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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Saturday-S unday, December 10-1 1, 1994 


No. 34,768 





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Europeans Back Off 
On Bosnian Pullout 


AUies Fear Withdrawal Would Lead 
To U.S. Air Strikes and Wider War 


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BELFAST TALKS — Sinn Fein’s delegation leaving the Stormont Parlia- 
ment on Friday after their first meeting with British officials. From left: Sean 


, «... _ Craptti RodwcU/Renwri 

►torment Pariia- McManus, Siobhan O’Hanlon, Martin McGumness, LuriKta Bhratnadi and 
From left: Sean Gerry Kelly. Both delegations described die historic session as nsriri. Page 2. 


Pope Backs Women’s Right to Active Public Life 


By Alan Cowell 

New York Tima Service 

■ ROME — Often the target of feminis t criticism. Pope 
John Paul H issued an endorsement on Friday of the 
advancement of women and urged women to take a lead 
in promoting peace. 

In a message to celebrate World Peace Day on Jan. 1, 
. however, he qualified his remarks by saying that the role 
; vtof women within the family was “unique” and that their 
presence in public fife should not detract from it 

The pronouncement reflected the uneasy relationship 
between the Vatican and women opposed toils thinking 
on issues^uchas its rejection of the ordination of women 


priests and its resistance to the elevation of religious 
women to the highest offices in the church. 

The Pope has also courted the ire of feminist and other 
groups with his conservative views opposing abortion 
and artificial means of birth control and with his opinion 
that women’s role within the family is paramount 
In his message, however, the Pope seemed to go further 
than usual in endorsing the advancement of women in 
politics and other parts of public life. 

Women, the Pope said, have attained “a remarkable 
degree of self-expression in cultural, social, economic 
and political life, as well, of course, as in the family.” 

“The journey has been a difficult and complicated one 
and; at times, not without its share of mistakes."* he 


“But it has been substantially a positive one. even if it is 
still unfinished due to the many obstacles, which, in 
various parts of the world still prevent women from 
being acknowledged respected and appreciated in their 
own special dignity." 

“Women have a full right to become actively involved 
in all areas of public life,” the message said “and this 
right must be affirmed and guaranteed, also, where 
necessary, by legislation.” 

But it went on: “This acknowledgement of the public 
role of women should not however detract from their 
unique role within the family. Here their contribution to 
tbs welfare and progress of society, even if its importance 
See POPE, Ptige 4 


In Surprise, 

TelekomChief 

QuitsPost 

By Brandon Mitchener 

International Herald Tribune 

FRANKFURT — The head of 
Germany’s huge state telephone mo- 
nopoly, Helmut Ricke, surprised 
Bonn on Friday by announcing his 
intention to resign Jan. 1, the same 
day the company begins its inarch 
toward privatization, and even as the 
company faces an embarrassing inqui- 
ry into employee corruption. 

His resignation comes two days af- 
ter German prosecutors announced 
that they were conducting a broad 
investigation into telephone fraud in- 
volving employees of Deutsche Bun- 
despost Telekom- 

Telekom attributed Mr. Ricke’s res- 
ignation, just seven months after he 
renewed his contract for two 
years, to “personal reasons” and said 
the d ecision had been reached “a 
while ago.” . 

Telekom vehemently denied that 
the reagnation had anything to do 
with an expanding police investiga- 
tion into telephone fraud. 

German police acting on orders 
from the Cologne prosecutor’s office 
have raided at least 14 sites across 
Germany and arrested at least two 
Telekom employees charged with 
jinking rails to phone sex agencies m 
the Caribbean at Telekom’s expense. 

An industry source said that phone 
fraud in Germany might involve sev- 
eral thousand Telekom employees and 
cost the company and its cus tomer s 
“as much asnalf a billion marks” a 
year. , . ^ 

“It was a big surprise for ms co- 

See TELEKOM, Page 4 


A Gaffe Too Many: U.S. Health Chief Out 


Conpikd by Our Staff From Dispatches 

WASHINGTON —President Bill Clin- 
ton bn Friday dismissed Surgeon General 
Joycdyn Elders, long a lightning rod for 
conservative critics because of her state- 
ments on drug use and sex. 

The White House chief of staff, Leon E. 
Panetta, said the resignation came after 
Dr. Elders, the nation’s top public health 
official, had said masturbation should be 
taught in schools. 

Mr. Panetta said that Dr. Elders's com- 
ment “was just one too many” in a series of 
controversial remarks and that Mr. Clin- 
ton had demanded she resign. 


“The president thinks this is not some- 
thing schools should do,” Mr. Panetta 
said. 

“If she had not resigned, she would have 
been terminated,*’ he said. 

With conservative members of Congress 
already trying to force her from office, the 
decision to let Dr. Elders go appeared to be 
the latest in a series of shifts by Mr. Clin- 
ton and his advisers aimed at closing 
ground with Republicans and quieting 
their complaints. 

Since the Nov. 8 elections, when scores 
of Democrats were swept from office, Mr. 
Clinton has issued a high-profile call for 


increased defense spending and invited 
Republicans to a January meeting aimed 
at reaching agreement on a plan to over- 
haul the welfare system. 

And to compete with the Republicans' 
quest to shrink the government, Mr. Clin- 
ton’s deputies are preparing what they de- 
scribe as bold budget proposals that call 
for spending cuts far deeper than the 
White House had envisioned just five 
weeks ago. 

Dr. E3ders’s dismissal came after re- 
marks die made on Dec. 1 at a World 
AIDS Day conference in New York, when 
See ELDERS, Page 4 


By William Drozdiak 

Washington Past Service 

ESSEN, Germany — The European al- 
lies backed away Friday from threats to 
withdraw their peacekeeping forces from 
Bosnia after realizing that such a step 
could accelerate efforts by the United 
States to lift the aims embargo and launch 
air strikes against rebel Serbs. 

After evoking the prospect of a rapid 
pullout of the 23,000 UN troops in Bosnia 
earlier this week, France and Britain con- 
cluded that such a move might revive what 
they believe is the disastrous American 
option of “lift and strike." 

Both nations fear that a pullout would 
precipitate a major crisis with Russia, a 


Emopean Umon leaders seek more mon- 
ey for cross-border transport Page 4. 


wider conflagration in the Balkans and a 
possibly fatal breach in the Atlantic alli- 
ance, senior officials said. 

The U.S. secretary of defense, William J. 
Perry, said Friday in Washington that 
American participation in any such opera- 
tion would be a “combat operation" in 
which U.S. troops would be prepared to 
use “overwhelming force.” (Page 4.) 

The reassessment by France and Britain, 
which maintain the two largest troop con- 
tingents serving with the UN force in Bos- 
nia, came as me 12 leaders of European 
Union governments opened a summit 
meeting hoe in the heart of Germany’s 
rust belt 

Although it was intended to approve a 
new strategy to embrace former Commu- 
nist states in central and eastern Europe, 
the agenda of the meeting has been over- 
taken by the ominous turn in Europe’s 
bloodiest conflict since World War IL 

The European leaders welcomed the 
Gin ton administration’s promise to con- 
tribute up to half the troops necessary for 
an evacuation of the UN force. NATO 
military officials estimate that the total 
number of soldiers in such a rescue opera- 
tion could be 20.000 to 25,000, although 
some estimates have gone as high as 
50,000. 

But French and British officials said 
they feared that mice the Americans led a 
possibly perilous mission to extricate the 
UN peacekeepers, the United States would 
feel fewer constraints about lifting the 
arms embargo to help the Bosnian Mus- 
lims redress the balance and employing 
broader, hard-hitting air strikes against 
rebel Serbs. 

The NATO secretary-general, Willy 
Claes, said Friday in Brussels that the 
alliance would not take pan in future UN 
operations under the stringent conditions 
imposed in Bosnia. 

In the past, the United States has ac- 
cepted European arguments that tougher 
Western action against the Serbs would 
provoke reprisals against their peacekeep- 
ers on the ground. The United States has 
See SUMMIT, Page 4 


New Partners 
Jointly End 
Ukraine’s 
Nuclear Era 

By Jane Periez 

New York Times Service 

DNEPROPETROVSK. Ukraine — 
In the heart of one of the former 
Soviet Union’s largest missile fac- 
tories, rocket scientists who once built 
nuclear weapons aimed at the United 
States are destroying them with the 



help of Americans, 
m the main build 


In the main b uilding , a dilapidated 
brick structure where the portraits of 
pioneering Soviet space scientists 
hang like deities, U.S. defense con- 
tractors work alongside Ukrainian en- 
gineers to build a pew plant for vapor- 
izing the last drops of rocket fuel from 
SS-19 missies. 

What American officials are calling 
unprecedented cooperation at the 
Yuzhmash plant is a result of nearly 
three years of coaxing by Washington 
to persuade Ukraine, the world’s 
third-largest nuclear power, to give up 
its weapons. 

The Ukrainian Parliament over- 
whelmingly approved the country’s 
accession to the Nuclear Nonprolifer- 
ation Treaty in mid-November after a 
stirring speech by President Leonid 
M. Kuchma, a rocket engineer who 
used to be the top manager of the 
Yuzhmash plant The vote opened the 
way for Ukraine to renounce its nucle- 
ar status- formally. 

Here at the factory, 250 miles (400 
kilometers) southeast of Kiev, 60-foot 
aluminum shells from seven SS-19 
rockets lie on their sides like giant 
empty cannisters in a weed-strewn 
yam. Hauled here by train from a 
missile site, they will be the first of 130 
SS-1 9s to be cut up when the complet- 
ed plant starts up next year. 

To see one’s life work end up on the 
chopping block is hard for men like 
Gennadi Shevchenko, 57, a ruddy- 
faced specialist who toiled for years in 
top secrecy over rocket engines and 
satellite systems. 

“As an engineer, I feel sorrow.” be 
said. “A lot of brains, a lot of ideas, a 
lot of life, was put into this. Destroy- 
ingthis is like cutting your heart." 

Then he added: “As a citizen. 1 
understand.” 

John Connell, in charge of strategic 
aims elimina tion for the U.S. Defense 
Nuclear Agency, has come to know 
his Ukrainian counterparts in meet- 

See NUCLEAR, Page 4 


Yeltsin Authorizes ‘All Means’ 
Of Force to Subdue Chechens 


Compiled by Our Staff From Dispatches 

MOSCOW — President Boris N. Yelt- 
sin authorized the Russian government 
Friday to use force in the breakaway re- 
public of Chechnya, telling his cabinet to 
employ “aD the means ai the state’s dispos- 
al" against illegal aimed groups there, 

The authorities in Chechnya ordered 
schools dosed, and residents of Grozny, 
the capital, frantically built fortifications 
amid rumors of an imminent assault by 
Russian troops. 

In a decree issued Friday evening, Mr. 
Yeltsin said unspecified militias in Chech- 
nya were “cansing bloodshed, taking lives 
and violating the lights of Russian Federa- 
tion citizens.” 

He instructed tfap government to disarm 
those groups and uphold the law while 
using “all the means at the state’s dispos- 
al” • 

Mr. Yeltsin stopped short of declaring a 
state of emergency in Chechnya, which 
declared its independence from Russia in 


1991. But though the language of his de- 
cree was obscure, the implications were 
not 

“The government has various means at 
its disposal," said Denis Perkin, a Yeltsin 
spokesman. “There is the Foreign Minis- 
try, the Defense Ministry, the Interior 
Ministry — all the law-enforcement bod- 
ies. The government can use all these 
means to fulfill the president's instruc- 
tions.” 

Mr. Yeltsin’s decree, which took effect 
immediately, was published as the defense 
minister, General Pavel S. Grachev, left 
Moscow for the northern Caucasus region, 
where Chechnya is situated. 

The main opposition force in Chechnya 
said Friday that it would resume combat 
on Monday to topple the separatist presi- 
dent, Dzhokar Dudayev, the Russian press 
agency Itar-Tass reported. 

The Moscow-backed opposition was de- 

See CHECHNYA, Page 4 



! ' ^ . a? x ¥ 



Scan Roomy/ Rouen 

A Chechen ringing Allah’s praises Friday in Grozny. Crowds gathered there to organize a defense against any invasaon. 


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General’s Flight Cost $120,000, Less $85 for the Cat 


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By John F. Harris 

WeMagum Post Service 

WASHINGTON — A commercial flight was leaving 
the next day, but that wasn't soon chough for General 
Joseph W. Ashy. Instead, the new leader of the U.S. 
Space Command traveled on an airforce C-141 transport 
jet — which flew him, an aide and the family cat from 
Italy to Colorado at an estimated cost of at least 
5120,000. 

General Ashy’s flight — on a 200-passenger plane 
equipped with a luxury cabin and carrying a steward on 
its crew of 13— -was convenient at the time, but it is big 
trouble now. After a complaint from Capitol Hill the 
Defense Department’s acting inspector-general Derek J, 
Vander ScbW, has agreed to investigate the propriety of 
the flight and whether air force pnbh'o- affairs personnel 
were truthful in answering press inquiries about it. 

General Ashy, who followed Pentagon regulations by 
paying an $85 fare for the cat. declined to comment A 


spokesman at the Space Command in Colorado Sp ringe 
said General Ashy and his aide considered taking a 
commercial flight from Rome on Sept. 10, but worried 
that the schedule would not give him enough time tor an 
eight-hour training course in Colorado the next day. So 
the C- 141 flight was set far Sept. 9. 

General Ashy, a 32-year air force veteran and fighter 
pilot, did not want to leave earlier because he was 'still 
commanding the 15th Air Force in Italy, which included 
directing air missions over Bosnia. 

The flight looks bad, air force officials acknowledged, 
adding that no regulations were broken. General Ashy, 
they said, was on a tight schedule and asked an aide to 
see if any government planes were heading his way. 
Subordinates went ovoooard, an air force official said, 
and an empty C-141 was ordered across the Atlantic. 

The C-141, which costs about $3,400 an hour to run, 
flew from McGuire Air Force Base in New Jersey to 
Naples, and then back to Colorado. Total flight time was 


31 hours, officials said, including two midair refuelings. 

The price tag gave Senator Charles E, Grassley, Re- 
publican of Iowa, a case of sticker shock, and he aAgd 
Mr. Vander Schaaf to investigate. 

In a letter to the inspector-general the senator he 
learned about the in c i de nt from the Newsweek military- 
affairs col umnis t, David Hackwortb, a highly decorated 
retired anny colonel who is p luming an article about the 
flight 

Mr. Hadcworth is “disturbed by the arrogance that 
General Ashy’s behavior appears to represent,” and 
believes that “air force officials have Repeatedly lied’ to 
him" and an ABC News producer who collaborated with 
him in investigating the episode, Senator Grassley wrote. 

The Space Conmand spokesman sa id General Ashy 
had no idea until he got on the flight that a C-141 had 
been d^jatched etooially for him, but assume* he 
would be cm a flight that was already traveling from 
Europe to the United States. 


Kiosk 

U.S. Curbs ATRs 
In Icy Weather 

WASHINGTON (AP) — The U.S. 
government ordered airlines Friday 
not to fly ATR commuter planes in icy 
weather, effective immediately. 

Theban on the French- and Italian- 
built planes rami- after the Federal 
Aviation Administration received new 
information from the manufacturer 
that ice could be a hazard under cer- 
tain conditions, officials said. 

Ice was a prime suspect in the crash 
of an ATR-72 on Oct 31 in 
killing 68 people. 


Book Review 


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By Clyde Habennan 

Hem York Tunes Serrice 

JERUSAX^M --Israeli and 

Palestinian leaders flew on on 
Friday to pick ugAar shared 
Nobel Peace Prize in Oslo, 
where they are likely to flndgc 
political donate consi^^ 
warmer than what they left be- 
hind. _ . 

Their departures for the No- 
bel ceremony on Saturday said 
a lot about the balance of pow- 

^ prime Minister Yitzhak Ra- 
te, and Foreign Minister Shi- 
mon Peres of Israel went to 
Norway on an Israeli military 
plane, accompanied by an en- 
tourage of 100 guests, aides and 

security guards. 

Yasser Arafat, who does not 
have a plane let alone an air 
force, left his self-rule head- 
quarters in the Gaza Strip, 
drove into Egypt and then 


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jory Lanqjcfl/Reom 

An Oslo City Hall employee sweeping the carpet Friday for the Nobel Prize ceremony. 

A ‘Beginning’ in Ulster Talks 


By James F. Clarity 

New York Tuna Sendee 

BELFAST — For the first 
time since Ireland was parti- 
tioned in 1922, representatives 
of the outlawed Irish Republi- 
can Army and the British gov- 
ernment faced each other Fri- 
day in an officially sanctioned, 
publicly announced meeting 
designed to lead eventually to a 
political settlement in Northern 
Ireland. 

The IRA was represented at 
the three-hour meeting by offi- 
cials of its political wing, Sum 
Fein; Britain by senior civil ser- 

V8 Both sides described the ses- 
sion, held at the Stormont Par- 
liament Buildings, the tradi- 
tional center of Protestant 

power in the province, as useful. 

They acknowledged that it 
had been exploratory, discuss- 
ing an agenda that cculd lead to 

Sinn Fein’S formal inclusion in 
broader negotiations with other 
Northern parties and with the 
British ana Irish governments. 


The issues of the IRA's disar- 
mament and British troop with- 
drawal were not discussed in 
detail, but they are expected to 

be. The two sides agreed to con- 
tinue the talks on Dec. 19, 
which politicians and analysts 
said was a positive sign, an indi- 
cation that the peace effort was 
surviving domestic political un- 
certainties in Dublin and Lon- 
don. 

“We've made a beginning, 
said Martin McGuinness, the 
No. 2 official of Sinn Fein, wbo 
led its delegation on Friday. “It 
should have happened long ago. 
This is a historic opportunity 
that needs to be built upon.” 

The senior British official at 
the talks, Quentin Thomas, a 
deputy secretary in the North- 
ern Ireland Office, which runs 
the province, made no immedi- 
ate comment. Another official 
said the tftlks had been “busi- 
ness-like and constructive.” 

No new positions were out- 
lined, and both sides agreed 



An outstanding international collection 
of exclusive watches 



that old positions did not 
amount to conditions for ulti- 
mate agreement that would lead 
to broader talks. 

Essentially, Sinn Fein said it 
wanted Britain to relinquish 
sovereignty over the province; 
Britain made it dear it had no 
intention of doing this without 
the consent of the majority, 

which is likdy to remain Protes- 
tant for at least another genera- 
tion. 

The meeting was of both 
symbolic and practical signifi- 
cance. Stormont, on a com- 
manding hill in East Belfast, is 
the site of the Northern Ireland 

Assembly that was prorogued 
when Britain took direct con- 
trol of Ulster 20 years ago. The 

restoration of the legislature, 

with the partidpation of Sinn 
Fein and unproved representa- 
tion for the province’s Catholic 
minority, is one of the principal 
goals of the peace effort. 

IRA leaders, induding Mr. 
McGuinness, had met with 
British officials in the past. But 
those meetings, as recently as 

I early in 1993, had been secret or 
unofficial or only quasi-official, 
had dealt with short-term ob- 
jectives such as cease-fires, and 
were not aimed at bringing Re- 
publicans peacefully into the 
political life of the province, as 
was the meeting on Friday. 


9 Injured on Japanese Plane 

Agenee France -Prase 

TOKYO — Six passengers 
and three crew members on a . 
Japan Air System Airbus were 
injured Friday when the air- 
plane, with 154 aboard, en- 
countered turbulence, the 
Transport Ministry said. The 
injured, who suffered bruises 
and cuts, were hospitalized af- 
ter the domestic airplane land- 
ed at Tokyo's Haneda airport. 


ORLY- LONDON 
from FF. 790 RT* 

4 flights daily 
1st flight from Orly 7:15 am 


drove into Egypt and then ] 
boarded a small jet provided by 
the Norwegian government 
“We’re not rich like the Israe- 
li government,” Mr. Arafat said 
teaangly on Thursday, castmg 
himself, with Mr. Peres at his 
side in Gaza, as the poor coun- 
try cousin of the Oslo extrava- 
ganza. 

w But even if their travel ar- 
rangements were unequal, the 
recipients had a lot more in 
common than the Peace Prize, 
the first one awarded to more 
than two people since the Nobel 
honors began in 1901. 

In gamblers’ parlance, none 
of them is on a roll. 

Mr. Arafat has been politi- 
cally clobbered in Gaza, where 
the intifada began seven years 
ago Friday. 

Foreign aid has been slow to 
arrive and his self-rule govern- 
ment is struggling, beset by a 
strong Islamic resistance and a 
cascade of criticism from Pales- 
tinians questioning his compe- 
tence, his commitment to de- 
mocracy and his ability to make 
the transition from revolution- 
ary to governor. . . 

Moreover, many Palestinians 
doubt that the Nobel award by 
itself ram turn things around for 
him especially since people in 
Gaza and the West Bank have 
little affection for the prize. 

The last Middle Eastern win- 
ners were Prime Minister Men- 
achem Begin of Israel and Pres- 

. . ” Cmmt in 


seen by our people as peace- 
makers,” said Ghassan Khattib, 
a former Palestinian peace ne- 
gotiator and lecturer at Bir Zdt 
University in the West Bank. 

For their part, Mr. Rabin and 
Mr. Peres may find it a relief to 
be away from home. 

They are routinely lionized 
overseas as men of vision and 
daring for trying to create a new 
order for Israelis and Palestin- 
ians. But in Israel, where people 
tend to see the glass as half 
empty, they and their Labor 
Parly could not be walking a 
rodaer road. 

Opinion polls suggest that if 
elections were held today, Mr. 
Rabin would lose to Benjamin 
Netanyahu, leader of the right- 
ist Likud party and. an oppo- 
nent of Israel's self-rule agree- 
ment with Mr. Arafat 

Instead of rejoicing in their 
treaty with Jordan and 
new contacts with other Arab 
states, Israelis worry more 
, about a steady wave of terrorist 
1 attacks by Islamic radicals from 
, the territories. 

I Instead of celebrating a sharp 

. drop in unemployment and 
economic growth estimated this 


OVUVIU W- — , 

ident Anwar Sadat of Egypt* m 
1978, when they signal the 
Camp David accords. To Pales- 
tinians, those agreements were 
a sellout of their interests. 

“The Nobel Prize is not im- 
portant in Palestinian con- 
sciousness because some who 
received it in the past were not 


Security Scare 
As Peres Falls 
On Oslo Rails 

Roam 

OSLO — Foreign Minis- 
ter Shimon Peres of Israel 
provoked a security scare in 
Oslo on Friday when he 
slipped on a tram trade as 
he walked in the street and 
fell, cutting his eye. 

Mr. Peres and Prime 
Minister Yitzhak Rabin of 
Israel, in Oslo to receive the 
Nobel Peace Prize jointly 
with the PLO leader, 
Yasser Arafat, were walk- 
ing to their hotel after at- 
tending a service at the 
city’s synagogue. 

The Jewish Sabbath, 
which lasts from sunset Fri- 
day until sunset Saturday, 
barred them from using 
cars on their way back. 

As Mr. Peres fell, mem- 
bers of an 800-member se- 
curity force guarding the 
leaders shouted: “Don’t 
move! Don’t move!” while 
they scanned the area for 
possible attackers. 

The minister, helped to 
his feet by bodyguards, was 
bleeding from a cut over his 
right eye but continued on 
foot. 


year at a robust 63 perccoL ai 
they have dwelt on thrirdimb- 5 
ing inf lati on rate, now 15 per- u 
cent, on an unpopular new cap- o 
ital-gains tax and on a stock 

market that has lost 40 percent ^ 

of its value in 1994* peace or no a 

*Afew months ago, Mr. Ra- c 
bin’s party lost control of the 4 
giant labor federation, ffiste- I 

drel Frantic Labor Party lead- I 
ere, smelling possible disaster m / 

the 1996 elections, have begun 
squabbling among themselves, J 
so fiercely that one member of 
parliament, Avraham Burg, 

warned this past week that the 

party was a footstep away 
from the abyss.” 

At a Labor caucus the other 1 
day, a lawmaker named Shloano j 
Buhbut pleaded with Mr. Rabin 

not to go to Oslo. “Yitzhak, die 

house is on fire,” he said. *>tay 
in Israel, and we’ll put it out. 1 
Many other Israelis also 
wanted their government lead- 
ers to stick dose to hente, be- 
cause they were appalled that 
the Nobel Peace Pnze was be- 
ing shared with Mr. Arafat, 
whose terrorist past is hardly 
forgotten. 

Two polls this past week 
showed that only a minority of 
Israelis wanted Mr. Rabin and 
Mr. Peres to go to the ceremo- 

ny in Oslo, where the police are 
on full alert, protest demonstra- 
tions have been hdd, as they 
have in Israel, where critics 
point to the continuing violence 
and ask: What peace? 

■ Syria Agrees to U5, Talks 
Syria repeated its refusal on 
Friday to hold secret talks with 
Israel, but said it had agreed to 
“exchange ideas” with the Is- 
raelis in Washington with the 
participation of the United 
Stales, Reuters reported- 
The Syrian foreign minister, 
Farouk Sham, said in Lebanon, 
“Syria agreed to the proposal 
that meetings between the Syri- 
an and Israeli sides to exchange 
ideas take place in Washing- 
ton.” 

He added that “knots” in the 
Israeli-Syrian negotiations 
“could be unraveled,” paring 
the way for the continuation of 
negotiations on the Syrian and 
Lebanese tracks with Israel” 
Three years of U-S.-brokered 
peace talks between Syria and 
Israel are deadlocked over the 
extent of an Israeli withdrawal 
from the Golan Heights. 

Lebanon’s talks with Israel, 
which occupies a 13-kflometer 
(9-mfle) stop on the Lebanese 
border, are also bogged down. 


officials. ... v ^ rival 


Mishake Muyongu, ■ Nn j oma : 

ance, received only 86j wt» to Mri Aflan|ic electoral 

Mozambican Sworn In, Rival Attends 

Mozambique ™“SS»S?titefoduded his bitter wartime rival, 
said. , , rjtauA n.wr a rmfi-nartv state, woolhc*?' 




India Leader Faces Revolt Over Los$e® 

xtttw nEi wr ni enters') — Prime Minister P-V. • 

titans in at least three of four states. . t headed"* • 

As vote-counting proceeded, the party appear^ to be 

they mightmove a no-confidence motion against Mr. Rao m*ep 

in Karnataka state, where to£- 
ccSSatoite Dal was emerging as a «a«r wrner 
border state of Sikkim. In the western stale of goa, 

£££ adore race with an affiance led byflie Hindu nabonahst* 

Bharatiy a Janata Party. v- * 

U.S. Seeks Better Ties With Lebanon : 

rftrUT (Reuters) — The United States, apparently i tr 

d^folc^Slrd Lebanon, sa& d 

improve nEtiotis with tire MidmeE^co^ on^^ 
™*We want to see the ties ^ 

ijdnmanimnrove and increase on all levels, Robert H-Pdtetreaa, 

SfHS of state for Mddle Eastern affairs, sa^ 

of State Warren M. Christopher and other 
angered Ldxmese officials by ignoring 

.-SrtmaVwio viiats to the xenon. Also, The U.S. Import-Export^ 

-last w«t qoietly resumed loan 

, operations to Lebanon's public and private sectors. 



V# 




PSRjjfe 

f •W-,’ 

C- s'* * 

£i£ m yjrs.zx'^r. 

iliv 


flSTiv'- 



operations to Lebanon’s pubhc and private sectors. j 71 4 

Paris Shifts 2 Police Investigators UlIKli biHlt 

the fight against the Basque separatist vj 


CORUM 


Horlogers -J oailliers 

L Rue de la Paix, Paris, TeL 42 60 10 17 


/Jifcgr ' ^ — 

Scheduled Airline 
See your Travel Agent 
or call (Paris): 44 56 18 08 

•plus tax 


AMERICAN 

TOPICS 

On Road, Drowsiness 

b as Deadly as Drink 

Drowsy drivers may cause 
as many accidents as drunken 
drivers —30 percent of fatal 
crashes in one study. At least 
one American driver in every 
20 has caused an accident by 
nodding off at the wheel, 
sleep researchers say. 

Don’t blame boring high- 
ways and long drives for 
drowsing and driving, said 
Thomas Roth, a researcher at 
Henry Ford Hospital in De- 
troit. Instead, he said, blame 
a stubborn unwillingness to 
submit to slumber and a life- 
style with inadequate time for 

S ^Sriie dangerous driver is 
the one who is sleepy, but 
won’t admit it,” Dr. Roth 
said. This is showing up as 
thousands of automobile ac- 
cidents and deaths, be said 
Allan I. Pack of the Na- 
tional Institutes of Health 
said a New York State study 
showed that sleepiness was a 
factor in 82 percent of acci- 
dents in which the vehicle left 
the roadway. 

In another survey, 20 per- 
cent of U.S. drivers admitted 
that they had fallen asleep at 
some time while driving. 

There are 1.3 million an- 
gle-vehicle crashes each year 
in the United Stales, said Dr. 
Pack. In two-thirds of the ac- 
cidents, the driver made no 


attempt to brake or steer back 
ontotheroad 
What to do if you get 
sleepy at the wheel? Caffeine 
is not the solution, the experts 
say; instead, pull over and 
sleep. 

Short Takes 

Infant mortality in the Unit- 
ed Stales reached an all-time 
low last year, according to the 
National Center for Health 
Statistics. The rate feD to 8.3 
deaths per 1,000 live births in 
1993, a decline from 83 
deaths per 1,000 the year be- 
fore. 

Thanks in large part to the 
popularity of microwave pop- 
corn, sales of unpopped pop- 
corn have nearly doubled in 
the past decade, from 611 
milli on pounds (about 280 
million kilograms) in 1982 to 
1.16 billion pounds last year. 
The Washington Post reports. 
Americans consume no less 
than 73 quarts of popcorn per 
person per year — salted 
buttered or caramel ed. Two- 
thirds is consumed at home 
and much of the rest at ball- 
parks and movie theaters. 

A skier lost in a Sierra b&z- 
zard near Squaw Valley, Cali-, 
fomia, remembered his Boy 
Scout training and survived 
Alan Austin, 45, said that 
when he was caught in freez- 
ing temperatures, driving 
snow and a whiteouL “I fig- 
ured I was in pretty big trou- 
ble, so I built a snow cave.” 
He said he recalled his Boy 
Scxwt instructions: Stay in 
one place, find a snow drift 


under a tree, build a cave and 

li ne the walls with tree limbs. 
And wait. When rescuers 
found him two days later he 
had suffered only mild frost- 
bite on his fingers and toes. 

Parents can use a new de- 
vice called Tune Slot to dole 
out a limited number of hours 
for watching television and 
playing video games. Each 
family member is issued an 
individual card, which is 
passed through a slot to 
“buy” tube lime. In addition 
to monitoring how long the 
TV is used, the derice priced 
at S 149.95, can be pro- 
grammed to block out partic- 
ular viewing time such as late- 
night hours. It is sold in 
department stores, specialty 
shops and toy stores. One sat- 
isfied customer wrote: “I love 
it. The lads hate it” 

Michigan law prohibits toe 
courts from enforcing collec- 
tion of gambling debts, an 
appeals court in Detroit said 
in ruling that a collection 
agency could not force a 
Michigan man to pay a 
$5,000 debt to a Las Vegas 
casino. International Recov- 
ery had gone to court to force 
John H. Gabler, 47, to pay a 
1986 debt to the Sands Hotel 
and Casino that now stands 
at $10,770 with interest A 
Sands vice president Shelley 
Berkley, said the ruling could 
hurt visitors to casinos who 
want to gamble on credit In- 
ternational Recovery is con- 
sidering an appeal, its attor- 
ney, Keith Nathanson, said. 
Gambling is illegal in Michi- 
gan, except on tribal lands. 
International Herald Tribune 


Yves Lncet national jocau m *ryn?TZr w 1 

year, had long been planned. They dismissed speculation | 

could be an attempt to stifle a senes of probes into political^ 
corruption scandals. One police official pomted out that magis-, 
tratesT rather than police diiefs, control investigations. 

Berlusconi to Meet With Prosecutors 

ROMEfAP) — Prime Minister Silvio Berluscom wll meet wtb.. 
prosecutors Tuesday in their investigation of his Fmmvest media ■ 
conglomerate, news reports said. . ^ • 

Milan prosecutors informed him on Nov. 22 that be was a. 
suspect in their inquiry of alleged payoffs byFmmvest officials^ 
^inspectors. He was asked to appear for quesbo^&J^- j 
Berlusconi, who was in Germany for a European Union meeting, 
said that prosecutors had confirmed an appointment for Tuesday, _ 

the AGI news agency said. . . n ,- 

The prime minister has demed any wrongdoing and has alleged 
that the prosecution was politically motivated. 

For the Record 

A mortar bomb wounded fire Indian peacekeepers in Somalia, 
and the last Indian troops prepared on Friday to complete then: 
pullout from the southern port of Kismayu. (Reuters) 

Suspected Mnsfim nnfitants toot dead two police gpards near a| 
train station in the southern Egyptian town of Mallawi on Friday, 
security sources said (Reuters) 

TRAVEL UPDATE 

Fire at the Eurotannel Shuttle Train ; 

FOLKESTONE, England (AFP) — A car caught fire on Friday, 
as it was being loaded onto a shuttle train in the Channel Tunnel- 
at the Folkestone terminal, according to the owner, Eurotunnel H >' 
Fire fighters rapidly put out the blaze, which did not cause any- 


I in-.. - ' 


<11 SOI] in?’* 

«.?' •- III L ’ 


the shuttle. Currently, only company stockholders, journalists and 
tourist operator representatives are allowed on. * 

British Airways is expanding its service from London to Cape 1 
Town from two to three flights weekly starting in April. (AFP)' 

Stiff new Spanish controls on the border with Gibraltar have. 


Stiff new Spanish 
stirred fears that Sp 
Ernest Montado, Gi 

AS Nippon Airws 


plans to dose the border, according to 
[tar’s senior dyfl servant. (Reuters^ 


Ai Nippon Airways said it would begin scheduled services 
jointly with Eva Air, a member of the Evergreen group of Taiwan^. 
between Taipei and Fukuoka, Japan, begmning Dec 12. (AFX) 


To call from country to country, or to the U.S., dial the World Phone® number of the country you're calling from. 



Improve 

International 

Relations 


Anthwa D * nm * rtlCC * 

{Available from public card phones oniy.) « Do«nlnlc«i Republic 

. ■ 001-800-333-1111 EcuwJort 

022-903-012 Emptied* 

- , , i -BOO-624- 1DO0 lOulsWe of Cairo, dial 02 fireU 

8004)02 H Salvador* 

ZTV’Lcr* 08 WM 0012 RntandlCO* 

1-800-623-048* Fnme*CO. 

0*00-2222 Gambia 
000-B012 CermanyiCO 

Canada* cci 
Cayman Wand* 

CNMCQ 
CotomUaCCCH 
Costa Rica* 

Cyprus* 

Cadi RepubCciCO 


8001-002? Iceland* 

1-800-751-8824 bwH- ISpeoi 

170 IratamMCCi 
brMiico 

355-5770 Italy) CC I* 

195 Jamaica 
9800 - 1 02 -B0 Konya 

19T-00-19 {Available from most major crhea.1 
00-1-99 Kuwait ® 

0130-0012 LebanotfCO 


999-002 Wcaraguatca 

(Special Phonos Only) (Outside ot Managua, dial 02 first! 
1-800-55-1001 NorwaytOQ* 

177-150-1727 Panama 

172-1022 Military Bases 
BOD-87 4-7000 Paraguay* 

tau (Outside ot Lima, dial 190 first.) 


SpiMCO 
168 Sweden) CO* 
800-19912 SwttzariandlCQ* 
109 SyriatCQ 

2810-108 Trinidad ft Tobago 
008-11-800 Torfcay* 

001-190 Ukxafae+ 


1-800-888-8000 (Umiied availability in oasiern Germany.) (Outsideof Beirut, dial 01 Dr*- 1 

1-800-824-1000 Greece) cci* 00-800-1211 LiecIlWnstalnlCO* 

00* -0316 Grenada* 1-800-624-8721 Luxembourg 

980-18-0001 Guatemala* 109 Me*h»a 

182 HoitRCCJ-r 001 -BOO- *44-1234 MonacoiCO* 

080-90000 Honduras* OQ1-B00-674-70O0 NetheHantWC O* ^ 

00-42-000112 Hungary! ect* 00* -800-01 -HI Nodwriands ArtWeHaw 


lI 090011 Potandtca 

800-MCK800-B24) Portugal) Ca 

800-824 Puerto Rite) CCI 
425-036+ Qatari CQ* 

155-0222 Romania) co+ 
0800*0112 Russia) CCW- 
95-800-674-7000 Sen MarlnwCCi* 
ISt-0019 Saudi Arabia 
06-022-91-22 Slovak RopuMdCa 
001-800-950-1022 South AMcatCCi 


900-99-0014 

020-796-922 

155-0222 

0900 

(Special Phonea Only) 
00-8001-1177 
8T1M13 
800-111 


Ot- 01 -04^00-222 United Arab Emirate* 800-111 

05-017-1234 United Kingdom) CCI 
1 - 800 - 888-8000 To can the U.S. using BT 0800-88-0222? 

08004)12-77 To ofl the US. ustag MERCURY 0600-880222+ 

01 -800-1 BOO To coil anywhere ether than the U.S, 0600-800-800 

8*10-800-497-7222 Uruguay (Collect not available.1 000-412 

172-1022 US. Virgin WandHCQ 1-800-888-8000 

1 -800-11 Vatican Otyffid 172-1022 

00-42-000112 Vanaaiel»+* 800-1114-0 

0600-99-0011 


,j__ vour MO Card.® Io«8l talophonu card or call coltact-^fl at the aama tow _ ra “*’ 
imcountry-ftKOuntry tabling avadoblo. May not be available to/from rfl into motional 
m ▼ Wok for second dial lone, a Av-ilabl- from LADATEL^ 
phonos only. Rale depends on call ongin in Mexico, t iniamntional communlcaiiona comer. 

' 3 ! able tom public pav phones. • Public phonos, may roqulrg depoat of com or phone card for 


Wqwm 


VNE* Let It Take You Around The World 

/ From MCI 












r ::'*hh 


THeamericas/ 


UVTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNDAY, DECEMBER 10-11, 1994. 


Page 3 


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* — •£, SliHS - 



Pentagon to Slash $7 . 7 Billion in Arms Programs 

. W ASH IN G TO 1 N™— The STKtK ftSS ift—ta The army will go from 

weaDOns systems in riin-plnru ><» nn,,— >« i%..:u *_i.. 


.Vw >'urt Times Service 

WASHINGTON — The 
Pentagon announced Friday 
that it would cut $7.7 billion in 
new weapons prog rams over the 
nest six years to help pay for 
increased salaries and improved 
living conditions for American 
troops. 

Coupled with President Bill 
Clinton's decision last week to 
add $25 billion to ihe military's 
budget through 2001, the action 
reflects an effort by the admin- 
istration to increase military 
readiness and to support mili- 
tary personnel at the expense of 
modernizing its arsenal. 

The administration’s deci- 
sion to shift money into readi- 
ness from hardware also under- 
scores the efforts by the White 
House to blunt criticisms from 
Republican legislators that 
forces are stretched loo thin. 
The Pentagon conceded last 
month that three army divisions 
were below peak readiness. 

“We believe that these ad- 
justments are acceptable," De- 
fense Secretary William J. Perry 
said, “they protect our technol- 
ogy base, and they allow impor- 
tant force modernization pro- 
grams to continue at a rate that 
we can afford and they do pro- 
vide the necessary savings 
which help us increase funding 
for readiness.” 

In a widely publicized memo- 
randum last August, Deputy 
Defense Secretary John M. 
Deutch ordered the army, the 
navy and the air force to pre- 


w«i.n oi uciay as savings ol 52.1 billion revamp _ n - ... ^ 

much as S20 billion in new the army's Comanche helicon * Personnel Cuts in The . “jy $°. frora J- to 

weapons systems in develop- ter program to build only two The army and the air force *i? actIv ^ ut ^ divisions and cut 

ment. President CUn ton's an- prototypes at a savings of S2.1 have announced personnel re- ?? 

nouncement reduced the size of billion, build two fewer naw ductions that willcui tens of 5, he * u PP°7 n Jf ks , f °„ net re_ 

the n«essaiy cuts. destroyers to save SI J billiob *ousands from the m£y'£ *?■ ifff “JTS 

Under the plan, the militaiy and dday procurement of at- uniformed and civilian ranks li? 

cancel .? n air ^ orce tack submarines for a year, sav- over the next two vears, Reuters M , reducm*, ns 

Stealth missile system at a ing SI. 5 billion. reported from Washington. m Gerraan >' 

° by about lu,(XX). 


-j u«uw)r 

ter program to build only two 
prototypes at a savings of S2.1 
billion, build two fewer navy 
destroyers to save S\5 billion 


POLITICAL NO TES 


Turning Up Hea t o n Gingrich 

WASHINGTON - The sccond- 
i unking Democrat in the House has 
culled for appointment of an outside 
counsel to investigate whether the next 
speaker of the House. Newt Gingrich. 
Republican of Georgia, has violated 
House ethics rules and federal tax codes 
with his network of political organiza- 
tions. 

The allegations, already under review 
b\ the House ethics committee, suggest 
that the House Republican leader used 
funds and organizations that were desig- 
nated as nonpartisan to recruit, fund 
and train Republican candidates and 
party activists. 

"With the multitude of unanswered 
questions, ethical allegations and serious 
conflicts of interest laced by the incom- 
ing speaker of the House. I believe that it 
is imperative that we have an indepen- 
dent. nonpartisan" counsel to carry for- 
ward the investigation. Rcpreseniative 
David E. Bonior. Democrat of Michi- 
gan. the incoming House minority whip, 
said at a news conference. 


Mr. Senior's proposal was immedi- 
ately denounced as "ill-considered" bv 
Mr. Gingrich's office. "The matter as 
currently pending before the ethics com- 
mittee of the lt)3d Congress." said Tony 
Blankicy. a Gingrich spokesman, “and ! 
fully expect that committee to favorably 
complete its deliberations ' before the 
new Congress convenes Jan. 4 .jZ..^7'j 


Judges* Judge Makes Point 

WASHINGTON — Three senior 
Clinton administration officials recently 
trudged up to Capitol Hill on short no- 
tice to confer with Senator Orrin G. 
Hatch, soon to be the new chairman of 
the Senate Judiciary Committee. 

It turned out to be something other 
than a simple courtesy call. The Utah 
Republican was. by all accounts, his 
usual courtly self. But he was unusually 
blunr in discussing the new political situ- 
ation that will come with Republican 
control of the Senate. 

He told the Clinton aides that he was 
now the principal gatekeeper on the is- 


sue of who gers to be a federal judge. 
And. he said, he will not hesitate to 
engage the administration in combat on 
that issue. 

-Asked in an interview about what 
kind of people President Bill Clinton will 
now be trying to put on the federal 
bench. Eleanor A cheson. a senior Justice 
Department official, said. “1 don't think 
anybody in the administration is labor- 
ing under the notion that the culture and 
environment hasn't chanced drastical- 
ly." 

She said there could be "constraints" 
on the type of people involved. i \YT) 


Quote/Unquote 

Representative Gingrich on his strug- 
gle to get the barbed side ofhis personal- 
ity under control so that he can behave 
in u way that he feels is more appropriate 
to his new role as House speaker: "Ei- 
ther I have to close down that part of my 
personality, or I've got to I cam to be 
more careful, more specific, about what 
1 sa.v" i NIT/ 




Clinton Sharpens His Ax 
For the Executive Branch 




'V/a. „ 

* ' * % l 


e^tisators 


CHRISTMAS CAMOUFLAGE — U.S. military policemen trimming the ‘Tree’' they 
nave set up with camouflage netting outside their camp in Port-au-Prince, Haiti. 

Canal Boats Hunt for Cubans 


. *.:i rail 

i.'ii-ja/ 
. i : 


Pm** 


■ .>■ 


The Axsaaaud Pros 

NUEVO EMPERADOR, P anam a — - Police 
Queers searched the jungle and military speed- 
boats patrolled the Panama Annul on Friday, 
hunting for Cubans who escaped refugee camps 
xn riots that left 236 UJS. soldiers wounded. 

A total of 30 refugees were unaccounted for of 
about .1,000 who' Escaped diming the rioting. '' ; 

The riots broke oirt" Wednesday when refagcaesC 
angry over the slow pace of efforts to find them 
permanent homes, threw rocks at U.S. soldiers. 
The melee was brought under control on Thurs- 
day. At least 17 Cubans also were injured. 

It was the worst outbreak of violence since 
President Bill Clinton ordered U.S. warships to 
intercept Cuban refugees at sea in August. About 
8,500 refugees have been held at camps in Pana- 
ma under U.S. supervision since September. 
More than twice that many are detained at the 
U.S. naval base at GuantAnamo Bay, Cuba. 


Vice President A1 Gore said the riots would 
not force any changes in U.S. immigration 
policy. 

“We’re taking a lot of steps, including actively 
seeking third countries for them to go to,” Mr. 
Gore said in a broadcast interview on Thursday. 

“We are also actively reviewing humanitarian 
and hardship cases,” he said, adding that “we are 
improving die conditions there.” 

Pana m anian police helped~U.S. soldiers search 
for the mi ss ing Cubans. Troops set up road- 
blocks around the four camps, 12 miles (20 
kilometers) west of Panama Gty. 

At least 26 Cubans who tried to swim the 
muddy canal were caught by policemen. 

A military spokesman said tear gas was used at 
one camp to quell rioting. He said about 1,000 
troops were su mm oned to restore calm and were 
welding together large sections of barbed-wire 
fencing knocked over by the rioters. 


Simpson Jury Selection Comes to a Close 


Los Angeles Times Service 

LOS ANGELES — Both 
sides in the OJ. Simpson mur- 
der trial have accepted a racial- 
ly mixed panel of alternate ju- 
rors, concluding a grueling jury 
selection process that has 


Cochran Jr. and Robert L. Sha- sional football star has pleaded 
piro, strode together to the lec- not guilty and has vigorously 
tern, and Mr. Shapiro an- proclaimed his innocence, 
nounced: “On behalf of OJ. _ ™ __ « , Q 


Simpson, we accept the jury.” 

Jury selection has been under 
way since Sept 26. when the 


~ . ^rt.? selection process mat nas muw wuen uk 

,!■ dragged on since late Septem- first panelists filled out an ex- 

‘■i — s "r--. her haustive Questionnaire nrobine 


j.VFE 


huttie 


ber. haustive questionnaire probing 

The final round of jury sdec- their feelings about the case and 
don in the Simpson case un- sea r c hi ng for any biases that 
folded Thursday in a tanv* qui- might make them unfit to serve, 
el courtroom with the two sides More than 100 candidates 
trading turns exercising pe- were dismissed during the selec- 


- ' ~~£S : 


remptory challenges — those 
used to remove a panelist with- 
out stating the reason. When 
the process 1 concluded, the nine- 
, woman, three-man alternate 
'panel included seven blacks, 
four whites and one Hispanic. 

They win be pressed into ser- 
vice if any of the 12 regular 
jurors are removed between 
now and the end of the trial, a 
possibility that already has sur- 
faced amid allegations of im- 
proper behavior by one or more 
of the Simpson jurors. 

Mr. Simpson smiled broadly 
Thursday when the selection 
process finished. His two prin- 
cipal attorneys, Johnnie L. 


More than 100 candidates 
were dismissed during the selec- 
tion process. 

With jurors and alternates 
now in place, the judge and at- 
torneys can at last begin turning 
thdr attention to legal issues 
and evidence in the case: On 
Monday, they will take up a 
defense effort to block the in- 
troduction of any evidence of 
“marital discord” between Mr. 
Simpson and his former wife 
Nicole Brown Simpson. 

The slashed and stabbed 
bodies of Mrs. Simpson and her 
friend Ronald L. Goldman 
were discovered shortly after 
midnig ht on June 13. Mr. Simp- 
son has Been charged with those 
murders, but the former profes- 


prodaimed his innocence. 

■ White Bronco for Sale? 

The white Ford Bronco seen 
on televisions around the world 
last June as Mr. Simpson's 
friend A1 Cowlings drove him 
along Los Angeles freeways 
chased by the police may soon 
be up for sale, Reuters reported 
from Los Angeles. 


By Ann Devroy 35 3 “much more audacious re- 
and Stephen Barr sponse” to the Republican 
Washington Past Service pains and to emphasize Mr. 

WASHINGTON — Presi- Clinl0n ’ s desire to move more 
dent Bill Clinton's senior eco- tt * ard lhe Politica! center, 
nomic and political advisers are ^ administration offi- 

preparing budget options that a 7 ^L at ^ GlillIon 
would dramatically slash de- s®™? 115 recommen- 

partments and agencies and datl ? ns for cutting or elimmat- 

may even eliminate a cabinet m| aSSSSHS^ 8 - 0 ? 
department, as the White A second official said the De- 

House competes with the new °/ Housm S “d Ur- 

Repubhcan Congress to cut the ““ .Devdopment was once 
federal government. considered a prime candidate 

wMetb^ti^cluldSS 1 

eaSSaS 

Si^TmaiS reca ^™ J that wheo Preadent 

in|"’ raihff t bin jettiSg a '’T' 

de CT L h 

“ h ° control the two reasons: the Congressional 
ate have aiready Budget Office did not believe it 
stated they intend to do major would save much money, and 

52 r 1211 ! no one couFd decide where to 

. oa die fiscal 1996 move the department’s biggest 
budget that Mr. Clintcm will and most expensive function, 
sending to Congress in Febru- manufacturing and maintain . 
ar ^’ ing nuclear weapons. 

The White House has totally Another official noted, 
shaken up its budget process to though, that “things that could 
produce what officials describe not have been possible two 

months ago now make it on the 

table.” 

/Tl This official said that while 

| Q I JACp the major reviews had been di- 

' v4lvOv reeled at the housing and ener- 

^ gy departments, other govem- 

Mr. Cowlings’s attorney, ment departments and agencies 
Donald Re, said that Mr. Cowl- would be asked tojustify their 
ings had been offered six-figure missions and explain why parts 
sums for the car. “Ever since of their organizations continue 
The Ride,* people have called to exist 

asking if they could buy the 

Branca” Mr. Re said. 

He said the police returned 
the vehicle to Mr. Cowlings two See our 

months ago “and he really isn't Real Estate Marketplace 
able to use it because it’s the every Friday 

most recognizable car in Ameri- 
ca.” 


TENDER NOTICE 


See our 

Rea! Estate Marketplace 

every Friday 


ETHIOPIAN CIVIL AVI/TOH AUTHORITY 

ADDIS ARUBA AIRPORT PROJECT AIRSIDE WORKS PHASE i 

PREOIiALIFICATIOIV OF CONTRACTORS 


— . — * — uvih uni i mm iniMU|mixub i imiu in kmiuui) LaiTCauca 

tmrartk the cost of Addis Ababa Airport Project- Airside Worts Phase I and ft Is bunded that port of the proceab of 

ln[r lnAn win IlA nimllltl In nlfnlkln mwuwlft uiulaa Ik. « ■ f Xl.L U.r^ f t* . . . . r 


Away From Politics 


Tte CIVIL AVIATION AUTHORS binds to pfemrilfr crntnirtors fa 1 the foDoftlng vats: 

The project Is located at Adds Ababa Airport. 5 tfioaeters soub of the d|y of Addis Ababa. The project principally 
maprlas chll engOieeriiig rate inrludlq na|or caitlwarts and airport pawmenl sort hi partcular bilnminous 
tAlieJd paiviwsntSL The irark trfll be imdertakea while the airport cantfaties to be operaUooaL 


• A U.S. Navy-chartered passenger ship caught Tire after 

docking at the U.S. naval base at Guantanamo Bay, Cuba, 
forcing the evacuation of hundreds of military personnel and 
civilians, the navy said. One woman was injured by smoke 
inhalatio n. (Reuters) 

• A U.S. judge upheld the right of a PhUadelphia-area hospital 

company to require a doctor infected with HIV to tell pro- 
spective patients of his condition. (Reuters) 

• Short dukfrea are no more likely to be maladjusted than 
taller ones, so parents who spend thousands of dollars a year 
on growth hormones may be wasting their money, researchers 
say. Earlier studies had suggested that shorter youngsters are 

; more likely to be shy, anxious or depressed. (AP) 

: • The Justice Department said 37 itmntes were executed in 10 
; states last year, the largest number since states were allowed 

• to resume using capital punishment in 1976. (AP) 

^ Hundreds of students have fallen 01 with vomiting and 
- diarrhea at Dartmouth College and Harvard University, both 
; in New England, and epidemiologiste were trymg to discover 

• if there was a connection between the outbreaks. (r/nj 
; • A fire whipped bf winds reared tough a brushy canyon 

and briefly threatened homes in Malibu, California, which is 
still recovering from last year’s deadly firestorms. (AP) 


■ Alrfiefd Bghting ad essentia! Nav-Cofii mnts. 


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Page 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 10-11, 1994 


U.S. Force in Bosnia 
Would Be Ready for 
Combat, Perry Says 


EU Summit 




Belgrade Suspected of Breaking Its Embargo focuses Qn 




WASHINGTON — Secre- 
tary William J. Perry said Fri- 
day that American troops 
would be prepared for combat 
if they participated in an evacu- 
ation of United Nations peace- 
keepers in Bosnia. 

“If we go in on an extraction 
operation, and if our forces are 
attacked by whomever, we will 


der the stringent conditions im- 
posed in Bosnia- 

Mr. Goes said the North At- 
lantic Treaty Organization’s 
hands had been tied in Bosnia 
because it needed UN approval 
before taking action against the 
Serbs. 

“We are losing some of our 
credibility because UN authori- 
ties think we have to avoid a 


be conducting a combat opera- mili tary approach to the Bihac 
lion,” Mr. Perry said, ana the problem,” he said, referring to 


troops will be equipped and 
prepared to use “overwhelming 
power/* 

The Bosnian Serbian leader, 
Radovan Karadzic, warned 
NATO and U.S. forces on Fri- 
day to steer clear of Serbs dur- 
ing any evacuation. Mr. Karad- 
zic said his forces would not 
seek a confrontation but were 
ready to fight. 

“If NATO or the U.S. Army 
want to assist” the United Na- 
tions, he said, “then they should 
not approach Serbian territory. 
We would not attack than, but 


the embattled Muslim enclave. 

“I don’t think that NATO 
can accepi conditions that, at 
certain stages, paralyze us.” he 
said is an interview with a Brus- 
sels newspaper, Le Soir. 

Because of the problems with 
the United Nations, Mr. Gaes 
also said NATO would insist on 
retaining — and not sharing — 
command if the alliance is 
called in to rescue endangered 
UN troops in Bosnia. 

(AP, Reuters) 


By John Pomfret 

Washington Pea Sernas 

ZAGREB, Croatia — Diplomats 
and UN officials say a growing body 
of circumstantial pvidence suggests 
that President Slobodan Milosevic of 
Serbia is secretly breaking his own 
embargo on the Bosnian Serbs. 

These sources cited increasing signs 
that Mir. Milosevic, despite voicing 
support for an internationally backed 
peace plan, has continued supporting 
the Bosnian Serb Army in its seces- 
sionist war against the Muslim-led 
government in Sangevo with guns, 
troops and fuel. 

This would mark a major breach of 
the embargo Mr. Milosevic an- 
nounced in August. The embargo was 
presented then as a total cutoff of 
long-standing Serbian support for the 
Bosnian Serbs and was undertaken in 
an attempt to force an aid to Europe's 
worst conflict since World War II. 

Tbc latest clue emerged Thursday 
when two award-winning photogra- 
phers, incarcerated and beaten for two 
days by Serbian forces besieging the 
Muslim-held Bihac pocket in north- 
western Bosnia, said their captors 
identified themselves as members of a 
paramilitary unit from Belgrade. 


While anecdotal, the allegations by 
Ron Jacques of New York and Luc 
Ddhaye of Paris prompted Peter Gal- 
braith, the U.S. ambassador to Cro- 
atia, to say, “These are very serious 
reports, and they have to be investi- 
gated.” 

The reports highlight a complex 
policy pursued by Mr. Milosevic, who 
was hailed earlier this week by the 
foreign ministers of Britain and 
France as the last hope for peace in 
the Balkans. 

The detailed allegations, if true, 
would raise doubts about the assump- 
tions that underlie the latest European 
diplomatic initiatives to end Bosnia’s 
war: that Mr. Milosevic wants peace 
and that he supports a U.S.-European 
plan to cut Bosnia roughly in half 
between Serbs and a Muslim-Croatian 
federation. 

They also would contradict the 
rfo i m * of an international border 
commission, which Tuesday reported 
that Yugoslavia, whose dominant re- 
public is Serbia, over the last 30 days 
had effectively blocked its frontier 
with Bosnia as promised. 

Partly on the basis of that report, 
the United Nations Security Council 
will vote on whether to renewa reduc- 


tion of international economic sanc- 
tions on Serbia. 

Serbian forces arrested Mr. Jacques 
and Mr. Delhaye on Monday even 
though they were traveling in Cro- 
atian Serbian-held territory with the 
permission of Serbian authorities. 

In an interview Thursday, Mr. Jac- 


atfa p Serbian onslaught aga ins t the 
Bihac pocket suggests support from 

Belgrade. . . 

UN officials and diplomats pointed 
to tiie following developments as ad- 
ditional signs .that Mr. Milosevic’s, 
support of the Bosnian Serbs has not 
waned; 




qoes, a photographer for the Paris- • A large number of advanced anti- 
based Saba photo agency, described a aircraft missile systems have appeared 


two-day ordeal of beatings, being 
doused by buckets of cold water and a 
mock execution. At one point, Serbs 
covered his head with a padded hood 
and beat him, Mr. Jacques said. 

. UN sources said that from the de- 


in Serbian-held parts of Bosnia since 
Mr. Milosevic announced the embar- 


Mr. Milosevic over the last month. 


scrip tion, the men appeared to be part especially since Nov. 21 . when NATO 
of a Serbian paramilitary unit run by a launched the first of two air strikes on 


By Tom Bueride' 

International Herald Tribute 

ESSEN, Germany — Euro- 
pean Union leaders called Fri- 
day for a major increase in 
spending on cross-border roads 
and railways to transform the 
recent economic upswing into a 
permanent lifting of the bloc's 


: 

.. * - 

^ •• 

ctfC- ■v .-* 

: ■ ' 


competitiveness . 

The initiative 




initiative neatly side- 


Belgrade-based gangster called Zeljko 
Raznatovic, also known as A rkan , 
whom the United States has accused 
of bong a war criminal. 

Mr. Milosevic supported Arkan in 
his unsuccessf ul bid last December for 
a seat in Parliament and has used 
Arkan s units before. 

UN officials said the reports sug- 
gested that rumors of Mr. Milosevic's 
split with the Bosnian Serbs’ self-de- 
clared government in Pale have been 
exaggerated, if not stage-managed, 
and that the recent Bosnian and Cro- 


Serbian targets around the Bihac 
pocket. 

• The Bosnian Serbian Army, 
which six weeks ago was reported to 
be low on fuel, suddenly has a surfeit, 
and much of it appears to be coming 
from the Yugoslavia’s other republic, 
Montenegro. . 

• There are increasing numbers of 
suspicious helicopter sorties dose to 
Serbian territory along with indica- 
tions of troop movements from Serbia 
into Bosnian Serbian-held turf. 


stepped a long-running fight 
over infrastructure fina n cing by 
drawing on two new sources of 
funds: budget contributions 
freon Austria, Sweden and Fin- 
land, which are to enter the 
Union in January, and in- 
creased revenues resulting from 
the faster-tban-prcgected eco- 
nomic recovery. - V 

This “manna,” as a French 
spokesman described it. was. a 
gift (be leaders were deariy 
happy to seize at the opening of 
a two-day summit meeting ten. 

The meeting participants 
achieved consensus by sticking 
to agreed-upon but limited for- 
mulas for stimulating jobs and 1 
paving the way for Eastern Eu- 
ropean countries to enter the' 
Union around the end of the. 
decade. It was a safe strategy 
that suited many of the leaders, 
who face deep political difficul- 
ties at home. * 

Chancellor Helmut Kohl of 
Germany, who stressed the 
need for economic renewal by 
holding the meeting in this in- 
dustrial Ruhr Valley city, told 
his fellow leaders that the y 
should not give way to “Euro- 
pessimism.” The Union had 
contributed to 50 years of peace 
in Europe, be said, and had re- 
bounded from a previous peri- 
od of gloom in the economic 
crisis of tire early 1980s. . ' 

. None of the leaders was eager 
to make waves, though, and the 
climate of modest European 
ambitions was underscored by 
the support given a call by 
Prime Minister John Major of 
Britain for stepped-up efforts to 
fight fraud in the EU budget, 
one of the few European areas 
where he can count on full sup- 
port from Britain’s Conserva- 
tive Party. 

In a rare display of emotion. 


SUMMIT: Europe Backs Off on Bosnia Pullout by UN, Fearing Wider War 

Coutiniied from Psee I and Germany, has agreed that keepers would be safely re- and major powers including the 

j j j “land swaps” could occur in the moved from Bosnia would United States and Russia could 

, The Ctaton adnumstratimi declined to said any soldiers to such as banding over con- quickly lead to a nightmare sit- find themselves sucked mto 

^ nr !._ wilh *k c forces m trol of eastern Muslim enclaves uation, involving a confroata- supporting rival sides m a proxy 

war that the French foreign 


has offered up to 25,000 U.S. 
soldiers to help evacuate the 
thousands of UN peacekeepers 
threatened by fighting in Bos- 
nia. The United Nations has 
not yet requested a pullout 
Mr. Perry said a UN with- 
drawal would be followed by a 


“remvigorated” diplomatic ef- 
fort to stop the fighting in Bos- 
nia. 

“If that negotiated settle- 
ment, that cease-fire, were not 
to be agreed to, then there 
would be more flexibility in the 
future for applying military le- 
verage than there is today,” he 
said. 

Mr. Karadzic, although 
stressing Serbian determination 
not to ranch from a confronta- 
tion, said his self-styled Bosni- 
an Serbian republic did not 
want the United Nations to 
leave if it could be avoided. 

“In terms of the military is- 
sues," he said, a withdrawal 
“would be a disaster for the 
Muslim army. But in terms of 
the humanitarian issue, it 
would be a disaster for Serbs 
and more so for the Muslims.” 

The Serbs would not oppose 
a withdrawal taking place with- 
out NATO intervention, he 
said, adding: “If the UN is 
withdrawing, then we will guar- 
antee them full security cm Serb 
territory. Of course, they will 
have to take their weaponry 
with them. They can’t leave it to 
the Muslims.” 

In a related development, 
NATO’s secretary-general, Wfl- 


Cootinued from Page 1 

declined to send any soldiers to 
serve with the UN forces in 
Bosnia. 

The officials said it was im- 
perative to reach a negotiated 
solution before the new Repub- 
lican-controlled U.S. Congress 
forced a change in American 
policy. They said that nailing 
down an agreement would re- 
quire new concessions to the 
Serbs in the international peace 
plan that offers 49 percent of 
Bosnia's territory to the Serbs 
and 51 percent to a confedera- 
tion of Muslims and Croats. 

The so-called contact group, 
which includes the United 
States, Russia, France, Britain 


to the Sobs in exchange for tion among the major powers. 


m ■ 

- -v 


territorial concessions around 
Sarajevo. The Bosnian Sobs 


civilian massacres and a serious minister, Alain Jui 


escalation in fighting through- 


wams 

“could set the Balkans ablaze 
tomorrow.” 

According to French, British 
and German officials, the first 


would also be allowed to join a out the Balkans. 


confederation with Serbia. 


Besides the serious risk of ca- 


ll osnia’s Muslim-led govern- sualties in extracting the 23,000 


ment has firmly resisted any UN soldiers scattered through casualty in their doomsday sce- 


further concessions, and the the Bosnian theater, the likeii- nario would be the effort to 
United States has been rduc- hood of an escalation of fight- contain the war within the for- 
tant to go along with such mg between Serbs, Croats and mer Yugoslavia. As soon as UN 
changes because they would Muslims following a removal of troops withdrew, the officials 
punish the principal victims in peacekeeping forces has con- say, the last restraints would 
the war and reward the aggres- vinced strategists in allied capi- come off the widely flouted 



p unish the principal victims in 
the war and reward the aggres- 
sor. 


say, the last restraints would 
come off the widely flouted 


But the Europeans say that idly spiral out of control 


tals that the atoation could rap- arms embargo and there would 


reviving the hft-and-strike 
strategy once the UN peace- 


Neaghboring countries, such 
Albania, Greece and Turkey, 


be a fresh flood of weapons to 
all Bosnian belligerents. 

On the ground, the Serbs 
would be tempted to launch all- 
out offensives to capture Sara- 
jevo airoort and the eastern 


TELEKOM: Chairman’s Resignation Surprises Bonn Ki^Saves before 

“ -* supplies of heavy weai 


■ vX-. 


Continued from Page 1 


workers,” said the Telekom 
spokesman, Stephan Althoff. 

The Frankfurter Rundschau, 
in an editorial to be published 
Saturday, said Mr. Ricke’s res- 
ignation after four years on the 
job unsettled both Telekom em- 


Rundschau. “He set Telekom 
ever shorter deadlines to pre- 
pare for full competition but 
mmiff free decisionmaking im- 
possible with political interfer- 
ence like the occupation of the 
supervisory board/’ 

Wilhelm PaeUmann, a mem- 


% Surprises tyonn Muslim enclaves betore new 
-* supplies of heavy weaponry 

Telekom is scheduled to lose could tip the balance in favor of 
its monopoly cm local voice set- the larger Bosnian government 
vices in 1998. army. 

Indeed, Drcsdner Bank AG, The United States would 



Brmx> Nueoai/The Astodatcd Press 

Pope John Paul greeting well-wishers on Friday in Rome. 


the bank entrusted with the thus be compelled to rush to the T)ADT?. jwr 5 o* D r J 

placement of Telekom shares aid of Bosnian government LUlih! Women S HlghtS Hacked 
with the public, does all its forces with massive air strikes 


ew.: 

« . 
-■ 






jss ■ 

ij£ r- 
J!5- 


S enp D‘l 

finises. hi 
Mfcr 1 ' |nr 


c*--. - • . 


a;- . . 

iff-- 1 *;;’ 
&**-■ • 


IVU WU JVVWVU VVU1 I VIVAVUJ VAM _ - , « , 

ployees and international inves- °f the management board, 
tors at a time of internal tur- act as Tdekom s managing 


moil. 

Bonn sources said Mr. 
Ricke’s resignation reflected his 


disappointment with the gov- 
ernment’s derision this week to 


ly Gaes, said Friday in Brussels 
that the alliance would not take 


ernmenfs derision this week to 
place several government offi- 
cials on the hoard of the compa- 
ny, which assumes the legal sta- 
tus of a joint stock company on 
Jan. 1 in the first step toward 
eventual privatization. 

“The post minister is respon- 


director until the supervisory 
board that Mr. Ricke criticized 
names a successor. 

The coming year is expected 
to be difficult for the company, 
which says it will lay off 30,000 
workers. 

While Telekom has been 
making great strides toward in- 
creasing efficiency and custom- 
er service, industry observers 
say i t has a lot of work to do and 


long-distance business with 
Sprint, while Commerzbank 
AG, another big German bank, 
uses an AT&T partner named 
WorldCom and Deutsche Bank 


against Serbian positions. Comamedfram Page 1 paired and tnar healthy devfih 

At that point, allied officials is not sufficiently appreciated, mcviXahly COmpr °“ 

say, the war could take a dan- ^ incalculable.” 

gerous turn by forcing Moscow fhe Pope’s messages on such The main thrust of his mes- 
lo respond to America’s sup- broad issues are rarely directed sage was to enjoin women to 
port for the Muslims. The do- at people from one particular take a lead in promoting peace 
mestfc political pressure on of tbc world, and he went at a time when, the Pope said. 
President Boris N. Yeltsin to out of his way cm Friday to “not just individuals but whole 
increase military help for the castigate societies that promote groups seem to have lost any 
Serbs, Russians’ Slavic kin, prostitution, which he called a sense of respect for human 
would be overwhelming. “despicable trade,” or which life” 


AG. the biggest German bank, port for the Muslims, The do- 
rs a partner in a venture to sell mestic political pressure on 
corporate communication net- President Boris N. Yeltsin to 
works of its own. increase mHitaiy help for the 

Joachim KTOske, the Tele- Serbs, Russians’ Slavic kin. 


kom board member in charge of would be overwhelming, 
finances, has meanwhile called “If the United States l 
the company’s planned 15 bfl- arms embargo to help tfa< 
lion Deutsche mark ($10 tail- lime and threatens air 


paired and thrir healthy devri- The leaders warmly applauded 
opment inevitably compro- Mr. Major and Albert Reyn- 


\hLz\/‘ 

:■ 

nr;;:: 


raised.” 

The main thrust of his mes- 
sage was to enjoin women to 
take a lead in promoting peace 
at a time when, the Pope said. 


“If the United States lifts the discriminate against girls from 
arms embargo to help the Mus- (heir earliest years onward 


sense of respect for human 
life.” 

“We are speaking of outra- 


olds, the lame-duck Irish prirajjj 
minister, for their efforts to 
bring peace to Northern Ire- 
land. Mr. Major said that the 
peace process was entering its 
most difficult phase , and . that 
economic development was 
needed to demonstrate that 
peace would improve daily life 
in Ulster. The leaders endorsed 
300 million European currency 


ET.ZZC. ■■ 
E“r.. - 
- • 






liras and threatens air strikes He termed discrimination be- 


gequs _ and barbaric behavior ^j f,. of aid to that end. 


part in future UN missions un- sible for the disaster,” said the little time in which to do it. year “existentially important. 


lion) initial public offering next against the Sabs after the UN tween boys and girls an “intol- 


which is deeply abhorrent to the On infrastructure, the leaders 

human consaaice.” he said, us- committed thenSes to 
mg language similar in tone to ning work by the end of! 


RELIGIOUS SERVICES 


troops are pulled out, the West erable custom” and said that if mg language similar in tone to 
will have a major crisis with “girls are looked down upon or his condemnations of fighting 
Russia on its hands,” a senior regarded as inferior, their sense in Bosnia, Rwanda and else- 
French official said. of dignity will be gravely im- where. 


where. 


AMSTERDAM 

CROSSROADS WIEFWAUONAL CHUPr 
CH (ntanJenomriattiytaf & Etsrosica/ Strr- 
day Savtce KM»am& 1130 am/ KBs 
Weteome, De Cuseretaat a S. Amsbdam 
into. 02940- 15316 or 025034139a 
KIEV 

INTERNATIONAL CHRISTIAN ASSEM- 
BLY (AOG), An EngfeWangu*p. Intente- 
nominattanai FtaJtowship, Sunt6y Service 
1030 am, Kiev Coundl ol Trade Unions 
Striking. 16 KhreschaCk Street, Pastor & 
don Brown (7044) 3443376 or 3502. 

PARIS and SUBURBS 
EMMANUEL. BAPTIST CHURCH. 56 Rue 
des Bons-Raisms. Rueti-Matmaison. An 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


PARIS and SUBURBS 


THE AMERICAN CATHEDRAL OF THE 
HOLY TTWrY, Sun. 9 4 11 in, UMS 
am. Sunday School tor cMcken and Nuroy 
care. ThM SwxJay 5 pm Evensong. 23. 
avenue Qeotga V, Rwh 75CXK TeL-33rt 47 
20 17 92. Metro: George V or Alma 
Marceau 

FLORH4CE 


BREMEN 

INTERNATKINAL BAPTIST CHURCH (Bv 
fifch language) meets at EvangeSA^idlsr- 
chSch Kreuzgem^tcia Hohertohsstrasse 
HennmnBosfrStr. (around tie comer fcom 
fte Bahnfol) Sunday worahb 17C0 Emast 
D. Wafker, pastor. TeL 04791-12877. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH, 


WATERLOO 

Waterloo Baptist FetawsNp Worship 1400 
at Swedish Church, Ctaueeee de Charferol 
2 across hxn McDonalds. Tel.: 065 225076. 

WUPPERTAL 

International Baptist CJwdx Engfeh. Ger- 
man. Paislaa Worship 1030 am, Sefcrelr. 
21. VWpperbi - a»bU Al tfano n ft wfc re 


NUQiEAR: Americans Help Ukrainians Phase Out 


Paster Mke Kemper. Tel 312 &6a TeL0202Hc9KS4. 


den's Church and Nursery. Youtfi ministries 
Dr. BO. Thomas, pastor. Cal 4751 39433 or 


ST. JAMES' CHURCH, Sun. 9 am. Rte 1 4 
1 1 am. Rte II. Via Bernardo Ruceliaf 9. 
50123. Rorence. Wy. TeL: 39/55 89 44 17. 

FRANKFURT 


Dr. BjC. Thomas, pastor. Cal 47.51 Z9S3 or 
47.4R 1529 tor iri frm al rcn. 

HOPE INTERNATIONAL CHURCH fEvan- 
gefical). Sun. 930 am Hotel Oton. Mefto 1 
: Esplanade de La Defense. Tel.: 
47.705354 or47.75.14a7. 

THE SCOTS KIRK (PRESBYTERIAN) 17. 
rue Bayard. 75008 Paris. Metro FD Roose- 
velt. FamSy service 4 Sindav School at 
1030 am. every Sunday. All welcome. 
Fdr Information 4878 47 9L 
SAINT JOSEPH'S CHURCH (Roman 
CathoSc). Masses Smcfay. 9:4S am, 11JW 
am., 12:15 pm. and 630 pm. Saturday: 
11A0 am. and 630 pm Monday-friday: 
830 am 50, avenue Hcxte. Paris otl TeL: 
4Z27Z656, Metro; Charies da Gate - Etoie. 
MUNICH 

INTERNATIONAL COMMUNITY CHUR- 
CH. Evangefcal BUe BeSevincj, services In 
En^sh 430 pm. Sundays at EnfateersB. 10 
(US Thereslenstr.) (009) 8504617. 

PEACE CHURCH - English-speaking 

conaeq a Bofl. Worship anf Sunday School 


CHURCH OF CHRIST THE KING (Epiaoo- 
palHn^can) Ste. Holy Com n i rt on 9 4 li 
am sinday School and Nursery 10:45 am 


Sunday School and Nursery 10:45 am Bhd. Worsht 
JsfanfinzSL 22. 60323 FrartAat Ger- TeL 704367. 


BUDAPEST 

WTe=WATICWAL BAPTIST CHINCH, 
meets H Morics ZagmondCannazium, To- 
rokvesz ul 48-54, Suncfays. 1030 Coffee 
Feitowshp. 1030 WcrshpL Tate Bus II 
from Bateyany (bt. OHier rmethgs, cel Ras- 
ter Bob Zbinden, TeL ^03902. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Center, 36, Dtaftan Tzarfw 
Bhd. Worship lire. James CXAe, Pastor. 


TeL 02004696384. 

ZURICH - SWITZERLAND 
1NTBTNAT10NAL BAPTIST CHURCH of 
Wadenswa (Zurich). R osarbagstr. 4. 8820 
WOdensvA Wordiip Setvioab Sunday mor- 
ntegs 11X30. TeL- 1-724 2882. 


ASSOC OF INTI CHURCHES 
IN EUROPE & MIDEAST 


many. U1. 2. 3 Miquef-AOee. Tel: 4SW30 
550184. 


550184. 

GENEVA 

EMMANUEL CHURCH. 1st. 3rd 4 SdhSun. 
10 am Eucharist 4 2nd 4 4te Sun. Morning 
Prayer. 3 rue de Montfxxjx, 1201 Geneva, 
Swizertand. TdJ 41/22 732 80 78. 

MUNICH 

THE CHURCH OF THE ASCBtStON, Sun. 
11:45 am, Holy Eucharist and Sunday 
School, Nursery Care provided. Seytxshs- 
trasse 4. 81545 Munich (HariacNna). Ger- 
many. TeL 4SB9 64 81 85. 

ROME 

ST. PAUL'S WITHIN-THE-WALLS. Sun. 
830 am. Holy Eucharist Rte K 1030 am 
Choral Eucharist Rte 1 1030 am Church 
School fercf**en6Nirary cans provided: 
1 pm Spanish Eucharist V« Napofl 58. 
00184 Rome. TeL 396 488 3339 or 396 


CELLE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH. 
IMndmulan Stetsse45. Cele 1300 Worship, 


1400 Birie Study. Pastor Wert Campbell. 
Ph.(05141)46416. 

DU5SELDORF 

INTERNATIONAL BAPTST CHURCH- En- 
gWr. VVdrsWp aid Chflcten’s Church Sun- 
days at 1ZSO pm Meeting t empotaiW at 
tee EvangeSsch - Fre«rch6*e Gonetecfe in 
R al tepe n . Germany (Kriberberg 11). Friend- 
ly Fellowship. Al denominadons welcome. 
For further B ife r m a S on cafl the pastor Dr. 
WJ. De Lay. TeL02l l - 403 157. 
FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHP Ev B ngefaCh-F WJrch fche Gemeinde. 
Sodenerstr. 11-18, 6380 Bad Homburg. 
ptaneTtec 0617362728 serviig tee Rank- 
terl and Taunus areas, Germany. Sunday 
worship 09:45. nursery Sunday-school 
1030. women's Mate studios. Hbusegroups 
- Sunday + Wednesday 1930. Pastor M. 
Levey, member European Bapfist Convert- 
fen- Dedare F6s qlory amongst the na- 
Bons.” 


1 1 30. Frauontotetraess 5. 8033? Murtch mK 

(Santffineper Tor station}.. Tet. (0) 89 + rowftme. TeL 31*3 488 333a < 
300-6100 (parsonage) or (O) 89 + 

2311 58-3 (office). INFORMATION, other cf- BRUSSHS/WATIRLOO 
tfte, (0) 69 +23 61 27 or (0) 6192 + ^5**^ CKJRCH. ISSut 9 & 11:15 
SALZBURG am Holy Eucharist tO\ Chittm'fi Chapef 

BEREAN BIBLE CHURCH. In Berea, They al 11:15. All other ©jndays: n.TS am Hot/ 
searched tee serfatures daV Acts 17:11. Eucharfet and Sunday School 563 Chaus- 
Evangdca) Engt^i service at 1030 am «4- ste rte Lcuvafn. Chain, Befgwm. TeL 3212 
te Pastor DavkJftibolsaaRacJosalSftas- 384-336. 

S62a Fa Wo ral 43(3)662455563. WIESBADEN 

TOKYO THE CHURCH OF ST. AUGUSTINE OF 

ST. PAUL INTERNATIONAL LUTHERAN CANTERBURY. Sun. 10 am Famty Eu- 
CHURCH. near HdabasW Stn. TeL- 3361- charts. Flanttirter Slrasse 3. Mesbaden. 
374tt Worship Service: 930 am. Sundays. Germany. TeL 4901 13038.74. 

TOKYO UNION CHURCH nterOiTOtesan- 

do subway sla. Tel. 3400-0047. Worship EUROPEAN 

servfeas Sunday 830 & lino am, ss a BAPTIST CONVENTlOf 


BERLIN 

ANER1CAN CHURCH tel BEHUN, ax. Crf 
Oay & Ratsdamer Sir, S5. 933 am. 

Worship 11 am Tel: 030-SI 32021. 
BRU55ELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS. Sunday School 
930 am and Church 10:45 am Kattan- 
betg. 19 fat tee InL School). TaL 67805.81. 
BusS5.Tram94. 

COPENHAGEN 

INTERNATIONAL CHURCH of Copenha- 
gen, 27 Ffenergade. Vartov. near Rfttteua. 
Study 10:15 & Worship 11:30. Tef.: 
31804785. 

FRANKFURT 

TBWITY LUTHERAN CHURCH. NbehA>' 
gan ABea 54 (Mross from Burger HosptaD. 
Suiday Srteool 930. worship 11 am TeL 
(009) 599478 or 512532 

GENEVA 

EV. LUTHERAN CHURCH a t Geneva 20 
me Verdairw. Sunday worship 93a in Ger- 

iran 1 1DO In Engfish. Tet (Q2Z) 31 05039. 

JERUSALEM 


Continued firm Page I 

ings and over dinners. After ini- 
tial hesitation on both sides, he 
said, the program has evolved 
into a stark illustration of the 
changing relationships in the 
post-Cofd War era. 

“We are as surprised as they 
are at how things are moving 
very quickly to a new world,” 
Mr. Connell said. “Everyone 
was a little bit wary at first. But 
we’re developing a good sense 
of bonding.” 

Kiev, Washington and Mos- 
cow reached an agreement in 
January that allowed for the 
dismantling of Ukraine’s 176 
intercontintental ballistic mis- 
siles ahead of Kiev’s formal rat- 
. ification of the nonproliferation 
treaty. The missiles — 130 SS- 
19s and 46 SS-24® — carried 
■ about 1,800 nuclear warheads. 


So far, the Ukrainians are building, which is littered with 
ahead erf schedule in shipping junk metal. The shells of the 
warheads to Russia for destruc- rockets, which were drained of 


tion, with 360 sent so far, Fenta- their fuel at missile sites, wiO be 


gon officials said. 

A senior Pentagon official 


lifted by crane into a huge 
chamber to be constructed in- 


said the work at Yuzhmash side the budding. A steam pro- 
marked the first time Washing- will separate the remnants 

1 , ... !.L - •? /.r 11,. u «(.. .k.n. 1 


ton had contracted with a min- °f die fuels in the shells — hep- 
tary plant in the former Soviet tyl and amyl — from the metal, 


Union to destroy nuclear arms, allowing the resulting residue to 
. After shuttling back and 1 =““ in - 


forth between Yuzhmash and ^ water to be purified. 
Washington, American experts “It’s a bit like a perfume bot- 

and Vladimir Sokol, the deputy tie: you empty it, but the scent 


nmgwoTKDymeenaoi era 
14 transportation projects, in- 
cluding hi^h-speea rail lines 
linking Pans with Beriin and 
London with continental capi- 
tals, as well as eight electricity 
and gas projects linking the 
Union with Eastern Europe and 
North Africa. 

The EU executive commis- 
sion, which was rebuffed earlier 
this year when it suggested 
floating Eurobonds to finance 
the projects, said it couM in- 
crease spending on the projects 
oyer the next five years to 3.1 
billion currency units from 1-9 
billion. The extra money, which 
must be approved by finance 
ministers at a separate meeting 
next week, stems from budget 
payments of new members and 
the tax windfall from growth 

— ^1 . . . j ** 


If-- — 

I U " r -I v •. . _ 


-■ ^ „ 

■ F'j-.. * “ 


£v 


- - — «-»*'**- wm UAli H UVlIUiilU lA/l" .L . 1 % * J 

and Vladimir Sokol, the deputy tie: you empty it, out the scent 0331 ,s * * owar “ ^ 

of the Yuzhnoye Design Office, still lingers,” Mr. Shevchenko P®"* 0 * » W95. _ 

J a « , , 1 fie Stratftpv f nr Pnrtprn Fiv- 


agreed on the techniques to be said, describing how residual 
used in destroying the fuel. Five fuel clings to the shells even 


engineers from Morrison- after they’ve been emptied 

basedwnlracto?, wereas^S uSSu^sTig wteTf^L 
to work with the Ukratmans. ^ recentbstl^Uny 
The two teams are now ready cars, is so toxic it should be 
to start on the renovation of the destroyed by indoeration. 


The strategy for Eastern Eu- 
rope, which was endorsed after 
little discussion, will set the 
stage for the leaders’ first annu- j. 
al gathering with their counter- * 
parts from Poland, Hungary, 
the Czech Republic, Slovakia, 
Bulgaria and Romania on Sat- 
urday. 


ELDERS: One Comment Too Many by Health Chief CHECHNYA: 


Continued from Page I 


BETHEL INTERNATIONAL BAPTIST 

CHURCH. Am Dsehstaera 02. Frankfurt _ »y. Mtestei Hi Eh£fch wwshlp Sun. 


EUROPEAN 

BAPTIST CONVENTION 


II you would H« a has BUe cause by maa, 
please cortact LTGUSE de CHRIST, P-0 
Box 5 13, Stamten, Indana 47081 U.S A 


VIENNA 

VIENNA CHRETTANCB^ft A CHARS- 
MAT1C FELLOWSF8P FOR VIENNA'S IN- 
TERNATIONAL COMMUNITY, ' English 
Language ■ Trar»d0»Kiirii>allonaL 
Hstigasse 17 , 1070 Vienna fiflOpm. Eve- 
ly Smday. EVERYONE IS WELCOME. Fbr 
more intimaton cat 43-1-318-7410. 


UNITARIAN UNIVERSAUSTS 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets at 930 am. Bona Nova Baptist 
Church Gam* <te la Gute de Baiagusr 40 
paster Lance Bonjen. Ph. 439^059- 
BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
KRLM RoteenbugStr. 13L (StegBzl Bfcle 
stedy 10.45. worship al 12.00 each Sunday. 
Chartes A Warford. Paster. TeL 030-774- 
46?a 

BONN/KOLN 


CHURCH. Am Dachsbeig SB, FranWurt 
a.M. Sunday worship lino am and 800 
pm. Dr. Thomas Vte HA pastor. TaL 069- 
549559. 

HEIDELBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH. Industrie Str li,6902Sandhau- 
gea Bt* stedy 09:45. Warehjp 11 fiO. Pastor 
PaulHendifc. TflL 06224-S295. 

HOLLAND 

TRINITY BAPTIST S5. 930. Worship 
103ft nursery, mam! fetowNti Meets at 
Btoemeamplaan 54 in Wassenaar. 
TflL 01751*78004. 

MADRID 

INMANUEL BAPTIST. MADRIDl HEFWN; 

DEZ DE TCJADA. 4. 04GUSH SSWICES 
11 BJTL,7pmTrij407-4347a302-3017. 
MOSCOW 

INIEFtelATXJNAL BAPTIST FELLCW34IP 
Mating imXr® Carter BtAfrig iSQv- 
Drurtiinniteuskawa UL3h Hour. Kalft M»- 
Vo Station Bantednaya PasterftadSta- 
may Ph. (095) 150 329a 

MUNICH 


9 am. AB are welcome. TeL (02) 281-049. 

LONDON 

AMERICAN CHURCH In London 79 Tot- 
tenham CL Rd. Wt. SS at 10.00 a.m.. 
Wbrahb b> 1 1 no am. Goodga St lube. Tat 

071-5602791. 

PARIS 

AMERICAN CHURCH IN PARIS. WasHp 

1 1 £0 am. 65. Quai dOrsay , Parts 7. Bus 63 
tf door. Mate Abra-Maroeau or tetfiMaa. 
STOCKHOLM 

WMANUEL CHURCH Warship Christ to 
Swetfah. English, or Korean. li;00 fl.ir. 
Sunday. Birger Jarteg. at Kungsiensg. 
17. 46/08 / J5 12 25 x 727 lor more 
Moimefion. 

TIRANE 

INTERNATIONAL PPDTESTANT ASS0M- 
BLY, Intentenorranational & Evangelical. 
Sendees Sun. 1030 am, 500 pm. Wed 
5OT pm Rruga Myslym Shyri. Tei'Fax 355- 
4^42372 <723862. 

VIENNA 


cans and Christian leaders with 

she was asked about her views 

on masturbation. rights, sex educauon and con- 

According to the upcoming The 

Report, Dr. Hders had given a 

routine speech on the spread of of re ^ on : 

AIDS when a man asked 3 
whether she would support pro- 

motiag masturbation to <B+ SSSS? ^tonlo 
courage school-age children ^ gbun 

from trying riskier forms of sex- ® 

ual activity. . 111 « Republican mem- 

urtr.u ’ a -u bears of the House of Represen- 

. .f^gard to masturba- tatives cafled for her disWsal 
uon, I thrnk ta is something and Republicans used her as a 
that is a part of human sexuality campaign issue in the Novem- 
asd a part of something that ber elections. 


pregnancy in Arkansas, Dr. e- PoTCB 

tiers employed sex education, U ^ siumorusea 

parental responsibility courses Continued from Pace 1 .. . 






and, in some cases, the distribu- 
tion of contraceptives to 
schoolchildren. 

Dr. Elders’s son Kevin was 
convicted in A rkansas in July 
on drug dealing charges. She 
stirred further controversy by 
remarking that she was not con- 
vinced he had committed any 
crime. 


- - : 

feared by Mr. Dudayev’s troops ! ; c - - . 

in a key battle late last montn. . >. . 

After the opposition’s def eat, 

Moscow massed troops around _ 

Oiechnya, but it has not moved V : - 

them into the region. Russian ■<.' :r — 
warplanes, however, have 
pombed Grozny, and Rusaan ' 




(Reuters, AP, NYT) 


perhaps should be taught,” she 
replied. 

The magazine also reported 


Remarking on Dr. Elders’s 
knack for controversy, Mr. 
G inton once said: “Now I 


A Construction Crane 
Kills 8 in South Korea 


rntdlitence agents have recniit- 
cd soldiers to fight the govern- 
ment of Mr. Dudayev. 

Moscow insists that the Cau- 
casus Mountains republic re- 
nounce its declaration of inde- 
pendence, a demand Chechen 
authorities reject 

Hundreds of Chechen men 


V;: 


The Flev. Aft Lester from tee UK wE pteadi 
on tee Iheme ot tee winter SoteUce. al the 
UNITARIAN UNIV6RSAUST WORSHIP 
SERVICE. Sunday. December 1 1. 12 noon. 
Foyer de rAma, 7 bb. rue du Pasta* Was- 
ner. Paris lie. M® Baate.Relgjouseduca- 
fcn fcr leens and crtktm CWd cae. Me- 
tteBon and siptiiuaJ growte groups. Social 
acweea Fi» Wbrmafcn cat 48.7MM7a 
leave message a 42-77-96-77. 


THE INTERNATIONAL BAPTIST CHUR- 
CH OF B0NNW0LN. Rheinau Slrasse 9, 
Koto. Worship 1.00 p.m. Calvin Hogufl, 


INTERNATIONAL BAFflST CNURCH OIF VTEHNA COMMUNITY CHURCH. Suiday 


TeL- (02230) 47Q21. 

BRATISLAVA 


MUMCH Hotar. 9 rash Lanpcoe 
vtoes. Btote stedy 16 m Worship Sennce 
171XX Paax's pnorw 0908534. 

PRAGUE 

toema&xm Sap« FmonpmeetsAte 


worship in English 1 v.3o A.M., Sunday 
ateas, nuraeiy. totemafarot al denomfoe- 

1ior»sv«tocriaD»aheerga^l6.VierT«i. 

ZURICH 

INTBRNATONAL PROTESTANT CHUR- 


that m an mlerview. Dr. Elders w bow Abraham Lincoln sEOUf from arrronndii^ mountain vil- 

ack now 1 edged that she had f dl when he met Harriet Bee- werekiiwi ^ri WOrke ^ ^ . havB converged on Groz- 

v — " chcr Stowe. He said, This i 5 the SSu JfhS 7 ^ nytojoinmflitia^ps foiled 

.ab about her htUelady .ho stared the g«at 

sed an uproar E>r. Elders has drawn fire Sot th^ Kore^^F^i Ce ?f ra ^ for peace and tran- 

sfae suggested from conservatives and anti- qUiL ? calls wh id 

ogscmudlead abortion groups since 1987 n r istnc latesim 3 people learn about the Russimi 

reand should win ikcSoaSn. 0 ? Clinton SS ISflS 1 1 ft? S3 3 build “P «« «» republic’s 
.P® 1 ?. 0 " K^"^. [irs . tbl “ k “<Jthe bOTteaed W tombers bua 


Bible Siudy to Eflflflsh. ransaas 
Church ZrinskiBho 2 1630-1745. 
Pastor JozBpKutecfc, Tot 31 6779 


been “rautioned” by top ad- cha Stowe. He said. This is the JSfaS 
ministrauon offiaals about her Uttie lady who started the great 
outspokenness. war.’” ant crane 

a. cij , non site i 

Dr. Elders caused an uproar Dr. Elders has drawn fire South Kc 
last year when she suggested from conservatives and anti- The col 
that legalizing drugs could lead abortion groups since 1987, series of 
to a drop in crime and should when ihen-Governor Clinton raised aw 
be studied. The position was made her the first black and the standard 
quickly disavowed by Mr. Clin- first woman to be the director embarrass 
ton. of Arkansas Health Depart- President 

JDr. Elders also became a tor- which ha: 

get of criticism from Repubh- Trying io combat teenage more mici 


) defend Chechnya, Itar-Tass 
sported. 

“Calls for peace and tran- 
quility remain mere calls whfatf 
people learn about the Russian 


w questions about safety 
dards in South Korea and 


learn about the Russian 
buildup on the republic's 
» and hear bombers buzz 



standards m South Korea and above their heads” the news 
OTbarrassed the government of aemcv^iH ' ^ D 


OTioarrassed me government of agency said. 

S5?hl S3.2°“ n ® >5: reside havt 


«Wch te pledged to preveot S 

more mishaps. tryade. MAJtoSS) 




CF 


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Quna Theater Blaze Kills More Than 300 

Deadliest 


Page 5 


Washington Pan Service 

™?m L ? NG ~~ ^cked emergency exits w t 6 - °? Thursda y ta lhe 45 - 

S&^5f V V* rcvcnlod * e esc *P e of more r bn ? ^! d “ ncrelc lh “ ler ' ihe 

312 schoolchildren who died in a fire » 6 ^ ounc *!- China s cabinet, issued an 
that swept through a theater in China’s directive ordering immediate 

OOTthwestera province of Xinjiang. local {w PrCVCnU ^ n inspec,ions naiionwide. 
officials said Friday. J & «**me»es that fail 10 meet fire safely 


Friday. 

I*!*"*. 800 a B cd 6 to 14, from 

^LP^.aod middle schools, had 

• ”? ndshi P m ovie hall to stage 
o 5™? performance for local leadCTs 

: «nd teoihers, an education official said 
. Tne blaze broke out in the middle of the 
, performam* on Thursday, perhaps as a 
result of dcctncal problems. Many of the 
children were found crowded near the sole 
. open exit, burned beyond recognition, 
news agencies reported. 

• Twc> hospitals reported admitting more 

- “fL 225 Persons who had been injured in 
toe tire. 

The disaster, the latest and most deadly 
in a senes of fires that have recently hit 
. Uuna ’ raised new questions about the ade- 
quacy of the government's fire prevention 
and safety standards. Official reports have 
. said that the number of serious fires has 
men this year. By September, fires had 
killed *.325 people nationwide, according 
, to official figures. ® 

Many of the catastrophes have taken 

- at overcrowded theaters, dance halls 
and bars. 


standards will be shut down, the directive 

said. 

The rapid pace of development has 
worsened the problem of fire safety. As the 
economy steams ahead at double-digit 
growth rates, almost every city has taken 
on the appearance of a construction site, 
Yei the pace of construction appears to be 
outstripping the ability of government to 
monitor and regulate fire precautions. 

Architects who have worked in China 
say that many areas suffer from lax fire 
codes and fire safety procedures. In places, 
Jbere are no fire safety standards in the 
building codes for new structures. If there 
are standards, they are rarely enforced. 

In older buildings, electrical wiring is 
often overloaded by new appliances. And 
in some residences,' people still make fires 
inside using coal to cook and keep warm. 
Even in new buildings, the risk of fire is 
heightened by ihe high proportion of Chi- 
nese citizens who smoke cigarettes. 

Many of China’s worst fire disasters 
appear to have been preventable. 

On Nov. 15, a fire in a nightclub in 


northeastern Jilin Province killed two peo- 
ple and da mag ed an adjacent provincial 
museum. Officials accused the owners of 
the nightclub of lax safety precautions. 
The museum had no fire extinguishing 
system in place. 

On Nov. 27, a burning newspaper tossed 
onto a sofa at a birthday party trans- 
formed a dance hall in northeastern Liao- 
ning Province into an inferno in which 233 
young revelers were killed and 16 were 
injured. The recently renovated building 
had only a angle narrow exit, and most of 
the victims died of smoke inhalation. 

Three days later, 1 1 people were killed 
and 38 were injured in a hotel fire in 
coastal Shandong Province. It took nearly 
100 fire fighters an hour to bring the blaze 
under control. 

Many of the worst fires have been in 
factories or in factory dormitories ho ming 
workers. Four such fires look place in late 
1993, prompting government calls for im- 
provements in industrial safety. 

On Nov. 19, 1993, a fire caused by an 
electrical short-circuit in the Sino-Hong 
Kong joint venture toy factory in southern 
Shenzhen killed 84 workers, including 79 
who suffocated because of poisonous gas- 
es. In that case, like the fire Thursday 
night, emergency exits were locked. 

—STEVEN MUFSON 




Stamp Diplomacy 
Pleases Japanese 

‘Sincere Respect’ for U.S. Reversal 

By T.R. Reid 

Washington Post Service 

TOKYO — Tire postage stamp imbroglio that had threat- 
ened to rdgmte lingering World War II resentment on both 
shores of the Pacific has turned out instead to be a big plus for 
U.S. -Japanese relations, relieved Japanese officials said Fri- 
day. 

The U.S. decision to cancel a planned stamp that depicted 
the atomic bomb’s mushroom cloud rising over a Japanese 
city has brought widespread praise and gratitude from Japa- 
nese leaders. 

Just a week ago, when the stamp was announced, they 
denounced the United States. 

“We are grateful for this decision,” Prime Minister Tomii- 
chi Murayama said of the cancellation. The Japanese, he said, 
“sincerely respect” the United States for giving “real consid- 
eration to the feelings of the people of Japan. 1 ’ 

Officials in Hiroshima and Nagasaki, the two cities hit with 
atomic bombs in August 1945, also expressed gratitude to 
President Bill Clinton and the United States for responding to 
Japanese complaints that a mushroom cloud stamp would be 
insensitive and “heartless.” 

Hiroshi Harada, director of Hiroshima’s atom bomb muse- 
um, said the condhatory step might well make Hiroshima 
more inclined to cooperate with the Smithsonian Institution 
and other U.S. organizations planning to commemorate the 
5<0th anniversary of the end of the war. 

When the stamp was first announced, Mr. Harada had 
indicated that Hiroshima mjghtnot cooperate with the Smith- 
sonian oh its planned Washington exhibit. • \ 

Banner headlines in most Japanese newspapers Friday 
reported the U.S. turnaround. 

Some reports compared the decision to the speech former 
President George Bush gave on the 50th anniversary erf the 
Pearl Harbor raid, in December 1991. “I have no rancor 
toward Japan,” he said, a statement that was praised here as 
the height of statesmanship. 

The mushroom cloud stamp was designed to be one of a set 
of 10 World War II commemoratives to be issued next year. 

Japanese responded bitterly to the idea that the victims’ 
suffering would be recalled on a sta m p. 

“Beneath that mushroom cloud,” Nagasaki’s mayor, Hryo- 
shi Motoshtma, said last week, “hundreds erf thousands of 
noncombatant women and children were killed or injured.” 

It would be “heartless,” he added, to issue a stamp featur- 
ing this “indiscriminate massacre;” 

The protests from Japan fell on receptive eats in America. 
State Department officials, White House officials, Mr. Bush, 
and the Veterans of Foreign Wars said they could understand 
why Japan felt the atomic bomb was not an appropriate 
image for a stamp. 

Accordingly, Postmaster General Marvin Runyon an- 
nounced that the stamp would not be printed. 

TtictftsiAj the commemorative set will include a portrait erf 
President Harry S. Truman announcing the end of the war. 



Dr, ITT Cius/Tte AiaociHd Prcu 


PEACE MARCH — Street actors joined a tally in Colombo on Friday called to press Sri ijmiw and the Tamil 
rebels to find a peaceful solution to their war. The march was organized by 40 nongovernment or ganizati ons. 


China Solidifies Ties With Former, and Still-Nervous, Foes 


By Steven Mufson 

Washington Past Service 

BEIJING — Despite widespread 
fears that a fast-changing Chin;* will 
try to flex its muscles in Asia, China is 
strengthening political, military and 
economic ties with former enemies on 
its borders. 

In the last 45 years, China has 
fought wars against Russia. India, 
Vietnam and South Korea. It has ex- 
changed mortar attacks with Taiwan 
and was suspected of aiding an Indo- 
nesian communist insurgency. 

As China’s economy and national 
pride grow, its neighbors have become 
increasingly nervous that a stronger 
China wul try to dominate the region. 

“In the U.S. judgment. China’s mili- 
tary development does not pose a 
threat, but that’s not the view of Chi- 
na’s neighbors,” said a U.S. Defense 
Department official, who added that 
many Asian countries had appealed to 
the United States to maintain a securi- 
ty umbrella over parts of the region. 

Those fearful of the future have 
cited several ominous signs: Chinese 
military exercises on the coast near 


Taiwan; the continuation of nuclear 
weapons tests every six months; Chi- 
nese stubbornness over negotiations 
on Hong Kong, and gunboat diploma- 
cy earlier this year in a dispute with 
Vietnam over the Spratly Islands. 

In the last four months, however, 
China has signed peaceful-cooperation 
accords with all its former adversaries 
in an effort to ease Asian anxieties. 
President Jiang Zemin has traveled to 
Moscow, Jakarta and Hand. Prune 
Minister Li Peng went to South Korea, 
and Defense Minister Chi Haotian vis- 
ited India, a former foe. 

China says the flurry of diplomacy is 
consistent with the foreign policy pur- 
sued since Deng Xiaoping took power 
here in 1978. Mr. Deng has sought to 
soothe relations with China ’s neigh- 
bors as well as with the United States 
so China is not distracted from the 
task of economic development. 

“Ever since China initiated the poli- 
cy of reform and opening up, when 
China made as its central task econom- 
ic development, China has stood for 
sound relations with its neighbors to 
create a peaceful environment,” a For- 
eign Ministry spokesman said. 


Indeed, although China's military 
budget has increased substantially in 
recent years, it has dropped as a per- 
centage of state expenditures as other 
areas get top priority. 

Many analysts hesitate to credit 
China with too many good intentions 
for the recent diplomatic flurry. 

Beijing sought better 
relations with neighbors 
so as not to be 
distracted from economic 
development. 

“One of the things that ties it all 
together is the desire of leaders, partic- 
ularly of Jiang Zemin, to build up his 
image through the glad-handing and 
the television coverage,’’ said Richard 
Margotis, former political adviser to 
the Hong Kong governor and a politi- 
cal analyst for an investment banking 
house. Mr. Jiang has also visited Ka- 
zakhstan, France, Singapore and Ma- 
laysia in the past four months. 


“When political credibility is hard 
to come by,” Mr. Margotis said, “being 
able to be presented as a great states- 
man shaking hands and having con- 
tacts with leaders of the rest of the 
world is seen by Jiang as a useful 

means of b uilding himse lf up.” 

Others note that China mi gh t be 
acting in its own interests in an effort 
to hold off a regional arms race. That 
is a race C hina might have trouble 
keeping up with — especially if it in- 
cluded Japan. 

“The message has gotten back to 
China about concerns about their mili- 
tarization and their long-term capabil- 
ities,” said Michel Oksenberg, presi- 
dent of the East-West Center in 
Hawaii. “They’re trying to alleviate 
those concents. They don’t want to 
stimulate an arms race;” 

The symbolism of some recent dip- 
lomatic moves is striking. 

In September, Mr. Jiang traveled to 
Moscow fen- the second time in 17 
months. He and President Boris N. 
Yeltsin of Russia signed an economic 
cooperation pact and agreed to stop 
targeting their nuclear weapons at one 
another. 


They also initialed an accord set- 
tling a dispute over a 34- mile (55- 
kOometer) section of the Chinese-Rus- 
si an border, a small strip, but the 
accord was symbolic of improvements 
in relations since the 1969 border skir- 
mishes that resulted in several hundred 
deaths. 

Previous visits by Chinese party 
chiefs to Moscow have not always 
gone so well. Mao Zedong visited the 
Soviet Union in December 1949, and 
for several days Stalin did not even 
acknowledge his presence. 

By contrast, Mr. Jiang received red- 
carpet treatment, meeting Prime Min- 
ister Viktor S. Chernomyrdin, Mr. 
Yeltsin and the chairman of the Duma, 
the lower house of Parliament. 

Days later, Mr. Chi became the first 
defense minister in four decades to 
visit India. In 1962, China fought a 
border war with India. Relations re- 
mained tense for years, and China has 
been a major weapons supplier to In- 
dia's regional rival and sometime ene- 
my, Pakistan. But last year, the world’s 
two most populous nations took steps 
to reduce military tensions along their 
border. 


Nice Neighbors 9 6 Most Wanted 9 Fugitives: Hard to Reconcile 


By John Kifrier 

New York Times Service 

PITTSBURGH — The man 
who called himself Greg Peters 
and the woman known as Jo 
Elliott went to some of their 
friends and neighbors a week 
ago, people they knew from 
cookouts, favors done and re- 
paid, Halloween trick-or-treat- 
ing with their children, and said 
there was something they just 
had to tell them. 

They were on the FBI’s “10 
Most Wanted List.” 

In reality, they were Claude 
Daniel Marks, 45, and Donna 
Jean Wfllmott, 44, who lived 
near each other in the Squirrel 
H3I neighborhood. 

They had been in hiding for 
nine years from federal charges 
that they had been part of a plot 
to Mow np the rnaxmann-secu- 
rity prison in Leavenworth, 


Kansas, land a helicopter in the 
confusion and spring a leader of 
a Puerto Rican nationalist 
group known as (he FALN, a 
Spanish acronym for the 
Armed Forces of National Lib- 
eration. 

“Terrorist,” the wanted post- 
ers say in big letters. “Do not 
approach — armed and danger- 
ous.” 

Neighbors on two quiet, mid- 
dle-class streets of Squirrel Hill 
have been stunned by the news 
that the people they knew as 
doting parents, helpful friends 
and community volunteers had 
turned themselves in on Tues- 
day to the federal authorities in 
Chicago after nearly a year of 
negotiations, hoping to win re- 
duced sentences. 

Some neighbors have beat 
writing letters in their support. 

“We were stunned, totally," 


BOOKS 


QUEST FOR THE PRESI- 
DENCY 1992 

By Peter Goldman, Thomas M. 
- DcFrank, Mark Miller, Andrew 
Mutt and Tom Mathews. 742 
pages. $29.95. Texas A&M Uni- 
versity Press. 

Reviewed by 
Godfrey Hodgson 

B Y a consummate historical 
irony, tins account of the 
1992 presidential campaign, 
published immediately after the 
1994 midterm elections, records 
that in June 1992 Governor 


valdy urged candidate BiD 
ton to work closely with the 
1 Democrats in Congress. 

• “If you don’t do this,” Cuomo 
told Clinton in a phone conver- 
. sation, “yooll lose." Clinton’s 
■ “handlers,” the authors record, 
didn’t Hke the idea of a Demo-, monstrously 
cratic presidential candidate and his adw 


- nal Democrats. “It potentially 
puts us in bed with the bad 
guys,” wrote CKnlon’s shrewd 
pollster, Stan Greenberg. 


In another memo for Clinton, 
Greenberg spelled out how 
Clinton’s campaign must begin 
whb the assertion that govern- 
ment has failed people. “Thai 
starting point, he argued, 
would enable the campaign to 
establish Clinton as an outsider. 

Less than 18 months later, 
Cuomo has been defeated. The 
voters have administered a 
stinging horsewhipping to Clin- 
ton, apparently identifying him 
as an insider in just that cor- 
rupted government that had 
faded to “put the people first.” 
And the man who was persuad- 
ed by his advisers not to get into 
bed with those “bad guys,” the 
Democratic leaders in Con- 
gress, sow finds himself depen- 
dent on the tenda mercies of 
such “worse guys” as Senator 
Bob Dole and Representative 
Newt Gingrich. Those who live 
by the sword, die % the sword. 

Of course it must all seem 
imfaiT to Clinton 

visas. The outrage 

Greenberg perfectly accurately 
observed among the voters 
against government's failures in 
1992, and is particular its fail- 
ure to help less well-off Ameri- 


cans, has fallen mi the shoul- 
ders of a president who was 
trying to change direction. If 
the president failed to deliver 
on hts legislative program, that 
was more the fault of the Re- 
publicans who blocked every- 
thing he was trying to do. 

If there are any Clinton 
Democrats who are tempted to 
console themselves by some 
such arguments as those, how- 
ever, they should pause and 
think a gain. For as this thor- 
ough and thoughtful account of 
the 1992 canqiaign by a team of 
experienced political reporters 
from Newsweek magazine re- 
minds us, some of the failures of 
American government are di- 


fits the crime: Now he is at die 
mercy of new waves of pseudo- 
outsiders playing the same cyni- 
cal anti-government card. 

Something is rotten in the po- 
litical Denmark, to judge by this 
excellent account of the 1992 
campaign. Goldman and his col- 
leagues have done the state some 
service by tOuminating the cyni- 
cal manipulation that now 
passes for political discourse in 
American presidential cam- 
paigns. Who, having watched 
Campaign 1994, imagines that 
Campaign 1996 will see a return 
of the ancient virtues? 


said Janine Stan, when Mr. 
Marks told her and her hus- 
band. “It was very difficult to 
digest. 

“We wondered what could be 
so serious. Then he just started 
telling us, T've been on the run, 
living under an assumed 
name,' ” said Mrs. Stem, an art- 
ist who lived across the street 
from the modest house where 
Mr. Marks lived with his wife. 
Diana Block, known here as Pat 
Hoffman, and their two chil- 
dren. 

The two fugitives and their 
families had moved earlier to 
Chicago- 

“We were weighed down by 
the news,” Mrs. Stem said. “It 
was almost a dream, something 
you would read or see in a mov- 
ie. When I looked at him, he 
was still the Greg that 1 knew, 
not this Claude Masks” 

Fred Odansky and Liz Evans 
were stunned, too. They live a 
few doors np from the apart- 
ment Donna Willmott rented 
with her husband, Robert 


McBride, known here as Tim 
Anderson, and their daughter, 
who just turned 4. 

“They were very nice neigh- 
bors, caring and compassion- 
ate,” said Mr. Orlansky. “If you 
picked anyone on the street you 
would think was a former ter- 
rorist, they’d be right at the bot- 
tom of the list.” 

Liz Evans remembered how 
the woman she knew as Jo El- 
liott fixed her chicken noodle 
soup when she was sick the 
night Mr. Orlansky’s father 
died; “She stayed the whole 
time, she fed me, held my hand, 
she was there.” 

On Thursday morning, an 
FBI agent was knocking on 
doors along Kennebec Street, 
aski ng, neighbors said, whether 
Ms. Wfllmott. who had worked 
as a doctor's assistant, enjoyed 
“a lavish lifestyle." 

But the neighbors remem- 
bered a petite, red-haired wom- 
an who answered phones at the 
AIDS information hot line and 


organized holiday parties, pic- 
nics and outings for families of 
AIDS-infected and HIV-posi- 
tive children. 

“Jo Elliott — I’ll continue to 
call her that — did a lot of good 
here,” said Mike Neal, head of 
the Pittsburgh AIDS Task 
Force. “Donna Willmott I 
don’t know." 

The government says the two 
former fugitives were members 
of the Weather Underground, 
the violence-prone splinter of 


ocratic Society at the end of the 
1960s. 

They are charged with buying 
and transporting explosives in 
1985 as part of a plot to help a 
convicted Puerto Rican terror- 
ist, Oscar Lopez, break out of 
jail 

The two are now in federal 
custody in Chicago. Several 
people here have begun writing 
letters seeking clement to a 
federal district judge, william 
Hart, who is to hold a hearing 


the radical Students for a Dem- on the case on Tuesday. 


ton Post 


Godfrey Hodgson, director of 
the Reuter Foundation Program 
reel consequences of what has for Journalists at Oxford Unner- 
happened to American politics, sity, wrote this for The Washing - 
Clinton in the White House 
has been punished for the way 
he posed as an outsider in the 
campaign by being treated as an 
outsider mi Capitol IM, so that 
he could not achieve his goals. 

For an his efforts not to appear 
litical,” Clinton’s effort to 
itifyhicasdf with popular an- 
ger with “Washington” was 
demagogic, and his punishment 


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. Page 6 


SATUKDAY-SUNDAY, DECE MBER 10-11, 1994 

OPINION ” 


licralb 


INTERNATIONAL 



ffigUSHGD WITH THE (YEW YORK TIMES AND THE WASHINGTON . POST 


Srtfmnc Between Strategy and Therapy: The Russia Dilemma 

i •_ - <i>at tin WATO move A 


More Trouble in Italy 


The abrupt resignation of a Milan 
magistrate who has spearheaded the in- 
vestigation into corrupt ties between 
business and politics will deepen Italy’s 


political crisis. The magistrate, Antonio 
Di Pietro, had been pressured by leading 
ptifiticzans and businessmen, most nota- 
bly Prime Minister Slvio Berlusconi, 
to lirmc his inquiries. 

Other magistrates quickly asserted 
that the investigation would proceed. 
Unless it does, Italians' already low 
faith in their political institutions is sure 
to take another tumble. 

Last month, Mr. Di Pietro began an 
investigation into Mr. Beriusconfs own 
involvement in payoffs by his media con- 
glomerate, FininvesL Cm Tuesday, the 
magistrate asked a court to impose a 10- 
month jail sentence on Umberto Bossi, 
head of the Northern League, which is 
part of Mr. Beriusconfs coalition govern- 
ment along with the National Alliance, a 
party of latter-day fascists. 

The right-wing coalition rode to power 
earlier this year on a wave erf voter revul- 
sion against the corrupt old guard of 
Cold War Italian politics. Now, however. 
Mr. Berlusconi finds himself under inves- 
tigation for bribes allegedly paid to gov- 
ernment tax agents by companies he 


owns in return for favorable audits, a 
charge he denies. Allegations against the 
Berlusconi conglomerate include bribes 
to secure television ads for its three com- 
mercial rhiwiTicls, kickbacks in exchange 
for broadcast frequencies, and payons 
for construction contracts. Mr. Bossi is 
accused of accepting an undeclared cam- 
paign contribution of $125,000 from the 
Ferruzza company. He denies this. 

Magistrates have used intensive inter- 
rogations and pretrial detention, permit- 
ted under Italian law, to uncover exten- 
sive wrongdoing, known to Italians as 
Tangentopoli, or “Bnbesvflle.” Mr. Bar- 
lusconi had earlier tried, without success, 
to end such prosecutorial practices. 

Politicians and businessmen caught up 
in the widening scandal have also accused 
the magistrates of waging a political ven- 
detta. fhey have pleaded for sympat^ 

tried to drif^bUnw for the 
bribes by accusing politicians of extortion. 
Kit wherever the fault lies in individual 

cases, Italy’s growing middle class is fed up 

with the old way of doing business and 
sides with the magistrates. If the political 
da s ? 8 thwarts its hopes for reform, Italian 
democracy will end up the loser. 

— THE NEW YORK TIMES. 


Tilting die Tax Burden 


Republicans in the U.S. House erf Rep- 
resentatives have won praise for the pro- 
posed structural reforms of the commit- 
tee and caucus systems. But the proposal 
to require a three-fifths vote to raise in- 
come tax rates is a bad idea, both from 
the standpoint of parliamentary proce- 
dure and budget policy. 

The Senate has institutionalized super- 
majority voting in its filibuster rule, and 
that alone should persuade Newt Ging- 
rich and the other Republican leaders not 
to empower a minority in their chamber 
to block the will of the majority. Indeed, 
the House minority could thwart the Sen- 
ate, too, because the three- fifths rule 
would apply to tax bills negotiated in 
House-Senate conference committees. 
The proposed rule would deliver an un- 
principled blow to majority rule. 

Also, the rule means that future bud- 


mortgage interest for vacation homes and 
capital gains on stocks and bonds that 
investors bequeath at death. By tilting 
Congress away from tax hikes, the pro- 
posed rule would insulate wealthier 
citizens from paying their fair share 
of deficit reduction. 

The role could prove drastic. Would a 


get cuts would come largely out of the 
pockets of low-income families. To see 


pockets of low-income families. To see 
why, look at the Republican “Contract 
With America.” It pledges to fill up a 
$700 billion deficit hole before 2002. 
To do that, the Republicans would virtu- 
ally rule out raising taxes and put the 
whole burden on spending cuts. 

Spending cuts — on nutrition, health 
care, education, housing and welfare — 
will often fall heavily on low-income 
families. But a freeze on taxes wfll lock in 
the largess that Congress dispenses to 
well-off families, like tax subsidies on 


tal gains at demh, for example? It could be 
argued that such a proposal would merely 
widen the base of the income tax — in 
other words, dose a loophole. But Repub- 
licans could argue that the change repre- 
sents a rate increase on previously exempt 
income. Apparently, die crock! issue of 
what constitutes a rale hike would be 
settled on a case-by-case basis by the 
House parliamentarian - — appointed by 
the Republican leadership. 

A bipartisan commission, led by Sena- 
tor Bob Kerrey of Nebraska and John 
Danforth of Missouri, will vote next week 
on ways to cut federal entitlements. The 
options include taxing high-priced health 
insurance policies provided by employ- 
ers, Hunting itemized deductions, and 
modifying the borne mortgage interest 
deduction. The proposed House rule 
could shield these options from review. 

Besides threatening majority rule, the 
proposed rule builds a moat around the 
very families who can best afford to help 
put the government’s books in order. 

— THE NEW YORK TIMES. 


Witches in the Schools 


Hidden Valley Elementary School in 
Alachua County, Florida, makes a big 
deal of Halloween. Each year the school 
is decorated for the celebration, special 
stories are read and, in the spirit of all this 
fun, the teachers dress up in costumes. 
But apparently there are Gxinches for 
more than one holiday. 

In this case the spoiler was a parent, 
Robert Gnyer, who not only kept his own 
children out of school for the day but 
sued county officials demanding that the 
annual party be permanently enjoined. It 
constituted, he said, an establishment of 
religion. On Monday, the U.S. Supreme 
Court refused to review the judgment of 
Florida trial and appellate courts in favor 
of the school board. 

What religion, one might ask, is being 
fostered by these costumes and decora- 
tions? “Wicca,” said Mr. Gnyer, a variety 
of witchcraft, which be claims has an in- 
creasing number of followers and presum- 
ably is a threat to American children. He 
raised no Objection to the portrayal of 
pumpkins or even ghosts. But be sounded 
a warning against witches, cauldrons 
and brooms, which are allegedly particu- 


larly significant to followers of “Wioca.” 

Those teachers who dressed as downs, 
and even the one who came as Ronald 
Reagan, were unobjectionable. Bat the 
ladies in the long black robes 
and pointy hats, he claimed, were uncon- 
stitutional So was a sign in the school 
cafeteria depicting a wand-waving witch 
asking “What's cooking?” 

Lighten up, Mr. Gnyer. This Litigation 
is a case study illustrating the time- 
wasting burdens on the U.S. court sys- 
tem and the determination of some 
adults to micromanage the schools be- 
cause of their own narrow fears. Shake- 
speare is being censored in some parts of 
the United States because parents think 
Romeo and Juliet set a bad example 
for adolescents. 

Study Halloween, the celebration 
that stretches children's imaginations, 
allows them to exton a mountain of 
candy and junk food and even encour- 
ages them to frighten adults, should be 
allowed one day of the year. Let the kids 
enjoy it free from fear of “Wicca,” 
plaintiff's lawyers and other goblins. 

— THE WASHINGTON POST. 


Other Comment 


The Case lor a Larger NATO S’JM’.ES SKS 


Reasonable questions are being raised 
about NATO's continued relevance and 
future. They deserve careful responses. 

NATO’s 16 members, led by the Unit- 
ed States, insist that they intend to main- 
tain the organization. What they seem to 
have trouble agreeing on is why. 

The Grech Republic, Poland and Hun- 
gary all are eager to join NATO. AQ want 
the collective security NATO offers. 

But what can’t be overlooked is the 
unease among Russia’s leadership that 
NATO’s potential eastward expansion 
produces. If the Cold War is over and 


top leaders ask, why enlarge NATO? 
The unsooken answer is that Russia’s 


The unspoken answer is that Russia’s 
experiment with democracy may give 


way at almost any time to a revived 
authoritarianism with imnerial ambi- 


authoritarianism with imperial ambi- 
tions. President Boris Yeltsin accuses 
NATO, with America in the lead, of seek- 
ing to rediride Europe. 

A compeflmg case for enlargement as 

otfEhrape — and of the UmtoPstates — 
has not yet been made. Without it, it is 
likely that the doubts about NATO's pur- 
poses and its future will only grow. 

— Los Angeles Times. 



Internationa] Herald Tribune 

ESTABLISHED 1887 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

Co-Chairmen 

RICHARD McCLEAN. publisher A Chief Executive 
JOHN VINOCUR, ExtadaeEbor & VtcePresdav 
■ WALTER WEILS. iVirwj Fjfcor • SAMUEL ABT. KATHERINE KNORR and 
CHARLES Deputy E&ocr* CARL GEWIk J^ Ann*® 1 £fear 

• ROBERT J. DONAHUE, cfdu Editorial Pages •JONATHAN GACE, Business md Finance Editor 

•RENE BONDY, Deputy Pubiisfter • JAMES McLSOD, .Atharisin^ Dtrecxof 
0 JUA^T^ALCASPAlU,fc^nTO^w^Z>ndqpfn^Z3kKaor■ ROBERT FARRE, OnvkaonDimxr. Europe 
DimmadeMPiAbadoaiRic hardD.Sannwns 
Dimseur Adjoint dr ta Publication; Katharine P. Danvw 


W ASHINGTON — It is 
tempting to take Boris 


▼V tempting to take Boris 
Yeltsin’s passionate objections to 
the expansion of NATO as a tan- 
pa tantrum he is throwing to 
cod down Russian nationalists. 
Not so long ago, after all, he 
indicated that his government 
would sit stiQ if P oland came 
aboard. But this is almost certain- 
ly too gKb and sanguine a view of 
a development that, if not ban- 
died properly, has the potential 
not to bring back the Cold War 
but to sour the possibilities for 
American-Rnsaan ties. 

These days Russians look at 
NATO’s approach to enlarge- 
ment and see perhaps not just an 
Enlargement Express Train but 
the implicit downgrading of the 
NATO Partnership for Peace 
program of which they are a 
part; the new Washington dout 


By Stephen S. Rosenfdd 


its own strategic advantage. 

We Americans deny selfish 
or menacing intent And we are 
right to. Bringing competent 
Central Europeans into NATO 
needs no apology. We do not 
mean Russia ill. But we do 
mean to comfort new democra- 
cies much discomfited — and 


for good reason — by being up 
close to a country. Russia, with 


of Republican hard-liners; and 
President Bill Clinton’s $25 bil- 


President Bill Clinton’s $25 bil- 
lion defense add-on. All this 
comes as they reel under a cruel 
domestic passage. Many believe 
that the United States is ex- 
ploiting their distress for 


close to a country, Russia, with 
an old record and conceivably a 
continuing taste for empire. 

Here is the dilemma. Pru- 
dence demands that we give due 
deference to Russia's under- 
standable aversion to seeing 
NATO’s frontiers “approach the 
bonier'" of Russia, as Mr. Yelt- 
sin puts it But sympathy and 
good faith drive us to offer the 
expanding dub of democracies a 
NATO embrace, notwithstand- 
ing the somber questions that 
Bosnia and much else raise about 
NATO guarantees. 

One answer is to distinguish 
between Central Europe!, com- 
posed of westward-looking na- 


tions the Kremlin conquered 
and communized after World 
War n, and the 14 former non- 
Russian Soviet republics, winds 
now constitute the new Russia’s 
“near abroad.” For Central Eu- 
rope, recognition, of their sepa- 
rateness and eligibility for 
NATO. For the near abroad, ac- 
ceptance of Russia’s traditional 
claim for a special position. 

It’s a neat distinction. At this 
late 20th-Century moment, how- 
ever, to make sueb a distinction 

— anyway, a public distinction 

— between a fully sovereign 
state competent to make its own 
decisions and a half-sovereign 
state living in a larger neighbor’s 
shadow is strategically risky and 
politically unsustainable. If we 
offered Moscow such a grand 
compromise — we get NATO 
enlargement, they get a sphere of 
influence — President Clinton 
would be burned in effigy, and 
Ukraine would go nuclear. 

Aware of the dangers of draw- 
ing a new line in Europe, the 


American government looks in- 
stead to tailor special arrange- 
ments in the near abroad; an 
international peacekeeping pres- 
ence in Armenia/ Azerbaijan, 
unique security assurances for 
Ukraine (though not the NATO 
guarantee to which Ukraine as- 
pires). These arrangements are 
meant to take into account Rus- 
sia’s legitimate concern along its 
border and the border states’ 
concern for their own integrity. 


In the American government, 
it is taken as a creditable ambi- 


tion, not as a disablement, that 
the United States wants to have 
its cake and eat it too. That is, it 
wants to enlar ge NATO to fill a 
Central European security limbo 
and at the same time to keep 


alive a vision, of an integrated 
Eurooe in which Russia wm find 


Europe in which Russia wfll find 
its place. It is not an easy stretch. 

As always in dealing with Mos- 
cow, the West is tom between 
roles as strategist and therapist 
Strategy is simpler. Surely the 
West could, by bring smart and 
careful ova: time, deal with Rus- 
sia’s perfectly reasonable insis- 


tence that no NATO move di- 
minish Russian security. 

Therapy is the hard job. How 
to deal with the apparently wide- 
spread Russian perception (bar 
affiance enlargement is an antici- 
patory vote erf no confidence in 
the prospects of Russian democ- 
racy? What to us is a strategic 
judgment is to them a moral ver- 
dict For centuries, Russians, 
fearing they would not measure 
up, held themselves apart from 
the West Now many want to be 
near the West bnt stiQ fear they 
won’t be accepted as measuring 
up, and they resent being mea- 
sured. In this context arises the 
possibility of Russia closing up 
and going mean. 

From told Wax; Mr. Yeltsin 
suggests, things could move to 
“cold peace.” It could happen. 
The ‘‘nationalists” in Russia are 
almost everybody. They repre- 
sent not a particular sdbool of 
thought but a common search for 
a post-Soviet identity. They need 
to be talked to straight, not given 
lectures or, least of all, sermons. 

The Washington Post. 




iTlie ■' 


i i 

■ 


The Ghost in the White House 


2Btr 




By Anthony Lewis 


r m 


B OSTON — In the month since the 
elections we have been waiting to see 
whether Bill Clinton could recover from 
the defeat and emerge a stronger person 
and president. As of now, the answer 
looks to be no. 

Weakness and vacuity are what we see in 
the Clinton adminis t ra ti o n. It moves from 
day to day, empty erf vision, a government 
without a design. Mr. Clinton himself 
seems more and more like Herman Mel- 
ville’s Bartieby the Scrivener, a dwindling, 
haimting presence in the White House. 

There was a telling example of the way 
things are in the adminis tration’s change 
of policy last week on Bosnia. It gave up 
the effort to have NATO press the Serbian 
aggressors by serious attacks, giving way to 
British and French objections. 

The New York Tunes published a de- 
tailed report on how the derision came 
about: It was proposed in a memorandum 
by the president's national security advis- 
er, Anthony Lake, and ‘‘formally em- 
braced at a meeting of the president’s top 
advisers that neither Clinton nor Vice 
President A1 Gore attended.” 

Mr. Clinton had approved the Lake 
memo, the report said, 'Nit he “was at Ids 
Camp David retreat and bad been in- 
volved only sporadically in the Bosnian 
issue.” So he hardly participated in the 
discussion of a derision that has fateful 
implications for resistance to aggression 


and genocide in Europe and for the future 
of the Western alliance. 

And then Secretary of State Warren 
Christopher, at a NATO meeting in Brus- 
sels, proclaimed that the alliance was in 
; wonderful shape. “NATO is going to make 
itself relevant to the future," he said. It had 
stronger structures to “help deal with crises 
like Bosnia at an earlier stage.” Sure. 

The truth is that the Clinton administra- 
tion has no meaningful policy now on 
Bosnia, or on the other rdigious-ethnic- 
nationaiist conflicts that menace Europe. 
And its policy on Russia, once its proudest 
boast, has been undone by President Yelt- 
sin’s increasingly nationalist stance. 

All this is not just a bad patch for Bill 
Clinton in foreign policy. It is a frightening 
absence of American strategy and Ameri- 
can will; the two factors that kept the 
peace in Europe for nearly 50 years. 

On the domestic ride there is a similar 
sense of em ptiness . Does anyone count cm 
Mr. Clinton to lead the fight against mean- 
spirited actions by Republican leaders in 
Congress? Can anyone detect in him com- 
mitment to a set of political values? There 
are values to defend at this time: values just 
as traditionally American as the ernes the 
Republicans talk about. A commitment to 
crvfl liberties, for one. A concern for the 
underdog, for the stranger at the gates. 

Immigration Is a crucial example. A 
growing nativism is using legal and illegal 


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! H STRATEGY 


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immigrants as scapegoats for economic 
troubles. Many Republicans in Congress 
are talking about a federal version of Cali- 
fornia's Preposition 187. 

Last week The Washington Post carried 
a powerful article decrying the anti-immi- 
grant movement Was it by a Clinton ad- 
ministration official or some other leading 
Democrat? No, it was by William J. Ben- 
nett the conservative Republican. 

Since the election Mr. Clinton has made 
no effort to counter the radical Republican 
line that government is evil — no effort to 
remind Americans how much they need 


government To the contrary, he has mim- 
icked Republican ideas on budget-cutting 
and spending more on defense. 

To write critically about the president is 


not easy for me. He has done many good 
thing s, from Haiti to GATT, and has not 
had the credit he deserves. He has been 
savaged by a brutal opposition and by a 
press that even Newt Gingrich says has 
been “very tough on the president and 
on Mrs. Clinton.” 

But Bill Clinton faces a fundamental 
test now, and he is sot meeting it After 
the election, commentators said he might 
rally to smite the enemy like Harry Tru- 
man; how unlikely that prospect seeA 
today. If he is going to be president be 
has to pull himself together and make 
some major changes in his administra- 
tion. I think he has no more than a month 
or two to convince us that he can govern. 

The New York Times. 


Gingrich Has No Business on This Bosnia War Path n„ 


W ASHINGTON — Now 
Newt Gingrich has lost his 


TV Newt Gingrich has lost his 
head over Bosnia too. Not con- 
tent to let Bob Dole lead the 
charge of the fight brigade into 
Balkan oblivion. Mr. Gingrich 
has turned hawk. He once took 
the hands-off view that Bosnia is 
a European problem. Now he not 
only sees it as an American prob- 
lem but he has a three-point pro- 
gram to solve it. 

Step 1: Get the UN protection 
forces out of Bosnia. A nice idea 
that will then allow us to wage war 
with great gusto, relieved of the 
worry of hitting UN soldier-hos- 
tages. But a few questions intrude. 
Who feeds the starring and be- 
sieged in Srebrenica, Gorazde and 
the other Muslim enclaves after 
the British and French and other 
UN soldiers leave? Who keeps 
these enclaves from being overrun 
and their populations massacred? 
Who keeps Sangero alive when 


By Charles Krauthammer 


the UN leaves and water, power 
and food are cut off? 

Answer: (a) No one, or (b) 
American ground troops. Take 
your pick. 

Sup 2: Arm the Muslims. An- 
other nice idea, three years too 
late. Who is going to su>p the 
Russians from flooding the Serbs 
with weapons once the arms em- 
bargo is broken? For that matter, 
who is going to stop the Russians, 
the French and anybody else 
from arming Iraq and Libya and 
other outlaw states once we have 
shown that Great Powers can 
pick and choose embargoes? 

And, most important, what hap- 
pens to the Muslims in the months 
it will take to arm and train them? 
The Serbs are certainly not going 
to sit idly by. They will launch a 
pre-emptive offensive that will 
cost thousands more lives and per- 


haps extinguish Bosnia for good. 
Who will prevent that? 

Which brings us to Step 3: 
Americans will. Massive US. air 
strikes — why, just the threat — 
will stop the Sobs cold. This faith 
in air power is touching consider- 
ing that 40 days of intensive 
bombing could not get Iraq out of 
Kuwait; it took a ground invasion 
to do that. Yet Mr. Gingrich fig- 
ures three to five days in Bosnia 
ought to do the trick. 

And bomb what? Serbia? Bel- 
grade certainly helped start this 
war but for months it has cut off 
the Bosnian Serbs and urged them 
to accept the Western peace plan. 
What is tbs logic of bombing the 
one Serbian party that is pushing 
for a peaceful settlement? 

Who then lo bomb? Why, the 
Bosnian Serbs. Mr. Gingrich 
would "paralyze [ their] capacity 


Liberalism Is Alive and Much in Need 

NSf*£!!fJM£lb£ By Theodore C. Sorensen Liberals .took for underlyia. 


I/taratMmJ Herald Tribune !8 1 Avenue OBriewfc-Cattlfc, 9252 1 NewJJy-.'w-Secje, Rarer. 
Td:(l)46J7.93X». fin :Grc,4&37.06i51; Adv, 4637,52. 1 2 InWOtt IHT@eurokomje 

Et&rr for Asia: Uktarl fCkkmbon. SGmUrbwv RtL Sngapm 0511, Tet (65)472- 7768. Far ( 65} 274-2334 
Mng. Oir. Asa Rolf D. Krancpuht, SO Gfeurener fit Htmg Kang. TeL 852-9222-1 IS5 Far 852-9222-1 190 
Cm Mgr. Gmnm: T. Sctforr. Frirdridar. 15. 60323 Fwn&sM Tel (089) 72 67 55 Far (Oifl 727310 
Pia-US: Michael Ccmn, 850 Thai Ait, New York N.Y. 10021 TeL (2121 752-3810 Far (212) 7558785 
U.K. Acicerfui/tg Office : 63 Long Acre, landau WC2. Tel. (071 i 836-4801 Fax : (071) 240-2254. 
S.A. au capital A 1.200.000 F. RCS Ntmerre B 732021126. Commission Pariiaire No. 61337 
© /W. btemedondHenddTrime. AM resend ISSN: 0294-8052 


at ism are greatly exaggerated. 

True, on Nov. 8 the electorate 
and new majority party moved 
sharply to the right. True, politi- 
cians m both parties shrink from 
any use of the L-word except to 
denounce it, and pandits of every 
ideological stripe now note — or 
celebrate — its demise. 

If liberalism is defined as its 
detractors would define it — as a 
simple-minded political philoso- 
phy that endorses reckless govern- 
ment spending, shameless person- 
al conduct, toothless responses to 
crime and a spineless foreign poli- 
cy — then that philosophy has a 
barely perceptible pulse in Ameri- 
can political life. 

But that has never been the 
true meaning of liberalism. The 
liberal mind t$ (or should be) the 
liberated mind — liberated from 
prgudice. hatred and cant, open 
to new ideas and solutions, nei- 
ther permanently tethered to the 
dead band of the past nor rigidly 
fettered to any faction or fortune. 

The liberal's commitment is to 
better government, not bigger gov- 
ernment; to enlightened change, 
not the status quo; to the politics 
of hope, not the politics of pork. 

Genuine liberals, in the origi- 
nal sense of the term, do not be- 
lieve that government, big or 
small, centralized or local, can or 
should solve every problem or 
shoulder every task. 

Liberals have always led the 
battle against unwarranted gov- 
ernment interference with liberty. 


free speech, a free press and other 
basic freedoms. 

Today, liberals, unlike their de- 
tractors, lead the battle against 
unwarranted government intru- 
sion into matters of privacy and 
prayer. But they have not aban- 
doned the belief that government 
— if honest, efficient, democratic 
and representative — can facili- 
tate, not obstruct, the improve- 
ment of economic, educational 
and human conditions. 

The liberal tradition, thus 
properly understood, represents 
the very antithesis of the 1994 


election campaign. In theory, 
both a political campaign and the 


both a political campaign and the 
liberal approach call for the pre- 
sentation and debate, the win- 
nowing and rifting, of alternative 
public policy proposals. 

But the typical campaign 
waged by candidates from either 
major party is concerned with 
what is popular, while liberalism 
is concerned with what is right. 

Campaigns now deal largely in 
headlines and slogans, while lib- 
eralism rests on full-blown ideas. 
Campaigns are all about tactics 
and image. Liberalism dwells in 
the realm of the strategic and Tac- 
tual. Campaigns are financed by 
special interests. Liberalism's 
rally guiding star should be the 
national interest. 

This year's election campaign 
belabored symptoms — crime, 
violence, teenage pregnancy, il- 
literacy and economic malaise. 


Liberals look for underlying 
causes and remedies. 

Overall, the campaign focused 
on the great harm done by bu- 
reaucrats. Liberals slil! believe 
that great good can be done by 
public servants. 

Authentic liberalism — the lib- 
eralism of Jefferson and Lincoln, 
Wilson and the two Roosevelts, 
Truman and Kennedy — lives on. 

But let no one pretend, in the face 
of the election results, that it is 
thriving. Whatever excuses are of- 
fered about low voter turnout and 
a poisoned atmosphere, the fact 
remains that the people spoke 
and refected liberal programs and 
projects of the past. 

Now we must apply anew the 
principles of the liberal mind to 
search for new progressive, ac- 
ceptable, democratic solutions 
to new problems, difficult prob- 
lems: persistently stagnant pay 
scales and living standards; 
crumbling public infrastructure; 
pervasive parental concerns 
about the safety, health, educa- 
tion and future job opportunities 
of their children — problems 
that will not be solved simply 
by tax cuts, term limits and the 
electric chair. 

To find those new solutions, 
the need for an open, searching 
mind, the liberal mind, is greater 
than ever before. 


to function as a society.” Problem 
is, they are not a functioning soci- 
ety in the first place. They are a 
scattered, agrarian population 
whose economy has ground to 
near zero. What do we do? Turn 
out the lights in downtown Pale? 

The Gmgricb bombing plan is 
classic post-Vietnam strategy: in- 
tervention on the cheap. No 
ground troops, no risk, short time 
span, huge effects. This is childish 
fantasy. Once the war is Ameri- 
canized, the risks are exclusively 
America’s. Once Washington or- 
ders out the United Nations, it 
assumes responsibility for the 
Bosnian civilians. Once the Unit- 
ed States arms the Muslims, it 
assumes responsibility for the 
conduct of the war. And once 
U.S. planes begin air strikes, 
America becomes a combatant 

At which point we Americans 
are bade to where we were in Viet- 
nam, 1964, committing ourselves 
to one side in an unwinnable situa- 
tion. The only alternative then is 
the agony of a ground war or the 
humiliation of an abrupt exit. 

Moreover, the Gingrich war 
path is not just bad foreign poli- 
cy. It is bad domestic policy. It is 
never a good idea for Congress to 
run American foreign policy. It 
was not a good idea when the 
Democratic Congress tried to 
shred Ronald Reagan's in the 
1980s. It is not a good idea for the 
Republican Congress to stage- 
manage Mr. Clinton’s today. 

Finally, apart from all else, this 


It has been brought to our 
attention that a passage in Dr. 
Christopher tingle's opinion 
piece “The Smoke Over Parts 
of Asia Obscures Some Pro- 
found Concerns” in the Octo- 
ber 7, 1994 issue of the Inter- 
national Herald Tribane 
could by reason of facts late r 
drawn to our attention be un- 
derstood as suggesting that 
Mr. Lee Kuan Yew had 
sought to suppress political 
activity in Singapore by bank- 
rupting opposition politicians 
through court actions in 
which Mr. Lee relied on a 
compliant judiciary to find in 
his favor without regard to 
the merits of his case. ' 

This was not our intent and 
we do not associate ourselves 
with any such view which we 
accept would be unfounded. 
We apologize unreservedly to 
Senior Minister Lee Kuan 
Yew and to the Singapore ju- 
diciary. ~ , 


iirS 


11 

Hr: 




is bad politics. This whole venture 
into foreign policy is a huge. 


needless distraction for the Re- & 
P u ^ can f- They were not elected 
on Nov. 8 to save Bosnia, winch is 
beyond saving. They were elected 
to fix America, which is, as yet, 
not beyond fixing. Thar mandate 
to govern was won on a domestic 
agenda. There is a window now 
open for the Republicans to enact 
it. To squander that opportunity 
<m foreign adventures, and on an 
adventure that promises nothing 
but grief, is simply crazy. 

Washington Post Writers Group. 




IW OUR PACES: 100. 75 AND 50 YEARS AGO 


1894: Metal Butterfly 

NEW YORK — The aeroplane 
invented by Secretary Langley, of 
the Smithsonian Institute, was 
tested yesterday [Dec. 8] in Vir- 
ginia. It rose against the wind and 
sailed for some distance. The ap- 
paratus resembles a big butterfly. 
The body is of aluminium and 
floats on wings and is propelled 
by revolving screws. Aerial navi- 
gation has been accomplished, 
and not later than 1895 we will 
see an air-ship mail line between 
Washington and San Francisco. 


other countries where the rate of 
exchange is less onerous, and to 
restrict drastically their importa- 
noas from America. The remedy, 
m fact lies in the hands of the 
peoples concerned, not in the 
hands of their governments. 


1944s A QinstmasFcue 


1919: Help the French 


The writer, a lawyer, is rhe 20th 
Century Fund's new chairman. Th is 
essay was excerpted by The New 
York Times from remarks lo the 
Fund's 75rh-anniversary dinner. 


PARIS — [The Herald says in an 
editorial:] American businessmen 
cenamly realise that unless they, 
individually and collectively, help 
the French lo tide over the pre- 
sent crucial period, American ex- 
ports will fall off, because the 
French will begin to import from 


WITHThe 8TH UNITED 
STATES INFANTRY DIVI- 

kfv 9™*?* — [From oar 
New York edition:] There is a S65 
fine awaiting any American GX 
too says “Merry Christmas” toa 
German civilian. Lieutenant Col- 
onel Richard C Croft warned lo- 
da y 9j. Croft was ao» 

preached by a delegation S 
young German women who 
asked that the strict noiHFratemi- 
zation rules be relaxed Christmas 
Day. “The same roles wiD apply 
to the Yuletide as any other day 
and that's a $65 fine fra* talking 
to enemy civilians,” Croft said. 


I J* \&p\ 












INTERNATIONAL HERALD TRIBUNE 



ART 

Saturday-Simday, 
December JO-11, 1994 
Page 7 




Art for Profit? Sometimes It Pays 


.,#®sSft 

: w 

t 'Hit i 

- ' ; iv 



Architect’s drawing of the Tokyo International Forum, due to be completed in 1996. 

The $1 Billion Forum 

Rafael Vinoly’s Cultural Center for Tokyo 


By Carol Lutfy 


T OKYO — When it is completed in 
early 1996, the Tokyo international 
Forum will be the single most impor- 
tant cultural and convention center 
in Japan. Housing dance, musical, and theat- 
rical performances, conventions and trade 
shows, and one of the nation’s most compre- 
hensive public art programs, the SI billion, 
seven-structure complex will spread over a 
seven-acre ate on what may be the most 
expensive real estate in the world. 

Construction of the complex is consuming 
the energies of 33 contractors, 30 architects, 
IS engineers and about 2,000 construction 
workers on a daily basis. Nobody can keep 
track of the number of subcontractors, which 
is said to be in the hundreds. 

The most extraordinary thing about the 
complex, however, is the fact that its architect 
is an American: the Uruguayan-born, New 
York-based Rafael Vtfloly, who won the cut- 
throat international competition for the pro- 
ject in 1989. 

VifioIy is a leftover from Japan's U bubble 
economy*’ days, when throngs of foreigners 
were brought in to bolster Tokyo's internation- 
al image and add cachet to its frantic building 
boom. Since then, the Japanese economy has 
contracted drastically and almost all the for- 
eign architects have been sent borne. 

“In reality, the architecture market for for- 
eigners in Japan has never really been open.” 
VifioIy said from his Tokyo office, where he 
spends about half his time. “Nothing about 
my talent or importance is responsible for my 
stiQ being here. They just had no way of 
nndrwng the competition.*’ 

Everybody concedes that Tokyo may not 
need a municipal center of this scale on some 
of the city’s most precious real estate at this 
fiscaUy sensitive time. Rut Vifioly’s design for 
the International Forum has received high 


marks for its thoughtful approach to both a 
difficult site and to an elusive, multifunction 
mandate. Located on a trapezoidal hunk of 
land that hugs elevated train tracks on one 
side and borders a dense commercial area on 
the other, the forum will be neither a civic, 
commercial nor cultural center; and yet it 
must act as all three. 

Vifioly’s solution to both problems is a dra- 
matic, elliptical seven-story glass hall that 
breaks down the monumentality of the com- 
plex with its openness and accessibility. “It 
serves as both the symbolic and functional 
vestibule for the complex,” Charles Blomberg, 
one of the project's chief designers, explained. 

T HE International Forum will be To- 
kyo’s highest profile building of the 
1990s. It is, by far, VifioIy' s most 
significant project to date; and given 
its star location and daring glass hall (in an 
eartbquake-prone country), it is likely to 
bring unprecedented international attention 
to the 50-year-old architect. 

As the first foreign architect to become regis- 
tered in Japan and to take full charge of the 
construction process, VifioIy has had to play 
the role of both ambassador and pi racer. Com- 


what has been described as a “deagn-as-you- 
go” approach to architecture, his personality 
may be ideally suited to the task. 

The first test of his diplomatic skills came 
in 1990 when workers began digging the foun- 
dation. Archaeological r emains from samurai 
dwellings dating from the Edo Period (1615- 
1868) were found on the site and the project 
was stalled at tremendous expense for a year. 
VifioIy remained poised, but by his own ad- 
mission, he has not recovered from the set- 
back. “I have always felt that they should 
have been prepared for that,” he says. 

. Carol Lutfy is a Tokyo-based free-lance jour- 
nalist who specializes in the arts. 


A Galleon’s Treasures 


P 


By Michael Gibson 

International Herald Tribu ne 

ARIS — On Dec. 14, 

1600, a naval battle 
took place in M a nil a 

Bay. two Dutch stops 

nder the orders of Olivier de 
foort (the fourth European to 
iicumnavigate the globe), were 
raising just outside, capturing 
a wary merchant vessels, and 
le small Spanish colony was 
efensdess. 

Antonio de Morga, the ambi- 
ous lieutenant general to the 
jvemor of die Philippines, re- 
nsitiraed the San Diego, a 35- 
leter (115-foot) merchant gal- 
on, had the cannon of the fort 
l Manila loaded onto the ship, 

3t himself appointed admiral 
n barked 500 men and sailed 
[f to meet the enemy. 

By his account, the San Dio* 

> accosted de Noort’s ship, 
iffered damages in the hull 
id, after six hours of fierce 
zhting, sank about 8 kflome- 
rs (5 miles) from Fortune Is- 
nd near the mouth of the bay. 

About 350 men went down 
itb the ship. The Dutc hmen , 
jwever, sailed away and de 
[orga (so he claims), swam to 
ortune Islan d while clutching 
e ship’s standards. Thus the 
port sent to the long of Spain, ing f 

Four centuries later, enter M 
ranck Goddio, 45, financial 
msultant, submarine aiehafr 
ogjst and founder of the Eu- 
pean Institute of Submarine 
rchacology. 

In the past eight years, God- 

0 and his taum nave found 
id explored seven wrecks in 
e P hili ppines. The San Diego, 
ey assumed, lay in or near 
inwiiw Bay. But where? To an- 
ns that question, they needed 
ore information about the na- 

1 battle. Goddio and his team 
oured libraries and ultimately 
me up with first-hand report® 
id the minutes of an official 
quiiy preserved in Seville. 

r HE latter yielded testi- 
mony given by surviv- 
ing crew members to a 

board of inquiry up. 

Manila. Their highly credible 
stitnony offers a different vct- 
? n of the facts. . 

De Morga, lacking seaf™8 
perience, loaded the San Ehe- 

fwith insufficient bdtasUw 
t, much heavy material above 
ck, and far too many men. 
hen the ships came m shoot- 

^sunce.theM.unt.us.^ 

» u-M-i. fired a number 
lowhicli the Spaniards. 


v>\ J 


F.Owdo 


A salvaged astrolabe. 

shipping water, could not re- 
spond. 

De Moxga drove straight at 
the Mauritius, and the ships 
collided. The 59 Dutchmen, 
suddenly faced with 300 armed 
fled below deck. At 


as point, a strange thing hap- 
pened. The enterprising de 
Morga, who had so efficiently 
run operations until then, lay 
down in his cabin in a near- 
catatonic state and, despite re- 
peated urgings and occasional 
aspersions with water, did notb- 
for five hours. 

. Jean while ihe Dutch re- 
mained below deck and even 
offered to surrender, but then, 
observing the inaction of the 
Spaniards, de Noort set fire to 
his ship to flush his men ouL 
When they emerged on deck, de 
Morga gave order to cut the 
moorings, and this had barely 
been done when the San Diego 
went under. 

Thanks to these documents, 
Goddio and his team learned 
that the San Diego had sunk 
inside the bay, much closer to 
Fortune Island than deMorga 
claimed. 


admiral had sot taken 
time to unload the merchant 
ship when he requisitioned it A 
wealth of material, Chinese and 
other porcelain, silver and 
glassware, locks and keys, coins 
and jewels, were recovered 
along with the arms brought on 
board by de Moiga. A total of 
5,262 items were salvaged. 

Forensic studies on isolated 
human bones found on the site 
revealed there had been at least 
one woman on board, and the 
owner of one of the skulls had 
suffered from scurvy. Also, the 
fact that this or that type of vase 
was found on board has modi- 
fied accepted dates for a num- 
ber of hems. 

Goddio plans to create a mu- 
seum of Tnurmi; archaeology 
where these objects, and those 
of other finds, can be displayed. 

A spectacular presentation of 
the San Diego treasure can now 
be seen in the Grande Halle de 
la Villette in Paris (to Jan. 8). 
Future exhibitions m Madrid, 
Amsterdam, Philadelphia, Dal- 
las, Atlanta, Quebec, New York 
and Los Angeles are planned. 


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Saturday December 31st, 199* 

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Tel. 41-21-613.33.33 or fax 41-21-613^3.34 


International HtrvJd Tribune 

L ondon — On 
Wednesday a huge 
crowd jammed Soth- 
eby’s main rooms, 
pondering a question as old as 
the an market: Can an outsider 
make money by acquiring an 
on the advice of those supposed 
to know about the subject? 

The occasion was Sotheby’s 
Old Master Paintings sale 
which included a batch of 16 
pictures bought as an invest- 
ment by the British Rail Pen- 

SOIIREN MEUKIAN 

si on Fund between 1974 and 
1979. Other groups are due to 
follow at later dates. The Old 
Master Paintings were pan of a 
much larger investment scheme 
that ranged from rare books to 
Chinese porcelain. How did this 
week’s consignment fare? 

Judging from works that were 
bought at auction or, in some 
cases, from dealers shortly after 
they had been seen at auction, 
there were huge variations. 

Ironically, the two works 
over which bidding was fiercest 
came to the Fund from dealers. 
The one that outshines all the 
others when measured on the 
scale of museum-level rarity is a 
wooded landscape with cot- 
tages painted around 1665 by 
Meinden Hobbema. Sotheby’s 
put on it a £2 million (S3 mil- 
lion) to £3 million estimate. The 
picture went up to £3.4 milli on. 
With the added premium, it 
cost its buyer, the Mauritshuis 
in The Hague, £3,741,500. 

The price is high but not cra- 
zy. It illustrates one of the fun- 
damental changes in our per- 
ception of art prices that has 
taken place within the last three 
decades. When the landscape 
appeared at Christie’s on July 6, 
1966, it caused real excitement 
and was bought by Edward 
Spedman, a leading London 
dealer, for the large amount of 
£125,000. Spedman kepL it for 
some time. Five years later, the 
Hobbema turned up at Soth- 



A detail from Hobbema’s wooded landscape with cottages that sold for £3.74 milli on. 


On April 21, 1991, the mag- 
netometers on Goddio’s ship 
signaled a metallic mass. Divers 
discovered a tumulus at a depth 
of 53 meters and, making out 
the words Fhflippus Rex, 1593, 
on a protruding cannon, they 
realized they found the S«n 


eby’s where it made only 
£120.000 on June 24, 1970. It 
then passed through the hands 
of two owners, including the 
dealer William Darby, from 
whom it was acquired by the 
Fund. The undisdosed sum is 
unlikely to have exceeded 
£150,000 or thereabouts. 

Clearly, the Fund did bril- 
liantly with the Hobbema. This 
is fundamentally due to the 
overall reduction in the num- 
bers of Old Masters floating on 
the market and to the new sense 
of urgency that this ha s instilled 
in those who are in charge of 
public collections. 

The Hobbema seen this week 
is based on a composition fre- 
quently used by the artist. How- 
ever, it displays some unusual 
features such as the children 
about to run their miniature 
boat on a pond, and it is re- 
markably wdl preserved. That, 
and its large size, place it apart 

This was more man Frits Du- 
parc, a historian of Dutch land- 
scape painting and director of 
the Mauritshuis, could with- 
stand. His ninMaim hud no ma- 
jor Hobbema, nor did any col- 
lection in the Netherlands, he 
said in a telephone interview. 
Duparc spent two months 
“talking to the government, 
talking to private people” to 
help out Us institution whose 


yearly acquisitions budget 
amounts to £55,000. To the last- 
ing credit of the Dutch, he suc- 
ceeded. 

The rarity factor had a com- 
parable effect on another land- 
scape acquired by the Fund 
from the art trade around the 
same time as the Hobbema. 
Sotheby’s mentions the name of 
Adolph Stein, the highly per- 
ceptive connoisseur now retired 
in Switzerland. After him, the 
Br azili an view, done by Frans 
Post in the late 1640s, actually 
passed through the hands of a 
famous London dealer before 
reaching the Fund. Those in the 
know reckon he sold it for un- 
der £200,000. On Wednesday, 
the painting climbed to an un- 
expected £1,211,500, paid by 
Baron Ham Heinrich Thyssen- 
Bomendsza, according to mar- 
ket sources. 


T HE rarity factor has 
Other consequences. 
One is that important 
paintings by second 
divirion masters are now looked 
at with very different eyes. On 
Nov. 28, 1975, the Fund bought 
at Christie's a large scene paint- 
ed in 1674 by Jan VexkoljeL 
• The theme could be de- 
scribed as “The invitation to 
harmony” as is evident from the 
viola da gamba to which a 
young man, seated, points with 
one finger while bolding the 
hand of a woman with his other 
hand The scene thus captures a 
passing moment in a beautiful 
light. It owes quite a bit to Ver- 
meer. As George Abrams, the 
great Boston collector of Dutch 
drawings and paintings pointed 
out, Vencolje painted only a few 
pieces of tms calibre. In 1975, it 
was already expensive at 
£52,500. This time it went 
through the roof at £716,500. 
There is no question that this 
transaction was fabulously 
profitable for the Fund 
A comparable upgrading 
propelled a winter scene with a 
crowd standing on a frozen riv- 
er by Barent Avercamp. The 
nephew of Headrick Avercamp 
closely followed his unde when 
dealing with such themes, even 


if his handling of figures, larger 
and stiffer, is quite distinctive. 
When the picture was sold at 
Christie’s on Dec. 8, 1972, it 
fetched £50,400, paid by the 
Brod Gallery, which sold it af- 
ter a while to a collector, Peter 
Mtiliack. It was back for sale as 
part of his estate on April 11, 
1975, toward the end of the se- 
vere 1974-1975 slump. 

At that point, it was bought 
by the Fund for a modest 
£37,800. This week it shot up to 
£287,500, courtesy of Noort- 
man of London. It is one of 
Barent Avercamp’s finer works 
and excites an interest that 
would have been inconceivable 
a decade ago. 

The same remark applies to 
the work of a painter from the 
circle of Rembrandt’s elders. In 
1637, Thomas de Keyserpor- 
trayed a young woman as Flora, 
standing in a wooded land- 
scape, while a shepherd plays 
the flute. It is suggestive of 
Rembrandt in his early years. 
When it turned up at Sotheby^s 
on April 12, 1 978, no one gave it 
much attention. Bought by the 
Fund for £12,100, it was sold 
this week for £98,300. 

Alongside upgradings, how- 
ever, there were some down- 
gradings. A large bozzetto, that 
is, a hig hly elaborate prelimi- 
nary study, was done between 
1599 and 1604 in grisaille by 
Cristofano RoncaHi, called “u 
Cavaliere ddla Pomarance.” 
When seen at Sotheby’s New 
York on Dec. 2, 1976, it fetched 
a comparatively high price, 
$28,000, then roughly £17,500. 
This week it was knocked down 
at £40,000 (£45,500 with premi- 
um), involving a substantial 
loss in real terms. A religious 
subject drawn from the New 
Testament, it is severe in inspi- 
ration, conventional and gray. 

Some paintings weren’t sold 
at all One is a remarkable scene 
of a Vanitas in the manner of 
Giorgione, now considered to 
be by Domenico Caprioli 
(1494-1528). A bearded man 
stands in an Arcadian land- 
scape, holding up a skull in one 

hand while haranguing a young 
couple seated on marble sar- 


ART EXHIBITIONS 


FRANCE 


Galerie 

Lude Weill-Seligmann 

6, rue Bonaparte, 75006 Paris 
Tel: 133-1 J 43 54 71 95 

Cocteau 

Original ceramics 
December 15th to Feb. 28 th 


Painting & Sculpture 
Exhibition 
Antique & 
Contemporary 

December 8-14 

from 

1 1 a.m. to 8 p.m, 

"A great Christmas £ift idea!' 1 

Late night 


December 9 until 
10 p.m. 

At the foot of the 
Eifel Tower on the 
corner of Quai Branly 
and Pont d'lena. 

Joel Garcia Organisation 
Cyril Caillot - Eric Fantou 
Phone: 1 33- 1 1 43.03. 39. 3t? 
Fax: >33-1) 43.28. 54. 2b 


DE KOONING 

October 27, 1994 - January 22, 1995 

Allan Stone Gallery 

1 13 East 90th Street. New York. NY 10128 
Tel.: 212-988-6870 


mud 

JMICHEL-HENRY, 

17 NOVEMBER- 17 DECEMBER 1994 

GALERIE ETIENNE SASSI 

14, AVENUE MATIGNON - 75008 PARIS 


PHONE: 42 25 59 29 


ANTIQUES 


I W« buy >nd aaUapentM AifflquM d 
Hm Edo and Maty Putodfc 
FkwSMsuni.InMrt, Japanese clasonna 
[biusas. Samoa' sands. Mngs and armor. 

(14ft renhay Bwuujjh iSft tiMny.) 
FLVWO CRANES ANTIQUES, LTD. 
1060 Sacond Avenue. GoMry«& 
Now York. NY. 10022 
Trf:tZ12)CBW600 - fiat (212J2ZM601 


International 
Demid Tribune 
■da work 


COLLECTORS 


Spink 
deal in 

English Ruotings and Watercolours 
Oriental, Asian and Islamic An 
Textiles • Medals ■ Miliaria 
Coins ■ Bullion * Banknotes 

■SPINK! 

SPINK & SON LTD. 5. ft & 7 XING St 
ST JAMES'S. LONDON, 
ENGLAND SWIYM3S.TEL- 071-930 
FkX-.mi-HVl4»%.TEUiXr9to7n 


cophagl The picture cost the 
Fund £52,800 when it came up 
at Sotheby’s on July 11, 1979. 
But not one bid had come from 
the room on Wednesday as the 
hammer fell at £320,000. 

Nor was the failure only due 


to the high estimate. A very 
pretty Italianate landscape by 
Gaspard pughet, Poussin's 
brother-in-law, fell unsold at 
£13,000. 

Even more surprisingly, a 
ravishing landscape by Karel 
dn Jardin was also unsold as the 
hamm er fell at £90,000. After- 
ward s, Sotheby’s negotiated a 
private sale for the equivalent 
of a hamm er price at £100,000. 
The £150,000 to £200,000 esti- 
mate suggests that the price 
paid to secure its purchase from 
a “private collection, the Neth- 
erlands” was very high, perhaps 
too high. 

A FINAL judgment an 
the profitability of the 
investment must 
await the last of the 
planned sales. A few mare 
paintings of the Hobbema’s cal- 
iber would be enough to turn 
the operation into a brilliant 
success. 

But from the individual buy- 
er’s angle another message is 
dear. A couple of paintings like 
the Karel au Jardin would be 
enough to turn a modest invest- 
ment into a debacle. Buying ait 
for profit over the. long term is 
closer to gambling than to mak- 
ing a calculated investment. In 
any case, it requires a high de- 
gree of knowledge, not just of 
the art, but of that mysterious, 
impalpable dement railed hu- 
man desire and an ability to 
anticipate which way it will go. 


auction sales 


N FRANCE 


DROUOT RICHELIEU 

9, Rue Drouot, 75009 Paris - Tel.: (1) 48 00 20 20. 


Monday, December 12, 1994 


Boom 7 at 230 pum.- ABSTRACT AND CONTEMPORARY ART. 
Experts; Mrs M.-A. Prat, M.F. Bailie, MM. A. Padttl and A. de 
Lnuvencijurt On view: Hold Drouot (roam 7), Saturday. December 
10, Sunday. December 11, from 11 a.m. to 6 p.m. Monday, 
December 12, from 11 a.m. to 12 sun. Please contact FrangoLs Tajan 
text. 320) or Fabienne Garda CexL 3551 Td.: (1) 53 30 30 30 - Fax; 
il) 53 30 30 31. ETUDE TAJAN, 37. rue des Maihurins, 75008 
PARIS. Tel: tl) 53 30 30 30 - Fax: (1) 53 30 30 31. In NEW 
YORK please contact Kerry Maisonrouge tic. Co. Inc. 16 East 65th 
Street, fifth floor, N.Y. 10 
13 -Fax: 1212) 861 14 34. 


1. 


12) 737 35 97 / 737 38 


Saturday, December 17, 1994 ■ 


Boom 10 at 2 p.m. - POSTERS "HOMMAGE TO Jean A. 
MERCIZR", French cinema of die 20s St 30s. MHJLON-BOBEKT, 19, 
rue tie la Grange BflieU&re. 75009 PARIS. TeL: (1) 48 00 99 44 - Pa* 
(1)48 00 98 58. 


Monday, December 19, 1994 


Boom 6 at 2 pJn. - JEWELRY, DISPLAY CASE ITEMS, GOLD & 
SILVER SMITHS WORK. Experts: MM. R. Dechaui and Th. Stetten, 


S. Expert: M. 

December 17 from 11 am la 6 pm. Monday, December 19, from 
11 a.m. to 12 a.m. Please contact: Florence Grether (ext. 350). 
ETUDE TAJAN, 37, rue des Maihurins, 75008 PARIS. TeL: (1) 53 30 
30 30 - Fax: (1) 53 30 30 31. In NEW YORK please conracr Ketry 
Maisonrouge & Co. Inc. 16 East 65ih Sam, fifth floor, N.Y. 10021. 
Phone: (212) 737 35 97 / 737 38 13 - Fax: 1212) 861 14 34. 


Tuesday, De ce mber 20, 1994 


Room 12 Ot 2 pan. - STAMPS - POSTAL CARDS. MULON- 
ROBERT, 19, me de la Grange BSteltere, 75009 PARIS. Tel.: (1) 
48 00 99 44 - Fax: (1) 48 00 98 58. 


Wednesday, December 21, 1994 


Room 1 ax 2 jun. - MODERN DRAWINGS AND PAINTINGS - 
ART NOUVEAU - ART DECO. AHTUS ASSOOES, 15, roe de la 
Grange BSxdi&re. 75009 PARIS. Tel.: (1) 47 70 87 29 - Fiax: (1) 
42 46 71 44 and BEAUSSANT LEFEVRE, 46, rue 
de la Victoire. 75009 PARIS. Tel.; G) 40 23 92 12 - Fax: 
(1) 42 81 20 73. 

Room 6 at 2.15 pm. - OLD MASTER PAINTINGS - Expert: MJL 
Turquln. On dew: Tuesday, December 20, from 11 am to 6 pm 
Wednesday, December 21, from 11 am to 12 am Please contact: 
Florence Gra.ssignoux (ext. 347). ETUDE TAJAN, 37, roe des 
Maihurins, 75008 PARIS. TeL: (1) 53 30 30 30 - Fax: (1) 53 30 30 31- 
In NEW YORK please contact Ketty Maisonrouge & Co. Inc. 16 East 
65th Street, fifth floor. N.Y. 10021. Phone. (212) 737 35 97 / 737 38 
13 - Fax: (212) 861 14 34. 


HOTEL GEORGE V (Salon “Venddme”) 

31, arvenue George-V, 79008 PARIS 


Monday, December 19, 1994 


At 8 pan. - ART DECO (private collection) FURNITURE & OBJE7S 
D'ART by A.A. RATEAU. Expen: Cabinet d 'Expertises Camard. 
EDGAR DEGAS (Nepveu - Degas collection). DRAWINGS, OHS, 
BRONZE STATUES. Experts-. MM. A Pacfltl and A de Louvencourt 
IMPORTANT 19lh and 20th Century Painting. Experts: MM. A Pacini 
and A. de Louvencourt, Mme M_A Prat, M. F. Bailie. On view: 
Friday, December 36. Saturday, December 17. Sunday. December 
18, from 2 p.m. to H p.m. Please contact Francois Tajan (exL 320) 
or Christine Dayonner (ext. 354). ETUDE TAJAN, 37, rue des 
Maihurins, 75008 PARIS. TeL: ( 1 1 53 30 30 30 - Fax: (I) 53 30 30 31. 


-Tuesday, December 20, 1994 


At 3 pjn. - OBJETS D’ART and BEAUTIFUL FURNISHINGS. 
Experts: MM. O. Le Fuel and R. de L'Espee, MM. J.P. Dillee, 
G. Dillee. On view: Friday, December 16. Saturday, December 17, 
Sunday, December 18, from 2 p.m. lo 8 p.m. and Monday, 
December 19. from 11 a.m. ro 7 p.m. Please contact: Catherine 
YakOie texL 321). ETUDE TAJAN, 37. rue des Maihurins, 75008 
PARIS. Td.: ( D 53 30 30 ?0 - Fax: (1) 53 30 30 31. 

At 8 pjn. - IMPORTANT OLD MASTER PAINTINGS. Expens: 
MM. E. Turquin, G. Herdhehaut and A latreille. On view; Friday, 
December 16. Saturday, December 17 and Sunday, Decemher 18, 
from 2 pan. to 8 p.m.. Monday. December 19. from 1 1 am, w 7 
p.m.. Tuesday, December 20, from 11 am to 5 pm Please contact 
Florence Grjssignoux (ext. 347). ETUDE TAJAN, 37. rue des 
Mathurins. 75008 PARIS. TeL: il ) 53 30 30 30 - Fax: (11 53 30 30 31. 


In NEW YORK please contact K«ty MaisoniXHige & Co. Inc 16 
East 65th Street, fifth floor. N.Y. 10021. Phone: (212) 737 35 07 / 
7.47 38 13 - Fax: (212) 86 l 14 34. 







































































































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Approx, weighting: 32% 
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Approx, wearing: 37% 
Close: I tl.53 Prevj tip S 3 


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Apprttt weighting: 26% 
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US 

Approx, migtang 5% 

Close: 13124 Prev.. 13223 




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International Herald Tribune, Saturday-Sunday, December 10 - 11, 1994 


'•yv. X<u 


Page 9 


THE THIS INDEX: 110 4711 

§S3=E&lS*gtt 

120 — 


110 


7ha Mn frscta US. dokar vatuoa or stocks in; Tokyo, Km York. London, and 
Argentina, Australia, Austria, Mgkm, BrazB, Canada, CMe. Danmark, Finland, 
Franca, Qwinany. Hong Kong, Italy, Hsgdco, Netherlands, New Zealand, Norway, 
Singapore, Spain, Sw ede n . Swftzarland and Venezuela. For Tokyo. Now York and 
London, the sides is comp os e d of fie 20 lop taws in tarns of matkaf capsahation. 
otherwise the ton top stocks am trucked. 


Industrial Sectors 


Energy mg) 111.41 -0.19 C^MGooda m.54 112-52 -0.87 

WBtes 124.24 124.99 -0,60 H—HHiMb 12735 127.S6 -032 

Hwnce 110.93 111.95 -091 ConromerGoode 101.44 101.7B -034 

Senfcee 110JS 111J3 -0JB Hhceianeous 112.0s 113J0 -154 

For mom information about the todex, a booklet Is avaMXe free of charge. 

Write to Trib Index, 1B1 Avenue Charles do QauSe, 92521 Neuitty Codex, Fiance. 

O Intemaflonai Herald Triune 


France 
Closes 
Bidding 
For Bull 


CoipU by Oir Staff From Dup&thts 

PARIS — The deadline 10 
submit bids for a stake in 
Groupe Bull, the state-owned 
French computer maker, closed 
on Friday, and the government 
said it had no plans to make any 
announcement soon. 

Bull, which is 76 percent 
owned by the government, is 
being sold to companies and 
executives rather than through 
a public offering. Interested 
parties had until Friday to ap- 
ply, and their identities were 
not disclosed. 

But NEC Corp. of Japan, on 
electronics maker that already 
has a 4.43 percent stake in Bull, 
said Friday it submitted a bid to 
raise its share to more than 10 
percent 

Key Bull executives also are 
teaming up for a S percent 
stake, and another 10 percent 
could be kept aside for staff. 

Quadra], a French holding 
company, and AT&T Corp. 
also submitted a joint bid for 
taking over about 40 percent of 
Bull’s capital, Paris banking 
sources said. 

The sources said the offer 
was comprehensive, outlining 
an industrial strategy for the 
company, but it did not involve 
any breakup of Bull 

The offer also could bring 
together other shareholders in 
the company, such as NEC In- 
ternational Business Machines 
Corp. and management, the 
sources said. 

No other companies are offi- 
cial candidates, but other 
names mentioned include Mo- 
torola Inc. and several non- Jap- 
anese Asian companies. 

The privatization of Bull is a 
priority for the French govern- 
ment, which after pumping S2.1 
billion into the company prom- 
ised the European Commission 
that such capital injections 
would cease. 

(Reuters, AFP, AFX) 


Orange: Deeper in Red 

Bankrupt County Defaults on a Bond 


Compiled by Ota Staff From Dispatches 

LOS ANGELES — Orange County's fi- 
nancial plight worsened Friday as word 
spread that it had missed payment on a Si 10 
million debt, the first default since the Cali- 
fornia county filed for bankruptcy. 

Moody’s Investors Service Inc. promptly 
downgraded the affected bonds to “junk" 
status, calling into question the worth of other 
Orange County bonds. 

In addition, the county said it would file 
suit Friday against several brokerage firms in 

Merrill Lynch and Ranscher 
Pierce Refsnes were 
subpoenaed by the SEC. 

an effort to keep its loss-plagued investment 
fund from collapsing. 

Adding to alarm and confusion surround- 
ing the bankruptcy filin g , the county, which 
has pledged to meet all school and local 
government payrolls, has acknowledged that 
it could not pay all its outside suppliers. 

“Some vendors are probably not going to 
get paid,” County Administrator Ernie 
Schneider told a meeting of the Orange Coun- 
ty City Managers Association in Irvine. 

The county was forced to file for bankrupt- 
cy Tuesday after it was unable to roll over a 


$2 billion loan. The filing followed the disclo- 
sure last week that the county's investment 
fund had lost more than S1J billion because 
of interest rate bets that went bad. 

Merrill Lynch & Co. and Rauscher Pierce 
Refsnes Inc. both said Friday that they had 
received subpoenas from the Securities and 
Exchange Commission as part erf the federal 
agency’s investigation into the bankruptcy. 

County officials announced the default 
saying that investors in the SI 10 milli on pen- 
sion bond backed by the now-frozen invest- 
ment pool were not paid on schedule Thurs- 
day. The default does not immediately 
imperil payments to pensioners. 


county plans to sue several brokerages in 
federal Bankruptcy Court in Santa Ana. Vari- 
ous firms, it said, have sold SI I billion worth 
of collateral. 

Orange County contends that its Chapter 9 
filing barred the sales. But some bankrupety 
specialists said the specific agreements the 
county arranged were exempt. 

An exception to the selling of collateral was 
Merrill Lynch, which said it would not call its 
S2 billion in credit or sell its collateral. 
Attempting to reassure investors and tax- 
. tnecou 


payers, the county named a former state trea- 
surer, Thomas Hayes, as the new mnnag pr of 
its troubled investment fund and hired Salo- 
mon Brothers Inc. as an adviser. 

(NYT, Bloomberg AP) 


Free Trade’s 'Magic Moment’ 


The .tuocuued Press 

MIAMI — Setting the stage 
for a 34-nation Americas sum- 
mit meeting. President Bill 
Clinton called Friday for a new 
“partnership for prosperity” to 
open markets and strengthen 
the hemisphere’s wave of de- 
mocracy. 

Mr. Clinton was welcoming 
leaders from across North and 
South America to the meeting, 
which is expected to promote a 
free-trade pact by 2005. 

“This is a magic moment,” he 
said. “Let us seize vl” 

Framing the meeting in eco- 
nomic and cultural terms, Mr. 
Clinton said the gathering was 
designed to open markets, 
strengthen democracy and im- 


prove the quality of life 
throughout the region. 

“If we’re successful, the sum- 
mit will lead to more jobs, op- 
portunity and prosperity," he 
said. 

The meeting — the first such 
gathering erf hemispheric lead- 
ers in nearly 30 years — was to 
open Friday evening with Mr. 
Clinton’s formal greeting and a 
ceremonial dinn er. 

The president, speaking at 
midday to an audience of spon- 
sors and organizers of the meet- 
ing and business executives, ar- 
gued that expanding trade and 
cooperation in the region would 
benefit U.S. workers, not cost 
American jobs. 

“If we act wisely, then we can 


€ B€ L 

the architects of time 

> 

Japan Rescues 
Thrifts With 
Public Funds 


make this new world work for 
us," he said. “Trade can be a 
benefit for our people.” 

“Every American worker in 
every part of the United States 
should be glad that we are here 
at the Summit of the Ameri- 
cas,” he said. 

James Brooke of The New 
York Times reported earlier 
from Miami 

As they began arriving here 
for a huge summit meeting, Mr. 
Clinton and the other American 
leaders were no doubt relieved 
that negotiators had resolved a 
series of sharp disagreements 
over how quickly to establish a 

See MIAMI, Page 10 


By Steven Bruli 

International Herald Tribune 

TOKYO — In the first use of 
Japanese public funds to prevent 
a financial institution from fail- 
ing in the postwar era, the Bank 
of Japan said Friday it would 
bail out two small credit associa- 
tions, a move that could hasten 
the cleanup of the country’s loss- 

ridden financial system 

Although the central bank 
said the special bank it would 
set up and help fund would as- 
sist only the two ailing credit 
unions bang absorbed, analysts 
said it could eventually be ex- 
panded to rescue other insol- 
vent institutions, in effect be- 
coming a Japanese version of 
the U JL Resolution Trust Corp. 

“The Ministry of Finance 
and the Bank of Japan are get- 
ting to the stage where they’re 
saying the cleanup has got to 
progress,” Betsy Daniels, bank- 
ing analyst at Morgan Stanley 
& Co., said. 

The new bank is expected to 
be capitalized at 40 billion yen 
(5400 million), with half bong 
fronted by the Bank of Japan. 
The sum is small in. comparison 
with the tens of trillions of yen 
in nonpexforming loans created 
by the collapse of property and 
stock prices after the bursting 
of the speculative bubble of the 
late 1980s. But it was nonethe- 
less seen as curative. 

“Twenty billion is small pea- 
nuts,” Ms. Daniels said, “but 
we’ve never seen it before.” 

The process of writing down 
losses has been slow, in large 
part because banks have shied 
away from declaring losses. 

The new use of public funds 
underscores Tokyo's determi- 
nation to dean up a festering 
problem that, given the slow 
recovery of Japanese property 
prices, has become increasingly 
difficult to sweep under the rag. 

“It could dramatically hasten 
the balance-sheet restructuring 


of Japanese institutions,” Ms. 
Daniels said, adding that the 
announcement Friday was 
greeted positively by investors 
and the bond market 

A faster write-down of the 
debt also would hdp the Japa- 
nese economy by allowing fast- 
er expansion of bank lending to 
smaller- and medium-sized Jap- 
anese companies, which now 
have trouble obtaining credit 

“The Ministry of Finance is 
determined to show the Japa- 
nese people and the world that 
they’re in control of (he system, 
there’s no systemic risk and 
they .do not mtend to let a fi- 
nancial institution go under,” 
Brian Waterhouse, an analyst at 
James Capd, said. 

Still, the Bank of Japan is 
unlikely to mount massive res- 
cue operations nor divert much 
from reliance on major city 
banks to hdp ailing nonbank 
institutions. In the most recent 
such rescue orchestrated by the 
central bank, in October, Mit- 
subishi Bank spent $2 billion to 
acquire a majority stake in Nip- 
pon Trust Bank. In return, it 
got access to the pension fund 
management business. 

But the rescue of Tokyo 
Kyowa Credit Association and 
the Anzen Credit Bank, which 
together had bad assets of 100 
billion yen stemming largely 
from loans to a property devel- 
oper, instead suggests that pub- 
lic hinds may be used in special 
cases, and mainly for hopelessly 
indebted nonbank institutions. 

In the instance Friday, ana- 
lysts speculated that the expect- 
ed white knight, the Long-Term 
Credit Bank of Japan, was giv- 
en special treatment because erf 
its historic role in helping devel- 
op strategic industries. Still, 
Long-Term Credit, other pri- 
vate banks and the Deposit In- 
surance Corp. are expected to 
put up the other 20 billion yen 
for the new bank. 


SCENE 


r- - - y. 


A Crystal Ball Fixes on 1995 


By Lawrence Malkin 

International Herald Tribune 

N EW YORK — The forecasting sear 
son is at hand, so it is time to tune 
in an Marvin Zonis, who began 
this year with the bold prediction 
that Deng Xiaoping would die in 1994. 

Mr. Zonis, a professor of international po- 
litical economy at the University erf Chicago’s 
business school, is hanflyi distressed by the 
clouds in his crystal balL They emphasize his 
prediction for next year that if China’s para- 
mount leader does not depart the scene in 
1995, his country faces financial catastrophe 
because Mr. Dog’s potential successors will 
continue to avoid offending their supporters 
in the leadership struggle by delaying the hard 
decisions necessary to control China’s infla- 
tion, now running at 27 percent nationally. 

Recent financial defaults are one sign of 
this paralysis. Another is the danger of urban 
unrest. “The sooner Deng dies, the sooner the 
country can g cat on with controlling its fi- 
nances and avoid disaster,” he said. 

Mr, Zonis studied psychoanalysis for a 
decade to hdp him explain the often opaque 
motives of political figures in the Middle 
F^et his i ^rig rnfl 1 area of ac ad e mic concentra- 
tion. He began his career as a guru on televi- 
sion during the Iranian hostage crisis of 1980 
and then branched into corporate consulting. 
Clients include the accounting firm of Arthur 
Andersen & Co., Barings Asset Management 
fn London, and Nomura Securities. 

Mr. Zonis has few competitors in the inter- 
national prediction business, although the 
American guru John Naisbitt used to provide 

clients with forward-looking lips cm manage- 
ment, consumer and technology trends, and 


Britain’s Oxford Analytica is known for acute 
trend-spotting in its daily facsimiles to clients 
worldwide. 

The object of Mr. Zoms’s provocative pre- 
dictions is to make clients think rather than 
rack up a perfect record. 

His successes include predicting the break- 
up of the Soviet Union six months before the 
fall of the Berlin Wall in 1989, but he struck 
out in using psychology and his knowledge of 
the Middle East to explain why Saddam Hus- 
sein would not go to war in 1990. Using 
similar background and techniques, Oxford 
Analytical expert correctly predicted that the 
Iraqi leader would invade Kuwait 

Hoe is the rest of Mr. Zonis* 199S tow 
t fhorizon of the world’s uncertainties. 

Russia; Moscow will muddle through with 
more improvements in the serace sector than 
recognized — but it is the sector tracked least 
in official statistics. With parliamentary elec- 
tions in 1995 and presidential elections in 
1996, “Russian pobtidans will play for die 
lowest common denominator. Mikhail Gor- 
bachev will run for the presidency on the lure 
erf a return to Communism, in which he still 
believes, and that win stymie the move toward 
a market economy.” 

Sarah Arabia; “Government by hypochon- 
dria will result in lower world oil prices.” 
Crucial decisions will be ducked on curbing 
subsidies to royal relatives, and the kingdom 
will take the path of least resistance by selling 
more cfl- 

The Mtdde East: Yasser Arafat will either 
be assassinated or be sidetracked by Palestin- 
ian ejections, which will be won by West Bank 
pragmatists who have learned how to deal 

See FORECAST, Page 11 


Budget Woes 
Hit Markets 
InMflan 


Reusers 

MILAN — Italy’s battered 
bourse slumped more than 2 
p ercent Friday as fears about 
the state of Prime Minister Sil- 
vio Berlusconi's government 
and its crucial 1995 budget took 
their toll on markets. 

The benchmark MIbtd stock 
index fell 243 points to 9,564, 
while the lira scraped along 
near record lows against the 
Deutsche mark. At the close in 
Milan, it took 1.032.60 lira to 
buy one mark. The lira has fall- 
en more than 4 percent against 
the mark thfc year. 

“Gaps are opening up in the 
budget and this government 
doesn't seem to have the 
strength to do anything about 
it,” said the chief equity trader 
at a major Italian bank. 

Mr. Berlusconi's government 
has pinned its reputation on the' 
budget, which is currently fight- 
ing its way through Parliament. 

The budget is committed to 
cutting 48 trillion lire ($29 5 bfl- 
ban) from 1995’s public deficit, 
but analysts warned that the 
sum would not be met with the 
measures currently in place. 

A survey published Friday 
showed that 70 percent of Italy’s 
business people do not believe 
the bill wul restore international 
confidence in the country. 


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CURRENCY & INTEREST RATES 


Ctom Ratos 


■ — : a . (nM uwj uu ucji ■ 

LMi mw W » "TZ. rS l ht« uni wn nn nun* ksm — 
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Kay Homy Rate 

United State Ctou 

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H ncr. TV-wr y Mi 549 

r-rwr Treason rate iss 

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7-r«r TrtraufY rate 772 

»-raar Treura • mm 7 79 

WranrnrTmirrhiiad -7S6 

Monte LyPdOMBTi—ay Ogrt 472 


CaHraaon 
MdobUi mterbrak 
xwobWi I nte l tra il . 
taunt* bterba* 
tfryoarGHt 
Fraace 

tatemtaoa rate 
Call maser 
Vraoote taserran* 
3 aunt* te te rtwt 

frmote* fetertaak 

IB-rear OAT 


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Sources: Reuters, Btoomberu. Merrill 
Lyncti Bank of Tokyo, Com m entjonk, Credit 
Lnonafx 

Ooid 

aja- pm. aite 

Zoridi rtA 376.95 +0.10 

London 376.10 37650 +0X0 

NOW York 378X0 379X0 +0X0 

UJ. donors POT am* Louden ometof ttr- 
ioss; Zurich and New York opening and tios- 
too prices: New York Centex (Fcbnmv.) 
Sa/rea: Routers. 


How to Become Rich in Albania 

Report From Dr. Gerhard Kurtz 

The once isolated country of Albania is now free and democratic. For men of action this provides an eititiag 
opportunity to get rich ... in a country which lacks just about everythmg. In the process yon can enjoy die pleasures 
of Europe's last and most unknown pa r adise. . . 

In this new Report "How to Become Rich in Albania", Dr. Kurtz reveals what he's discovered in Albania 
during recent on-the-spot research into this inexpensive and unspoilt country - and the opportunities you should 
look for: 

•In this poorest country of all Europe villages. It is precisely this lade which wildcat and otter: Not to mention the wild 
you can w. like a king, under palm trees - offers the big "zero hour* 1 chance for men goat, dees; boar, hare, etc. Fishermen will 
even if at home you're drawing welfare. of action - an opportunity such as was last find sardines, red mullet, carp, speckled 
Where income averages US$35 monthly, offered after the second World War which trout, and there are white-breasted seals, 
your pennies immediately turn into gold laid the foundations of great wealth for so whales, etc. in rivers, fak* and seas. 
miopgts Suddenly, you can afford many. 

everything. . . •US$500 and capital of a more US$ 1 ,000 Everything you wanted to know 

•Albania is one of the few countries left is needed to incorporate. Wife an about Europe’s fast and most unknown 

where you can lead a lifestyle Albanian company you can buy real estate paradise can now be found in Dr. Kurtz's 
suiTOun<Md by undemanding domestic within the country (foreigners are not latest Report: "How to Become Rich in 
heljws. In the South the cumates as allowed to) and operate worldwide without Albania”. It will reveal to you why 
good as Fields (without the humcarras). raising suspicions like the people who use Albania’s history is the kev to under- 
•For the fast 45 yrars taxeshave been Bahamas, Isle of Man or Liechtenstein standing this strange country... how to get 

* aB ^ 4d ^Srtt! ,>dotoset ^ 

Vu>fXr*. Ko Albanian Company Law m the Report). your business... who will help vou to net 


•In this poorest coimtiy of all Europe 
you can by* like a king, under palm trees - 
even if at home you're drawing welfare. 
Where income averages US$35 monthly, 
your pennies immediately turn into gold 
puppets Suddenly, you can afford 
everything. . . 

•Albania is one of the few countries left 
where you can lead a feudaLUfestvle 
surrounded by undemanding domestic 
helpers. In the South foe climate's as 
good as Florida (without the hurricanes). 
•For the last 45 years taxes have been 
unknown in Albania. Modest tax 
increases have been introduced but it will 
take many years before they can really be 
enforced. Investors won't have to worry 
about taxes at all because of the generous 
tax holidays on offer. 

Practically Everything's N ow 
Allowed 

•After half a century of being foe most 
repressive country in the world - it seems 
no effort is being spared to make it the 
country offering the most freedom. 
Practically everything is allowed. . . 

•It's no problem to cane and live in this 
once isolated - but now free and 
democratic state for a time - or for foe rest 
of your life. You can become a citizen 
instanly and enjoy all the advantages of 
being Albanian. 

•If you become Albanian, you're entitled 
to free land (out of the reprivatisation 
fund), and you can buy as much cheap 
domestic land as you want on special 
conditions given to locals (but hurry 
up:..). 

•Find out more about the advantages of 
an Albanian Passport - how to get one - 
and what you have to pay. 

•Since Albania is too poor to have 
diplomatic representatives in all other 
countries, any foreigner willing to pay fix- 
foe upkeep of a Consulate or Embassy 
has a chance of being appointed consul 
or even ambassador (but you have to 
know’ the right contacts). 

•The Ministry of Education and Culture 
can offer you a restored noble title which 
can be entered officially in your passport 
^ foe equivalent cost of a mountain 

Big "Zero Hour" Chance 

•There are plmty of opportunities for 
entrepreneurs in a country which lacks 
just about everything: there are no bake- 
ries, boutiques, copier shops, discos, 
fast-food outlets, car sales agencies or 
repair shops, gasoline stations or tourism 
facilities. A thousand and one other 
services ar e lacking in many towns and 


About the Author 

Bom in Germany. Dr. Gerhard Kurts has been 
an investigative Journaka mosnfhts working 
Itfk 

A confirmed cosmopolitan with an uncom- 
promising style of Journalism. Dr. Kurt: has been 
an Editor of several German magazines, a 
freelance contributor to "Spiegel . "Stem" and 
"Neue Bevue" and has written several books and 
Reports mcbukng "225 lax Havens “ "How to 
Avoid Taxes", "How to Get a Second Passport", 
"How to Make Money" and "How to Gain Hw 
Rights". He also published "Kura-Brief, a 
successful financial newsletter. 

•Albanians are friendly, helpful (Mother 
Theresa is Albanianl) and they just love 
foreigners. (What a difference to all those 
tourist traps where foe Vocals just can't 
bear strangers anymore). 

One of tixe Last Paradises 

•Albania is also one of the last paradises 
for unspoilt animal life. Hunters will be 
interested to hear that down here they 
have brown bear, wolf, jackal, lynx. 


standing this strange country.. .how to get 
thou 90% cheaper ... what to do to set up 
your business... who will help you to get 
an Albanian passport ... where to write to 
gain a noble title..; whom to contact to be 
appointed an Albanian diplomat ... what 
political risks to beware o£..which lawyer 
can farm your US$ 500 Albanian limited 
company... what you should know about 
Albanian taxes.. how to find a business 
partner who is already operating in 
Albania ... what you should know about 
the local language and why you can get 
by with just English. ..which other towns 
you should know besides the capital 
Tirana and what they have to 
offer... useful addresses including where 
to eat and sleep ( an average hotel costs 
just US$2.50 anight). 

Find out more about the opportu- 
nities in Albania as socn as you can - 
before other people get there. 

Fax or mail using the RESER- 
VATION FORM below and you’ll get a 
copy of "How to become Rich in 
Albemia" by return. 


Order by F«c 
(852) 8505502 


RESERVATION FORM 


Order by Far; 

+ (852)8505502 


Mail or Fax To: PRIVACY REPORTS : 26 A, Peel Street, Ground Fhraq Central, HONG KONG 

YES, I'd like to loam more about the opportunities in Albania. Rush me a copy of Dr Kurtz's 
new Report Time to Become Rich in Albania". If not 100ft mliatied, I can send it back and 
gel a full refund. 

Price : USS60 (Including Handling and Air Delivery). 

n I enclose cheque/bank draft for copies at USS60 each drawn oq a U.S. bank and 

payable to TRIVACY REPORTS*. Please note: you may prefer to pay by credit card since 
your payment wiU be cleared more quickly, and delivery of your copies wilt be faster. 

O I prefer to charge my Credit Cord (please tick)' 

r-. „ _ _ IHTI2 

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Card A/C No. 

Expiry Dale Signature 

Name (BLOCK LETTERS) 

Delivery Addres* ... . . 


(In case we need io contact you about yc*nr order) * 

NO-RISK GUARANTEE: If you're nol salaried Tor any reason whatsoever. ju« return this Repon in its I 
i original packigutiK wiilun 3d dayi of rece i pt and your money wi ll be refunded in full ' 


0 



Page 10 


ENTEKSATIONAL HERALD TRIBUNE, SATUBDAY-SUNPAY, DECEMBE R lO- 11 ^ 1994 _ ^ ^ (LOST 



Vta Auodafod fTeH 


Shares Stabilize 
After 3-Day Slump 


Dow Jones Averages 


EUROPEAN FUTURES 


Own Mfc* Low 


Metal* 




MOT 

Prevtote Jbm 
BM «k July 
AM 


Standard ft Poor's Men* 


Bloomberg Business nKDt Strategist at Wheal FlISl f "^f : «|^L1 ' 

NFW YORK — U.S. stocks Securities lac. V 

stabilized on Friday after a On the New York StodsEfr ‘i- 

plunge on Thureday, buoved by change, dedmere outmwnbcrai f., a. . .v L ; . ; 

a ratty in computer slocks and advancers by a 13-to-9 ratio, . ■ i .•« •; . ■■ JR . 

perceptions that Orange Coun- and trading volume touted .*• Vffri? 

^bankruptcy will not cripple 336.12 million shares, down r? # . >;:• ' , ? T ■ • i 

the economy or financial mar- from 36230 million on Thurs- v vj 

bets. day. <3808 ■ ■ „ ■ V. v: 

«I think we’ve weathered the stocks seesawed throughont 3; - =■ • $ 

storm," said Brian Grove, man- the day as investors tried to sort y ■ s 

ager of the Transamenca ^,*6 repercussions of Orange XV*. s 6 '.ifco ' 

cSowth A Income Fund. County’s bankruptcy for the ■■■ ^.*4.-** ? 

The Dow Jones industrial av- economy and financial assets, ?. - 

erage closed up 5.38 points at traders said. Some analysts said mt 

— - _ ™ the stock market could resume 

U.S. Stocks its decline Monday as the un- . __ - = — — 

T~j pact of Orange County on Wall NYSE Most Actives 

3.691.11, after a turbulent ses- k firmS ^ taxpayers be- ^ w u* un as 

son in which the average fell as comes clearer. vogtes 

much as 30.62pOTits. Semiconductor stocks led the wou** 

age bad tumbled 49.79 pomts offsetting declines in 

Thursday 1 * !2 SCm breSe aS fmancial-ser- 
nercent for the week. It has fall- J c-miennductor 


industrial! 

Trans*. 

Utilities 

Flimce 

SPOT 

SPOT 


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<M!n » aMB + M3 
SMI Stw 33SJ6 — 1.14 

wE ftUO MJ? +M7 

40 Mi 4US TOff + 0*9 
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NYSE Indexes 


Composite 

Industrlab 


244.17 242*5 24417 +837 
307.45 305J0 307.65 +861 
si sii nij7 21 ua -.123 
199ff 198*3 19941 +0*9 
191 JO 190.19 191-20 —0-06 


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1 « I H 


nvi Towers Its Production Estuuate 

wM LiOwero A Moiora Cafp- on Friday 

DETROIT (BKwmbf^-^nh American vehicle produc- 
cut its estimate of ri wea t luwuy-car sales and 

tion by another 1.6 percen 1 “f^—odels at some factories. . 

Sow induction start^ ^"^^o^dbe reduced by as much 

.SSSKtL—jisiSSRSSti „ 




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Open hit. UBOW 


quancr piwh ™ — ; r ' , « . iftne 

Snr^See.6^.92^^1 


^ accorfing 


Financial 


NASDAQ Indexes 


HU LOW eh 
WHtONTN STERLINO IUFPE) 


High 

se r , s& , s&’ 

E£ s 


Slock Indexes 

um. iMt qom ehcou 


to a survey released Fnday. forecasters by Eggert Economic 


*4 . 




2967J0 — 4M 
29*40 

299SJ — 51J 


Sm^rSd with a 2.7 >P er«mt COBSaam 

Separately, the Un 97.7, the highest 


3,691.11, after a turbulent ses- 
sion in which the average fell as 

much as 30.62 points. The ayer- 


NYSE Most Actives 


Gun 4H> ills 

mdiatriOb 

Bonis 

hr m toneg 

Finance 

TrartSR. 


HU Ln LU M J|; 

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Orange Count; £lJ£S tment S*fi5S“i«d..iSiSS 


l^jverefmtdtsa^ea. m [m chiiKUtcrMsed 

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tiu 16 16 — " 

3M6 33V, 34% -% 

42 V. *0% 41% ♦% 

a >* *0 'A 41% +% 

55 % 53% 55% *1% 


! AMEX Stock Index 


Sr'”*™*'** 9352 +«g 

CACUIMATin^ 

s5 n£ JJA1 ™^‘fgyr ,, TO9 J oo 1W00 - 

K S3 33 S3 s ffi!3 IKS @3 : 

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M 90OT ?085 . .*MS+ MO sa Uf eu; Motif. .Associat?*-*, 


n5" ,P ^iOTJOlW9jOO 194200 — MM 
jwm i«5ojn> — 2H2 
Jan I ’2' -2! imm _20M 


Mgb Low Last OKL 
42296 419 M 420 M -2.15 


Dew Jones Bond Averages 


+% — 

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+% 

1 % 20 Bands 

ioutimtes 
U industrials 


bond rose 2/32 to 95 29/32, Morjsail Stanley Group 
leaving the yield ^«*jnged g % ^ gg ^ ^ Tiews of 

from Thursday at 7 . 86 _ percent suxg di ^^ on5 with Brit- 


HASPAQ Most Actives 

VoL HUH Low Last CM. 


NYSE Diary 


ErtCT ADD 

Intel 

Osoc is 

ivucsns 

NBiaar 

MO 


‘The bond rnarhet iTacti^ W? 

SSSS5CS.W SQ. 

SSTAaTS 1 ^ "M^Ttaafcy. » 


Dollar Drifts as Market 
Awaits Economic Data 


Wn 

Wa 


63% 

61% 

62% 

32% 

29% 

32 

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63% 

s% 

5% 

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*Va Advanced 
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—V* NewHtatw 
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90l93 90 jB7 9497 + 412 

f* 5 (L 9 i 9085 98.73 +418 

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WWIITN eUROOOlAARS (LIFFW 

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sS N.T. N.T. nsr — 0*1 

Est. volunie: 4 Open hit: 46 B. 

HOT JJdOWT^EUROMARiatUFFE} 

DM1 mflBoe- ntsot lenet 

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1813 sat volume: 57,094 Open Int- 759^7. 

JS MMmTH PIBOR IHATin 


Jg mJO imJa 195950 —»« 

— ^ ”%? ’«3 =25 

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d* volume: 14339- Own *«T- A«9- 
Sourwsr Motif. 

zZitdZn. mn SfrtonOT 

/nrt PsMoUurit excharum. 


Separately, * dV miced to 97.7, me rnguen. 
sentiment indec ^pfrom 91.6 in November, 

reading since January 19S9 an up (Bloomberg, Reuters) 

Gabelli and Gamco to Pay SEC Fine 


prominent invwtmrat ami, inader traihng laws, 

settle federal charges " ji.- j •*« affiliate. Gamco b 


*►4 




AMEX Diary 


936 541 stP 92» 9X2B 

1307 1813 Eat volume: 574)94 Open 

s ^ Bms&usi 

m " g i « 

Sep 9424 9415 

Dec 9292 92J7 

u£ 9266 92*1 

Ckne Piwv. i2 922 WA9 


Q»p<mv W/W »K PH 

IRREGULAR 

Exon^i 1 ^* - 2 SS »S 

Gf Twm PdSpqfai - g U -i9 non 

459 1240 M0 

5®g?Sd,p,B : £* mi ms 

STOCK SPLIT 

Alliance SemLasidShir 2 spIH. 

Foote Cana 2 tor 1 spin. 

INCREASED 

ArnerAjoiulty 5 "^g ^ 

esssus? o tn 1-27 


settle federal Gamco Inves- 

The SEC charged that GabcUi 

a technical debate, saying u sciu /lorfera; 


limit on Baby Bell Is Under Review 

— .mm _TK* Tiietice DcDaitmQit is cJosc to 


WASfflNGTON0^ r T^^ n I ^r y t “^ 

recommending that a the first time since the 


recommending mat a ^ ^ ^ ^ 

the Bd ld> -w *“ « 


9423 +051 

9480 —461 

9344 + 051 

9X18 +0-03 

9290 +4DS 
92*4 + 405 

M +462 
9221 +052 


SPECIAL 

: m 12 - 1 * ialw 

REDUCED 

Eaton van Mart R M JOS 1 M 12-15 

YRAR-EHD 

Korea Equity Pd - M ,H9 1M0 

REGULAR 

1 Q .19 M3 2-15 

a 59 1M1 1-17 


Advanced 

►wii RSSSSL 


Un U Kinged 
Total issues 
NewHhihs 
New Laws 


AME X Most Actives - 

VOL Mat. low Last cb9. NASDAQ Diary 


Eat. volume: 41,185. Open Int: 19S462 

SS%VS3otpo 

SS SS S3 :*s 

JW N.T. N;T. 101-13 +8-21 


scade ago. 

People familiar with me 


which would 


«fTf«ieral iudae, said Thureoay mat u mwu.wM 
appro^ of afad^ J dg^_^^cc service to customers m 
Amentech Con), to otter tong-ui*wn_ reoirired 


Compiled by Ot* staff Fnm Dispatcher Signs that Japan's economy 
NEW YORK — The dollar is sull too sluggish to spiff de- 


1 sluesish 10 spur de- 

JS'JSm^eS; S^forSWiX'dto 

as profit-taking offset support dollars needed to >»? 
stemming from expectations for pressured the dollar against tie 
too3u.S. interest rates. yen. Tradere cited a roty rf 
Traders took advantage of 

Foftgn Exchm^r - P^Sf^p^lOO-OTS 
the dollar’s higher levels and yen from 100_550 yen Thurs- 

SsJSSSSsKS O^sSraSd^ilrom 


VlOCVTt 
USBkwci 
VtacB 
ALC 
DevnE 
XCLLtd 
NY Tim 
RoyolOa 
Chevats 
I MtHOva 


VoL t*9t> Low Last ON. 

11422 1% 1% 1J£ ,T 

9441 6% 4J* 6% — 

7V21 38% 37% 37% 

6491 »W 27 Z7** — 1JA 

5040 17% 17% 17% — % 

MV. 

38? % 

3414 3Vu 2*%» 3Vis 


Advantsad 
J.2 Declined 
1 '* Unchanow 


UnchanBOd 
Total Issues 
New Hata 
New Lows 


1419 MS 

1902 2338 

1803 1004 

5126 5127 

22 

287 303 


Sprt Commodities 


gw. volume: 37534 Upon hit: 126564 

GERMAN GOVERNMENT BUND (UFFEJ 

DM 354086-0% Of IBB PCt 

u— an 57 9427 9446 +417 

*££ irAO 8950 8954 +417 

pu volume: 64057. Open W.: 164937. 

16* YEAR FRENCH GOV. BONDS (MATIF) 

Sc BM#, ’ , nSj ,l,0 ^13JH 11418 +436 

££■ inS 112 S 11244 +440 

s TS* 1 NX nun JS5 

Sst. volume: U5.156- Open Irrt.: 156511. 


Abbott I P " 
Atlonfed Bncp 
BerktevWR _ 
1 Blrk CA Insur 2D06 


MocNeal SchwlOT 
ProspedSt HI loco 


Market Sales 


CUmiuMHtT 
Aluminum. Jb _ 

Cupper etedrolyt Ic. lb 
Iran FOB. Ion 
Lead, lb 

Sliver, troy az 

Steel (scrap). ton 
Tin. lb 
Zinc, lb 


Industrials praspedSt hi toco 

HW, 15W Lort settle Clive *££&5 ^axb 
21 XM UAW^wnwtile loo-lot* cd lie tow jSStvind . j - .- . ^ 

4^S S3f ISm 14450 l2is tSSo -250 

«j s H 81 II a=9 - 


Q .19 M3 2-1S 
a 59 1 M 1 1-17 
Q .11 12-19 VS 
M am 12-15 ^ 
q trm 12-30 1-16 
a XL T-n 146 
O 56 1223 M 
s .TO 1248 M 

S 3K 2-W 244 
56 12-16 M 
M .2283 12-15 M 
. XI 1^19 14 

M -115 13-14 1M“ 

“ °S> Sn ^3 

C J5 13-16 12-19 
B 205 12-30 1-15 
Q M 1-6 1-2* 
Q 26 2-17 M 


^^ir^^olnr^SCieeompnny would be required 

in^Sa to Ml compennon 

h'yffiSrSSKp""*?' for ovenmany 

«o provide long-distance service. 


Thermo Electron. Eats Poison Pill 


WALTHAM, Massachusetts (Bloomberg) — Thermo Becfrm 
Corp. said Friday it dropped its $24.50-arSbaie c^b tend^rffer 
fOTPuritan-BenneU Corp^ citmg the respirator maker's so^ailled 




poison pill takeover defense. . . , ■ 

The poison-pill provision, whidi results in the issue more- 
shares and makes a takeover prohibitively expensive, would have 
1 mi if ThemiobouBht more than 20 percent of Purrtan- 


57 ia-w m 

.16 12-20 12-30 
.17 M3 141 


been triggered if Thermo bought more than 20 percent of Puritan 
Bennett’s outstanding shares. 


icinn 14900 14VJK) 149-D0 — 1J00 
15LOO V&Ss lSS 14025 —150 


OVC Profit Falls 33% in 3d Quarter 

X . /n . - V 


WEST CHESTER, Pennsylvania (Reuters) — The broadcasts 
QVC Corp. said Friday its profit fdl 33 percent m the third 
Quarter, while revenue rose 16 percent 

■ * , e>, j c -m: in tha minrtpr POTIinSrEfl 


a ting since the Federal Reserve 
Board raised rates by 0.75 per- 
centage point on Nov. 15. 

“The prospect of another rate 
increase is what's helping the 
Hollar right now,” said John 
McCarthy, manager of foreign 
exchange trading at ING Capi- 
tal Markets. 

But dealers said the dollar 
did not make any significant 
moves because a batch of eco- 


13368 Thursday. It rose to 
5.4165 French francs from 
5.4140 francs. The pound 
slipped to $1.5600 from 


MI AMT: After It Accepts Free Trade, Latin America Calls U.S. Backslider 


mi a n cr. wmc i^vuiuv *wv 

The company earned $143 nriflion m the quarter, compared 
with $213 million in the year^ariier quarter last ye«VonsaI«ot 
,1/4 < mHlinn Cnlpc tT, iKa similar neriod last vear were 4515-7 


Cbafa»M from 9 . SSS^SSSti StT^tefw h^eslash«i trade barriers and 

vast hberalrzed trade zone in ed States agree ro set a aaww . ± fastest 


7 . . f ... _ . $3643 mBUonT&ilOT in me amilar period last year 

„ - T{imT ,ip did th e it njt. cade, Latin American nations non of generalities, we should mj-j, 
sure, for example, . 1 ._i 1 k,rrim and hi* wttinp a date to start the . . « /m ... 1 rr o miHi/m in th^ 


the Western Hemisphere. 


SSKtottamS nude the region d»e tount 




besating-adatetoa®*; Q^s Secondary dun 
^e^dlnt of Sa. company also lost money c 

doubled sales in a decade, mak- For the Record 


QVCs Secondary Channel lost $7.9 million in the qnaita. Jhe 
company also lost money on joint ventures m Mexico and Britain. 


price reports anu uic rcuum hji w »uv, W m 6 ~ - — ■ 

Reserve Board will release its which is to be the centerpietx of 
industrial production report the first Western Hemisphere 


ss s^p« ™ 

Deuuche marks, flat from Iba tavj' Latin pres- years they have- In de- “Instead of sigorng a declara- 


summit meeting since 1967, 


wasfor finishing^ talksTnot American leaders were wary of ing Latin AmCTita Tete-ConmnnBcations Inc. said Friday that ithad struck _ an 

fofaciXtoSIrmg the trade Yankee free-traders. Now they gion whoe theJJmt«i State agreement with the Federal Trade Commission allowwttobuy 

SM SSmSSr suspect that it is the United cfqoys TdeCable Corp.’s cable systems. (Bloomberg) 

For years. Washington urged States that is losing its historical end of the 1 99Cte^the United Buffett said Friday that he planned to remain on the 

LatiT/E£ taSSSffio free-trade zeal and is more fa- Steteex^toexp^orero ^ ^ ^ threatened to resign 

open their markets to American terested m protecting its own Mcwco to unless the airline could come up with a cost-cutting plaovotii 

StfASS “^hKtead of sieoing a declaia- union, 


WORLD STOCK MARKETS 


U.S. FUTURES 


5«iBon Swoon 
HWi Low 


Open W Low Close C3w 0B.W 


Season Season 
mi Low 


Open HUi Low Ckne CM tMJrt 


Vn AuodaJod Pren 


Agence Fnawe Prwe 


Open HWi Low Close On OoJnt 


Amsterdam 


ABN Amro Hid 

ACF Hohflnfl 

Aeoon 

Ahow 

Akzo Nobel 

Boto-Wmonen 

CSM 
DSM , 

Etoevicr 
Fokker 
Fortls AMEV 
GteLBrocudes 
HBO 

Helneken 
Hoooovens . 
Hieiter Douohra 
IHC Co land 
Inter Mueller 
Inn Nederland 
KLM 
KMP BT 
KPN 


NeTO lord 
OceGrMen 


OceGrMc 

Paktioed 

PtlHIUS 

.Pohronnn 


Schertao E?? 

Siemens SES 

nmtffi 27i7027150 Gcin ACC 

jl.10 Vorta 30iSJ306J0 Glma 

KUO veba 5Z75TL50 Grand Met 

KM 38X58 383 GRE 

050 vtaa 46450 466 GobmeSS 

«-» vodawaoen *1XM «I GUS^ 

2950 MSBC HWUS 

U50 p^ESs?W5i 6 inchcape 

7350 lu Kbwflsher 

4558 Ladbroke 

!7XM u .... Land See 

2S4 Helsinki Laport* 

SS KSgSST 37WS® Kc-enGrp 

43 sSS^Svki iS la Liavds Bank. 

91 /a Hvnramahl uo IU e» 

gg Bwwnene « ^ 

«S Nokia 677 680 H2JS! 

“2 Pohlola 63 65 g™" 

J SSSSwom ”%S 28 iS 


ua 13* BCE Mobile Com . 

271 254 Cdn Tire A 

552 ilO CTOiUUI A 

676 6-27 Cascades 

354 171 CTF H115YC 

175 1.77 Extondtaure 

432 09 Gaz Metro 

576 497 Gt-West Ufeco 

in 136 Hees inn Bcp_ 

Ui 171 Hudson’s Bay Co 
673 658 ImOSCO Ltd 

7X5 751 Investors Grp. Inc 

437 459 Labatl IJotm) 

418 424 LoWaw COS 

152 151 Mo Ison A 

558 571 Natl Bk Canada 

675 753 Ostl QwoA 

15* 152 Pancdn Petrolm 

427 426 Power Corp 

554 53* Power Flnl 

370 376 Quebecm- B 

192 190 RooersComm B 

467 *54 Royal akCdO . 

5 5-12 Sears Canada Inc 

497 551 Shell Cda A 

556 594 Soutbam Inc 

595 579 S telco A 

158 158 TrllOn Flnl A 

is IS ! 

421 422 

&56 S55 


Hudson’s Bar Co W*> 2* 

ImascoLtd 38% 38% 
Investors Grp I nc 1» 15% 


5J8 575 

no i 2 s 5brL™ 


**s Metro " 140 140 

5*S Mokto « S® KS5w water 

S5 “ Pea r son 

77 SSSkbm 2 « P 60 . 

■14M Stockma m pnunston 

5260 HE X. Gen eral Jtoes : 183X72 powerGen 

76.70 Prevtoos : MC756 Prudential 

111.10, Rank 


Rodamco 
Rollrtcn 
RorenlO . 
Roval Dutch 
Stork 
Unilever 
VanOmnwren 
VNU 

waiters/ Klum 


Rank Ora 
Reckltt Col 
Redlond 
Reed Inti 
Reuters 
RMC Group 
Ralls Royce 
Ralhmn (unit) 
Royal Soot 




Brussels 


Aimanll 

Arted 

Barca 

BBL 

Befcaert 
CBR 
CMB 
CNP , 
Codoerlll 
Cobeaa 
Coiruyl 
Det halxe . 

Electrabel 
Elo U i an na 
Form AG 
GIB 
GBL 
Gevo ert l 
GtoverM 
I m motel 
Kradtotoank 


Petroflao 
Puwtrflp 
Rests cel 
Royal* Seine 
Sac Gen Banoue 
SacGcnBelakNe 

Soflno 
Sowa y. . 

Too s erderto 

Troctobol 

UCB 

union Mlrriere 
WDoaraUfi 


Hong Kong 

27JB 
1050 
3020 
II 
655 
1075 
53 
3420 
2450 
11 
1955 
15kl5 
1255 
81 JO 
755 
1405 
753 

29.10 
1435 
53.75 
25.15 
1120 

150 
1720 

19.10 
44-10 

250 

45.10 
I 155 

320 
Z2-7I 
12.13 
12 B 


43 43% 
11 % 11 % 
23% 23% 
7 TVS, 
18 18 
17% 17% 
12% 12% 
21% 21 
12 % 12 % 


479 Lobaff (John) 29’* 19% 

424 LoblawCOS 21% 21% HfdhTtaa 

151 Molson A 18% 1»% PrevtoOlVK 

571 Natl Bk Canada 9% 9% 

753 Oshawa A 17% 17% - 

152 Pancdn Petrolm 40% 40% StOC 

426 Power Cora 17% IB 

554 Power Flnl . 27 27% AGA 
3J6 QuebecorB 16% 16F AseaAF 

190 Rooera Omni B 18% 18% Astra AF 

454 Royal ak Cda. TO 28% Ajtos Copra 

5.12 Soars Canada Inc 7% 7% EJjdrolu* B 

551 ShenCdoA 41% 42% E ricsson 

594 SouttMm Inc 15 15% Essdle-A 

599 S telco A OT IS bto ndeto anK 

148 Triton Flnl A 350 3% Investor BF 

S.1? Industrials Index: T79535 Norsk Hydro 



1150 1150 S njmqw i 
840 870 SMnefsu diern 
840 0-40 Son* 

2J1 221 Sumitomo Bk 
26 24:i?i Sumitomo CBem 
2,36 224 Suml Marine 
277 277 Sumitomo Metal 
458 470 Talsel Carp 
352 152 Takeda Cbem 
422 426 TDK 
125 IJO Tollln .. . 

14 1450 Tokyo Marine 
2J5 251 Tokyo Elec Pw 


674 684 
1910 1950 
5280 590 
1780 1B20 
561 573 

82® 840 

312 320 

593 594 
1300 ™° 
*£8 *S 2 

527 528 

1140 1100 
2770 2780 


IV* 18 **' 

27 27% AGA 
16% 16*J Asea AF 


Stocktiohn 


Tappan Printing 1410 143JJ 

.wsr ^ ™ 

*58 15 


41% 42% Ericsson 
15 15% Esscne-A 


Salnsburv 
Scot Newcas 
Scat Power 

Sears 

Severn Trent 

Shell 

State 

Smith Nephew 
SmUtiKIHie B 
Smith Iwhi 
S un Alliance 
Tate & Lyle 
Tesco 
morn EMI 
Tomkins 
TSB Group 
Unilever 
utd Biscuits 


1^ AlrLtoTO de. 
ig Alcatel AWhom 

|^ OT,re «CleJ 

350 357 gjf p 

495 494 

132 138 SEEK 8 * 

153 154 

553 5.15 OKrafour 

654 655 

551 552 

IS amonts Franc 
Hi OubMod 

tjS xS E H-Araul *u*ne 
JJfi 406 Eura Disney 

“ ^ SSJ 4 "* 

W58 10.12 ™T" 

IS LafareeCow* 


7% 7% Handelsbank BF 

300 3% Investor BF 

raws* Norsk Hydra 
PharmactoAF 
Sandvlk B 
5CA-A 

S-E Banken AF 

SkonTOa F 
Skanska BF 
SKF BF 
Stora AF 
iTralleterg BF 
Volvo BF 



Toronto 


ASraiBBi 1 " 

Sydney 


Abittbl Price 
Ak- Canada 
Aberla Enww 
Alcan Aluminum 
Amcr Bcrrlck 
A vena r 

Bk Nava Scotia 
BCE 

BC Telecomm 

Bombardier B 

Bramatea 

BrasconA 

Camera 

CIBC 

Cdn Natural Res 
CdnOcctd Pet 
Cdn PacHIc 


2M iS hSSJS*, 0 "*** 

1056 11X0 

117 12* 

l n 1.93 Oroql |L I 


wor Loan 3% 
Wellcome 
Whitbread j 
wUUamsHdos 
wnib Corroon 
FT 30 index : X 


173 172 

4174 4159 LjVJ4J-C 

SS 5 St MKJ* 11 " 

Moullne, 

lot U7 P 2 U 5 S. 




Madrid 


Michel in B 
v=fi Moulinex 
i j 7 Paribas 

Poctrinev Inti 
Pornod-Riawd 
Peueeot 
PkiouH Print 
Radlolvchnlaue 

Renault 

Rh- Poulenc A 
Raff. SI. Louis 


Amcor 

ANZ 

BHP 

Baral 

Bouoabivllta 
Cotas Myot 
Comal ra 
CRA 
CSR 

Fosters Brew 
Goodman Field 
ICI Austrollo 
Maocllan 
MIM ^ 

Not Ausi Bank 
News Cora _ 

N Broken HM 
POC Dunlop 
Pioneer Inn. . 


179 858 

197 378 
1156 1952 
3-39 141 
078 075 
420 417 


Fletcher Che 
iS 159 Franco New 

II? ill Guardian Co 

luo 'll Hem lo Gold 
iju Horshoiri 
I-S sw imperial Oil 


CemJnco . 
Consumers Gas 

DalaSCO 

Daman Ind B 
Du Ponl Cda A 
Echo Bav Mines 
Empire Co. a 
F alconbrldoe 
Fletcher Chall A 
Franco Nevada 
Guardian Cap A 
Hem lo Gold 


Johannesburg 
a » vm cepsa 


BBV 3435 3475 Sonofl 

BraCen tral Him SoWGotwki 

Banco Santander 5330 5320 S-E-B. 


C.Tm — 124 233 ii TT 

HrtAmnBonk 1046 1070 enemy 

J?Bro£enHin 53 g 

psspisft $ ^ tsssr.Sbp 

jjmndy- rac kfc w IJ1 1-W jwocmin Bioedci 
5S 3^ Manna Inti A 

S^ esoweo IS g fSR Mrm 

WmTeroMWnn 7% 7M 

wj^ocBanklnn 4^ OO KSSraraest 
vvmaa Norcen Enorov 

All Or ro portCTjndec: 185878 Nihern Telecom 


Grains 

1000% 1.480 

taSi 3OT «£» 375% 195% 1 B% -JUj» «J7ffl 

W S fisar s? S’* iff’-f-wi 

Wsoueninf 47501 UP 2160 

JS% T tmv? -<un % iff 

4W% iff BS« 376 196% ig% 374V. 225« 

453 371% May 95 3-80'A 350% 378% 329 — O-JJJS 

114%A4W 154 154% 153% 153 -05W w 

aS% 12 354% 164% 143% 343% 17 

aLlotas HA. lW-S-SOte 4461 
ThFsOPWlH 33JB I4> 338 

sr 

ar ss% !P!ir*&si 

7 ncy. 252%Jul95 143 143 1*1 2AK& +CL00% 47^n 

fSS UB so, 95 2M IMVi Z45% 7-«% +050V. 5009 

,ti uSKUcH Ute 250 240% 14% 2MB 

74014 259%MarVC 254 254 % 2-55% 244% +050% 1538 

VS, 2H%AdV 267% 243% 242% 263% +000% 1AM 

Est. soles ItA. Wi sides 37.045 

Thu-iopwim MW off 7OT ^ ^ 

?S rBEA ^SS^ ^l^sSSrlSgPhpo 4MM 

755 147%Mar« 

755% 556 Mpy95 

754% 543% AH 95 

4.12 544% *50 Iff 

6.15 571 Sep 95 

640% 578% Nov 95 i« 

6.16 5.95 Jem 94 6.03 

6.17 453^ Mar 94 409 

479 5.99% JulH 

457 S94 Nov 94 

Est. sales NA. Thu's, sales 21.799 
Thu's Open M 138,505 off 42 

SOYBEAN MEAL ICBQTJ lOm-ttAnnewi 
OTj5l5410Dec« 1S0J» 15920 157 JO 159.10 +IA0 LSW 
20750 15540 Jon 95 194 14070 15870 14040 +IA) 30,773 

3W40 159JOMW 95 14120 1645D 14240 14U0 +120 28.909 

OTOO lS-50MavW 14750 14850 14450 16750 + 0.90 11719 

K 1S3 JL4 95 17150 17220 171140 171.90 +040 12543 

18240 170L40AUV95 17320 17420 17270 173.90 +070 1547 

14270 172-40 Sep 95 17870 17*20 174J0 T75.90 * 020 1^1 

IB150 1 74.50 oa 95 177.10 17720 17440 17740 +040 5492 

18520 1 7640 DK 95 17940 18040 17940 10040 +0.90 3431 

J^94 18050 18150 10050 11150 +050 1 

Est. soles NA.Tte’s.sroes 31769 
Thu’ s open 1m 103510 ofl 750 

SOYBEAN ML raWT) 

s]SjBl95 2748 2748 27ff 2121 -051 334*5 

7820 22.71 Mar 9S 2440 2453 24J0 26.47 -050 M.75T 

•mm 2245MOV95 25-43 25.73 2540 25.73 -0.13 10439 

TIM 2276*495 3.13 2522 2*-95 2SJ0 -0.17 11.130 

V3B 2223 Aua 95 M45 2*55 2420 2*45 *0.15 1196 

3425 22.75 SCO 95 >445 2445 2440 3450 +0.15 2,191 

2440 TO25M95 3443 7445 2420 3432 -007 445* 

S5 22J»Sc95 2415 2430 2410 2440 * 015 5.934 

Ml lUSJDnM 2*00 -030 84 

Estsotas NA. Thl/s. ides 27.961 
Thu'S open int 1I7JW2 Otf 280 > 


1475 1047*495 1424 1*20 I4M K15 — JJ® S^S 

1324 10J57CX3 95 1347 USB 040 1332 z ?'£5 

1128 WffMie96 1220 1221 12» 1225 -0.17 LOT 

1300 11.10Moy96 1223 122$ 1222 12JJ -0.17 1^2 

1222 1120 *i 96 1240 1240 1240 12OT -«-» 

itso 1 2 . 00 Oct 94 itiH im -W7 79 

EsLsatas &7W , Ws.ndM I54S7 
Thu's open ■0 1924*6 up 721 

COCOA W^Qj9™*SJ? ,, '?5E' 0B ,*O , vo -48 1» 

1580 1041D0C94 "2®> ™ !££ IS? li^sw 

1403 1077 MOT 95 1240 1267 231 1*3 — 18 

SS SSSK" S 11 i 1 = 8 'Sg 

S SS 8 £| ,M ,2W i = 

IS SS£% | =«g 

IS 1 SS» 

Est. sales 0,194 Wiste 5.728 
Thu's open kn 774 78 up 73 

Sr*®ra^ 2 JrTia-TaffW -Iff IIOT 

lMff n.OOMa'95 11535 11525 11300 11345 —Iff 7465 

12443 9700 May 95 1W.I0 118.10 11475 116ff — ]-* ^ 

117.50 1033-50*495 119*0 -IJO 913 

13025 10725 S8P 95 IHff — >■* 1,33 

i»oo iSffSJw iStd +aio 

38 “SS 911 » 


*4230 90210 Jun 95 91100 98210 «.1» W.1TO 

94J» 91 2W Sep 95 91210 91J» 91*10 91JW0 — J2SWJJ 

54280 91.180 Dec 95 912KJ 91710 91440 91 ^0 +W19J1T1 

94^D 50250 MV 96 91210 91250 91280 91220 +*174274 

H.I00 91470 Jun *8 91270 91 JM 91 260 tHTIO +gT38,W7 

S 570 91 420 Sep 94 91430 91*70 91-820 9L8M +B1120JB0 

EsLsTOeS NA. TlWASQles 409215 

Thu's OP€»l Ini ZJWJOTI p« 9TO8 . 

*.«* 

UM0 M640NW9S 1-5402 144* 1J244 1 4612 -14 32.952 

IffS IffSjSTw Iff* 1-5600 IJ5» 14600 -44 Iff 

Est. solos ftA-_WLffi*es «,rai 

Thu's open ht 73,OT off 79* 

CANADIAN DOLLAR IOWEJ0 W Wrv IwWBgrtm »8*1 
02670 02030 Dec 94 02226 02239 02210 07227 —11 41417 

Q74QS turaoMarw oras 0 ^ wm otct 

02522 04990JunK 07715 0274 021« 02209 —XL IffO 

07430 04966 SW>W OfflO 07210 02198 0219* -ff m 

O7400 02WODec« 0J1W 02190 0^90 071M -3 » 

'3-7335 0.71 95 Mw 9* 07185 0218$ 07180 07161 — 31 O 

Est.sTOn NA. Tim's staes 11417 
TiHriopenw 674S9 up 1517 


— 1* 24310 
—32 lffO 
—31 978 

-38 SS 

-31 23 


11940 — IJO 913 
12240 —140 1151 
12240 —140 
13410 *«U0 

12540 +0.59 


GERMAN MARK (CMEH1 s per mark- leeM 
04731 04590 Dec M 06342 0434$ 0*317 


04731 043901 
04745 048107 
04747 DJ980. 
04740 043*7! 
Est. SAGS NA 


04390 Dec 94 04342 0434$ 04317 0AM3 
0.581 QMcr 95 04344 0439 04331 04354 
04980 Jun 95 06370 04384 04370 04384 
04J475OP95 04415 

1 NA Thu's, sales 41,9*4 


Metals 


BMBRwarwPHi 

134.™ 7L90 Jon95 135.10 135.10 134ff 13440 -140 U63 

13500 7100Fd,95 134.90 1JU0 13340 3X90 -Off 

13440 7300 Mar 95 13340 134.10 IB40 1^40 -040 28,130 

17140 91. 10 Apr M 13040 13040 13040 130.13 —Iff «J 

12040 744SMOV 95 12870 12070 12700 1Z7.20 —120 124$ 

1 J4JM 104.10 Jun 95 12*75 —145 

into 7840*495 12220 12220 12220 12170 -170 3266 
120JBJ 1114J5AU0 9S 11945 —Iff 

12140 79.10 Sen 9$ 117210 1I7J0 117J10 11430 -2.10 1458 

11520 11340 Del 95 11445 —2.10 202 

11575 8800 Dec 95 11140 11300 lllff 11030 -2.15 2,913 

11170 OBffJanH 10935 — 2-15 

11330 4270 Mor 94 10830 10030 10030 106-50 —230 5U 

109 JO 10700 May 94 10500 -230 

107 JO IDSffJulM lOJff — 2JB 

10535 1052350096 10300 —400 

11195 1119SNOV96 11373 -110 57 

Est sales NA Thu's. sNeo 12797 
Thu's open M 50.584 Off *5 


Thu's open Inf 117733 up 3057 

JAPANESE YEN ICMBRJ snrrro-1 paMnwsWSftOMem 

QOIO490QO09525Dec 9* lU >gBJim0040JI09M30 009994 +* SSff* 

aoiD54aoj]09taoMar950ffao77ojmiiB4Doii»4aunaoe7 +« «OT7 

(L0104780-OU777iUun 9S 0X11 0204041 022000101 930.01 0714 +« 1JW 

U10779Mn0200Sep 95 0J3103M +40 3B 

ajno7e3iJ7io«Dec95 uoioot +® im 

ajno9300L010S«MarWI OJiKBU +40 31 

Est- sides NA Thu's, soles 34408 

Thu'S Open W 102495 UP 1483 

SWISS FRANC (CMEtt) leer tape- IpeWoUtOBOIM 

84108 04885 Dec 94 07*84 07491 U7«4 07485 +10 0,151 

04134 072B7MOT9S 07518 075Z5 07491 0.7520 +9 1*40 

04145 07193 Jun 95 07540 07570 075AJ 07573 +9 46* 

04155 04071 Sep 95 87410 07618 07618 07S27 +7 4* 

Est. Idas NA Thu's, xdes 2SAG 

Thu's open W 62.529 up 072 



industrials 


28-55 +001 10458 

2731 -041 33445 

24.47 -Off 28.751 

25.72 +813 18439 

2570 +817 11.130 

2445 * 815 2,194 

24-50 +815 2.191 

2432 +807 *45* 

3430 +0.15 5.994 

MM +040 84 











4640 







466* 

464* 

4280 















4694 

47X7 

+3*80*04 

6064 

418LOA v >-' « 476* 

483* 

476* 

4814 

+3* 

8,148 

6180 

420*Jii!95 

4840 

486* 

484* 

«74 

+30 

M83 


4774 SeptS 

4985 

eu 

4980 

49X9 

+10 


638* 

465* Dec 9S 

5BL0 

5085 

499* 

SSU 

+10 17*20 


5140 Jan 96 
















4ff*Mcnr96 




5214 


2*SS 


5280JUI96 


SO* 






Sep 96 

SM* 


S4* 

535J 

+3* 



COTTON 2 menu mOBOBsu-mtiDerfe 

SUM 623DMOT9S 839 079 079 0370 —039 32491 

05.04 4400 May 95 0473 8440 83.10 8343 -032 10455 

84.97 6930*095 8340 8375 82-90 83J0 -030 54*9 

75.00 66-BO CW 95 7437 7495 7430 7470 +036 1447 

7240 6435 Dec 95 7200 7150 7140 7230 +030 5,TO 

73.00 4840 Mv 94 72-50 7270 7250 7246 +816 74 

7440 7AtBIStay96 7X40 7340 7340 7X5D +120 J 

&t.sdes NA Tte/s. soles 117*7 

Thu’sooenM 56337 up XU 
HEATWGCrn. (NMHO 4U»0 ota- Cues urn 
422? 43-75 Jan 95 49 AO 5850 4940 4930 +809 48853 

5875 4440 Feb 95 5040 5045 4940 4945 — 815 30432 

37J0 47.00 Mar 95 50JO 3850 47 JO 4730 — 027 17399 

55.15 43-05 Apr 95 49JD 49J0 4870 4870 —13911.9*1 

54OT 47.00 May 95 49J5 4935 483S 4835 -044 77« 

Slff 4679 Jun 95 4700 4940 ©JSf 4840 +811 

5430 47J0JUI95 4940 4940 4870 4870 +801 740 

5440 589Q[tov95 52.20 52 20 3270 32 on +074 

5140 51 40 DflC 95 53.10 5110 5175 53-75 +OJJ1 Sff5 


49 JS 

4825 

48J5 

—844 

7,742 


49*0 

4850 

4860 

+811 



49*0 

070 

4870 

+801 

7*52 


Ota 

57-70 

S7.20 

+046 



33.10 

52.75 

52-75 

+0*1 

5*05 



EsLsatas na Thu'isctas ifff* 


Thu's open inf 137446 up BB3 
nATINUM CNMB1) OliwB^McnpekWK. 

43SJ0 37430 Jon 95 403.10 WJ0 40340 40830 +120 14ff4 
43940 790.00 Apr 95 40740 41240 40740 4TO40 +XB 11407 
09-00 «9_50 Ju 1 95 41800 41740 41840 414.90 +120 1,964 

44130 *1 340 Oct 95 *1940 +370 

439-50 ■63800 Jan 96 42240 +120 

Bd. sates NA -nsTs.sroes 2,154 
Thu's open W 

GOLD (NCMX} IDO Me (M0 bs per born 

42850 34I40OecO4 37540 37740 37540 37740 +040 649 

30800 17940 Jon 95 37800 +820 

41 Iff 34340 Feb 75 37170 3*0.10 377JQ OTff +070 9U1I 

41740 14440 APT 95 3*270 38340 382-50 3SJ.W +820 I4J37 

+2850 36170 Jun 95 3t*M 38870 38870 38870 +830 71.106 

4U.S0 38850 Aunts 19240 19240 39240 39240 +070 12722 

41970 411400095 39770 +820 

42740 397 JO Dec 9S 40830 60850 60830 40240 +070 9JS7 

47850 40440 Feb 96 40640 +070 1.970 

**Ufi 41830 Apr 96 41170 +070 

43140 41140Jun96 416.10 *070 

Alia** 62890 +070 

0096 42840 +820 

Est. sides NA Thu's, total 18163 
Thu’s open Int 113799 off #5 


Thu- (Ope n ini 1S3J I14 ad 2094 
UCHT SWBET CRUDE (NMER) 


OIMBt) 1400018- OalMPWBbL 


Frankfurt 


AlOdelSEL 

AlUanzHoM 

Altana 

Aaka 

BASF 

Bover 

Boy. Hypo ten* 

BayVorelnsbk 

BBC 

BHF Bonk 

WWW 

Commerzbank 

Continental 
Daimler Bern 



AECI 

Attecti 

Aixjto Amer 
Barlaws 
Buffets 
De Bears 

DrletonhHn 

Gencor 

GFSA 

Harmony 

HWivoid Steel 

Kloof , „ 

NodbankGrn 

RfWKffonhrtn 

Rusffal 

SA Brews 

Sasol 

western Dees 


sSs -JSS" 

"fcnS Mr 10 
-a| ^ &S 1 

122 120 ct«wr¥ svffti 


5330 5320 « M=k 

9tf 7S stoGenerale 
3130 3135 Suet 
20« ThumsonCSF 

SWO 5990 Total 
WB 149 UAJ*. 

87* W5 voiea 




SWO 5990 Total 
WB 149 UAJ*. 
.ff* * VBtad 


Tokyo 


1695 1700 

locanas 




London 




Df Babcock WMQIHff Armll'Sraw 
DoutKteBank 723 739 Ass Brit Foods 

Douglas 426 610 BAA 

EwSdSr Bank 

FeUmuenie. VMBWM Bank Scotland 
F Kruop Hoesch 201 200 Barclays 

HaroofWT 3C 306 BOSS 

BAT 
BET 

Blue Circle 
BOC Group 
Boats 

iWKA 3I1M Bowator 

Koll Salz 1M 165 np 

Karatadl S44J05497D gnt Airways 

fS Brit Gas 
, ... . ro Brtl SI0M 

KtoocknerWorka i» m Bril Telecom 
Unde 077 BE BT r 

Lufthansa 1BM0 190 caUeWIre 

MAN 396 396 cadbvrvMi 

Mannesnwnn 397 3« Carodon 

Coats Vlyella 

Muwra Ruftck 2OT 2OT comm Union 
rasetw 6J7 649 Courtoulds 

Preuaoo <3MM ECC Group 

PWA EntorpriseOIl 

RWE 631JD Eurotunnel 

Rhein metal! 274 273 poot, 


Boko do Brasil 

Banespa 

Bradesco 

Brahma 

Cetnto 

Eletrobnn 

Itautenca 

Usht 


SoaaCri« 

Tetataros 


Uslmlnos 
Vale Rio Dora 
varlg 


Henkel , 

H oecfist 

Hotzmonn 

Horten 

IWKA 

Kail 5oU 

Karatadl 

Kautnof 

KHD 


431J0 4C E u rot u nnel 
274 273 F KW , 


*S^ si^ulo 

Sct “3 Mllftn Bgnco do Brasil 

4ZSS WlUHn Bonesoa 

IQS W Allecnuo 
96 98 Aasitatia 

32 T9 95 AutestfWle Pffv 
16217175 

enm Bcatommer ltd 

Bca NtH Lavara 
Boo Pop Novara 
Banratfl Roma 

— Bra Ambroslam 

in ora Napelirtw 

n ' . Benetton _ 

80S All Credllo ItaHuno 
845 5.45 ElNchcm AVS 

242 243 Ferfhi 

143 1 £ Flat 30 a 

iff Flnqnz Astral nd 
4JB0 4JB Ftomecaxnra 

4J1 476 Fandlarki spa 

2417 2JJ7 Generatl Assfc 

i.97 J IFIL 

5.14 Sl» itaicementl 

470 478 isaSsas 

Iff Iff Medletenea 

184 18* Montedison 

770 771 Olivetti 

443 478 pimnspa 

473 4ff RAS 

4JM 4J» Rjnoscente 

155 160 San Panto Torlna 

3-07 109 51 P 

Iff 1-56 SME ^ 

178 179 Sfllattod 

Iff 185 Standa 

477 4.J7 ToroAssle iwawm 

SS IS $SE&SS* lK * Norton. 

498 5 

H g Montreal 
1*2 iff AtCOLtdl 14% 14% 

1.11 1.13 Bonk Montreal 25% 35% SWM ™ W " 


Akal Etactr 
Asatd Otemicol 
AsoMGkiss 
Baikal Tokyo 
BrMBestone 

Canon 

Costo 

Dai Nippon Print 
Palwo House... 

Daiwu Securities 

Fanuc . 

Puli Bank 


Foil Photo 
Fuittsu 
Hltodd _ 
HllocW CeUe 



Singapore 


Asia Poc Brew 

Cerates . 


ItoYokada 
Itochu 

japan Airlines 
seal tana 

Kon sal Po wer, , 
Kawasaki Stool 
Kirin Brewery 
KomoSsu 
*13 Kubota 

Kyocera , , 

Matsu ElOCltes 

Matau Etoewks 

^ MHSuhWrf 

“ WhuuawnlCQl 
1120 1540 MtoubWiI Etac 
770 7.45 MltsubWli Hev 


City Dewtopmnt 7ff 7*5 Mltaid*Wgra 
Cycle & Carriage 12ff TOff WSlSSK. 
DBS 1070 1070 Mitsui MnrtTW 

DBS Land 4.12 4J3 Mltsukw 

FE Levlnsston 675 679 Mitsumi 
F^ser&Mwe UJIM *£C 
GtEastnUle 2820 2890 NGKinsuWtors 
SSuStoBFIn 4.10 A NlkMSorarm® 


Nlkkoswrittos 

Kesr” 


Norcen Enoray 
Nthem Telec o m 
Nova 
Onex 

Petra Canada 
Ptacor Dome 
Potash Corp Saak 
Proviao 
PWA 

Quetecor Print 

Renaissance Ertv 

RtoAloom 

SoaaramCo 

5tontConsold 

Talisman Env 

Tetaatobe 

Telus 

Thomson 

T ofPom Bank 

TiuuSulki 

TransCdn Pipe 

Dtomomlnton 

Utd Wtstburne 
We s t coa st Env 


Livestock 


iStrs^-^rs.15 *»ff 

74ff 6647 Feb 95 6972 6975 fl-IS Hff 

7*10 8777 Apr 95 69.90 J0JP 69-57 69.95 

4 UO MffJun9S 64.73 6897 6842 6892 

6870 SffMMW 8895 63.15 6170 6197 

ois 63-MOaSS <060 6175 63*2 6143 

6 LS 6185MC9S 6 LH 6*75 6*75 6470 

EsLStam 15,757 Thu’s. scAes 26791 
SraSnirt 67475 °«.,.2054 


+ 075 8,156 
+072 29,115 
♦ 810 19*21 
•Off 6406 
+803 2438 
1733 
+810 IBS 


Xerox Canada B 

versus** 


Zurich 


ffif*isssra , »“as“a ^ h» 

■075 7at5Ntor95 7145 71 J5 7172 71*7 -Off UU 

76.90 47,95 Apr 95 78H 7145 7872 toff Iff! 

76J0 6970 May 9S 69.90 49.97 »72 -001 M0 

T3JB W 45 Aim 91 7040 70.50 TOTS 7040 -Off 227 

69 JO 68750095 6945 6945 6945 «ff -*2S 38 

71.® 69.00 Sw 94 6».W 45 

ECLsTOn UOB Thrs-iaks 1,925 
Thu's 0P«n Int 8.956 n> 61 

^ l0 £2> ) '£g"%-£ n '&l' L 3145 32ff tlBOT 

flff 3402 Feb 95 3577 3L45 3505 36.12 

4SJ0 3505 AW 93 3640 3775 36.15 3WJ +£g 

47 40 4135 Jun 95 4143 42.47 «4S ®ff +8« *ffl 

4540 4865*495 41.BQ SLffl 4145 LOJB + 8 U US 

Off 4860AU09S 41.75 4245 *142 42.1S '•]* 

Off 3870 Od 95 VM 48SS »ff 4DJ0 +0ff WJ 

4145 3900 Dee 95 41 JO OJB 41ff 

Jiff 4100 Feb 96 43.12 4UH «J0 * Q * r “ 

EsLsatas 10449 Thu's. solos Sffl 

Thu'sooonlflt 33784 ua 142 


Financial 


US T. DLLS (CNHBU SI mWWn-ptiWiaipa. 

9UB 9X25 MW 95 9343 9X43 7137 9379 18,144 

9421 .9275*1095 9285 9205 9276 9281 +801 4499 

9X57 9244 Sip 95 92.51 9279 9247 92J0 76+ 

Efl.satas NA TlNra.MMl 7421 

TWsoacnbX 22,987 off >136 

SYR. TREASURY (CBOTI llOMMortr*- mi Stand, aMSOna 

104- 20 100-05 D8C 94 100-24 100-395 100-215 M0-345 + 8Q 48728 
103-09 99-15 Mor 95WWB 100-11S 10D-03S 1Q0-07S+ 035 165741 
'50-09 99-06 Jun 95 99-30 99-30 99-36 99-29 ♦ 06 Ml 

99- 07 99-07 Sep 95 99-20 + 06 2 

E9. sales NA Ttai's.a&fcs <2420 

Thu's open int J14J09 up 3033 

It YN TREASURY (CBOTI lIBLBBOptai.nfil.SMd.M IMoct 

114- 31 99-02 Dec 94100-35 101-00 100-18 100-24 + 04 5*490 

111- 07 98-11 Mor 95300-05 100-11 99-27 100-03 * 05 215492 

105- 22 97-27 Jun 95 91-13 99-20 99-13 99+11 + 03 996 

101-06 97-11 Ses 95 99-11 99-11 99-03 99-05 + <0 9 

110-31 96-30 Dec 95 M-2S > 02 20 

EsT. sties _NA Thu's, sates 89446 

■mu'. Open W 271407 off 798 

Ut TREASURY BONDS (COOT) a<>cf-fiau(»«ae.nnifeg,hH«» 
118-08 91-19 Dec 94 99-22 100-09 99-22 100-04 , u 98284 

116-20 95-13 Mar 95 99-06 99-3 99-05 99-17 ♦ 14 3U9M 

115- 19 94-37 Jun 93 98-27 99-09 91-23 99-04 + IS IU4J 

112- 15 94-10 S» 75 98-28 98-79 98-17 98-27 * IS 390 

113- 14 93-27 D8C9S 98-14 98-33 90-13 98-» +15 253 

114- 06 »-13 Mar 96 98-11 ff-16 98-09 98-16 + 15 i* 

100- 20 93-06 Junto 98-09 * IS K 

W-14 93-05 Seen 98-00 98-03 98-« 98-02 + 15 11 

gL SOW NA Thu's. UBS 2*04*3 

Thu’s ooon Int 4254*1 off 3M3 

MUMOFAL BONDS (CBOTI UPP— tnri— -«+. A w ~ 

91-17 80-31 Dec ♦« 84-17 84-28 84-13 E^19 * n B43B 

MM 79-28 Mq-9503-34 54-00 BS-B 8*H)I ♦ 16 27ff5 


Ado Inti B 216 231 

A tumble B new MOT 
BBC Bran Bav B 1132 1130 


1M44 
+0JJI 4409 
764 


ObaGetoy B 767 m 

CS Hotdhm B 524 528 

EtoktrawB 340 340 

Ftaeher B 1S» ISIS 

intenUaoount B l+to 1500 

JelimjlB „ S 25 

Landis Gyr R 730 730 

Maem ofckB ,4SS 4» 

Ntotle R 1346 1252 

OerUk.BtMtirle R I24J0 124 

Porwna HWB 1445 WTO 

Roche Hdg PC 5835 5850 

Safra Republic 111 1U 

■M ma sondoiB AM 705 

VR S? Schindler B 7SD0 7400 

2 3 SdzerPC 065 874 

S 648 SuntalltoiCTU . IBM IPS 

rtZ nS Swiss Bnk Corps KS Ml 

iot.wS im&g"'* a g 


35.I5FU95 36.10 3745 3177 MJO 

3X50 Mar 95 36-H) 37J0 MM MBS 

3690 May 95 3791 3890 37ff VM 

37ff*49S 38* 39J5 »» 

36.70 Alia 95 38ff 3U3 3803 

>9ff F4b96 *£ 

3?-ifflMar96 47.97 


4705 3Pff FebM 

59.90 39*0 Marto 

Est. iotas 2435 Ttai’s. sales 1,763 

Thu'twnH 10412 Off 101 


+348 74M1 
*0,46 14SS 
+0.17 SB* 
*047 293 

+840 209 

♦043 9 

I 


Jurana Shipyard 1040 lOSO Nippon Oil 

KhfHtoJcSel Iff iff H£S22 vSln 

KenMl 1140 11*0 Nippon Yu*en 

WhM 2*3 2J7 Nissan „ 

Neptune Orient U» Iff Nomura See -K-jSS SwtealrR 

' B k vabrowll SSSStoutb 

0-5003 Union Ent 7ff 7*5 Ptoneee ™ Zurich AjsB 

1 ’J 


790 706 

1110 1119 

m m 

1272 1273 


SPVEBBi •mrartfe » z \$ _a 

SffM«W 1*675 IWff 14LM I64ff |4= 

gs HIS SSHS « 3 \£ 
B> J»S&& ,BJ5 14775 1J5| 1 » 

1(7 JO —ITS 1 


mff MSOTMarW IlTS I 

170.00 iTOXOMayw „ 

EsLidco 4*59 Ttw^-Htas 4489 

MSHfYnsTa suss 


1945 15. 15 J«1 95 1775 17J6 16*9 17.13 +001 75436 

1940 1 STB Feb 95 1778 1779 17*6 17.17 +0*1 79*61 

2046 1S.42MW9S 17J3 T7ff 17.13 1771 +0*1 4UH 

1*48 1 5.55 Apr 95 1775 1748 1770 1779 +001 TU93 

l?-« 1747 17JD 1774 +801 UTO 

K- 50 nM l73A ' 7 -» +00129439 

1907 1AD5JUI95 17.51 17_55 1770 T7X* +001 13J14 

1907 16.16AU0 93 17ff 17JB 17*3 Dj+t +0*1 9781 

1840 17,14 Sep 93 1744 1746 1743 17ff +8*1 ISffO 

19.17 1842 Oct 95 1743 1743 1743 17ff +001 8*50 

S-HSES !?-SS K-SS 17 -“ 17: “ ♦*» 

fflff 1840 Dec 95 17.7B 17.79 1742 1746 +0*1 18J73 

71. IS 17 JU Jan 96 1775 17*5 1741 17J1 +001 8*17 

18*4 DJ8Fefa96 17*9 17*9 OJ9 17 A +UT 

1880 D.I5MO-W 17.90 17.90 1743 I7J9 iSSl 

14.17 I74IArar*A 1747 1747 1747 1743 +801 

1832 lUQMayM 17.97 T7J2 17.92 17ff +Q41 - . 

20*0 17.22 JUfl to 17*6 18*0 17*6 17 ej In*l 16J81 

1847 17*8 Septo 18.10 1810 S 18*0 + 0 * 

2000 1740 Dec M 1828 1826 1826 +0*1 

ifi iS iS IS ^ 

8 B»“ - “ 1 SS 
E 1 H " 55:8 ** 8 8 V 

iff SSSSriK gr$ 3L2S 5US nS Toot 

55S §5 tSS 

SOT SXOOAUOW sm +&M 

&t*oOT na. Itoft-Mles 25429 
Thu'sqjMUlm 67435 up 353 


\ I " : 


+ 8*1 
+ 0*1 - • 
+0*1 16J31 
+ 0*1 
+ 0*1 


5X80 +026 

SUB +8*1 
Off +035 


52*0 +0*5 

5445 +U* 


Stock indexes 


S&PCDMP. INDEX (CMBU BBekien 

SIS SffSEwJSoS 44siB tissuoas 

*« ass? as s ,t t s *, 5 s n ts 

aMPsayp--* 

n-2 *58 

285X0 246J0 Junto 

JOT 289-31 Sen 9J 
K.soles NA TTVs. soles s*ll 
Thu's open Int 5ff4 up 6« ^ 


246*0 +1*5 2427 
247*0 +1*$ 94 

289 JO +1*5 33 


v* • 


■s?: 


91-17 80-31 Decto 84-17 84-28 84-13 84-19 + 

TO49 79-28 Mar 9583-24 64-08 BS-B BA-Ol ♦ 

ER.iam NA Thu’S, sdes 11098 
Tlw'sapenM 35Jn up H36 
g*WDOUAWJ««l> v ***"*« ig.ua 
95.180 90710DK94 93410 93460 93420 93440 

98400 90*40 Mar 95 ejff# 92.796 t2j» 9t/S> 


• 70 355, IB 
+ 20484*71 


Commodity Indexes 

jJruto 

wurers 2.185*0 

0 J. Futures 15x.il 

Corn. RKeorcti nu p 


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I ^iaj/ami's central /ocorion, 
combined with intensive ef- 
forts on the part of the gov- 
ernment and the private sec- 
tor. have transformed the 
country into a dynamic pow- 
erhouse. the gateway to In- 

dochina for international 

businesses and a hub of air travel 
throughout the region. Bangkok’s 
Don Muang international Airport 
serves a larger number of carriers 
than any other Asian facility, with a 
total of 73 scheduled and chartered 
airlines, while the capital itself of- 
fers a unique array of advantages 
that include affordable five-star ho- 
tels, great restaurants, the cheapest 
office rents in Asia, a competent la- 
bor force and a sophisticated system 
of instant worldwide telecommuni- 
cations that includes two satellites 
launched within the past year. 

The country as a whole covers some 
514,000 square kilometers, roughly 
the size of France, and consists of 
four major regions that vary widely 
in scenic attractions for travelers of 
all tastes. 

In the far North, rugged mountains 
nse to more than 2,500 meters, and 
temperatures drop sufficiently in 
winter months for the cultivation of 
such temperate fruits as strawberries 
and litchis: exotic tribal people hve 
in remote villages at higher altitudes, 
trained elephants work in the forests 
and more than a thousand species of 
native orchids bloom in tne- trees. 

The northeast is a rolling plateau 
stretching to the broad Mekong Ri v- 
er over which the first bridge Iink- 
ine Thailand and Laos was opened 
earlier this year. Khmer rums - the 


most imposing outside Cambodia it- 
self - bear testament to the region's 
ancient past, while it is also noted 
for its spicy cuisine and such crafts 
as shimmering Thai silk. 

Rice bowl of Southeast Asia 
The fertile central plains, guarded by 
mountains on three sides from ex- 
tremes of weather and sudden inva- 
sions by outsiders, is one of the 
world's greatest rice-growing areas 
and has been the scene of Thailand’s 
most intense cultural and economic 
development. Four capitals have 
risen here, three of them situated 



combined with the natural wealth of 
its fields, rivers and seas, has made it 
a cultural crossroads since prehis- 
toric times. The Thais themselves 
established their first kingdoms 
nearly a thousand years ago and 
maintained their independence 
throughout the period of Western 
colonization - the only country in 
Southeast Asia to do so. Today, 
Thailand’s central position remains 
as significant as ever, as can be seen 
in the key role it plays in contempo- 
rary regional development 
Through such groups as the Asso- 
ciation of South East Asian Nations 





Thailand launched its second sateflue in October 
and now has its own tdecom system. 


on the winding Chao Phraya River. 

The south, a long, narrow penin- 
sula extending down to Malaysia, is 
bordered by two coastlines, one on 
die Gulf of Thailand and the other 
on the Indian Ocean. Seas rich in 
marine life are flanked with jungle- 
clad limestone cliffs and picturesque 
beaches only discovered by Western 
tourists in the past few decades. 

Thailand’s geographical location. 


(ASEAN), an outgrowth of the As- 
sociation of Southeast Asia (ASA) 
founded by Thailand, Malaysia and 
the Philippines in 1961, it is a leader 
in promoting regional trade and po- 
litical stability. Besides the original 
members, ASEAN now includes In- 
donesia, Singapore and Brunei, and 
there is talk of extending member- 
ship to other neighboring countries. 

Thailand has also become a major 


force in the economic development 
of Vietnam, Laos and Cambodia 
through both assistance programs 
and business ventures. Many inter- 
national companies now use 
Bangkok as a base in their dealings 
with the countries of Indochina, es- 
pecially Vietnam, all now a short 
flight from the Thai capital. 

Thailand's own growth as it has 
moved from a primarily agricultural 
economy to an industrial base is one 
of the legendary success stories of 
modem Asia. 

This is apparent in statistics show- 
ing an annual economic growth rate 
of more than 8 percent (compared, 
with a global rate of 3.2 percent) and 
exports forecast to rise this year by 
14 percent over 1993 and to pass the 
one-trillion-baht ($40 billion) mark 
for the first time. 

Skyscrapers and satellites 
At the same time, the country is con- 
solidating its position of leadership 
with constant infrastructure im- 
provements. The launching of two 
satellites - the second in October of 
this year - means that Thailand now 
has its own complete telecommuni- 
cations system and no longer needs 
to rely on regional systems. To meet 
anticipated future demands, a third 
one, Thaicom-3, is planned for 
launching by 1996. A superb high- 
way network linking every region, 
modem industrial estates with con- 
venient export facilities, internation- 
al airports in a number of provincial 
capitals and heavy public and private 
investment to meet environmental 
challenges are other clear manifesta- 
tions of the nation's prosperity and 
commitment to development. 


Hotels That Soothe 
The Business Traveler 


e angkok's hotels 
offer services well 
beyond the stan- 
dard amenities. 
Of the top 100 
hotels in the 
world, according 
to the latest sur- 
vey conducted by the 
business-oriented Ameri- 
can magazine Institution- 
al Investor, four happen 
to be in Bangkok. In the 
number-one slot is the 
celebrated Oriental 
( which war also first for 
10 consecutive years af- 
ter the survey began in 
1981), while the Regent 
is fourth; two others, the 
Shangri-La and the Dusit 
Thani, came in 30th and 
80th respectively on the 
prestigious list. 

Add to these a dozen or 
so other deluxe proper- 
ties, among them local 
representatives of such 
international chains as 
the Hilton International, 
the Royal Orchid Shera- 
ton and die Grand Hyatt 


Era wan, and it becomes 
clear that Thailand’s cap- 
ital suffers from no short- 
age of world-class ac- 
commodations, along 
with the sort of personal- 
ized service rarely found 
elsewhere. Moreover, in 
this case superior quality 
does not mean a high 
price tag. Thai hotels to- 
day offer the best value 
for money to be found 
anywhere in Asia or, for 
that matter, the world. 

Business made easy 
Business travelers in par- 
ticular, an estimated 
10,000 of whom now ar- 
rive in Thailand every 
week, can profit further, 
since nearly all the four- 
and five-star hotels are 
making a determined ef- 
fort to attract their lucra- 
tive custom in a variety 
of ways. 

All, for example, now 
have sophisticated busi- 
ness centers offering the 
latest in rapid communi- 
cations such as fax ma- 


chines and international 
telephone lines, personal 
computers, secretarial 
and translation services, 
photocopying and rooms 
for meetings and work. 
Most also offer executive 
floors, which create an 
intimate atmosphere with 
private lounges, special 
staff and oversized rooms 
equipped with direct fax- 
es and other amenities. 

The Grand Hyatt Er- 
awan, where an estimat- 
ed 80 percent of the 
guests are business trav- 
elers, offers a 17th-floor 
Club Lounge with a sep- 
arate check-in desk, free 
coffee and tea all day and 
a 24-hour concierge team 
as wei! as a fully 
equipped business center. 
The Dusit Thani has a 
whole floor for business 
guests, with an executive 
business center, a special 
lounge and three-room 
suites with conference 
rooms that can accom- 

Contimed on page IV 


Photos, ci 


lockwisefrom top: Don Muang International A irport, dynamic Bangkok, an auto assembly plant, shopping in a Bangkok department store. 


“Thailand: Hub of Asia” 

was produced in its entirety by the Advertising Department of the International Herald Tribune. 
Writer; William Wanvn is a longtime resident of Thailand and author of “ Thai Style " and 
“ Thailand the Beautiful Cookbook. " 

Program Director: Bill MahJer. 














Ti>n\ SC ) K tlySECTlOJ^ 


SPONSORED SEC i ION 







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All Manner of Convention Facilities 


c 1 v. v » i < 


I n 7992, w/um the In- 
ternational Mone- 
tary Fund and World 
Bank elected to hold 
a major conference 
in Bangkok, the first 
plan was to hold it at 
a hotel that offered 
extensive convetition facili- 
ties , On consideration, how- 
ever, the Thai Ministry of 
Finance decided an even 
more spacious and centrally 
located venue was required, 
and set about building a 
brand-new center, complete 
with the most modem equip- 
ment available. 

The result, completed in 
record time, was the Queen 
Sirikit National Convention 
Center, now Bangkok’s 
most popular facility. The 
center has been the site of 
dozens of conventions, trade 
fairs and assorted exhibi- 
tions. Nearly 50 are sched- 
uled for 1995, ranging from 
boat shows to a meeting on 
environmental matters. 

The ESCAP center 
An even newer but equally 
comprehensive facility is the 
raultimillion-doUar marble- 
clad conference center bitilt 
for the Economic and Social 
Commission for Asia and 
the Pacific (.ESCAPE at- 
tached to the United Nations 
building. Originally intend- 


ed for ESCAP gatherings, 
the center can now be leased 
ffSSde P^ate groups 

that°want to take advantage 

Sf its unusual array of 
amenities. These include 

spacious exhibition ereas^ 
numerous conference 
rooms, state-of-the-art au 
diovisual equipment, a 

restauraat operated by. an 
outside hotel, lush tropictd 
gardens for relaxation and 

die latest in security devices- 
Most of the major hotels 
are also well-equipped tor 
holding conferences on a 
lesser scale, offering a wide 
range of options. 

In or out of town 
These and similar facilities, 
plus the city’s superb hotel 

accommodations and other 

attractions, have made 
Bangkok a popular place 
with convention organizers. 
Already scheduled for 1996 
are conferences of the Pacif- 
ic Area Travel Association, 
the Universal Federation of 
Travel Agents Association 
and the Asian Regional 
Chapters of Rotary Interna- 
tional. . 

Thanks to an excellent 
highway system and easy 
connections by air, many 
provincial areas are becom- 
ing increasingly popular 
with groups that want to 
combine serious business 


with relaxation. Betwwn 

Nov. 4 and Dec- 16 of next 
year, to cite one example, 
the Thai government is nost- 
ing Worldtech 95, an inter- 
national exhibition of agn- 
cultural and industrial tech- 
nology, in Nakhon Ratchasi- 

ma , the fastest-growing 




Sampling local color includes spicy Thai cuisine. 


other hotels in the northern 
city offer both high-quality 
meeting facilities and an op- 
portunity to explore one of 
Thailand’s most popular 

provincial destinations. 

Pattaya, on the east coast 
of the Gulf of Thailand, has 
long been internationally 



Bangkok's major hotels offer meeting rooms, banquet 
halls and muMmedia facilities as well as luxurious 
ambience. 



province of the northeast- 
The event, expected to at- 
tract more than 200 compa- 
nies from 30 countries, will 
be held at a modem new fa- 
cility called the Technopolis, 
located on the campus of the 
Surananee University of 
Technology, and will intro- 
duce participants to a rela- 
tively little-known region 
now regarded as the gateway 
to Indochina. 

Already well-established 
as a popular convention site 
is the Rose Garden, about an 
hour’s drive southwest of 
Bangkok, where delegates 
can stay in either modern or 
traditional-style houses. 

Mountains and beaches 
In Chiang Mai, the large 
new Westin Hotel overlook- 
| ing the Ping River was the 
2 venue for a recent confer- 
I ence of ASEAN economic 
ministers. This and several 


renowned among travelers 
in search of sun and a lively 
atmosphere. 

Several hotels, such as the 
luxurious Royal Cliff, the 
Royal Garden and the Siam 
Bayshore, have become self- 
contained mini-resorts with 
a fUll range of conference fa- 
cilities and amusements, all 
available within the same 
compound. 

The southern island of 
Phuket is becoming equally 
popular as a meeting site. 
The Meridien, which boasts 
its own perfect crescent of 
white-sand beach, has a spar 
cious conference hall, sever- 
al smaller meeting rooms 
and, with 464 rooms, the ca- 
pacity to hold a large-scale 
assembly. The Lagiina 
Phuket, an integrated resort 
complex convenient to the 
island’s international airport, 
contains five hotels, golf 
courses and a health spa. 


There ' j no limit to the treasure* you can discover in the Kingdom. 


7 •' / • ;:/ f ! .w V,; 


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- ; 

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1 Royal Grand Palace and The Emerald Buiddba Temple " , Bangkok 


, ha Hand Has almost too much to see and experience. 

But it's so easy to get to that you can keep returning to discover more. 

Throughout the year, festivals are celebrated with colorful processions, 
dazzling dances and spellbinding events. 1995 - 1996 ■will also offer many sparkling 
and unforgettable treasures as the Kingdom commemorates 
the Fiftieth Anniversary (Golden Jubilee) 

Celebrations of His Majesty's Accession to the Throne. 

So, come visit the Kingdom and let us help transform your dreams into reality ... 


DISCOVER the TREASURES o f a KINGDOM 


For a 1 
Tourism 


r a FREE brochure on Thailand's many treasures, fill in and mail jh ,s coimon to. 
ism Authority of Thailand. 372 Bamrang Muang Road. Bangkok 10100, 



Name \ 


Address : , 


i i-' \:& J > 





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SPONSOR!: 


Thai Airways International Soars Ahead 




« top-notch fleet, high- 
est-standard ser- 
vices and a new al- 
liance are Thai Air- 
ways International's 
key assets. A sub- 
stantial parr of the 
credit for Thailand’s 
emergence as a leading 
business gateway to Asia be- 
longs to the airline. With 
Over 30 years of experience 
and countless innovations 
that have transformed air 


travel not only regionally 
but worldwide, the airline Is 
currently developing on a 
variety of fronts to become a 
tndy global carrier and of- 
fer even more advantages to 
travelers. 

THAI’s present fleet has 
ban carefully selected for 
suitability on various routes 
It includes such lechnologi- 
cally advanced planes as 15 
B-747s, of which seven are 



CELEBRATING 
thai’s 35th 

ANNIVERSARY 


the latcsi-model B-747- 
400s, as well as 10 B-737s, 
four MD-1 Is. three DC-lOs, 
26 Airbuses and smaller 
craft for certain domestic 
destinations. The average 
age of these is 5.6 years - 
among the youngest in the 
airline industry. 

Constant fleet upgrades 
New aircraft are constantly 
being added to keep die fleet 
competitive with those of 
other major world carriers. 
Now on order, for example, 
are five more 747-400s and 
eight of the new 777s, the 
latest of Boeing's super-so- 
phisticated international air- 
craft. Another 12 Airbuses 
have also been ordered, 
eight of them the new A- 
330-300s, scheduled to join 
the fleet in early 1995. 

THAI now ffies to 72 des- 
tinations in 36 countries. Of 
these, 21 are within Thailand 
and 31 are elsewhere in 
Asia, more than any other 
airline and one of the factors 
that have made Bangkok a 
major hub for business trav- 
elers in the region. During 
the fiscal year 1992-93, 
10.21 million passengers 
flew on THAI, passing the 
10 million mark for the firet 
time and representing an 18 
percent increase over the 


previous year. THAI also 
ranks among the world's top 
20 cargo carriers, having 
transported more than 
419,000 tons of air cargo in 
1992-93. 

THAI’s maintenance op- 
erations at Bangkok’s Don 
Muong International Airport 
are some of the most mod- 
em in Asia, with a staff of 
3,900 highly qualified engi- 
neers, technicians, mechan- 
ics and other specialists, 
while its catering division is 
one of Asia’s largest com- 
mercial organizations of its 
kind. 

Service and sensitivity to 
the specific needs of travel- 
ers are areas in which THAI 
has been a pacesetter since 
its earliest days. From such 
relatively small touches as 
the fresh orchid presented to 
female passengers on inter- 
national flights and imagina- 
tive meals to more practical 
considerations like reliabili- 
ty and regular upgrading of 
facilities, the airline has cre- 
ated an image widely ad- 
mired (and imitated) in the 
industry. 

What the polls say 
This is also reflected in nu- 
merous passenger surveys. 
One of the latest, conducted 
by a leading newsmagazine. 


ranked THAI among the top 
four airlines preferred for 
travel within Asia. Another, 
a Business Traveler Asia- 
Pacific poll, ranked it among 
the top six choices as 'fa- 
vorite airline for business.” 

Packages made to order 
Special programs launched 
by THAI have helped con- 
solidate this image. Royal 
Orchid Holidays, for exam- 
ple, started in 1969, gives 
customers the freedom of 
choice associated with indi- 
vidual plans combined with 
the cost-saving advantages 
usually found only in group 
package tours. 

The choice varies from 
brief stopovers in all the 
chief destinations served by 
the airline to more compre- 
hensive touts that include an 
entire region and that cater 
to special interests. 

Another notable success 
has ban Royal Orchid Plus, 
THAI’s frequent-flyer pro- 
grai^i, which was launched 
last year and already has 
250,000 members. As in the 
case of Royal Orchid Holi- 
days, this includes a number 
of innovations Lhat make it 
different from the programs 
being offered by other air- 
lines. Members earn mileage 
on all three classes of travel. 





for example, and on both in- 
ternational and domestic 
flights. The rewards are not 
limited to air travel but also 
include unusual Experience 
Awards such as a golf game 
at a country club in Phuket, 
an Andaman Sea cruise 
aboard a luxury junk and 
even a frill course of Thai 
cooking lessons at the Ori- 
ental Hotel. 

I Ji fthano allifln pp 

The latest step toward offer- 
ing greater benefits to travel- 
ers is an agreement signed 
between THAI and 
Lufthansa, which will come 
into effect next year. This 
will result in code-sharing 
on flights, thus making pos- 
sible smooth transfers be- 
tween the two carriers, a re- 
duction in travel time for 
passengers, a greater variety 
of flights, sharing of lounges 
and terminal facilities and 
merging of the airlines’ fre- 
quent-flyer programs begin- 
ning in Februaiy 1995. Both 


THAI is constantly upgrad- 
ing its fleet as wed as its 
service- including fresh 
orchids on the house. 

airlines have also signed 
agreements with United Air- 
lines undertaking similar co- 
operation. 

On the signing of the 
Lufthansa agreement, THAI 
president Thamnoon Wan- 
glee said: “Air travel in the 
future will become cheaper, 
as we do not have to fly 
everywhere due to the al- 
liance. It will lead to savings 
on the cost side, as 
Lufthansa will take care of 
European destinations. Unit- 
ed of North American stops 
and THAI of Asian destina- 
tions." Through such con- 
stant improvements in the 
already-extensive benefits it 
offers air travelers. THAI is 
steadily strengthening its po- 
sition as an amine leader and 
a powerful force in Asia’s 
booming business world. 



Homegrown Fruits, Silk, Gems and Ceramics Bring in Foreign Exchange 


othing better illustrates Thai- 
land’s remarkable economic 
development over the past 
decade or so than its booming 
export industries. 

Firom being heavily dependent 
on agricultural commodities as 
a source of foreign exchange - in 1960, 
less than 3 percent of its exports were 
manufactured products - the country 
moved to a position where by 1990 al- 
most 70 percent of its exported goods 
were produced in factories employing 
the latest modern technology and quali- 
ty control. In some categories, such as 
processed foods and gems and jewelry, 
it now ranks at or near the top of world 
suppliers. 

Market basket of products 
Many exports are still based on agricul- 
ture, but in a very different form from 


those of the past, when Thailand relied 
on rice - for over a century the single 
largest earner of foreign exchange - 
and other such traditional crops as sug- 
ar cane, cassava and maize. Today, the 
country has become an agro-industrial 
leader, combining its natural abun- 
dance with state-of-the-art production 
facilities to produce a wide range of 
food products. 

Canned, preserved and frozen 
seafood, for example, now constitutes a 
major category of export products. 
Some are made with local products, 
while others are imported for process- 
ing in Thai factories. These include 
canned tuna, sardines, baby clams, 
crab meat. Pacific salmon, quick-frozen 
mackerel, sea bass, prawns and rock 
lobster. Hie importance of this catego- 
ry is reflected in 1993 exports of 
canned tuna alone: some 200,000 met- 
ric tons, valued at 1135 billion baht. 



AO silk for the costumes in “ The King and 
I" came from one small village in Nakhon 
Ratchasima province. 


Not too long ago, most people asso- 
ciated pineapples almost exclusively 
with Hawaii. The last Hawaiian planta- 
tion closed down several years ago, 
however, and today the canned pineap- 
ple slices and juice found on the 
world's kitchen shelves are more than 
likely to have been processed in Thai- 
land. In 1992, an estimated 470,000 
tons of canned pineapple and 80,000 
tons of juice were exported, with Japan 
and the United States representing the 
principal markets. 

The demand for other products of 
Thailand's fields and orchards is grow- 
ing as well. Such fruits as rambutan, 
Iitchi. mango, jackfruit and grapes are 
being canned on a large scale, while 
vegetables include various kinds of 
mushrooms, bamboo shoots, baby 
corn, asparagus and tomato products. 

The poultry sector, one of the out- 
standing achievements of the current 


Thai agro-industry, now operates on an 
enormous scale, its major export prod- 
ucts being fresh and frozen chicken and 
duck meat as well as eggs. 

Native materials and crafts 
Thailand has long been noted for its 
distinctive crafts. Many popular ex- 
ports fall into this category, among 
them artificial flowers made from both 
natural and synthetic materials, imagi- 
natively designed toys, furniture and 
handwoven silk and cotton. 

Thai ceramic products, with a long 
and illustrious history going back more 
than seven centuries to the first capital, 
SukhothaL, are now the basis of an ex- 
port industry that amounts to more than 
3J billion baht a year. 

Predous stones 

If one had to select a single example to 
illustrate the initiative and marketing 


skills that characterize the Thai export 
scene, a good choice would be the 
gems and jewelry industry, which has 
zoomed from being almost nonexistent 
to a position of world leadership. 

In 1976, the Thai Gem and Jewelry 
Traders Association was formed to en- 
courage gem exports and raise the 
quality of locally made jewelry. The 
number of skilled gem cutters conse- 
quently grew remarkably, from only a 
few hundred in the 1950s to a present 
force of around 100.000. 

As a result, gem and jewelry exports 
now rank as one of the country's major 
foreign-exchange earners. Between 
1988 and 1992, export values of the 
two rose from approximately 25 billion 
baht to 45 billion baht; many experts in 
the trade believe the figure will reach 
100 billion baht within the next five 
years. Thailand is the second-largest 
exporter of cut gems after India. 


Fly smooth as silk to over 70 destinations around the world. 


ooth as silk is over 4,000 take-offs and landings a week worldwide. It's flying to twelve destinations in Europe, five in Australasia, Los Angeles in the U.S.A, and 
m ° destinations in Asia than any other airline. Smooth as silk is Thai's renowned Royal Orchid Service. It's Royal Orchid Plus, the frequent flyer 
IT1 ^ re arnTn e with all the pluses, no matter which class you fly. It's a network that now spans the globe. Fly Thai. The airline that's smooth as silk. I JlQl 


■4 








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T ? eiders arc nn^y gjrinlded witb ';..v 
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Refreshing 
Getaway 
Breaks - 
Including 
An Eclipse 


4>aaa ven the hardest-working busi- 
|T nessperson or convention dele- 
S gate needs a break now and 
again. Thailand offers as many 
Sir* enjoyable ways to relax as any 
\% country in the region. These 
&3 cover a broad spectrum, from 
' ! «BH familiar sports in unusual set- 
tings to one-of-a-kind experiences with 
a truly exotic appeal 

There is golf, for instance, which was 
taken up enthusiastically by Thais back 
in the early years of the century, when 
the first links were laid out at the Royal 
Bangkok Sports Club. In the 1920s. a 
far more ambitious course, described as 
“second to none east of Suez,” was 
built at the seaside resort of Hua Hin on 
the Gulf of Thailand, linked to the cap- 
ita] by railroad. 

Tournament golf courses 
Today, there are nearly a hundred 
courses throughout the country, several 
of them designed by such international 
experts as Robert Trent Jones and 
Robert McFarland, and many a local 
business deal is consummated on the 
greens or in a well-appointed club- 
house. Some of the best not surprising- 
ly, are in the Bangkok area; Navatanee, 
for example, was the site of the 1975 
World Cup Tournament, while the 
Rose Garden, southwest of the city, 
was awarded a silver medal by Golf 
Magazine in 1989 as one of the finest 
golf resorts in the world. 

Other top-class facilities ore located 
outside the capital near popular travel 
destinations. The Siam Country Club 
and the Bang Phra Golf Course are 
both convenient to the beach resort of 
Pattaya, while the Lanna Golf Club in 
Chiang Mai has a spectacular setting at 
the fool of Doi Suthep Mountain. 
Phuket has been the scene of consider- 
able development in recent years; the 
Johnny Walker Swing Tournament 
was held last year at the 18-hole Blue 
Canyon Country Club, which Gary 
Player pronounced “as good as any I 
have played on anywhere in the 
world." Other outstanding courses on 
the island include the Banyan Tree 
Club and the Phuket Country Club. 

Eastern and Oriental Express 
For those with a little extra time to 
spare, there are more unusual diver- 
sions. It is possible, for instance, to 
sample the luxurious comforts of the 
new Eastern and Oriental Express 
without going all the way to Singapore 
on its regular run: during the train’s 
overnight layover in Thailand, it makes 
a special excursion to the famous 
Bridge over the River Kwai and then to 
the ancient capital of Ayutthaya, re- 
turning at noon. 

One can also take a romantic cruise 
on a traditional all-teak rice barge from 
Bangkok up the Chao Phraya River, 







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Clockwise from top: discovering one ofThtdUmd's 27,000 temples; golfing near Bangkok; sea canoeing; sport fishing; and (center) memorable food. 


staying either one or two nights on 
board. The barges have air-conditioned 
cabins with baths, plus a crew to serve 
drinks and meals on deck, and they vis- 
it such riverside sights as the Bang Pa- 
in Summer Palace and Ayutthaya. 

Using Phuket as a base, other cruises 
are available on a variety of crafts. 
These range from multipassenger liners 
to Chinese junks and chartered live- 
aboard yachts that can be used for 
deep-sea fishing or to explore scenic 
attractions like Phang Nga Bay, where 
hundreds of limestone islands rise dra- 
matically from the sea, and the more 
remote Similan Islands, famous for 
their superb scuba diving. Also popular 
with a growing number of ecology- 
minded travelers is the sport of sea ca- 
noeing; several companies in Phuket 


and nearby Krabi offer trips through 
spectacular marine scenery that in- 
cludes a number of magical caves ac- 
cessible only by boaL 

Mountain nature treks 
Up north, from either Chiang Mai or 
Chiang Rai, adventurous excursions 
can be made into the surrounding coun- 
tryside. One of the most popular is an 
elephant ride through the jungle, super- 
vised by skilled attendants and lasting 
anywhere from a few hours to a fuQ 
day. In addition, there are assorted 
treks available along scenic mountain 
trails into the region where Thailand 
borders Burma and Laos, and where 
colorful tribal groups make their home. 

Throughout the country, more than 
50 areas have been designated as na- 


tional parks, most of them ideal for 
pursuits like hiking and wildlife view- 
ing. Khao Yai National Park, only a 
few hours by car from Bangkok and se- 
lected as an ASEAN Natural Heritage 
Site, offers over 300 migrant and resi- 
dent species for the dedicated bird- • 
watcher, while Huai Kha Khaeng in the 
north, added to the list of World Her- 
itage Sites in 1991, has even more bird 
varieties. 

There are miles of alluring, white- 
sand beaches at such resorts as Pattaya 
and Hua Hin on die gulf and Phuket on 
the Andaman Sea. Some might prefer a 
few days of being pampered in a luxu- 
rious spa. two of which have opened 
outside Bangkok in recent months. 
Chiva-Som is located on the beach at 
Hua Hin and has both Thai and West- 


Keeping the Entire Family Amused 


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an a business trip be combined 
with a family holiday? As far 
pi as Thailand is concerned, the 

L answer is definitely affirma- 
tive. for the country offers a 
broad selection of activities 
and attractions to suit all age 
levels. 

If the family includes a cook eager to 
add some unusual dishes to his or her 
repertoire, the venerable Oriental Hotel 
offers a five-day course in the art of 
Thai cuisine. Hands-on classes are held 
each morning in an atmospheric loca- 
tion across the river, and by the end 
students have not only learned all about 
the basic ingredients, but also mastered 
the skills needed to produce ev erything 
from snacks like spicy meatballs 
wrapped in crisp golden noodles to 
subtly flavored curries and sweets. 

Thai traditions 

The Oriental also has a comprehensive 
afternoon course in Thai culture, which 
covers such topics as art. Buddhism, 


theater and social traditions, and in- 
cludes several river trips to places of 
historic interest. 

The classic arts of Thailand can best 
be seen and appreciated at one of sev- 
eral museums and private collections 
open to the public. Among the most 
prominent are the National Museum, 
one of the largest in Southeast Asia; 
Vi mam Mek, an 81 -room palace built 
of golden teak and restored by Her 
Majesty Queen Sirikit: Suan Pakkad 
Palace, the former residence of a royal 
prince, which displays a large collec- 
tion of art and personal belongings; and 
the Jim Thompson house, the tradition- 
al Thai-style home of the American 
who revived the Thai silk industry. 

Toy land and theme parks 
Younger children are not limited to the 
hotel swimming pool for amusement. 
Several of Bangkok’s leading depart- 
ment stores, such as Central. Sogo and 
Robinson's, have entire floors devoted 
to keeping ihem happy, with electronic 
games, merry-go-rounds, bumper cars 


and magic shows; the Mall Shopping 
Center on Ramkharahaeng Road even 
has an indoor ice-skating rink. 

In addition, a number of theme parks 
are located in or conveniently close to 
the capital. Magic Land and Dream 
World both feature Ferris wheels, roller 
coasters and other rides, as well as spe- 
cial shows and exhibitions for children. 
Siam Water Park has a lake with 
beaches and man-made waves, a river 
flow-pool and several exciting water 
slides, while Safari World has a large 
selection of wild animals such as lions, 
tigers and elephants in natural sur- 
roundings and another area devoted to 
marine creatures. 

Thailand in miniature 
Young and old alike will enjoy the An- 
cient City, about an hour's drive from 
Bangkok, which offers a mini-tour of 
historic Thailand on a 200-acre site laid 
out like a map of the country; some of 
the structures are scale replicas, while 
others, such as a traditional village on 
water, are original buildings carefully 



The marine show at Safari World, where Cons, tigers and elephants can also be seen ■ ^ 

in natural settings. -*y 


moved and reconstructed. Not far away 
is Crocodile Farm, allegedly the largest 
of its kind in the world, where a regular 
show is given daily by fearless employ- 
ees. Elephant rides are also available. 

Other treats for the young can be 
found in popular provincial destina- 
tions. Just outside Chiang Mai, for ex- 
ample. in the beautifir) Mae Sa Valley, 
elephants demonstrate their skills at 
log-puliing and are available for rides 


through the forest. On the same road£ 
there are butterfly farms and dazriinr\ 
orchid nurseries. . 

Convenient to the seaside resort 
Pattaya are two extensive pleasur^T 
parks: Ocean World has huge tanks-] 
teeming with dolphins, sharks an<£> 
brightly colored coral, while Pattaya 1 ; 
Park offers visitors a water theme witiL ; 
exciting slides, flumes and swimming;; 
facilities. V, 


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Hotels That Make the Business Traveler’s Life Easier 










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.• . .• • • 7 I -'- 1 T.- - 


Continued from page I 

modate a meeting of eight people. The 
Landmark, one of the first aimed 
specifically at business guests, offers a 
2A-hour center, a 30-page electronic th- 
ree lory of local business contacts and 
access to the hotel's mainframe com- 
puter to send faxes and telexes. 

Some provide outside assistance as 
welL The Regent, for instance, can fur- 
nish an eight-passenger minibus with 
driver, car phone and fax far executives 
who want to get around Bangkok on 
site-inspection trips. 

When work is over 
When not at work, visiting executives 
can find relief from stress in a variety 
of healthful ways on the premises. At 
the Hilton International, they can work 
out at a Clark Hatch Physical Fitness 
Center, play squash or tennis, or jog 


along the winding pathways of the ho- 
tel’s extensive tropical garden. The Re- 
gent the Dusit Than!, the Shangri-La. 
the Grand Hyatt Erawan and most oth- 
ers have similar health centers. 

Perhaps the ultimate in such facilities 
is the Oriental's recently opened $4.5- 
million health spa across the Chao 
Phraya River from the hotel. Here, in 
sumptuously decorated surroundings, a 
newly arrived executive can be soothed 
with a special jet-lag treatment, relax in 
a Thai herbal bath or get a traditional 
massage. Another alluring feature is a 
menu composed of “spa food,” tow in 
calories but given a special zing by 
Thai chefs. 

A water taxi, please 
Time is valuable to most business trav- 
elers, and Bangkok's traffic often con- 
spires to waste a good deal of it With 
this in mind, three of the leading river- 


side hotels - the Oriental, the Shangri- 
La and the Royal Orchid Sheraton -'’re- 
cently inaugurated a joint water-taxi 
service to ferry guests up the Chao 
Phraya to Don Muang Airport Another 
property on the river, the Marriott Roy- 
al Garden Riverside Hotel, has its own 
40-passenger wateijet-powered cata- 
maran to make the trip available to out- 
siders as well as guests. 

For those of its guests who are really 
in u hurry to catch a flight the Shangri- 
La has a helicopter service that takes 
off from the rooftop and makes the trip 
in just eight minutes. 

Videoconferencing links 
The Thai government is also taking 
steps to facilitate business activities for 
visitors. One of the latest just launched 
by the Communications Authority of 
Thailand, is a videoconferencing ser- 
vice linked with 13 countries, six in 


Asia and the rest in Europe. More 
countries wijl eventually be added to 
the link, which provides live motion 
pictures, voice and data transmission. 
Those clients whose communications 
circuits are Jinked with CAT can have 
the video service set up in their own of- 
fices. 

Another official service is aimed at 
the many foreign businesspeople who 
warn to set up contacts with Thai man- 
ufacturers and thus participate in the 
country’s booming export industry. 
The Department of Export Promotion 
(DEP), under the Ministry of Com- 
merce, was set up specifically to meet 
such needs, as well as to promote Thai- 
made goods abroad. 

Showcasing Thai goods 
The DEP has a number of trade centers 
in capitals abroad, and also works 
through Lhe commercial counselor’s of- 


fices attached to Royal Thai Em4 
basstes. Its Bangkok headquarters, con§ 
vement to the airport on Rachadapisek > 
Road, contains permanent exhibition^! 
nails displaying quality Thai product* 1 
from some 200 leading manufacturers'! 
and exporters. In addition, it stages fa&? 
quent trade shows - nine in 1994 - de# 
voted to such products as gems andi; 
jewelry, ready-to-wear clmhes and."- 
tashton accessories, leather goods', C 
grafts, gift items and household pro*i. 

The DEP not only helps prospective/ 
mpotters to identify OadempWn£ 
ties, but also assists in other ways by: 
pranging hotel accommodation; anti-. 

meetings? 

Z ^ ^ lts wilh Potential supply 
ers and providing offices with those i^L 

X"f, be s ? nd anl business facilidfe 


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Ur- ■ 


era-style pavilions, health-food restaur 
rants and a staff trained in a wide ranges: 1 
of health and beauty treatments. An- 
other, part of the integrated Laguita 
Phuket resort, is the Banyan Tree Lux-* 
ury Spa, with four private 'spa pasSP 
ions, six different types of massageSftL 
a selection of therapeutic body wrapP 

-as 

Total solar eclipse 

Visitors fortunate enough to be in the 
country next year on Oct 24 can look 
forward to a most unusual sort of get- 
away diversion: a rare total solar 
eclipse, the fifth of its kind Thailand, 
has seen in the past 125 years. The phe-_ 
nomenon will commence around 9 
A.M., and totality will cover Tak,^ 
Nakhon Ratchasiraa and Sa KaecR 
provinces. if 


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|Ioechst Raises 
Profit Forecast 


F< 


Bloomberg Butinas News 

— Hoechst 
AGs chief executive, Jflrgen 
Dormann, said Friday he ex- 
pwted the chemical giant’s 
1994 pretax profit to be 10 per- 
cent or 20 percent higher than 
his earlier forecast of at least 2 
bubon Deutsche marks f$lJ 
billion}. 

Some analysts have said that 
they expected Hoechst to post 
profit as high as Z5 billion DM 
or the year. 

In the first nine months of 
1994, pretax profit rose 83 per- 
cent from a year earlier, to 1 69 
billion DM. 

R. Shaw Bridges, an analyst 
with Merrill Lynch in London, 
said year-cod charges were still 
an unknown variable - 

Like Germany’s other large 
chemical companies, Hoechst 
may have significant year-end 
charges because of restructur- 
ing, There also are damage 
claims pending against one of 
its U.S. subsidiaries. Mr. 
Bridges said. 

Mr. Dormann said Hoechst 
rim ted to grow through acquir- 
ing companies in pharmaceuti- 
cal, generic-drug and diagnostic 
areas. 


He said the company was dis- 
cusang the possible acquisition 

, .XY a the diagnostics 

cIKSl ° f Sy n.“ Corp ' of 

a 118 *“* Chcmjcal com- 
pany. As a condition or final 
approval for the S5.3 billion ac- 
quisition. the U.S. Federal 
trade Commission required 
Koche to sdl Syva to maintain 
competition. Syva is a major 
provider of tests that detect ille- 
gal drugs. 

Mr. Dormann declined to sav 
whether the company would 
raise its dividend from the sev- 
en marks per share paid in 1993. 

The company will at least 
maintain the 1993 dividend 
payment, and, “I’m favoring a 
decision which will respect the 
interest of our shareholders.** 

Hoechst shares rose 2 DM 
Friday, to 308.50. 

Mr. Dormann also said there 
was “no truth” to recent specu- 
lation in the German press that 
Hoechst m ight be interested in 
acquiring Metallgesellschaft 
AG, the troubled metals and 
mining conglomerate. 


Slumping Christmas Revenue 
Sours Investors on Kaupwf 


Reuters 

COLOGNE — Shares in the 
German retailer Kaufhof Hold- 
ing AG slipped 5 Deutsche 
marks to a new low for the year 
of 432 DM ($274) on Friday 
after the company issued a pes- 
simistic profit outlook that re- 
flected weak Christmas sales. 

German retailers depending 
on extended shopping hours on 
the four Saturdays before 
Christmas have been disap- 
pointed as rain and & one-day 
public workers strike have kept 
shoppers away. Shops usually 
must dose at 2:00 P.M. 

“The Christmas shopping 
season has gotten off to a bad 
start," a Kaufhof spokesman 
said. 

Kaufhof said weak consumer 
spending noticed in the first 
nin£ months of the year was 
coc&mring in the fourth quar- 
ter. “We must presume that 


there will be noticeably smaller 
group operating profit in 1994.” 
the company said. 

Volume at the retailer’s de- 
partment store divisions fell 62 
percent, to 8-2 billion DM ($5.2 
billion), in the first nine 
months. Overall sales rose 18.7 
percent, to 19.5 billion DM, be- 
cause of the acquisition of the 
rival retailer Horten AG. 

■ Munich Writedowns Rise 

MQnchener ROckversicher- 
ungsgeseQschaft AG said write- 
downs on its investment portfo- 
lio in the year to June 1995 will 
be higher than the 400 minion 
DM a year earlier, said Hans- 
Jurgen Schinzler, the compa- 
ny’s chairman, AFP-Extel 
News reported from Munich. 

He said at a shareholders’ 
meeting the causes were wors- 
ening conditions on financial 
markets and an unexpected rise 
in international rates. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 10-11, 1994 


Page 11 


A Disappointing Year 

Hopes for Change at Air France Stall 


Bloomberg Riot ness AVwj 

PARJS — When the French government _ 
tapped Christian Blanc a year ago to run its ' 
beleaguered national airline, critics of Air 
France had high hopes. 

Mr. Blanc, 52, was a civil servant known for 
his talents as a peacemaker. He was brought 
in after a prolonged strike by employees, who 
were furious about planned layoffs, crippled 
.Air France and forced out its chairman, Ber- 
nard Allah. 

A year later, industry' watchers are disap- 
pointed. 

“After the initial flurry of activity, we’ve 
seen few signs of anything happening.” one 
consultant said. 

In July, Mr. Blanc decentralized manage- 
ment, dividing the airline into 12 profit cen- 
ters to push cost controls to the operating 
level. He brought in the former United Air- 
lines chief executive, Stephen M. Wolf, as un 
adviser to make up for his lack of airline 
experience. He won a 20 billion franc ($3.7 
billion) subsidy from the French government 
and pushed the aid package through the Eu- 
ropean Commission. 

Most recently, he has asked employees to 
swap pay cuts for companv shares. They are 
expected to decide by Dec! 22. 

As analysts sec it. Mr. Blanc has not made 
the dramatic moves expected from an airline 
that posted a loss of 8.5 billion francs in 1993 
but expects to break even before 1997. 

Insiders say his hands are tied by the 
French government, which has promised no 
layoffs and dares not impose changes that 
could produce a strike as French presidential 
elections loom. Mi. Blanc also has delayed 
dealing with Sabena Belgian World Airlines, 
of which it owns 25 percent. The carrier has 
been slow to upgrade service to keep pace 
with competition. 

“He’s not backed by a strong shareholder 
who will say ‘Go ahead and fix it,’ ” said 
Andre Clodong. an airline consultant. 

Even as Mr. Blanc seeks to cut costs bv 30 
percent, successful carriers such as British 
Airways and KLM Royal Dutch Airlines 
have been cutting cost for years, and they 


continue to do so. Moreover, a lawsuit by six 
European airlines challenging the 20 billion 
francs in aid, if successful, could force Mr. 
Blanc to give at least some of that money back 
to the French government 
In April 1997. the European air market 
becomes fully deregulated. That means all 
European Union airlines can compete freely 
in one another’s domestic markets. Many 
airlines are plowing considerable sums into 


Insiders say the Air France 
chairman's hands are lied by 
the government, which 
dares not impose changes that 
could lead to a strike. 


preparation, upgrading service to win cus- 
tomer loyalty and preparing for fierce compe- 
tition. 

In September, to prepare for the November 
competition for passengers from fast-train 
service through the English Chann el Tunnel, 
British Airways spent £70 million (SI 12 mil- 
lion) to revamp its business dass in Europe. 
Air France did not react. 

Air France also has not joined other air- 
lines in offering low-cost, low-frills service on 
short routes. 

One problem for Mr. Blanc is that the 
government fears creating social unrest since 
thousands of angry strikers demonstrated on 
Paris airport runways for more than a week in 
October 1993. 

So in September, when Mr. Blanc asked 
pilots to work more hours for the same pay, 
they threatened to strike. The threat made 
headlines. The French prime minis ter’s office 
phoned Mr. Blanc, one insider said, and Mr. 
Blanc retreated. 

Bertrand d*Y voire, president of Paris- 
based Consul tair, said he thought Mr. Blanc, 
with a history of good labor relations, was 
“the right man at the right time.” 


GEC Posts 
5% Rise in 
Earnings 

Bloomberg Bitrutas 

LONDON — General Elec- 
tric Co. of Britain said Friday 
that increased sales in its power, 
telecommunications ana elec- 
tronic component divisions 
sparked a 5 percent rise in pre- 
tax profit for the first half. 

It also said that it had trained 
its sights on acquiring the sub- 
marine maker VSEL PLC. 

Profit before tax for the six 
months to Sept. 30 increased to 
£378 million ($591 million) 
from £360 million a year earlier. 

“The figures looked good, at 
the top end of expectations,” 
said Brian Rusting, an analyst 
at Yaxnaichi International. 
“But performance in the second 
half in the key power and tele- 
communications units might 
not be as strong last year.” 

The results come just two 
days after Britain’s Department 
of Trade and Industry referred 
the bid by GEC and a rival bid 
by British Aerospace PLC for 
VSEL to the country’s antitrust 
body. 

The referral to the Monopo- 
lies and Mergers Commission, 
which will be required to make 
its reports on the rival bids by 
March 15, was made because 
the bids raise issues of public 
interest and competition for the 
procurement of warships, ac- 
cording to Michael Heseltine, 
president of the Board of Trade. 

GEC has offered a cash bid 
of 1,400 pence per share, valu- 
ing the submarine company at 
£531.7 milli on, while British 
Aerospace is offering 3 J of its 
shares for each VSEL share, 
valuing the company at £573 

milli on 


II Investor’s Europe I; 

Frankfurt 

DAX 


London 

FTSE 100 Index 

Paris 

CAC40 


2383 


3300 - ■ • ■ 


2200 


2200 l ft 


3200 • ■ - A 

- ■■ 

m Jrj- 

, ... . 

"A 


3HH All 
3000 1 ' 

ftr 


iW 1 



2900 

... 


V 

® J'a’S'O f* D 

1S94 

m j A s o' S o ■■ 

ibM 

™Tfl r SO'ND 

1994 

Exchange 

index 


Friday 
Close • 

Prev. . 

.Close 

% 

Change 

Amsterdam 

AEX 


40&32 

40929- 

-0.73 

Brussels 

Stock Index 

7.226.6? 

7J278.62 

-0.71 

Frankfurt 

DAX 


2.02*33 

2.04251 

-0.68 

Frankfurt 

FAZ 


763.76 

757.21 

-0.45 

Helsinki 

HEX 


. 1,836.72 

1,867.66 

-1.55 

London 

Financial Times 30 

2JB8&JSQ 

2^323.40 

-1.29 

London 

FTSE100 

2,977.30 

3,013.40 

-1.20 

Madrid 

General Index 

301.85 

304.44 

-0.85 

Milan 

MJBTEL 

9*564.00 

9,807.00 

-2.48 

Paris 

CAC40 

1,936.99 

1,954.09 

-0.88 

Stockholm 

Affaetsvaeriden 

1,834.95 

1,856.72 

-1.17 

Vienna 

Stock Index 

1,033.78 

1.044.01 

-0.98 

Zurich 

S8S 


812J24 

91657 

-0.36 


Sources: Reuters, AFP 


International Herald Trrftune 


Very briefly: 


> Mining PLC an nounccd a £400 million (S626 million) share 
to help buy the English operations of the British Coal Corp. 


• RJB1 

issue to i 

• Siemens AG said it would close a uranium processing plant in 
Hanau, Germany, because anti-nuclear policies of the state gov- 
ernment made the factory uncompetitive. 

e Airbus Industrie plans to launch a finan cing company on 
Tuesday that is expected to increase the European planemaker's 
ability to compete with Boeing Co. 

• Skamfia Foersaekrings AB, a Swedish insurer, will sell its 
German nontife insurance company, Skamfia Sachverskbening 
AG, to InterRisk Versichennqp AG. 

• FAG Kngdfisdwr Georg SchSfer AG, a ball-bearing maker, 


plans to post an operating profit of 100 millio n Deutsche marks 
($63 nnOion) in 1994, following a 60 million DM loss last year. 

• CS Holding, the Swiss financial services group, plans to abolish 
its two-tier share structure, replacing it with a single class of 
registered shares and lifting all voting restrictions. 

Bloomberg, Rouen, AFX 


FORECAST: An Analyst Makes a Global Tour WithBis Crystal Ball S audis Cut. Sp ending hy 20% 


Cootmued from Page 9 

with the Israelis. President Ha- 
fez Assad will negotiate the re- 
turn of the Golan Heights, thus 
restoring Syria’s territory to the 
man who lost it in the Six-Day 
War a quarter centuiy ago as 
Syria's defense minister. As 
president, Mr. Assad will seal 


politics knows how to deal with 
it,” least of all, Mr. Zonis said, 
the Ministry of Finance with its 
bias toward regulation and, 
against free markets. 

Germany: The recovery will 
sputter at just above 2 percent 
because “most German firms 


this would be the one bright 
spot because the new president, 
Ernesto Zedillo Ponce de Leon, 
should help restore confidence 
and robust economic growth by 
taking control of his party. 

The Group of Seven industri- 
al countries: “Disarray wall con- 
tinue in the post-Communist 


^ nui believe the key to success is sim- 

the deal before the opposition Pb produce quality goods, world, and rivalries between 
Likud can win Israel's elections “f world will buy. They France and the rest will in- 
in 1996- 316 still living in the 1960s, be- crease as natio nalism resurfaces 

Japan: “Long-term deflation ^ orc global competition.’’ because of the disappearance of 

will continue because no one in Mexico: Mr. Zonis predicted a common enemy. The United 


States will increasingly with- 
draw from the world into its 
own internal quarrels, and po- 
litical parties mil be discredited. 

“Without their influence, the 
principal mechanisms invented 
by democracies to reduce the 
opinions of their people to a few 
manageable ideas will be dis- 
credited. The result will be great- 
er instability in 1995 and an ef- 
fort to create new parties based 
mi ideologies appropriate to the 
world after the Cold War." 


Compiled by Our SusQ From Dispatches 
DUBAI. United Arab Emir- 
ates — Saudi Arabia will cut 
public spending by 20 percent 
in 1995 to help deal with an 
economic crisis triggered by a 
fall in ofl revenue and the bill 
from the Gulf War. 

King Fahd announced the cut 
in a speech carried Friday by the 
official Saudi news agency. The 
details arc to be included in the 
1995 budget, which will be pub- 
lished later this month. 


The king acknowledged that 

the OOUntTy was facing finan cial 
difficulties but blamed them on 
having financed the 1991 war, 
which is estimated to have cost 
more than $50 billion. 

Saudi Arabia already cut 
spending from S52J3 billion in 
1993 to $42.66 billion this year. 

But King Fahd stated, “The 
Saudi economy is not unstable. 
Our currency is 100 percent 
guaranteed, and our reserves 
are secure.” (AFP, AFX) 


NYSE 

Friday ’• dosing 

Tables indude the nationwide prices up to 
the doting on Wan Street and do not retied 
late trades elsewhere. Via The Associated Press 




12 Mortn Sts 

High Low Slack dir VUFC ISO* HWi Low Latest Oi'm 



Continued on Page 12 




THIS ANNOUNCEMENT APPEARS FOR INFORMATION PURPOSES ONLY 

REPUBLIC OF PERU 

ANNOUNCEMENT OF 
PRIVATISATION 

The Special Committee for the Promotion of Private Investment in Banco 
Continental S.A., appointed by the Government of Peru, through the 
Commission for the Promotion of Private Investment, COPRI, announces the 
sale of the Peruvian Government's participation in: 



Banco Continental is Peru's third largest commercial bank in terms of assets 
and equity. 

The tender terms for the International Auction Sale may be obtained from 
november 21 through: 

COMITE ESPECIAL DE PROMOCION 
DE LA INVERSION PRIVADA 
Luis Hidalgo Viacava 
President 

Av. Republics de Panamd 3055 
Centro Comerdal Continental Of. 20 
Lima 27, PERU 

Telefax: (5114) 419396 / 419424 / 417250 


For further information please contact: 

Credit Commercial de France Socimer International 
Paris, Francia 


Francois Lagreti 

Tel: (331)4070-7040 
Fax: (331)4070-7075 


Madrid, Espana 
Salomon Benatar 

(341)542-2300 

(341)547-4719 


CCF/Socimer Peril 
Lima, Peril 
Guillermo Van Oordt 

(5114)429896 

(5114)416422 



Comision de 
Promocion de 
la Inversion Privada 

COPRI 


Lima-Perd, november 1994 
THE ESPECIAL COMMITTEE 


This advertisement has been approved by Credit Commercial de France, an authorised person for the purposes of 
Section 57 of the Financial Services Act 1986 (FSA). 





15 

1 






































































































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i 

■^ai. 


k. 


ilSTERNATlONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 10-11, 1994 


Page 13 


ASIA/PACIFIC 


icn j survey Shows 
Japan’s Recovery Is Slow 


byOvrSu# From 0^,^ 

TOKYO — Japan’s corporate managers are 

SSni,c U !h e "T* °* >Umialic a boui business 
.conditions than they were a three months aeo 

;SS lg F^ Bani0fJ ^' S ^5 

. But the quarterly survey confirmed that Ja- 
;pan s recovery is sluggish, analysis said. 

;! Bi S corapfues revised their capital-invesi- 
.ment plans downward. Their spending yn fac- 
;tonK and office equipment is now estimated to 
faU by 3.9 percent m the financial year, against 
■■ an ^"l usl forec ? st of * 3.8 percent decline 

“This was rather surprising io financial mar- 
,tets and some people bought Japanese bonds," 
said Akiyosbi Takumori, chief economist at Sa- 
nsmn Secunues Ltd. Bad news for the economy is 
often good news for bond prices. 

. ' Managers still said they thought their work 
.Torres were too large and they expected sales to 
.be flat because of weak demand and falling 
prices, the survey indicated. 

Of manufacturing companies, 37 percent said 
: the economy was bad, fewer than the 46 percent 
that said so in August. The percentage that said 
conditions were good rose to 8 percent from / 

: percent. 

Compared with the previous survey, large 
.companies projected higher profit for the finan- 
cial year. Executives perceived their inventories 
imd production capacity to be less excessive than 
before, and they found banks more willing to 
lend money. 

The quarterly survey is~prized because it pro- 
vides a glimpse into tbe minds of 10,000 corpo- 
rate executives across Japan, polling attitudes 
toward a wide range of business concerns. 

“It’s an indicauon of the curreot psyche of 
corporate Japan,” said Michael Hartnett, 
economist at Smith New Court PLC. 


This year will be remembered as a year of 
slow recovery, ana that's basically whai this 
» ankan is telling you," he added 

The key figure in the survey, the major manu- 
facturers' diffusion index, improved to negative 
r 9 from negative 39 in August. 1 his index has 
improved each quanci since reaching a negative 
56 in February 

But nonman ui'actuicrs. who had been more 
optimistic than manufacturers, appeared to be 
having a ha rile i time now fhe diftusiun index 
for major non manufacturers edged up io nega- 
tive 30 from negative 33 in August 

The results overall were at the tow end of 
expectations and sparked some selling on the 
Stock market, traders said. The Nikkei Stuck 
Avciage fell 1.05 percent to 18.Wtf.3u 

[Bloomberg At KeuteiSJ 


an 


■ Japan Seek* Deal ou J waueial Service* 

Japan will seek an agreement by LUc end of this 
month in talks with the United States on opening 
Japan's financial-services market tun tort foreign 
compeuliou, a scmui Japanese Finance Ministry 
official said. Reuters reported from i okyo. 

Among other things. Washington wants full 
access tor foreign mvestniem-advisuiy firms to 
Japan's pension fund market and a relaxation of 
Japanese asset-al location guidelines so that for- 
eign in vestment managers have more flexibility 

"We saw progress in the latest round of talks 
and both nations will continue to make efforts, 
the Japanese official said at a briefing after the 
two countries concluded a three-day working- 
level meeting. No agreement was reached. 

Separately, AFP-Extel News reported that Jap- 
anese and U.S. negotiators would hold working 
meetings on Dec. 17 ou the issue jf auto parts. 


Bears Hold Sway 
In Asia as Market 
Braces for Worse 


Compiled b$ Our Staff From tHspaicha 

HONG KONG — The Hong Kong stock market plunged 
more than 3 percent Friday, pulling other Asian markets 
down with iu amid concerns about possible rises in U.S. 
interest rates and tbe fallout from the financial woes of 
Orange County in California. 

Aftei U.S. shares fell to a three-week low on Thursday, 
I okyo prices fell i .05 percent, Singapore lost 1 .75 percent and 
Sydney dropped 1.29 percent. Stock prices in Taiwan, Wel- 
lington, Manila, Seoul and Kuala Lumpur also posted sizable 
drops. 

rorc 



"People would rather go into bonds,” said Simon Hurst, 
manager for Japanese equity sales at Smith New Court 
Securities. Xilobally we’re in a big bear market.” 

Hong Kong s Hang Seng index slumped 3.46 percent to a 
closing low for the year oi 7,789.07. while the Nikkei average 
ended 1.05 percent down at 18,978.30. 

The Australian share market ended lower on light volume, 
with the All Ordinaries index down 1.29 percent at 1.850.90, 
while New Zealand’s capital index closed at its lowest point in 
16 months as the market continued to fall in line with the 
general trend. 

Among the chief vicums of the trend in Japan were shares 
of brokerages, which will be hurt if investors pull out of 
slocks. 

Subsidiaries of several Japanese brokerages and banks have 
loaned money to Grange County, according to court records. 
Other companies the county listed as creditors in a court filing 
include Fuji Securities and Sanwa Securities. 

Nomura Securities International was among several credi- 
tors that this week sold 5300 million worth of securities as 
collateral for loans to Orange County, according to traders. 
The company declined to comment. (Reuters, Bloomberg ) 


China Sees 
Output Drop 
For Grain 


Investor’s Asia 


Hong Kong 
Hang Seng 

11300 


Tokyo 
Nikkei 22$ 


Bloomberg Business .Vow 

HONG KONG — China's 
grain output will be 19.6 milficiu 
tons below its own consump- 
tion needs next year, according 
to an estimate issued Friday by 
tbe official State Information 
Center 

The center's prediction, car- 
ried in the state-run China Se- 
curities newspaper, pegs Chi- 
na's total grain production next 
year to be between 459.8 mil- 
lion and 465.9 milli on tons. 

The tally for this year's total 
grain harvest is not yet in, but 
foreign grain suppliers said they 
expected total grain output to 
fall 10 million ions from a total 
last year of 465 million ions. 

China has announced bans 
on the export of cotton and rice. 
Grain-exporting countries 
expecting Chinese grain 



4 A SON 

19M 


TOM 


fnefex 


Exchange 
Hong Kong Hang Seng 


Friday 


s Qjf&: 

■ -r too* 


7,78007 t , -3,4$ 


are 


purchases on international mar- 
kets to roughly double this year, 
to about 10 million tons. 


■ Industrial Production Up 
Chinese industry produced 
goods worth 149.8 bilnon yuan 


^igapora 

Strate Times 

2,tttL2fi “ 2,139.68 - -1:78; 

Sydney 

ABOn&aries 

ffiSOM - • '1^75.00 _ , -A» * 

Tokyo 

Nackei'225 " 

ism' Jf JBST-: 

Kuala Lumpur Composite 

,.925.34. ■ -1^. 

Ban^nk 

SET 

1V87&S0 1»Sia2e - -2.42 . 

Seoul 

Crcnposte Stock 

"iJsSLTQ 

Taipei 

Weighted Price 


ManSa 

PSE 

2jm*r assess -1S4 ; 

Jakarta 

Stock Index 

;4SM8'. 461-20 . - W- 

New Zealand 

NZSE-40 

I^SWS ; 1.914.22 • : t^7 

Bombay 

Natrorai Index 

Tj88W7 1 £17.49 +{X20 

Sources: Reuters, AFP 

lolemalh<njJ Fferjld Tribune 

Very briefly: 


(5 17.6 billion) in November, up 
23.6 percent from the year- ear- 
lier period, the Stale Statistics 
Office reported. 

The November expansion of 
industrial production com- 
pared with a year-on-year 
growth rate of 24.3 percent re- 
corded for October. 


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Decision on Samsung 
Sparks Protest in Seoul 


The Associated Press 

SEOUL — About 30,000 
autoworkers refused to work 
for a second day Friday to pro- 
test a government decision to 
let South Korea's biggest con- 
glomerate make passenger cars. 

About 8,000 employees from 
three of the country's five car- 
makers rallied in Seoul to de- 
mand that the decision be re- 
versed. 

They fear Samsung Heavy 
Industries Co.’s entry would 
glut tbe market and push them 
oul The Trade Mmistzy has 
countered that tougher compe- 
tition would benefit the auto 
industry in the long run. 

To many, tbe decision ap- 
pears to end a prolonged debate 
on whether or not the govern- 
ment should continue regulat- 


“ Companies will be freer to 
start new businesses.” 


• Elders IXL LtdL’s former chair man, John Elliott, was committed 
to stand trial in Melbourne on charges relating to a bogus multi- 
miliion dollar foreign-exchange deal. 

■ The Philippine Senate has postponed indefinitely a vote on the 
Uruguay Round pact under the General Agreement on Tariffs 
and Trade that had been scheduled for Friday. 

• Takashimaya Ox, the Japanese department store operator, plans 
to merge five of its affiliates to cut costs 

• Alcatel Akthom is forming a joint venture with Shanghai Befl 
Telephone Equpmem Marariactnring Co. to make, install and 
main lain telephone equipment in Chrna. 

• Akzo Nobel NV has agreed to set up a joint venture with Tianjin 
No. 2 Organic Chemical Plant to manufacture, market and sell 
organic peroxides for the polymer industry in China. 

• FLS Industries A/S, the Danish manufacturer of cement fac- 
tories, won a contract to expand a cement factory in Indonesia 
cement factory worth 600 million kroner (S97 million). 

• Samanda Holdings Bhd. has obtained permission from the 
Philippines to increase its equity stake in Westmont Bank to 40 

percent from 30 percenL Bloomberg, AFX. AFP, Reuters. Kmgki-Ridder 


Workers at the country’s No. 

2 automaker, Kia Motors Corp., 

and its subsidiary, Asia Motors ni ■* -w-» | a TT • 

Bleak Debut for Huaxm 


vocal opponents of the derision. 

But Hyundai Motor Co., Ko- 
rea’s largest car producer, has 
kepi silenL The Hyundai group 
of companies is the second-larg- 
est conglomerate in the country 
and while the policy chang e 
means a new competitor, it also 
increases its chances of gaining 
permission for a $9.6 billion plan 
tobuSd a major steel mill. 


Samsung Eyes Philippines 

The Samsung group of 
anies said it would i 


the country's pow- 


conglomerates. 

“From now, the government 
will reduce interference signifi- 
cantly,” said Jin Hong, an offi- 
cial at the Trade Ministry. 


com- 
panies said it would invest 
about half a billion dollars in 
the Philippines during the next 
five years, Bloomberg Business 
News reported from Manila. 
The group said the money 
would go into heavy industries 
and infrastructure projects. 


Compiled fa Our Stuft Frum Dispatches 

SHANGHAI — Shares in 
China's state-owned Huaxin 
Cement Co. plunged 18.4 per- 
cent on their first day of trad- 
ing, markin g the worst price 
performance of any new Chi- 
nese stock this year. 

Huaxin is a cement manufac- 
turer based in the central Chi- 
nese city of Wuhan. 

The company's newly issued 
‘B* shares, or snares available to 
foreign investors, fell 4.3 U.S. 
cents from the 23.3 cent issue 
price. 

The B share index lost 0.57 
points, or 0.89 percent, to end 
at 63.53 points. 

Analysts say China’s cement 
industry is plagued by outdated 


technology and inefficiency, 
making it a poor choice for in- 
vestors, especially at a time when 
the overall market is so weak. 

Stories in state-owned com- 
panies have lost luster because 
of concern about China's econ- 
omy overheating and mounting 
debt among state-owned enter- 
prises. Higher U.S. interest 
rates also have drawn interna- 
tional investors away from 
Asian stocks. 

“We’re disappointed but not 
surprised given current market 
conditions/' said Michael 
Dean, head of corporate fi- 
nance at Crfedit Lyonnais Secu- 
rities (Asia) Ltd., lead under- 
writer for Huaxin’s 87 million 
share placement. 

( Bloomberg, Reuters) 


INTERNATIONAL CLASSIFIED 


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INTERNATIONAL 
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TODAY 
PAGE 7 


personals 



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Saturday-Sumay, 

December 10-1 L 1994 
Page 14 


5? 


m 




M 


%m'£ 


FIRST 


column- W ill the Recovery Leave U.S. Airlines StaUe(1 ^5^^^2’ 


Turbulent 

Skies lor 

Investors 


By Christine Stopp 


T HIS WEEK, at the dawn of the 
most frenetic time of year for air 
travel in the United States, the 
major U.S. carrier Delta Air 
Lines Inc. announced fare reductions or 
up to 45 percent on selected routes for 
travel during the holiday season. Other 
major U.S. airlines matched the fares- 
Such a development raises a fundamen- 
tal question Tor investors: Can an industry 
that agrees to slash its profit margins dur- 
ing a season when, historically, demand 
has often outweighed supply, be any glace 
to put one’s money? The answers from 
analysts are varied. Some say that stream- 
lining by the airlines should result in earn- 
ings growth fairly soon, while others warn 
that any sustained upturn for the industry 
is not yet upon the horizon. 

To be sure, the U.S. airline sector has 
not taken wing along with the overall 
economic recovery in the States. Standard 
& Poor's airline index, a weighted average 
comprised of four major earners — AM* 
Corp., which operates American Airlines. 
Delta, Southwest Airlines Co. and US Air 
Group Inc. — has fallen nearly 30 percent 
this year. The Dow Jones industrial aver- 
age, by contrast, has lost less than 1 per- 

^The story is one of chronic overcapaci- 
tv structural problems and, clearly, bitter 
Salman of which have led to major 
ccist-OJtting programs. For axampte. 
American Airlines announced a plan ear- 
uer this months to cut about t SMowjc* 


AKING money in the aviation 

M industry, whether ifs by cann- 
ing passengers, manufacturing 
co mm ercial or mi li ta r y air- 
craft, or servicing those two sectors, seems 
an increasingly daunting endeavor. 

In commercial aviation, for example, 
profitability depends largely on sustained, 
healthy demand, itself a function of eco- 
nomic conditions over which airlines have 
no control. Granted, one could say Lhe 
same thing about many industries. But 
airlines are also faced with another omni- 
present wild card — the price of jet fuel. 
When it goes up, losses tend to mount. 

Deregulation, moreover, while resulting 
in lower fares for travelers, has also taken 
its toll on earnings. In the United States, 
an “open skies” policy has led to fare wars 


that have chopped profit margins to the 
bone and led to massive cost-cutting pro- 
grams directed chiefly at labor. Much of 
the same could happen, although some 
analysts deny it, in the European Union 
over the next few years, as carriers prepare 
for greatly increased deregulation that will 
taifft effect on April 1, 1997- 

All in all. global airlines have lost more 
than $15 billion over the past four years. 

Competition is no less intense in the U.S. 
defense sector where, since 1990, the gov- 
ernment's budget for military hardware 
(which includes warplanes) has shrunk by 
over 40 percent and defense contractors 
have ehmmated over 700,000 jobs. Mergers 
and cost-cutting are the orders of the day 
and, agam, a® profit margins have been 
slashed, so have earnings. 

Some financial analysts are forecasting 
a return to profitability for some commer- 
cial carriers in 1995, as well as for some 
defense contractors. Their argument is 
that the effects of streamlining are taking 
hold and that leaner, meaner companies 

are emerging. . . 

That may be, but many indicators show 
that appreciable profits will takelonger to 
show up, perhaps until 1997. Therefore, 
when listening to this optimistic hypothesis, 
bring along a 747-sized dose of skepticism. 


lems in recent years, the latest incident 
having occurred in September when one 
of its Boeing 737 jets crashed near Pitts- 


Airline and Aerospace Stocks^ 


VJL IM innr—D rf , , 

burgh, Penusylvaiua. Industry ooervers 
say that USAjt faces an extremely diffi- 
cult challenge in trying to regain the confi- 
dence of the traveling public. 


Page 15 

Circuitous routes to the sector 
U.S. defense contractors 
Asian Pacific carriers 


Mr. Engel is one analyst who, generally 
caking, feels bullish on the U.S- airlines. 


“t think the sector will make some money 
this year,” he said. “There will be a return 
to profitability. There has not been a lot of 

capital spending, so companies are gener- 
ating cash flow and beginning the process 
of de-leveraging. 

“It depends on whether you see the 


Page 17 

European airline shares 


glass as naif-full or half-empty, he con- 
tinued. “If you believe in the long-term 
trend of airlines in line with the economy, 
you’ll be bullish. But if you think we are in 
a new era where we wul not see revenue 


a new era where we will not see revenue 
growth in line with the economy, you will 
not be bullish.” 


uer UU a Uik'uui ^ , . 4 

primarily from service and maintenance 
rLcirinns in its ongoing efforts to slash its 


positions, in its ongoing efforts to slasn its 
labor expenses. Since the beginning of tost 
year, American has eliminated about 
5,700 full-time positions, including over 
600 furloughed pilots. 

Delta, which has lost nearly $2 billion 
since 1990, has declared its intentions to 
cut $340 million a year in salaries for 
pilots, with whom it is embroiled in nego- 
tiations. And USAir is seeking to reduce 
labor costs by $500 million annually. The 
litany goes on. 

Glenn Engel, an airlines analyst at 
Goldman Sachs in New York, said that 
another way in which carriers are looking 
to reduce capacity and costs is by reducing 
their fleets of planes. One example, he 
said, is USAir, which announced last 
month that it planned to sell or lease 44 of 
its jets next year and use the proceeds to 
pay down' its $2.77 billion of long-term 

USAir has been plagued by safety prob- 


Mr. Pn gr .l is recommending shares in 
AMR Corp., and thinks that Delta and 
UAL Corp., which runs United Airlines, 
will moderately outperform the market. 
He rates USAir and Southwest as average 
performers. 

Qndara Browning, an airline analyst at 
Merrill Lynch in New York, also likes 
AMR Corp-. as wefl as Delta. But she 
downgraded Southwest to a “neutral” rat- 
ing this week. “Southwest is an excellent 
company,” she said. “But ifs being as- 
saniffiri by competitors. The next six 
months to a year will be difficult.” 

Southwest, a low-cost, short-haul carri- 
er whose entire fleet consists of Boeing 
737s, has been the darting of travelers and 
investors alike over the past few years, 
turning in a stellar performance both from 
a profitability and customer-satisfaction 
standpoint. The company's profits, more- 
over, indicate that it surviving tough com- 
petition. In this year's third quarter. 
Southwest's profits rose 20 percent to 
$58.6 million, or 40 cents a share, over the 
like period last year. 

P aul Beriinguet, a portfolio manager at 
Baring Asset Management in Boston who 
follows airline shares, agreed that South- 
west is well-run, but he said he would not 
recommend the shares for the next year or 
so because of the struggle with start-up 
competitors. _ , , 

Mr Beriinguet said that Delta and 
United should do well if their short : hauI 
routes are passed successfully to regional 
carriers. He also feels positive about 
American, provided it reaches agreements 
in its labor negotiations. He was less san- 
guine on USAir. 


“Thar cash position has always been a 
worry,” he said. “And the recent problems 
over safety exacerbate this. On this stock, 
there is a risk going forward.” 

Regarding the sector as a whole, Mr. 
Beriinguet added: “It wffl be tough for the 
sector oyer the next year or two. Things 
will look up if they can reduce capacity, 
get good labor agreements, have stable 
fuel prices, and have some success at re- 
structuring. It could be interesting long- 
term. There are signs of life three years 
out. , pq. 

Derek Webb, a fund manager at Gi 
Capital Management Inc. in San Francisco 
who follows airtine stocks, said he likes two 
regional carriers, Utah-based Skywest Inc. 
arid Atlantarbased Atlantic Southeast Air- 
lines Ina, known as ASAL On the sector 
overall, however, he is decidedly bearish. 

“The economic environment looks 
good and the airiin® fa™ off 

some excess capacity, said Mr. Webb. If 
the economy stayed robust, one day they 
would start making money. But at some 
point, the economy will turn down, wiu 
they have worked off enough planes. 

Probably not . ' 

“There are simply too many planes ana 
not enough people,” he continued. “It is a 
poorly managed industry — in a sense, a 
pure commodity business. It will go no- 
where” 


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A Grounded AUenuitive 


By Rupert Bruce 


O NE alternative for investors 
seeking exposure to the avia- 
tion industry without shoul- 
dering the risks of relatively 
volatile airline stocks is buying shares in 
airport companies. These concerns earn 
their revenue from takeoff fees, retailing 
and property rents. 






schillings 

Vienna Airport 


. In .local qba&QP?;:, 




BAA, Kobenhavns Lufthavne (Copen- 
hagen Airports), and Flughafen i Wien 
AG (Vienna Airport) — have all been 
privatized within the past eight years. To 
varying degrees, say industry observers, 
they have the attractive features some- 
times associated with new privatizations, 
including a wide scope for cost cutting 
and little competition. 

Ian Wild, a transport analyst at the 
British brokerage Barclays de Zoete 
Wedd, said he likes airport companies. 

“We like the sector because of the 
relatively risk-free access to air transport 
and the tremendous potential for doing 
more with the spin-off commercial activ- 
ities,” he said. ... , . 

If long-term growth in air traffic ulti- 
mately serves as a catalyst for share price 
increases for these companies, their fu- 
ture could be bright indeed, add other 
analysts. And traffic seems likely to grow 
substantially. According to the U.K. 
Civil Aviation Authority, global air traf- 
fic will double by the end of the decade. 
Such huge growth would translate into 
more fees from aircraft, more retailing 
and more property revenue for airport 
companies. 

Since the government of former prime 
minis ter Margaret Thatcher sold off 97 
percent of BAA shares in 1988, the 
shares have risen from 245 pence ($3.82) 
to around 490 pence, with a one-for-one 
share split along the way. In other words, 
the shares are worth about four times 
what they were. This move has been 


Qanish Kroner 

;340; Copenhagen Airports 

■33& : — ; — ns 1 


Source: Bloomberg 


percent stake to the public. Copenhagen 
Airports, which trades on the Copenha- 
gen exchange as well as on the SEAQ 
International Exchange in London, fol- 
lowed, selling a 25 percent stake to the 
public last April 

The shares of both have performed 
well. Vienna’s shares are from 335 
Austrian schillings ($30.31) at launch to 
around 475 schillings this week. Copen- 
hagen’s have also done well rising from 
310 Danish kroner ($50.48) per share at 
launch to around 337 kroner this week. 

Vienna's prospects are perhaps the 
best, say some analysts. Poised at a criti- 
cal juncture between Eastern and West- 
ern Europe, its business should grow 
along with pan-European trade. 

In addition, the fall of Cold-War bor- 


aged and most diversified, its shares are 


fairly pricey. 

Mike Powell, an aviation analyst at 
NatWest Markets in London, estimates 
that BAA shares are trading at about IS 
times (he company’s forecasted 1994/95 
cash flow, compared with eight times for 
the other two. Partly as a result, he rec- 
ommends buying shares of Copenhagen 
and Vienna, but not those in BAA. 

Mr. Wild places a great deal of empha- 
sis on government regulation, noting 
that heavy regulation can stall profits 
from airport fees. 

“We’re buyers only of Copenhagen 
shares,” he said. “That is partly because 
of the more relaxed regulatory system [in 
Denmark], in that formal regulation car- 
ries with it a relative amount of risk. But 


den has enlarged the airport’s potential 
passenger market Vienna Airport esti- 


solid earnings growth. 
BAA’s ore-tax profit from 


its airport portfolio of Heathrow, 
Gatwick, Stansted, Glasgow, Edinburgh, 
Aberdeen, and Southampton airports 
has almost doubled from £166 million to 
£322 million. Earnings per share for the 
company, which trades on the London 
Stock Exchange, have soared from 21 
pence to 47 pence. 

Encouraged by the success of the BAA 
privatization, the Danish and Austrian 
governments moved ahead with simil ar 
projects. The companies differ from 
BAA, however, in that each runs only 
one or two airports rather than a stable 
of them. Vienna Airport, which trades on 
the Vienna exchange, was privatized in 
1992, when the government sold a 27 


mates that the number of passengers 
using its facilities will grow by 8 percent 
to 7.7 million this year and will continue 
to climb by 8 percent annually until 
2000. Part of the increase, the company 
says, will come from passengers who live 
in or plan to visit parts of the Czech 
Republic, Slovakia, and Hungary. 

Copenhagen Airports says it is dedi- 
cated to cutting away the corporate fat of 
life in the state sector. This approach was 
emphasized in pre-float presentations to 
institutional investors — pension funds 
and the like — across Europe last March. 
One of the key charts presented to ana- 
lysts at the time concerned “movements 
versus employees," or the company’s in- 
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Many analysts are currently recom- 
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that while BAA is perhaps the best-man- 


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According to Mr. Wild, Copenhagen's 
privatization should bring the company 
freedom to seek greater productivity ana 
should, moreover, lend it the corporate 
culture to build a business similar to that 
of BAA. He noted that SAS, the Scandi- 
navian airline, will this s ummer lose the 
franchise on retail and restaurant ser- 
vices at Copenhagen Airport that it has 
owned for several years. That franchise 
will revert back to the airport company, 
providing a strong source of revenue. 

The post-privatization success of BAA 
and its two younger siblings has not been 
lost on governments elsewhere. One ana- 
lyst noted that, at a recent conference 
attended by executives of state-owned 
airports from all over the world, dele- 
gates were asked to put up their hnnH^ if 
they felt that shares in their airports 
would be sold to the public within five 
years. Thirty of the 50 executives present 
did so, said the analyst. 


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INTERNATIONAL HERALD TRIB UNE. SATURDAY -SUNDAY, DECEMBER 10-11, 1994 

THE MONEY REPORT 


Page 15 



Serving the Airlines 

Share prices in local currency 


By Baie Netzer 


HARES in companies 

^ ana ff auporus are 
not the only way f or in _ 
vestors to gain exposure 
* ' J5L??, a S tl ? n sector without 
buym 8 atrftne stocks. 

1 tnoeed,. companies that male* 



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, - companies that make 
% jet engmes, flight simulator, 
r. even those that provide food 
conn*** 

K 

i '■* SS S ^ CS ' *”** shares can pro- 
wk investors with a biSfer 

■ ^ the outlook for aitSnS 

i,; turns negative, 
b* One sach company is Dial 
. • Cmpofatton, a $3.6 billion con- 
: C snmer products and services 
•> based in Phoenix, Ari- 

( - zona. Dial draws about 20 per- 
°=nt of its revalues from its Ten- 
> nessee-based subsidiary, Dobbs 
■■ ^anatianaJ Services, which is 
i '■* tn® mificst airline catering com- 
parry m the United States! 

! - o. >!li£ I ? ves ’ ? ^-president 
. - at Merrill Lynch in New Yoric 

; 2 Jo tracks Dial Corp., rates its 
! ’• S"*? L above average,” al- 

• • though she notes that Dobbs’s 
. catering business has been nee- 
, j all vdy i mp acted by the removal 
1 * of meal service cm many short- 
i haul flights. Dobbs has success- 
; ,« fully chased new business, how- 

< k ever, recently w inning a con- 
i < tract worth $12 million to cater 
! * Lufthansa flights out of Atlanta 
; and Washington, D.C. 

In addition, Dobbs has 
mounted an aggressive challenge 

to a competitor. New York- 
r based diversified services com- 

• pany Qgden Coip., in areas such 
as airp ort baggage handling and 

• au craft fueling. But profit mar- 
! gins in these businesses have 

• shrunk significantly in recent 
: years, saxf Miss Neves. Ogden, 
i for example, no longer operates 
. brapge handling at New York’s 

John F. Kennedy airport be- 
cause profit margins have been 
' squeezed too tight 

_ “Both Ogden and Dial pro- 

• vide investors with airtine-relat- 
) ed business exposure, but it's 

• '^different in nature,” said Miss 
: Aleves. “Dial is more exposed to 

the domestic market, but if dm- 


dend yield is important to an 

P# den . °**m» a fat 6 
potent while Dial is at about 3 
percent. 

lnf Ug ^ lS ^ ety Inie mationaI 
Inc., which provides advanced 

S™pg. *o pilots through the 
UM of highly sophisticated sim- 
£“°S- used to be a spectacular 
growth stock, achieving 20 per- 
cent annual earnings* groSS, 
during a 10-year span that 
crossed from the 1970s into (he 
1980s. Since 1990, however, the 
company’s earnings have been 
relatively flat. 

. T° ra Albrecht, a transporta- 
bon analyst at the New York 
brokerage A.G. Edwards, said 
mat investors will need to ad- 
just to the idea of owning a 
more mature company. 
m Still, he called FlightSafety 
one of the best-managed small 
companies in the country and 
said that revenues could get a 
boost if proposed changes in 
iederal aviation regulations 
were approved. The changes 
would require pilots who fly 
certain aircraft for regional air- 
lines to meet the same training 
requirements as pilots at large 
commercial airlines. About 25 
percent of FlightSafety’s reve- 
nues currently stem from train- 
ing regional, domestic and for- 
eign carrier pilots. Mr. Albrecht 
currently has a “hold” rating on 
FlightSafety shares. 

After the 1989 Exxon Valdez 
oil spill, FlightSafety won a 
contract from Exxon Corp. to 
provide marine navigation 
training to tanker cap tains Al- 
though the marine business 
now accounts for only 5 percent 
of the company’s revenues, Mr. 
Albrecht said the division could 
grow by 20 percent annually 
over the next few years. 

Indeed, analysts say that a 
smart diversification strategy 
can only help prospects for a 
stock even when its airline-re- 
lated business is going strong. 
For example, plans by jet-en- 
gine maker RoDs-Royce PLC 
and a partner, Westmghouse 
Electric Corp„ to employ jet- 
engine technology for power 
generation in Asia has huge 
market potential, say experts. 

A number of other moves by 


44 

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FlightSafety 

International 



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-t-LX I. L XJULS I 


Dec/93 



Mergers , Cutbacks 
Test the Mettle of 
U,S . Defense Stocks 


Downsizing Still 

Share prices in do Bars 

59 


By Judith Refaak 



Dec. ^3 

Source. Bloomberg 


Dac.*94 


Dec. 93 


Dec. '04 


fin 


Rolls-Royce have also won ana- 
lyst support. Many believe that 
the recently announced $525 
million acquisition of turbo- 
prop engine maker Allison En- 
gine Co. should broaden Rolls- 
Royce’s scope and add a 
competitive advantage against 
competitors General Electric 
Co. and Pratt & Whitney, a unit 
of United Technologies Corp. 

Keith Hodgkinson. an aero- 
space analyst at Lehman Broth- 
ers in London, says that with the 
winding down of research and 
development costs for Rolls- 
Royce’s Trent engine, which is 
designed for use on Boeing's new 
777 aircraft, pre-tax profits for 
the company should climb from 
£110 million f$171 million) this 
year to £250 million in 1996. He 
believes the stock, now trading 
at around 177 pence ($2.76), can 
double in price over the next 
three to four years. 

“About 35 percent of Rolls- 
Royce engines in service 
haven’t yet reached the age 
where they need spare parts, so 
there’s enormous potential out 
there,” said Mr. Hodgkmson. 


“In fact, Rolls-Royce is one of 
the few U.K. companies of any 
description that has real poten- 
tial for growth.” 

Such rosy predictions are 
harder to come by for Chicago- 
based AAR Corporation, which 
supplies products and services 
for commercial and military air- 
craft. Having experienced strong 
growth in the 1980s. AAR has 
seen its earnings slip more than 
50 percent since 1990. 

AAR has not won raves for 
its attempts at diversification. 
About one half of its revenues 
stem from the sale and lease of 
spare aircraft parts, while an- 
other 25 percent is drawn from 
component overhaul But the 
company has been plagued by 
manufacturing problems, ac- 
cording to Mr. Albrecht 

Mr. Albrecht added that al- 
though AAR enjoys a high de- 
gree of customer confidence 
and has recently gained more 
business from start-up airlines, 
he would recommend a less-vol- 
atile stock for investors seeking 
indirect exposure to the airline 
industry. 


Prospects Are Mixed for Asian Pacific Carriers 


T HE U.S. aerospace in- 
dustry has been down- 
sizing since 1989, but 
1994 has turned out to 
be the year in which post-Cold 
War consolidation really hit 
home. 

Two mega-mergers, one a 
done deal, the other pending, 
have dominated the industry 
landscape. The first took place 
oa April 4, when Grumman 
Corp., whose products include 
the J STARS aircraft-borne ra- 
dar system, accepted a $62-a- 
share, $2. 1 7 billion buyout offer 
from Northrop Corp., maker of 
the B-2 Stealth bomber. Left at 
the altar was Martin Marietta 
Corp., which had offered $55 a 
share for Grumman. 

But Martin Marietta, which 
specializes in space vehicles and 
high-tech avionics systems, was 
not destined to remain alone. 
On August 30, Lockheed Corp., 
whose strength is in fighter 
planes such as the F- 16 and the 
F-I17A Stealth, announced 
with Martin Marietta that the 
two companies would merge to 
create the largest U.S. defense 
contractor. The companies had 
combined sales of nearly $23 
billion in 1993. The deal is 
pending a U.S. Federal Trade 
Commission examination con- 
cerning whether it violates anti- 
trust laws. 

Earnings growth prospects 
for these mergers and other 
aerospace companies are still 
uncertain, say analysts. Indeed, 
the shrinkage of the U.S. mili- 
tary machine — Pentagon hard- 
ware orders have fallen by more 
than 40 percent over the past 
five years — is con tinuing 
“We’re through with roughly 
half the downsizing,” says Jerry 
Cantwefl, an analyst with Uon- 
heart Research, a New York 
firm that specializes in analyzing 
defense and aerospace stocks. 
“There’s a lot more to go.” 

Mr. Cantwell said he likes the 
newly-forged Northrop Grum- 
man Corp. despite the compa- 
ny’s disappointing third-quarter 
earnings of 79 cents a share. Es- 
timates had been $1.10 a share. 
“It's had its share of earnings 


difficulties in 1994,” said Mr. 
CantwdL “But it’s a stronger 
company combined, and we 
think its easing power is well 
above what it is currently dem- 
onstrating. If you look at oper- 
ating earnings, they were about 
54.75 a share thisyear, and we 
think that they will be well over 
$5 a share for 1995." 

Mr. Cantwell died “decent 
prospects” for more govern- 
ment funding for the B-2 
Stealth bomber, and noted that 
Northrop Gr umman commer- 
cial subcontracting business of 
making fuselages for the Boeing 
747 would be boosted by an 
upturn in commercial airline 
orders, which is widely antici- 
pated. 

Most analysts feel that the 
Lockheed-Martin Marietta 
merger will indeed pass regula- 
tory muster, but many are re- 
serving judgement on its future 
prospects. Mr. Cantwell, howev- 
er, ventured an opinion. 

“The companies are very 
complimentary, and they will 
be able to get rid of a lot of 
capacity, but it’s too soon to say 
what facilities will shut down,” 
be said. “I think the combined 
company will earn $5 a share in 
1995, and earnings will be up in 
1996 because there will be a lot 
of cost-cutting going on. 

Analyst opinion differs, 
meanwhile, on McDonnell 
Douglas Corp., whose military 
products include the Harpoon 
missle, the Tomahawk cruise 
missle, and the Apache helicop- 
ter. McDonnell Douglas is alw 
a major manufacturer of com- 
mercial aircraft such as the 
MD-80. 

The company’s boosters on 
Wall Street have been well-re- 
warded tins year, as McDonnell 
Douglas has widened its profit 
margins on military hardware 
and stabilized its struggling 
commercial business. Its snares 
have soared from a low of $104 
in January to around $144 cur- 
rently. 

Some analysts think the 
shares are too pricey and that 
the prospect of Lockheed Mar- 
tin as a strong competitor to 
McDonnell Douglas’s tactical 
fighter aircraft business raises 



Deem 

Source : Bloomberg 


Dec-S* Obc.93 


Oee .94 


HIT 


still more questions. Others, 
however, think the stock will 
continue to rise. “I'm still posi- 
tive on McDonnell,” said Wolf- 
gang Demisch, an aerospace 
analyst at BT Securities. “Their 
valuation is still modest 'and 
well within that of the industry, 
and I expect more than $15 a 
share in earnings next year.” 

Steven Lewins, an aerospace 
analyst with Grunial & Co., a 
New York brokerage, thinks 
that more large mergers may be 
in tiie offing He said that 
Boeing Co„ whose military-ori- 
ented business is small but prof- 
itable, might ultimately try to 
acquire Northrup Grumman. 

Indeed, Seattle-based 
Boeing, the world’s largest mak- 
er of commercial aircraft, has 
been struggling against soft de- 
mand for its jetliners. “They’re 
spending at a high rate for re- 
search and development at this 
point, and they’re still main- 
taining good earnings and prof- 
itability,” said Mr. Demisch, 
who has a “buy” rating on 
Boeing shares. 

“As business picks up with 


the commercial recovery over 
the next couple of years, it’s my 
expectation that by the end of 
the decade their earnings will 
quadruple to $8 a share.” Some 
analysts are even more optimis- 
tic, projecting earnings as high 
as $10 to SI2 a share by 1999. 

But not everyone is prepared 
to jump on board Boeing. 
“Boeing’s recovery is not con- 
tingent on the airlines’ traffic 
growth," said Nicholas Hey- 
mann, an analyst at NatWest 
Securities in New York, who 
rates the stock “hokL” 

David Pizzimenti of Nomura 
Research Institute thiiilr-g a bet- 
ter way to play the upturn in 
commercial aircraft orders is 
through a stock like United 
Technologies Corp. Tbe com- 
pany owns Pratt & Whitney, 
one of the largest makers of 
airplane engines, as well as Si- 
korsky Aircraft, a prime maker 
of military helicopters. 

“United Technology’s stock 
is selling at around $59 right 
now," said Mr. Pizzimenti “A 
year from now, it could be in 
the low 70s.” 


By Digby Larner 


itkSon 


. ■ -.-ir 








I N TROUBLED times for 
the world's airline indus- 
try, some carriers in the 
Asian Pacific region have 
managed to turn in some im- 
pressive results in recent years. 

The highest achievers have 
been those based in emerging- 
market countries. Thanks to the 
dual benefits of growing de- 
mand and relatively low costs in 
places such as Thailand and 
Malaysia, their aiiimes have 
had a strong competitive edge 
over companies based in more 
developed countries. 

Thai Airways International, 
for example, recently posted a 
net profit of $125 million for 
the financial year ended Sep- 
tember 30, an increase of 206 
percent over the previous year. 

On the other hand, airlines in 
Australia, Japan and New Zea- 
land have struggled, often fail- 
ing to maintain profits during 
recession. Qantas Airways, the 
Australian air carrier which is 
largely state owned, suffered a 
net loss of about 377 million 
Australian dollars ($292 mil- 
lion) in 1993. 

This year, however, there are 
signs that its marke t is picking 


up. Indeed, Both Qantas and 
Japan Air lines are both set to 
climb back into profit this year, 
say some analysts, while some 
of the younger camera in the 
market are feeling the pinch of 
competition for the first time. 

Glenn Engel, a transport an- 
alyst with Goldman Sadis in 
New York, doubts if former 
high-flying airlines in the region 
will continue to grow so fast in 
future. 

“The region has done well 
recently but now I would say 
it’s neutral,” he said. “The ones 
that did best have came from a 
fairly low cost base. Now things 
are tightening and the amount 
of competition building up 
there means it is unlikely they 
will continue to grow as rapid- 
ly.” 

Already hurl by growing 
competition has been the Hong 
Kong-based airline, Cathay Pa- 
cific Airways. Cathay’s share 
price dipped recently with the 
news that it plans to slash air 
fares by up to 20 percent on two 
of its prime routes in answer to 
price cuts from rivals. 

Cathay’s competition has in- 
tensified since U.K-based Vir- 
gin Atlantic and the Australian 
domestic carrier, Ansett Air- 


lines, were granted routes out of 
Hong Kong this year. 

Terence Chan, an analyst 
with Kleinwort Benson Securi- 
ties (Asia) in Hong Kong, is 
currently putting together a re- 
port outlining Cathay’s pros- 
pects. He said there are signs 
that the airline is reining back 
its growth. 

Although Cathay Pacific is 
taking delivery of 15 new Air- 
buses over the next two years, 
he said, these are to replace 
planes that are being retired. 

“Therefore,” said Mr. 
Chan, “there will be no net ex- 
pansion. There is also some un- 
certainty over whether the air- 
line can pick up the Japanese 
traffic it lost during tbe reces- 
sion, now the Japanese econo- 
my seems to be improving.” 

Laurent del Grande, a trans- 
with Kleinwort 
International in Tokyo, 
warned that the apparent recov- 
ery of some former loss-making 
amines may be short lived 

He said be doubted if J: 

Air Lines’ half-year profit 
billion yen ($200 million), an- 
nounced last month, will be 
matched in the second half. 


“JAL has been in the red for 
three years, so it is keen to show 
a surplus this year.” he said. 
“Unfortunately, about 3 billion 
yen of its half-year profit was 
because of failing oil prices 
rather than because of anything 
it achieved itself. To boost its 
figures this time, it will proba- 
bly have to seD some assets.” 


BRIEFCASE 


i Bonds Post Positive 
! Returns In November 

I For the second straight 
j month, global govern molt bond 
• markets in November posted 
1 positive returns on average, ao- 
! ermting to UJC-bosed Kemper 
! Investment Management. 

| Returns in local currency 

^ ?Sdled States, with U^T^re*- 
smys posting a negative return 
of about half of 1 percent 


I 


Fltzrovla Publishes 
New Guide to Funds 

The Umbrella Fund Hand- 
book, a new guide to over 450 
offshore funds, has been pub- 
lished by London-based Fitzro- 
via International. Among other 
detailed information, the vol- 
ume provides performance 
rankings based on the consis- 
tency of previous returns. 

The guide costs £149 ($232) 
plus postage. For further infor- 


mation, contact Fkzrovia mi 
(44.71) 2243284. 

Next week in the Money Report: 
a look at financial gifts. 


The Money Report is edited 
by Martin Baker 


No. 1 

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Tooig reodefi n France 

Vi newer been easier to subscribe 
ord save with our new 
toU free savicB. 

Just colt us today at 
05437437 . 



For information on how to list your fund, fax Catherine de VIENNE at (33-1) 46 37 21 33. 







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me European Airlines Are Gitching Tailwinds 


DENTIFYING winners 


I® airimeTuS 

' ?“ Winners were 

< Jfe.'jK national flag-carriers 
« and-, toe losers weretSe «m»n 
; pnvatdy owned airlines tnSe 

i to break mto the business. 

I ’njeWggcst losers, perhaps, 
f were „ e Passengers who were 
• oonmdled to pay some of Lhe 
, wgnest ticket prices in the 

- world. 

) But all that is changing. The 
,; European Union’s open sides 
' program, which is gradually 

opening im , . . 


i todash costs in preparation for 
But ana lysts say 
i ***** (hfficulnes m negotiating 
i with their employees and con- 
j toned reliance on state subsi- 
t dies mean that these airlines 
| face turbulent times ahead, 
t For example, Iberia Air 
* Lines of Spam is currently seek- 


“g a 130 billion peseta (SI bU- 
11131 musl ^ 
!!£“»*> lhe European 
nioa Other state-owned air 

2SSJ?, meanwhile, 

to receivc a total of S7 

« government aid ap- 

com panies need more 
ffigUf* 1 to k*P going,” said 
«uth Thoum. an airline analyst 
at temper Investment Man- 
agement m London. “It would 
De mce to see some of them 
drop out instead. Iberia, Olym- 
pic, Ali talia, Air France and 
maybe Sabena will collapse 
during the next downturn with- 
out further state aid.” 

the open-skies poli- 
cy shouldn't hurt European air- 
lines as badly as deregulation 
has cnppled many carriers in 
the United States, say other in- 
dustry observers. The reason, 
add many, is that in Europe 
airlines win be forced to de- 
crease capacity. 

. think that state sub- 

sidies will have the same effect 


as Chapter 11 did in the U.S. 
and allow ‘uneconomic’ airlines 
to keep flying,” said Mike Pow- 
ell, an airline analyst at 
NatWest Markets in London, 
referring to U.S. debt-protec- 
tion laws. “But the conditions 
likely to be placed on any fur- 
ther subsidies will really restrict 

capacity." 

Chris Tarty, an analyst at 
Klein wort Benson Securities in 
London, agreed. “What hap- 
pened in the Stales is simply not 
going to happen in Europe be- 
cause there is a completely dif- 
ferent infrastructure here that 
won’t allow the same scope for 
regional traffic growth," he 
said. 

There is apparently ample 
room for growth in the Europe- 
an airline industry as a whole, 
however. The International Air 
Transport Association forecasts 
average international traffic 
growth of 3.9 percent annually 
for European carriers over the 
next five years. But in contrast 
to the United States, there is 
still only a handful of small, 


TImi Lucky Few Share prices in local currency 


independent airlines in Europe 
tiying to compete with the na- 
tional behemoths. Most of 
these, including Virgin and 
British Midland, remain in pri- 
vate hands and therefore offer 
little scope for investors. 

Only three European airlines 
— British Airways PLC, KLM 
Royal Dutch Airlines and 
Lufthansa AG of Germany — 
are consistently cited as attrac- 
tive investments by industry an- 
alysis. These, many say, have 
been the most successful at cut- 
ting costs and developing the 
cross shareholdings and mar- 
keting alliances that will allow 
them to compete with giant 
American and Asian Pacific 
carriers. 

British Airways’ $400 million 
stake in USAir Group Inc. has 
caused Lhe company some 
problems in recent months, but 
analysts argue that the Ha mage 
to the share price — which Is 
down almost 25 percent since 
USAir issued a profits warning 
at the beginning of this year — 
has been overdone. 



I Deutsche marie 



a J. F. M. A. M. J. 


Source: Bloomberg 

“BA’s globalization program 
has been marred by USAir’s 
poor financial performance, but 
the market has possibly overre- 
acted to this news,” said Guy 
Kdcwick, an aviation analyst at 
Lehman Brothers in London. 

KLM has had belter success 
to date with its U.S. alliance. 
The company, which is 38 per- 
cent state-owned, paid $400 
million for a 20 percent stake in 
Northwest Airlines in 1989. De- 


spite Northwest's brush with 
bankruptcy last year, the two 
airlines are working well togeth- 
er, analysts say, helping to 
make KLM perhaps the most 
attractive airline in Europe. 


“KLM is conservatively fi- 
nanced, well-managed, has a 
sound expansion strategy and 
has one of the industry's youn- 
gest fleets,” said Candace 
Browning at Merrill Lynch in 


ts& l Swiss francs 
150 

- 

125 

tsni:.-; .: 
“jguildars 


Swissair 










A S O. N. D 


f .... i- « JS •>> l# ; ■*.' -X • 

40 .. .. :0-V ■= : > 

3St...^_A j; WSUL-.3i3-a.ii * SULdt^dtSiUoSiOiSii 
O J.. F. M. A g. S.. ' 0...' M. ;t>;' 


New York. “Its long-term pros- 
pects are excellent." 

Lufthansa, still 36 percent 
owned by the German govern- 
ment but slated for complete 
privatization by the end of next 
year, has also negotiated a suc- 
cessful VS. alliance, with UAL 
Corp., which runs United Air- 
lines. “Lufthansa has done ab- 
solutely everything right and 
the momentum in the company 
for Change is phenom enal, " said 


Mr. Tarry. “We will see the 
benefits continuing for some 
time.” 

Mr. Tarry expects Lufthansa 
to make a profit of 330 million 
Deutsche marks ($210 million) 
this year, compared with a loss 
of HO million DM in 1993. 

Smaller European airlines, 
including Swissair and Finnair, 
are cited as attractive by some 
analysts. 


THE FUND PERFORMANCE FOCUS 


i tag n* nu nos mb tkz kudciw i 


The Fond Performance Focus has been created in 
order to ghre our readers investment information 
bn internationally marketed mutual funds with 
consistently strong performance figures. 

If you are interested in knowing more about any 
of the mutual fund groups advertising In this 
section, simply circle the appropriate number on 
tiie coupon (at the bottom of the page) and return 
it to ns by letter or fax and information win be 
mailed to you by the companies Involved. 

The I.H.T. would like to remind its readers that 
past performance is no guarantee of future 
results and that the value of an investment and 
the income from It can go down as wefl as up. 


Baring Global Emerging 
Markets Fund 



Baring Global Enlarging Markets Fund alms to achieve long- 
term growth through Investment in a diversified portfolio of 
developing country equity securities. 

On-the-spot management is central to the Barings approach 
end intensive research fs crucial to exploring all opportunities 
and controfflng any risks. Barings' employment of local language 
speakers, often native of the country of Investment, ensures 
greater acceptability In the markets. Barings has 24 emerging 
markBt experts (JooaHy, covering the current entering universe. 
The team nas an average of 9 years Investment experience and 
visits between four and five hundred companies each year. 

Baring International Rind Managers (Ireland} limited is part of 
the Barings Group which has been active in the world's financial 
markets since 1782. One hmJred years ago, a typical Brings 
client portfolio Included Investment in Latm America, Eastern 
Europe, China, South Africa and Fferssia. Today, the Baring Asset 
Management Group manages US$46.1 bfifion globally with a 
current ferial of US$5.5 bHon in emerging markets. 

We believe our etriaUished and suocessftri investment process 
Is structured to deliver superior performance in this asset class. 

Fbr further information, and details on how to obtain a prospectus, 

■ contacyrour Independent financial adviser or B&rfiigs on (44)71 


Inter Optimum 
Multicurrencies 


Inter Optimum Multicurrencies is a sub-fund of the Luxembourg 
umbrella bond *S1CAV Inter Optimum whose assets are invested 
mainly in bonds on the main international markets. Its net asset 
value Is denominated In Deutsche Marks. 

The fund is particularly aimed at investments in Continental Europe, 
more specifically in the Deutsche Mark zone (Germany, 

Netherlands) and global investors benefit from the strong Deutsche 
Mark as the fund's reference currency. 

Its diversification towards the main bond markets of the OECD 
countries enables It to capitalise on contrasting interest rate and 
currency trends. 

After the sharp decline in the bond markets in 1094 , and tire 
downward trend in the Dollar against all currencies worldwide, 
yields currently generated are particularly high and offer attractive 
profitability. 

Furthermore, the lack of Inflationary pressure in Europe gives rise to 
hopes of an improvement in the bond trend in the next few months. 
The main focus in the fund is currently bonds with Intermediate 
maturities ( 2/5 years) aiming at providing a good balance between 
attractive returns and protection of assets in markets eager to find a 
new balance following the recent crisis. 


Cl 



PkMMy Fda Nordc (SBQ* 


FTA North: (BEKT* 


rt. ... 

f ■ ... » *i 

# V 


si-Ocwi smuhu aw>cK« atwam sobjb bmdnm m-atiM 

•aM8nnwMpiKM<HdcWr-Oa»r, bwmIwwmw Inwihd. 

-twiint nrtrwa aeaiiiBi—ii nw»a 

The Fidelity Nordic Fund te currently the No. 1 performing Fund in its sector so far 
this year, over two years, over three years and since launch lust over four years ago 
Since launch, it has grown by more than 161.2%; that's an average annual return of 
25.9%““. 

By investing across the powerful markets of Scandinavia, the fund has been able to 
benefit from this region's early economic recovery. Now. with the rise In commodity 
prices and the rest of Europe emerging from the recession, we believe the prospects 
for this region continue to took attractive. 

The performance of Fidelity Nordic Fund also typifies Fidelity's careful 
’stockpkklng* approach to investment We donl rely on bought-ln research, instead, 
every year out experts on the ground visit or contact 41X000" companies world-wide In 
search of investment opportunities, in Europe alone we made over 2,000 company 
contacts last year. Its a highly successful approach that has helped make us the largest 
independent tavestmeot management organisation in the world. 

For further Information please contact one of our representatives on (+352) 251 351 230 
• 1% fijurr HritdB tfaiM of FMK. a US compaiv ant an ffjffiflir if FMrtty Jmerinous launutiMii 
** Smiw Mknpal NAVutNAV.jmnuiuwniaKsiaf.fol/12A4. 

3 


• • 


GLOBAL EQUITY 
FUND 

TUPQUARmEPES : «UUMX[N%CTQB > 


Tire Guinness Ffigbt Global Equity Fund, a Guernsey- 
based distributing fond, aims to achieve capital growth 
tbroagh invest i ng in an international portfolio of equities. 

Guinness Fli g ht applies its acknowledged expertise in 
currency management by mana gi n g the fund's currency 
exposure independently to its equity exposure. This 
seeks to avoid possible ero s i on of txodanariret gams 
r l i r ^igl i (sdangc rate movements. 

The ftrnd has outperformed the Morgan Stanley 
Capital international Index since its launch m January 
1985. Sin”- launch performance, Guinness Plight 
Global Equity Fund in US Dollars 461.8%, MSCI 
Vferid fork* 310.3%“. 

For further information, please contact our Investor 
Services Department in Guernsey on 


( 44)1481 712176 




Leveraged Capital Holdings 

25th anniversary 



Leveraged Capital Holdings N.V., a joint initiative of the Edmond de 
RjotbschOd Group tmd MeesPterson, was established in die 
Netherlands Antilles in 1969 as an open-end nmld-manager fond. 
Leveraged fiapfad Holdings invests in U.S. securities through a 

H Um hffr Of rf f fe b ftn* fwiffo man»g»H hy ranefnlly B ripciwt fond 

nrnnagent. 

The principle objective of the Fund is to provide investors with long 
wm iupftai appreciation and red uc ed volatility through a 


With more than $550 million now under m ana g eme nt, this Fnadhaa 
achieved a 15% annualized return on average over the past 25 years, 
as n jprfnsr fess than uH for the US stock marker reflected by tire 
SftP 500 Index (with 70% of dividends r ei nvested). 

The shares are listed on die Amsterdam Stock Exchange. 

For farther information please contact: 

MeesPierson Rotterdam, the Netherlands *31 10 40a 5090 


JL 

■■ OFFSHORE UK 
ra'pemat growth fund 




Qjnca Trial Sntarckl faok ow tfe raupmeot of tta PQ 
OtwyauStefoariat Ffodk has tkiawtiti^wfoiriapred 
both tha Ftt Europe (w-UK) Max nd tha lEcmpol tads at 
OUm Brepare Rod pafimm h fad, maafegfa HSfeffT 
sttifoca, awrfai gwjetnto 1 October 1994. liUmpi 
httttaMtiMireWIIMaofohdBaisareMffoltaiMt- 
pMomtag Erepreo ofcfoa M. 




GENERAL IWOmumON ON PBRKmJAL. UHIT TRUST 
MANAGEMENT (JIMMY) UNITED 

• OHereBoBiihoroFiajd* investing worldwide (MMmum tnVBSbiHfd: 
USS2.000) 

■ artca temch 7 Funds hmw ac hi eved top quarlfla perfannanoB 

• Over IIib last five yean, E out o* 0 Funds turn BChtoved top quwtlto 
parfonnancs 

• Offshore Portfaflo Mo nug o m a nt Sarvtoo, based on Fund range, also 
rentable ffOnfamum Invwtnwni: U8S1 EOjOOCO 

AJlEtslBtkx to W December 1994, on an o&r-iCH&ar. US Dctarbesto 

Inducing nakwssforibccvna not oTHtiWioUv (boss (source: Mfcrppajt. 

• FinlRBseerchUdlBalea^gkidBpendBntquaiMnnieemhcxnrperv- 

For further briocroattoo pteaxo ‘phone Marion Buchanan txi 
+44 {0)1534 68448, oraend hern fax on +44 (Q 15343891 & , 


1k> CratoreW mbb tm parfod^r satad to Ws ifecfoefo« styfei Mm« tfenbu 
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kkxtoaviiaUirisNmBltMimMifofanamRah(BVrtiNiiiisbaiBd«egravpapac&tv 
mN coNohL Such dtomm «h» Most fragawlk >0 ha fared «wpt roafon itadramsMiM 
Mds mJ arire rt NLfotcinMiliiictrifirafeBeearnltatwtppiBWOTssNpnntegdal 
ll» east sf Krene rintfon wMfo. 


ftmUmm CapM ksttnaSoaa/ h m uaX-fakmi 9b xsartoca 1 
pwNitoaT j a wtoure pmdhcftfafc m rfe Bta ivfrarttakren 
Ai Bmpm SbetndU fiwf ft tabbk va Am fudaett. 


ripteUtmthBm 

Imtkr-Mttula 


,11:3 '-a- I, 111 11 IP'.; 


P.0. Ire 121, Bahais, SL Pafar Part, B— m ay. fin 3K. Chwri kbric 


.H^ 


; v ■ ' 


SOGELUX FUND F 
Japanese Bonds 

of tbe MAV. 03.07.87 to 28.10.94, 1. IW 


^ ^ r~sss^ ggL.-sgs.asa 

SOCELUX FUND F [japanese Bonds] 

SB Japan >Jy*» r . — 

i ii r Hi r miiili 'ItfftV It 


W of USD 570 million. 

MX FUNDiodofe in nonotes oreSWraP»«®“ ^ 

and compartments sp^a ^ U|C Be |gjum, Spain 6 Itaiyl ana 

nominated l* 1 In USD. 

(versified world ^ p^llc WM. 
qiiityoompartmen^^^Mininfi and gold instrarnenK,^ 

^=SElKSSSSt markets, and 0,50 


Tbmpleton Global Growth Fund. 

(part of tht Templeton Global Strategy Funds) 


■ lbnpleiaa Clabol Canrih (A) 

M MM2 WwW Iwha M 7 


10.1 itJi 


1993 


VTD [« KM* Sen Uuorh 


OBJECTIVE 

geeks long-term capital growth by investing in equity related 
U«nM of w mbm hi ' hi and govenimeots of any nation. The but 
conency ie U8 dofiacs. 

COMMENTS 

Year to date (to 31 . 10 - 94 } the fund is up by 10 . 1 % which 
cnmnftr M vM t an iroTo^iftTi of 9 J% for the MSCH World index 
l ywM^imait Market seotixnant remains fragile as inveatora are 
imm ibabtr to cODCmtlttC tm thfi ilUpiOvjjQg OOtfook for 
rewnu profits, w the prospects far busier Inter rat cates. Mom 
equity marints look pretty folty veined moo bargains wo now harder 
to find, The fond il happy to mumtatn its exposure to nwnmodixy* 
related stocks sod is currently finding good value in sectors such as 
food mailing and jA«*waiwnfe»l* where underlying growth in 
profigHhoala be steady and where the val u atio n s are u nde manding. 
The fund ennt mi y invests in rfslI- dw B ifl ri portfolio of stocks in 
24 countries. 

TMr bdkdn, mud by Tbvpbton bwatmaU Uanapuml Limited 
{member of Ike Hnpfafen Marketing Cnup). Ropdatod by the Aranmrf 
Uip ei tmtnl Aulhority and a stember qflbfRO. Saldrv Court, 20 Ca*de Tbrpo, 
B&lburgfi SU 2BI. 7K +44 JSt 4694000. Hu +44 J31 2284506. Post 

performance ii not nveeaarifya gndc U Ihejuivi*. Therohteofthummtmmt 
pi td the m«w ariringfi wn A may fid! at M0 at ri» and it not gfaranUed. 


Mail this coupon or send fax to: 

Patrick Falconer/Fund Performance Focus 
International Herald Tribune, 63 Long Acre, London WC2E 9JH 
United Kingdom. Fax: (+44-1-71) 240 3417. 

Please send me information on the funds circled at no cost or obligation. 


I 1 


Name 

Title (i.e. Mr, Mrs or Ms). 

Initials 

Nationality 

Company 

Position 


Address 


Fax or Tel. 


.Country. 


lUH w r — 

o> another. 


IHT 1012 

























P&ge 18 


INTERNATIONAL HERALD TRIBUNE, SATORPAY-SUNPAY, DECEMBER 10-U, 1994 


SPORTS 


All-Star Game Falls Victim 
To the Lockout in the NHL 





The National Hockey 
League's annual All-Star Game 
is the latest victim of the lock- 
out 

The game, scheduled for Jan. 
21 in San Jose, California, and 
which was to lock off the 
league's five-year, $ 155-million 
deal with the Fox TV network, 
has been canceled because die 
dispute with players “makes it 
impossible to go forward,’* said 
Stephen Solomon, the NHL’s 
chief executive officer. 

As consolation, San Jose will 
play host to the 1997 game. The 
1996 game already has bees 
awarded to Boston. 

Day 69 of the lockout passed 
without further negotiations, 
but the two sides remained busy 


by fixing up their fax m ac h i n es 
for another battle of memos. 

Bob Goodenow, the execu- 
tive director of the NHL Play- 
ers Association, sent a letter to 
Commissioner Gary Bettman, 
raterating the union's opposi- 
tion to a payroll tax of any kmd 
and its belief that sufficient 
concessions bad been made on 
other issues to make the tax 
unnecessary. 

The league, meanwhile, cir- 
culated a letter among its teams 
indicating that the union either 
had misunderstood or was mis- 
representing its latest proposal. 

So far, die NHL has canceled 
24 games of each team's 84- 
game schedule. 

Whether the season can be 
saved remains unclear. Bettman 


and the league's Board of Gov- 
ernors will meet Monday in 
New York, where they are ex- 
pected to draw up a final pro- 
posal and deliver a take-it-or- 
leave-it ultimatum to the 
players’ union. 

Bettman and Goodenow 
have not spoken since Tuesday, 
but a source indicated they 
might talk before Monday's 
league gathering. 

the All-Star Game has been 
played annually since 1947, 
when it matched the Stanley 
Cup winner against a team of 


players from the rest of the 
league. The format changed to 


league. The format changed to 
East vs. West in 1 969. The game 
was played before the season 
until 1967, when it was moved 
to midseason. (NYT, LAT) 






Baseball Players’ Plan: Cooperation? 




New York Tima Service 

ATLANTA — The emphasis 
in the new proposal major 
league baseball players will pre- 
sent to the owners on Saturday 
is on cooperation between the 
two sides, according to people 
familiar with the plan. 

“We certainly can use that,” 
one management official said. 

But with the owners less than 
a week away from the new date 
for setting into motion thnr im- 
passe/ implementation strategy, 
the No. 1 question about the 
players' proposal remains: Will 
the owners abandon their hard 
stance on player salaries and 
opt for cooperation over instant 
economics. 


“This proposal addresses the 
owners* stated concerns,” Craig 
Fenech, an agent from New Jer- 
sey, said Thursday after the 
union’s meeting with agents. *Tt 
should provide a basis for satis- 
fying them. But I think they 
have an agenda. A number of 
owners want to try replacement 
players. 1 expect they’re going 
to implement. I tfimk we're 
headed to a iast-man-standing 
scenario.” 

Union officials again de- 
clined to disclose details of the 
proposal they will unveil to the 
owners Saturday. Others have 
said the proposal contained a 
tax on dob payrolls. 

One agent emerged from the 


four-and-a-half-hour meeting 
and said the agents were told 
the tax would be a scale of 4 to 6 
percent. Two other agents said 
they were not given specifics. 
They also said union officials 
told them not to disclose what 
they were told. 




At that level of tax, the play- 
ers moved wd! off the approxi- 
mately 1.5 percent tax they had 
proposed in September that the 
owners quickly rejected. 


But their new rale is still 
worlds away from the owners’ 
tax proposal, the alternative 
they presented to the salary cap 
they really want, that calls for a 
limitless tax. 


NBA Standings 


EASTERN CONFERENCE 
AtKKttcDtvMoa 



W L 

Pel 

GB 

Oriondo 

13 3 

J13 

— 

New York 

TO 5 

MJ 

7Vi 

Boston 

a 9 

xn 

5W 

Pfilta'fcfPhta 

7 9 

A3S 

6 

Washington 

6 8 

JOT 

6 

Jersey 

7 13 

-350 

8 

Miami 

4 10 

Ceotral Division 

-23* 

8 

(ntfiraw 

10 5 

Jta 

— 

Chartotte 

9 8 

SB 

2 

Claratand 

9 8 

SB 

2 

Chicago 

> a 

soo 

2to 

Datrott 

8 8 

SOD 

2 Vi 

Atlanta 

7 10 

■412 

4 

Milwaukee 

5 12 

294 

6 

WESTERN CONFERENCE 
MWxrasf Wvfcrian 



W L 

Per 

GB 

Houston 

12 5 

JU 

— 

Utah 

11 7 

All 

m 

Denver 

9 6 

400 

2 

Dallas 

8 7 

-533 

3 

Son Antonio 

7 9 

438 

4V, 

Minnesota 

J 14 

PocMcDIvtstoa 

.176 

9 

Phoenix 

12 5 

J06 

— 

Seattle 

11 6 

447 

1 

UA. Laker* 

ID 6 

■405 

1VS 

Sotroihtnto 

9 7 

SO 

2ta 

Gotoen State 

a a 

sn 

JV, 

Portland 

7 7 

sa 

3Va 

LA. Clipper* 

1 16 

JBS9 

Ji 

THURSDAYS GAMES 


Fho—lx 

m a 

1 It 

48—121 

Utanon IotmimI 
iww i wraomj 

» a 

1 20 

22-10* 


Houston P S If O—W 

C: Burrell 8-18 4-5 22. Curry M7 2-2 21; H: 
Smith 6-W 3-2 25, OtalwMM *-15 5-10 21. R*- 
bomt* Charlotte 5i IMovmlnO W, Houston 
53 {Thorpe 151- Assist*— Chariot!* 23 (Boguns 
n. Houston 30 (Otohnvon 0). 
waHrinuftM 8 V If n lv-» 

mans 37 2i 20 a 0-121 

W: Webber KM9V-3 23, Dudmorth 7-10 4S2& 
Chapman Ml M 20; o: Moshtium 18-9 7-045. 
jocuon 70-» 21 wotwnra to — W ashington » 

(Webber 14). Deltas 56 (Jana 191. Assists— 
Washington 21 (SUfes 01, Dallas 32 (KMd 12). 
Utah 27 20 » a 11 1V-117 

Son Antonio 1* 29 26 22 11 0— 114 

U: KJMotomAM ID-7328, Kornocrt 9-177-9 
a; 5: Elliott 4-12 9-11 M Johnson 0-1759 21. 
DM Negro 9-17 60 25. Rebound*— U** 45 
(KJWolora 10). 5m Antonio 47 (Robinson lSj. 
Assist*— Utah 77 (Stockton 13). Son Anton to 20 
(Johnson 4). 

Seattle M n 11 19- 91 

Sacramento 15 U 19 36-H3 

SE : Askew «-12 4-4 17. Kemp S-lOtH1 16; SA: 
Richmond 10-20 85 36, William 7-17 5-11 23. 
Reborn*— atoms* (Kemp m,secranm- 
to to (Richmond 9). Assist*— Seattle 23 
(Sdvempf >1, Sacramento a (Webb 91. 


Other Major College Scores Z&ffiTtTfT: 


EAST 

Boston Coffees 64, Rw dt ne ti 40 
Brawn 61, Holy Cross to 
Buffalo 71, Niagara 57 
Columbia 77. Army 76 
Dataware 91. widow 61 
Pern St. 71 Svcfcneil S 
Rider 01, American U. 53 
SOUTH 

Centenary 97. DalkB 65 
Citadel 81 Randalph-MaoM 57 
Cfcmson S3, South Cortina 59 
Georgia 83. Cent. Florida 52 
Grumbling SI. 119, Baptist Christian 79 
Jamas Madison 101. Morgan St. 74 
OM Dominion 71 New Hampshire 64 
MIDWEST 
Akron 41 Clovektad St. 57 
CMaosa St. 102. Troy St. « 

Missouri 91 Cousin St 63 
FAR WEST 
Colorado St 88L Metro St 04 
Concordia. Col If. 73, N. Arizona 67 
E. W Whta gtan 71 St Marifith 62 
Montano 61 St Mary's. Cot 56 
Montana St HU Montana St-Bllllngi 66 
San Diego 71 CS Dominguez Hills 64 


MANDELA TROPHY ONE DAY MATCH 
Sri Lanka New Zealand 
Ttarsday, in Btoemtostein. Sooth Africa 
Sri tanka Innings: 258-* (SO overs) 

New Zealand innings: 66-1 (143 avers) 
Match abandoned as a draw due to rata. 


Top 25 College Results 


How hie loa 23 teams in The Associated 
Press' omo* colleg e bojfcatoaU poU fared 




Cotaman 12-20 54 Z7, Gilliam *-M 6-6 34. R*- 
he u o di F ho ent x 45 (Green 12). Now Jersey 
40 (Brawn, Coleman 10). Assisi*— Phoenix 27 
(Perry 9), Now Jersey 32 (Anderson 131. 
Charlotte * 14 SI 2*— 95 


LNarib Carorbia (54) beat No » Vtuamna 
7566. Next: V*. VMI. Saturday, Doc 17; 1 
Ariranas (5-1) beat Southern Methodist 7*46. 
N«1; vs. Mum* State Saturday. 1 Artnna 
(5-1) beat Houston 81-67. Noel: vs. to Salle. 
Monday. H A to rrto n ddi) heat Gotaata in- 
S. Next: wNu.5 Mossachusetta at Balti- 
more, Saturday. 

a. Vbgtota (*-» beat Bettame-Caokmon 
18M9. Next; at Rico. Saturday; atvmaaeeo 
(63) tax ta Na ) North Carolina 7541 Next: 
vs-St Jaacahlat the Palestra. Saturday, Dec. 
17; 35RMDB Forast (4-1 » bear RWmond5549. 
Next: vs. College at Charleston. Saturday, 
Dec. 17. 


UEFA CUP 

Thira n oend. Sece rn) Lag 


5km 2, Nantes 2 

Scorers: Stan — Damlntaue Herr (7*th). 
Martas Marta (82nd J; Nantes — Patriae 
Loko (30th), Jaahal NDaram (31st). 
Nantes win 6-2 an aggrega te 

FRENCH FIRST DIVISION 
Bastto a Metx 3 

Standtags: Nantos-42 ootahw Porta SG 38, 
Comes 31 Lyon 31 Bordeaux 31 Auxerra 21. 
Stn ab o mg a. Lens a. Merttgues 77, Saint 
Ettanne 31 Monaco 21 Metz 25, Rennes 21 Le 
Havre 23. Nlee 21. Ulte 21. Bastto 20. Coon 11 
Sachaux 11 Mcmpeifler IS. 


BASEBALL 
Americas Ltnw 

MINNESOTA— stoned Man MervKo. 
catcher, to m in or league contract. 

Nottoaol League 

HOUSTO N - Na med Tim To) men manager 
of Jadnaa TL 

NEW YORK — Named TobY Harrcta manag- 
er of Norfolk. IL. 

PHILADELPHIA - Signed Kyle Abbott, 
pltchar.tal -year contract and Norm Charlton 
and Jeff ! ram. pitchers. In minor leaoue con- 
tract* 

PITTSBURGH— Signed Randy St Claire, 
pitcher, to minor league contract Signed 
Todd Frahwlrih and Darrin Winston, PH ch- 
ars. to cun ti u ct s with Catoary, PCL. 

ST. LOUIS— Traded Lufc Alloc. second 
basran im . to Boston far Nate Mi richer. Pitch- 
er. and Jeff McMeefy, oufflefder. 

SAN FRANCISCO— Announced Ihev will re- 
tofci the ratt i e c o achtagstafftartae 1995 tow n, 
BASKETBALL 

Nulfc ool Bametball Association 

CLEVELAND— Acttvoted John Battle, 
guard, front talurad list. Waived Gerald Mod- 
Mns. guard. 

GOLDEN STATE— Named Andy Delicti 
president and chief operating officer, effec- 
tive Jan. 4. 

INDIANA— Acnvatad John William*, for- 
ward, tram tatoredllsl. Placed Anton lo Oavfs. 
forward, an the Injured list. 

SACRAMENTO— Placed Henry Turner, 
forward, on the Inland lb). Act) voted Dons 
Lee, guard, from me Inlured list. 

SAN ANTONIO — Suspended Derails Rod- 


Rockets Get 
2 Guns Back, 
Beat Hornets 


This Game sName 
The Playoff Qtme 


The Associated Press 

Hakeem Olajuwoa was back 
with the Rockets, and so was 
Kenny Smith’s shooting touch. 
Dennis Rodman was still ab- 
sent from the Spurs. 

Olajuwon, who had missed 
the Rockets' last game with a 
wrist injury that had hampered 
him in the game before that, 
scored 21 pants to help Hous- 
ton end a two-game losing 
streak. 

But Smith’s contribution was 
just as important. He made sev- 
en 3-pointers in hitting a sea- 


NBA HIGHLIGHTS 


Don Emeus Agener France- Phaac 

Charles Barkley got an assist from Derrick Cokman as the 

Sims haitaiaii the Nets their fourth straight loss at home. 


man. f o rw ar d, indo ti nUetv without pay tor 
tailing to return tram a 3W-wook gold leave of 
absence. 

FOOTBALL 

Nottoaol Football Image 

ARIZONA— Wated Chris Swartz, nuortsr- 
bode. 

CINCINNATI— Announced the retirement 
of Tim Krumrte defensive lineman, effective 
at the end at the season. 

GREEN BAY— Flood Gilbert Brown, de- 
tonate tockta on ttw Inlured reserve. Waived 

Oarretf Thomason, running Dock. Stoned Ruf- 
fin Hamilton, linebacker. ond Tommy Fagan, 
defensive end. tram the practice squad. 


HOCKEY 

Nottoaol Hacker Ltnw 

LOS ANGELE5— Sent Justin Hocktaa.de- 
tansemoa la Ihc Portland. AHL. 

COLLEGE 

CENTRAL MICHIGAN— Announced II to 
dropp in g lb soccer program. 

CLEMSON— Announced the resignation of 
I At Ibrahim, soccer coach. 

NAVY A nnounced un iiio c i of George 
Qtaam a football coach. will nof be renewed. 

NEVADA— Extended I he suspension at 
Jimmy Moore, senior basketball forward, for 
two games for misd e meanor battery charge*. 

NORTH CAROLINA- Signed Mock Brawn. 
MbdlaBdiltohef iW uniraO e x toratan. 

N.C.-ASHEVILLE— Named Bill Hllller 
baseball coach. 

NOTRE DAME— Announced that Bobby 
Terr tor, cor nerbadu «xtd Germaine Holden, 
de fe n s ive end, hove been suspended lor one 
gome and will nol play in the Febta BowL 

OHIO STATE— Stoned John Cooper, toot- 
hall coach, to S-yeor coni rod extension, 

RHODE ISLAND— Named Mike Balfwgg 
assbteit athletic director. 

ST. FRANCIS PA-Londcxi Fletcher . Quart, 
toff men 1 * basketball team tor personal moons. 

SOUTHERN METHODI5T— Named Jim 
Coootand athletic director. 

SUNY-ALBANY— Named Doug CTHrev 
baseball coo di 

TULANE— Buddy Gab. assisted tootboll 
coach, resigned. 

VMI— Named Saaff Gines baseball coach. 


son-high 25 to rally the Rockets 
to a 101-95 victory over the 
Charlotte Hornets on Thursday 
mghL 

His final 3-pointer pul Hous- 
ton back on top for gcxxi, 91-90, 
with 2:07 remaining. 

The Hornets played without 
their No. 2 scorer, forward 
Larry Johnson, who stayed in 
Charlotte following the birth of 
his son. 

Jazz 117, Spurs 114: Jeff 
Hornacek’s 26 paints and free 
throws down the stretch lifted 
Utah over San Antonio in doa- 
ble overtime. 

A basket by David Robinson 

r s the Spurs a 95-93 lead with 
seconds left in regulation, 
but Avery Johnson committed a 
turnover and sent Homacek to 
the line. His two free throws 
sent the game into overtime. 

Sean Elliott, who scored 24 
for San Antonio, sank a 3- 
pointer to fence the second 
overtime. 

San Antonio was hoping to 
have Rodman at least on the 
bench in street clothes, but the 
suspended forward stayed away 
from the team for the second 
straight day. While the Spurs 
were losing at the Alamodome, 
Rodman was working out at a 
health dub across town. 

Bullets 124. Mavericks 121: 
Chris Webber had 23 points 
and 14 rebounds in Washing- 
ton’s overtime victory in Dallas. 

Rex Chapman's 18-footer 
with 29.3 seconds left in over- 
time broke a tie and Scott Stiles 
added two free throws with 11.4 
seconds left as the Bullets won 
for only the second since Web- 
ber came over in a trade from 
Golden State: 

Jaxnal Mashburn scored 45 
points and Jim Jackson added 
26 for the Mavericks, who had 
won four of their previous six. 

IRn pi 103, Somes 91: Mitch 
Richmond’s 26 points and Seat- 
tle’s second-half scoring 
drought added up to Sacramen- 
to’s second victory of the season 
over the Sonics. 

Walt Williams contributed 
23 points for the Kings, who 
trailed by as many as 17 points 
in the third quarter before out- 
scoring the Sonics 30-1 during a 
12:18 span. 

The Kings held Seattle to 
only 30 second-half points. 


flew York Times Service 

The common denominator 
for this weekend's games is that 
most have playoff implications. 

New YmkJfels (ti-7) at De- 
triot (7-6): Lions have found a 
quarterback capable of making 
teams pay when they by to shut 
down Bany Sanders, with Dave 
Krieg having thrown 10 touch- 
downs and no interceptions in 
his five starts. Art Monk will be 
seeking to break Steve Lai- 
gent’s record for receptions in 
consecutive games, and Jets will 
need big effort Saturday from 
him and Boomer Esason; their 
offense is averaging just 98.5 
yards rushing a game. Odds- 
makers favor Jets by 3 points. 

QeveJand (*4) at Dallas (11- 
2): Troy Aikman, having missed 
last two games with sprained 
knee, returns to starting lineup 


give Browns defense one at its 
sternest tests tins season; Em- 
mitt Smith’s 114 points on 19 
n« fr i ng touchdowns is second to 
San Diego locker John Carney 
(1 16). Leroy Heard has emerged 
as Browns' key offensive weap- 
on; he is only running back in 
NFL to lead team in rushing 
(692) yards and receptions (39). 
Cowboys by 10. 

Chicago (8-5) at Green Bay 
(6-7): Oat pivotal NFC Centred 
game, Chicago having lost 
heartbreaker m overtime to 
Minnesota, last week. This wiU 


in almost a month. Brett Farve 
has thrown 15 touchdowns and 
4 interceptions in last 5 games; 
Bears* defense has 12 sacks in 
last 5 games. Packers by 3V&. 

Minnesota (8-5) at Buffalo 


(7-6): Bills blasted their way 
back into playoff race last week 


bad: into playoff race last week 
with lug win over Miami; Vi- 
kings, who had stumbled in 
three straight games, righted 
themselves against Bears. Bills* 
Jim Kelly has thrown at least 1 
touchdown pass in last 7 games; 
Vikings* Cos Carter leads NFL 
in receptions with 102 and 
teammate Jake Reed has 70. 
Bills by 4. 

New York Giants (6-7) at 
Onrinaati (2-11): Giants, roll- 
ing b ehin d renewed sense of 
confidence, believe they can 
make p layoffs. Dave Meggett’s 
13.4 yards per punt return leads 
NFL; he's the only player in 
NFC to return two punts for 
touchdowns. Giants by by 5%. 

Indianapolis (6-7) at New 
England (7-6): New England 
victory enhances its position in 
race for wild card spot; victory 
by Colts keeps them in race. 
Drew Bledsoe leads NFL in 
passes (577) and leads AFC in 
completions (330) and yards 
(3,725). Marshall Faulk, who 
has accounted for 41.6% of 
Colts’ offense, was hospitalized 
Thursday as precaution when 
he developed upper respiratory 
virus; he is expected to play 
Sunday. Patriots by 514. 

LA. Rams (4-9) at Tampa Bay 
(4-9): Both still long shots. 
Rams’ defense, having allowed 


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04GW0D, I'VE GOT 
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Ecrict Rhcn, who had . 40 carries 
for 192 yards against Redskins 
last week- Tampa Bay’s pffen- 
sive line hasn't allowed sac fc in . 
last three games, in wbkh tcam ' 
is 2-1. Sues by 
PMaddphia (7-6) at -Pitts- ^ 
burgh (10-3): Eagles’ coach 
Rich Rotite created mmiquar- i 
terback controvasy tins week - 
by hinting , after fourth straight , 
loss, he might bench Randall * 


NFL MATCHUPS 


C unningham in favor of Bubby 
Blister. Bat Onmingbam wfll 
start Steriers’ defense has been 


and won’t let . up on f^low ' 
Pennsylvanians. Steders by 6. 

Dearer (7-6) at LA. Raders 
(7-6): Broncos’ quarterback ■ 
John Ebyay, withsprained knee, . 
was initially listed as qiwstion— . 

able bet is now probable. Raid- 
ers' Jeff Hostetler was red boti /*■ 
a gains t San Diego; their Toshing- 
defense is tied for second in 
AFC with Miami, giving op 88J 
yards a game. Raiders ^by 314. . 

San Francisco (11-2) at 
Dkgo (JM): Since being humili- 
ated by Philadelphia on Oct 2, 
49ers have won 8 straight and 
have been getting healthy start- 
ers back in lineup. Their 411 
points leads NFL. Victory 
against Chargers rives them first 
round bye in playoffs; a Sen 
Diego victory and help from oth- , 
er teams gives it AFC^ West title 
Chargers’ phis- 11 turnover ratio, 
is second m the league. 49ers by > 
6 %. . 

New Orleans (5-8) at Atlanta • 
(6-7): Atlanta still has playoff 
hopes, New Orleans little 
chance. Falcons' Terance Ma- _ 
this has 25 receptions for 415 ) 
yards and 3 touchdowns in last 4 
games. Saints have 32 sacks,; 
which ranks No. 3 in NFCwhQe . 
Falcons gave up 50 points to 
49ers last week: Falcons by 4. 

WasUogton (2rll) at Arinma 
(6-7): Wffliams’s B inter- . 

ceptions lead NFL, while Arizo- 
na has found offense in running 
back Lany Centos. Redsidns 
have own tensive problems, 
averaging 82 yards rushing a. . 
game. Cardinals by 8. ' 

Seattle (5-8) at Houston (1- 
12): Oilers have allowed NFL i 
low 18 yards per lodcoff return, ' 
their only good news. Seattle, 
also playing out season, wiD be * 
quarterbacked by Dan 
McGwire, Rick Mirer’s season * 
having been ended last week 
with broken left thumb. Oilers i 
by 214. 

Kansas CSty (7-6) at Mhum (8- ' 

5): Chiefs’ Joe Montana, who 
didn't play last week because of • 
sprained foot, is questionable * 
Monday night. Defense's 32 ta- , 
keaways ties Jets for most in 
NFL, but Dolphins* Dan Mari- 
no has had three straight 300- > 
yard passing games. Both teams 
trying to bounce bade after 
tough losses. Dolphins by 4 Ml 

These matchups were com- 
piled by Timothy W. Smith. 


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SPORTS 


Page 19 


UEFA and Asians 
Criticize FIFA 
As Undemocratic 



, a y °* unfairly selecting committee mem- 
oen and threatened to ignore their 
authority, while a senior official of the 
Asian Football Confederation said his 
group plans to file a protest over the allo- 
cation of influential places on FIFA com- 
mittees. 

UEFA’s president, Lennart Johansson, 
after a meeting of his group’s executive 
committee, criticized FIFA’s lack of con- 
sultation with both its European counter- 
part and national federations in selectine 
members of FIFA’s commissions. 

He said FIFA should make its procedures 

USSIf H * does not, he said, 

inen 1 dearly teQ you — and again, I react 
pereonally — we can live without them." 

“UEFA is not looking for a war,” he 
added. “But we wa nt to defend our pres- 
tige, our dignity. If FIFA does n ot re spect 
our point of view, we will leave FIFA.” 

The AFC s general-secretary, Peter Ve- 
'telappan, said in Kuala Lumpur that “the 
executive committee w fli be deciding how 
best we can explain to FIFA how unsatis- 
factory their decision has been and how we 
can rectify the situation,” 

The 44-member AFC, which be gins a 
five-day sesson in Kuala Lumpur on Sat- 
urday, will discu ss ne xt Wednesday how to 
protest the way FIFA made up the com- 
mittee in October, Vdappan said. “This is 
a unique situation as far as I am 
aware, but then we are in a 
unique position.” 

The controversy stein s from 
the fiery meeting of FIFA’s ex- 
ecutive committee in New York 
in October, at which FIFA’s 
president, Jo&o Havel ange, an- 
nounced the composition of the 
committees that help run world 
soccer. 

Critics alleged Havelange 
chose the committee members 
personally, ignoring the proto- 
col that only officials supported 
by regional confederations can 
serve on FIFA co mmittees . 

Velappan refused to say 
which Asian delegates the 
AFC was protesting about, but 
it sources say the Kuala Lum- 
pur-based body did not sup- 
port China's Chen Chengda or 
the Philippines’ Fernando Al- 
varez. 

SBoth were name d by Have- 
lHnge to sit on FIFA’s technical 
committee. Chen retired from 
the AFC in May because of old 
age, and Alvarez no longer re- 
sides in Asia. 

AFC officials said the protest 
is likely to come in the form of a 
strongjy-wonlcd letter to Have- 
lange. 

The disciplinary committee, 
meeting cm Saturday, wiH rule 
on allegations that Syria and 
Iraq fielded over age players in 
the recent Asian under- 19 
champ ionship in Jakarta. 

(AFP, AP, Reuters) 



Larsson and Martin Gain 
Grand Slam Semifinals 


Frail LconhirtlL-A^ou France-Pmx- 

Andre Agassi, down a break point, was hit with a penalty point for argiring a fine call, then a 6-3, 1-6, 6-0 loss. 


Street and Lindh Finish 1-2 in Downhill 


The Associated Pros 

LAKE LOUISE, Alberta — 
Picabo Street and Olympic sil- 
ver medalist Hilary Lindh gave 
the United States a 1-2 finish 
Friday in a women’s World 
Cup downhilL 

Street streaked down the 
2,639-meter course with a verti- 
cal drop of 707 meters in 1 min- 
ute, 40.40 seconds for her first 
World Cup triumph. Lindh, 
who finished second in the 
do wnhill at the 1992 Olympics, 
was timed in 1:41.16 under sun- 
ny skies. 

“I can’t believe it. I’ve been 
waiting a long time for this,” 
said the 23-year-old Street. 

The reigning World Cup and 
Olympic dow nhill champion. 


Kalja Seizinger of Germany, 
finished third in 1:41.33. 

Barbara Merlin of Italy was 
fourth, in 1:41.51, followed by 
compatriot Bibiana Perez in 
1:41.57. 

Friday’s downhill was the 
first of two this weekend, a 
scheduling rarity caused by the 
warm weather that has forced 
the cancellation of races in Eu- 
rope. 

The second women’s down- 
hill is scheduled for Saturday, 
with a super-giant slalom on 
Sunday. 

• For the first time in World 
Cup history, two slalom races 
will be raced in the evening, 
under floodlights. 

Organizers in the Italian Al- 


pine resort of Sestriere an- 
nounced Friday that a men's 
slalom will be held at 6 P.M. 
(1700 GMT) and 8.40 P.M. on 
Monday. A women's slalom, 
with the same heat times, is 
scheduled for Sunday, Dec. 18. 

Monday’s race makes up for 
the slalom canceled in Madon- 
na di Campiglio, Italy. The 
women’s slalom was originally 
scheduled for Veysonnaz, 
France. 

Madonna and Veysonnaz 
could not hold the slaloms be- 
cause of a lack of snow. 

Sestriere bad to give up the 
men’s giant slalom and slalom 
on Dec. 3-4. But the Italian re- 
sort was able to prepare a 
course For two slaloms as tem- 


peratures fell earlier ihis week, 
allowing the use of snow can- 
nons. 

Italian star Alberto Tomba, 
who got off to a sensational 
season start by winning the 
opening World Cup slalom in 
Tlgnes, France, last Sunday, 
shoots for a second consecutive 
victory on one of the courses be 
likes most. 

The three-time Olympic 
champion has won five races in 
Sestriere, the host site for the 
World Ski Championships in 
1997. 


The Associated Press 

MUNICH — Magnus Lars- 
son used a big a serve for a 
three-set victory Friday over 
second-ranked Andre Agassi, 
who came dose to being dis- 
qualified from the Compaq 
Grand Slam Cup for swearing. 

Larsson's 6-3, 1-6, 6-0 victory 
put the 19th-ranked Swede into 
the semifinals of the 56 million 
tournament and earned him at 
least $425,000. 

His opponent will be Todd 
Martin, who defeated Sergi 
Bruguera, the French Open 
champion, 6-4, 7-6 (7-5). 

Agassi received a warning 
and was penalized a point when 
he repeated the obscenity, giv- 
ing Larsson a break and a 3-1 
lead in the first seL 

“I said it again but he 
wouldn’t default me,” Agassi 
said of the umpire. Mike Morri- 
sey of Britain. 

On the next point, Agassi 
whacked a return that nearly 
knocked down the umpire's mi- 
crophone. 

“That was very' unfortunate, 
wasn’t it?” Agassi said, with 
more than a trace of sarcasm. 

He did, however, profusely 
apologize to Morrisey. 

Larsson said he did not bear 
what Agassi said, “but obvious- 
ly he said it, the umpire heard 
it.” 

“If be gets a warning that 
easy and the point penalty that 
easy and then be hits the ball at 
the umpire, of course, he should 
be defaulted.” 

Agassi had trouble not only 
with his temper. Larsson hit tre- 
mendous serves, one timed at 
208 kph (125 mph), and had 12 
aces. 

Slowed by the a lingering 
cold. Agassi turned the match 
in the second set but collapsed 
in the third. 

”1 didn't have as much ener- 
gy as I wanted, he controlled 
most of the points,” he said. 

“I felt I didn't pull myself 
together until the second set I 
was very, very mad, I was very 
upset 

The first obscenity was not 



Wntfpnp Rjluy'Ristcn 

Magnus Larsson added big money to a Davis Cup tide. 


SIDELINES 


Penn State’s Collins Wins Top Award 

LAKE BUENA VISTA Florida (AP) — Penn State senior 
Kerry Collins, who quarterbacked the nation’s top scoring of- 
fense, has edged Colorado running back Rashaan Salaam for the 
Maxwell Award as the outstanding U.S. college football player. 

Other award winners: Outland Trophy (interior line man ) — 
Zach Wiegert, Nebraska; Jim Thorpe (defensive back) — Chris 
Hudson, Colorado; Fred Biletnikoff (receiver) — Bobby En gra in, 
Penn State: 

Rich Brooks of Oregon, whose Ducks won their first Pac-10 
title and Rose Bowl appearance since 1958. received the coach of 
the year award. 

• Quarterback Dan Kendra III of Bethlehem Catholic in Penn- 
sylvania, widely acclaimed as the high school player of the year, 
announced he will attend Penn State. He had bent heavily 
recruited by Notre Dame, North Carolina. West Virginia, Syra- 
cuse. Wisconsin, Florida Stale and Penn Stale. 


The next men's World Cup 

SffiiSrtySitfK Blatter Decries Tetty Bickering’ 

What upset him was a call that 


Tignes this weekend. 


JTA Puts Argentina, Imola and Monza on Hold 


The Assodraed Press 

MONACO — The Interna- 
tional Automobile Federation 
said Friday it will conduct a 
final inspection Jan. 22 to de- 
termine whether Argentina can 
host the opening Formula One 
Grand Prix race next season. 

The race is tentatively sched- 
uled at the Buenos Aires track 


on March 12, but the circuit has 
yet to win F1A approval. 

FIA’s World Council also 
said it must receive confirma- 
tion of required improvements 
at Imola for the San Marino 
Grand Prix and at Monza far 
the Italian Grand Prix. 

The deadline for Imola is 
Jan. 31, for Monza March 31. 


Last spring’s race at Imola 
was marred by the deaths of 
two drivers, Roland Ratzen- 
berger of Austria and Ayrton 
Senna of BraziL 

FIA confirmed that the Eu- 
ropean Grand Prix would be 
held Oct 8 at the Nurburing 
circuit in Germany. It last staged 
a Formula One race in 1985. 


INTERCOLLEGIATE By Wayne Robert Williams 


ACB05S 
1 Bibliographical 
abbr- 
5 Look 
9 Elbow 

15 Put away 

19 Tone down 

20 Forearm part 

21 Puck's master 

22 Peacock in the 
shy 

23 Chinese 
restaurant 
offering 

25 Reagan chief of 


27 White-tailed 
bird 

28 Formosa Strait 
island 

29 Ship's course 

30 Two- wheelers 

31 Boot camp 
fellow 

33 Hood’s heater 

34 Newsman 
Bernard and 
others 

35 Gain a lap 


36 Directs 

37 AFodort 
volume 

39 Peaceful pause 

41 Royal pardon 

44 Ran rings 
around 

45 Shirt shade 

48 Recipe 
approximation 

49 Cossack chiefs 

51 Arab chief 

53 With flexibility 

56 Glassmakerts 
oven 

57 Crumple 

60 Cousin oftbe 
raccoon 

61 Like smarting 
eyes 

62 Musical 
direction 

63 “These the 

times...’ 

64 Adds a rider 

66 Rising star 

68 Apparition 

70 Bakery purchase 





CAFANJACHE 

GENEVE 


71 Tough laundry 
problem 

73 TV teaser 

75 Tedium 

78 Windup 

77 Actress 
Thompson 

78 “Casey at the 
Bat* writer 
Ernest 

79 Get extra value 
Arm 

80 Without 
exception 

82 Sunshade, of a 
sort 

84 Tours summers 

85 Foxfeetand 
sphagnum 

88 Washington, 

D.C 

92 Country’s best at 
the Olympus 

93 First name in 
French literature 

94 Use intimidation 

98 1969 Broadway 
hit 

99 Check writer 

103 Furthermore 

104 Step-by-step 

105 Mead metal 
connections 

107 laughingstock 

108 “The Battle of 

Eylau' painter 

109 Small ones 

110 Preadentia) 
also-ran 

112 Marsh growth 

114 Nobelist Wiese) 

115 Shed 

116 Hooked on 

117 vera 

118 Juicebeads 

119 Ancient mystic 

120 Quintessence 

121 Chateaubriand 
novel 

DOWN 

1 Ashes-to-be 

2 Rotating 
emplacement 

3 “Nowf 

4 Author Wallace 

5 Engaged m 
conjecture 

6 ■Gerontion" 
poet 

7 Ref. set 

8 Common female 
middle name 

9 Frequent court 
■figure' 

10 The duck in 
-Peter and the 
Wotf" 

11 Put in stitches 

12 Severely pan 


1 

2 

3 

4 

tt 




23 




Z7 



■ 

31 



32 

SB 






FIA President Max Mosley 
also received a report on the 
first six months’ of work by a 
group of safety experts. 

Studies commissioned by the 
group already have led to the 
development of a new energy- 
absorbing material for rear 
head restraints, the report said. 
It said work was taking place on 
neck restraints, airbags, energy- 
absorbing seats and possible 
changes to the cockpits of cars. 

Tougher safety standards are 
being adopted for helmets and 
for the fire-resistance of driver 
clothing. 

Since the group began its 
work, in June, II Grand Prix 
circuits have been subjected to 
significant safety improve- 
ments, some of them “radical 
and onerous,” FIA said. It said 
further improvements are 
planned in 1995. 


ruled his first serve out. 

“I said it undo- my breath, 
very much to myself. I said it 
again, I got really upset and got 
a point penalty. Then I said it 
again, but be wouldn’t default 
me,” Agassi said. 

After a player is penalized a 
point for a code of conduct vio- 
lation, the next breach should 
cause a default. 

“He was very quick to give 
me a point penalty, but the 
same thing happened again and 
be wasn't so quick to default 
me,” Agassi said. 

He said that “I didn't want to 
be defaulted but it’s kind of iron- 
ic that he will give me a penalty 
point but not default me.” 

“I don’t think I should swear. 
My first choice is to be in com- 
plete control of myself. But 
there are times when the frus- 
tration level is high. 

“I wish I could control myself 
better all the time. But that is not 


ZURICH (AP) — Praising th e atm osphere of the 1994 World 
Cup as “the Sprit of America,” FIFA’s secretary general, Sepp 
Blatter, on Friday criticized players, referees, officials and jour- 
nalists for “petty bickering” that is hindering soccer. 

Writing in an editorial for the monthly FIFA newsletter. Blatter 
said soccer is being damaged by players who ignore fair play, bad- 
mannered officials, poor refereeing and biased media reporting. 

“The World Cup final competition in the USA was a huge step 
forward in football and the progress we have achieved should not 
be undermined by petty bickering about offside, yellow cards and 
red cards or by inconsistent refrees,” Blatter wrote. 

For the Record 

Tottenham Hotspurs’ six-point penalty and FA Cup ban, im- 
posed by the FA over alleged financial irregularities, was lifted by 


the Independent Arbitration Tribunal; a fine of $2.4 million was 
let stand. (AP) 

Han Qing, the women's 400-meter hurdles champion who was 
one of 1 1 Chinese athletes to fail drug tests at the Asian Games in 
Japan, was suspended from competition for four years by the 
IAAF. (Reuters) 

Howard Johnson, who was a teammate of Darryl Strawberry’s 
on the New York Mels, is also being investigated by the IRS for 
not declaring money made at promotional events. (AP) 

Tyrone Willingham, a former Stanford assi s tant coach now with 
the Minnesota Vikings, was picked as the Cardinal’s new coach, 
succeeding Bill Walsh. (AP) 


the reality. The reality is it hap- Onntnlrlp 
iseit happens, 1 Y auUlUAC 


pens. Ana because 
don’t think there i 
many microphones on the court.' 


don’t think there should be 3s • lan Baker-Finch, the professional golfer, on signing a lot of 

l” autographs: “I wish my name was Tom Kite.” 


3 More Yachts Depart BOC Round-the-World Race 


The Associated Press 

CAPE TOWN — The grueling, round- 
the-world BOC Challenge yacht race has 
conquered three more sailors, officials 
said Friday. 

Simone Bianchetti of Italy, competing 
for the first time in the single-handed 
race, withdrew after returning to Cape 
Town for a second time Friday to reme- 
dy keel problems aboard his Town of 
Cervia. 

Floyd Romack of the United States, 
another first-time competitor, was dis- 


qualified when he arrived in Cape Town 
on Thursday from Charleston, South 
Carotins, after spending 82 days at sea 
on the first leg of the race. Rules state 
that competitors must complete a leg 
within 30 days after the arrival time of 
the first boat in their class. 

Neal Peterson of South Africa lost his 
mast in roaring winds and huge seas 
several hundred kilometers south of 
Port Elizabeth, South Africa, on Tues- 
day. He was trying to reach safety at 
Port Elizabeth after erecting a make- 
shift mast. 


Christophe Augin of France still led 
the pack, with countryman Jean Luc van 
den Heede and Steve Pettingfll of the 
United States in hot pursuit. JJ Pro- 
voyeur of South Africa was fourth. 

An earlier casualty was France's Isa- 
belle Antissier, who had won the first leg. 
Her mast was snapped Dec. 2. 

The sailors left Cape Town for Sydney 
on the second leg of the race on Nov. 27. 
After Sydney, the 27,000-mile (43300- 
kilometer) race continues to Punta del 
Este, Uruguay, before finishing in 
Charleston in the spring. 


© New York Tunes fritted by Will Shorts. 


13 Sc 
taterico 

Garda 

14 Provide with 

income 

15 Word fight 

16 Consumes 

17 Not nest 

18 Lite some suits 
24 Micronesian 

land 

26 Paul Revere 
29 Standard 

32 Avenge 

33 Horry-burry 

34 Fringe group 

37 Follow 

38 Request 
fervently 

40 Oldtime 
bandleader 
Edmundo 

42 Manhattan flank 

43 Manchurian 
border river 

44 Actress 
Christine 

45 Way out 

46 "Sonata inB 
minor' 
composer 

47 Acquired 
50 Brilliant 


52 Solomon's 
project 

54 Old hand 

55 Coa gu lable fluid 

57 Gunstock wood 

58 Stir up 

59 Says "Noway!* 
62 Homer 

65 Exclamations 
like-Phooeyr 
67 Proposal of 


95 Frill 

96 Smoker's 
purchase 

97 French palace 

100 Confuse 

101 Agreements 

102 ‘Aunt Cope 

Book* 

104 Actress Scacebi 


106 Galena and 
misptctel 

107 Envelope abbr. 

108 Kind of 
therapy 

111 Suffix with 
serpent 

112 Hub’s opposite 

113 Coalition Of 
1958: Abbr. 


89 Like some jades 
72 Artist Chagall 
74 Country singer 
Travis 
78 Thsi. e.g. 

80 Today 

81 -The Wizard of 
Oz” co-star 

S3 UlliasmaU photo 

85 Gordon ftnd 
Meredith 

86 Board game Hke 
reversi 

87 Chooses 

89 How the Old 

Woman lived 

90 Oodles 

91 Words before a 
drink 


Solution to Puzrie of Dee. 3-4 


UULSCl UUUUU UUliLlLi LICE 
UUUIIU ULHJUU LfliLlUU HILL 
LIUUIJU UUL3L3LJ UUUCC EEC 
UUUUUUanOQUUULlIjLili UL’Fj 
LIULIUUG QQUL1EU UhiGE 
JUUU □□□ UUL3QU LL’LLJljL 
J'JLlUJLhi LJLJULIU CUB 

□□□□□□ □□□ edo ccgul 

□aatlD □□□□UUUUUUC]tiLJL J kj 
QBHUUP uuu UI3EU LICE 
LJUkJ LIU Li LIL3U CIIU LEE 

uaii uolhi uno llllbd 

□□□□□0E3HDLJDDDOC! EliDOE 
□□□□□ □□□ DGB BODEEL 
□□B QDDBD DOUCJDEC 
□□□□□□ OOLDD DDL DELE 

aaaa aaaoQO duqlgo 
□□U OOQQBOBDDDDOCLEED 
oaa □□□□□ □□□GO DDEDE 

ana □□□□n nooon dddoe 

□□□ □□□□□ QOODO 




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Page 20 


DAVE BARRY 


A Mature Discussion 


M IAMI — There’s nothing 
wrong with discussing 
sex, as long as it’s done in a 
mature and tasteful fashion 
without resorting to words such 
as “bazongas.” Sex is a normal, 
healthy biological activity that 
occur routinely among organ- 
isms in nature, especially mon- 
keys, and there's no reason why 
we should be ashamed of our 
sexuality unless we are Senator 
Bob Packwood. I say this be- 
cause today's column is going 
to be a frank and mature discus- 
sion of the recent scientific sur- 
vey of American sexual behav- 
ior. 

IMPORTANT ADVISORY 
FROM THE EDITORS: In 
dealing with this topic, Mr. Bar- 
ry will be forced to use certain 
frankly mature sexual phraseol- 
ogy so if you are a remotely 
moral person such as the Ex- 
tremely Reverend Pat Robert- 
son, you will stop reading this 
column right here and now. 
Thank you. 

You probably read about the 
sex survey. Approximately 
3,500 randomly selected Ameri- 
cans were asked detailed ques- 
tions about their sexual behav- 
ior, and it turned out that 97 
percent of them, within the pre- 
vious year, had had sex with 
Madonna, 

No, Tm kidding. It was only 
93 percent But that was not the 
meet surprising finding. The 
most surprising finding, which I 
am not making up, was that 54 
percent erf the men surveyed 
said they thmV about sex daily. 
That’s correct: 54 percent 
What can we conclude from 
this? We can conclude that die 
other 46 percent of the men 
were lying. Because it is a 
known scientific fact that all 
men think about sex a mini- 
mum of all the time. 

□ 

What about American wom- 
en? According to the survey, 
only 19 percent of the women 
said they think about sex on a 


daily basis. So the question is, if 
the other 81 percent aren’t 
thinking about sex, what ARE 
they thinking about? Fve dis- 
cussed this question with some 
guys I know, and the only topic 
we could come up with is: 
sports. We figure that when 
women get together in those so- 
called “women’s groups,'* 
they’re actually running fantasy 
football leagues, and the reason 
they don’t invite as guys is they 
know we’d never remember 
when it was our turn to bring 
refreshments. 

D 

The sex survey also produced 
some reassuring findings re- 
garding the frequency with 
which Americans have sex. You 
get the impression, from the 
media, that this nation is just 
one big orgy, turn on the TV 
any night, you’ll see naked glis- 
tening bodies thrusting toward 
p fleh other (and that’s just Dan 
Rather and Connie Chung). So 
you probably think that every- 
body else is more sexually ac- 
tive than you are. But the reas- 
suring truth, according to the 
survey, is that some people are 
actually haring LESS sex than 
you; Tbdr names are Bud and 
Eariene Fiberhocker, and they 
are currently in full-body casts 
as a result of a trapeze-related 
mishap at a moteL Everybody 
else is having WAY more sex 
than you. And I include your 
spouse in that statement. 

NOTE FROM THE PUB- 
LISHER: Here at this newspa- 
per we are dedicated to main- 
taining community s tandards 
as measured in $ross advertis- 
ing revenues, so if you were in 
any way offended by the frank- 
ness and maturity erf this col- 
umn, please send me a letter in 
writing, and I will send you, asa 
formal token of apology, a vid- 
eotape titled “Mr. Chuckle- 
trousers Has a Big Night” 

And Reverend Robertson, 
yours is already on the way. 

Knlghi-Ridder Newspapers 


BVTERNimONAL HERALD TRIBUNE, SATUHPAY-STJNDAY, DECEMBER 10 - 11 * 1994 „ , - . .. 

Jean Hugo: Fashionable Painter, Famous Name 

” ductian and eternalized, in so far as it 

, • nhMUTWfoM There were always peacocks at ^ was possible, .the ephemeral. Guests 

Fouraues but Jean Hugo prefoTod to rehearsed endlessly and made m- 

draw the chickens or to imagine urn- V- trances to 

ugo spotted entreedre Victor ^ He liked to say ‘ ; •' * • by Auric or Poulenc Mano-Laurede 

on a that he sought the reflection of the / Noaffleshadapair£rfgre^wr J 

end after, there were conme^ ,-ht r ms bright and ** K '^ -n ■ : v ■ ‘ from England for one ball ai 

rns fin 1952 he celebrated tiK ngnr j,: ■ - ■ ^TZ. 1 i 


International Herald Tribane 

P ARIS — Even late in life, Jean 
Hugo spotted "entreedte Victor 
Hugo” on a menu in Nancy. Before 
that, and after, there were commem- 
orations (in 1952 he celebrated the 
150th anniv ersary of Victor Hugo's 
birth at the Hammer and Sickle Fac- 
tory in Moscow) and windy quota- 
tions which he was too courteous to 
correct when, as often happened, 

MARY BLUME 

they were wrong. And there were 
Jean Hugo’s own memories of grow- 
ing up in a shrine, his great-grandfa- 
ther’s house in Guernsey. 

There was also Verdun. The mark 
of the Great War can be seen in the 
fact that Jean Hugo begins his mem- 
oirs in 1914, when he was 20, but 
neglects to say that he was awarded 
tiie Croix de Guerre, the Legion 
d’Honneur and the Distinguished Ser- 
vice Cross. (The memoirs, "Le Regard 
de la mfanoire,” and his “Carnets,” 
have just been reissued by Acres Sud.) 

From being a member of what was 
then called “tes conquiranis iptdsis" 
or exhausted victors, he became, like 
many of those who had survived, an 
eager participant in the elegant jolli- 
ties of the 1920s and ’30s, tall, charm- 
ing, with theprofile of a benign eagle. 
He cherished his great- grandfather’ s 
memory but was the first descendant 
to free himself of its burden, becom- 
ing a fashionable painter and design- 
er in between-tbe-wars Paris. 

“Papa was the first one not to live 
in Victor Hugo’s shadow,” says his 
daughter Marie, also a painter. 
“Grandpapa tried to write and every- 
one said how dare be? He tried to 
jjaint and everyone said how dare 

In commemoration of Jean Hugo’s 
centenary, an exhibition of his bright 
pad limb er p ainting s and drawings is 
an at the usually somber Victor Hugo 
museum in Paris, along with a show 
of World War 1 drawings at Bl&ran- 
court outside Paris. His first, major 
retrospective will be held this June at 
Montpellier, near the Mas des Four- 
ques, the estate that Jean Hugo in- 
herited from his mother's family, 
who had owned it since the time of 
Louis XV. 


There were always peacocks at 
Fouraues but Jean Hugo preferred to 
draw the thickens or to imagine uni- 
corns and centaurs. He liked to say 
that he sought the reflection of the 
tight of paradise in iris bright and 
simple landscapes which Cyril Con- 
nolly described as “exquisite devo- 
tional lyrics to God and to nature” 
and which the American art historian 
Richard J. Wattenmaker says reflect- 
ed Hugo’s ideal 13th century, “an age 
of piety, contemplation and undis- 
tracted manual labor.” 

Picasso warned Hugo that he 
wasn’t attending sufficiently to his 
glory, but Marie Hugo says he was a 
tranquil and joyous man who put his 
whole heart into everything he did — 
pai red plates, a view called “Mum- 
mas an the Green" for a Shakespeare 
exhibition in England, illustrations of 
countries he had never seen. 

He painted landscapes on pebbles 
picked up on the Costa Brava and he 
decorated his second wife’s card- 
board pillboxes because he found 
them ugly. “He also painted empty 
loo-paper rolls and made them into 
penal holders ” Marie said. 

He never studied painting but en- 
joyed a quiet vogue, bought by such 
eminent American collectors as Ches- 
ter Dale, Robot I^hmarm and Alfred 
Barnes, who told Hugo in 1931 that he 
had hung him above a Veronese. By- 
the time Wattenmaker, now the lead- 
ing Hugo expert and the director of 
the Smithsonian's Archives of Ameri- 
can Art, came on Hugo in the Barnes 
collection as a student in 1959, there 
were 11 Hugos banring next to Ma- 
tisse, Rousseau ana Cezanne. 

Still, the most immediately appeal- 
ing work is Hugo’s set and costume 
evocative of a period when 
frivolity — which lias been described 
as play at its most evolved — reigned 
in Paris, reaching its most refined 
expression in the costume balls 
which Jean Hugo and his first wile, 
Valentine, attended and designed. 

Hugo met Valentine Gross, a swan- 
necked designer and ornament of le 
tour Parts, while on leave in 1917. Her 
dining room walls were tar-papered 
and we had rattan chairs covered in 
stars and stripes cut from an Ameri- 
can flag. Hex friends included Diagfai- 










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Jean Hugo’s costume design for “La Bette Excentrique” (1921). 


lev, Cocteau, Stravinsky, Poulenc and 
Proust who actually broke off a con- 
versation with a duke to chat briefly 
with her at a party. Jean and Valentine 
were married in 1919, with Cocteau 
and Satie as her witnesses. 

Jean Hugo was modest about his 
gjfts as a theater designer — he re* 
called that he neglected to get the 
proportions of a billiard table right 
tor a play by Radiguet and later for 


Carl Dwyer's film, “The Passion erf 
Joan of Arc,” he designed chairs that 
wouldn't stand — but he designed 
Cocteau’s “Les Marifcs de la Tour 
Eiffel” and a highly praised “Romeo 
and Juliet,” for which the costumes 
were hand-painted by Valentine. 

And then there were the costume 
balls, most of them given by Count 
Etienne de Beaumont, which required 
even more work than a theatrical pro- 


fiom England for one ball and at the 
1922 Bal des Jeux, which Valentine 
attended as a merry-go-round _and 
Jean as a game of billiards, he noted, 
“We missed Princess Souizd as a ‘ 
Christmas tree but were stole to watch 
the entrances of Chess, Dominos, 
Hopscotch and Marionettes.” 

For the Beaumonts’ Bal de la Mer 
J ean, in a waiter’s outfit- borrowed 
from Prumer’s, helped bar the tray 
on which reposed the Mabaram of 
Kapurthala as Caviar. He had had too 
much to drink and nearly dropped 
hex. “In iridia he would hayebeen put 
to at once,” the nuyarajati ob* . 
saved from the sidelines. 

Jean and Valentine led brilliant, 
but separate and childless lives. She 
was drawn to Snrrealism, be to^Ca- 
tholicisin (talking to Carmel Snow of ■ 
Harper’s Bazaar about a conmrissKxr 
he kept thinking of Mount Carmel). 
He was baptized by the mostfashian-.. 
able priest in Paris, AbW Mugmer, 
and withdrew definitively to the Mas 
de Fourques. 

Divorced, in 1948 be married. 
Lauretta Hope-Nicholson and they / 
rapidly had seven children. He weni 
to Mass daily and read the bible in 
Latin, Hebrew and Greek. He aban- 
doned costume and theatrical design 
to concentrate on pa i nti ng , serene 
and sweet-natured m his polka dot 
shirts, dark ties and three-piece 
tweed Savile Row suits. He used a 
monocle because he said it was less., 
fiddly than searching for his specta- 
cles and a qtdUpcn because he said it 
produced handsomer writing. 

In 1982, he noted that 10 his weak- 
ened eyes the Christmas moon was a 
triple crescent The fanciful creatures 
of his earlier landscapes deserted 
him: “No more unicorns, no more 
centaurs. ... I must find some- 
thing else.” In May 1984, Hugo, who 
was fascinated by words, wrote that 
he had been diagnosed as having “ar- 
tirite piriphirique — like the new - 
boulevardin Paris ” The next month, 
aged 90, he was dead. 


WEATHER 


Europe 







T, 



Ton 

nnow 


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LOW 

w 

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17.62 

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18*6 

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7-44 

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Bartm 

6/43 

2/35 


7/44 

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Bnmola 

10/50 

6M3 

pc 

11*2 

8(43 pc 

niklAim 

7/44 

104 


7 (44 

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5/41 

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CoauDalSd 

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London 

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Forecast for Sunday through Tuesday, as provided by Accu-Weather. 



Bcnglok 

Bo*ng 

HingKona 

Mama 

NawDBW 

Seat 

Snn^va 

Smgsean 

Tflipp, 

T<*yo 


Jahtreem 


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Coe 


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HQ! 


Asia 

Rain will sweep across 
Japan Sunday. The raki rrS 
be locany heavy. Seoul will 
be mainly dry and cool 
through Tuesday. There wH 
be the typical scattering of 
showers across Southeast 
Asia and rn« Philippines. 
There may be some heavier 
showers m Manila. 


North America Europe Asia 

Sunday will be e blustery. Tho United Kingdom and Rain will sweep across 
cold day from New York to much of Scandinavia will be Japan Sunday. The ram wC 
Boston. Philadelphia and wmdv Suiday through Tues- be beany heavy. Seoul w«1 
Washington. D.C. will be day 'There wil be a penod at be mainly dry and cool 
mainly dry and seasonable rain >n London end Oslo, through Tuesday. There w* 
Sunday tnrough Tuesday. Paris and Madrid will be be the typical scarering of 
Chicago wflt be seasonably mainly dry through the pen- showers across So urn oast 
cool and mainly diy through od with above-normal tem- Asia and the Philippines. 
Tuesday. A storm wU crash pe returns. Moscow will be There may be some heavier 
into ihe Pacific Northwest ch«y with snow showers showers m ManRa. 

Sunday. 

Middle East ~ Latin America 

Today Tomorrow Todoy Tomorrow 

Mgh Low W High Lew W Low W High Loo W 

OF OF Of OF CfF C/F OF OF 

Bwrw 17132 12*53 XX. tS«* I2S3 DC BueraBAMK SBrtOO 24/75 > X/97 zzrra pc 

Caro 17/82 a/46 pe 19* B/48 pc Caracas 29«a 20/60 pc 29/8* 20.<GB pc 

Damascus 12/63 2*35 • 14/67 4/36 or Uma 23/73 18/84 a 2173 79*6 pc 

Jerusalem ijfis 7/44 a 14/S 7 0/46 pc MwaroCay 23/73 7/44 pc 23/73 7/44 pe 

LUur 19*66 2 136 s =2.71 V77 pc FWxkiJafwni 29/84 21/70 pc 32/89 22/71 pc 

nyotf) 13/36 BUB t 76/BI 7/44 X SartMpo 28®4 0/46 * 25/77 8/43 c 

Legend: Hrniy, pc^aniy dourly- c-etaudy. W^Womiib. i-thundararorms. r^ain. stenow iVirrtes. 
an-snow. Wee. WJA/eedMr. AD mope, forecasts and dais prodded by Accu-Weether, Iiul 0 1994 


32A9 23/73 
8/46 0/32 

28(79 28/71 
31 #6 22/71 
28/82 7/44 

1 1 1S 2 307 

13/55 12/53 
32/69 24/76 
24/75 18/64 
12/53 4/39 


Algers ir«2 

Cape Town 21/70 

CasaUanca 22/71 

harsra 18/84 

Lagos 31/88 

Nairobi 19*6 

Tw« 1742 


12/53 PC 18*4 
11/52 S 25/77 
9/48 I 22/71 
7/4* pe 24(75 
23/73 4 32*8 
<1/52 t 24/75 
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Latin America 

Today 

HMI Low 


Low W High Low w 
OF OF OF OF 
Bueroe Aksc SBnOO 24/75 l 30/87 23/73 pc 

Caracas 29*4 20*0 pc 29*4 20.66 pc 

Urru 23/73 78*4 s 23.73 79*9 pc 

MwaroCty 23/73 7/44 pc 23/73 7/44 pe 

ttodaJuwro 29*4 21/70 PC 32*9 22/71 pc 

SwMBO 28*4 9/48 4 25/7» 6/43 e 


North America 

Andwrago -3/Z7 -I 1 

MUM 17*2 ; 

Boston 6M3 : 

Chrago 2/35 4 

Dww 4/38 -V 

Datrot 2/36 •: 

HonaUu 36.78 ^ 

Hrxwor 13/55 1 

Lea Angewi 22/71 i 

won 20/82 2 


Toranto 

wawengum 


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1/34 PC 
-3/77 an 
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21/70 pc 
5/41 pc 

a«e pc 

16*4 pc 
-10/-2 % 
•1005 si 
22/71 pc 
•208 pc 
8/48 pc 
7/44 PC 
i 2/35 *rt 
•6/27 pc 
i -2/29 pc 


S HE was expected to bring a new, more 
open style to Japan’s conservative im- 


perial household but so far Crown Princess 
Masako, who turned 31 on Friday, has 
retreated behind the palace walls. Since 
manying the heir to the throne Crown 
Prince Narninto last year, the Western- 
educated princess has been a model of 
demure traditionalism. She celebrated her 
birthday by lunching with Prince Naru- 
hito, the palace said, and refused to grant 
any birthday interviews. 


James Brown, 61, the Godfather of Soul, 
is facing the law again on charges that be 
beat his wife. Brown turned himself in to 
the police in Aiken, South Carolina, after 
an arrest warrant was issued charging him 
with shoving his wife, Adrienne, during an 
argument. The police said she suffered a 
cut on her tip when she feiL Brown was 
released after paying a cash bond. The 
misdemeanor domestic violence charge is 
punishable by a maximum fine of $200 or 
30 days in prison. Brown is already on 


30 days in prison. Brown is already on 
probation for aggravated assault and for 
failing to stop for a police officer. 


PEOPLE 


The filmmaker Rands Fold Coppola 
has become a California wine baron. He 
bought the Inglenook Winery ch&teau in 
California’s Napa Valley for $9 million 
from the beverage giant Heublein Inc, But 
he doesn’t get the brand name. The Ingle- 
nook brand name was sold earlier this 
year. Coppola already owns the Niebaum- 
Coppola Estate Winery next door. 

□ 

Bob Hope’s wife; Dolores, couldn’t stop 
him so she decided to join him in maWng 
their first full-length Christmas album, 
“Hopes for the Holidays.” The hodge- 
podge of yuletide tunes gives Mrs. Hope, 
85, a chance to show off her ringing. She 
was a vaudeville performer before she met 
Hope. “It’s a sentimental thing,” the 91- 
y ear-old Hope said. 

□ 

Major Andrea Parker-Bowles, 55, the 
usually sOeni husband of Prince Charles's 
supposed mistress, Camilla Parker-Bowles, 
finally spoke out at a ceremony at the 
Horse Guards barracks in Whitehall to 
mark his retirement as an army officer. 
Asked about his plans for the future, the 
nugor said: “Things can only get better, 
can’t they?” 




ITOppo Mrouforte'AgcDOc Freacc-nzae, 

Arnold Schwarzenegger in Rome at 
the Ifistoricom Center on Friday to 
present his fOm “Junior.” 





Your stomach s growling. 



Mother Nature s calling. 


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