory. 

Tomba, who won two golds 
in the 1988 Olympics ana an- 
other in the 1992 Winter 
Games, was timed in 1 min ute, 
41.84 seconds for the two runs 
down the course with a drop of 
185 meters (605 feet). He beat 
Michael Tritscher of Austria by 
1.02 seconds. 

Tritscher, eighth after the 
first run, had the best time in 
the second run, 50.71, to move 
up with a tune of 1 :42.86. 

Thomas Fogdoe of Sweden 
was third in 1:43.03. 

It was the 34th World Cup 
victory for the 27-year-old Tom- 
ba, and his 23d in the slalom. 

He is now fourth overall in 
World Cup victories and can 
catch Finnic Zurbriggcn (40) 
and Marc Girard elli (43) if he 
has an exceptional year. But the 
all-time leader is Ingemar S ten- 
mark with 8 * 

Tomba had the fastest time 
in the second heat of Saturday’s 
giant slalom, by almost a sec- 
ond. as he moved from 22 d place 
to fourth. Liechtenstein’s Achim 
Vogt, with only two top 10 fin- 
ishes in his career, won that race, 
the men’s first this season. 

Vogt was timed in 2:30.76 , 


Chirm: 11 Athletes Face ' Severe Punishment 


The Associated Press 

BEIJING — The 11 Chinese athletes 
who tested positive for performance-en- 
hancing drugs at the Asian Games face 
severe p unishmen t, an official statement 
said Sunday. 

The statement, issued through the 
state-run Xinhua News Agency, did not 
specify what the “severe p unishm ent” 
would be but indentified the 1 1 athletes. 

Abdul Muttaleb al Ahmad, the direc- 
tor genera] of the Olympic Council of 
Asia, in announcing Saturday that the 1 1 
had been stripped of the medals they 
woo at the October games in Hiroshima, 
had said in Kuwait City that the athletes, 
six women and five men, won their med- 
als for swimming, cycling and the de- 
cathlon. But he said the athletes’ names 
were not immediately available. 


Xinhua identified the 1 1 as five wom- 
en and six men. The women were swim- 
mers Yang Aihua. Lu Bin and Zhou 
Guanbin, hurdler Han Qing and cyclist 
Wang Yan. The men were swimmers 
Xiong Guoming, Hu Bin, Zhang Bin and 
Fu Yong, and canoeists Zhang Lei and 
Qiu Suoren. 

The Chinese Olympic Committee had 
formed a special panel to investigate and 
punish the athletes and others involved 
in line with international sports rules and 
the COCs own rales against the drugs. 
Xinhua said. 

It said the COC said it was calling on 
all Chinese athletes and sports groups to 
strengthen the rules against the use of 
drugs. 

The International Olympic Commit- 
tee; which has pointedly distanced itself 


from allegations that the phenomenal 
success of Chinese athletes over the past 
18 months has come about with the help 
of a systematic doping program, reacted 
Saturday by calling the incident “very 
serious.” But the IOC continued to cite 
the affair as an example that its drag- 
testing system is working. 

The IOC said in its statement that it 
was “pleased to note the clear and very 
firm position expressed by China's sport- 
ing authorities, particulariy the Chinese 
Olympic Committee. They have cooper- 
ated fully with the international bodies 
at all stages of the procedure." 

“It is indeed known that in most dop- 
ing cases the athletes are not the only 
ones implicated and that the responsibil- 
ity must also be sought among their 
entourage, notably their coaches.” 


just ahead one of his training 
partners, Switzerland’s Michael 
Von Gruenigen, who was 
clocked 2:30.92 for the two 
runs. 

Third was last year’s overall 
World Cup winner, Kjetil- An- 
dre Aamodt of Norway, with a 
total time of 2:31.06. 

If Tomba started the new 
season the way be finished the 
previous one — he won the final 
two slaloms — his main rivals 
for the overall title, Aamodt 
and Luxembourg’s Girardelii, 
were less impressive. 

Aamodt was seventh in Sun- 
day’s slalom. Girardelii, a five- 
time World Cup winner, failed 
to qualify for the second leg of 
the giant slalom and just made 
it into the top 30 on Sunday. 


Slovenia’s Jure Kosr, one of 
the prerace favorites, was 
fourth fastest in the first leg, but 
missed a gate is the second. 

Tomba, 27. said he did not 
expea to do so well so early in 
the season and that his disap- 
pointing first run in the giant 
slalom M perhaps given him 
the motivation he needed. 

“I felt very frustrated after 
that run, especially as the 
course was too flat for me," he 
said. “Then, winning the giant’s 
second run and taking fourth 
place overall was a great morale 
booster for the slalom." 

He led after Sunday’s first 
ran by .17 seconds, but said be 
wasn’t happy. 

“The first run the gates were 
set loo far apart. It was like a 


super slalom,” Tomba said. “I 
was surprised I did so welL I 
didn’t expect it." 

He had a 50.81 lime on the 
second run, second only to 
Tritscher. 

The men opened their com- 
petition this weekend after 
races in three countries were 
canceled for lack of snow. 
TIgnes is one of the few places 
in Europe to be able to handle a 
race, with its an altitude of 
more than 2,600 meters. 

The International Skiing 
Federation will decide possibly 
Monday on whether to hold 
races scheduled in Austria, Italy 
and Switzerland, and whether 
to reschedule the canceled races 
at TIgnes or the nearby Val d'ls- 
fare. (AP, Reuters) 


Zeller-Bahler Wins 2 d Giant Slalom 


The Associated Press 

VAIL, Colorado — Swiss vet- 
eran Heidi Zeller-Bahler rallied 
from third place after the first 
run Sunday to win the women’s 
World Cup giant slalom. 

Zeller-Bahler. who posted 
her first World Cup victory in a 
giant slalom last week at Park 
City, Utah, solidified her hold 
on first place in this season’s 
overall standings. 

Teammate Vreni Schneider 
had a ragged start on her sec- 
ond run and had to settle for 
second place, and Marianne 
Kjoerstad of Norway was third. 

Zeller-Bahler, 27, in her 10th 
season on the World Cup cir- 
cuit, began the second run 51- 
hundredths behind first-run 
leader Urska Hrovat, 20, of Slo- 
venia, but posted the fastest 
second ran of 1 minute, 7.01 
seconds for a combined time of 
2:14.86. 

Schneider, runner-up after 
the first heat, could do no better 
than 1:07.28 for her second run 
and finished at 2:15.08. 

Hrovat nearly lost control 
early in her second run. Her 
time of 1 :08.52 dropped her to 
fifth place. 

Kjoerstad had a combined 
time of 2: 15.44, and Birgit Heeb 
of Liechtenstein placed fourth 
in 2:15.74. 

In Saturday's World Cup 
women's race: 


Nearly 13 years after her only 
victory on the World Cup cir- 
cuit, Sylvia Eder of Austria won 
again, capturing the first wom- 
en’s World Cup super-G race of 
the season. Eder held off team- 
mate Veronika Stallmaier to 
end one of the longest dry spells 
on the circuit. 

At 16, Eder was — and still is 
— the youngest skier ever to 
win a World Cup race when she 
claimed a downhill in Badga- 
stein, Austria, in January 1982. 
Now 29, she is among a select 


ers to win on 


group of elderly ski 
the circuit. 

Eder, in her 15 th and final 
season of racing, came out of 
the 19th start position to post a 
time of 1 minute, 21.26 seconds. 

Stallmaier, starting 33rd, 
then fashioned a brilliant run 
that was just two-hundredths of 
a second slower than Edo’s. 
Stallmaier, 28, was seeking her 
first World Cup victory. 

Heidi Zeller-Bahler of Swit- 
zerland finished third in 
1:21.59. 


Several Women Seriously Hurt 

The Associated Press 

VAIL, Colorado — The women's circuit experienced a rash of 
injuries, several serious, on its second week of competition. 

Annemarie Gerg of Germany tore two ligaments in her right 
knee, as well as breaking a finger and meaning facial cuts, when 
she crashed into a fence during Friday’s dow nhill. 

The torn anterior cruciate and medial collateral ligaments will 
require surgery, ending her season, according to a team spokes- 
man. Gerg has returned home. 

Also sent home was Melanie Suchet of France, who tore two 
ligaments in her right knee. 

Two Slovenian riders were injured, with Nrves Sitar breaking 
both arms and suffering knee ligament damage in a fall during 
training. Mqjca Suhadolc, after incurring a blow to the head in a 
fall in the downhill race, was hospitalized overnight for observa- 
tion and did not compete in Saturday’s super-G. 

Austria’s Anja Haas crashed in the downhill and strained knee 
ligaments, which should sideline her four to six weeks. She was 
sent hone, but officials said they hoped to avoid surgery. 

Less seriously injured was 18-year-old Canadian Melanie Tur- 
gpon, who aggravated shin splints during tr aining and has been 
advised to take three weeks off to rest tire nagging injury. 


NASDAQ-NATIONAL MARKET 


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ended Friday, Dec. 2. 

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Svnopsvs 

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1.9 B53 73’m 

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10 2394 17 
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3654 13U 

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200 45V, 


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TetaJtor 
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Tennant 1JS 2.9 163 asw 
TemiTc s -. 630 IB’A 

Tetra - 5900 IDU 

Teva J6e 1.1 6364 25U 
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Thera Tx _ 568723U 


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TtierOiei 
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Tmkpic 07 e A3 
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TrcnstxCa _ 

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TriCeBn 
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Trimark 
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318 14Vb 

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to lto — Vu 
ISto 125% • to 
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Triples 

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02 20 
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0 3930119% 95% 
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_ 145 M I3W 

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_ 4212 74* 65* 


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100 


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_ 285 SV. 5 

.00 20 1 34 34 

_ 1436 IB 17W 

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_ 2142 16'A 144* 
_ 1157 7V> 3 4* 

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_ 6960 16 5% 135* 

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_ 15364 1TO 171* 

_ 3960 39V, 37 

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UnBnkPf 209 9.1 199 au 224b 

UnBkCp J* 20 x5 

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UPkitptE 2JXI 7.1 1353 281b »W 

UR5wtch 1733 16 14iVu 

Utmmt, _ 245215., 131* 

Unry/Tc -. 481 3i% 31* 

Unbetii - 2077 9 B9% 

UBWV 1.00 4.7 111 234b 23 

UCarSk 08 17 39924W 235* 

UCSGs 102 60 331 16 ISto 

UtdCOsF 00b IJ 1571 319% 305* 
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UNBNJ 1.08 b3J 353334b 324* 

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USBCOR 1.00 40 B85iaV*BU 

USBnet 203 B0 328 239% 229% 

user _ 903 +9% 31% 

US Foci .. 3319 lOto 99% 

USHttns 04 1.9x395*3 47 44 

USHmcr - 601 24b 7 

USUme „ 1 4 W 6'A 

US Lana _ 9158 12to 111% 

US Paolno _. 217 7Vu AW 

USRaU -. 4230 39'A 36W 

US Tret 300 3.1 3177 64W £3 

US Wire - 408 2' V, 2W 


USwn 


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UPenEn 1 JO 
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max „ 840 34% 


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VaiTecti 

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VMCHn 

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vaclrai 

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VoBdl 

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- 384 4VS 

-.24882 134% 
33 73 1614 

00 40 391 8W 

,15e 10 88 TO 

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1.7 2241 MU 

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INTERNATIONAL H ERALD TRIBUNE, MONDAY, DECEMBER 5^ j994 



SPORTS 



Autissier, With Makeshift Mast, Stays in BOC 


SIDELINES 


Compiled by O* Sufi From ttspache 

CAPE TOWN — The French sailor 
Isabelle Autissier, using a makeshif t 
mast to replace the one destroyed in a 
gate was continuing Sunday to sail to- 
ward Kerguelen, in a group of French- 
administered islands near the Antarctic. 

“Her chance of winning at this point 
is very, very seriously in trouble. But her 
re mainin g in the race is not in jeopar- 
dy,” a BOC official. Herb McCormick, 
had said Saturday. 

He said Autissier was using an emer- 
gency mast she had jury- rigged. with her 
spinnaker pole, and that her team had 
located a replacement mast on the Indi- 


an Ocean island of Reunion, although it 
was a second-hand, 43-foot mast for a 
cruising boat 

“ft’s not a racing mast and it’s not as 
high-tech as die one she had,” he said. 

McCormick said the defending cham- 
pion, Chris tophe Auguin of France, was 
leading the current leg. Steve Pettengill 
of the United States, who had been in 
second place overall, was moving into 
the top spot. 

Autissier built a record six-day lead in 
the first 1% which began in Charleston, 
South Carolina, in mid-September. Her 
60-foot (183-meter) yacht, Ecureuil Poi- 
tou-Charentes 2, was about 1,200 miles 


from Cape Town on Friday and en route 
to Sydney on the second leg of the race 
when it’s 83-foot mast was snapped off. 


David Adams of Australia, who is 
overall leader among the race’s smaller 
boats (40 to 50 feet), was diverted by 
BOC headquarters to sail to her rescue. 
He pulled up alongside Autissier after 
bring contacted about 65 miles north of 
her position. 

When Adams, whose 50-foot boat. 


True Blue, arrived, the two skippers 

ch other. 


found they could not talk to each 
Autissier’s short-wave radio was low on 
batteries. Worse, a 35-knot wind 


howled, sucking their voices into the 
void of a pitch-black night. 

As modem technology would have it, 
it was easier for Autissier to send a 
computer message via a Comsat satellite 
to Charleston. “I have sen David,” she 
said. “He cannot do anything for me. I 
will see tomorrow what I can do. I do 
not want to make a decision now. I am 
exhausted.” 

Adams waited with her for a few 
hours. But Autissier finally waved him 
on. As be sailed away, he could see her in 
the darkness, lifting the boat’s spinnaker 
pole in place for the first rudiments of a 
makeshif t rig. (Reuters, NYT) 


Germany, Sweden Set Swim Marks 

STAVANGER. Norway (AP) - The German ^ 

Letzin, Mark Wamecke, Dirk Vandenhmz and Sflfco Gum^ 
shaved nine-hundredths of a second off the world two f d m the 
men’s 200-meter medley relay Sunday with a nme 01 1 ^ 



minute, 

;ter m&ucv icwre ~ - . 

38.01 seconds in the European Sprint Swimming 
Sweden’s Zsolt Hegmegi. Lare-Ove Jansson, Joaknn Hrimqvist 
- wwii'A thr> onfumMer frees rvle relay record oy 


and Per Lmdstrora broke the 200-meter freesiyle relay 
032 seconds on Saturday, clocking 1:27.62. The German t 
finished second; Sweden was second in the 200 medley relay. 


SCOREBOARD 


NBA Standings 


EASTERN CONFERENCE 
Atlantic Division 



W L 

Pet 

GB 

Orlando 

11 3 

.786 

— 

New York 

B 5 

515 

2V9 

Boston 

7 8 

Ml 

4V» 

Philadelphia 

6 8 

529 

5 

Washington 

5 8 

585 

5VS 

New Jersey 

6 11 

MS 

6 Vl 

Miami 

4 9 

central Dtvtoton 

508 

61 9 

Indiana 

9 5 

549 

— 

Cleveland 

9 6 

■400 

to 

Chicago 

8 7 

533 

1ft 

Detroit 

8 7 

533 

1ft 

Charlotte 

7 7 

500 

2 

Atlanta 

6 9 

AM 

3M 

Milwaukee 

5 9 

557 

4 

WESTERN CONFERENCE 
Midwest Division 



W L 

Pet 

GB 

Houston 

11 4 

533 

— 

Utah 

10 6 

MS 

1ft 

Denver 

8 6 

571 

2to 

Donas 

7 6 

538 

I 

San Antonia 

7 7 

500 

3ft 

Minnesota 

3 13 

Pacific Division 

.188 

Sto 

Phoenix 

11 S 


— 

Seattle 

70 5 

M7 

ft 

LA. Lakers 

9 6 

500 

1ft 

Gokton Stale 

8 7 

533 

2to 

Sacramento 

7 7 

5oa 

3 

Portland 

6 7 

m 

3ft 

LA. Clippers 

0 15 

500 

10ft 


SATURDAY'S RESULTS 
Ortcmclo » » 36 W-W» 

Atlanta 91 S* M 36-107 

O: O'Neal 10-25 7-lt 27, ftantawav »VM M 

26; A :AuOnian 10- 15 1-1 71, Blaylock 6-16 1-2 16 
EHIQ6-9 1-216 R e bO Bta B Orlando 49 fQ-Neql 
151, Atlanta 44 IKnXok 6). Asslsto-Orlando 
26 (Anderson, Hardawav 7). Atlanta 25 (Blay- 
lock m. 

wash teuton 2< 19 25 25— 95 

New York 73 V. 31 IMtt 

W: 5 kites 6-10 4-4 20, Cheonev 0-16 M 19; 
N.Y.: Smith 9-UM 32, Mason M b» 22. Re- 
bound*- Wrahtagton 40 (WrtXW 0), New 
York 51 (Ewtng TO. Assteto-Washlngtan 21 


FRIDAY'S RESULTS 

Phoenix 17 24 35 31—107 

Boston MM 23 23-102 

P; Malerle 7-Tt 4-6 21. Manning 9-15 1-1 19; 
B; Wilkins 15-25 <M> 34. Radio 7-13 2-2 16. Re- 
baundfr-Phoenlx 59 (Barkley 9), Boston 44 
(Aad la9).Assists~Phoen lx 25 [Perry B). Bos- 
ton 26 (Brawn TO. 

Sacramento 26 36 17 27-96 

PhUadeipMa 22 2* 19 30-99 

S; Richmond I1-2S+5 JO, Smith 6-7 4-5 16: P: 
Weathersooan 6-1* 6-6 IB, Burton B-13 B-13 25. 
Rebounds— Sacramenl045(Polvnice 9). Phil- 
adelphia 52 IS.WHHams. Bradiev 71. Assist*— 
Sacramenio 22 ( Richmond. Watts Hurtev 61, 
Philadelphia IB (Barros 12). 
outran ir a » ss-wt 

Washington 21 n 2s 33—115 

D: HIU 10-21 S-) 1 23. Daman 4-14 7-9 20; W: 
Vtobber B-il 2-4 IB. Duckworth 9-15 0-1 IB. 
QManey M 34 l*. Rebound*— Detroit 54 
(Mills 91. Washington 46 (Duckworth TO. As- 
sists— Detroit 17 (Dinners 5), Washington 25 

(Suites 10). 

Now Jersey r 20 22 24— 97 

Miami 25 31 M 25—113 

MJ-: Anderson 4-16 5-6 16. Walters 5-11 2-2 
14.' M: Rice 14-11 I-t SC Willis WZ3 34 31. 
Rebound*— Mew Jersey 45 (GlUlam 71, Miami 
51 (Wlll)sl7). Assist*— New jefsuy 24 (Ander- 
son TO. Mtemt 35 (Reeves 11). 

New York 19 21 31 29—100 

Orlando 31 33 23 21-125 

N.Y.: Ewing 7-19 1-1 15. Storks 5-131-1 TOO: 
O'Neal 16-23 6-9 38, Hardaway 10-15 10-12 31 
Rebou n ds- N ew Ygrfc 57 (Oakley 11 1. Orlan- 
do 52 (O'Neal 10). Assists— New York « 
(Starks 71. Orlando 27 (Hardaway 8). 
Atlanta 19 26 23 29-92 

Chicago 19 2* 16 22-41 

A; Augmon 7-17 6-B 20, Lang WO 64 16; C: 
Armstrong 8-12 3-» 1*. Kufcoe 7-14 M 19. Re- 
bounds— Atlanta 43 (LongOl.CMcoao 4* (Pip- 
pen 111. Aulits—Attanta 19 (Blaylock 6).Chl- 
cooo 24 (Pteoen 91. 

5ae Aetonfe 22 20 2 < 27—95 

Portland *4 29 16 22-91 

S: Elliott 72-227-931. D. Robinson 70-79 13-M 
32; P: C. RoWnscn 7-20 2-2 17, Will terns 8-11 M 
16. Webe u dd e - S on Antonio 44 [D. RoWnson 
12). Portland 51 (Dudley 141.A»»TO» Bon An- 
tonia 15 (Johnson 7). Portland 23 (Henson 9). 
Houston 20 21 28 28- 89 

LA. Lakers 29 38 29 19-187 

H: Hurrara *-134fl 22, Ofafuwon 6-15*6 16; 
LA.: Cabal las W-19 2-2 25. Dtvac 19-15 M 22. 
Re b o u nd s H ou sto n 53 (Herrera ID, Lo* An- 
oetes 58 (Catenas 16). As s to t s - Ho uston 71 
(Cassell 5), Lae Angela 33 (Dtvac 8). 


(SUtes 6), New York 29 (Anthony 8). 
PMladeteMo 23 U M 26-43 

Cleveland It B B U—Tt 

p : WeathersMon 10-17 3423,5. wt moms 64 
M W;C: MIHs+MW n HUl+IOS-tl 13, Price 
6-175-6 IS. RotesnxH— PhUodeloWa 40 (S.WU- 
llams 10), Cleveland 76 (Hill 18). Assists— 
Phitodetotito 19 (Borras 7), Cleveland 18 
(Price S). 

Phoenix M 22 17 28— 97 

Detroit 27 35 25 28-187 

P: Berkley 6-11 M2I Ruffin 44 4-5 13/ D: 
Hill 8-12 34 19, Oumors 4-14 7-18 17. Re- 
rxxuxti pneentu 46 (Barkley TO, Detroit 59 
(Miller 10). Assists— Phoenix 17 (Barklev, 
Perry 4), Detroit 25 (Hill, Oumors, Dawkins 
4). 

Sacramento 29 22 27 16—94 

New Jersey 31 21 21 16—89 

5: Richmond 1148B431,Abdeteabv5904> 
M; NJ.s GIIH am 10-772-227, Benlamte 6-9 6-9 
TO Anderson 6-16 4-5 IE Rebounds— Sacra- 
mento 45 (Smith 11>, Hew Jersey 50 (J.WU- 
liams 14). Assists— Sacramento 17 (Wet* 7). 
New Jersey 22 (Anderson 15). 

Utah 23 23 35 XI— 112 

Dallas 28 W 33 28- 87 

U: Malone 9-17 34 21. Carr 10-13 2-2 22: O: 
Moshburn 3-11 IMS TO Jadaton 11-21 7-1231, 
Rebo un d * U ta h 44 (5aenocr 9), Dados 42 
(Janes 12). Assists— Item 26 (Stockton 12), 
Delias 16 iMashSmm 4). 

Boston 28 26 19 36-109 

CtllcooO 34 32 28 31—135 

B: Montren 6-12 6-7 IbMcDantel 7-10 3-5 17: 
C: Plptten 11-15 2-2 26, Buediler 6-11 24 17. 
Rebound*— Boston 43 (McOaniu! 8). Chicago 
53 (Perdue, KuJcoc 7). Assists— Boston 20 
(Wesley 71. Chicago 30 (Harper 71. 
Charlotte 38 22 18 IS— *3 

Denver 24 at xt is— 99 

C: Curry 7-12 2-2 19. PoHsh 7-10 2-2 16; D: 
Rogers 6-11 1-2 17,511th 5-8 7-917. Rebounds— 
Charlotte 41 (Mowing 11). Denver 52 (Mu- 
nmbo22). Assist*— Charlotte 17 (Bowes 77, 
Denver 19 (Pack 8). 

Milwaukee 26 27 26 29—108 

Seattle 38 35 23 23-111 

M: Baker 8-17 5-6 21, Robinson 11-19 2-2 24. 
Day 6-16 7-82D; 5: Kemp I0-146826.GIK9.125- 
B 24. Rebounds— Milwaukee 56 (Baker 13). 
Seattle 47 (Kemo U). Ajsisto-MUwoukee 19 
(Murdock 6). Seattle 26 (McMlllian. Povton 
9). 

Indkiea 25 26 29 38— 711 

Golden State 27 38 24 26-187 

I: D. Davis HI 5-7 21, Jackson 7-11 6-10 22. 
Miller 11-19 66 33; G: Selkahr 10-12 65 24. 
Gaff teg 9-1! 3-3 21. Retauodt— Indiana 45 (D. 
Davis 12). Gulden State 43 ISefliatv.GatllngB). 
Assists— Indiana 9 (McKcr 9), Golden state 
29 (Hardaway, Surewell 9). 

Minnesota 28 26 22 29-1B 

LA. Clippers 16 23 22 34— 9s 

M: Laettner 7-15 5-7 19, Rider 61* 56 », 
Weil 7-9 64 if; LA.: Vaught 1620 0-1 20. Mur- 
rey 7-11 56 23. Reteund*— Mlnnesata 42 


&UCLA (2-0) beat Nd.3 Kentucky 8241. Next: 
vs. Col Sfate-Foiterton. Saturday- 

6 Duke (3-11 test to No. 16 Connecticut 9M6. 
beat illlnofs 7045. Next: VS. George Washing- 
ton, Tuesday; 7, Kobms (241) bed* No. I Mou- 
sactxfMtt*8i-75. Next: to Canute State, Mon- 
day; 8. Florida 138) teat Boston Cottage 91-65. 
beat No. 21 Wc*e Forest 670. Next: at No. 7 
Kansas, Wtotaesdov: % Arizona (3-11 boat No. 
17 Michigan 7657. Next: vs. Fiorido State, 
Tuesday; marnrinnatt (3-1) beet Rutger* 72- 
41 . beat Temple 6041. test to no. 2 North Coro- 
llno 8676 Next: vs. Cantatas. Friday. 

11, Maryland (61) beat Lovota. MdL 92-42. 

beat BuckneH 10264. Next : vs. Morytand-Bol- 

ttmoro County. Monday; 12, Artxona State (6 
1) beat Northern Arizona 74-50. lost to New 
Mexico 87-71. Next: vs. UC Irvine, Saturday, 
Dec. 17; TO wtscaastn (3411 tied Wlscnraln- 
GreenBay 61-57. beat Texas Tech 7066. Next: 
vs. Valparaiso, Tuesday; 14. OMo UmveraHr 
(5-2) last to No. 3 Kentucky 79-76 beat UC 
Irvine 81-72, OT. lost to towa 91-75- Next: vs. 
emta Dominican. Wednesday; TO Mtaaeseta 
(54)1 beat Sacramento State 10X66 teat Cen- 
tral Connecticut Stale 92-56 Next: vs. Rhode 
(stand Sunday, Dec >1. 

16. Connecticut (341) beat NO. 6 Duke 9046. 
beat Yota 10563. Next: 0» Boston College. 
Tuesday; TOMteMgan (3-2) last toNo.V Arizo- 
na 78-57. beat Tannesscu-Chattanoogo 83-71. 


Next: vs. Detratt, Monday: TO (Michigan State 
(20) beat lUlnolPChlcago 92-72. beat Louis- 
ville 85-71. Next: at Nebraska Saturday; TO 
Georgetow n (2-1) teat Morgan State 9963. 
bear DePaut 7661 Next: vs. Providence. 
Wednesday; 20, Georgia Tech (601 teat 
Coastal Carolina 90-71 beat Western Carolina 
1941 beat East Coral tea 100-74. Next: vs. La- 
fayette, Saturday. 

21, Wake Forest (2-1) beat Davidson 7462. 
lost to No. 8 Florida 81-71 Next : at Richmond. 
Thursday; 22. Syracuse (3-t 1 boot Cotoato 68- 
Sl beat Kent 8651 teat Davidson 8946 Noxt : 
of Miami. Tuesday; 21 VWWe f>l) beat 
North CareUna A6T9651 teat Tawson State 
9666 Next: at Vandetbilt, Tuesday; 24, vn- 
toNM (3-1 ) beat Marts! 80-59. Next : vs. Seton 
Hall. Monday; TO New Mexico State (5-1) beat 
Western New Mexico 99-71. beat Texas- El 
Paso 89831 Next: at Texas-El Paso, Tuesday. 


Other Major College Scores 


(Laettner 10), Las Angeles 45 (Fish 9). As- 
list*— Minnesota 28 (Garland 9), Las Angeles 
25 (Richardson 8). 


Top 25 College ResuHs 


New AM tap 25 Mams to The Associated 
Press) men’B college teekelMllPoil fared iMi 
weekend: 1, Mresachusem (l-l> last to Ha 7 
Kansas 81-75. Next : vx. Plttobureh.Thuredav; 
X North Carolina (60) beat Pittsburgh 9067. 
teat South Carolina 9568. beat No. 10 andn- 
natt 8676 Next: vs. No. 24 vmanova, Thura- 
dav; X Keatackv (3-1) beat No. 14 Ohio unf- 
vemtv7976laet IoNolS UCLA 8281. Next:vi. 
Indiana at Loulevflta, Ky- Wednesday; 6 Ar- 
kama* (3-1) boat Jackson state 10387. teat 
Mleeaurl 9671. Next: v*. Centenary, Tuewtay ; 


EAST 

Barton College Ml. Holy Cross 73 
Boston U. 103. Army 83 . 

Brgwn e). Navy 53 
Cor HI in 76 St. Bonaventvre 74 
Connecticut 105. Yale S3 
Dr era I a. Monmouth. N J. S3 
Harvard 79. St. Fronds. NY 68 
M rm li o lton 88. Fardhom 48 
N.c Charlotte 79. Duauesne 70 
Northeastern TO Howard U. 62 
Paw 91. Ohio St. 71 
Penn 51. TO Vanderbilt 73 
Pittsburgh 75. Buffalo 73 
Pnwldence 30. Rhode (stand 77 
oetan Hall lib Lonu Island u. 72 
St. Fronds, Pa. 79, Delaware SI. 68 
St. John’s 89. Niagara 56 
SI. Joseph’s 58, Princeton 38 
Vermont 10b Lafayette 6* 

West Virginia 132. Alaska- Fairbanks 82 
SOUTH 

Alabama 75. va Commonwea l th 57 
Austin Peay 101, Shorter 7V 
Charleston Southern 86 Citadel 69 
Clemson TO WtethraP 7! 

E. Kentucky TO Cant. Florida 76 OT 

Fla. i nt erna ti on a l Bb Folrwah Dickinson 62 

Florida A&M I TO West Florida 91 

Florida St. 101. Florida Atlantic 63 

Furman 69. Wofford S5 

Georgia 81. Mercer 71 

Grambttaa Sf. UN, Jarvis Christtan 92 

Jo-.-fcranvtlto ICb w. Kentucky 8b SOT 

James Madison 91, Purdue 87 

LSU 127. Georae Mason 104 

Liberty 69, w. MIcMaan 63 

Maryland 102, Budaietl 64 

Md- E. Share 86 Goucher 80 

Memphis 96 Jackson SL 99 

Michigan 8b TrvChattonoooo 71 

Middle Term. 73. Lvon 68 

Mississippi 91, Sam Houston St. 75 

N. Illinois 85, Tennessee Tech 74 

NCrGraenstara 72, Campbell 52 

NW Loutstano 77. SE Louisiana 73 


N l choi is st. 1891 Louisiana Christian 61 
Radford 77, GlenvfiJc St. 56 
Richmond 105, VMl 85 
South Aktaama 156, Prairie View 114 
Tutane 122. prairie view 68 
Virginia Tech 77. William & Mary S3 
MIDWEST 
Akron 66 Houston 56 
Arkansas *6 Missouri 77 
Bradley 66 W. HBnoto 58 
Butler M Ininana St. B 
Cent. Michigan 57, Detratt 56 
Cleveland SL 97, incL-Pur.-FI. Wavne 76 
Dayton 91. miss. Volley St. 86 
Duke 70, Illinois 65 
E. Illinois TO TennrMaiiln 52 
E. Michigan 82, Washington St. 78 
Indiana <6 Evansville 63 
Iowa St. 82. Wyoming 63 
Kansas St. 8b Mo- Konsm a tv 48 
Michigan St. 85, Louisville 71 
M. Iowa 66 Lovota. III. 61 
NE Illinois 106 Lakeland 95 
5. Illinois Bb Okt Dominion 74 
Southern Mefh. 77, Crefettfon 78 
Toledo 8b Drake 68 
Valparaiso 8b Carthage 56 
Wichita St. 89. Nebraska-Ornate 66 
WIs.- Green Bay 66 Illinois St. 58 
Wisconsin TO Texas Tech 65 
Wright SL 7b Wilmington. Ohio 61 
Xavier. Ohio Bb Lavola Mb 51 
SOUTHWEST 

Ark. -Little Rock 117, Abilene Chrirtfan 87 
Oklahoma 93, NE Louisiana 68 
Oktatema St. TO Appotacntan Sf. 58 
Oklahoma St. Bb Texas a&m 56 
Oral Roberto TO Appaiochlen St. 68 
South Florida TO Baylor 80 
Texas AbM 6b Oral Roberts SB 
Texas Christian 1TO ttL-Chlcogo 105 
Tulsa 77. Texas- Sen Antonia 57 
FAR WEST 
Air Force 89. Daane 58 
ATO-Btenlnahom 86 CS Wartto-ktae 62 
Brigham Young 9b Nevada 80 
California TO Podflc 86 
Gonzaao 69. Whitman 43 
Lang Beach SL 9b Notre Dante. Calif. 68 
Lovota Mory mount Bb SW Loutoi ana TO 20T 
Montana St. 116 W. Montano 76 
New Mexico 87, Arizona st. 71 
Oregon 93, Seattle Podflc 77 
Portland 76 Oregon SI. 77 
San Diego 9b Notre Dome 76 
San Diego SL 67. Sacramento SL 61 
Stanford 6b San Jose St 52 
Utah 72. Southern Cat 7p 


North Catalina TO Ctodnnatt 76 
Third Place 

Temple 49. South Carolina 44 


Emtracht Dropping S Rebel Players 

FRANKFURT (Reuters) — Ghanaian captain Anthcmy Ye- 
boah, Goman international midfielder Maurizio Gaudmo ana 
Nigerian Jan Jay Okocha. the three Eintracht Frankfurt players 
who pulled out of Saturday’s match with Hamburg after a row 
with the coach, Japp Heynckes, have been put on the transfer list. 

Club sources said it was unlikely the three w ? ouId play against 
Napoli in a UEFA Cup match Wednesday. 

• Argentine striker Gabriel Batistuta had his record 1 2 -game 
scoring streak ended in Turin, Italy, as Juventus came back to beat 
Fiorentina, 3-2. 


For the Record 


SECOND TEST 
India TO Wed tfldta* fourth 
Sunday, Ip Nag p or 
India 1st itateg*: 546-9 (dcdJ 
West ladles 1st Innfngs; 421 
India 2nd Innings: 9S-2 

MANDELA TROPHY 
Sri Laxka to Paktotn 
Sunday, to Jiiknnxiriiwg 
Pakistan: 245 
Sri Lanka: 233 

Rusutt: Paktston won by 12 ran* 


Nick Faldo beat Nick Price and Ernie Els by three shots to win 
the Million Dollar Challenge in South Africa and golfs richest 
first prize: SI million. MFJ 

Tiger Woods, the VS. Amateur golf champion, was mugged at 


Stanford University, where he is a freshman; he said a man with a 
knife took his watch i 


Top 25 Results 


i and gold rf»ain and hit Urn in the jaw with the 
knif e’s handle, knocking him to the ground. (AP) 

Yasnei Yakusfaqi retained his WBC bantamweight title by 
outpointing fellow Japanese Joichiro Tatsuyoshi in Nagoya, Ja- 
pan, (AFP) 

Anadet Waxnba erf France retained his WBC cruise rweight 
crown by outpcrfnting Marcdo Dominguez of Argentina in Salta, 
Argentina (AP) 

Idrfro Ogunura, 62, president of the International Table Tennis 
Federation, died of tog cancer in Tokyo. (Reuters) 


How me top 25 teams to Tte AnKtatod 
press* coteg* football pad terad Satordcnr: 1, 
IHbraiim (12-0) did not ptav. (text: to Na4 
AttamLOranaaBowL Jan. Is A P*m Bb-flHI 
did not play. Ntxl: to Na 12 Oregon, Rose 
Bowl Jan. 7} X Alabama (11-1) tart to No. 6 
Florida, 24-23. Nett: to He. 13 OWo Slate. 
Citnn Bowl Jan. 2; 6 Miami (10-1) did not 
ptav. Next: vs. Nbl Nebraska, Orange Bawl 
Jan. 1; 5> Cetorado (tD-i) did not Play. Next : 
to Notre Dame, Fiesta Bowl joil 2. 

b Florida 119- VI) beat No. 3 Alabama 24-33. 
Next ; vs. Nb 7 Plarfda State, Sugar Bowl Jan. 
2; 7, Florida Stale 19-1-1) did not play. Next: 
vs. fro 6 Florida Supra* BowL Jan 3; b Texas 
ABM 004-1) did not play; seaeon compute; 
9, Autatn (9-1-1) dW not ptav; Mason com- 
plete; IB Colorado State (10-1) dte not Ptav. 
Next : to No. 20 MMilgan. Holiday BawL Dec. 
3b 

11 Kansas Slate (9-2) did not atov. Next: to 
B oston College. Aiote Bowl Dec. 25; 12. Ore- 
gon (9-3) dW not Ploy. Next: to Na 2 Penn 
5 rate. Rose Bawl Jan. 2; 13, OMo State (63) 
dkl not Ptav. Next: to Na 3 Alabama Citrus 


Bowl, Jan. 2; IbUfafl IH] did not play. Next: 
to Na IS Artzarte. Freeaam BcwL Dec 27; lb 
ArtSma (8-31 did not ptav. Next: to Na 14 
II tan. Freedom Bowl, Dec 27. 

lbMtaShsipPt State (B3) did aotplay.NexI: 
to Na 23 North Carotins State, Peadi Bowl 
Jan. 1; 17, Vlrtfnta Tecb (frit did not ptav. 
Next: to Tennessee, Gator Bowl Dec 30; IB 
Norte careHna ( w) did not Play. Next: to 
T exas, Sun Bowl Dec 30; 19. Virginia (8-3) did 
not Ptav. Next: to Texas Oirtsltea Indeaen- 
donee Bowl Dec 28; SbMkbigan (74) did not 
ptav. Next: to Nc ID Colaroac State, Hoiteav 
Bowl Dec 3b 

2L Soattern Cat CKJ-ll did not Play. N*kf; 
to Texts Ted. Cotton Bawl. Jan. 2; 22, 
Brigham 'rotate (FO> did not Mav. Next: to 
O kiatioma Cooper Bowl Dec 29; 3% North 
CareUna State IB3) dW not ptav. Next; to Na 
16 Mlssfesipoi state. Peach Bawl. Jan. 1; 36 
Washington state i7-4« did rat ploy. Next: vs. 
Baylor. Atoms Bowl. Dec 3*. ; 35, Date (B-3) 
did not plav. Next: to v/isccrsm. Hail of 
Fame Bowl, Jen. 2. 


. TOURNAMENTS 
Amalias Classic 
CtemploraMn 
Nebraska 9b Idaho SL 72 
Third Place 

More head St. 8b Southern Mbs. 77 
Carrier Classic 
Championship 
Syracuse 89, Davidson 66 
Third Place 
Kent 8b Iona 68 

First Bank Classic 
ChamPtansMp 

Marauetie 96 Northwestern 66 
TMrd Place 
Siena 7b W Is. -Milwaukee 58 
Mawkeve Classic 
ChaoteiansliiF 
lowa 91. Ohio U. 75 

third Place 
UC Irvine 7S Panperdtae 68 
MttUfe Classic 
Chompioasblp 
5<m Francisco TO La Satie 82 
Third Place 

Louisiana Tetf) 63. Col Po(y-SLO 45 
Wte HU Classic 
ChamptansMp 
Colorado 9b Holstra 77 

Third Ptoce 
Cornell 7B E. WasWngton 74 

Mtosoelhte/CUca-Ceio Classic 
CbamptanMP 

MtosissIPM SL 9b M o nt a na 8b JOT 
TMrd Place 

Texas Southern 91, Cotoato 87, OT 
Red Aeerbadi Oriental Classic 


George W u e hta gton 62, St. Peters 51 
TMrd Ptoce 

New HampeMre 87, S. Carolina St. 66 


Other Major College Scores 


Army ZL New 3SI 
Mcrstsll 25. Junes Vsdiscn 21. OT 
Youngstown SI. lb E. Kentucky 15 
Boise St. 17. Appalachian Si. 14 
Montana 3b Mctteese St. 23 


Arabella 

Grand Hotel 

Frankfurt am Mvn 


The 

Grand Hotel 
of our Time 


Downtown location, 
complete health dub 
with indoor pool. 


Spedality restaurants: 
Japanese & Chinese cuisine. 
Sushi-bar 
Bar with live music. 

13 banquet & meeting rooms 


Konrad- Adenaaer-Str. 7 
D-603I3 Frankfurt 
Telephone.: ++69 - 29 81 0 
Fax: ++69-29 81 S10 


GERMAN FIRST DIVISION 
Bayern Munlcn 2. Dynamo Dresden 1 
Karlsruhe SC 3. Werder Bremen 1 
Bayer Uerdlnoen 0. SC Freiburg 2 
VfB Stuttgart z. Moenchenotaabacn 4 
Eintracht Frankfurt Z Hamburg SV 0 
Bayer Leverkusen 3, FC Cologne 1 
FC Kaiserslautern I. (860 Munich 1 
Borussla Dortmund 1, MSV Duisburg 0 
Standings; Bervssla Oorimund » ocmls. 
Werder Bremen 23. MoentSienoladbach 23. 
FC KOlserstautern 72. SC Freiburg 31. Bayern 
Munich 21. Karlsruhe 5C 21. Sever Leverku- 
sen 19. Hamburg SV 18, VfB Stuttgart lb Eln- 
tracht Frankfurt 16. Sctelke IX FC Cologne 
11 Bayer Uerdingen lb Dvnamo Dresden 9. 
1860 Munich b V1L Bochum B, MSV Duisburg 
5. 

DUTCH FIRST DIVISION 
MW Maastricht 1, Redo JC Kerkrade 1 
Willem II TUburo 4. G-A. Eagles Deventer 0 
SC Heerenveen 6 NEC NUmegen 2 
RKC Waalwtik Z NAC Breda 0 
PC Twente Enschede Z PSV Eindhoven 2 
F gy enoord Rotterdam el vnesse Arnhem 3 
FC Groningen 4, Sparta Rotterdam 0 
FC Utrecht X DordrechtYO l 
FC Vaiendam Z Alox Amsterdam 7 
Standings: Rada JC 24 points. Alax 23. FC 
TwgrUeJI, PSV 2b Feyetwonj 17, Wiflem ( 1 16 
Vitesse lb Heerenveen 1b MW IX FC 
Utrecht li NAC IX FC Groningen IX FC Vc- 
tendam IX Soar) a 11, NEC lb RKC 9. GA 
Eostes 7, Dordrecht YQ 6. 


ITALIAN FIRST DIVISION 
Bart X Faggto 1 
Cagliari 1, Lazio of Rome 1 
CrtBTKxwse b Inter ot MSan 1 
Juventus ot Turin X Fforenttna 2 
Napoli X Torino 1 
AC Parma 6 Brescia 0 
as Romo X Padova 0 
stenefiosx: Parma 23, Jurontaolb Roma 23, 
Fiorentina 2X Lazio ZZ Bart 22. Foagki 17, 
Inter 17, Cogllari 17, Sampdwla K Milan IX 
Torino IX Cremoaese IX Napoli IX Genoa n, 
Padova b Reggkmo X Bresdo X 

FRENCH FIRST DIVISION 
Bordeaux X MoatPeOter 8 
Le Havre 6 Rennes 0 
Sodxwx b Wee 1 
Lens 1. Paris SG 2 
Strasbourg 1, U»e 1 
Comes 1, Coen 0 
Nantes b Auxerre 0 
Monaco 1. Lyon 1 
Bast la to Metz. pad. 

StatxBags: Nantes 42 points, Paris St. Gor- 
moln 38. Comes 36 Lvon 36 Bordeaux 3X 
AaxerreST. Strasbourg 31. Lens 29.Morftgim 
27. Salnt-Etienne2b Rennes 26 Monaco 2X Le 
Havre 2X Metz 21 Nice 21, L»lr 21. Baste 2b 
Caen lb Sochaux lb Montpellier lb 
ENGLISH PREMIER LEAGUE 
Queen’s Park Rangers X West Ham 1 
Coventry 1. Liverpool 1 
Ipswich 1. Manchester Cttv 2 
Letaester 1, Aston Villa 1 
Manchester United 1. Norwich 0 
Nottingham Forest X Arsenal 2 
Sheffield Wednesday I, Crystal Potace C 
Southampton 0. Chelsea I 
Tottenham 6 Newcastle 2 
wimatedon b Btochhurn 3 
Standtogs: Blackburn 39 Prints. Mowc h e*- 
ter United 3b Newcastle 36 Liverpool 31, Not- 
tingham Forest 29. Manchester aty 3b Chel- 
sea 27. Leeds 27. Norwich 26 Coventry 23, 
Tottenham 22, Arsenal 21, So u tha mp ton 21, 
Sheffield Wednesday 21. Crystal Palace 2b 
Queen* Park Rangers 19, Wimbledon lb West 
Hem 17, Aston Villa IX Everion 16 Letotstor 
11 Ipswich 11. 

SPANISH FIRST DIVISION 
Barcelona 1 Deporttva Coruna I 
Real Voiiadolld i Celia 1 
Real Oviedo 0 Real Bette 0 
Real Sadedod 1 Real Madrid I 
Valencia 3 Alboceie 3 
Aiietleo Madrid 2 Athletic Bilbao 1 
Compostela 2 Racing Santander l 
Sevilla 3 Esoanoi 0 


KottoSetzlnger.Oemxjnr. 1 :45A*; bStofcmit 

SSr Austria, l;«Rj i Hridl Zurtrig- 

«,te Bduvtef. Prante, 

etr. Aftctwroae. AtastoL 9 ‘ H * fah 

SH^Btenter-5 

weFralriensMiHJ. ^ T:«3l. 

RjidtiSiWN«)ro*VBfldftt<WWIP 

ffTssapo-idaiastatort roc* of «■ season: 1, 

svMa Eder, Austria, 1 mtnulft 21.36 seconds: 

XVarenikaStaHniator.A«Htil8.1:2IJ8;XH*l- 

di Zetwr+Jaefller,Swll*grtaid,l^lJt; 6 Bar- 

boro Meritn. 

or. FntaCfe itUJl 

bSiwncwn NobTOPort atv.D«v»:2Ta6; 7, 
Plcobo Street, Sun VaOey. Idaho. I:2t^i & 
Alexandra MetssnUzer. Austria. ldXPf; 9, 
HIMe Gere, Germany, i:&M; Tfc RflfJa Sp- 
ringer. Germany, l:23.l> 

World Cup overall standtogs tetter tear 
need: ). zedaoBaeMer, U9 points; X 

Srtmeider. 177; X Eder, Ilf; 6 SeJztnger, 114; 

x vmn 108; b Un«v 10i; 7, Erti, «»,- b 
Stalhnaier. W; 9, Koetner, 85; lb Bowrter, 81- 
(lit) Marianne Kloeratad. Norway, 81. 

MEN 

Resatts Saturday front Ttgnes,- France to 
tee ftret giant ltaMm rew oMlie season wtth 
(kier, country, hem times and total : l.Acfflm 
VoaL Ltodhtenoteta (1 ;1619, 1:1657), 2 min- 
uteeja76soaxids; X Michael VteGrueirtgen. 
Switzerland (i:MV. 1:1655). 2:2b92; 1 Kle- 
tu- Andre Aomatft. Norway (1:H81, l:ib25). 
2-3156; 6 Alberto Tatnba, Italy (I:1b07. 
1:1X44), 2:3X51; X Urs Koelta Swltrert a nd 
(l:1665» 1:17.13), 2:3158. 

t. Jure Kosir. Slovenia (1:1552, 16861. 
2:31.88; 7, (He). Mario Retter.Auetrto [1 :15.1b 
1 : 1672), 2:3150; X Rainer Satzgeter, Austria 
(1 :153b 1:1662). 2:3150; 9, Chrtettan Mover. 
Austria (l:IS87,l:lb94t,2;3281; lbGuetdher 
MOder. Austria CI:T3Jb 2:3039. 

Resalts Sunday tram TTsnee of the first sta- 
IM race ot the seasons wtth skter, country 
bhi two-beat tone: 1, Alberto Totnba iWv 
(51 jg . 50J1) i minute. 4154 seconds; XJM- 
chgel Tritscher.Austrto 15X15-5X71) 1:4256; 
X Thomas FaadOb Sweden (5130 - 5153' 
1:4303; 6 Ota Christian Furusefh. Norwo 
(5151 - 5159) 1:4X40; 5. Mtchoei Van Grecnf 
gn Switzerland (5153 - 5X27) 1:435b 
b Andrea ZlnslL Switzerland (5X42 - 5152', 
7:4354; 7. KJetlMndre Awnodt, Norway 
(5X38-5159)1:4444; 8. Finn Christian Jaggs. 
Norway (5159 - 5X61) 1:4450; 9, Bernhard 
Bauer. Germany (5257 - 51.77) 1-.46M; 10 
Maria Reiter, Austria (5X17 - 5X01) 1:44.1b 
Overall World Cup stand to gs: (after two 
recss) :i,AH»rtoTomba,ltatv IS); XMkhoto 
van Gruentgen, Swffnrhntf 125; X AcMm 
Vogt. Llachtenstota 100; 6 Ktettl-Andra Ac* 
madt. Norway 98; 5, Michael Trttochra. Aus- 
tria, to. 

b Marla Refler, Austria 62; 7, Thomas Fog- 
dob Sweden. 60; b Ote Christtan Furusefh. 
Norway. 58; 9, urs Koethv Switzerland 45; IX 
(He) Andrea ZimlLSv>itzerianiL40; 10, Jure 
Kosir, Skntania 40. 


RUGBY LEAGUE TEST 
Australia 76 France 0 

RUBGY UNION TOUR 
Barbarians ZX South Africa 15 


BASEBALL 
American League 

CALIFORNIA— Put Jett Schwarz. Pilcher, 
on waivers tor purpose ot giving Ms uncondi- 
tional release. Agreed to terms with Pedro 
Guerrero, outfielder, on contract with Van- 
couver. PCI. 

SEATTLE— Signed Gory Thurman, Basil 
u »*im iw< porrefl m 

contracts wtth COtaarv, PCL. 

TEXAS— Put Jett Huson, Hide Ider, on ytalv- 

er* tar p u rpose of giving Ms imamBHono! 
release. Named Mike Berger manager and 
Brad Amsbere pitching coach ot OwkatofL 
South Alhmtlc League; Bump' WINS nunoger 
and Steve Foucault Pitching coach at Hudson 
Valley. Yurit-Peim League; aid Frank Nev- 


ille minor-league medical coor di nator.^ 


Mdlggoi League TO ) 

CHICAGO— Put Dave Otto, pitcher, on 
waivers tlgr Purpose at giving Mm uncandh 
llonal releose. 

SAN DIEGO Agreed to terms with Brett 
Merrl man. pHcher,on mtaor-te ap ueoaifract. 

. . . BASKETBALL 

National Basketball Association 

UTAH— Roieasad Walter Bond, guard. Acti- 
vated Jay Humphries, guard, from disabled 
list. 

CHICAGO— Put Carle Blount forward, on 
In hired IW. Activated Lurry KrYSttcowlak. 
forward, from Mured list. 

DENVER— Activated Darnell Met, guard. 
Placed Reggie WUUamb forward an Inlured 
ItsL 

HOCKEY 


- • I . . * !’ v.. u'. I «■ 

Work) Cup Results 


WOMEN 

Results Friday from ValL Colorado of the 
first women's rfownhift race ot the season: 1, 
Hilary Undh, Juneau, Alaska l mlnuta,45JB 
seconds; X Isolde Kostner. Italy, 1:4559; X 


ANAHEIM A ssigned Oteg Tverdovsky, 
d eten s emoa to Brandon Wheat Kings, WHL. 

COLLEGE 

NCAA— Reinstated Jeff CHeff and Dave 
Coradlnl to Georgia Southern basketball 
team murdered lh* two toslt out rw games. 

ARKANSAS— Fired Lorry Van Der Heytien 
and Buddy Ktaa, offensive line coaciws. 

CALIFORNIA. PA--Shea Fiemwr, fresh- 
man baskettaU tarworb has transferred 
tram Marshall. 

COLORADO— Named Rick Neutwlsel toot- 
ball coach, effective after Resfo BawL 

OUKE— Announced transfer of Joey Beard, 
sophomore tamnl after Ion semester. 

EASTERN ILLINOIS — Extended contract oi 
Bab Spoil football coactv through 1995 season 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



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Tel.: {33 1)46 37 94 76 
Fax: (33 IJ463793 70 
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Page 21 


A Y 






shorts 


■ ■ : 


No. 1 UMass Falls 
To No. 7 Kansas 


: 

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i".- A * 

' 

- ~y^" 

' -V L'^4 
■ 

V " Park 

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i : - 


Another top-ranked college 
basketball learn fell with a thud 
over the weekend, a victim 0 f 
wretched shooting and a relent- 
less opponent. 

Lou Roe tried desperately to 
carry Nal Massachusetts on 
his bade, but the Minutemen 
proved to be a heavy burden 
.down the stretch and No. 7 
Kansas pulled away for an 81- 
75 victory Saturday in the first 
game of the John R. Wooden 

• Classic in Anaheim, California. 

No. 5 UCLA brought down 
No. 3 Kentucky in the second 
J game. 

. So, there will be a new No. 1 
this week. 

Roe did his part to keep 

• UMass on top, but he couldn't 
| guard all five Jayhawks alone. 

- Or score over than either. 

He had 33 points and 10 re- 
bounds, often dominating the 

. COLLEGE HIGHLIGHTS 

taller Jayhawk front line, but 
-Roe's tMiwnaiM abandoned 
him late in the game. Against 
[previously top-ranked Arkan- 
■ sas on Nov. 25, Roe scored 34 
points and had 13 rebounds in 
overwhelming the Razorbacks' 
Corliss Williamson. He also 
had help in the 24-point victory. 
In this game, he md not 
Against Kansas, the 6-foot-7 
(2-meter) forward made a re- 
de 13 of 25 shots from 
i field. His teammates threw 
up bricks, however, making 
only 17 of 52. 

At times, the highly-touted 
sophomore center Marcus 
Camby seemed invisible. Jay- 
hawk big men Raef LaFrentz, 
who had a team-high 18 points, 
Greg Ostertag and Scot Pollard 
dominated the second half. 

Camby, who had 13 points 
and 12 rebounds against the de- 
fending NCAA champion Ar- 
kansas, had two points and five 
rebounds against Kansas. 

Two free throws by Jacque 
Vaughn and a three-point bas- 
ket by Jerod Haase in the 
game's final 1 : 14 helped Kan- 
-tts seal the victory. 

• “It was apparent today that 
we can't beat the top teams with 
only one guy,” the UMass 
guard Derek Kellogg said. 

UMass Coach John CaHpari 
pointed to his team’s woeful 
shooting and the Jayhawks’ re- 
markable intensity as the decid- 
ing factors. “I thought we got 
outplayed, outhustled and out- 
coached,” Calipari said. “We 
have shot better. It takes great 
balance to beat a Kansas or an 
Arkansas and you can’t beat 
them with one player." 

No. 5 UCLA 82, No. 3 Ken- 
tucky 81: UCLA freshman J.R. 
Henderson wasn't even bom 
when the Bruins and Kentucky 
last played nearly 20 years ago 
for the NCAA championship. 
So he was hardly nervous step- 
ping to the line with six-tenths 
of a second remaining and the 
game in his hands. Henderson 
hit two free throws to give 
UCLA the one- point edge. 

“Tm not the one to got real 
nervous," Henderson said. “As 
soon as the first one was over, 
that was the big one.” Kentucky 
called a timeout, sending Hen- 
derson to tiie bench to consider 
the pressure. Instead, the 18- 
year-old smiled and told senior 
teammate Ed CTBannon that his 
second attempt would be “no 
problem." Indeed, it wasn’t. 
Henderson toed the line, and the 
net swallowed his shot. 


hadn’t 
since the 
which 


“I was on the bench and I 
saw the second one in already in 
my mind,” he said. 

The two schools 
played each other 
1975 NCAA title game, which 
the Bruins won, 92-85, for the 
last of coach John Wooden’s 
record 10 championships. 

After No. 7 Kansas beat No. 
1 Massachusetts, in the opener, 
and with Wooden watching the 
doubleheader, the Bruins took 
advantage of Kentucky’s foul 
trouble and exerted strong de- 
fensive pressure to come back 
in the fin?l minutes. 

Kentucky led by 10 with 
about 11 minutes to play and 
was up 77-71 with 3:40 to go 
before UCLA rallied. 

It was the lack of interior 
defense that hurt the Wildcats. 
Kentucky’s coach, Rick Pitino, 
said. 

CTBannon led UCLA with 26 
points, while Zidek had 16 
points and 10 rebounds. Ken- 
tudty got 16 points from Ro- 
drick Rhodes and 14 from Jeff 
Sheppard. 

Tony Delk, the Wildcats' 
leading scorer with a 17.0 aver- 
age, went to the bench with two 
fouls in the game’s opening two 
minutes. 

No. 2 North Carolina 86, No. 
10 Qncinnati 76: In Charlotte, 
North Carolina, sophomore Jeff 
Mclnnis scored a career-high 23 
points, and North Carolina sur- 
vived second-half foul trouble to 
win the Tournament of Champi- 
ons. Mclnnis scored 16 of his 
points in the second half, includ- 
ing 10 in the final 5:21. 

No. 4 Arkansas 94, Missouri 
71: In Columbia, Missouri, 
Scotty Thurman scored 27 
points and hit two of five 3- 
pointers in a 32-second span in 
the second half to break up a 
dose game, as Arkansas defeat- 
ed Missouri. Clint McDaniel 
added 20 points for Arkansas as 
the Razorbacks ended the Ti- 
gers’ 17-game home winning 
streak. 

No. 6 Duke 7#, Iffiuofc 65: In 
Chicago, freshman guard Tra- 
jan Langdon scored all 12 of Ms 
points in the second half as the 
Blue Devils fought off the mini 
to continue their mastery of Big 
Ten competition. Duke scored 
the final six points in the first 
college game at the United Cen- 
ter. 

No. 8 Florida 81, No. 21 
Wake Forest 7th In Greens- 
boro, North Carolina, Dan 
Cross scored 27 points to lead 
Florida to victory. The Gators 
held Wake Forest to one shot 
an most of its possessions, then 
maintained that control to keep 
the Demon Deacons from mak- 
ing a run in the second half. 
Only Florida’s inconsistent 
baHhandKog — 19 turnovers — 
kept it from opening a bigger 
margin and the Gators’ stifling 
man-io-man defense quieted 
the outside shooting of Ran- 
dolph Childress, Wake Forest’s 
prime offensive threat 
Iowa 91, No. 14 Ohio Univer- 
sity 75: In Iowa City, Iowa, Jess 
Settles scored 26 points as the 
host surprised Ohio and won 
the Hawkeye Invitational 
championship for the 12th time 
in 13 attempts. The Bobcats 
have lost two of its last three 
games. 

No. 19 Georgetown 74, De- 
Pad 68: In Landover, Mary- 
land, freshman guard Allen 
Iverson scored 16 of his team- 
high 31 points in the closing 
6:54 to help boost Georgetown 
past DePauI. (LAT.AP) 



Patriots Stomp 
On Jets’ Hopes 


_ _ m Timothy ClaiyiAjcDcr Fiance- Preoe 

Cowboys Michael Irvin celebrating his touchdown Sunday with teammate Alvin Harper, as Dallas beat the Ra gl e*. 


The Associated Press 

FOXBORO, Massachusetts 
— Ricky Reynolds raced II 
yards with an interception for a 
touchdown, carrying New Eng- 
land closer to the playoffs and 
stomping on New York's hopes 
Sunday, as the Patriots beat the 
Jets, 24-13. 

Tortured by turnovers this 
season against the Jets, the Pa- 
triots finally capitalized on one 
of their own. Reynolds’ theft 
gave them a 17-13 lead with 
3:51 left in the third quarter. 

With three games left, the Pa- 
triots improved to 7-6 with their 
fourth straight victory as they 

NFL ROUNDUP 

seek their first playoff berth in 
eight years. Their American 
Football Conference East rival 
Jets fell to 6-7. 

A fake field goal that turned 
into a punt pinned the Jets at 
their I -yard line. After Richie 
Anderson ran twice for 4 yards. 
Boomer Esiason threw near 
Ryan Yarborough on the left 
side. Reynolds cut in front, 
caught the ball and cruised to 
the Patriots' first defensive 
touchdown of the year. 

On the previous possession, 
the Patriots had a fourth-and-7 
at the New York 31. Punter Pat 
O'Neill lined up for a field goal. 


Florida Derails Alabama’s National Title Chase 


By Malcolm Moran 

New York Times Serrice 

ATLANTA — Alabama’s hopes for a 
perfect season, and a chance to win a 
second national championship in three 
years, came crashing down in the din of 
the Georgia Dome, where the Florida 
Gators answered two questions. 

Once and for all, they demonstrated 
that they could come from behind, and 
that they could win a close game. 

The Gators beat the Crimson Tide, 
24-23, on Saturday to win the Southeast- 
ern Conference championship game on 
Chris Doering’s 2-yard touchdown 
catch from the shaken quarterback Dan- 
ny Wuerffel, then Eddie Lake's inter- 
ception of Jay Barker’s pass with 51 
seconds to play. 

Alabama, which had been tied or be- 
hind during the second half in 7 of its 1 i 
victories this season, finally ran into a 
comeback it couldn't puQ Off. 

“I thought we’d pull it out again, like 
we’ve done before,*’ said Barker, whose 


right shoulder had been injured during 
the first half. 

Florida ( 10-1-1) won a second consec- 
utive SEC title for the first time in 
school history. The Gators advanced to 
the Sugar Bowl, where they will play a 
rematch against Florida State. Alabama 
(11-1) will receive as consolation prize a 

S ot in the Florida Citrus Bowl against 
bio State. 

Alabama was given the lead with 5 
minutes. 29 seconds to play when line- 
backer Dwayne Rudd returned a de- 
flected pass by Wuerffel 23 yards for a 
touchdown. Wuerffel could have thrown 
a short pass over the middle to running 
back Fred Taylor, but chose to throw to 
his right, toward Aubrey HilL Sopho- 
more cornerback Cedric Samuel hit Hill, 
causing the ball to pop into the air and 
hop off the top of Samuel’s helmet. 

Rudd picked it off on the carom and 
ran up the left sideline for the 23-yard 
touchdown that gave the Tide its first 
lead since the first quarter. 


But even as the Alabama fans in the 
record Georaa Dome crowd of 74,751 
celebrated, the Tide’s coach. Gene Stall- 
ings, made a decision that would soon 
give the Gators a chance to regain the 
lead. Leading by 5 points after the 
touchdown, Stallings decided to have 
kicker Michael Proctor, who had made 
field goals of 22, 47, and 48 yards, kick 
the extra point for a 23-17 lead. 

The Gators quickly took advantage 
by producing an 80-yard drive that end- 
ed with Doering’s reception of Wuerf- 
fei’s quick pass from the 2-yard line to 
give Florida the lead. 

Jade Jackson, the junior wide receiver 
who led the Gators with 56 receptions 
and IS touchdowns in 1 1 games, had left 
the game with a dislocated shoulder af- 
ter catching a 5-yard pass on Florida’s 
third play of the game. 

• Kurt Heiss’ 52-yard field goal with 
6:19 left gave Army a 22-20 victory over 
Navy in Philadelphia. It was the Odets’ 
fourth defeat of the Midshipmen in the 
last five years. Heiss, a senior whose 


previous best was a 37-yard field goal, 
also was good from 21 and 35 yards as 
Army took a 45-43-7 lead in the series. 

Quarterback Ronnie McAda rushed 
for 126 yards as Army (4-7) won by 
r unnin g up the middle against Navy (3- 
8). The Cadets ran for 373 ^ards on 70 
carries. Kevin Vaughn carried 20 times 
for 92 yards, 80 in the second half. 

Jim Kubiak, Navy’s career passing 
leader, was 24-of-34 for 361 yards, two 
touchdowns and three interceptions. 

An impressive catch and run by Navy 
tight end Kevin Hickman gave the Mid- 
shipmen a 20-19 lead late in the third 
quarter before Army inarched for the 
winning field goal 

Hickman took a screen pass, eluded 
what would have been a tackle for a loss, 
then loped down the sideline for a 56- 
yard touchdown that was the longest 
reception in his career. Navy failed on 
the 2-point try, got another chance 
thanks to an Army penalty, then failed 
again. fAPJ 



Hawks Pressure O’Neal 
To Halt Magic, 107-105 


Mark D. KEpi 

The Bullets’ Chris Webber harassing Patrick Ewing during the Kindts’ 111-95 victory. 


The Assoaaiat Press 

ATLANTA (AP) — Jon 
Koncak’s tenacious defense on 
Shaqutille O’Neal earned him a 
chance to beat the Orlando 
Magic from the free- throw line, 
as well the respect of the Na- 
tional Basketball Association's 
leading scorer. 

O'Neal committed an offen- 
sive foul with 32 seconds left, 
sending Koncak to the line 
where he made one shot, break- 
ing a 105-105 tie Saturday. The 
Hawks won, 107-105. ending 
Orlando’s nine-game winning 
streak. 

“Remember, this Jon Kon- 
cak is the greatest defensive 


Kindis 111, Bufiets 95: In 
New York, Charles Smith 
scored 23 points and the 
Knicks’ reserves made key con- 
tributions as New York re- 
grouped from a 25-point loss to 
the Magic the previous night. 
Patrick Ewing had only 3 points 

NBA HIGHLIGHTS 

in limited minutes, but reserve 
Anthony Mason had 22 points. 1 

Pistons 107, Sons 97: In Au- 
burn Hills, Michigan, Grant 
Hill and Mark Macon led an 
11-0 third-quarter run that 
helped Detroit beat Phoenix, 


Charles Barkley led the Suns 
player in the world. He never with 20 points and 10 rebounds, 
fouled me once,” O’Neal said tb, n« t7K Celtics 109: In 


CROSSWORD 


ACROSS 

1 Winter 
precipitation 
8 Pay. with “up” 
i o Wan the 
Terrible, e.g. 


Proportion 

15 “ Smile’ 

{1976 Hall & 
Oates hit) 

is Regulation 


% 

CORUM 

Matov Artisans tTHortogerie 


In Paris, 

1, rue de La Paix 


17 Bad loser's 
reaction 
IB More than 
eager 

20 Prolonged 
attack 

21 Pacific Rim 
locale 

2S‘Eurekar 
2« Vegas 

28 A tewi 
M Scrutinizes 

33 Watermelon's 
coat 

34 “Tamerlane" 
playwright 
Nicholas 

as Frequent 

reduction 

targets 
37 Delay 
40 Outlawed 
explosion 
42 Kind of service 

13 {all-out) 

44 Take care of 

45 Golf pegs 

47 Author Ferber 

48 Guided 
excursion 

so Innocent 
32 Guy with a 
racket 

ss Unknown John 

56 Pleasant tuna 

57 Litigates 
ss Train tracks 
•3 Ballet 

movement 
u Montana’s state 
flower 

ea Having little fat 
ee Genesis son 
70 — -Rae (Sally 
Field role) 

71 Flubs 

72 Kind of tide 

73 High-nat’s look 


DOWN 

1 12 th graders: 
ADbr. 

2 Vientiane's land 
a Sewing case 
4 It's west of 
England 
s Transverse pin 

• " matter o! 

tad . . 

7 California valley 
■ Lock 

Bless difficult 

io la-la 

is Gold digger’s 
■mine* 

12 Shalom In 
Hawaii 

13 Like royalty 

ia It's within grasp 
22 Dispatch boat 
25 Long-tegged 

bird 

27 Main dish 

2a Nest eggs: 

Abbr. 

28 Memo 

M Virginia woman's 



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31 Spaghetti 
sauces 

32 Snooped 

. ss Race 

sa Queue 

3 f Swing role 

41 Racetrack 
tipsters 

48 Gave an oath 

as Corned beef 
sandwich 

til Pines 

82 Joplin's *— — 
Last Rag’ 

53 Ship from 
Kuwait 

54 Marie 
Antoinette, e.g. 


©Afetc York Times/ Edited by Will Shots. 


Solution to Paste of Dec. 2 


QSHH Haas sanaa 




A XlllE 


R A PBH U B I E 


sb Greek portico 

CD Remove the 
wrinkles tram 

*t Tradition 
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54 Printers’ 
measures 

88 Recipe amL 
87 Old salt 


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sans aaaaaaa 
□□eedss aaaaaaa 

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See our 

Arts and Antiques 

every Saturday 


after the game. 

O’Neal still led all scorers 
with 27 points, coming off 
nights of 38 and 41 mints. His 
season average is 31.7 points 
per game. Anfersee Hardaway 
added 26 points for Orlando 
and Nick Anderson 19. 

Atlanta’s Stacy Augmon hit a 
12-foot jumper to tie the game 
at 105 with 53 seconds left. 


Instead, he placed a punt per- 
fectly, and tackle Todd Rucci 
downed the ball at the I. 

Art Monk tied Steve Lar- 
gent’s NFL record of 177 
straight games with at least one 
catch. 

The game was tied 10-10 at 
halftime, and all the Jets’ points 
came after turnovers. Esiason’s 
15-yard scoring pass to Monk 
followed a fumble by Leroy 
Thompson. Nick Lowery's 46- 
yard field goal four seconds be- 
fore halftime was set up by 
James Hasty’s interception of 
Drew Bledsoe. 

Cowboys 31, Eagles 19: Em- 
miti Smith, carried 25 limes for 
91 yards and two touchdowns 
to lead visiting Dallas (21-2) 
over Philadelphia and clinch 
the Cowboys’ third straight 
NFC East title. 

Michael Irvin bad 117 yards 
and a touchdown on four recep- 
tions. It was Dallas's 14th 
successive NFC East victory 
and the Eagles’ fourth straight 
loss. 

The Eagles (7-6) rallied when 
Randall Cunningham's second 
touchdown pass of the game cut 
the Dallas lead to 24-19 in the 
fourth quarter. 

But after a 49-yard punt re- 
turn by Jeff Sydner gave Phila- 
delphia the ball on the Cowboys' 
12, Darren Woodson intercept- 
ed Cunningham’s pass and ran it 
back 94 yards for the touchdown 
that sealed the victory. 

S teeters 38, Bengals 15: In 
Cincinnati, Bam Morris rushed 
for 108 yards and a pair of 
touchdowns, and Rod Woodson 
returned one of Pittsburgh's two 
interceptions for a TD as the 
Siedere roughed up Cincinnati 
to clinch a playoff spot. 

Pittsburgh (10-3) came into 
the game tied with Cleveland 
for the AFC Central lead. The 
teams meet in Pittsburgh in two 
weeks for a game that probably 
will decide the division title. 

The victory clinched at least a 
wild card for the Steelers. 

Morris, filling in while Barry 
Foster rested nis sore back, 
went 1 yard for a touchdown on 
the Steelers’ first possession. 
The Bengals responded with 
Jeff Blake’s 56-yard pass to 
Carl Pickens that set up his 7- 
yarder to Pickens. The Steelers 
them clamped down, holding 
Blake to 93 yards passing the 
rest of the game. 

Buccaneers 26, Redskins 21: 
In Tampa, Florida. Craig Erick- 
son’s quarterback sneak with 32 
seconds remaining gave Tampa 
Bay a victory over Washington 
and consecutive victories for the 
first time since September 1992. 

Erickson capped an 11 -play. 
80-yard drive featuring the run- 
ning of Errict Rhetl, who 
gained a Bucs’ rookie record of 
192 yards on 40 carries, and 
completions of 19 yards to 
Courtney Hawkins and 13 
yards to Lawrence Dawsey. 

The Redskins, who used .An- 
dre Collins’ 92-yard interception 
return and long scoring passes 
from Heath Shuler to Desmond 
Howard and Olanda Truitt to 
take a 21-17 lead, squandered an 
opportunity to stop the march 
when a potential game-saving 
interception bounced off Danyl 
Morrison's chest 

Erickson was 18-for-35 for 
251 yards and one touchdown. 

Shuler finished 13 of 25 for a 
season-high 278 yards, two TDs 
and one interception. 

■ Seattle Tackle Paralyzed 

Mike Frier, 25, the defensive 
tackle for the Seattle Seahawks, 


125, 

Chicago, Scottie Pippen, com- 
ing off his lowest-scoring game is paralyzed 
in more than a year, had 26 traffic accident in which he suf- 
poinLs to lead Chicago over feted severe spinal injury. He is 


Boston. Pippen, who scored 9 
points on 4-of-14 shooting in 
Friday’s loss to Atlanta was 1 1- 
of-15 in 30 minutes against the 
Celtics and held Boston's top 
scorer, Dominique Wilkins, to 
12 points. 


unable to move his legs and has 
little movement in his aims. Af- 
ter surgery on Friday to fuse 
two neck vertebrae, doctors 
predicted there is a 90 percent 
chance that Frier will remain a 
paraplegic. 



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Page 22 


INTERNATIONAL HERALD TRIBUNE, MONDAY, DECEMBER 5, 1994 


language 


Rottweiler Signals From Newt 

By William Satire 


W ASHINGTON — "It is hardly news that 
Newt Gi ng rich is not Mr. Nice Guy in 
politics," wrote my Op-Ed colleague Anthony 
Lewis. “But his signals that he is §oing to stick to 
the Rottweiler game matter a lot” 

Here we have what hypersensnve dog lovers 
could take to be a pdorative reference to the 
Rottweiler, a large black-and-tan dog named 
after a town in southwest Germany. Because of 
their fearsome aspect (though not because of any 
vicious trait in the breed), these dogs have be- 
come the second most popular breed in the 

United States. .. 

Liberal critics of draconian social policy can 
hardly afford to lose the support of 104,160 regis- 
tered Rottweiler owners, so I sent Tony this fax: 
•♦What have you got against Rottweilers?” In a 
return fax from Boston, he dismissed my concern 
about his impolitic allusion with a brief “arf!” and 
added: “1 thought you’d like the Shakespeare.” 

As a founder of the Poetic Allusion Watch (its 
acronym, PAW, is not intended to be a canine 
slur), I combed through the Lewis column looking 
for some play on a Shakespearian phrase. Finally, 
my glance lighted on the headline, where the clue 
lay Bee a purloined letter. “Eye of Newt” Of 
course: the witches of “Macbeth.” A concordance 
guided me swiftly to Act IV, Scene 1, as the second 
witch stirs the pot and recites the recipe: 

Fillet of a fennysnake. 

In the cauldron boil and bake; 

Eye of newt, and toe of frog. 

□ 

A newt is a small lizard related to the salaman- 
der and sometimes confused with a spotted eft. 
In Washington these days, however, Newt is the 
shortened form of the Erst name of Newton 
Leroy Gingrich, of Georgia. 

Newt will presumably be elected speaker of the 
House of Representatives when the 104th Con- 
gress assembles in January, because Republicans 
will form the majority. However, because that 
election has not yet been held, journalists have 
struggled with a title. Speaker-to-be is a popular 
choice, though the jocular Speaker-in-waiting a 
play on the royal lady-in-waiting is sometimes 
used. Speaker-designate is sometimes heard on 
television. Putative is a more standard usage, 
meaning “supposed”: other choices are likely, otl- 
but certain and the simple but not provable next. 
Some writers have drawn on royal usage for 
Speaker-presumptive; Adam Qyroer of The New 
York Times slipped me Speaker -p resump tuous. 

The noun phrase most often tossed at Newt is 
bomb thrower. “People who dismissed Gingrich 
as a canoonish bomb thrower underestimated 
him,” William Sternberg wrote in the June 1993 


Atlantic. Though this phrase is still applied to 
him in most profiles, the role and the title are 
moving on to the next House majority leader, 
Richard Armey of Texas, identified by News- 
week as "second in command to Newt and the 
derignated^iT^/Arrwy^icnGingrichisfonxd 

to play statesman." 

The phrase in a quasi-literal sense was applied 
mpohncstoanandustseariymtheceatuiy.sfiown 
by cartoonists as bearded men with large bombs in 
their hands. The figurative sense — “a divisive or 
disruptive radicar — seems to have taken hold is 
the '80s, but earlier citations would be welcomed. 

The linguistic bomb tossed by Newt Gingrich 
was the distinction he drew between cooperate 
and compromise. “On everything on which we 
can find agreement, I will cooperate? the man of 
the hour said after the Republican sweep, “On 
those things that are at the core of our philoso- 
phy . . . there will be no compromise.” 

Cooperate, no longer hyphenated, comes from 
the Latin operari, “to work,” and the preceding 
co-, “together.” Oliver Goldsmith wrote in “The 
Gtizen of the World” in 1762 that “It is . . . 
difficult to induce a number of free beings to co- 
operate for their mutual benefit,” an observation 
bong made again in the White House. 

Compromise is a word with both a positive and 
a negative connotation. The Latin com-, like co-, 
means “together”; the end promise is, of course, a 
pledge; the Latin compromittere means “to 
promise mutually.” 

The positive sense is “to come to agreement 
mutual concession.” But a second, more 



served two masters.” That usage led to the defini- 
tion “to agree by the partial surrender of position 
or principles.” And to be caught in an embarrass- 
ing position is to be ampromised. 

The meaning is not so much in the dictionaries 
as in the min d of the user. To the tender- minded, 
compromise is a necessary accommodation lead- 
ing to agreement; to the tough-minded, the syn- 
onym for compromise is sellout, leading to betray- 
al of values. In carefully differentiating^ Gingrich 
was saying he would work together with Demo- 
crats to pass conservative legislation, but would 
not make concessions to pass or preserve liberal 
legislation. 

wessymd splits handover words is sure to be a 
lexicographer's delight After the “eye of Newt” is 
addedto the steaming brew, all the witches sing: 

Double, double, toil and trouble; 

Fire bum, and cauldron bubble. 

New York Times Service 


Art Malik Goes Looking for Mr. Bad Guy 


By Susan Keselenko Coll 

L ONDON —Despite his best efforts, Art Malik 
still finds temsdf mistaken for the good guy. On 
location in Washington, playing the part of an Arab 
terrorist who threatens to nuke Miami, Malik 

accosted by a fan who had just seen him in a tdevision 

rerun of the decade-old ‘The Jewel in the Crown. 

"My God! What are you doing?" squeal®! the 
fan. Malik explained that he was working on James 
Cameron’s “True Lies,” this year’s mindless mega- 
action thriller, “What, with Arnold (Schwarzeneg- 
ger]?" asked the fan, confused. And than, with 
obvious disappointment, “Why are you doing mat. 

Since his portrayal of Hari Kumar 
ing, romantic; wronged young Indian m me epic 
television adaptation of Paul Scott s “Raj Quartet 
—Art Malik has spent 10 years answamg to to 
who would like to see him preserve ms celluioia 
integrity. In response, the actor has veered toward 
playing evil characters. From the * a ££ r-w *rr* I1 § 
thug in "City of Joy" to the terrorist in ■ Lug* 

to a stint as an Indian serial killer, Malik says he has 
engaged in a deliberate attempt to obliterate Kumar, 
his fictional alter ego. _ . 

This is easier said than done. For one thing, reruns 
of the 14-part Granada television program continue 
to air intermittently around the world and are otten 
received with a cult-like reverence. And trim mere 
axe subtle ways in which Art Malik is Han Kumar: 
Both were bom on the Indian subcontwoi^ boto 
spent tirnu at En glish private schools, ana bot h ree l 
tom between two worlds. “For anybody ma migrant 
society,” says the Pakistani -boro actor, There will 
always be an element of Hari Kumar in them.” 

Still, Mafik seems bemused by his character’s 
enAimng appeal. “I don’t know if people really love 
or hist or anything. 1 think they just wanted to take 
Hari Kumar home and protect him and say, “You 
poor thing. In my home, they’ll never get you. The 
trouble is they’d be taking Art Malik into their 
home, which would be a different kettle of fish.” 

They could probably do worse. At 42, looking 
deliberately disheveled with a chin of stiibble and 
thinnings sp iky dark hair, the actor still oozes charm. 
At his modest suburban house, toys scattered about 
the -•si tting room, Malik says he is a devoted family 
man who brings his wife and two da u ghters on 
location whenever possible. He has lived in London 
since the age of 3, and can see no real reason to buy 
into the Hollywood dream even at a time when it 
finally seems to beckon. 

“My manager at the moment is tearing his hair 
out,” says Mafik. “He’s basically saying, ‘Hey, look. 
You’ve just been in this huge American success, it’s 
brilliant, you’re hot, you're high profile over here. 
We need to get you out here!’ ” 

But aside from a reluctance to uproot his family. 
Malik is put off by Hollywood's myopic vision. Tf 
Hollywood suddenly starts changing, and changes 



Malik is in a position to be choosy about rotes. 

its whole attitude, m be the first to change my 
opinion. I think that what Hollywood has to do is 
stop thinking that the rest of the planet is being 
duplicated by the way la which people in Los Ange- 
les and New York live their fives.” 

At the moment, anyway, Malik is in a position to 
be choosy. He has just agreed to an initial eight- 
month run in a new Tom Stoppard play, “India 
Ink,” which will open in London in February. He 
recently finished work on two other films: Disney’s 
“A Kid in King Arthur's Court,” scheduled for 
release next year, and Vadim Jean's “Clockwork 
Mice," which he says is scheduled to premiere at 
Cannes. 



always been steady. He has appeared 
several British televirion programs, a spate of minor 
films, and “A Passage to lama” and ‘‘City of Joy.” 
But there have been periods of unemployment and 
financial despair spent lamenting the weak state of 
the British film industry. 


terrorist’s role in “True Lies.” After 
“City of Joy” in 1992, Malik finally gave m 
moved to Haywood in an attempt to find work. But 
he says that the actor Patrick Swayze, & mend, 
convinced him that there were more important 
th mg * jn Hfc than striking it big in LA. “He was 
trifingme how wonderful my wife is, how wonderful 
nwchildien were, and I sat there thmlong, TeaM 
TVhat am I doing here?* That was a Saturday. I was 
on the plane on Sunday.” 

Malik, raised as a Muslim, is not without qualms 
about the politics of “True Lies,” which portrays 
him as the psychopathic leader of a fictitious Arab 
sect. T mean, if I wanted to do something that 
would help the Arab cause. True lies* wouldn't 
have been the vehicle that 1 would have chosen,” he 
says. But he defends the film, which Arab groups in 
America found objectionable, as pure entertain- 
ment. “Nobody does True Lies’ to send out. a 
message to anybody. It 3 ! pore escapism.” 

“Here is a chance to actually be working m the 
cutting edge of the technology,” he continues. “And 
when, a script arrives from somebody tike Jim Cam- 
eron, you have to take it seriously as an actor.*" 

MaHk says he is constantly asked whether he is 
bored with being typecast And though at an csdus r 
point in his career he did complain about roles that . 
required the persistent exploration of his Asian 
roots, he no longer sees it that way. . 

“Where’s the typecasting between playing Aziz in 
the most expensive movie ever made to playing Hari 
Kumar? The only similarit y that exists is probably 
the fact that (he pigment of my skin is one noticeable 
factor which maxes the belie veability of tho» char- 
acters not a problem.” 

As for all the Kumar-sroothering bad-guy rotes, 
Malik says he finally may have had enough. He 
plays yet another such role in the f oriheaming Dis- 
ney film- “There comes a point in your life where 
l start thinking, *Wdl, what am I actually doing 
playing] all at these terribly dark people, these 
these people that have no real faith?* ” 

Apart from the forthcoming theater work, which 
will again transform him into & more peaceable 
character, Malik entertains die fantasy of some day 
directing, and perhaps forming his own production 
company. There’s another plan afoot as well: 

“ Sharing a trailer park with Arnold ted me to 
believe that maybe I should open my own Indian 
restaurant,” he says. Why is that? “Mainly because 
Arnold said, ‘I don’t understand you. Hereyon are, 
you're trig mid everything, and you don’t DO any- 
gl Why don't you open a restaurant m London? n 
e says be just might 



Susan Keselenko Coil is a free-lance writer living in 
London. 


WEATHER 


POSTCARD 


Europe 


Today 


Tomorrow 



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High 

Low 

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Forecast for Tuesday through Thursday, as provided by Accu-Weather. 



******** 

JaUOnam 

North America 

Unsettled, arid Mather with 
rain, snow and ice wfl span 
the area from the southern 
Plains to the Great Lakes. 
The Northeast states will 
turn chilly with rain end 
maybe snow Thursday. 
Saiahem eases be warm 
with a few showers. Vancou- 
ver to Portland writ be cold 
and rainy. 


Europe 

The paflt of rain-bearing 
winds from the Atlantic wW 
cross the heart of northwest 
Europe. A lew bouts of rain 
and high winds will hit 
Britain, inland and northern 
Prance to southern Scandi- 
navia and much of Germany 
Portugal Spam and Italy win 
have little rain, but some 
morning fogs. 


Hawy 

Snow 


Asia 

Settled weather will begin 
me period in Bering, Seoul 
Shanghai Osaka and Tokyo. 
Thera (nay be morning fogs. 
Rains will break out In ina 
west Wednesday: Tokyo 
may remain sky. rang Kong 
and south Qm to no r thern 
Vietnam will be showery. 
Showers are normal dairy in 
Malaysia and Indonesia. 


Middle East 


Latin America 


Asia 


Today 

Tomorrow 


Wgfi 

Low W 

High 

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28*2 

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22/71 

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Tokyo 

11/52 

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MOM* 

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Chicago 

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10/60 

5/41 Ml 

Denver 

4/39 

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6«3 

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DBMt 

12.53 

SMI c 

SMB 

4*0 Ml 


Dinner Parties for the ’90s: An Educational Experience 


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By Molly O’Neill 

Sew York Times Sensor 

N EW YORK — Ah, for the days of 
Champagne and caviar, those halcy- 
on 1980s, when a hostess needed only to 
produce a culinary extravaganza, sum- 
mon professionally accomplished people 
to dinner and watch as the expensive food 
became the lodestar of powerful network- 
ing. 

There was a certain ease in knowing that 
fabulous dinner parties csould be bought. 
But that ease is fading as the pendulum of 
popular taste swings away from conspicu- 
ous consumption. 

Like table manners, fashions in enter- 
taining tend to be amulets against society's 
current worry. Whether cooked at home or 
catered, costing a small fortune or very 
little, parties are snapshots of the culture. 
After the excessive ’80s, for instance; hosts 
initially rushed to serve abstemious din- 
ners — displays of anti-decadence — issu- 
ing invitations requesting that guests reply 
with their particular dietary preferences. 


As public discussions about the “dumb- 
ing of America" have proliferated, hosts 
have been trying to create an ambience to 
assuage the intellect. 

It’s the smart dinner of the nrid-’90s. 
Rather than trust serendipity, some hosts 
have resorted to staging mar meaningful 
conversations. 

Bertram Fields, a powerful Hollywood 
lawyer, and his wife, Barbara Guggen- 
heim, an art dealer, for instance, rive 
monthly “history" dinner parties. Ira Fis- 
tell a historian who once was host for a 
radio talk show, directs the predinner con- 
versation at parties that include writers, 
academics and actors like Dustin Hoff- 
man, Warren Beatty and Annette Bating. 

“My wife and I began the dinners to 
educate ourselves,” Fields said. “But one 
friend told another, and now we have 
pie who are insulted that they haven’t 
invited.” 

Doyennes are throwing studious din- 
ners, too, in Kansas City, Missouri; Seattle 
and Miami. Last week, a party of eight 
gathered in the home of a philanthropist in 


Columbus, Ohio, to discuss the history of 
the underground railway in that state. 

StiQ, the academic-theme dinner i 
win probablygo the way of the ’St 
wttiian loan. The smart dinner party is at 
once an overreaction to the battel (tinners 
erf the ’80s and similar to them. 

Both parties exaggerate one component 
(tf a memorable evening — be it indulgence 
or earnestness. But as Fields rioted, the 
academic conceit can curtail conversation. 
“Guests want to learn,” be said. “They also 
very much want to talk." Maybe, as the 
’90s creep toward the millennium, people 
are eshewing indulgence because they need 
to talk. 

Analyzing data from the 10,000 people 
that the Leo J. Shapiro Co. interviews each 
year about their habits and life styles, 
George Rosenbaum, the market research 
company's president, noted “an over- 
whelming increase in people who fed iso- 
lated in their achievements and uneasy 
about the future." Such people, Rosen- 
baum said, are less impressed by success 
than by meaningful conversation. 



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