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PUBLISHED WITH THE NEW' YORK TIMES AND THE WASHINGTON POST 


A Besieged Berlusconi 
Wonts Parliament to 
Decide Coalition’s Fate 


Paris, Friday, December 16, 1994 


By John Tagliabue 

New York Times Service 

ROME -—Prime Minister Silvio Berlus- 
coni called Thursday for a vote of confi- 
doice m his government next week to 
establish whether a revolt by one his coali- 
tion partners meant that his government 
was, in effect, dead. 

In an apparent effort to salvage his be- 
leaguered administration, Mr. Berlusconi 


coalition — - the Non hem League, the neo- 
fascist National Alliance, and Mr. Beriu*- 
coni’s own Forza Italia movement — came 
to power after national elections in March, 
appeared to usher in a new era in Italian 
politics, after government corruption in- 
vestigations had destroyed much of italv’s 
old governing elite. 

But the present political wrangling has 
injected a note of opaqueness into political 




5*1 


«» ™«jw«y night with President Oscar “ fairs easily rivaling, if not surpassing, 
Luigi Scalfaro. At the same time, the prime lhal of lhe recent past, 
minister's spokesman, Jas Gawronski. an- Even 115 thc breaking of ranks by the 
nounced that Mr. Berlusconi, following a Northern League appeared to challenge 

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to Parliament next Wednesday 
. would tell the legislators, “You decide." 

‘ The decision was evidently made after 
. one of the pillars of the government alli- 
ance, the separatist Northern League, ig- 
! nored coalition unity on Wednesday to 
vole with the opposition Popular Party 
and the Party of the Democratic Left in 
: favor of a television oversight board. The 
- issue is sensitive to Mr. Berlusconi, whose 
ownership of three of Italy's largest and 
most popular private television channels 
; has been a source of frequent criticism. 

Mr. Berlusconi will address the legisla- 
tors after they have approved a 1995 bud- 
get bill which, though watered down, is 
expected to revive at least some confidence 
on financial markets. In recent months, 
markets have shed the lira and lira-denom- 
inated securities, despite a fairly buoyant 
Italian economy, as the weaknesses within 
the government have become increasingly 
evident 

The prime minister, whose three-group 


the prime minister’s authority, Mr. Berlus- 
coni's decision to stake the future of his 
government on a parliamentary vote, and 
his encounter with the president Thursday 
night, appeared to reflect a resolve to hang 
onto office, or at least to be able to form a 
new cabinet under his leadership, if the 
present political arrangement collapses. 

Mr. Berlusconi’s weakness stems in part 
from the decision by anti-corruption mag- 
istrates in Milan to investigate him for 
bribes that officials of his Fininvest busi- 
ness empire are said to have paid tax 
officials in exchange for favorable audits. 

On Tuesday. Mr. Berlusconi was ques- 
tioned in Milan for seven hours by the 
investigators, who must now decide wheth- 
er to drop the charges against him, to 
indict or to investigate further. 

Italian television reported that at a 
meeting with Foiza lima legislators late 
Wednesday, Mr. Berlusconi voiced the be- 
lief that he would be indicted. 

In part, the current crisis was set off by 

See ITALY, Page 4 


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Morgan Stanley and Warburg Call Off Banking Mega-Merger 


By Erik Ipsen 

International Herald Tribune 

LONDON — Plans to create one of 
world's largest investment banks hit 
the rocks on Tnursday as Morgan Stan- 
ley of the United States and S.G. War- 
burg of Britain stunned the market by 
colling off the S6.8 billion merger they 
had announced only a week ago. 

Gleeful rivals were quick to pour salt 
in the wounds. "Thss fact that two arch- 
proponents of takeovers and two of the 
world’s leading advisers to corporations 


cannot get together themselves has to be 
a major embarrassment," said one Lon- 
don hanker. 

As it turned out, the sticking point 
proved to be Warburg’s fund manage- 
ment arm. Mercury Asset Management. 
The owners of a 25 percent stake not 
held by Warburg insisted on a better 
de&L a condition that Morgan Stanley on 
Thursday called “unacceptable." 

Having spent recent days talking up 
the mutual benefits of the merger and the 
enhanced global reach that it would give 


them, executives of both firms now face 
the thorny task of damage control. In a 
statement issued just after the deal was 
aborted, Morgan Stanley's president, 
John Mack, seemed to be doing just that. 

“We have never been in a more favor- 
able competitive position than we are 
tOUay," lie m>t ..iCG. 

The impact of the failed merger will 
undeniably be felt more by Warburg. 
Morgan Stanley's chairman, Richard 
Fisher, wistfully called the abortive 


merger Thursday “a unique opportunity 
to accelerate our progress" ana to fash- 
ion a “preeminent global franchise." In 
the absence of that opportunity, analysts 
agree that Morgan Stanley has the re- 
sources to continue pushing toward its 
goalindependently, although more slow- 
ly dun ins merger w v u«I have allowed. 

That is not the case at Warburg, which 
is far smaller. “In announcing the merg- 
er, Warburg had tacitly signaled its in- 
ability to compete in the global market- 


place and that fact remains unchanged," 
said a disgruntled analyst. 

In spite of the failed merger, however, 
most observers agreed that the consoli- 
dation in the industry that it foreshad- 
owed would continue. Haring as much 
as admitted that it was too small to 
pursue an independent strategy in global 
financial markets, Warburg will ulti- 
mately seek and find a buyer, they main- 
tain. 

Candidates for such an acquisition 

See WARBURG, Page 4 


NATO Discourages Carter Trip to Bosnia 


Compiled by Our Staff From Dvpaicha 

BRUSSELS — The NATO secretary- 
general, Willy Claes, dismissed on Thurs- 
day a peace plan by the Bosnian Serbian 
leader, Radovan Karadzic, and sought to 
discourage Jimmy Carter, the former U.S. 
president, horn acting as an intermediary. 

“I do not see any indication of a peace 
plan. Ibis is just an elaboration of points," 
Mr. Claes said at a news conference after a 
two-day meeting of alliance defease minis- 
ters in Brussels. 

“I do not believe that if there is a willing- 
ness for a cease-fire there is a need for an 
intermediary," he added. 


on Thursday that Mr. Carter would begin 
his mission soon. 

“I am happy to report that President 
Carter is coming very soon to see us,” Mr. 
Karadzic said in an interview with CNN 
from his headquarters in Pale, Bosnia. 

The U.S. State Department said that the 
government had offered lo help transport 
Mr. Carter to Bosnia if the former presi- 
dent should decide to go. 

CNN reported earlier that Mr. Carter 
was vety likely to take a commercial flight 
to Europe on Saturday and that a U.S. 
military plane would then fly him to Bos- 


Mr. Tfaraitw. told American television Mr. Claes said that NATO supported a 


peace plan drawn up by the five- nation 
^contact group" on former Yugoslavia. 

The U.S. secretary of defense, William J. 
Perry, said al a separate news conference 
that past experience of Serbian peace of- 
fers made him skeptical of Mr. Karadzic’s 
latest proposals. 

But he did not suggest — as Mr. Gaes 
did — - that Mr. Carter should not act as a 
mediator 

Mr. Perry said that Mr. Carter had not 
been appointed by President Bill Clinton 
as a special envoy and would not carry a 
message from the U.S. government. 

Mr. Carter brokered a deal paring the 

See CARTER, Page 4 




Kiosk 

Chimnel Car Service 
* To Start on Thursday 

LONDON (Reuters) — The Chan- 
nel Tunnel operator Eurotunnel has 
received the go-ahead to run its Le 
Shuttle service for vehicles and their 
passengers, starting Thursday. 

Eurotunnel was to announce prices 
and other ticket details Friday- 

The service, which transports peo- 
ple and cars under the Channel, is tne 
final piece in the jigsaw of Eurotunnel 
rail services, which have been dogged 
by delays and embarrassing mishaps. 


Muslim Summit Threatens 
Sanctions on Serbian Allies 


Book Review 

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Page 4- 

Page 21. 


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Up . 
% 19.18 

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The Dollar 

Nfl* YofX. 

DM 

Pound 

Yen 

FT 


Compiled by Our Staff From Dispatches 

CASABLANCA, Morocco — Muslim 
beads of state, wrapping up a summit 
meeting here cm Thursday, threatened eco- 
nomic measures against countries that 
help the Serbs in Bosnia. 

A special statement on Bosnia, which 
has dominated the three-day meeting, 
said: “We express our condemnation of afi 
direct or indirect assistance to the Serbian 
aggressors and we resolve to reconsider 
present economic relations between our 
countries and those which support the Ser- 
bian position." 

Hie statement, echoing a resolution by 
foreign ministers, said the 52 members of 
the Organization of the Islamic Confer- 
ence considered null and void the United 
Nations ban on supplying arms to the 
mainly Muslim government of Bosnia. 

The foreign ministers had added that 
their governments would act on this under- 
standing. 


The heads of stare said they would in- 
crease humanitarian and economic aid to 
the Bosnian Muslims through a Bosnian 
aid fund, the statement said. Each member 
would contribute between $300,000 and $5 
million to the fund, it said- 

An Islamic delegation would meet per- 
manent members of the United Nations 
Security Council lo explain and defend 
their policy on Bosnia, ii added. 

President Alija Izelbegovic of Bosnia, 
attending the meeting as a guest, said: “I 
am satisfied with the resolutions of the 
summit but the problem that remains is 
implementation. 

Unifying Islamic nations and counter- 
ing religious extremism were also central 
themes of the three-day session, which 
sought to give the world’s more than 1 
billion Muslims more clout in the interna- 
tional arena. 

Inter-Arab disputes that dogged a pre- 
See BOSNIA, Page 4 



Mavjfuni Hsum'Rruier, 

JAPANESE W AILIN G — Rieko Anase, a Tokyo housewife, turning up 
the dedbeb Thursday at die annual shouting contest in Sbinjuku district 


_ Wadwri Ewuficv ' Agcacr Fiancr-Pr«K 

Chechen troops readying a grenade launcher Thursday west of Grozny as Russia massed armor outside the rebel capital 


Yeltsin Gives 
Chechnya 
2 More Days 
To Surrender 

Russian Offers to Talk 
With Secessionists as 
Troops 9 Advance Slows 

By Alexandra Stanley 

-V«f York Times Service 

MOSCOW — With Russian troops sur- 
rounding the capital of Chechnya and the 
breakaway republic’s leader promising a 
holy war against the Russian invaders, 
President Boris N. Yeltsin blinked Thurs- 
day night and postponed for two days his 
threat to storm the besieged capital, Groz- 
ny- 

In a statement addressed to the Chechen 
people, Mr. Y elisin said he would set aside 
his Dec. 15 deadline and give the forces 
loyal to President Dzhokar Dudayev an- 
other 48 hours to disarm. He offered to 
send a higher-level delegation to resume 
failed truce talks, provided that Mr. Du- 
dayev personally headed up the Chechen 
side. 

Shortly before Mr. Yeltsin's statement, 
Mr. Dudayev held a news conference in 
Grozny in which he, too, called for high- 
level talks to resolve the conflict Mr. Du- 
dayev said be welcomed “negotiations at 
the highest level," but then suggested that 
Russian soldiers would have to withdraw 
from Chechen territory before such talks 
could begin. It was that condition that 
brought earlier negotiations to a standstill. 

Mr. Yeltsin also seemed to be clinging to 
his desire that Chechen forces disarm be- 
fore a Russian withdrawal Saying that he 
would view a voluntary cease-fire as “a 
manifestation of goodwill" he added, “It 
is essential that heavy guns fall silent and 
then be surrendered within the set time 
limit.” 

Whatever the fate of peace talks, the 
delay of an all-out war was as much a 
reprieve for Mr. Yeltsin as it was for his 
Chechen opponent. 

Russian troops have been met with 
fierce resistance, and their advances to- 
ward the city Thursday were impeded by a 
thick fog. It was not clear that the military 
was ready to seize Grozny after the origi- 
nal deadline elapsed. 

And it was also a personal respite. Ever 
since Mr. Yeltsin sent in hundreds of tanks 
and thousands of troops Sunday to bring 
the secessionist republic to heel, the Rus- 
sian president appeared to be in the state 
of political free fall attacked from nearly 
all sides for driving the country to the 
brink of political crisis and possibly estab- 
lishing a pretense for the creation of a 
neoauthontarian regime. “The constitu- 
tion does not arrive in tanks," a front-page 

See YELTSIN, Page 4 

EU Puts Baltics 
On the Road 
To Membership 

By Tom Buerkle 

International Herald Tribune 

BRUSSELS — The European Union 
opened negotiations Thursday to put the 
Baltic republics on the path toward mem- 
bership, a step that essentially completes 
the future geopolitical boundary of west- 
ern Europe but raises delicate security 
questions about the Union's eastern ex- 
pansion. 

EU officials said they expected to com- 
plete so-called Europe Agreements with 
Estonia, Latvia and Lithuania within a few 
months. That reflects the rapid progress 
those countries have made in abandoning 
central planning for the free market, as 
well as the ambition of Germany to extend 
the Union’s stability right up to die fron- 
tier of the former Soviet Uman, min us the 
Baltic states. 

“European countries which want to join 
the European Union should be allowed to 
do so,” said Sir Leon Britton, the trade 
commissioner who led the Union side in 
the talks. “The European Union is not a 
dub that belongs to those who happen to 
be in it." 

Sir Leon said it was premature to draw 
any new Easi-West boundaries, but he left 
no doubt that Russia, Ukraine and other 
republics of the Commonwealth of Inde- 
pendent States do not meet his definition 
of a European state. The geography les- 

See EU, Page 4 


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As Clinton Tries to Reinvent Himself , the Questionls: WhoIsHe? 


■ Newsstand Prices 

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^■r"uSViu.S.A»IUE U r.) 1 UP 


By Ann Devroy 

Washington Pest Service 

WASHINGTON — For perhaps the 
fourth or fifth but probably the most im- 
portant time, President Bilf Clinton is try- 
ing to start his presidency over. 

Mr. Clinton's Oval Office address was 
described by White House aides as an 
effort at putting the president back on 
track and laying the groundwork for the 
second half of ms tom; he sought to ap- 
peal to the nation as a champion of the 
“forgotten middle class.” 

There is little optimism outside the 


White House, even among sour and de- 
moralized Democrats themselves, that 
there can be a successful second act is this 
presidency. 

Some say Mr. Clinton's best hope is that 
Republicans blunder so badly that Ameri- 
cans take another, kinder look at him. 

No one thinks it will be easy. David 
Gergen, the Clinton senior adviser who 
will leave the administration next week, 
said that Americans “have lost sight of 
who he is." 

“People say move to the left," Mr. Ger- 
gen said. “Other people say move to the 


right; but what people have lost sight of is 
BOl Clinton’s center. What they want to 
hear is what his core convictions are." 

The political scientist Charles O, Jones, 
a student of the presidency and Congress, 
said Mr. Clinton never aaimnwyt the stature 
of the presidency. “If he had enhanced and 
protected and nurtured thiq larger presi- 
dential picture,” then the questions of who 
he is and what be stands for and whether 
he can survive would not dominate the 
Clinton presidency today. 

“Can he come back?” Mr. Jones asked 


rhetorically, then shook his head. “He has 
been so marginalized," not only by the 
Republicans but even now by his fellow 
Democrats. Mr. Jones pointed to the deci- 
sion by the House Democratic leader, 
Richard A. Gephardt, on Tuesday to an- 
nounce his version of a middle-class tax 
cut before Mr. Ctinton’s speech and the 
way Mr. Gephardt put distance between 
House Democrats and the White House. 

“Gephardt ought to be the most ardent 
supponer of the president,” Mr. Jones 
said. “I n stea d , he upstages Him “If I did 
not know better, I*d think it was the first 


^toward a challenge of the president in 

Other Democrats also point to what one 
called “the deafening silence” coming 
from other Democrats. An embittered sup- 
porter of Mr. Clinton said this week: 
14 Where in hell is our amen-chorus? Even 
George Bush had Republicans standing up 
for him when the Democrats attacked” 
He noted that when Senator Jesse 
Helms, Republican of North Carolina, 
said the president needed protection if he 
visited North Carolina, remarks he later 

See CLINTON, Page 4 







Top German Court 
Orders Extremist 
To Be Resentenced 


WORLD BRIEFS 


'tr 


York Tima Senior 
BONN — Germany's highest 
criminal and civil court Thurs- 
day ordered a new sentencing 
for an extreme-right nationalist 
leader given a suspended one- 
year term last summer by a low- 
er court for publicly inciting 
anti-Semitism. 

The Federal Court of Justice 
in Karlsruhe called for a new 
sentencing of Gttnter A. Deck- 
ert, 51, the national chairman of 
the 5, 000-member National 
Democratic Party, by a differ- 
ent district court than the one 
that convicted him but spared 
him a jail term in August. 

‘The uniqueness of the mass 
murder of Jews committed by 
the German state in the Second 
World War rides out a mitigat- 
ing view of c riminal acts arising 
from it," the court ruled. 

nrMVNRITnnFTING nwnwlln r Hefamt KofaL righ t, snowing a reran as ne wmenw iuuisu^ mui run^u iniuD<er The case of Mr. Deckert. a 

totefl* German Paifiame^s ddftentfions war » budget, former high schoolteacher, has 

New Bonn Minister Makes Abortion Issue Knottier 


By Craig R. Whitney 

New York Tuna Service 

BONN — With German political parties still strug- 
gling four years after unification to reach consensus on 
a new abortion law to replace one that the courts 
rejected as unconstitutional, Chancellor Helmut Kohl 
has given the debate a new twist by naming an oppo- 
nent of abortion as his cabinet minis ter in charge of 
family policy. 

East Germany permitted free access to abortion m 
the early stages of pregnancy. After unification, the 
government loosened some of the restrictions West 
Germany had on abortion, until the country’s highest 
court stepped in. Since then, abortion has been techni- 
cally illegal, though not punished. 

The cabinet member is Claudia Nolle, an East 
German Roman Catholic who heads the Ministry for 
the Family, Senior Citizens, Women and Y outh. At 28, 
she is the youngest minister in 50 years. 

When named to the job last month, she told Parlia- 
ment that she would seek a consensus. But she also 


said a new law should encourage prospective mothers 
to say “yes to the child.’' 

The chancellor, who is also Roman Catholic, has 
avoided taking a stand. He said he had chosen Mrs. 
Nolle because he was impressed by ho- determination 
to stand up for principle. 

Early tins week, a German television program re- 
vealed that Mrs. Nolle, while still a backbencher, had 
endorsed a nationalistic Christian group that pub- 
lished a calendar for young people showing a 1937 
map of Germany. The calendar entry claimed that 
areas annexed by Poland and Russia still belonged to 
Germany. 

Mrs. Nolte said this week that she had been unaware 
of the calendar’s contents and should have examined it 
more closely before sending the endorsement. 

Her appointment has provoked criticism. Barbara 
Rjtter, a member of a nationwide abortion-rights 
movement, said: "Her position on abortion is extreme 
— she wants to make it punishable, period. At least 
now the government has put its cards on the table.” 


Mis. Nolte led the Christian Democratic Party list 
in Thuringia state in tbe first all-German elections in 
December 1990. In the Parliament she acquired a 
reputation for bring independent minded, particularly 
on abortion. 

From 1972, East German women had had the right 
to abortion until tbe 12th week of pregnancy. West 
Germany also tried to lift the legal prohibition on 
abortion in the mid-1970s, but the courts overturned 
the first attempts. 

After reunification in 1990, Parliament approved a 
law that gave women the right to abortion after man- 
datory counseling about the dangers and drawbacks. 

That law was overturned in May 1993 as a violation 
of the constitutional requirement to protect human 
life. But the court also ruled that women who under- 
went abortions in the first three months of pregnancy, 
and their doctors, should not be prosecuted. In prac- 
tice, it meant that it was easier for women who could 
afford it to go to another country or to a private clinic 


E 


Bruton to Head Irish Coalition 

Centrist and Leftist Parties Join to End Monthlong Crisis 


By James F. Clarity 

New York Tima Service 

DUBLIN — A combination 
of centrist and leftist parties 
ended a month of political con- 
fusion Thursday, electing John 
Bruton as Ireland's prime min- 
ister. 

Mr. Bruton, a wealthy 47- 
year-old farm owner who leads 
the centrist Fine Gad party, 
was elected with the support of 
the Labor and Democratic Left 
parties, giving Ireland a govern- 
ment for the first time since 
mid-November, when Albert 
Reynolds resigned as prime 
minister and put his Hanna 
Fail party, the country’s largest, 
out of power. 

He resigned after Labor, 
headed by Dick Spring, broke 
up a coalition with Hanna Fail 
in a dispute over the mishan- 
dling of an extradition case in- 
volving a Roman Catholic 
priest who was convicted of 
child molestation in Northern 
Ireland. 

The dispute became a nation- 
al scandal in this overwhelm- 
ingly Roman Catholic country 


as Mr. Reynolds was accused of 
defending an attorney general 
who had failed to act on the 
priest’s extradition, leaving him 
at large in Ireland for seven 
months last year. 

Mr. Bruton sought to counter 
charges that he was less enthusi- 
astic about the peace initiative 
in Northern Ireland than Mr. 
Reynolds. The former prime 
minis ter played a major role in 
persuading Sinn Fein, the polit- 
ical wing of the Irish Republi- 
can Army, to work for an IRA 
cease-fire, which they did, and 
be later welcomed them to 
Dublin to discuss peace. 

Gerry Adams, the president 
of Sinn Fein, said he wanted to 
meet with Mr. Bruton, who said 
he was willing. 

The new government, calling 
Itself a “rainbow coalition,” will 
have a four-seat majority in the 
166-member Parliament, com- 
prised of Fine Gad, with 47 
seats, Labor, with 32, and the 
Democratic Left, with 6. 
Fianna Fail, with 67 seats, and 
smaller parties make up the op- 
position. 


i« ask die butler... 




Vttri i trvitg ii iHwj ytu vn> it It it. 


S-l-N-G- A-P-O- R -E 



LIVING IN THE IIS.? 
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The election marked the first 
time since 1987 that Fme Gad 
had headed a government. 

The leftist tone of the new 
government was immediately 
attacked by the leader of the 
small Progressive Democrat 
party, Mary Harney, as “the red 
rainbow of ruin.” Other politi- 
cians said the government was 
the fox in the henhouse, plan- 
ning to spend an expected rise 
in revenues rather than use it to 
lower taxes, which are among 
the highest in Europe. 

But analysts pointed out that 
there was tittle in the 38-page 
program erf the new government 
indicating that it wul bend to- 
ward the socialism long-since 
ignored by both Labor and the 
Democratic Left 

The leader erf the Democratic 
Left Proinsias De Rossa, who 
was once interned by the Irish 
government as an IRA support- 
er and whose party had ties with 
the old Soviet Communist Par- 
ty, is to serve in the cabinet as 
minister for social welfare. He 
described Mr. Bruton on Thurs- 
day as “a fair and honest man." 

Mr. Bruton said “the origins 
and policies of our parties are 
very different,” adding that 
“differences can provide great 
strength." 

Two weeks ago, Mr. Bruton 
seemed on the verge of losing 
his leadership of Fme Gad, as 
polls showed only 10 percent of 
the voters wanted him as prime 
minister. 

It was the party that, under 
Prime Minister Garret HtzGer- 
aid in 1985, negotiated with 
Prime Minister Margaret 
Thatcher of Britain the agree- 
ment that gave the Republic of 
Ireland a consultative role in 
Northern Ireland affairs for the 
first time since Ireland won in- 
dependence in 1922. 


Commuter Flight 
In Foul Weather? 


Think About Risks 


New York Tuna Service 

NEW YORK — Although traveling by propeller plane 
r emains safer than driving, aviation experts say that taking 
such planes in foul weather, particularly at night, can be 
hazardous. 

The reasons, they say, indude the short hops endemic to 
commuter flying, the design of the planes, tbe heavy work 
loads facing pilots and their generally lower standards of 
training. 

“If I were going somewhere and had to fly on a commuter, I 
would take a real strong look at the weather,” said William D. 
Waldock, an aeronautical science professor for Embry-Riddle 
Aeronautical University. “The operations tend to be less 
safe,” said Mr. Waldock, who is also director of the universi- 
ty’s aviation safety center. 

The International Airline Passengers Association also ad- 
vises travelers not to fly on aircraft with fewer than 31 seats at 
night or in bad weather. It said that such aircraft, which are 
allowed to conform to lower standards than larger aircraft, 
had 30 fatal accidents in the last 15 years. 

And Richard Jones, a former deputy administrator of Lhe 
Federal Aviation Administration, told CNN: “If the weather 
were very bad — if there were icy conditions, sleet and that 
sort of thing — I think I might look for another way to get to 
my destination.” 

Although no single agency collects safety statistics on all 
propeller planes, there is general agreement that they have 
had an accident rate two to three times higher than jets flown 
by major UK airlines. 

■ Tlam^Ouf Before North Carolina Crash 

American Eagle Flight 3379 apparently had an engine 
malfunction and may have stalled while approaching Ra- 
lezgh-Dtuham International Airport before it crashed Tues- 
day, killing 15 people and injuring 5 others, according to the 
National Transportation Safety Board, The Washington Post 
reported from Raleigh, North Carolina. 

The board chairman, Jim Hall, said a preliminary reading 
of the cockpit voice recorder showed that pilots of the twin- 
turboprop Jetstream Super 31 had talked of a “flame-out" 
and discussed aborting their landing. 

The pilots also “discussed which engine was not operating 
properly ” Mr. Hall said. 

Flame-outs are rare. When they do occur, crews are sup- 
posed to be able to adjust for the lack of power with the other 
engine. That will lead the safety board to question whether 
something else went wrong at the same time. 


bedeviled German justice since 
1992, when a district court in 
Mannheim found him guilty of 
the crime of denying that the 
Holocaust had taken place. He 
had organized and translated a 
public lecture by an American 
apologist for Nazi war crimes, 
rod A. Leuchter Jr. 

Early this year, the Federal 
Court of Justice ordered Mr. 
Deckert retried on the grounds 
that he could be convicted only 
if he himself had publicly ex- 
pressed the offending views as 
his own. . 

In June, the three-judge 
M annheim court that bad con- 
victed Mr. Deckert retried him, 
and in August pgam found him 
guilty of violating German law 
by embellishing on Mr. 
Leuchter’s speech, telling the 
audience that the Holocaust 
was a myth perpetrated by a 
“parasitical” people who were 
using a historical lie to black- 
mail Germany into paying rep- 
arations. 

“He is a strong-willed, re- 
sponsible personality with dear 
irindples who defends his po- 
litical views with great dedica- 
tion and a considerable expen- 
diture of time and energy, tbe 
judges said, provoking a storm 
of protest by suspending his 
sentence. Now that he knew de- 
nying the Holocaust was illegal, 
they said, he certainly would 
not do it again.. 

Since then, Mr. Deckert has 
loudly demanded that Michel 
Friedman, a member of the 
Central Council of Jews in Ger- 
many, leave the country, and 
was arrested last month for try- 
ing to conduct a meeting at the 
former concentration camp in 
Buchenwald. 

Prosecutors appealed the 
mild sentence he received last 
summer, and Thursday the 
Federal Court of Justice or- 
dered Mr. Deckert resentenced 
by a district court in Karlsruhe: 

“Things may be set right this 
time, and I think the message 
that will be conveyed to those 
doing this sort of thing will be a 
clear one — that they can’t get 
away with it,” said Kenneth Ja- 
cobson. Assistant National Di- 
rector of the Anti-Defamation 
League of B’nai B’rith in New 
York City. 

—CRAIG R. WHITNEY 

■ Neo-Nazi Gets 18 Months 

A Munich court jailed a 
prominent neo-Nazi leader for 
1 8 months on Thursday for dis- 
tributing racist and anti-Semit- 
ic propaganda, Reuters report- 
ed. 

The court found Bela Ewald 
Althans, who last year aroused 
widespread anger for remarks 
he made in the controversial 
film “Profession: Neo-Nazi," 
guilty of distributing videos 
that denied the Nazi extermina- 
tion of Jews. 



Ed. 1°1 1 - PARIS 

THE OLDEST COCKTAIL BAR IN EUROPE ™ 
Just tell the taxi driver, "Sank too doe noo" ™ 
PARIS: 5, rue Daunou 

BERLIN : Grand Hotel Esplanade 
HAMBOURG: Bknchenhof 



Airline Reopens at O'Hare 

Rouen 

CHICAGO — American Ea- 
gle resumed commuter flights 
Thursday out of O’Hare Inter- 
national Airport, six days after 
it halted operations and pulled 
all of its troubled ATR aircraft 
out of service there. 


Swedes Rule Out 
Raising Ferry and 
Bodies From Sea 

STOCKHOLM (AP) — Swe- 
den decided Thursday to leave 
818 bodies inside Lhe sunken 
feny Estonia and preserve the 
wreck as a graveyard on the 
bottom of tbe Baltic Sea. 

“It will be left in the sea,” 
said Prime Minister Ingvar 
Carlsson in announcing tbe de- 
cision to Parliament. 

The delicate, long-awaited 
decision ended nearly three 
months of uncertainty for sup- 
porters and opponents of the 
salvage, which would have been 
costly emotionally as well as 
financially. 

Although technically feasible 
at an estimated cost of 500 mil- 
lion kronor ($66 million), the 
salvage in the end was scrapped 
mainly because officials felt 
they would never be able to 
identify or retrieve all tbe bod- 
ies with certainty. 

More than 900 people died 
on Sept. 28 after a Baltic Sea 
storm tore off the Estonia’s 
huge front cargo door. 

Only 1 37 people survived and 
just 94 bodies were recovered. 
Because passenger lists were 
unreliable, authorities say they 
may never know exactly how 
many died in the wreck. 


Gunmen Kill 10 in Karachi Attacks 

KARACHI, Pakistan (Reuters) — Gunmen killed; 10 people 
andal» find shots in front of Prime Muust^ B^arBhuttos 
home in Karachi on. Thursday, police and witnesses said. ^ 

At least 23 people were wounded. The deaths raised the toll • 
from ethnic and sectarian violence m HW^s^commaiaal 
capital to 106 in the last 15 days. Adyinet chief of the rthrnc 
Muhajir National Movement was tolled by §unmen who broke 
into Ms home and shot Mm in front of his rdatiyes, yafrwsses sari. 

Police said they killed two gunmen in a snoot-oar in Karachi. 
Witnesses said several gunshots were heard m front' of Miss 
Bhutto’s private home in southern Karachi. 

Cells Appear to Slow Spread of AIDS 

LONDON (Reuters) — Immune cells have bees discovered 
that attack the HTV virus and might help in the search for a cure 
for AIDS, U.S. scientists said in a report to be published Friday. 

The irnmiwe cells, called CDT-T cells, were found to reduce 
levels of the virus in the blood erf some patients, causing the fiu- 
like iDness experienced in the first stages of AIDS to recede after 
two to six weeks, research 'at the University <rf California in San 
Francisco showed- / . . : ■ 

Professor Jay Levy and his colleagues- said an article m the 
medical journal Lancet that the cells appeared to briefly stop the . 
spread of tbe disease. The discovery will assist in understanding 
ADDS, the researchers concluded. Three out of seven patients 
experienced a decrease in the level of HIV virus as the activity of 
the cells increased, This suggested the cells were “responsible for 
the control erf HIV replication,” the researchers said 

U.S. Presses Turkey on Rights Cases 

WASHINGTON (NYT) — The Clinton administration has 
increased pressure on Turkey to stop human rights abuses after a 
state security court convicted eight Kurdish members of Pariia- 
ment last week of supporting an illegal Kurdish separatist group. 

The State Department has suggested that tbe Kurdish lawmak “ 
ers were convicted for merely speaking out on behalf of their 
people. Some officials voiced concern that two speeches cited were 
made by parliamentarians to the Carnegie Endowment for Peace 
and the Helsinki Commission of the U.S. Congress. 

The administration is trying to press Turkey without straining 
relations to the breaking point. Turkey has long been one of 
America's closest allies in the Middle East. 

French Advance Anti-Corrupfion Bill 

PARIS (Reuters) — The French National Assembly approved 
an anti-corruption bill Thursday that would ban corporate financ- 
ing of political parties and require civil servants involved in public 
tenders to disclose their financial assets. 

The bid to be debated in tbe Senate next week, follows 
n umero us scandals involving business executives and potitiriahs 
in most major political parties. Three ministers in Prime Minister 
Edouard Ballad Ur’s center-right cabinet have resigned in the lari 
five months because of corruption inquiries. ! 

The bill would ban elected officials convicted of corruption or 
influence-peddling from r unning for public office for five years. 
would also prohibit any company from financing an election 
campaign through cash or services, and forbid individuals to 
donate more than 30,000 francs ($5,500) for an election campaign. 

Seedling of Prehistoric Pine Unveiled 

SYDNEY (API — Only a day after announcing the discovery of 
a real-life Jurassic Park, where pine trees thought to have been 
extinct for 150 million years still thrive, scientists unveiled the 
sequel Thursday in. the form of a seedling. 

For two weeks, horticulturists at the Mount Annan Botanic 
Garden had mounted a secret effort to propagate seeds from the 
prehistoric pines, discovered in August and called Wofletni Pines, 
after the national park where they were found. 

Forty seeds recovered from the grove have been incubating in - 
plant nutrient solution and one has sprouted, said Cathy OfftfU, 
the research officer at the botanic garden. The institution is also 
experimenting with branches and foliage to see if the pinfcs 
reproduce by sending out runners or shoots. “Because it is a new 
genus, we have no prior knowledge of how., to propagate the 
plant,*’ she said. 

Liberian Rebels Kill 48 Gvilians 

MONROVIA, Liberia (AP) — Rebels hacked and burned 48 
civilians to death Thursday and artillery fire shook Liberia’s 
capital as the countiys civil war returned to Monrovia for the first 
time in almost two years. 

The attack marked the first such violence in Monrovia since the 
rebel leader Charles Taylor tried to seize the capital during an 
assault from October 1992 through January 1993. It was not clear 
if Thursday’s attack was by Taylor followers. 

Peacekeepers came under attack Monday night in the northeast 
of the capital, and fighting flared again Tuesday and Wednesday. 
The latest fighting was concentrated in rubber plantations about 
35 miles outside tile city center. 


TRAVEL UPDATE 
Egypt to Divert Road From Pyramids 

CAIRO (AFP) — Egyptian authorities have decided to divert a 
much-disputed highway away from the pyramids at Giza, Recon- 
struction Minister Muhammad Ibrahim Sotiman said Thursday. 

The issue was discussed late Wednesday by a committee of 
experts from the Department of Antiquities and the ministries. of 
reconstruction, culture, defense and tourism. 

‘'The committee is to decide on the new route, which wjQQ. run 
two to four kilometers south of the road that has already been 
built so that it crosses an area free of archaeological sites," said 
Mr. So l i man . A Reconstruction Ministry spokesman said the new 
plan would be drawn up within two weeks. He did not say how 
much the new work would cost 

About 300 Air France employees Mocked runways and aircraft 
parking areas at Orly airport, south of Paris, on Thursday, 
disrupting air traffic for more than two hours. The maintenance 
workers were protesting an increase in their workweek from 38 to 
39 hours, which they say was imposed by Air France’s president, 
Christian Blanc. (AFP) 

Passengere arriving in Sydney on Saturday on international and 
domestic flights were advised to expect delays because thousands 
of residents plan to blockade the airport to protest the noise of 
jeUiners diverted over their neighborhoods by the opening of a 
third runway. (AP) 


> ■ . — ~ — - — urv VvLVAUUU ut a 

special ponce force to protect foreign visitors at cultural and 
historical sites, airports and border crossings, the Vietnamese 
newspaper Turn Tre reported. (AP) 

The Australian seaside town of Byron Bay will bar vehicles 
carrying nonresidents and visitors without reservations, and triple 
the number of pohee on duty on Dec. 31, in an attempt to prevent 
a repetition of a New Year’s Eve riot last year. (Reuters) 


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WEA MlffllCASL i NlN -M£ 

Public Is Unsure of Republican Policy 

Rt> \m _ 1- J 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 16, 1994 


Page 3 


Sn> y,m Tim,, P°" ^ ^ ear ^ *he document itself. Mr. Gingrich 

NEW YORK — A^ Srr,1 ‘ c 30(1 Ws allies molded the Contract after 

‘JWwtmsuhe Rt-nnwCL 1 " 6 ^ 103 ? 5 sav die>- extensive Republican polling to test the 
. "Sress more than P lW;? ns 1 n- lhc rcw Con * Public's attitudes. 

.make good derixin« dCnl . ^ inl0D to . But the new poU suggests that the mean- 
/Sues. But mrKi r ™v„ on roajur social is- ing or the election is far less conclusive 
the Reoubbcans.’^r!f„, lJainf ?,C t ’. ed about lh “ ^ Gingrich suggests. Many of those 
ca, M and thev are inSS ^rw l ^ J S ■ iVmeri ‘ polled were still fuzzy on such fundamen- 
Proposals nn ^ eftt Gingrich's tal matters as the Georgia congressman’s 

• JCorSn®"i« .w!” . 0n ^P 01 P rav ^. ac- “Who the hell is thatr asked Don Sher- 

• 'mes/CBS n«jk p ?i lcSl Ncw ' orJ: r °4 2S. of Florence. Alabama, an automo- 

■ wffiSS 1 , bile painter who was one of several respon- 

‘ ^subsSntiKi^ a ^d. Wh ° 10 foU ° W ' Up * nlervicws 

. We ^ a ^f sysiwn. balancing the fed- ~~ 1 ~~ 

.^"iSSc org , anized pra >r wio hen is thatr 

' , de ^ sof . how lo ac bicve Sfese goais. n e said Doo Sherrod, 28, of 
;" of tbe^bhWavor°^SSg ^oreuce, Alabama, when 

*<£Z “bout Nevi Gingrich. 

• Con5 utution to allow it. 

"they wS dSinp^-ff a P ¥ ,e " r , what after taking pan in the poll. “Maybe f 
SbuSn frL S Sl S v ii J ^ emko : a «» him oVtv. speaJriSg and st Iff. B 
works as a nn^w^il when I come home from work. I'm tin 

rtiiwp . nrt ih ? r ? fsh, ?‘ rhat s a 1x111 and I want to sit down in what little timi 

' Sg= one .hina ^ "* ^ ** a bit -” 

. .another thing and then, before you know Although Mr. Gingrich has been wavi 
it, the whole Constitution’s difteent " around his copy of the Coniraa wi 
‘ Mr. Gingrich, the next speaker of the America, which was printed in TV Guic 
,• House, and other Republicans have por- 72 percent of those polled said they h. 
,trayed the midterm elections as a referen- no1 read w heard anything about it. A 

• dum on their policies and leadership as 65 Percent said they still did not km 
they prepare to try to end Washingtons enough about Washington’s most eelebn 
domination over social programs by re- ed politician to have an opinion of him 

• placing many of them with grants to slaw Those familiar with the Georgian hav< 

'governments. negative impression of him, by 2 to 1 . Or 

It is not surprising that most people like 1 1 percent held a favorable opinion of hii 
the basic thrust of the Contract on social but those 11 percent are expecting fc 
issues, even though they may not have things. 


after taking part in the poll. “Maybe I’ve 
seen him on TV, speaking and stuff. But 
when I come home from work. I’m tired, 
and I want to sit down in what little time I 
have and play the guitar a bit.” 

Although Mr. Gingrich has been waving 
around his copy of the Contract with 
America, which was printed in TV Guide, 
72 percent of those polled said they had 
not read or heard anything about it. And 
65 percent said they still did not know 
enough about Washington’s most celebrat- 
ed politician to have an opinion of him 

Those rami liar with the Georgian have a 
negative impression of him, by 2 to 1. Only 
1 1 percent held a favorable opinion of him, 
but those 11 percent are expecting big 
things. 


“I like his fire," said Susan Wuori, 44, a 
teacher from Guyton. Georgia. "He’s go- 
ing to yeD and scream and moke a differ- 
ence.” 

The new poll, conducted Dec. 6 through 
9, included telephone interviews with 
1.147 adults nationwide and has a margin 
of sampling error of plus or minus 3 per- 
centage pomts. 

Most of those polled had doubts about 
Mr. Gingrich’s proposal that welfare bene- 
fits should be denied to young mothers and 
the money used to promote adoptions or 
Boys Town-like orphanages for their chil- 
dren. The public instead seemed to side 
more with Mr. Climon, who said, “Gov- 
ernments don’t raise children — parents 
do." 

A total of 72 percent said the children of 
young mothers with no income were still 
better off living with their mothers on 
welfare than being placed in foster care or 
a government-run orphanage; only 20 per- 
cent said the children would be better off if 
institutionalized. 

While those polled seemed reluctant to 
amend the Constitution, a majority said 
they would welcome the recitation of pray- 
ers from many religions in the public 
schools. Most wauled parents or students 
to choose the prayers to be said, rather 
than a school board, principals or teachers. 

People say they trust Republicans in 
Congress more than the president to make 
good derisions on welfare, by 60 to 28 
percent; on balancing ihe budget, 60 to 28 
percent, and on school prayer. 49 to 33 
percent. 

Mr. Clinton’s overall job performance 
rating has dipped since November’s Re- 
publican sweep, with only 38 percent ex- 
pressing approval. In early November. 43 
percent approved. 


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Gngoi> Dofcof'Rcuim 

JOINT EFFORTS — Tipper Gore, left, and Health and H uman Services Secretary Donna Shalala visiting a 
Moscow maternity dinic Thursday. Vice President A1 Gore, Energy Secretary Hazel O'Leary* Defease Secretary 
W illiam Perry and other U.S. officials are In Moscow for three days of talks on U.S.~Russian cooperation. 


POLITICAL NOTES 


■' Away From Politics 

, • h\ perhaps die worst sexual harassment episode in the 

- muitary since the Tailhook incident, the U.S. Navy says it wifl 
court- ma rt i a l four male instructors and otherwise punish six 
others for pressuring female students for sex. The case in- 
volves 16 young enlisted women who were learning to operate 

'■ the navy's computer and telephone networks at the Naval 
Training Center in San Diego. Investigators found that the 1 0 
male instructors, who had served 6 to 12 years in the navy, 
made unwanted sexual comments to the women and in some 
cases grabbed them at various limes from March 1993 to this 

■ September when an investigation was ordered. (NYT) 
• Paul J. HSU, 40, the former minister and abortion foe on 
death row in Florida for g unning down a doctor and his 

• escort, remains unrepentant and suggested he might be start- 
'• ing a trend. “There’s no question that what I did is a relatively 

new concept,” Mr. H2I said in a television interview. “Some- 

• day, it will be commonplace and generally accepted as nor- 

■ maL” It was his first interview since he was condemned to die 

in Florida’s electric chair far murdering Dr. John B. Britton 
and Janies H. Barrett. (AP) 

* 4jL» Declaring that California’s Proposition 187 raises serious 

- "constitutional questions, a federal district court judge has 
■ barred most key portions of the measure from taking effect 
' until a derision is reached in a trial to determine the constitu- 
' tionality of the sweeping illegal immigration ballot initiative. 

- Judge Mariana R. Pfaelzer enjoined sections of the initiative 
banning illegal immigrants from public elementary and sec- 
ondary school education, social welfare and nonemergency 
health care services. . (LAT) 

, • A regioual ptamiiig council has taken a decisive step toward 

* rebuilding the PadficNorthwest’s dedining salmon slocks by 

' approving a plan that w£Q provide more water from the Snake 

and Columbia Rivers for ash and less for electricity, agricul- 
ture and transportation. (WP) 

' • Meflnda Aim Lee was a victim in death as in Kfe. The 20- 
year-old honors student died after a traffic accident involving 
an allegedly drunken driver. Then her body was stolen from 
. the fresh grave. Authorities said they are investigating expla- 
nations ranging from the occult to an obsessed admirer. (AP) 


Catherine Filene Shouse, 
Arts Philanthropist, Dies 

New York Times Service range programming and raise 

' Catherine Filene Shouse, 98, money for an arts center. 

. *the philanthropist arid arts pa- _ The park, opened in 1971 and 
•"iron who was the founder and since thra has been home to 
’ -major benefactor of the Wolf performances by some of the 
Trap Farm Park for the Per- world’s great musicians, dano- 
■- -fo rming Arts in Virginia, died tare, singers and actors. 
''Wednesday of heart failure at Gkun M. Anderson, 81, a 
-'her home in Naples, Florida, California politician who rose 
' -She also had homes in Wash- to the office of lieutenant gover- 
"ington, Easton, Maryland, and nor and then served for a quar- 
Vt pnna, Vir ginia, where Wolf ter-century in Congress, died 
. Trap is situated. Tuesday of complications from 

■" Mrs. Shouse, the heiress to a AlzbamCT’s diseare at a Los 
■retailing fortune, was a lifelong Angdes boroitaL He lived m 
champion of the performing Hawthorne, Cahforma. 
arls whose accomplishments Noraum Beaton, 60, an actor 
“and philanthropic ventures in the British television series 
•"earned recognition from the “Desmond’s,” became ill on a 
highest quarters. _ flight from London to his native 

^ Catherine Filene was bom in Guyana and died Thursday 
'-Boston in 1896. Her grandfa- shortly after arriving there. ; 
'^ther, William Filene, was the Teresa McGovern, 45, 
founder of FUene’s department- daughter of George McGovern, 
- store chain, and her father, Lin- the former senator and 1972 
■- - -oJq filene, founded Federated Democratic presidential caodi- 
•'Departmeut Stores. date, was found dead of hypo- 

‘ ‘ Over seven decades, Mrs. thermia^ Tuesday near her home 
'"Shouse held a variety of public in MadisoivJ Wisconsin. Miss 
.■Sd^ posts. _ 

■■ sr“ Wtosi “ 

! . Ten™* D. Clmcy, 60. a 

: *2£2TJL There, under wine industry executive and 
: of the Department vice chairman of the Wine Affi- 

' in Healdsbnrg. C^ifomia, 

• the Wc4f Trap Foun- died Tuesday of heart disease at 

•; to thenar- his home in San Frandsco. 


& cofloboeatton witfi 


beauwv^RMACE i Lana grand HOrawEN 

VIENNA COMES TO LAUSANNE 

Imperial Vienna on Now Yearis Eve - 
Sah/day December 3 1st, 1994 

Come and enjoy Ihis very 
special evenrig with us 1 

For further information please call 
Tel 41 -21 -61 3.33-33 or fax 41-21 -613.33.34 


Pervasive Secrecy 
Found in U.S. Files 
On Radiation Trials 


By Philip J. Hilts 

New York Tima Service 

WASHINGTON —Military 
and nuclear energy officials 
were motivated by fear of law- 
suits and bad publicity in their 
decision to keep secret many 
experiments using radiation on 
humans, federal investigators 
have found. 

The President's Advisory 
Committee on Human Radia- 
tion Experiments, charged with 
unearthing the history of all 
government-sponsored experi- 
ments in which radiation- was 
used tin humans, has found new 
documents showing that as ear- 
ly as 1947 public relations and 
legal considerations were prin- 
cipal motivations in covering 
up radiation experiments. 

In the last six months, the 
panel has logged hundreds of 
thousands of papers on experi- 
mentation with humans, begin- 
ning in 1945. 

The documents show that the 
experiments were part of a plan 
that was debated and approved 
at high levels. It was also previ- 


Blaek to Head 
Smith College 

The Associated Prm 

NORTHAMPTON, 
Massachusetts — Ruth 
Simmons, a daughter of 
sharecroppers, was named 
the next president of Smith 
College on Thursday, the 
first black to lead one of the 
elite "Seven Sister” schools. 

The 49-year-old black- 
studies scholar and vice 
provost at Princeton Uni- 
versity w21 succeed Mary 
Maples Dunn, who retires 
in July. 

Ms. Simmons’s scholarly 
work focuses on Caribbean 
and African literature. One 
of 12 children, she grew up 
in Houston and attended 
Dillard University in New 
Orleans. She received a 
master’s ami a doctorate in 
Romance languages from 
Harvard. 


ously thought that there were 
only a handful of such experi- 
ments, but the panel has found 
hundreds, ranging from the de- 
liberate release of radiation into 
the air to the injection of people 
with radioactive plutonium. 

The most recent documents 
unearthed at the Oak Ridge Na- 
tional Laboratory in Tennessee 
show that officials of the mili- 
tary and the Atomic Energy 
Commission at first began to 
declassify reports of experi- 
ments on humans, in accor- 
dance with public statements 
that scientific reports should 
not be secret. 

But at the same time, GL. 
Marshall, a declassification of- 
ficer with the commission, 
wrote in February 1947 that a 
scientific paper outlining ex- 
periments m which two people 
were injected with plutonium 
should not be declassified. 

“This document appears to 
be most dangerous since it de- 
scribes experiments performed 
an human subjects, including 
the actual injection of the met- 
al, plutonium, into the body,” 
he wrote. 

He noted that there was no 
statement in the paper about 
whether the patients had given 
their consent, and concluded 
that the experimenters and 
agencies involved "have been 
laid open to a devastating law- 
suit which would, through its 
attendant publicity, have far- 
reaching results.” 

It has long been suspected 
that legal and public relations 
concerns helped drive the ethi- 
cal debate over the experiments 
on humans, but the advisory 
committee in recent weeks has 
found numerous substantiating 

The investigators said that 
documents so far found that an 
official as highly placed as Dr. 
Shields Wamao, head of the 
medical division in Washing- 
ton, had classified human ex- 
periments based cm public rela- 
tions or legal implications. 

The investigators said the 
classification on that basis may 
have been illegal, but they have 
not yet found the relevant laws. 


A S tand off on Safety Me t 

WASHINGTON - After 10 months 
of work, a federal advisory commission 
said that it could not agree on any specif- 
ic proposals to slow the growl h of Social 
Security retirement benefits. Medicare 
health benefits for the elderly and dis- 
abled or other eo\cmment benefit pro- 
grams. 

The commission’s failure, at its final 
meeting this week, bodes ill for efforts by 
Congress and President Bill Clinton to 
deal with the same problems next year. 
Since Republicans took control of Con- 
gress in the November elections, both 
parties have been proposing tax cuts for 
the middle class and nave vowed not to 
make any cuts in Social Security bene- 
fits. 

“I feel some disappointment that we 
were unable to make specific, detailed, 
item-by-ilcm recommendations,” said 
Senator Bob Kerrey. Democrat of Ne- 
braska, who persuaded Mr. Climon to 
create the 32-member commission and 
who then served as its chairman. 

And addressing tax reduction. Mr. 
Kerrey said in an interview. “Tax cuts 
are inconsistent with the spirit of the 
commission's work, especially if they 
make the long-term problem worse." 

Buffeted by political crosswinds, the 
panel, many of whose members serve in 
Congress, voted by 34 lo 6 to send a 
letter to the president saying, "This com- 
mission could not reach agreement on 
the details of a plan to achieve our objec- 
tive.” 

The objective, on which commission 
members generally did agree, was to 
eliminate disparities between the pro- 
jected cost of government benefit pro- 


grams and the money available to pay 
Tor them over the next 35 years. 

The panel, the Bipartisan Commis- 
sion on Entitlement and Tax Reform, 
said lawmakers and policy analysts 
should take a much longer view of 
spending and tax proposals, assessing 
the likely effects over 30 years, rather 
than the five-year period normally used 
in discussions of the budget. fA’ITJ 

Taking Aim at Regulators 

WASHINGTON — Republican 
House members have teamed up with a 
newly formed business coalition and de- 
clared war on government regulators, 
assailing many federal rules and regula- 
tions as “overly oppressive, unreason- 
able and even irrational.” 

Accusing unnamed bureaucrats of 
“abusive and Gestapo-like" behavior to- 
ward American businesses, the incoming 
House whip, Thomas D. DeLay, Repub- 
lican of Texas, described the alliance 
between Republicans and business as 
"the biggest effort ever to seek regula- 
tory relief for small business, industty- 
and indeed average Americans." It is 
known as "Project Relief." 

Republican leaders already have 
called on the Climon administration to 
issue no new regulations during the first 
100 days of the 1995 legislative session, 
which begins Jan. 4. There are 5,000 
regulations awaiting issuance, according 
to Representative John L. Mica. Repute 
lican of Florida. f LATi 

What Staff on the Hill Want 

WASHINGTON — A nonpartisan 
survey suggests that many changes in 
running the House of Representatives 


proposed by the incoming House speak- 
er. Neal Gingrich, will respond to long- 
standing complaints by staff members 
burning out from long hours at low pay. 

The survey of 1.400 Senate s. id House 
staff recommended that Cong css trim 
the number of committees and subcom- 
mittees. cut back on late-night and 
weekend sessions and comply with over- 
time requirements of the Fair Labor 
Standards Act. 

Sixty-seven percent of staff members 
on Capitol Hill said they “never have 
enough lime to get anything done." 
while 42 percent listed “job burnout" as 
“a major problem in my office." 

These shortcomings were significantly 
more pronounced in the Senate, where 
46 percent of staff were dissatisfied with 
their pay, compared with 34 percent in 
the House. The survey said 37 percent of 
Senate committee staff members object- 
ed to the "unpredictability" of their 
schedules, while the House group regis- 
tered 31 percent dissatisfaction. ( WP) 


Quofe/Unquote 

Harry McPherson, a Washington law- 
yer who served as President Lyndon B. 
Johnson's White House counsel, on a 
pitfall confronting Bill Clinton, which is 
the loss of his political base: “The fact is 
that there's really no one out there carry- 
ing the flag for liberalism any more. The 
shock troops of the poverty program are 
gone — unions smaller and less effective, 
same for the big civil-rights groups. The 
old coalition isn’t big enough to win 
anymore, so whatever base he risks 
alienating, he has no choice but to tiy to 
add to it by moving right.” (NYT) 


Court Hears of Simpson Outburst in Jail 


By Jim Newton 
ana Andrea Ford 

Los Angela Tuna Service 

LOS ANGELES — A crying 
and distraught OJ. Simpson 
blurted out two sentences to his 
friend and minister, Rosey 
Grier, during an emotional jail- 
house visit (Hi Nov. 13, accord- 
ing to testimony by a sheriffs 
deputy who says be overheard a 
snippet of their conversation. 

Although Deputy Jeff Stuart 
did not repeat what be said he 
overheard, a Los Angeles Coun- 
ty deputy district attorney. Wil- 
liam Hodgman, questioned him 
at length Wednesday during a 
cryptic bearing in which prose- 
cutors and defense argued 
about a statement that has nev- 
es 1 been made public or even 
revealed to the two sides. 

Mr. Hodgmaa sought to 
show that Mr. Simpson was so 
loud that he waived the normal 
privacy protection in discus- 
sions between an inmate and a 
clergyman. He is on trial on 
miuder changes in the June 12 
slayings of his former wife, Ni- 


cole Brown Simpson, and her 
friend Ronald L. Goldman. 

The issue of whether the con- 
versation should remain confi- 
dential was not resolved. 

In another development, 
sources dose to the case said 
prosecutors drilled into Mrs. 
Simpson's safety dqrosit box 
last month and secured four 
photos depicting her with cuts 
and bruises. Though the photos 
purport to show injuries inflict- 
ed by Mr. Simpson, members of 
the defense downplayed their 
significance, saying they were 
taken after a 1989 incident for 
which Mr. Simpson pleaded 
guilty to spousal oatteiy. 


Deputy Stuart testified that 
he had been doing paperwork in 
a control booth about 10 feet (3 
meters) from Mr. Simpson 
when he heard a loud bang — 
the sound of Mr. Simpson dam- 
ming down a phone m the visi- 
tors’ area. 

“Mr. Simpson appeared to be 
crying.” Deputy Stuart said, 
“He appeared to be veiy upset.” 

Asked to describe Mr. Simp- 
son’s tone of voice during the 
brief exchange with Mr. Grier, 
a fellow former football star, 
Deputy Stuart replied, “He was I 
ydfing,” adding, “It was very | 


of two lead defense attorneys, 
cross-examined Deputy Stuart 
for nearly an hour, eliciting his 
acknowledgment that the sher- 
iff’s department trains its staff 
not to eavesdrop on conversa- 
tions between inmates and their 
ministers. 


HELL 


loud, in a raised voice.” 
Johnnie L. Cochran Jr., one 


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Introduction by Boutros Boutros-Ghali, 
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Page 4 


A General at 36, a Rebel at 50 

Chechen Leader Returns to Ethnic Roots 


By Steven Erianger 

Hew York Tima Service 

MOSCOW — Dzhokai M. Dudayev, the 
flam boyant leader of the breakaway Chechen 
region, was die Curst Chechen in the history of 
the Soviet Union to become a genera], com- 
manding a strategic bomber wing at the age of 

36. 

It was a remarkable rise for a boy whose 
famil y was deported in 1944, the year of his 
birth, to Kazakhstan, along with almost the 
entire population of the Chechen- In gush Au- 
tonomous District. Stalin thought they might 
collaborate with the Nazis to win indepen- 
dence, and given the long history of enmity 
between the Chechens and the Russians who 
colonized them, he might have been right. 

Historians estimate that of the 800,000 
people stuffed into railway cars, 240,000 died 
en route. 

But Mr. Dudayev seemed the perfect Soviet 
man, spending his first 13 years in northern 
Kazakhstan, graduating from elite Soviet mil- 
itary schools and marrying a Russian, Alev- 
tina, with whom he has had three daughters 
and a son. 

He graduated from the Tambov Higher Air 
Force Engineering School and, in 1974, the 
Tun Gagarin Air Force Academy. He rose to 
major general, commanding a division of So- 
viet strategic bombers based near Tartu, Esto- 
nia, from 1987 to 1990. 

Mr. Dudayev learned Estonian and showed 
remarkable tolerance of Estonian national- 
ism. He also refused to cany out orders of the 
Soviet government to shut down Estonian 
television and the Parliament 

After the division was withdrawn from Es- 
tonia in 1 990, he retired, returning to Grozny, 
the Chechen capital, where he quickly became 
leader of the executive committee of the op- 
position National Congress of the Chechen 
People, a nationalist organization. 

“The Chechen people bend their heads 
only when they are working,’' he said then. 


Within two weeks of the abortive coup 
against Mikhail S. Gorbachev in August 
1991, Mr. Dudayev deposed the leadership of 
the Chechen-Ingush Autonomous Republic 
and seized power. He became president of the 
Chechen Republic on Oct 27, and was elect- 
ed to that post in November. 

He declared the republic independent from 
Russia and then faced down troops sent to 
Grozny by President Boris N. Yeltsin. The 
Russian legislature demanded their return, 
and Mr. Yeltsin complied. 

Mr. Dudayev has in his presidential palace 
a huge painting of Sheikh Mansur, an 18th- 
century Chechen warrior who led an uprising 
against the Russians. Russians who know him 
well, like Leonid V, Smirnyagin, a Yeltsin 
adviser, say Mr. Dudayev imagines himself a 
present-day Shamil, who led the revolt 
against the Russians that was finally put 
down in 1864. 

Mr. Dudayev has shown himself to be ruth- 
less in putting down unrest in Chechnya and 
surviving a number of assassination attempts. 

With loyalty from the militia and army, he 
hag also managed to survive a dedicated Rus- 
sian effort to subvert and overthrow him. The 
failure of his opponents to defeat him, even 
with the help of Russian volunteers and air 
power, is the main reason for the full-scale 
Russian invasion now. 

Mr. Dudayev, 50, says he is a dedicated 
Muslim who practices karate, likes classical 
music and lists “Flowers” as one of his hob- 
bies. 

But it is his military training that matters 
now. Sensibly, he is taking his tactics not from 
the Soviet military but from the old school of 
Chechen warfare. 

“We have to strike them from the rear, deal 
them a strong blow," he said in an interview 
Tuesday on Russian television. “This is the 
centuries-old tactic of the mountain people. 
Strike and withdraw, strike and withdraw, to 
exhaust them until they die of fear and hor- 
ror.” 


CARTER: 

NATO Unhappy 


Continued from Page 1 
way for US. milrtaiy interven- 
tion in Haiti and defused a cri- 
sis with North Korea over its 
nuclear program earlier this 
year. 

In Sarajevo,. UN and govern- 
ment officials said that the plan 
to bring Mr. Carter into the 
peace process appeared to be 
built on marginal concessions 
aimed at shoring up the leader 
of the Bcsnian Serbs. 

United Nations officials re- 


ported no signs that Bosnian 


YELTSIN: Rebels Get Extension 


Continued from Page 1 


headline in the liberal weekly 
newspaper Literatumaya Ga- 
ze la said. 

Even some Russian soldiers 
were openly complaining about 
their assignment The newspa- 
per izvestia quoted one officer 
at tbe front who angrily invited 
Mr. Yeltsin to take a firsthand 
look at war. “Let him and all his 
comrades-in-arms come down 
here and spend a couple of days 
in the trenches,’' he said. “May- 
be then he’ll come up with a 
normal way out of this mess 
more quickly." 

Russian and Chechen forces 
continued to dash Thursday in 
areas around Grozny, with Rus- 
sian troops positioned about 10 
kiloroetere (6 miles) from the 
capital. 

At least 15 Russian service- 
men have been killed since the 
invasion began. In his state- 
ment, Mr. Yeltsin stressed his 
desire to avoid further blood- 
shed — and for more public 
support. “At this crucial hour 
for the Chechen people's fate," 
he said, “I hope that all citizens 
will understand my position. 

Mr. Yeltsin, who is recover- 
ing from minor surgery on his 
nose, chose not to deliver the 
statement on television, and in- 


stead had copies of it released 
to news agencies. 

Throughout the crisis, in fact, 
he has maintained a strange si- 
lence. 

Just before sending troops 
into Chechnya, he checked into 
the hospital for the operation. 
Many commentators in the 
Russian press are convinced 
that Mr. Yeltsin wanted to 
maintain some distance from 
the military action and has a 
poor bold on his own circle of 
warring political advisers. 

There have been unflattering 
comparisons to his Soviet pre- 
decessor, Mikhail S. Gorba- 
chev, who lost the confidence of 
liberals and reformers when his 
government attacked protesters 
in Georgia, Azerbaijan and 


ITALY: 

Confidence Vote 


were beginning to carry 
out their offer, 

Mr. Karadzic said he hoped 
to tarry out his offer in 24 
hours. But Midi ad Williams, a 
spokesman at UN headquarters 
in Zagreb, Croatia, said there 
were no indications that any of 
the points Mr. Karadzic pro- 
posed would be carried out. 
They “do not represent peace 
for Bosnia-Herzegovina,". 

In the CNN interview 
Wednesday, Mr. Karadzic of- 
fered to give up some territory, 
release detained UN personnel, 
allow free passage to UN con- 
voys and reopen the Sarajevo 
airport. He also said that be had 
asked Mr. Carter to mediate in 
the 32-month-old Balkan con- 
flict 

Mr. Karadzic later told Reu- 
ters that orders to cany out his 
plan had already been passed 
down the chain of command. 

The speaker of the Bosnian 
Serbian assembly, Momcilo 
Krajisnik, said that the offer 
was aimed at securing “equal 
treatment of all three sides in 
Bosnia’s conflict” 

Diplomats noted that Mr. 
Karadzic had not said what 
land would be ceded and had 
not indicated acceptance of the 
contact group’s peace plan. 

A senior Belgrade analyst 
said that Mr. Karadzic was 
“buying time once again and 
sowing confusion.’' 

The analyst said that the 
move was timed again at driv- 
ing a wedge among Western na- 
tions over the contact group's 
Ian and appeasing President 



A UTILE CHRISTMAS CHEER — French soldiers meeting Thursday with ptqifls * * school for ft* 
handicapped and war-traumatized In Sarajevo. The soldiers brought food and 


BOSNIA: At Summit, Muslim States Threaten Sanctions on 



Coatsmed from Page 1 


Contnmed from Page 1 
the decision last week of tbe 
chief anti-corruption magis- 
trate, Antonio Di Pietro, to step 

down. Mr. Di Pietro's investiga- Pj^ ^d appeasing President 
lions over the last three years, Slobodan Milosevic of Serbia, 
which have sent dozens of poll- who has been exerting severe 
titians and businessmen to jail, pressure on Mr. Karadzic since 
unfolded behind the political August to accept the plan, 
cover afforded by the Northen A UN ^copter sent to Sa- 
League and its leader, Umberto rajeyo for the UN commander 


paratory foreign ministers’ meeting and 
continued among heads of state were put 
to rest, at least temporarily. 

Iraq, angered over a resolution entitled 
“Iraqi Aggression Against Kuwait,” won a 
minor victory with the deletion of a sen- 
tence on implementation of Security 
Council resolutions regarding “the elimi- 
nation of weapons of mass destruction.” 


The resolution still calls for Iraq to pur- 
sue efforts to comply with UN resolutions 


and reaffirmed resolutions calling on Iraq 
not to provoke its neighbors. 

King Hussein of Jordan made a surprise 
departure from the meeting on Wednes- 
day. He failed to a mention in a 
resolution on Palestine and Jerusalem of 
Jordan’s role in overseeing Muslim holy 
sites in Arab East Jerusalem. 

Palestinians, backed by most Islamic 
nations, objected out of fear it would 
weaken their daim to sovereignty over that 
sector of the city. 

King Hussein denied being angry, but 
his early departure underscored the 


schisms that exist even among friends, 
“There is no problem over Jerusalemite 
said at the airport “We do not see* to. 


compete with anyone* 
. The: 


i summit meeting 
conduct forbidding the 


support of terrorist groups. 
It also 


acod&of 

orti&er 


It also renewed a call foranititenratiob^ 
al conference to define terrorism and “dis- 
tinguish it from the struggles of peopleior 
national liberation.” 

The West has accused ban, Libya and 
Sudan of state-sponsored te r ro ris m. > ' 

(Reuters, AP) 


EU: Baltics Take First Steps on Path to Membership WARBURG: 


Bossi. 

But the current crisis has 
come down not only to a pure 
partisan straggle for power be- 
tween Mr. Berlusconi and Mr. 
Bossi. It also reflects broad op- 
position of the business and fi- 
nancial elites of Milan and Tu- 


tor Bosnia, Lieutenant General 
Michael Rose, was hit by 
ground fire, but General Rose 
was not in the craft and there 
were no reports of injuries. 

(AP, AFP. Reuters ) 


Contnmed from Page 1 

sons instilled in all Western 
leaders following World War II 
“will stand us in good stead" in 
building the future, he said. 

Both sides played down tbe 
security implications in an ef- 
fort to avoid perturbing Russia, 
which startled the West two 


weeks ago by refusing the sign a 
Partnership for Peace with 
NATO and warning the alli- 
ance against extending mem- 
bership to Eastern European 
countries. 

Moscow is “positive" about 

the EU ambitions of the Baltic 
states, said Vassili Medve- 


denko, a spokesman at Russia’s H/Lirfnir To fTfif 
embassy in Brussels. But Russia fj 

feels membership in North At- 


th ar- a gS r ® s st vc business style during CLINTON: A Bid to Reinvent His Presidency — Again 


par- 
ticularly supportive. He de- 
scribed Mr. Yeltsin's tough line 
in Chechnya as “a big mistake, 
and I would say it smells of 
adventurism.” 

One of Yeltsin's closest polit- 
ical allies, his former prime 
minister. Yegor T. Gaidar, has 
joined far-right politicians in 
criticizing the military adven- 
ture. Mr. Gaidar said that for 
the first time in two years he has 
not even been able to reach the 
president by telephone. 


BRIDGE 


By Alan Truscott 

A bizarre situation occurred 
on the diagramed deal 
from the final session of the 
Open and Women’s Board-a- 
Match Team events. The East 
players, for the first time in 
then bridge lifetimes, found 
themselves with eight strong 
spades facing a partner who 
had made a vulnerable overcall 
in that suit 

The bidding continued vigor- 
ously, and those sitting East bid 
tactically is the hope of buying 
the contract. They were usually 
unsuccessful, and seven hearts 
doubled was a common con- 
tract, an effective save against a 
lay-down six spades. 

The result hinged on the 
opening lead. If West routinely 
led the spade ace, conceding a 
ruff and sluff, South could es- 
cape for down two, either by 
discarding a club from dummy 
or, less plausibly, by ruffing in 
dummy and taking a trump fi- 
nesse. 

This occurred when two 
members of tbe winning wom- 
en's team, Dorothy Truscott 
and Tobi Deutsch held the 
East-West cards. They lost the 
board when their Leamraates, 
Mildred Breed and Hjordis 


Eythorsdottir were content to 
defend a spade game. 

For the winning open team, 
Peter Boyd leaped directly to 
six spades and was doubled by 
South on the illusory strength 
of his two aces. Boyd’s partner, 
Steve Robinson scored 1,660 
without trouble and that won 
the board easily, although in the 
replay West was inspired to 
lead a diamond, collecting two- 
diamond ruffs and 800 points 
against seven hearts doubled. 


made him many enemies. 

At least part of Mr. Berlus- 
coni's strength lies in the divi- 
sions among his opponents. Mr. 
Bossi Laid claim Thursday in a 
published interview to the post 
of prime minister for a member 
of his Northern League, possi- 
bly behind a coalition consist- 
ing of the the former Commu- 
nists, now the Democratic Left, 
and the former Christian Dem- 
ocrats, now the Popular Party. 

Meanwhile, Mr. Bossi’s rival 
in the League, Roberto Maroni, 
the minister of justice in Mr. 
Berlusconi’s cabinet, leads a 
caucus of about 30 League leg- 
islators who rebel at the idea of 
entering an alliance with tbe 
former Communists. 


Continued from Page 1 
said were a joke, the White 
House could not muster senior 
Democratic senators to re- 
spond. “Where was Sam 
Nunn?" the Clinton friend said 
of the seaior senator from 
Georgia, “Where were any of 
them?" 

“Can Clinton remake him- 
self? In a word, no.” said Mi- 
chael Deayer, the Reagan ad- 
ministration image-shaper 
whose president stood about as 
low as Mr. Clinton in the polls 
at this point in his presidency 


turn at r unnin g Congress, the 
Clinton White House has been 
engaged in a never-ending de- 
bate about the core of his presi- 
dency and bow to reclaim a role 
as tne champion of middle 
America. Mr. Gergen, in an in- 
terview on MacNeil-Lehrer 
News Hour, called it “a struggle 
for the soul of Bill Clinton” and 
said such struggles are common 
in the modem presidency. 

Some who have worked in 

E re vi oils administrations are 
ighly skeptical that a president 
who has consistently stalled at 


but then came back to a sweep- about 45 or lower 

«nft m aluh'M inoc Mil rnnalri> 


tag re-election. “You can do bigs can remake 


rat- 

and 


cosmetic things but you cannot come back, 
reinvent the reason people vote One poll showed that two- 
tor presidents. That is leader- thirds of Democrats questioned 
Following a cabinet meeting ship, and it comes from the per- said be should be challenged by 
Thursday to discuss details of son* They tried all these things another Democrat. 

fliA kru4#id4 ImIV until fZannvA D,«fL tr 


the budget bill, several cabinet with George Bush, and it didn’t 
members said they felt a lessen- work. You can't do transplant 
ing of tension. “I am among surgery on a president after two 
those who don’t believe Bossi years. You gotta start with a 
has decided to change major- heart." 
ides," said the education minis- As the triumphant Republi- 
ter, Francesco D’Onofrio. cans began tbe leadup to their 


“We endlessly hoped that 
George Bush would and could 
remake himself, and we were 
endlessly disappointed," Mr. 
Kristol said. “Tm not sure you 
can, and Tm not sure you 
should. It comes off looking so 
opportunistic.” 

He called Mr. Clinton a 
“dime-store Republican,” try- 
ing to outbid tne Republicans 
on tax cuts and shrinking pro- 
grams, and said it was unlikely 
to ring true. 

No one familiar withpresi- 
dential politics or Mr. Canton 
rules oat a comeback. Most 
think, however, that Republi- 
cans would have to badly mis- 
handle their leadership of Con- 
gress and nominate a weak 
candidate on top of that. 

“He is a smart gay and a 


William Kristol, the Republi- * good politician and maybe they 
can strategist who spent ms last can discipline themselves, and 
two years in the Bush-Quayle Republicans screw up and 


administration trying to remake 
George Bush's image into that 
of an agent of domestic change, 
knows the drill. 


nominate the wrong guy and he 
gets all the breaks,” said Mr. 
Deaver. “Anything can hap- 
pen.” 


NORTH 

* — 

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WEST EAST 

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0 2 O K 10 

0 9 4 3 0 — 

* K J 10 4 * A Q 7 

SOUTH CD) 

* — 

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East and West were vulnerable. 


BOOKS 


MEA CUBA 


WHAT THEY’RE READING 


By Guillermo Cabrera Infante. 
Translated firm the Spanish by 
Kenneth Hall with the author. 
503 pages. S23. Farrar, Straus & 
Giroux. 


Reviewed by 
Richard Eder 


Tbe bidding: 
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North, 

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Fidel Castro's triumphant 
entry into Havana, Cuba’s ar- 
tistic and literary life bubbled 
vigorously. It had not really 
beep stagnant under Fulgencio 
Batista, who took no interest in 
what artists did unless they en- 
gaged in political resistance; 
nevertheless, the dictator's 
overthrow released an exuber- 
ant energy. 

Ii was an energy of the left, 
since that was where most writ- 
ers, painters, musicians and 


* Robert Redford is reading 
"In the Absence of the Sacred ' 
by Jerry Mander. 

“Mander also wrote ‘Four Ar- 
guments for the Elimination of 
Television’ and both books are 
so appropriate in terms of con- 
temporary pop culture. It’s what 
happens to a society that begins 
to give up what's sacred. So the 
land, the culture . . . it's all de- 
stroyed." 

(Marcelle Katz. IHT) 



“Mea Cuba" gives tbe silence 
a clamorous voice: eloquent 
and powerful at times, and at 
others wordy, repetitive, stri- 
dent and eventually hoarse. It is 
obsessed with the wreckage of 
Cuba’s material, moral and cul- 
tural values by one man’s will to 
power; whose various manifes- 
tations the author refers to with 
such epithets as "Castro Con- 
vertible" and “Castroentero- 
logy.” 

Cabrera Infante, who has 
lived in London since breaking 

j 


lantic Treaty Organization or 
the Western European Union, 
the fledgling EU defense arm, 
may threaten rather than en- 
hance stability in Europe. 

In any event, Mr. Medve- 
denko said, security arrange- 
ments will depend on the Baltic 
states respecting the rights of 
Russians and other minorities 
within their borders. 

“There should be no misun- 
derstanding about the objective 
and the targets involved," said 
Hans-Friednch von Hoetz, the 
secretary of state for European 
affairs in the German Foreign 
Ministry. But he said it would 
take “a certain number of 
years” to define the Baltic role 
in NATO and the Western Eu- 
ropean Union. 

Estonia’s foreign minister, 
Juri Luik, appealed both to 
Moscow and to south era EU 
states like France and Spain, 
which have questioned the 
Union’s rush to the East and 
sought counterbalancing initia- 
tives toward the Mediterra- 
nean. 

The Union had a historic op- 
portunity to eliminate a central 
cause of the Cold War and 
avoid a destabilizing “ gray se- 
curity zone" by taking the East 
as full members, Mr. Luik said. 

“Everyone — South, North, 
East and West — who shares 
common values and beliefs 
should have this in mind, to use 
this window of opportunity as 
soon as possible,” he said. 

The agreements being negoti- 
ated will extend a free-trade ar- 
ea i signed by the Union 
tbe Baltic stales just five 
months ago to sensitive sectors 
like textiles and steel, allow the 


republics to participate in regu- 
ings of Eu * * 


filmmakers placed themselves. 

libertarian, ungov- 


It was also 
emable and unrestrained. Its 
voice was found most particu- 
larly in Luces de Revolution, 
the weekly literary supplement 
of the newspaper Revolution, 
whose director, Carlos Franqui, 
embodied the violent idealism 
of the revolution's first years. 

In its brief life, Luries was a 
meteor, and by for the most 
vital literary publication in Lat- 
in America. Its editor, a young 
novelist, critic and hopeless 
Hollywood buff, thought of 
himself as an “anarcho-Surreal- 
ist" 

It took less than two years for 
the chill of repression to be felt 
in other aspects of the Cuban 


revolution; for Castro's totali- 
tarian elan to devour his revolu- 
tionary 41an — allying itself at 
first with the Communists and 
then devouring many of them 
as well. Guillermo Cabrera In- 
fante writes in "Mea Cuba" of 
the months in early 1961 when 
the freeze reached the artists 
and closed his Lunes. 


His brother and a collabora- 
tor had made a short feature, 
“PM," that toured the smoky 
bars and dives of Havana in the 
best bittersweet film noir man- 
ner. The authorities banned it 
as decadent 


Lunes. with the support of 
dozens of artists and writers, 
was about to publish an indig- 
nant protest when the govern- 
ment organized a three-day 
meeting to forestall it. President 
Osvaldo Dorticos urged the in- 


Virgilio Pinero, a timid, flam- 
boyantly gay writer, made his 

way hesitantly to the micro- 
phone. “I only want to say that 
Tm very frightened. I don't 
know why I’m so frightened but 
that is all I have to say.” 

As it turned out, there was 
not much more to say. Lunes 
was shut down, ostensibly for a 
shortage of newsprint; Revolu- 
ti6n lasted only a little longer. 
Franqui went to live in Paris, 
Cabrera Infante was given a 
diplomatic job in Brussels, and 
a number of Lunes writers 
found brief employment in the 
government cultural agency. 

Is was gradual but relentless 
removal from the intellectual 
and artistic life of the country. 
Except for homosexuals ■ 
among whom were a number of 
the most talented Cuban artists 


with Castro and publishing his 

Three Trap 


satirical novel “Three Trapped 
Tigers” (a favorable review was 
one of the things that landed 
Padilla in jail), is addicted to 
puns and word games. It ener- 
gizes him, perhaps, but it de- 
pletes the reader. 

There are more serious weak- 
nesses in “Mea Cuba." It is a 
collection of about 60 articles 
written over a quart er-ceni 
and printed in a number of 
ferent periodicals. Many of 
them borrow or repeat from 
each other; no effort has been 


lar meetings or tu ministers 
and heads of government, and 
aid the Balts in conforming 
their laws on taxes, competition 
policy and other areas to the 
demands of the Union's single 
market. 

That will pul the Baltic states 
on the same footing as Poland, 
Hungary, the Czech Republic, 
Slovakia, Ro mania and Bulgar- 
ia, which expect to begin fonnal 
membership negotiations in 
1997 and enter the Union be- 
ginning around the end of the 

decade. 

Slovenia is the only other 
Eastern state that the Union 
has promised to grant the same 
membership prospective, but 
Italy has blocked the start of 
talks because of a dispute over 
property claims resulting from 
the postwar drawing of the two 
nations' border. 


tellectuals to speak their minds — there were few harsh individ- 
without fear Castro made a ual measures. (The jading of the 
speech assuring them that poet Heberto Padilla was a no- 
"within the Revolution all table exception). The pimisb- 
things are possible." ment was exile or silence. 


made to edit the repetitions out. Beijing Reports Arrests 

Furthermore the translation, in t r» m , _ _ _ 

which the author took a hand, is "3 FlTC lfcat Killed 325 
d ™?»- . . 

ajxessible. Throughtheperson- fSt SZTlfire ;l 9 

irKssSK: srsi&z iMj ? 

ffiSsssi; ssjKssae 

history of the Cuban iSa- a0 ? 22* .. “vely asserted its independence 

tion and character. * m Htifongju&ng and put an end to the merger 

Richard Eder is on the staff of s^tis as a powerful poten- 

* Angtles r,ma - “ 1 J^£“ dimen ‘ <*> any C* 


ConftMed from Page 1 
range from America's J.P. Mtov 
to London-based HSBC 
Analysts put a Kkdy 
price tag cm Warburg of mare 
than £10 a share, or neariy£2-5 
billion. T 

What is more, while other 
British investment banks may 
have neither Warburg's high 
costs nor its thin profits, they, 
too, axe widely expected to fed 
tinder increasing pressure to 
link up with stronger partners. 
Gone is the hope that a British- 
based investment bank could 
grow into a global powerhouse 
on its own. 

“It has taken the shine off a 
company tha t used to be seen as 
invincible, as taking tbe British 
flag to America and Japan,” 
said Johnny de la Hey, an ana- 
lyst with Soci6t6 G6n6rale 
Strauss Turnbull in London. 

For the immediate future, 
though, Warburg is left to sol- 
dier on alone. In the first half of 
the year, Warburg’s investment 
b ankin g arm posted a negligible 
profit, a shortfall widely attrib- 
uted in part to the huge drains 
on the firm from trying to build 
up its business beyond its Euro- 
pean core. 

By [miring up with Morgan 
Stanley, Warburg, in one 
swoop, would at last have got- 
ten a vastly enhanced network 
through which it could have 
sold its products and services in 
the United States and Japan. It 
was a network that it has been 
struggli ng to build up on its 
own for years. Left on its own, 
Warburg’s management now 
has to go back to the drawing 
board. 

“The most difficult part for 
them will be to scale back their 11 
ambitions,” said Martin Cross, 
an analyst with UBS in Lon- 
don. 

Others stress that Warburg 
has no choice but to launch a 
massive attack on its costs. 
Many analysts noted that one 
of the attractions of the pro- 
posed merger was that it would 
have allowed Warburg to tackle 
its cost problems as part of a 

post-merger consolidation. 

In the absence of that, War- 
burg is left to make hard 
choices simply as a matter of 
restoring its battered bottom 
line. “It will be harder now to 
cut those costs,” predicted Da- 
vid Toeroan, an analyst with 
Hoare Govett. 

Following the news of the 
end of merger talks, Warburg’s 
shares plummeted as much as 
U percent Analysts nonethe- 
less insisted that the fall could 
have been far worse. Most ex- 
pect a new bidder to emerge. 
Warburg has hung up the ‘For 
Sale’ sign now on their busi- 
ness,” said Mr. de la Hey. 

One impediment in that 
search win be Warburg’s Mer- 
cury Asset Management arm. 
With $93 billion under manage- 
ment and an enviable record of ■ 
profitability, the unit has akf 
ways been seen as a key draw-' 



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Suicide by a Teen 
Over School Bullying 
Unnerves Japanese 


INTERNATIONAL HERALD TRIBUNE, FRIDAY. DECEMBER 16, 1994 


•of a ,*X°~T hethird suicide 

XuUviS iff ° f Sch ° o1 

•shockeaf /? 35 man V weeks 
£5™ ;? pa ? on Thursdav. 

-ncws^L hjatnSlS warned ^at 
coverage ought have trig- 

4E* wave of flo n (C “ 


.'V 


In the latest suicide., a 15- 
year-ddlugh school student in 

'nSft US ^ ,B l a ’ 250 ki, ometers 
■4 lhU miles) northeast of Tokvo 

hanged himself in a forest leav- 
es a suicide note that identified 
three classmates as bullies the 
JXMice said Thursday. 

• Die siring of suicides has 

• *?* „ e *®P 'tern on newscasts 
.and talk shows as Japan tries to 
^corne to grips with the bullying. 
» a pervasive problem in the 
.country’s highly regimented 
^and conformist schools. 

* P what might have been a 

* sptn-off effect, though not over 
, bullying, a 14-vear-ofd boy was 
•also found hanged Thursday, 
‘according to police, with a note 
-spying: “There has been a series 

of suicides caused by bullying 
•Imported in the media, but mine 
"is just an experiment. I just 
want to find out if people go to 
heaven or hell.” He was found 
. by a teacher in a school building 
in Yorii, about 50 kilometers 


had nothing to fear in a suicide 
if fellow victims of hullving 
were choosing death. 

The suicides led Prime Minis- 
ter Tomiicbi Murayama to hold 
a special cabinet meeting to dis- 
cuss bullying in schools. 

After the meeting, the Educa- 
tion Ministry issued a formal 
directive urging teachers to 
crack down on such bullying. It 
followed a widely criticized re- 
port issued by the ministry this 
week on statistics showing bul- 
lying cases on the decrease. 

“That report is typical of 
cold, bureaucratic handling of 
the issue and smells of hypocri- 
sy,” Dr. Nada said. “The report 
was based on rhetorical ques- 
tions like, ‘Do you know of 
ijime in your school?’ No head- 
master or teacher will ever vol- 
untarily admit sud) cases in 
their own schools.” 

Most media coverage pointed 
the finger at the ministry. Some 
experts blame it for creating a 
system of education that puts 
huge pressure on children. 

“That pressure is relieved in 
forms of ijime against class- 
mates or violence at home.” 
said Kazubiro Mochizuki, a 
schoolmaster of 36 years and 
now a commentator. ’ 

In the latest suicide, police 
said the boy was being ostra- 





Congress (I) Searches Its Soul 







Voting Rout in India Imperils Party Leader 


By John F. Bums 

Sr* flirt Titrjrs Srr.ice 


!Es3- — . ' 


\ r ‘ ? '• 

v. 


■■ 

• -r«\ *r 


iil> hr>- 

Students paying respects Thursday to a bullied schoolmate who lulled himself Tuesday. 


Socialist Will Do the Conservative Thing 


NEW DELHI — After a 
series of four state elections 
gave it one of the worst drub- 
bings In its history, the gov- 
erning Congress 1 1) Party” has 
moved into bitter internal 
wrangling that has centered 
on the leadership of thepnme 
minister and on the wide- 
ranging program of market 
economic reforms he has led 
since taking office in 1991. 

In the state elections whose 
results became known over 
the weekend, the Congress (1) 
Party was reduced to a rump 
in two key southern states 
that it previously governed. 
Andhra Pradesh and Karna- 
taka. as well in the small Hi- 
malayan state of Sikkim. 

In the coastal state of Goa. 
also among the smallest of 
India’s 25 states. Congress 1 1 ) 
lost its majority in the state 
assembly but appeared likely 
to hang onto power in a coali- 
tion. 


SI. 2 billion stock market 
scandal.] 

For the lime bring, the 73- 
year-old Mr. Rao appears 
likely to hang on us prime 
minister, partly because there 
is no obvious successor. 

But after harsh exchanges 
at the meetings, which were 
held to review the state re- 
sults. senior Congress ( 1 t Par- 
ty leaders were quoted in sev- 
eral Indian newspapers as 
saving that Mr. Rao may 
have to be ousted if the next 
round of elections, in five 
more states in February, turn 
out as badly for the party as 
the ones just concluded. ' 

The mood was keyed to 
fears that a run of disastrous 
state elections could set the 
stage for a similar result in a 


Uj%knghnhatStnhi‘ Democratic Party — despite the government with the Liberal 

TOKYO — In another break name, the most conservative of Democrats. Mr. Mu ray am a has 
with his Socialist past. Prime Japan’s major parties — prime dropped almost all of his par- 
Ministcr Tomiichi Muruyama ministers regularly made trips ty’s basic tenets. Now. he is do- 
of Japan is going to play the to Washington when they want- ing what his conservative for- 
Washington card to beef up his ed to demonstrate their leader- mcr adversaries used to do — 
political standing. ship. heading off to Washington to 

Mr. Muravama announced . • i confer with the U.S. president. 
Thursday that he will meet with S The prime minister says he 

Preside Bill Clinion al the ' u plans to talk to Mr. Cfinion 

White House on Jan. 11. Mr. about arrangements on both 

Murayuma reportedly request- P* n was 100 ciosc L 1 sides of the Pacifie for com- 
„a ,u 1 - i ^ ton. _• cn . . : 


Japan’s major parties — prime dropped almost all of his par- 
ministers regularly made trips ty’s basic tenets. Now. he is do- 
lo Washineton when thev want- ing what his conservative for- 


south west of Tokyo. said the boy was being ostra- 

The Education Ministry says rized by a form of bullying 
-21,598 cases of bullying were called “cold silence.” which 
reported during the last school cuts off a victim from the rest of 
year. But many cases are be- his class or inner circle. School 
■■ lieved to go unreported. officials said they were aware he 


to Washineton when they want- 
ed to demonstrate their leader- 
ship. 


mcr adversaries used to do — 
heading off to Washington to 


Mr. Muravama's Social 

emocraiic Parlv rcnularlv , The P™“ "““S* £> s he 


Some people blame the bully- was being ostracized, 
g on the pressure to conform (R< 


mg on the pressure to conform 
- and to pass difficult high school 
and college entrance exams, 
■ while others say parents are not 
properly teaching values. Stu- 
v dents who are somehow differ- 
ent are often the victims. 


(Reuters. API 


Murayuma reportedly request- 
ed the official meeting. 

During the 40 years that Ja- 
pan was ruled by the Liberal 


>n ‘ memorating the 50th anniversa- 

But to become prime minis- ry of the conclusion of World 
ter as head of a shaky coalition War It. 


A 13-year-old boy in central 
Japan hanged himself Tuesday 
after classmates repeatedly 
scribbled graffiti on his bag, 
and late last month another 13- 
year-old boy hanged himself af- 
ter bullies forced him to steal 
money from home. 

“There are many, many vic- 


tims of ijime? or bullying, said 
Inada Nada, a child nsvcholo- 


- Inada Nada, a child psycholo- 
,'gjsL “But the massive media 

coverage could have destroyed 
: the precarious psychological 
balance in some of these vie- 

- lims, leading them to suicide.” 

The expert in classroom 
problems said teenagers might 
“have persuaded themselves they 


Complied by Our Staff From Dispatchc* 

BANGKOK — The Asian 
region’s economic success has 
come at the expense of increas- 
ing child abuse and exploita- 
tion, representatives of the 
United Nations Children’s 
Fund said Thursday. 

“We are still seeing the cruel 
companions of poverty such as 
the economic, social and sexual 
exploitation of children.” said 
Daniel J. Brooks, the Unicef 
regional director for East Asia 
and the Pacific. “This remains a 


Exploited Children 


growing and formidable prob- 
lem In this region.” 


lem in this region.” 

Mr. Brooks was speaking at a 
briefing on UniceTs J995 Slate 


of the World’s Children report. 
The report, released Thursday, 
says that more than half a mil- 
lion of Asia's 500 million chil- 
dren work in sweatshops, 
brothels or on the streets. 

“We are seeing the erosion of 
family values, and that includes 
the exploitation of children.” 
Mr. Brooks said at a news con- 
ference. 

Ambassador Sandra Mason, 
deputy chairman of the Gene- 
va-based UN Committee on the 
Rights of the Child, said: “We 
take them for granted. We say 
children are the future, but we 
don’t make provision for the 
future.” 


The world’s largest and fast- 
est-growing youth population 
includes 100,000 child prosti- 
tutes in Thailand, more than 
200.000 street children in China 
and 75,000 working children in 
Malaysia, the report said. 

The increased disparity be- 
tween rich and poor also has led 
to malnutrition, illiteracy and 
sexual discrimination, the re- 
port said. 

The region’s societies will 
have to realize dial children are 
a resource that needs protec- 
tion. said Anthony Hewitt, a 
Unicef official who works in 
Thailand. 

The report highlights pro- 


gress in several fields, including 
immunization levels well above 
90 percent, the predicted elimi- 
nation of polio by the end of the 
decade, the elimination of io- 
dine deficiency disorders and 
the distribution of Vitamin A 
capsules to prevent blindness. 

Unicef s strategy to combat 
abuses against children has 
been to lobby for ratification of 
the Convention on the Rights of 
the Child, which guarantees the 
rights of children to receive at 
least basic health care and a 
primary education. 

The convention has been rat- 
ified by 17 countries in the re- 
gion. (AP. Reuters) 


The seals of the rout ap- 
peared to stun Prime Minister 
P.V. Narasimha Rao, who 
had campaigned vigorously 
in all four states, idling vot- 
ers that the outcome would be 
a popularity test for bis gov- 
ernment and its economic 
policies. 

The Times of India report- 
ed that party officials who 
attended a ’series of crisis 
meetings between senior 
Congress (ft Party officials in 
the last three days quoted Mr. 
Rao as saying. “This is not 
only a loss but a total collapse 
of the party', something which 
has never happened before in 
the country's history.” 

(Three members of Mr. 
Rao’s cabinet offered to quit 
on Thursday as the Congress 
(I) Party moved to dean up 
an image tainted by corrup- 
tion charges, Reuters report- 
ed from New' Delhi. 

plie minis ters who ten- 
dered their resignations were 
Health Minister B. Shankar - 
anand, Food Minister Kalp 
Nath Rai and Rural Develop- 
ment Minister Rameshwar 
Thakur. 

[The resignations brought 
to four the number of cabinet 
ministers who have offered to 
step down after bong named 
in connection with either a 
sugar import scandal or a 


Party leaders 
want to counter a 
perception that 
Congress (I) has 
become "anti- 
poor.” 


national election that must be 
held before May 1996, when 
the Rao government’s parlia- 
mentary mandate expires. 

If the February' elections 
go as dismally for the Con- 
gress (I) Party as current 
opinion polls in the five states 
suggest, voters in states with a 
total population of 370 mil- 
lion people, about 40 percent 
of India’s population, will 
have moved against the party. 


According to newsaper ac- 
counts, the party meetings in 
recent days have focused on 
several issues on which Mr. 
Rao was seen as vulnerable: 
his leadership, which has 
been widely criticized within 
the party as irresolute; high- 
level corruption, which many 
in India believe to have 
reached new levels in a coun- 
try accustomed to venality 
among senior officials; and 
the pace of the economic 
changes, seen by some as too 
slow and by others as too rap- 
id or, in some cases, wrong- 
headed. 


Since the debacle in the 
state polls, Mr. Rao has also 
been widely criticized for 


moving the Congress ( I ) Par- 
ty away from the secularism 
and social egalitarianism that 
the party asserts are its basic 
principles. 

Senior cabinet ministers 
have said publicly that Mr. 
Rao has alienated India's 93 
million Muslims by lilting 
government policies toward 
the Hindu majority, and by 
giving the appearance, with 
the economic reforms and 
other policies, of favoring the 
interests of the upper castes 
in India's rigid social struc- 
ture. 

Many in the party believe 
its collapse in .Andhra Pra- 
desh and Karnataka, the two 
southern states, resulted from 
the desertion of two key “vote 
banks” — Muslims, who are a 
large minority ia Andhra Pra- 
desh, and the rural poor. 

In particular. Mr. Rao has 
been rebuked for having 
promised Muslims that an 
ancient mosque in Ayodhya 
in northern India that was 
destroyed by a Hindu mob in 
December 1*992 would be re- 
built. then falling silent on 
the pledge while assuring 
Hindu fundamentalists that a 
Hindu temple will be built on 
the site instead. 

But it is on the issue of the 
economic reform, which 
Western governments have 
hailed as a sign that India is 
catching up with the fast- 
growing economies elsewhere 
in Asia, that Mr. Rao has 
been catching the greatest 
heat. 

According to accounts in 
several Indian newspapers, 
the party leaders who met 
with Mr. Rao recently de- 
manded early changes to 
counter what they described 
as a growing perception that 
the party has become “anti- 
poor” by adopting policies 
that have opened up India to 
foreign investment and begun 
dismantling a vast apparatus 
of state controls. 

These moves, say the party 
leaders, have so far brought 
few tangible benefits to the 
350 million Indians said to be 
living in poverty. 

“We simply cannot win 
any elections with this im- 
age,” said Narain Dutt 
Tiwari, one of several senior 
Congress (1) figures consid- 
ered possible challengers few 
die party leadership. 


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Page 6 


FRIDAY, DECEMBER 16, 1994 


OPINION 


Heralb 



PUBLISHED WITH THE tfEW YORK TIMES AND THE WASHINGTON POST 


nbltm For Security 

LSRIKCTON POST W 



*!3[£** 

C*0 ■*?**■ 


A Stain on Turkey 


A Turkish court has sentenced eight 
Kurdish members of Parliament to pris- 
on for doing what representatives in a 
democracy are supposed to do — speak- 
ing out in behalf of their constituents. 
Washington was right to protest this 
gross injustice. It is a stain on Turkeys 
human rights record. 

Even worse, it is a blow to Turkish 
democracy. It violates the principle of 
parliamentary immunity that is essential 
to representative government It also 
threatens to polarize Turkish politics by 
driving Kurdish dissent out of normal 
political channels and into the violent 
arms of Kurdish separatists. Only a 
prompt pardon by Turkey’s president, 
Suleyman Demirep and die return of the 
legislators to Parliament could undo 
same of the damage. Washington would 
be wise to seek that. 

Many of die country’s millions of 
Kurds are integrated into Turkish soci- 
ety, but those who have sought to main- 
tain their ethnic identity have faced dis- 
crimination and worse. The Kurdish 
language is banned; Kurdish human 
rights workers and journalists have been 
the victims of death squads. Others have 
“disappeared” while in the custody of 


security farces. The government has 
turned its Kurdish policy over to the 
army, which is seeking a purely military 
solution. In its war on Kurdish separat- 
ists it has turned southeastern Turkey 
into a killin g field, destroying villages 
and driving out the civilian population. 

The main effect of this misguided strat- 
egy has been to generate recruits for sepa- 
ratism and radicalize Kurds who want 
nothing more than their rights as citizens. 

Instead of seeking political accommo- 
dation with the Kurds, the government 
banned the Democracy Party, which 

draws on Kurds for support Seven of its 
elected deputies, along with one indepen- 
dent, were arrested and held in preven- 
tive detention on trumped-up charges. 
None were accused of acts of violence, 
and only one of any act at all — allegedly 
giving shelter to five members of the 
separatist Kurdish Workers Party, or 
PKK. Their rr\^m offense was saying 
things that the military and the govern- 
ment preferred not to hear. After a proce- 
dural^ tainted trial, the eight are now 
being sent to prison, some for IS years. 

Ankara needs to correct this injustice 
and change its ill-concaved course. 

— THE NEW YORK TIMES. 


Poor, Middle and Rich 


You are going to hear a lot in the 
months ahead about the rich, the poor and 
the middle class in America, as rn'toddle- 
dass tax cut.” AQ kinds of policy is likely 
to be made, or at any rate fought over, on 
the strength of which of these groups it 
supposedly benefits at whose expense, and 
what the principle should be on which 
government decades who should get more 
and who should get less. But the terms are 
enormously vague as well as elastic, and 
they tend to group together people in 
■very unlike circumstances. It is worth 
thinking about their meaning before the 
argument reaches the shrieking point. 

The term “poor” is ancient, but nowa- 
days, at least in politics, is generally taken 
to mean the federal definition of poor. 
There are income thresholds that rise 
each year with inflation and below which 
people are deemed by the government to 
be poor. Last year the threshold was 
$14,763 for a family of four, 51 1,522 for a 
family of three and in the 57,000 range 
for single individuals. Some critics say 
the thresholds are too low, others that 
they exaggerate poverty in that they 
count only cash income and not the con- 
siderable value to lower-income people of 
noncash benefits such as food stamps, 
Medicaid and housing assistance. It is 
also a fact that the poor are not a mono- 
lith in that the exact same people are not 
below the thresholds every year or even 
every month nor at every stage in their 
lives. But some people do stay in the 
category, at least for very long times. 

Last year about 39 million people, a 
seventh of the population, lived in fam- 
ilies with incomes below these cutoffs. 
Fewer than 10 percent of them were elder- 
ly. Rather, the largest single group consist- 
ed of people at the other end of life: 40 
percent were children. A thud of the chil- 
dren were black, they lived disproportion- 
ately in female-headed households, and 60 
percent were receiving welfare. But gener- 
alizations tend to be treacherous. A lot of 
these children are also in families with 
both parents present in which at least one 
member works the equivalent of full time 


year-round; their wage doesn’t make it for 
them. The Census Bureau also says that 
half the female-headed familie s living be- 


low the poverty thresholds earn at least a 
part of their income each year, and earn- 
ings make up more than a fourth of the 
total income of the group* 

The bureau also publishes figures each 
year dividing all households into income 
quintiles. These give a sense of the scale 
of incomes across the society. Last year 
the lowest-income fifth consisted of 
households with incomes (as measured 


by the bureau) up to 512,920. The next 
fifth went up to 524.730; the next to 


fifth went up to $24,730; the next to 
538,860, the next to 560,544. Everyone 
above that was in what tends to be tailed 
the “richest fifth,” and above about 
5100,000 in the richest 5 percent. 

Government does a fair amount of re- 
arrangement of income across the society 


through the collection of taxes and pay- 
ment of various benefits. How fairly it 


ment of various benefits. How fairly it 
does that, and with what cause, is part of 
the current ar gument, a common reading 
of the election returns is that people in the 
middle-income zones particularly believe 
that they are paying too much (and not 
always to recipients much needier than 
they) for too little in return. The Congres- 
aonal Budget Office has estimated that 


people in the lowest income quintile pay 
l.l percent of federal taxes; for the next 
quintile the share is 6.1 percent, then 12.4, 
20.9 and 59.2. Benefits, by contrast, are 


pretty evenly spread across the groups; the 
lower three get a little over 20 percent 
each, the upper two a little less. 

But those are statistics only, and statis- 
tical averages are not going to settle a 
dispute as fundamental as this. The gut 
issues that will be raised in fact do go to 
the fairness of the system and the matter 
of definitions — the rationale far what 
government does in terms of those who 
are characterized as poor, middle-class 
and rich. A good place to begin the dis- 
cussion would be with the question of 
where cm the scale of income the middle 
class begins and ends. 

— THE WASHINGTON POST. 


A Nuclear Page Turned 


The Tennessee Valley Authority’s deci- 
sion. to halt construction of three nuclear 
plants is the symbolic death notice for the 
current generation of reactors in the 
United States. By the TVA's reckoning, 
these were the last nuclear units still un- 
der construction in the nation. The TV A 
once had the most ambitious nuclear pro- 
gram in tbe country, with 17 reactors on 
order. But, as it turned out, the agency 
built only five nuclear units, of which 


But the old dream that nuclear 
might become a centerpiece of t 


tion’s energy structure evaporated years 
ago. Not a single new nuclear plant has 
been ordered since 1978, and some nucle- 
ar units already in operation or ready to 
start have beat shut down. 

The demise of the American nuclear 
industry can be traced to several factors 
— a slowdown in demand for electricity, 
public apprehension over nuclear risks, 
recurrent increases in the cost and time to 
build new plants, and a failure to operate 
as reliably and efficiently as expected. 

Those factors could always (mange. In- 
deed, if global warming truly becomes the 
world-threatening issue that some envi- 
ronmentalists fear, countries everywhere 
wffl be looking for alternatives to the fossfl 
fuels — coal, ofl and natural gas — that 
now form die backbone of energy sop- 
plies. Die world might then turn toward 
such alternatives as solar or wind power — 
or to a new generation of nuclear plants. 

The nuclear industry is already seeking 
federal certification for the next genera- 
tion of plants, pushing research on even 
more advanced reactors, and counting on 
other nations to demonstrate the effec- 
tiveness of next-generation nuclear 
plants — just in case they are needed. 

— THE NEW YORK TIMES. 


only three are currently operating. 
The reasons for the latest abai 


The reasons for the latest abandon- 
ment are the same that curtailed other 
nuclear construction around the country 
— ballooning costs and uncertainty 
about when plants could finally be 
brought on line. Although the TV A had 
already spent $6 3 billion on the units 
and they were from 57 to 88 percent 
completed, the authority estimated that it 
could cost up to $8.8 billion more to 
finish the job. That was simply too much 
when it already felt overburdened with 
debt, some 44 percent of which had been 
spent on its nuclear program. 

That leaves a substantial but aging 
base of nuclear plants in operation 
around the country. Today 109 such 
plants produce 21 percent erf the nation's 
electricity, providing a significant supple- 
ment to coal-fired units. 



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To the West 
Of Russia 


By William Pfaff 

Y7TLNIUS, Lithuania — Affecting every 
V political conversation in Vilnius is an 


unspoken fear that the new independence of 
the Baltic states will not last Russia's inva- 


sion of Chechnya, which proclaimed itself 
independent in 1991, reinforces this fear. 

Stalin once said to the Finns, at a time 
when the Soviet Union was making security 
demands upon that country which would 
limit its sovereignty, “I am not responsible 
for geography.” The Li thuanians, Latvians 
and Estonians are also in such a geographi- 
cal situation. That is why Moscow consid- 
ered itself justified in incorporating them 
into the U.S.SJR. between 1940 and 1990. 

Unlike Estonia and Latvia, Lithuania has 
a substantial history as an independent na- 
tion, including a period between the 13th 
and 18th centuries when, either indepen- 
dently or in union with Poland, it was one of 
Europe's most important states, at one 
pant dominating the entire East European 
region from the Baltic to the Black Sea. The 
Great Power partitions of Poland in the 
18th century left Lithuania annexed by Rus- 
sia, a condition that lasted until World War 
L The country was again independent be- 
tween the world wars. 

Its problem of proximity to Russia is 
complicated today by the fact that it has 
Russian Kaliningrad (the former East Prus- 
sian KOnigsbergj to its west, whose land 
communications to the rest of Russia neces- 
sarily go across Iithuania. 

Kalining rad is an important industrial 
center as well as an ice-free port for Russia, 
and difficult negotiations are going on be- 
tween Vilnius and Moscow on whether Rus- 
sia will have some form of extraterritorial 
rights with respect to its link to Kaliningrad 
or whether its shipments must conform to 
the same rules that Lithuania imposes on 
other transnational military freight and 
movement The sensitivity of the subject for 
both sides is obvious. 

What the Lithuanians would like most is 
membership in NATO, which in the imme- 
diate future they certainly will not get How- 
ever, they have reached agreement with the 
European Union on a p rogr am for joining it, 
and that will bring membership in Europe's 
military organization, the Western European 
Union, which will offer a considerable politi- 
cal reinforcement to their security. 

But they and the other two Baltic states 
and Ukraine remain the most vulnerable of 



the new/old nations that have come exit of 
the collapse of the Soviet Union. 

Chechens and the other aspirant nations in 
the ex-Soviet Caucasus would dispute that 
attribution of maximum vulnerability, but 
the Chechen (and Ingush) peoples’ datms to 
independence have no international recogni- 
tion and historically are weak. The interna- 
tional community will do nothing for them. 

The Chechens certainly have a long histo- 
ry as a turbulent and independent tribal 
people, bitterly resisting Russian conquest 
m the 19th century, rising again against 
Moscow after World War I and during 
World War II. For that they paid even more 
heavily than the Baltic peoples paid for their 
interwar independence and wartime resis- 
tance to Russia, on Germany’s side. Statin 
deported the entire Chechen-Ingush people 
to Siberia. They returned to the Caucasus 
only in the late 1950s. 

Whatever the human sympathy evoked 


by the Chechens’ present attempt to secure 
their independence, they are most unlikely 
to succeed, although they could impose con- 
■ siderable punishment on Russia’s forces if it 
comes to sustained war. They, too, are vic- 
tims of geography. 

It is unfortunate that the question of 
security for the historical nations in Eastern 
Europe has been posed in terms of NATO 
membership. The consequence is that even 
the hypothesis of expanding NATO to Lith- 
uania and the other Baltic states is treated 
by nationalists in Moscow as a provocation. 


while to leave them out now would suggest 
That they are being abandoned. Moscow 
woald be seriously mistaken to think the 
tetter. The Western powers are committed 
to the Baltic countries’ independence. 

They have failed to think intelligently 
about what to do to assure it, which is a 
dangerous lapse. 

In fact, Russia needs a stable and indepen- 
dent Lithuania in a stable and secure Eastern 
Europe. Instabili ty on its western frontiers 
has always meant trouble for Russia; NATO 
is, or should become, a guarantor of that 
stability. Zbigniew Brzezm&ki writes very 
sensibly (in the forthcoming issue of Foreign 
Affairs) about die need now to bind Russia 
into a new cooperative security framework 
that includes the major NATO powers but 
would be distinct from NATO itself. 

Thai surely is the way to go. NATO’s 
expansion to Russia, which some propose, is 
nonsense; no Western go vernm ent is going 
to guarantee Russia’s eastern frontiers 
against Hima (which is what membership 
means) or a gainst Japan (die Kuril Islan ds 
still are disputed between Russia and Ja- 
pan), or defend its southern borders. 

Russia doesn’t need that. It needs a Eu- 
ropean security mechanism linking it to 
NATO, by which the security of the Baltic 
states and tbe rest of Eastern Europe is 
mutually guaranteed — and, with that, 
Russia’s own security. 

International Herald Tribune. 

© Las Angeles Times Syndicate 


The Smart New Weaponry Can Also Help Keep Peace 


N EW YORK — The Republi- 
can victory in congressional 


IN can victory in congressional 
elections will not spdl the end of 
American participation in peace 
operations. The Pentagon has con- 
cluded that its future work must 
include international firefighting. 

American theater commandos 
will sochi be ordered to develop 
detailed plans for h umanitarian 
crises and other likely regional 
troubles. Pentagon sources say. 

This planning will allow the 
National Command Authority to 
assess more accurately what can 
and cannot be done by U.S. 
fences in a humanitarian crisis, 
and how U.S. capabilities can be 
married to those of allies. 

A conservative majority in Con- 
gress will not undercut this view of 
the real world. Many measures fa- 
vored by conservatives to bolster 
UJS. war- fi ghting strength will also 
buttress humanitarian peace oper- 
ations. Technological innovation, 
readiness training and contingen- 
cy planning wifi both sharpen 
the Pentagon's “win-hold-win” 
strategy for two major regional 
conflicts, and improve interna- 


lly Ruth Wedgwood 


tional humanitarian operations. 

Throgh innovations in transport 
ability, for example, American 
technology can provide support 
for foreign peacekeepers without 
involving UJL combat forces. 

Poor roads and port facilities 
have seriously hampered interna- 
tional relief efforts. But in crises, 
new helicopter technology will 
boost the ability of relief agencies 
to reach refugees in remote areas. 

The Huey and the Black Hawk 
helicopter can fly only 200 miles 
(320 kilometers), before turning 
back. The new Osprey V-22 can 
fly 2,100 miles without refueling. 

For peacekeeping, this will al- 
low multiple stops to position 
protective forces, supply food to 
endangered civilians, create safe 
zones, or evacuate injured refu- 
gees. Tbe Osprey is also well 
adapted to regional war-fighting. 
It can reach a conflict area by 
island-hopping across the Atlan- 
tic or Pacific, arriving weeks 
ahead of naval vessels. 

Also useful for decentralizing 


transport plane, designed to re- 


E lace aging C-141s and C-5As. 
fniaudy. it can operate from 


Uniquely, it can operate from 
short dirt tending stnps, yet haul 
an 80-ton cargo. This means it 
can carry the equipment needed 
for light infantry peace deploy- 
ments — armored personnel car- 
riers and Humvees, even a tank. 
In Rwanda and Zaire, delays in 


deploying ground equipment 
held up the work of United Na- 


tions protection forces. 

The C-I7 can also dispatch tbe 
heavy machinery (bulldozers and 
backhoes) needed to create sani- 
tary conditions in refugee camps 
and the water tanks needed to 
save lives from cholera. 

A Pentagon analyst reviewing 
the recent effort to provide clean 
water far Rwandan refugees has 
urged greater emphasis on trans- 
portability in the design of mili- 
tary equipment. Too often, equip- 
ment has been designed thru is too 
large to be moved except by sea or 
C-5 A, unless it is dismantled. 


require many of the same skills — 
such as careful discrimination be- 


f People Are Really Good at Heart 9 


N EW YORK — In October 
1992 an obituary with this 


J. N 1992 an obituary with this 
headline ran in The New York 
Times: “Harold Brown Sr., 61, 
Investment Executive.” That de- 
scription was right, as far as it 
went, but it did not capture the 
essence of Mr. Brown’s life. If it 
had, it would have read: “Har- 
old Brown Sr., 61, Did Good.” 

For a long time I’ve been 
meaning to write this particular 
column, and it’s somehow fitting 
that it turns out to be my last 
Far more than 20 years I’ve been 
a reporter, a job that people say 
is sure to make you cynical and 
has somehow only left me more 
idealistic. For the last five I’ve 
been here, in this space, consid- 
ering the great issues of the day. 

But the great issues, at base, 
are tbe same as they were when 
John the Baptist said, “He that 


By Anna Qoindlen 


cops, the nuns, the librarians. 
Life will be hard, politics will be 


nights in a van on Eighth Ave- 
nue, bringing coffee and cake 
and a place to consider the fu- 
ture to street prostitutes. 

Like Ebenezer Scrooge, I’ve 
walked the streets, seen good- 
ness in the dark places, and shed 
the frosty rime that’s said to 
come with my profession. I've 
visited the Holy Apostles Soup 
Kitchen in Manhattan, where 
every day volunteers feed 1,000 
hungry people, and the York 
Street Project in Jersey City, 
home and school alike for wom- 
en looking for a second chance. 

I’ve been to schools where 
teachers bring imagination and 
intellect to life, and hospitals 
where the nurses bring comfort 
and joy. This morning I could 


Life will be hard, politics will be 
mean, money will be scarce, 
bluster will be plentiful. Yet 
somehow good will be done. 

I've been lucky to be in this 
business at a time that was infi- 
nitely interesting, when women 
were more welcome. I’ve been 
lucky to work at a newspaper 
that stands for the very best mat 
newspapers can provide, lucky 
to have had a conversation in 

print with millions Of f amiliar 

strangers. I’ve gone places I nev- 
er would have gone, met people 
I never would have met 

The greatest of them are 
these: EUen Baxter, A1 Cohall, 
Steven McDonald, all the others 
— you know who you are. You 
Stand in opposition to a spiritu- 
al isolationism that makes ici- 
cles of our insides and a hard 


tween civilians and combatants in 
targeting decisions, the ability to 
operate independently, and a keen 
sense of strategy. 

Contingency planning is an- 
other area where the U.S. military 
is justly renowned. Preserving the 
dqpth of experience on the plan- 
rung staff that designed Opera- 
tion Desert Storm wiD be useful 
to peacekeeping forces as welL 

War-fighting capacity and 
peace operations needn't be zero- 
sum in nature; technological in- 
novation, readiness training and 
careful planning are at the heart 
of a military capable of both jobs. 
Surely, liberals and conservatives 
can agree on that 


The writer, a senior fellow at the 
Council on Foreign Relations and 
a professoral Yale University, con- 
tributed this comment to the Inter- 
national Herald Tribune. 



By Gerald Segal ; ; 

t ONDON — In Europe' it is 
L/ often hard to lookbeyondttie 


front pages filled with the' war hi . 
Bosnia and the sleaze of Europe ' 
an governments. Yet there aie m* 

creasing signs that Europeans, 

peering ahead, realize that ifie 
largest changes in international 
affairs win come from Asia. * . 

The European Union, to be£jm 
with, is crafting a new. Asm. : 
strategy to take full advantage 
the region’s growth. Germany is 
catching up with Britain- arid 
France, urgently seeking toforge 


a coherent policy toward Pacific 
Aria. Intra-EU trade appeara to 


Asia. Intra-tU trade appeals k> 
have peaked, but tbe value of Eu- 
ropean trade with Asia goes on ; 
growing sharply- _ ' • . 

Interest in Asian security is 
also increasing in Europei. A Eu- 
ropean Council for Security Co- 
operation in tbe Asia-Pacific see- . 
tor, formed recently, seeks -to 
promote discussion on ways of 
s ccimng Asian stability andpreb-^ 
sperity- EU thinking on Asia is 
at a turning point. 

With the end of the Cold War; 
Europeans see the weight of Pa- 
cific Asia growing in everything 
from trade and . investment -to 
conventional arms sales and (he 
risks of nuclear proHferatioB. 
China's rise reminds Europeans 
that the global balance of power 
is shifting and that the world is 
almost always a more dangerous 
place when it tries to accommo- 
date an emerging giant 

Europeans are appalled by the 
relative neglect of security con- 
cons in the Asia-Pacific region. 
For many Europeans, Asian and 
Pacific security was something for 
the United States to worry about ' 
but now tbe American mffitety 
role is in retreat East Asa pays 
mare rhetorical than real attention 
to regional security, trusting in 
supposedly unique cultural values 
arid economic interdependence. 

Europeans, however, know 
that culture is often an excuse to 
kill those who are different, and 
that the far tighter economic in- . 
tcrdependence in Europe before. *' 
World War II was no protection 
at a time of great-power dissatis- 


Euxope- 


ans have suggested that Asia^ 
might learn from the EuropcS 


edewood There are numerous C-130 air- 

“ craft in Europe, Larin America 

peace operations is the new C-ff" ' and Asia. If smart equipment can 


be fitted to the dimensions of air 
transport shared among regional 
powers, this will help to distribute 
the burdens of deployment in 
peacekeeping and perhaps even 
in regional conflicts. 

Recycling surplus Soviet mili- 
tary equipment is another produc- 
tive track. The plain design of So- 
viet equipment — operable with 
few replacement parts and low 
maintenance in harsh environ- 
ments — can be useful for peace- 
keeping troops in remote areas. 
Many of the helicopters used by 
UN forces in Africa have come 
from Russian surplus, in commer- 
cial leases. Still cheaper would be 
Russian equipment destined for 
the scrap heap under the 1990 
treaty on Conventional Aimed 
Forces in Europe. 

Improved readiness training is 
also important to both peacekeep- 
ing and war-fighting troops. Both 


experience in managing interde- 
pendence and formulating aims 
control, they were accused of neo- 
imperialist tendencies- and want- 
ing to play up problems in Aria to 
weaken rising economic rivals. ■ 

The challenge for Europe is to 
find a more focused agenda for 
dealing with Pacific Asia. Build- 
ing institutional links between 
the European Union and Asia 
will help. Europe could begin by 
concentrating more on North- 
east Asia, which offers obvious 
trading opportunities. 

South Korea and Japan are 
keen to reduce their reliance on 
the United States. And those two 
countries have advanced fur- 
thest in entrenching democracy 
and are not averse to working 
with Europeans on h uman rights 
issues. Northeast Asia is attuned 
to the need for an effective bal- 
ance of power. 

By contrast. Southeast Aria is 
jumpier about democratic values, 
human rights and talk erf power 
balances. The harshest rhetoric in 
Pacific Aria about Europe often 
comes from Southeast Asia. 

Nonetheless, Europe could of- 
fer advice to Southeast Aria on 
how to deal with mari time dis- 
putes. European experience, es- 
pecially French and British, in 
helping Asian countries develop a 
wider role in United Nations 
peacekeeping also offers much 
scope for technical cooperation.. 


The writer is a senior fellow at die |4 
International Institute for Strategic 


Studies in London and director of 
Britain’s Pacific Asia Program. He 
contributed this comment to the In- 
ternational Herald Tribune. 


Letters mended for publication * 
should be addressed “ Letters tp the 1 
Editor” and contain the writer's '. 
signature, name and fall 
Letters should be brief and are ’ 
subject to editing We cannot be \ \ 
responsible for the return oftmso- ■ j 
Ucited manuscripts. 


BV OUR PACES; 100 , 75 AJVD 50 YEARS AGO ' 


to him that has none.” The great 
issues are the same as they were 
when Charles Dickens created 
the ghost of Jacob Marley, mis- 
anthropic man of business. 

“Mankind was my business,” 
the specter cried, the lesson 
learned too late. “The common 
welfare was my business.” 

That is the most important 
thing I have learned in the news- 
paper business, that our busi- 
ness is one another. Time after 
time, story after story, I have 
learned it from everyday angels. 

Mr. Brown, who saw the 
homeless on midtown subway 
grates and, instead of looking 
away, organized a small shelter 
in his pansb church, was one. So 
was Arlene Carmen, who died 
earlier this year; she spent her 


the Roto Hood Foundation is 
having its annual breakfast. 
Founded by three anti-Marieys, 
Wall Street traders who cleaned 
up big time in the ’80s and de- 
rided to invest in empathy, the 
foundation gives money to 
groups that shelter, feed and 
fight for the city's poor. Leaders 
erf those groups will speak of 
their work, and the who’s-who 
audience will, as always, be daz- 
zled by the simple spectacle of 
unabashed humanity. 

They do dazzle, the everyday 
angels, just as the angel did in 
the Christmas story, scaring the 
wits out of the shepherds. But 
the angel said “Fear not,” and 
that’s what I’ve learned from its 


“Karma is a boomerang,” it 


says on the tip cup at a Village 
coffee bar. If we do not reach 
out it is we who will be alone. 

The great issues are die same 
as they were when 15-year-old 
Anne Frank, three weeks shy erf 
discovery in her attic hideaway, 
less than a year from death in 
Bergen-Belsen, wrote in her 
shabby plaid diaiy; “In spite of 
everything I still believe that 
people are really good at heart.” 

Fear not; Anne was right 
The heavenly hosts prove it ev- 
ery day, with cots, with comfort, 
with boxes of tissues on their 
desks. I leave you with good tid- 
ings of great joy: Those who 
shun the prevailing winds of cyn- 
icism and anomie can truly fly. 

The New York Times. 


contemporary counterparts — 
the rape counselors, the good 


1894: Tall Cycles 

PARIS — The Salon du Cycle, or 
bicycle exhibition, at the Palais de 
r Industrie has now been open for 
over a week, and stin tbe public 
flock to see it Last Sunday (Dec. 
9] 15,000 persons passed through 
the turnstiles. Visitors should not 
leave without a glance at the im- 


idea of compromise, nor make 
any concessions to the Senate ma- 
jority. Apparently he has thrown 
me entire League of Nations issue 
bodily into the 1920 Presidential 
cam paig n. The announcement erf 
the President’s determination to 
stand tike a rock for unreserved 
ratification came as a surprise \ 


men sc monocycle, the diameter 
of the wheel of which is 2 metres 


of the wheel of which is 2 ntetres 
50 centimetres. One would con- 


1944: Mindoro Landing 

ABOARD a LIGHT CRUISER 


sider tbe monocyde to be the tall- OFF MINDORO — [From our. 
est “veto” in the place, but for the ? SIew York edition:] After a dar- 
Tour Eiffel bicycle which stands jng run through the centralPhfl- 
10 fL high. It has been ridden, the ippines archipelago. Rear Adaa- 
oiily difficulty to a good equilibrist ^ T * D - Ruddock brought hi^ 
being mounting and dismounting, convoy safely into Mindoro Strait 


1919: Wilson Adamant 


NEW YORK — The President 
.[Dec. “ 


early today [Dec. 15], and inibe 
gray twilight of a murky dawn 
American doughboys poured 
jtsbore on the low, marshy coast- 



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Forget the Genetic Excuse 
And Avoid Fattening Food 


Connecticut — 

.reties and alcohol to reduce con- 
it has yet toSS 
lading low-nutnuon foods or ban- 
n^E commercials for fatty snadL 
-targeted at children * 

Society has long placed responsi- 

S2d f «vi 0 !f S,ty ° n lhe ^ferer. 
Frard said that a person's uncon- 
scious conflicts created an irresist- 

the cheese curls 

chocolate bass and the 
laboratory rats stay thin. 
Environment is the real 
cause of obesity . So why not 
tax those foods with the 
lowest nutritional values? 


jble need to satisfy oral cravings. 
■When patients did not lose weight 
. after years of psychoanalysis, thera- 
pists believed they were in repres- 
sion and denial, and of course need- 
ed more therapy. 

More recently, this focus on per- 
sonal responsibility has intensified 
'through a lens of morality. 

Values that American society ap- 
plauds — taking charge, delaying 
gratification, working hard to get 
ahead — have shaped the view that 
the body can be molded at will and 
that an imperfect body reflects a 
flawed personality. 

Today, dieting is part of the 
..'American psyche, discontent with 
-one’s shape and weight is the norm 
..and eating disorders are being diag- 
"nosed at record levels. 

Never has there been more pres- 
. sure to lose weight. Yet in the past 
- decade, the prevalence of obesity in 
. America has risen by 25 percent. 

Hence the excitement about the 
. discovery at Rockefeller University 
of a gene linked to obesity in mice 
and the likelih ood that there is a 
similar gene in humans. 

It is tempting to claim that weight 
e ^atn is beyond individual control, 
f True, this scientific breakthrough 
may eventually lead to drugs that 
„ could help some people shed excess 
pounds. But we must be careful not 


By Kelly D. Brownell 


petal as having no cholesterol. Then 
we despair at the rising obesity rates 
among youths, call on scientists to 
find solutions and, even worse, 
blame the chil dren . 

Since the government controls cig- 
arette and alcohol adver tising aimed 
at children, a similar rationale should 
apply to unhealthy foods. 

Children cannot mike mature 
decisions in the face of clever com- 
mercials, and they should not be 
inundated with constant tempta- 
tions to eat some of the most pro- 
cessed, calorie-rich, fat-laden foods 
on the planet. 

We might lose weight by studying 

E 'cs or changing personal be- 
but the true battle must be 
waged against an increasingly se- 
ductive environment. 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 16, 1994 

OPINION 


Page 7 




to overstate the role of genetics to 
the degree that we have overempha- 
sized personal responsibility. 

For most people, the answer 
ues elsewhere. 

Laboratory rats given conve- 
nience store delights — cheese curls, 
chocolate bars, marshmallows, 
cookies — will ignore available nu- 
tritious food, even as their body 
weight doubles and triples. 

Yet we do not fault these animate 
for a lack of discipline, nor need we 
change their biology. Remove bad 
foods, and the rats stay thin. Envi- 
ronment is the real cause of obesity. 

Congress and state legislatures 
could shift the focus to the environ- 
ment by taxing foods with little 
nutritional value. Fatty foods 
would be judged on their nutritive 
value per calorie or gram of fat. 
The least healthy would be given 
the highest tax rate. 

Consumption of high-fat food 
would drop, and the revenue could 
be used for public exercise facilities 
— bike paths and running tracks — 
or nutrition education in schools. 

Unfortunately, children will still 
want to eat unhealthy food. At the 
very age that eating habits are be- 
ing formed, the average child sees 
10,000 food commercials per year 
— many using popular cartoon 
characters or sports heroes to push 
soft drinks, candy, fast food and 
sugar-coated cereals. 

We allow vending machines with 
snack foods in schools, and tolerate 


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LETTERS TO THE EDITOR 


and Weight Disorders. This com- 
ment was contributed to The 
New York Times. 


Resilient Belgrade 

Regarding “ U.S . Cover in Bosnia 
Will Have to Be War" (Opinion, Dec. 
12) by Jim Hoagland: 

Mr. Hoagland suggests that the 
flattening of my hometown, Bel- 
grade, might be necessary. My 
hometown is beaulifuL It sits at the 
juncture of two rivers. On warm 
days, its green streets are full of 
children. For them, the town is a 
safe playground, unlike Washing- 
ton, where Mr. Hoagland works. 

Flattening Belgrade could, of 
course, pose certain problems, such 
as “collateral damage" — which 
means killing civilians. Belgrade is 
home to a large proportion of Croats 
and Muslims. Maybe Mr. Hoagland 
should ask them their opinion about 
seeing Belgrade flattened in order to 
send a message to Serbian leaders. 

I love Belgrade, h is like a flower. It 
has been flattened 43 times — by 
Romans, Byzantines, Austrians, 
Magyars, Bui gars, Turks, French, 
Germans, Fngttsh and others, but it 
has always risen again from the asbes. 

Professional advice-givers sug- 
gested the splitting up of Yugoslavia 
m the first place; their advice led to 
the suffering and destruction of Bos- 
nia-Herzegovina, a smaller Yugosla- 
via. The proposed flattening of Bel- 
grade — an even smaller Yugo- 
slavia, with its mixed population — 
will not solve anything. 

UUBOMIR PESKIREVIC. 

Paris. 


Sp aalring th*> I Jingiiagi ft 

Regarding “ Europeans Back Off 
on Bosnian Pullout " (Dec. 10) by 
William Drozdiak 

Europe thus far has not been able 
to produce an alternative to the only 
language the Serbian political and 
military leaders seem to understand 
— violence. The Americans speak 
this language superbly and efficient- 
ly. It is past time they were permit- 
ted to get on with it. 

STEWART MANVILLE. 

White Plains, New York. 

A Banquet for Hunger 

Regarding “ Red Carpets Are No 
Cure* 5 (Letters, Dec. 8): 

I agree wholeheartedly with Ber- 
nie Dresner. A sickening example of 
the waste of money and lack of con- 
cern for the object of a meeting was 
a banquet held Sept 29, 1 990, at the 
United Nations. Some 70 heads of 
state feasted at great expense while 
discussing ways of feeding poverty- 
stricken children. During die ban- 
quet thousands of children around 
the world died of starvation. 

NORMAN SANDERS. 

Drammen, Norway. 

The Bomb: Bottom line 

Regarding the debate over how to 
commemorate the dropping of the 
atomic bomb on Japan, apologists 
must remember: This was a war 


Then, at Least, We Knew 
What Made the Chevy Run 

By Richard Reeves 

T OS ANGELES — The streets of In case anyone doubted where 
■L' this city are the aisles of the America stood, the Congress modi- 


worlcTs greatest automotive muse- fied the Pledge of Allegiance, adding 
urn. The sweet weather, which two words, “under God." America’s 
means no snow and ice. which riches were considered the natural 
means no salt and sand on the roads, order of things, the will of the Al- 
which means little rust, preserves mighty. That’s the way it seemed 
old' cars — and when they do show and is usually written. But, in fact, 
their age there is so much money Americans were scared all the time. 
■ — Scared of what? Of The Bomb, 

MEANWHILE which might be the first thing we 

Americans thought about that was 

around here that some inspired fool beyond ordinary human under- 
puts up thousands upon thousands s tanding We were scared of the 
of dollars to restore, say, a ’55 Reds. The United States exploded 
Chevy Bd Air. its second hydrogen bomb in Febru- 


Chevy Bd Air. 


its second hydrogen bomb in Febru- 


started by Japan with the merciless 
Rape of Nanking, and then followed 
by further atrocities — the Bataan 
death march, the use of forced POW 
labor on the Burma-Thai railway, 
the recruitment of Korean “comfort 
women," medical experiments on 
unwilling Chinese prisoners, and the 
cold-blooded attack on Pearl Har- 
bor. By these and other barbaric 
actions, Japan set the ground rules 
for the conduct of die war. Whether 
the bomb was a knockout punch 
applied to a game fighter or to one 
on his last legs is irrelevant. The 
atomic bomb put a brutal and ruth- 
less end to a war typified by such 
acts. The United States has nothing 
to apologize for. 

BRAD COULTER. 

New Delhi. 

Should We Marne Miranda? 

The editorial “America Betters 
Britain" (Opinion, Nov. 29) criticizes 
the British Parliament for changing 
the warning that police are required 
to give to people suspected of com- 
mitting crimes, and it compares the 
new warning unfavorably to the cel- 
ebrated “Miranda” warning, one of 
the fruits of the activist U.S. federal 
judiciary in the 1960s. The rates of 
murder, rape and armed robbery in 
Britain are about one-fifth of the 
U.S. rates — but America is better 
because it has a better warning? 

KENT GORD1S. 

Geneva. 


1 nave been thinking about that ary 1954. It was small enough to be 
year’s Chevy, which I lusted after as used, big enough to vaporize Pitts- 
a teenager, because it is the 40th burgh. (The first one was exploded 
anniversary of my father’s favorite in secrecy in 1952; it was followed a 
magazine, American Heritage. The year later by the first Soviet bomb.) 
people there asked me to write about Beacon Wax celebrated the explo- 

the year they began, which I would sion by ninning a newspaper ad that 
hare done for nothing. said: “The bomb’s briuani gleam re- 

The 1955 cars appeared in Sep- minds me of the brilliant gleam Bea- 
t ember 1954. 1 doubt that there is a con Wax gives to floors. It’s a scien- 
raale my age in the United States tific marvel!’’ Bui the fact that the 
who does not remember the first Russians seemed so close behind us 
time he saw the amazing new Chev- was as surprising as it was terrifying, 
rolet or Feud’s first Th underbird. Senator Joseph McCarthy and 

which came out at the same time — more than a few others made a ca- 
looking under the hood and at that reer out of that confused fear by 

.1 j « u n .» ^ 


new overbead-valve V-8. 

I know that more important 
things happened then — the H- 


saying that the only way the Russian 
Communists could have gotten The 
Bomb, or running water, for that 


things happened then — the H- Bomb, or r unnin g water, for that 
bomb, Salk polio vaccine and the matter, was because traitors had giv- 
rise and fall of Joseph McCarthy en them American secrets. His list of 
among them — but the first thing I the dirty spies began with President 
think of is that 1 62-horsepower Harry Truman and his Secretary of 
Chevy, which could be given hrstori- State, Dean Acheson, and some- 
cal significance by pointing out that times when be had a drink too many 
putting a big engine in a small car he hinted that maybe Dwight Eisen- 
meant that for the first time the bower was in on it, too. 


poor, or at least the middle class, 
could drive as fast as the rich. 


But the times they were a-chan- 
gin’. In Boston, three foundation 


Back under the hood 40 years ago researchers announced that year 
— and here is the point: A guy could that they had developed an experi- 
understand everything in there, lhe mental oral contraceptive, a “birth - 
fan belt and the generator, the plugs control pill." Texas Instruments an- 
and the points, the needle valve on nounced in Dallas that it had 
the carburetor. In 1954, we knew developed a “silicon transistor.” In 
how everything worked — or New Jersey, Bell Laboratories devd- 
thought we did. A typewriter, for oped “solar power" — and was one 
instance. Now open up the hood of a of 20 purchasers of thinkin g-ma- 
compnter and tell me how it works, dunes called “computers." On May 


That, of course, can be interpret- 17, 1954, the Supreme Court issued 
ed. and usually is, to mean it was a a unanimous decision in the case of 
ampler time. But 1 am not at all sure Brown v. Board of Education. “We 
it was. In retrospect the past always conclude that in the field of public 
seems ampler because we or some- education the doctrine of ‘separate 
body survived to tdl the tale. Histo- but equal’ has no plane," said Chief 
iy is the way we dean up die mess Justice Earl Warren in the case of 
we made. Ah, yes, America was the daughter of a black minister de- 


Number One then. With only 6 per- nied admission to a fourth grade 
cent of the world’s population, we class near her home in Topeka, ICan- 
Americans had 60 percent of all the sas, because of her race, 
automobiles on the planet, 58 per- We tend to remember 1954 as the 
cent of the telephones, 45 percent of quiet and simple time. But we were 
the radios — and 29 million homes never the same afterward, 
already had television sets. © Universal Press Syndicate. 



Photo by Takrynhi Tanumtt 


“i V. w !.! , I :■ aj it !l i!UI !! ii \ ' 

j in: ■!.;:<!> ntn! in V-v-, j.-v'V in'i/il ;u)H!‘i)!it ii 


Children and the Year 2000: 
Promises to Keep 


— ’ i .'ll \ 1 1 !- i 
I I , - ■< n - 


A message from James P. Grant, 
Executive Director of the United 
Nations Children’s Fund ( UNICEF). 


IjP** A 


A little more than four 
years ago. leaders from 
159 countries represent- 
ing 99 percent of the 
world's population made a 
promise at the World 
Summit for Children. It 
was the first time that a 
social issue — not arms 
control or a peace treaty or economics or bor- 
ders — was the exclusive subject of a multilateral 
summit. The first time that the needs and prob- 
lems of children were examined at such a high 
forum. 

At that Summit, the world's leaders net only 
endorsed lofty principles; they also put their sig- 
natures to a document committing themselves 
and their governments to a Plan of Action. 

Avery derailed Ran of Action that establish- 
es more than SO specific goals to be met by the 
year 2000. Including a one-third reduction in 
under-five death rates. A 50 percent reduction 
of severe and moderate malnutrition in the 
under-five age group. And protection for the 
many millions of children living under especially 

difficult circumstances. 

A Plan of Action that, in effect invites the 
world and the dozens of each country to hold 
their leaders and governments accountable for 
what they do or do not do for children. 

Each of us — head of state, legislator, 
bureaucrat or private citizen — must now work 
to ensure that these unprecedented promises 


are kept. 


It’s that time again. 
Time to reflect on the 
best and the worst of 1994. 
Time to anticipate a new 
beginning in 1995. 

Some people who 
especially need one are die 

: — children victimized by war- 

„ hlBe or neglect- Uie the Rwandan youngsters 
abo ;, e . Waiting to be photographed in a Family 
shown awn or L, nized b> . UNICEF and the 

l^madonlcZnuuce for the Red Cross. 

The oroc^m involves a simple and ingenious use 
of cameras that works like this: A photographer records 
° , wmv fare together with an identificaoon number, 

to adatabase holding afl available 


information on the child. The photographs arc then cir- 
culated within refugee camps, so relatives or friends can 
identify the children and joyful reunions can be arranged. 

As a company long associated with photography, 
we’re happy to see picture-taking in such a humanitarian 
role. But we're even more heartened to see UNICEF and 
many governments, individuals, non-governmental and 
other organizations working so diligently to 
improve conditions for children. 

We share the UNICEF vision of 
global well-being through local 
development. Because we. too, are 
a worldwide organiza- 
tion that believes in 
living and working 
together for the better- 


ment of all people. Through local and individual 
empowerment. Through social and ecological responsi- 
bility. Through constant efforts to improve the quality 
of life. Because we. too. believe the world has promises 
to keep. To assure all children of their rights to health, 
nutrition, and education. To protect all children from 
exploitation and strife. 

And we’re sharing this space in the hope that more 
people will support UNICEF and its work, and more chil- 
dren's lives will be happily resolved in 1995. 

It’s a New Year's Resolution we’d like to see on 
everybody’s list. 


p. 


Jamrs P. Grant 


Hdp UNICEF help children. 




United Nations Children's Fund 


Canon 


Fm (hr xUre-« r< Vnui noie) WOO? rifatr. wife. 
ITOCTT HQ. .1 U-N. PUiia twrw Yodw New Yn*k I0UF. t'£ A. 


This column Is dcraM by 

Canon aid Tbs intamatloml Hor&ld TrbuM. 












International Herald Tribune 
Friday , December 16, 1994 
Page 8 


Shopping and Weather: The Holiday Mood on City St reets 

— Shanghai 2 

' Obcrland and the Valais, 

not to motion the totally SC** 


International Herald Tribune 

With a rapidly dwindling number of shop- 
ping days until the year-end 
asked our correspondents to take a look at 
what’s hot, or not, in their areas. 


Tokyo 


In Japan, where the raucous, rand- 
numbing pinball game known as pachinko 
is a leading industry, perhaps it makes 
sense that one of the hottest Christmas 
gifts this year is a miniature eJectnc Stone 
Ase doll that uses bones or sticks to pound 
out a mesmerizing rhythm- The first S en Jff* 
kotsu, or Stone Age drummer, appeared 
last year. It proved so popular that this 
year the maker has brought out a slew or 
char acters wearing different Stone Age 
garb, hats and haircuts, all pounding 
drums made either of steel, shell or logs. 



sasano" (Caravaggo Assassin) by Rio- 
cardo Bassani and Fiore Bellini, for 
50,000 lire, and Gioia Mori’s catalogue 
“Tamara Dei Lempicka” for 64,000 lire 
are the season’s most popular art offer- 
ings. For high-end shoppers, La Casa del- 
la Stilografica offers a Tibaldi fountain 
pea in transparent blue celluloid, a mate- 
rial that unlike ordinary plastic can be 
polished and wBl not scratch. It costs 
1,000,000 lire. (Ken Shulman) 


The trendy things to buy this year are 
artificial Christmas trees and ornaments. 
At Chang Le Gift Shop, shoppers elbowed 
their way toward Christmas candles, tinsel 
and ornaments, all made in China, but 

only recently of interest to local shoppere. 

“Even though we are not Christians, the 
young people like to celebrate Christinas 

fT- .V ..j tkn nkMml liVr it 




Brussels 


from 22 yuan to 495 

*** fw 450 

Clerks said they had beat selling Christ- 
^par^temaliaoBly* QenfiVa 


md^topw-s® 15011 is already 

last-ditch Swnteroffeostve, 
are wheeled onto the pistes, but they omy 

KfUmg t«i 

front 

and Moscow,- M i**-; ^c.Tut'ScToS Soow^vf 
[bHshed watercolors tom ite JCionlin Institute in Davos mms ttatsud- 





a th«n DimWeby’ 
Vndrew Mo 


Drawings by Stun Goldoiba^lH I 

As many as 50 can be linked to three 
different types of lead drummer, who or- . _ 

chestrates a chorus of pops, Latin orrock JVlclCtnCl 
beats. Genjin kotsu, which cost from 980 to 
2,430 yen (about $10 to $25), are particu- 
larly popular among adults. (Steven Brail) 


In Brussels, where the useful gift won 
out over the frivolous (read clothes oyer 
toys) in the run-up to Sl Nicholas day, 
lunchtime holiday shoppers who find this 
town’s high prices hard to swallow are 
sustaining themselves with a new craze. 
Move over waffles: Pizza by the slice is the 
street food of this season. ( Barbara Rosen) 


New York 


Flowers bloom in 
frostline is at a 


all 


ae valleys, the 
ke 2,000 meters 


lancne uuuuw »** l- 

den blizzards won't do much good be- 
cause fresh snow needs tune to anchor. 
Unsettled snow creates avalanche hazards 
fordriing and such ancdjaiy novd {£? 

mowboarding and snowstoe-trekkmg. 

KS SSSSS/Sd be^ 

time, where it counts ™*- (Rabert Kroon) 


Hong Kong 


Christmas is tough for toatais — which 
means Mrs. in Mandarin but in its com- 
mon use refers to women who already 
have time to shop every day of the year. 
Not only that, Chinese New Year, anoth- 
er gift-giving time, rolls around at the end 
of January. I asked some of my taitai 
friends what they were getting for Christ- 
mas for the men, children and dogs wno 
already have everything. Some, exasperat- 
ed by crowds in the shops, answered, 
“Nothing." One said: “Something little. 
Hermfcs braces, Hermes ties, Hermfes 
scarves." Some taipans — the male equiva- 
lent, although the term is not as widely 
used — are going over the top, buying a 
second car or a new boat. Others were 
sticking to traditional Hong Kong fare, 
such as gems, gold or pearls. Baroque 
South Sea pearls, which are uneven and 
less expensive than perfectly round South 
Sea pearls, are popular, although they still 
cost from $2,000 to S3, 000 a strand. Two 
other standbys are silk and cashmere. 
Hong Kong retailers aren’t taking any 
chances; they put on big pre-Christmas 
sales just in case some people thought thev 
had shopped enough during the ye ar. A ll 
the major hotels and dubs hold Chris tm a s 
fairs, where you can find anything from 
rafia table mats from the Philippines for 
10 Hong Kong dollars to folk art from 
factories in China for 700 Hong Kong 
dollars. (Sherry Buchanan ) 

Florence 

Tastes here seem to tend toward the 
practical. At VfceVerea (Via Dei Ricasoli 
53/r,) a high-end housewares shop, the 
hottest item 'is an espresso maker that 
spews coffee directly into two specially 
mounted cups. The coffeemaker sells for 
26,000 lire ($15.50). At Fdtrinelli, the 
city’s largest bookstore, “Caravaggio As- 


Searching to fill the gap left by last 
Christmas’s mega-present — the Gregori- 
an chants album — Spaniards seem at a 
loss for a national gift. The monks from 
the Santo Domingo de Silos are bade this 
season with two new albums of previously 
recorded material, but neither has 
matched last year's success. Meanwhile, 
Bulgarian women in the Bulgarian Voices 
ensemble have captured a respectable 
chunk of the Christmas market with their 
double album, “Voices from Heaven” 
(about $21). The big department stores 
report brisk sales of mens ties, belts and 
socks and women’s accessories, like learn- 
er wallets and coin purses. Ditto for lads 
computer games. But the unseasonably 
warm weather has hurt demand for wom- 
en’s fur coats and the street vendors of 
roasted chestnuts ($1 for a small bag) were 
not sin ging in the rain because there hasn't 
been very much of it. (Al Goodman) 


The hot item is underwear, which is 
busting out all over in the department 
store ads. Saks and Bloomingdale’s report 
booming lingerie sales inspired by the un- 
dressed look on the Paris fashion runways. 
Bustiers, push-up bras and spaghetti neg- 
ligees are big. The other big seller is 
cashmere, inspired by memories of last 
year’s cold winter and fears of a repeal as 
temperatures drop below freezing. For 
men, turtle-neck cashmere shirts are on 
offer at Barneys for $325, while classic 
twin sets for women are selling fast at Saks 
because, said the store’s spokeswoman, 
“nostalgia for the ’50s is in fashion, and 
not just politically.” At Bloonri ngd a l e’s, 


frosuine is ai a 

London 

SSSK 1 beach, a prayerful “Let It Snow” 
half edged out “Jmgle Bells” on the Swiss 


Princess of Wales may play well overseas 
but in Britain this holiday season only two 


s “The Prince erf Wales,' . 

antT Andrew Morton’s 
Ufe” are badly .trailing 
diaries of playwright /dan 
biographies of British sports hfif^^d 
nt hers. ' Britain’s notoriously foul. weather, 
has taken a commercially ffl -traed tum to 
the balmy, leaving manufacturers, a w- 
n-ything from woolens to winter cqatsout 
inthewarm. And in the toy shops, desper- 
ate parents are Hiring up for tbc.aHrtoo- 
scarce supplies of Power Rangers para- 
phernalia. Sales of computer games, 
meanwhile, are bang hit by a resurgence 
in the popularity of such kwhhedassus as 
BarbieT teddy bears and boardgames. 

( Eriklpsen } 


J E E M 9 F / / 6 1 1 * I 


FariMHI 

Directed by Gerard Corbiau. 
France. 


uvi ju •, jnwiway. - — . ... In this age of sexual ambigu- 

they are capitalizing on nostalgia with a . ^ confusion, 

35th anni versary Barbie Doll wearing NI- ^ 



Frankfurt 


Not just jingle bells, but mobile tele- 
phones are ringing all over Germany. 
Competition among manufacturers and 
service providers has driven down the 



taring mobile 
rk all over 

i Deutsche 

marks (5125 *10 $625). The new rage is for 
“designer” phones. The smallest phones 
and best and cheapest service, though still 
limi ted to metropolitan areas, come from 
Nokia and the new ErPlus digital network, 
respectively. ( Brandon Mitchener) 


cole Miller prints in a limited edition of 
15,000. The store’s other back-to-the Baby 
Boom item is “Belly Basics,” a four-piece 
maternity set of tunic, dress, pants, and 
skirt providing all the necessary changes 
in stretchable black cotton lycra at $150. 

( Lawrence Malkin) 

Paris 

Since the comeback of the Wonderbra. 
cleavage is chic. This Christmas, it trans- 
lates into the boom of the bustier. The 
Galeries Lafayette has a stellar sdectira 
from 175 francs to 350 francs ($32 to $65) 
in black velvet or 1 ace-sequin ed in gold or 
jet or 1,950 to 3,300 francs for inched red 
satin or petaled organza. At Chanel, 
cruisewear bustiers come in pink or blue 
gingham (with or without sequins, from 
4,500 francs) but their hot gift is the 
cropped cashmere twinset in ice cream 
colors trimmed in black “Chanel” bands 
(11,500 francs). For men, the rage is the 
dandified waistcoat: in tie-patterned pais- 
ley and polka-dot silks, suede, sflk bro- 
cade or Harris tweed (with m at c hin g cap 
and gloves). Meurison (68 Rue du Bac) 
has a well-priced selection while at Dior, 
splashy silk or velvet waistcoats go from 


^ story of Carlo Broscbi, 
the great castrato of the 18th 
century, hits popular themes 
and aims to provide classy 
entertainment made in Eu- 
rope. Corbiau, who also di- 
rected “Le MaStre de Mu- 
sique,” has fashioned a 
passi ve musical with plenty 
of high-tech sex, sound and 
blood. Carlo (Siefano 
Dionisi) and his brother Ric- 
rarHn (Enrico Lo Verso) gal- 
lop through royal courts, 
leaving women (Caroline 
CeUier, Marianne Basler and 
Fl.m Zylberstein) in swoon. 
They make an unbeatable 
team: One has the magic 
voice, the other, a mediocre 
composer, has the rest. The 
voices of Derek Lee Ragin 
and Ewa Malias Godlewska 
were synthetically matched 
at IRCAM studios to simu- 
late Farinelli’s amazing 
range and the mix is seam- 
less; the plot is not Magnifi- 
cent music — Handel, Per- 
golesi — costumes and sets 
never make up for this foot- 
loose story that trips over 
itself trying to explain too 
much. The actors, who have 
less than sublime voices and 
lines to rerite, display a tight 
repertory of facial expres- 
sions and eloquent back- 
sides. No boudoir secret is 
left in the dark, themes of 
homoerotic fraternity are 
over-exposed, moments that 
could be poignant are mud- 
dled, except one splendid 


- Brin Hwil/Wanitr Breton 


Hick Sadler and Michael Douglas in a scene from “ Disclosure. ” 


scene of solar eclipse. Some- 
where between “Amadeus” 
and “Tous les Matins du 
Monde.” in time for the holi- 
days, here is die French an- 
swer to “Interview with the 
Vampire.” 

I Joan Dupont, JHT) 


Disclosure 

Directed by Barrv Levinson. 
US. 

Admittedly it’s an awkward 
situation. A lover from long 


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ago not only resurfaces, but 
gets the promotion you 
drought was yours and be- 
comes your boss. What's 
worse, she looks like a tril- 
lion dollars and seems to 
want to pick up right where 
you left off. Nevermind that 
you’re happily married and 
not the slightest bit interest- 
ed. In “Disclosure," Barry 
Levinson’s juicy, smashmgiy 
entertaining adaptation of 
Michael Crichton’s best-sell- 
er, Tom (Michael Douglas) 
says no, repeatedly and 
without ambiguity. But 
Meredith (Demi Moore) 
won’t listen. He’s a man, 
isn’t he? But Douglas 
doesn’t play Tom as a man, 
really, and that’s where the 
naughty, satiric fun begins. 
As Tom, Douglas is a de- 
mure, fragile thing . The true 
subject (/“Disclosure” isn’t 
sexual harassment, per se; 
it's power and career ad- 
vancement and how sex, 
now that women have be- 
come major corporate play- 
ers, can be used as a weapon 
for getting ahead. The spirit 
of the film, though, is snazzi- 
er and more playful than 
Crichton’s rather thin, hu- 
morless schematic. Tbe sub- 
ject is serious; thankfully, 
the movie is not 

(Hal Hinson, WP) 



Cobb 

Directed bv Ron Shelton. 

13. S ' 

Tbe gamesmanship explored 
by Ron Shelton’s “Cobb” 
doesn’t have modi to do 
with -baseball In his story 
about iy Cobb, the notori- 
ously sour baseball legend, 
Shelton wrestles with raw 
material — a drunken, vio- 
lent, abusive, bigoted figure 
— that is indeed raw. So how 
badly, “Cobb” wonders, 
does America need its he- 
roes? Badly enough to play 
by new rules when the star 
athlete is a miserable man? 
The answers can’t be found - 
in Cobb’s glory days, which 
are dealt with summarily. 
Instead, those answers come 
at the 1 1th hour, with Cobb 
(Tommy Lee Jones) a bitter 
old reprobate and Al Stump 
(Rohm Wuhl) a sportswrit- - 
er hired to sugarcoat his sto- 
ry. “Cobb” unfolds ram- 
bunctiously from the 
sportswriter’s perspective, 
which has grown bittersweet 
since Stump helped lionize 
Cobb with the star’s 1961 
autobiography, “My Life in 
Baseball: The True Record.” 
At its best, this film expiates 
the edgy compromises that 
link these two, while at worst 
it dramatizes the relation- 
ship broadly and histrioni- 
cally. (Janet Maslin, NTT) 


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International Herald Tribune \ 
Friday, December 16, 1994 • 
Page 9 


Fish, and Art Deco, Remain Supreme at Sparkling New Prunier 


% Patricia Wells 

/flle ” u »Wnaf Heral d Tnh~ 

the year of Par- 

ttsES3»saK5= 

SSSsSSSiS 

y on 1,36 restaurant's main floor. 

aSraV* eve 7 wher e. was fish and 
rY?ino Here . t ? v,ar « oysters and sam- 
plings of everything from littieneck clams 


shipped in from the East Coast of Ameri- 
ca to caviar from the Gironde River in 
France flowed, making bis one of the most 
celebrated gathering spots of the day. 
More than simply a great fish restaurant. 
Prunier offered carry-out full course 
meals, fresh fish and shellfish to go. even 
fruits and vegetable to make the meal 
complete. 

Prunier was the first to transfer the 
shellfish station from the sidewalk to the 
restaurant's interior, and in its heyday, the 
restaurant employed no less ihan’150 peo- 
ple. many working in a double kitchen 
housed underground, across the street, 
with a tunnel connecting the restaurant 
and the kitchen. 

Decades passed, and the coterie of 
faithful diners declined, forcing this Art 
Deco landmark to close on Aug. IS. 1989. 
Later Sogo, a Japanese company, pur- 


chased the restaurant, entrusting the res- 
toration and direction to one of France’s 
most respected restaurateurs, Jean-Claude 
Vrinai of Taillevent. 

The restaurant reopened Dec. 9, and 
what Vrinat the purist, the perfectionist, 
has accomplished is phenomenal. Work- 
ing with some of France’s finest designers 
and craftsmen, he faithfully restored and 
rebuilt Prunier to one of the city’s most 
beautiful dining spots. The interior deco- 
rator Pierre- Yves Rochon (who created 
interiors at Les Crayfrres in Reims, the 
Hotel Carlton in Cannes and Les Alio- 
broges in Paris) should be applauded for 
his sensitive creation and extraordinary 
respect for what came before. 

Today’s Prunier is a temple to Art Deco, 
but a living, vibrant one, where every detail 
— from the wavy white embossed linens to 
the scalloped marble oyster bar to the blue 


and green plates emblazoned with the res- 
taurant’s symbolic seahorse — make you 
feel as though a refreshing, delicate sea 
breeze has just swept through the room. 

“No revolution, only evolution” is Vrin- 
at’s theme, and so it’s no surprise to find 
the menu remains ultra-classic. No trendy 
tuna tanares, no wacky combinations, just 
orthodox, sure-footed fare. True to the 
Prunier tradition, a good portion of the 
menu is devoted to fresh fish and shellfish, 
ranging from no less than nine different 
oysters, Breton sea urchins, clams, lan- 
gous tines and crab. Fans of the popular 
borddais combination of raw oysters and 
grilled sausages will be delighted to see the 
"assieite Saintongeaise” on the menu, 
along with a selection of caviars and 
smoked salmon. 

My single visit netted mixed results on 
prepared foods. A refreshing salad of 


marinated scallops, sliced thickly and 
bathed in a tangy lemon-cream sauce, was 
pure, light and satisfying. As was a main 
course offering of the freshest of langous* 
tines, pan-fried to perfection, lender, 
sweet and cloudlike in texture. 1 loved the 
idea of the fricassee of shellfish — sauteed 
clams, mussels and oysters — tossed with 
chunks of artichoke hearts, an unusual but 
compelling combination that provides a 
great balance of acidity, a pleasing nutti- 
ness and a smooth, appealing texture. The 
dish, alas, lacked that 'just came from the 
sidlier brilliance that it should have. A 
classic grilled turbot with an exquisite 
hoUanriaisc was expertly prepared, but iu 
too. left me feeling there was something 
missing. 

As at Taillevent. the wine list is worth 
the detour all on its own. Prices are rea- 
sonable. with several wines priced at 100 


francs or less, including Domaine Ber- 
trand’s Bourgogne Aligolfc. a red Bor- 
deaux. Cotes de Blaye. Chateau Les 
Moines, and Domaine Frick's Alsatian 
Sylvaner. Many wines are also available 
by the glass or "half bottle. 

'At the moment, no reservations are tak- 
en for tables or the oyster bar on the main 
floor, where the menu of prepared foods is 
limited but all the raw fish and shellfish 
are available. Upstairs, reservations are 
currently limited to 25 persons, allowing 
the dining room and kitchen staff to ad- 
just slowly to their new surroundings. 

Maison Prunier, 16 Avenue Victor Hugo, 
Paris 16; tel: 44. 17.35.85. Closed Sunday 
evening and Monday. Credit cards: Ameri- 
can Express, Diners Club. Visa. Fish and 
shellfish platters from 120 to 280 francs 
(about S22 to S52) per person. A la carte, 
from 250 to 500 francs. 


i? l 


AUSTRIA 1 line empire through 250 works ol art. 

- — including a gold ornament dating 

Vienna back to the foundation of Constann- 

Paiais Liechtenstein tel- tn 317- n °P ,e - Cretan icons, illuminated 
6900. closed Mondays. To Jan a "tefuscupis. sculptures and glass 
"Hubert Schmalix." The Austrian an- Ta,e Ga,| eiy, »el (71) 887-8000. 
ist is a representative of the New °P en oaiiy. Continuing/To Fed 12. 
Painting o< the late 1970s and - BOs “From Gainsborough to the Pta-Ra- 
His subjects include nudes houses P hael ' te * : Works ° n Paper" A setae- 
and figures ot Christ. lion of British water colors, including 

landscapes by Turner, drawings by 

BELGIUM Rossetti and engravings by Stubbs. 

Brussels ~~ CANADA 

U Monnaie, tel; (2) 218-12-11. 

Cos) Fan Tune," directed by Luc * 

Bondy. conducted tov Paul nanirt Musfle d Art Contemporain. tel: 
with Joan FtodgJS/SrtJS kSSS I 51 f> 847^6. dm I Mondays, 
born and Juliane Banse/ Patricia Sic- 1° Origin of Things, 

are Dec 17 18 °0 21 23 27 28 Sculptures and Installations by seven 
29. 30 and 31. ‘ ‘ " ‘ contemporary Montreal artists 

BRITAIN DENMARK 

London Humlebaek 

British Museum, tel: ( 71 ) 323-8525. Louisiana ,!? r Mod ®T e 

open daily. To April 23; “Byzantium: 2? en . claj y - 

Treasures of Byzantine Artancf CuF 5: Toutouse - 

ture. M Relates the story of the Byzarv- Laugec ^ parts - 

i - — FRANCE 

^ 888 8 ff 1 8 Centre Georges Pompidou, tel: ( 1 ) 

44-78-40-86. dosed Tuesdays. Con- 

■ tfriufrig/To Feb. 1 995: "Kurt Schwit- 

Y tars." 300 paintings, collages, sculp- 

Lenner (he s a businessman, tures. typographical works and 
she’s a fashion show poems created between 1910 and 

coordinator) have bought by the German-bom artist, 

the (New York) Majestic institut du Monde Arabe, tel: ( 1 ) 
Theatre’s 1 ,609 seats for c !? 8ed 1° 

“Phantom of the Opera" iS2«£^*.KS55 

for their second wedding Roman. Byzantine and Islamic ce- 
anniversary on Dec. 12, ramies from Tunisia, including dish- 

1995. A friend and public as. temps, amphoras and tiles, 
relations man told ^ 1 42 c 7 2’ 2 i’ 

Show 98 tunes and me t {he relationship between the French 

at a performance in 1988. poet and painter and Picasso. In- 
• i dudes paintings, drawings and en- 


Til I i T S Sint 


mBk 




i s &*. i -t 






■ Daniel and Remy 
Lehner (he’s a businessman, 
she’s a fashion show 
coordinator) have bought 
the (New York) Majestic 
Theatre’s 1,609 seats for 
“Phantom of the Opera” 
for their second wedding 
anniversary on Dec. 12, 
1995. A friend and public 
relations man told 
Reuters they have seen the 
show 98 times and met 
at a performance in 198 8. 


Wire sculpture by Frcuiqois Morelli shown in a group exhibition at the Musee d'Art Contemporain in Montreal 


g ravings by Picasso ana Jacob as 
well as correspondence between the 
two artists. 

GERMANY 

Bonn 

Kunst- und AussteflungshaJle der 
BundesrepubKc Deutschland, tel: 
(228) 9171-200. dosed Mondays. 
To Feb. 26: "WUnderkammer des 
Abendlands.” A Journey through the 
history ot European museums and 


collections. Features 2,000 objects 
dating back to the Renaissance, col- 
lected by Europeans and now be- 
longing to Scandinavian museums 
and private collectors. 

Munich 

Kunsthalle der Hypo-KuFturslif- 
tung, tel: (89) 22-44-12, open dally. 
To Feb. 26; “Paris: Belle Epoque." 
The exhibition presents Bede Epoque 
paintings, prints and other works by 
artists such as Vuillard and Toulouse- 


Lautrec. and includes examples of contemporaries such as Leon Bakst, 
muse, literature and fashion. Robert Falk and El Lissstzky. 


ITALY 

Genoa 

Palazzo Ducale, tel: (10) 591-106. 
closed Mondays. To Jan. 29: "Marc 
Chagall e H suo Mondo tra Vitebsk e 
PBrigi.* 1 The works created by Cha- 
gall between 1908 and 1 91 8 illustrate 
the influence of Russian Judaism on 
'the painter. Also includes works by 


pean Modern Paintings " 80 works 
by European painters. 

NETHERLANDS ~~ 

Amsterdam 

Rijksmuseum, tel: (20) 6-79-81-46. 
dosed Mondays. To Feb. 26: "The 
An ol Devotion. 1300-1500." Fea- 
tures 50 late-medieval objects of pri- 
vate devotion, such as paintings, 
miniatures, prints, wood carvings 
Among the artists represented, are 
Mantegna and Memling. 

POLAND 

Warsaw 

The National Museum, tel: (2) 621- 
1031, dosed Mondays. To Feb. 19: 
'The Collection of Boies law and Lina 
Nawrocki." Works from the Nawrocki 
collection, including 300 paintings, 
watercolors and drawings by Mela 
Muter. Also features works by Leo- 
pold Gottlieb. Alicja Haficka and oth- 
er Polish painters who spent some 
time In Pans early in the 20th century. 


JAPAN 

Kasama, tbarald Prefecture 
Kasama Nlchido Museum ot Art 
tel: (296) 72-2160, dosed Mondays. 
To Dec. 25: "Raoul Duty.” 1 20 works 
by the French artist. 

Tokyo 

Bunkamura Museum, tel: (3) 3477- 
9252, open daily. To Dec. 25: "Euro- 


SINGAPORE 

Empress Race Museum, lei: 336- 
7633, open daily. To April 30: "Song. 
Yuan and Ming: Lite in the City. 
Features exhibits from the Song, 
Yuan sod Ming dynasties from 960 io 
1644 to give glimpses of the bustling 
life in towns and cities ot the period. 

SPAIN 

Barcelona 

FundaciO La Caixa. tel: (3) 404- 
6073, closed Mondays. Continu- 
ing /To Jan. 22: "Kancf nsky/Mon- 
drian: Dos Caminos hacia la 
Abstraction." Documents the paral- 
lels and differences between the two 
palmers in their early phases. 

Madrid 

FundaciOn Thyssen-Bomemisza, 


tel: ( 91 ) 369-01 51 . dosed Mondays. 
Continuing /To Feb. 12: "0 Stglo de 
Oro del Paisaje Hotandes." More 
than 70 paintings ot Dutch landscape 
paintings in the 17th century, in- 
cludes paintings by Hendnck Aver- 
camp, Jan van Goyen, Ruysdaef and 
the latte's nephew, Jacob Ruisdael. 

SWITZERLAND 

Geneva 

Musee d'Art et d'Histoire, tel: (22) 
311-43-40, dosed Mondays. To May 
7: "leones: Donation Mavromicha- 
lis." Icons from Crete, the Ionian is- 
lands and Venice, dating from the 
16th to the 19th centimes. 

UNITED STATES 

Baltimore 

Walters Art Gallery, tel: (41 0) 547- 
9000. dosed Mondays. To Jan. 15: 
"Gauguin and the School of Pont- 
Aven." More than 1 00 works charting 
the development of the post-impres- 
sionist school, includes 16 paintings 
by Gauguin, and works by Bernard, 
Serusier and Denis. 

New York 

Metropolitan Museum of Art, tel: 
(212) 570-3791, dosed Mondays. 
To Feb. 26. "Thomas Eakins and the 
Metropolitan Museum of Art” Paint- 
ings. watercolors and drawings 
showing the museum's continuing in- 
terest in the American palmer's work. 
Whitney Museum of American Art, 
tel: (212) 570-3633. dosed Mon- 
days and Tuesdays. To March 12: 
"Franz Kline." Blade and white works 
by the Abstract Expressionist painter. 
Washington 

Arthur M. Sackler Gallery, tel: 
(202) 357-2700. open dally. To 
Aug. 27: "Paintings from Shiraz.” 
Documents the art of the Persian 
book created in the city ot Shiraz 
from the 14th to the 16th centuries, 
with illuminated manuscripts and 
paintings. 


cite 




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International Herald Tribune, Friday , December 16. 1994 



Page 11 


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mu 





S O N D 
1994 


"3 A S O N D~ 
1994 


China: Shares for Foreigners in ’95 


By Kevin Murphy 

International Herald Tribune 

SHANGHAI — Although 
China is quickly reforming its 
economy, direct foreign ac- 
cess to its large locals-only 
stock markets is not coming as 
soon as many investors bad 
been encouraged to believe. 

Nonetheless, a proposal to 
allow limited overseas partici- 
pation in the domestic, or A- 
xhare, market — a move with 
far-reaching potential impact 
on the country's overall devel- 
opment — is likely to take 
effort in 1995, according to a 
senior Chinese securities-mar- 
ket regulator. 

“Once we make the first 
step there is really no going 
back, so everyone has to be 
sure we’re doing the right 
thing.” said Bri Duoguang, 
deputy director of the China 
Securities Regulatory Com- 
mission’s international de- 
partment. 

Mr. Bei was referring to the 
debate within the government 
over whether to allow foreign 
fund managers into the A- 
share market via closed-end 
investment funds jointly 
owned and managed with 
Chinese securities houses. 

Currently, foreigners are re- 
stricted to investing in B 
shares, Chinese securities de- 
nominated in foreign curren- 
cies. B shares entitle foreign- 
ers to equal dividends and 
voting rights as Chinese inves- 


tors who have A shares in the 
same companies. 

China’s currency, the yuan, 
is not yet freely convertible. 
This, according to Mr. 3d, 
remains a greater obstacle to 
change in the eyes of the cen- 
tral People’s Bank of China 
than worries about increased 
foreign ownership of the 
country’s leading industrial 
concerns. 

“We could just allow these 
joint ventures to convert their 
money as other joint ventures 
do,** said Mr. Bei, referring to 


the nationwide system of for- 
eign-exchange markets that 
are restricted to government- 
approved export and joint- 
venture companies. "But 
there is concern that this 
could be wrongly interpreted 
as a signal oT the pace of the 
overall convertibility policy.” 

Allowing foreign institu- 
tional money into China's do- 
mestic markets would help 
tame their endemic volatility, 
supporters of such a move 
have argued, as professio nal 
money managers are likely to 


U.S. Lawyers Quit S hang hai 

Reuters 

SHANGHAI — Baker & McKenzie, a major V.S. law firm, 
has pulled its lawyers out of S hang hai under government 
pressure, company officials said Thursday, and other Western 
firms have fears about their future. 

Victor Ho, the chief Shanghai lawyer for Baker & McKen- 
zie, resigned last week as president of the American Chamber 
of Commerce in Shanghai after serving only a few weeks and 
then left the city. Three other lawyers also left. 

The firm’s Hong Kong-based senior partner for China, 
Michael Moser, said that Mr. Ho had moved to Hong Kong. 

Baker & McKenzie was operating in Shanghai without a 
license. Lawyers from other major firms have said that they 
feared they might be told to close. Since 1992, China has given 
several dozen foreign law firms licenses to operate. They are 
allowed to open one office. 

Baker & McKenzie is licensed in Beijing. Mr. Moser said 
Justice Ministry officials in Beijing had pointed out the rules 
to him during a meeting. 

“They didn’t ask us to do anything,” he said. “They said, 
"These are the regulations; we’re bearing reports from your 
competitors that there are lawyers present in Baker & 
McKenzie in Shanghai.' ” 


take a more sober view of day- 
to-day trading than millions 
of individual Chinese inves- 
tors for whom investment is 
little more than gambling. 

But the recent weak perfor- 
mance of most Asian markets, 
particularly Hong Kong’s, 
which have suffered as U.S. 
interest rates rise and fears 
grow that American investors 
will withdraw, has given some 
officials pause, Mr. Bei said. 

“We have seen that institu- 
tional investors can have 
short-term views and the im- 

C t of large-scale capital 
vs on local currencies, 
loo,” he said. 

Despite die debate, which is 
part of broader deliberations 
about the stock market’s con- 
tinuing role in chang ing Chi- 
na’s financial system, Mr. Bei 
predicted that a “few” joint- 
venture funds would obtain 
permission to buv A shares in 
1995. 

“Merging the A- and B- 
share markets has always been 
our target,” said Mr. Bei. 
“The real issue is the question 
of timing.” 

At a time when B shares 
and other Chinese companies 
listed an exchanges in Hong 
Kong, New York and else- 
where are slumping, the 
choice of hundreds more trad- 
ed only in China under less- 
stringent corporate gover- 

See CHINA, Page 15 


7?» index tracks U.S. doBar vatuea of stocks Ik Tokyo, Now York. London, and 
Argontfna, Australia. Austria, Belgium, Brad, Canada, Chfla, Dnnusr*. Finland, I 
France, Germany, Hong Kong, Italy. Mexico, Netheriwids. New Zealand, Norway, 
Singapore, Spain. Sweden, Swttariard and Venezuela. For Tokyo. New York and 1 
London, the Max is composed of tha 20 top tsauas to wms of market capitaBzmlon, 
otherwise the ton top stocks are tracked. 


Industrial Sectors 


Energy mas 112.10 -021 Capital Goods I12B6 11203 +0.74 

UBMea 125.30 125.96 -052 Raw Materials 1292S 127.95 +1-02 

Finance 11221 11Q.Q1 +200 Conanw Goods 10224 10219 *0.05 

Sentoa wjy 11133 +0.04 M toUancous 11450 11237 +1-35 

For more information about the Index, a booklet is avaSabb hoe of charge. 

Write to Tito Index. 181 Avenue Charies do Qatdb, 9ZS21 NeuHy Codex, France. 

C IntamabonaJ Herald TrSxrw 


AEG Chief Senses a Second Wind Coming 


By Brandon Mitchener 

Intenumcmo! Herald Tribune 

FRANKFURT — Nearly 10 
years after it was plucked from 
the brink of bankniptcy by 
Germany’s biggest industrial 
group, AEG AG is still haunted 
by rumors of its immin ent de- 
mise — rumors that remain pre- 
mature. 

A string of divestitures and 
acquisitions has left the one- 
time electrical and defense con- 


glomerate present in five strate- 
gic fields — rail technology, 
microelectronics, energy distri- 
bution, diesel drives and indus- 
trial automation — but domi- 
nant in none. 

This week, sources outside 
and inside its parent, Daimler- 
Benz AG, have said the compa- 
ny’s patience is wearing thin, 
suggesting that drastic mea- 
sures, including accelerating di- 
vestitures or turning off AEG's 


lights altogether, might lie in 
store. 

“I could imagine Daimler 
would like to divest it,” said 
Ralf Conen, an equity strategist 
at Salomon Brothers Inc. in 
Frankfurt. “It’s better to have a 
painful end than pain without 
end.” 

Wirlschaftswoche, a German 
business weekly, reported 
Thursday that Daimler would 


France Warns 

It Will Defend 
Value of Franc 


sell all or part of AEG's energy 
and automation activities some- 
time next year and fold what 
remained of the company into 
other Daimler divisions. 

But Ernst Georg Stock], 
AEG’s chairman of the past 
four years, said it was too early 
to count the company out, cit- 
ing shrinking losses, rising reve- 
nue and Daimler’s enduring de- 
sire to be a big-league player in 

See AEG, Page 13 


By Alan Friedman 

lutmaumat Herald Tnbune 

PARIS — As political uncer- 
tainty caused the French franc 
to touch a 1 2-month low 
against tire Deutsche mark on 
Thursday, the governor of the 
Bank of France pledged to de- 
fend the currency and warned 
that “anyone who tries to spec- 
ulate against the franc will 
lose." 

Jean- Claude Trichet, speak- 
ing at the central bank’s annual 
news conference here, contend- 
ed that there was “no specula- 
tion under way against the 
franc” and that “I am perfectly 
calm and serene because the 
franc is a strong and solid cur- 
rency.” 

When asked what actions the 
Bank of France would take to 
defend the value of its currency, 
Mr. Trichet replied “whatever 
is necessary.” 

Mr. Trichet declined to offer 
an opinion as to why the franc 
had come under pressure in re- 
cent days, choosing instead to 
stress more than a dozen times 
that the French central bank 
was “independent” of both 
politics and the government of 
Prime Minister Edouard Baha- 
dur. 

Hie consensus among ana- 
lysts is that the franc has weak- 
ened because of political anxi- 
ety after the decision on Sunday 
by Jaqcues Delors not to run as 
the Socialist candidate in next 
spring’s presidential elections. 

Despite Mr. Trichefs assur- 
ances that the Bank of France is 
independent, economists and 
currency traders have noted 
that since it has been indepen- 
dent for less than a year, the 
central bank has yet to establish 
its credibility in a decisive way. 

In response to questions 
about the stale of the franc, 
which on Thursday hit a 12- 
month low of 3.4510 per Deut- 
sche mark before doting at 
3.4482 in Paris, Mr. Trichet said 


only that since economic funda- 
mentals in France were good, 
“the franc has the potential for 
appreciation not depredation.” 

Ever since the summer of 
1993, when France dung to high 
interest rates amid deep reces- 
sion even as Europe's exchange 
rate mechanism was blown apart 
by a crisis, the central bank has 
stuck to its so-called franc fort, 
or strong franc, policy. 

This policy, according to a 
report Thursday by Brendan 
Brown, chief economist at Mit- 
subishi Finance in London, has 
meant that the Bank of France 
“has been assiduously follow- 
ing German monetary policy 
(in terms of interest rates) — 
setting rates at a s mall ma rg in 
above the German level and im- 
itating each move of the 
Bundesbank.” 

When asked Thursday if he 
could imagine the Bank of 
France diverging from Bundes- 
bank policy. Mr. Trichet said 
“we are pursuing price stability 
and credibility and so are they.” 

Separately, Mr. Trichet an- 
nounced the Bank of France’s 
1995 goals for monetary policy. 
He said targets included an in- 
flation rate of 2 percent, stabi- 
lizing the value of the franc 
against other key European cur- 
rencies, and seeing no more 
than 5 percent growth in M3, a 
measure of money supply. 

He said the French economy 
would probably grow at a rate 
of around 3 percent in 1995. 
following a medium-term 
growth trend of between 15 
percent and 3 percent 

Mr. Trichet also said he 
wished to use the occasion of his 
news conference to send four 
specific messages. These were: 

• Mr. Balladur’s government 
and future governments must 
“undertake a derisive reduc- 
tion” of France’s public-sector 
budget deficit, bringing the to- 

See FRANC, Page 12 


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Thinking Ahead /Commentary 

Free Trade: How Europe Can Get Even 


Swissair Considers Buying Into Sabena 


By Reginald Dale 

International Herttid Tribute 

W ashington — S uddenly, 

America thinks it has stolen 
a big march on Europe in the 
long-running battle tor trade 
supremacy. In less than a month, the 
United States has signed up the world's 
two fastest growing regions — East Asia 
«n A Latin America — for future free 
trade areas. . . 

The slower-footed European Union is 
left laboriously forging new links with 
the stiH struggling former C omm u nis t 
countries to its East and the volatile 
Mediterranean nations to its South. 

Alth ough the planned Asian and Amer- 
f fsm free-trade areas are meant be “oid- 
ward-lookmg,” Washington is strongly 
Mining that if the Europeans wmit Ml 
access to these booming markets, they _wffl 
have to be more acco mmo dati ng to U.S. 
trade demands in the future. % 

In another Machiavellian twist, Wash- 
ington also plans to play the Asians and 
the Latin Americans off against each 
other by setting them m a race for tree 
access to the U.S. market. 

At the Asia-Pacific Economic Coqperar 
tkm forum summit meeting * 11 Jj **£*|S 
month, President Bfll Omtoa “graced 
Asia as the key to America 
By last weekend’s Summit of the 
Americas in Miami, theLatoAman^ 
had suddenly become Washington s pre- 

false. On*a™* 
before Miami, the Clmron 
tiem had still not deadtd oo a b°u 
Western hemisphere trade mitiati 


But whether by accident or design, the 
two regions have now both set very simi- 
lar timetables for free trade. The West- 
ern hemisphere countries agreed to start 
their move to regjonwide free trade in 
2005. APEC set 2010 for its completion 
— at least among developed countries. 

For now the Latin Americans look like 
throwing themselves into the race far 
more enthusiastically than the Asians, 
many of whom are reluctant to open 
their markets to the United States. It 
should not be difficult to start the Latin 


Excluding agriculture, 
it should be relatively easy 
to create an EU-U.S. 
free-trade area. 


American ball rolling by negotiating 
Chile’s admission to the North American 
Free Trade Agreement next year. 

Some U.S. officials say all this gives 
Washington a full plate with no time left 
for Europe. But Americans would be 
wrong to underestimate the potential of 
the new markets emerging around the 
EU’s eastern and southern borders. 

Urey would be even more wrong to use 
regional trade groups for antagonistic 
purposes, rather than as building blocks 
of a more open multilateral system — 
which is where Prime Minister Jean 
Chrttien of Canada comes in. 


Mr. Chrttien has just proposed a huge 
new building block in the shape of an 
Atlantic free-trade area, linking the EU 
with NAFTA. It is an idea that makes 
obvious political and economic sense. 

The North American economy has far 
more in common with Europe than with 
Asia or Latin America. Trans-Atlantic 
trade is much better balanced than, say 
U.S. trade with Japan or China, and 
more investment flows back and forth 
across the Atlantic than anywhere rise. 

One objection is that U.S.-EU trade 
negotiations would simply revive all the 
old trans-Atlantic quarrels — over agri- 
culture, government procurement and 
European film and TV policy — that 
have caused so much trouble in the past 

But apart from agriculture and textiles, 
the vast bulk of trans-Atlantic trade is 
already duty free or nearly so. If agricul- 
ture were excluded, it should he relatively 
easy to create a formal free trade area. 

That should help to prevent the 
world’s two biggest trading blocs from 
drifting apart — and perhaps into con- 
flict — as they form other partnerships. 

It could pave the way for another 
round of world trade negotiations that 
would consolidate and build on progress 
made in the regional free-trade groups. 
But Europe, and above ah France, is 
unlikely to be interested. 

That would be a mistake. Pursuing 
Mr. Chrttien’s proposal would be the 
best way for Europe to counter Washing- 
ton’s strategic advances into Asia and 
Latin America. 


CURRENCY & INTEREST RATES 


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Source: Routers. 


Compiled by Our Staff From Dispatches 

ZURICH — Swissair said Thursday 
that it had begun “promising discussions” 
with Sabena with a view to investing in the 
ailing Belgian airline. 

The company released a statement late 
in the day saying its board of directors had 
empowered the executive management on 
Wednesday to take steps toward closer ties 
with Sabena. 

Swissair said an interest in Sabena 
would help it strengthen its position in 
Europe. 

Markets have speculated that Swissair 
was interested in Sabena to improve its 
position with the European Union. 

The company has faced more complicat- 
ed relations with Brussels over European 


Cariplo Sets 
Its Sights on 
Romagnolo 

Compiled by Our Staff From LHspauha 

MILAN — Italy’s largest 
savings bank, Cariplo, an- 
nounced Thursday that it was 
joining forces with two other 
Italian banks to fight for con- 
trol of Credi to Romagnolo 
SpA, topping a bid already 
made by Credito ItaHano SpA. 

Cassa di Risparmio cfeUe 
Proyinde Lombard e, known as 
Cariplo, IMI SpA and Cassa & 
Risparmio _in Bologna, or Car- 
isbot said in a joint statement 
that they would offer 21 ,500 lire 
($13) per share for a 70 percent 
stake m Romagnolo. 

Credito I taliano has bid to 
buy up to 63.66 pe r c e nt of Ro- 
magnolo’s stock at 20,000 lire 
per share. 

a Romagnoio’s board pre- 
viously indicated it considered 
Credito Italiano’s bid as ; 
“friendly, ” but in a statement 
on Thursday _ it suggested it 
might now switch dkgaaca , 

“This realizes a suggestion al- 
ready raised by the Romagnolo 
board in a climate of reciprocal 
cooperation, for a counter offer 
which is significantly better 
than that made by Credito Ita- 
liano,” Romagnolo said. 

The bank said it would study 
both offers at a board ma+jvnp 
on Saturday. 

Rumors have circulated for 
days that Canplo might m»fo» a 
move on the Bologna-based 
bank, and Credito Italiano has 

said it would not be prepared to 
raise its of fea* in response to any 
counter- bid. 

Romagnolo shares dosed on 

Thursday up 536 tire at 18347 
lire. (Reuters. Bloomberg) 


landing rights since December 1992. when 
Swiss voters rejected Switzerland’s partici- 
pation in the European Economic Area, 
which links virtually all erf western Europe 
in a massive common market 

“This looks like an attempt by Swissair 
to solve their problem erf being Swiss,” said 
Nick Cunningham, an airline analyst at 
Barclays de Zoete Wedd in London. 

Belgium’s c ommunic ations minister, 
Elio di Rupo. announced Thursday morn- 
ing that he would begin talks soon with 
Swissair about its interest in Sabena. 

The announcement was the latest Bel- 
gian bid to pressure Air France into selling 
its 37 J percent stake in Sabena. 

Belgium is unhappy with die French 


carrier’s inability to come up with funds 
for a Sabena capital injection. 

In a letter to employees, Sabena’s chair- 
man, Pierre Godftxud, said that “Swissair 
wants to take a significant stake in Sa- 
bena’s capital,” ana he added that such a 
move would strengthen the Belgian air- 
line’s equity base. 

In 1993, Sabena posted losses totaling 
4.5 billion Belgian francs ($139 miltion), 
arousing concern about the company’s fu- 
ture. 

The Belgian government, which owns 
62~5 percent of the company, said it would 
not pay any more money to the airline 
after wiping dean a 10 billion franc debt in 
1991. 

(AP, Bloomberg, Reuters) 


Blanc pain 



Tourblllon 


Since 1735 there has 

NEVER BEEN A QUARTZ BlANCPAIN WATCH. 

And there never will be. 

m 

4 

TOMER 

Jt:n Kl.l.F.M * WlT«'IIV!i 


U JO p y 







Page 12 

MARKET DIARY 


INTERNATIONAL HERALD TRIBUNE. FRIDAY, DECEMBER 16. 1994 



Year-End Bulls 
Give Stocks a Boost 


Bloomberg Businas New 

NEW YORK — Stock 
prices, led by computer 
networking and chemical is- 
sues, jumped Thursday for a 
second day amid speculation 
the Federal Reserve Board was 
finished raising interest rates 
for this year. 

“We’re very dose to a peak m 
interest rates," said Wayne 
Nordberg, money manager at 


U.S. Stocks 


Lord, AbbeU & Co. ‘‘The mar- 
ket could push somewhat high- 
er, assuming the Fed doesn't 
raise rates next week” when its 

policy-making committee 

meets, he said. 

The Dow Jones industrial av- 
erage climbed 19.18 points to 
3,765.47. adding to the 30.95- 
point advance on Thursday and 
re ac hing its highest point since 

Nov. 21. 

Advancing stocks outpaced 
d eclining issues by a 15-U+8 ra- 
tio on the New York Stoc k Ex- 
change, where volume dropped 
to 332.79 milli on shares from 
354.98 mini on on Wednesday. 

Computer networking com- 
panies surged after 3Com post- 
ed second-quarto' earnings of 
55 cents a share, up from 32 
cents last year and analysts' es- 
timate of 44 cents. Cabletron, 
m ea nwhile, had third-quarter 
namings of 59 cents a share, up 


from 44 cents last year and fore- 
casts of 56 cents. 

“The numbers from 3Com 
indicate that the switching mar- 
ket is on fire," said Pad We- 
stern, analyst at PameWebber. 

3Com ctimbed 6M to a record 
48% and Cabletron added I to 

47%. . . 

Newspaper stocks surged al- 
ter Gannett publisher of VbJ\ 
Today and the Cincinnati En- 
quirer, said Berkshire Hatha- , 
Say, controlled by investor i 
Warren Buffett, bought a 4.9 » 
percent stake. Gannett itself 
soared 3% to 51. 

Among other publishers. 
Times Mirror rose 1 to 31%. 
Tribune climbed 1% to 53%. 
Knight-Ridder spurted 1% to 
49% and Dow Jones rose 1% to 
30%. , . , 

Chemical shares also pushed 
the market higher. Dow Chemi- 
cal jumped 1 to 67% after rising 
3 on Wednesday. Management 
told analysts Tuesday that it 
foresaw higher chemical prices, 
a rebound in European sales 
and would consider a dividend 
increase in 1995. 

A handful of financial stocks 
climbed as data released this 
week continued to fuel opti- 
mism that rates would stay sta- 
ble, bolstering bank profits. 

First Fidelity Bancorp rose 3 A 
to 45% and Federal Home Loan 
Mortgage added % to 51%. 


FRANC: France Pledges Support 


Continued fran Page 11 

tal deficit down to 4.2 percent 
of GDP in 1995 and 3 percent 
in 1996 in order to meet the 


Foreign Exchange 


criteria set by the Maastricht 
treaty for eventual monetary 
union. 

e Trade unions and employ- 
ers must “behave responsibly 
and reasonably" to insure that 
wage increases remain moderate. 

e Business leaders and other 
decision-makers should plan in- 
vestments that are conducive to 
inflation-free growth and the 
creation of jobs. 

• France's leaders should 
cany out “major structural re- 
forms” of the country’s gener- 
ous welfare system and rigid 
labor market, and in education 
and training. 

■ Dollar Awaits Rate News 
The dollar edged higher 
against most other major cur- 
rencies cm Thursday, Bloom- 
berg Business News reported 
from New York. 


Traders said many investors 
were on the sidelines, waiting to 
see if the Federal Reserve 
Board would decide to raise in- 
terest rates when its policy- 
making committee meets on 
Tuesday. Higher rates would 
tend to make dollar deposits 
relatively attractive. 


The dollar closed at 1.5711 
Deutsche marks, up from 
1.5690 DM on Wednesday, and 
rose to 100.375 yen from 
100.300 yen. It climbed to 
5.4145 French francs from 
5.4100 francs and to 0270 
Swiss francs from 1.3270 
francs. The pound rose to 
$0630 from S 1.5624. 


The Dow 





1994.' " w i^r 


Dow Jones Averages 


Open Hteti Low Lad Olfl. 


man 374654 377L90 X7GM 376W7 * 19.18 
Turn* 139556 141777 1394.02 M1M1 
Util IBL38 18U7 18174 18IJ2 —1.12 
Comp 1243.11 1233.10 124152 124958 -754 


IHT 


NYSE West Actives 


Hanson 

Sprint 

Vodfnes 

Campaas 

RJRNrit 

SwstAiri 

AT&T 

WolMart 

nhiiu* 

GfflCIS 

GTE 

PocGE 

WMXTC 

Merck 

PcpsIC 


VaL Htah 
122445 IBM. 
£8847 28 
40130 31 'A 
36890 30W 
33835 6 
Z7QQ3 I6to 
24513 51 'A 
24513 22to 
24081 131* 
24005 491* 
23) IB 31 
22972 74*. 
22097 26to 
21238 38to 
20072 36 


Low 

Last 

Cha. 

174m 

1BV% 

—v* 

26U 

2i* 

—3* 

30V, 

3114 

♦ Vk 

389a 

39 Vi 

♦186 

5V* 

5fo 

—16 

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168% 

♦ •A 

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51 


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22 Vi 

—to 

13 

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69 

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—to 

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37*5 

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♦ to 


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SR 500 

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54181 53885 54063 +098 
34766 3A99 SOU +6J6 
15X31 15262 — 172 

41.96 4U4 4178 

45684 45450 45564 +037 
42536 62332 42462 +012 

NYSEInd«x«S 


HM Low Last 

aw. 

Composite 

Industrials 

Trartsp. 

Utility 

Hnance 

26976 2069 24096 
31665 31026 31065 
21882 215,95 210*3 
202.79 301.11 20179 
196.78 19584 19687 

♦ 083 

♦ 167 

♦ 276 
— 180 
.093 

NASDAQ Indexes 


Mflh LOW Last 

aw. 

Composite 

industrials 

Banks 

*n«irgn« 

fin onto 

Transp. 

72985 72789 72789 
73174 73021 73049 
68985 686J8 68985 
90286 89477 09975 
84666 84481 84684 
63182 637J8 630,18 

*262 

.175 

♦201 

♦ 373 

♦ 188 
♦ 382 

AMEX Stock Index 


HM Law Last 

OlB. 


4to.m 422.95 62662 

♦ 293 


NASDAQ Most Actives 


MO 
3Com 1 
Cisco 3 

Hire! __ 

NexfetCm 

Novell 

DSC 5 

AGreef 

ABinoowt 

LKwAuto 

DeUCptr 

Tapps 

BwNtwS 

Oracle 

Qualems 


VaL HM 
0632 in* 
73671 «to 
47351 331* 
62168 41 
49797 1714 
40075 14V. 
33647 32* 
30572 29 
2BQ42 3 
26668 1 0* 
26658 39* 
26271 4* 
23109 27 
22411 40* 
21693 24<A 


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—to 

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+2to 

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♦ Vu 

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23 

—lto 


AMEX Most Actives 


USBiOSCi 

VtOC VTt 

RavotOO 

VtocB 

ChavSfts 

Nabors 

TownCtv 

EcnoBav 

Oinwed 

Col Data 


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Market Sales 


Today 

cm* 

NYSE 33259 

Amex J753 

Nasdaq 31559 

in muttons. 


con. 

42753 

2452 

32851 


EUROPEAN FUTURES 


Metals 


dan 

Bid Aik 
ALUMINUM (HM Grade) 
DoOanMrmVrtckM 
Spat 187150 18710- 

smBta 

Forward 297800 2980J0 

LEAD 

DoBanpgr awtrichw 
Spat 63450 63550 

invent 6SJ60 65400 

NICKEL , , 

DaBan per metric ton 
Swt 8*0560 861560 

SrUmJ 875800 B740JM 

TIN ^ 

Mlari P«r m^kton 
spot 509000 590UO 

Forward SHSM «0W» 

ZINC tSPfC W HM Grade) 

Bonn nr metric tan 

Spat 111750 UTUfl 

Rnrad 114400 114SJ10 


BM Aik 


182950 1830X4 
186000 186100 
t) 


295750 294050 
290500 290700 


61400 61500 
63250 63350 


830550 831500 
845550 046050 


500550 581550 
S91Q50 581550 


maim laatso 

nun 111750 


Financial 


DK 


Jim 


OK 


Jon 


99L54 +053 

MS +055 
9L96 + 0Jg 

9152 +OK 
91.29 +052 

91.16 Undg. 
9157 —053 
7154 —MB 

9152 —002 

9058 UBCh. 
90.92 +051 

9050 + 051 


Dow Jones Bond A 


20 Bands 
io utmties 

10 industrials 

Close 

9646 

89.93 

98J9 

arae 
+ 063 

n m 

+ UM 

NYSE Diary 

Advonoed 

Decfined 

Unctxviged 

Total Issues 

NawHitfeTs 

New Lows 

OOM 

1507 

817 

638 

2962 

17 

95 

Prev. 

1565 

771 

622 

2958 

17 

138 

AMEX Diary 

Advanced 

Declined 

Unchanged 

Toad issues 

New Highs 

New Lows 

dose 

320 

247 

260 

S27 

8 

28 

Prev. 

32a 

247 

240 

815 

7 

34 

NASDAQ Diary 

Advanced 

Declined 

Unchanged 

Total issues 

New Highs 

New Laws 

aoe* 

1787 

1366 

1*89 

5142 

52 

172 

Prev. 

1846 

1428 

1859 

5133 

39 

185 


Spot Commodities 


Aluminum, lb 
Copper el eura lytlc. lb 
Iran FOB, ton 
Load, As 
Silver, tray pi 
steal (saw), fen 
'Tin. lb 
Zinc lb 


Today 

Prev. 

085 

083 

169 

1.40 

21360 

21100 

084 

044 

400 

479 

12780 

12760 

1966 

19493 

net** 

05771 


9450 + 005 

9436 +056 

MAS +GJ381 
93.73 +057 

9139 +005 

9111 +054 

9284 + 053 

9262 Until 
92J1 — 054 

9237 Ultcfc 
9228 Until. 


LOW Uni Seme at* 
Mar &£ {SS i£sa 1*1 -jfjj 


Jehr 

AW 




U.S./ATTHCtLOSE 


JOB 

F*b 


fA wS ® -S5 

■SLJSliS ?Sw.«» 

H|| 8 =k 

in m 

0 ^rt.valun*:5*781. OpwW.HMW 


APT 

May 

Jan 

Jly 

Aon 


ss 


hm Law cm atom 
LMONTK STERLING tUFFO 
BMM> POOf HI PCt 

9156 93J1 ‘ 

9254 KSS 
tijv run 
mss 9 lsi 

9133 VL27 
9121 71,15 

71.14 flJJ? 

91.11 7UM 
9150 91^7 

7152 7151 

9056 9092 

l>a 90L9Z 9088 

£jt vomme: 60261. Open kit.: 477579. 
3-MONTH EURODOLLARS (UFFR1 

ilmiraan-ptsaflMpct 

Dee N.T. N.T. 9358 + 051 

Mv NT N.T. 9281 +053 

M N.T. N.T. KM +0.10 

" N.T. N.T. 9151 +058 

Est. volume; ILOPcn bit: 4 561. 

3-MOMTH EUROMARKS (LI FFE3 
DMi mUHoa-ptsof lWpd 

9450 9445 

9438 9*27 

Jen 9450 9400 

9326 9348 

9342 9339 

93.15 ro-w 

Jon 9287 9283 

9256 9243 

9248 9238 

9139 9136 

Jn 9230 9126 

San 9227 9222 9122 —053 

EsL volume: 112534. Open hit: 786500. 
3-MONTH PI BOR tMATIPl 

PBrnunon-gJon-^ ^ +U3 

sE- 9242 9350 9239 +0.11 

JW SMS 9291 9354 +058 

5 m 9286 9275 9253 +057 

j£r «*9 9158 9255 +056 

j£r 9244 9237 9145 +807 

j2T 9224 9226 9222 + 056 

sS on 9102 9100 + 054 

Est volume: 93508. Open bit: ZUL30S. 
LONG GILT (LIFFEJ 
CMM-pt»A32n(Hon0eec3 
Dec UEW0 103-19 102-28 + (H* 

S THJMtMl 

EsL volume: 30,104 Open hri.: 126587. 
GERMAN GOVERNMENT BUND (LIFFBI 
DM 25MNI - Pt» of 106 pet 
MOT 8959 8757 87J4 +051 

Jan N.T. N.T. 87.12 + 051 

ESI. votama: 36J01O»n InL: T75544 


Stock Indexes 

HU Low Oasa Oanw 

FTSE1M (L1FFRI 

SMP,r "* e l£? 27745 

Dec 30005 unch. 

S? 3m! S *9^ 

J8 EsLyrtumKz£w. Opwi ^ 

CAC C CM ATIR 

^ W, ?SSrt3S50 1V3750 -M0 

5? 194450 1WS60 “fffi 

TwIS 1MS5B IMS® -400 
Mar 190050 19M0 19M50 -6® 

S 19&S 17M* P-"" 

EsLvalunie: 15559. Opon brtj 53^»- 

i 

Inn Petroleum ExcMmc. 




Kerkorian Can Raise Chrysler Stake. 

J^erKOriiJAA billionaire mvestor Kiric 

WASHINGTON ^5m the Federal Trade Cpm- 

Ketoian W Corp. to 15 P«c=nt from the 

mission to raise ^ Thursday- . • 

present 9 pa^Sg period unto anunust law was 
Early taminaoon of tne waiu^e r notlCCi 

granted Wednesday, f C0 9 rdl Srihewas pleased with the Ouysler 
^OnDoc. 1 . Mr- ^ wsModcdl i g 

board’s ^to share from . 25 amts md 

S ariy d^dend to starting in the first 


^SSteover defense plan. 



I quarter < 

announced 7 recorded in the«w»d ■ 

The figure higher than the 18.1 

mrterMdmorethmifivjp^WP ^ •- + - 


quarter 


nan nvc ^ . 

P«2P.*5!45if¥K i d$iS^SSte iSaitsd^tiirt 

t '.rade accord had deariy. worice+to opt 


avail ■ 

Officials of the U.S. - 

imp^vemettt atom 

SEC Chief Assails County Offices 

- nicnKtrhKl — The Security 


a 

Open 


Company 


18-YEAR FRENCH GOV. BONDS (MATIF1 

BB^-tKSTfila s» -K« 


BBT 11L24 11150 111.10 —0.14 

lun 11058 11044 11042 — W2 

iW 10952 10952 10954 -0.12 

EsLvalunw: 165524. Open Int: 152475. 


AstaPodfFP 

Brazilian EaFd 
ittol Wild Bd 
leFd 

imp S£a» TM «Jn 
Euro Warrant Fa 
Gattnray bob 
OR, SfiKUlCBRI 
jorrmPtemOviReu 
Lathi Anwr Ea 
LoHnAmcr Imrt 
Now Amor Hllnc 
Nantwcna in^r 
Pann 3a MytFa 
Portugal Fd 
e*iPprox amt par ADR. 
£«bp gains dsr. 

STOCK 


Par Amt 
IRREGULAR 

. 548 
. 356 
_ 58 

. 106 
C 581 
. 182 
d L9U 
_ JDS 
d 5M8 
_ 53 

d X10 
d 433 
_ 51 

JB 

. 40 

_ 55 


Rtc Par 


«-2 

122* 1-13 
12-14 12.15 
T2-H 1-13 
12-22 M 
12-28 1-U 
12-23 12-0 
1-3 1-17 
12-23 12-30 
12-29 1-17 
12-28 1-13 
T2-8 M3 
1-17 1-31 
12-14 12-15 
12-15 12-29 
12-28 I-1S 


- 5% 
. 10 % 
_ 10* 
. 5* 


Commer c e Baa 

UMinwHmnCp 
Moxiiam BkCP 
Mutual Assurana 

INCREASED 

AW««eUtiun O JO 

Boston Edraon w “ 

Hunt AUa 9 

Lincoln Tafecomm Q J* 

snmrapM o 


1-2 1-17 
12-27 M3 
12-27 12-30 
I -6 2-2 


12-30 2-15 
1-10 2-1 
12-28 1-5 

J2-27 VIC 
2+ 2-17 
72-27 1-6 


REGULAR 


Industrials 


KW> Low Lad Settle dCae 
GASOIL (IPE) 

LLsTcMars P* metric taa4ots of 100 tom 

Jon 14400 14275 14275 14350 — 050 

Pep 14425 14525 14525 14525 — 050 

Mr 14880 14750 1*7-50 1*730 — 050 

Apr 14*25 147 JO M7J0 1*780 —073 


CBLAAWOC 
Cascade NatGos 
Ctarcor 

Commarae Bcp 
GaWasResU „ 
JP Morvan OfflplA 
Lawson Praia 

McArthur /GhtnRtY 

MltcbeU EnerApev 
Mitchell EnrLDcvB 
Madnro BkCP 
■ HaM HM Invji . 
PocmcGutfPPty . 
Pertdas Fam Rests 
PetronteCorp 
Realty Inc 
State Fin Sves 
Strut Gtbinc 
TaubmonCtrs 
UM Asset Msmt 


J37S 12-28 1-12 
M 1-13 2-15 
.1575 1-13 V27 
.1625 1-2 +17 

M 1230 1-13 
L2S 1227 12-31 
.12 1-* 1-17 

| l-]0 +20 

.12 1228 +13 
I .1325 72-28 1-13 
J6 12-37 T2G0 
42 1230 210 
) 89 1-16 215 

J25 12-31 245 
J VI W 
.15 1-3 1-T7 

I .11 1227 M 
) 2*5 1223 12-30 

I 22 1230 +» 
| 36 1230 1-13 


Moanal; i i u a i r u bie in CancMOnfomei; m- 
m uuMM y; u eu art ert yi p+emVanawd 


out Orange County offiMb whM&wad 

the iSrf bad failed w adequatdy supayise the 
it Rnhert Citron, who lost $2 billion m tamayer 

f0nner SSw’that interest rates would fall this year. iSKard 
^CTchktoS dte invSSents, which included iiwcrsc fJoaters, 
tahSstot lose value qwriddy ^ 

TTm SEC has been probmg the role of 

its brokers in the loss that forced the wealthy Son 

county to seek bankruptcy protection. (Bloomberg, AP) 


Union Pacific in Talks 'With Santa Pe 

BETHLEHEM, Pennsylvania (Bloomberg) — 7 Union Pacific 

SSSSSBSSBSB 

reiected as too low and uncertain. .\ 

Union Pacific, which has said it will negotiate anjr aspect of its 
bid. also asked Santa Fe to clarify the cntenaitused to eyakate 
competing offers. Burlington Northern Inc. and Santa Fe agreed 
meree their railroads m a stock swap now valued at 


in June to 
$ 3.22 bBlion, 


their railroads in a stock swap now valued at 
‘ would create the nation’s largest rail line. 


FCC Backs New TV Ownerahip Rules 


WASHINGTON (Bloomberg) — The Federal Communica- 
tions Commission proposed on Thursday to dxamaticalhrease 
television ownership rules, a move that would let the four broad- 
cast networks vastly expand their size and reach. . • ■ 

As part of a Inroad reconsideration of televi sion rules, the 
commission unanimously proposed dmrinatin g a : provision that 
bars companies from owmng more than 12 TV stations. It tuso 


douMing to SO.percent the. total percentage of U& 
Fork’s stations can collectively reach. - 


tolds that a netwc 


Algeria Reschedules a $1 Billion Debt with the U.S. 

^ , . . , , • 1 Jultt mlipf lAi-mc for vnv iwir Romo wwmrrifts el 


The Australian dollar rose to 
a three-year high against the 
U.S. dollar, one day after the 
Reserve Bank of Australia 
raised interest rates. 


States, 

said. 


“The Australian economy is 
doing well, rates are going up 
and the currency is looking at- 
tractive,” said Paul Farrell, man- 
ager of strategic currency trad- 
ing at Chase Manhattan Bank. 


Reuten lateral deal was implementing debt relief terms for very poor 

TUNIS -Algeria concluded toms of the PariT&ub agree- countries, a source close to the 

. .. , , P. — < — i— 1 : — "i»i made between Algeria group said. 

A month ago, officials from 
the group's 18 permanent mem- 
ber states narrowly failed to 

reach an accord on the irople- 

tionTwasshmed bvt the Algerian signed bilaleraf debt deals with mentation of a July agreement 
^mtradEtaS’s governor, Abde- several countries including among the GrwpofScven 
louhab Keramane, and the U.S. France, Germany Md Canada, leadmg economy powers to 
ambassador to Algeria, Ronald Meanwhile, the Pans Club of write off more debt. 
vt* — n»v>rt t+A radio creditor Rovemments began on This time, me source said, 

there was a fair chance that a 

Luui na> uxviuhhmi um»«. - — j — — ~ 

The radio added that the bi- that might grant more generous 


a bilateral debt-rescheduling m “* -~rr , — :~y — 
deal Thursday with the United 1? official creditors m June. 

Algerian state radio Since the Paris Qub agree- 

ment rescheduling a total of 

The deal, worth nearly Sibil- about $5 billion, Algeria had 


Sharp Unveils Personal Assistant 

MAHWAH, New Jersey (Bloomberg) — Sharp. Electronic 
Corp. unveiled its new Zaurus personal digital assistant and 
announced formation of a separate personal information and- 
communication systems division, stepping up its efforts in the 
■ — digital assistant market.- - 


Some countries, especially in 
Africa, are so poor and indebt- 
ed that the biSk of their earn- amp pioneer^ 

thePcS wven ^ars ago when it launched^® Wi2aid. PDAs'e^ 
t crest to wealthy creditors. . .... . • ■_ : ,l., «« ,««* °c Knth gmwnf- 


hand-held electronic oraanizers that can serve as both appoint- 
irtabfe compu 


deal would be reached. 


Despite a fair degree of com- ment books and portable computers, 
mon ground on the principle of 

Increasing relief for the very For the Record 
poor, the group has failed to 

agree on detailed terms and 
conditions, particularly on 
which nations would be eligible. 


Sprint Corp. said Thursday that it espected fourth-quarter 
operating profit at its long-distance division to decline from a 

rwx*rd high of SI 65 million m the third quarter but to be above the 

$133 million in the year-ago fourth quarter. (AP. Reuters) 


WORLD STOCK MARKETS 


Aguet Fnmo Pwm Doc 15 


Amsterdam 


ABN Amro HM 60J0 6000 
ACF Holding 3240 
Mm 
AhoM 
Akm Nobel 


11040 1KU0 
5240 53 

192JD 19330 


Bob-Wesaaner 3X» 3340 


C5M 
DSM 
Elwvtor 
Fokkar 
Fortls AMEV 
Gist- Brocade) 
HUG 
Helneken 


Huntvr DaooHrt 

IHCCaland 
Inter MuelVer 


6440 6540 
13313340 
1750 17.10 
11130 1230 
7470 7440 
4640 4550 
263 26540 
26180 26080 
T2JT3 73.40 
77 77 

42£S 4240 
9240 9140 



Inti Nederland 8150 ELIO 


KLM 
KNPBT 
KPN 




Ooet. .. 

pakhood 

Philip* 

Poiy pram 


Rodamco 

Rallnco 
Rorento 
Raval Dutch 
Stork 
Unilever 
VanO mm ercn 
VNU 


4330 42.90 
4850 49 

56JD 5540 
55 53 

75.10 7470 
47 46JD 

51.10 51 
76J0 7490 

ill no 
47 48 

HIM ina 
83 8290 
18740 18691k 
4LB0 4280* 
19930 19720' 
4530 4540 
174 17150 


WUIters/Khnnar 12140 12130 

nssxisst 


Brussels 


Almanll 

ATOed 

Bar oo 

BBL _ 

Bekaert 

CBR 

CMB 

CNF 

Cock ml II 

Cabana 

Colruvt 

Pe wiafae 

Eledrabd 

etactrallna 

FcrtlS AG 

GIB 

GBL 

Gevoert . 

G taverhe l 

immabal 

KredMbank 

Mcaoty 

Pol, uTino 

Powerfln 

Rectloel 

Ravale Beige 


7700 7600 
4700 4785 

2430 2410 

4395 4395 
22250 22050 
11900 12000 
2555 2620 
1980 1978 
200 201 
1030 1034 
7050 7120 

1262 1260 

5650 5690 
2830 2760 
2675 2650 

US £3 

3750 2750 
1462 1458 
4210 4040 

2670 2655 

6800 6840 

1370 1350 

9270 9260 

2990 2960 

443 440 

4915 4840 


SocGen Bamue 8150 KM 
SocGen BeMtoue 2U5 2130 
Safina 13075 WHO 

Sotvav 
Tamnderto 
TrodebeJ 
UCB 

Union Minlere 
WooansLIts 


14900 14950 

10000 10050 

9700 mm 

24225 24225 

2460 2470 

6150 6020 




AEG 

AlcaM SEL 

Allianz Hold 

Altana 


Farm 
GEC 
Gem Acc 
Glaxo 
Grand Met 
GRE 
Gulnnesa 
GUS 


Helsinki 

Amer-YMyma B9 92 

En*>Gutzett W 3bM 

Huhtamaki 1M 149 

K-O.P. 5J5 

Kvmmene in 119 

Metro im 130 

Nokia M2 <2 

Pohloia M 65 

Repola 0«-S® ® 

Stockmann 20 2*7 

: 181838 


V%3gr®8P l 


Hong Kong 

Bk Eat Asia 2930 28.10 
Cathav Pacific _11 ICLM 
OmmsKona 3230 3180 
China Light Pwr 3L70 3180 
Dairy Fain Inn &90 885 
Hang Lung Dev 1135 li jo 
K ann Sena Bank 55150 5 *JS 
Henderson Land 3670 36 

HK Air Eng. 2630 24J0 
HK China GOB 12.10 1135 
HK Electric 2135 2030 
HK Land 1535 15J3 

HK Realty Trust 1335 1330 
HSBC HaWlnn 8173 8130 
HKShanBHtb ,830 .835 
HK Tetecamm 14.90 U35 
HK Ferry 120 730 

Hutch Whampoa 3130 3QJD 
Hyson Dev 15JO lSJB 
janflneMom. 5625 5575 
Janflne Str Hid 2735 2675 
Kowloon Motor 1125 1X23 
Mandarin Orient ,033 ,B35 
Miramar Hotel 1630 1670 
New World Dev 20.70 „20 
SHK From 4730 4690 

steiux 235 230 

Swire PUC A 4730 45 

Tal Cheung Pros 734S 720 
TVE 320 820 

Wharf Hold 25.10 2X35 
WheetockCa 1235 1275 
Wine On Co Inti 835 130 
Winter Ind. 975 

825936 


Johannesburg 


Frankfurt 

15130 149 

275 Z7D 
2464 2417 
62462150 

720 710 

BASF 30730305.10 

Boyer 848.20^*440 

Bay. Hypo bank 412 408 
Bay Vtrelnsbk 4*54433; 

BBC 660 660 

BHF Bank 354 383 

BMW 739 726 

Commerzbank 32930 32* 
Continental 21X50 215 

Daimler Benz 73772&50 

D60W9M 44743430 

Dt Babcock 30620130 

Deutsche Bank 71730712J0 

Douglas 435 428 

Dresdner Bank 40830 406 
Fekhnuehie 300 297 
F KrueeHoesdi 3013020050 
Hgn aene r 310 300 

Henkel 53753930 

Hochtief 925 920 

Hocchst 31931230 

HoHmonn 840 832 

HOrlen 308.1020730 

IWKA 3223031480 

Kail Salt 1703016830 

Karstadt 55054230 

Kauthof 45244030 

KHD 12311880 

Ktoecltner Werke 123 123 


AECI 

2080 2880 

Attach 

90 

m 

Anglo Anwr 

22322380 

Bariaws 

MM 

35 

Buffets 

37 

35 

Ds Baers 

9180 9075 

Driefontoln 

50 5875 

Goncor 

1175 


GFSA 

12011980 

Harmony 

3580 

34 

Hlghveld Steel 

3780 

37 

Kloof 

5575 5625 

NedbankGra 

4080 


||.,nlpln 

wawonumi 

4080 4025 

RtHPlOT 

104 

104 

SA Brows 

94 9280 

Sant 

3180 

31 

Western Deep 

160 

HI 

sssDiasi 

: 569073 


Unde 
Lufthansa 
MAN 

Mannesmann 

MetnllgaseH 

MuenchRueck 

Porsche 

Preussag 

PWA 

RWE 


876 175 
193 191 

39338830 

39639730 

136 13120 
2860 2830 
68864250 
43S 43230 
234 234 

43430 430 


London 


Abbey Natl 

466 

486 


5JB 

58! 

ArioWtaglns 
Argyll Group 

286 

285 

2J9 

285 

Ass Brit Foods 

540 

5 Si 

BAA 

485 

461 

BAe 

476 

4.2) 

Bank Scotland 

265 

26/ 


5.90 

5.91 

Bass 

516 

s at 

BAT 

478 

*jt 

BET 

164 

16: 

Blue Circle 

286 

261 


7.10 

/.I! 


684 

AJ‘ 


4.17 

*X 

BP 

4.14 

4.1: 

Brit Airways 

157 

381 

Brit Gas 

106 

3JK 

Brit Steel 

186 

18! 


372 

374 

BTR 

2.77 

2.A 

Cable wire 

384 

1$ 


193 

AX 


138 

22 

Coats VlYdta 

1.90 

181 

Comm Union 

508 

LII 


462 

474 

ECC Group 

380 

13! 

Enterprise Oil 

177 

371 


285 

2 M 

F Isons 

1.12 

1.17 


Close Prav. 


HllHdown 
HSBC HUBS 
ICI 


54)0 

6JB 

187 

1J4 

1% 

228 

173 


232 

234 

5.10 

633 

188 

135 


Klnaflsher 
Ladbroke 
Land Sec 


Legal Gen Gro 
Lloyds Bank 
Marks So 
ME PC 

Nall Power 

NqtWest _ 
Nth wif Water 


734 

05 

4JDB 

132 

53H 

An 

136 

433 

534 

3.76 

331 


PAD 

Pllkkiafan 

PowerGen 

Prudential 

Rank Ora 
Reefcltt Col 


497 

5JO 

530 

6 

138 

4.92 

104 

807 

£72 


5.19 

a 

683 

736 

439 

4.17 

130 

559 

6J7 

137 

451 

5J0 

3J9 

335 

435 

4.99 

506 

530 


BCE Mobile Com 
Cdn Tiro A 
Cdn uttl A 
Cascades 
CT Fto'l Svc 
Extend karc 
Gaz Metro 
Gt-West LHeco 
Hees Infl Ba» 
Hudson's Bay Co 
imascoLM 
Investors Grp Inc 
Labatt (John) 
Lob law Cos 
McUan A 
Natl Bk Canada 
Oshawa A 
Potato Petra 1m 


Power Corp 
Fltil 


Rend inti 
Reuten 
RMC Group 
Ralls Rnvce 
Rottimci (unit) 
“ I Scot 


gg. 

Salnsbury 
Scot Nemas 
Scot Power 
Sears 

Severn Trent 

Shell 

Slebe 

Smith Nephew 
SmlffiKIhte B 



739 

430 
959 
139 
445 
356 
8.11 
356 
450 
336 
1JH 
582 
681 
538 
131 
443 

431 
250 
4.10 
235 


139 

4.93 

388 

A10 

532 

455 

733 

439 

933 

130 

445 

4 

0L17 

359 

454 

342 

184 

58B 

687 

535 

130 


Power Fin 

QuebccqrB 
Rogers Comm B 
Royal BkCda 
Sears Canada Inc 
Shell Cda A 
Sautham Inc 
SttoCoA 
"rllon Fln'l A 


war Loan 3Vk 

Wellcome 

wni thread 
wuitomsHdas 
winis Corroon 




Madrid 


BBV 3360 3400 

Bco Central HBp. 3110 3100 
Banco Santander 5360 5370 


Banesto 
CEPSA 
Drosados 
Endesa 
Ercnn 
Iberdrola 
Renal 
Tabacaiera 
T ele f on i ca 


950 933 

3190 3190 
2015 2030 
587X1 5930 
166 169 
886 863 
3720 3720 
i yjl 3540 
1630 1670 


R assir" 


Milan 


Alleonzs «B» l«U 
Anjtalta SS 

AutOStradeortv W5 1W6 
Bca Aortcottura affl MM 
Bca Cummer rial 3285 3VB 
Bca Naz LDvero T3T70 11WO 
Ben Pop. N ovara M40 8« 
Bcmcadl Raina MH «M 
.BcoAmbndm «« 

Bm Napoli rtsu ■"** 

Cradn'ltallono 1621 Tg4 
EntChemAufl 2800 2800 
Ferfln 

FSomAarokid 86M KB 
FinmacaaUco .1488 .1355 
Fondtorta 


10740 10170 


Generali Asstc 36300 3n00 


IFIL 
Italcementt 
Ihdem 

MetflobOflcn 

Montedison 

Ollvetll 
Pirelli spa 
RA5 

Rlnascente 


15425 5250 
10235 9900 

4540 4470 
11810 11410 
1101 1064 
1935 10921 
1971 1932 
15610 154251 
■ 8870 K# 


Son Poole Torino Jioo 9170 

SIP 3735 WO 

SME j 3900 3820 

Sirin bed T70B 1C30 

Stcrt 4320 4ffll 

TMTIASSIC 21550 21000 

MIBTl 


Montreal 


AfCOLMI 
Elonk Montreal 


14* 14% 
26 25% 


CknePtev. 


43V. 

12 

23* 

A* 

18 

IB 

12 

23W 

12 * 

24V. 


1AU 

zn* 

21W 


179s 


1M 

27Mi 

16% 

INI 

2BV* 

8 

42V* 

15* 

8* 

380 


43 

114* 

23V* 

69* 

U 

18 

12V* 

21 * 

12 

23* 

3BV> 

15* 

19* 

21 * 

18* 

f* 

17V* 

401* 

179* 

27* 

16* 

10* 

27* 

71* 

411* 

15* 

7* 

380 


dose Prev. 
sms Airlines lorn m 1380 

Sira Hus Svc US 875 

Sing Land K10 8 

Sing Petlm 284 Z31 

Shis Prese torn 2530 HJS 

StogShlpWdg 2-S> 235 
Sing Telecomm 
Straits Steom 
3 fruits Trodra 
Tat Lee Bar X 
Utd Industrial 
UtdO’soaBkforn 1530 1450 
Utd Otseas Land 272 271 

f w&snur* 2 ™ 3 




Paris 


Accor g9 D9 

Air Ltaulde 727 713 

3tM Atsthom 47&80 46880 
AXO 251J0' 251 

Boncolre (Clel 550 555 

BIC 677 672 

BNP 2SSJ02KU0 

Bouygues 541 541 

D°n°«W 764 770 

Carrefour 224S 2 240 

CCF. 224 223 

Cerus 90 9080 

Characurs 1210 1234 

ClmonM Franc 228.10 23X40 
Club Med 442JD 444 


Elf- Aquitaine 3808038230 

Euro Disney 


Gan. Eoux 
Havas 


935 930 

516 S2S 
42630 428 

518 516 

fcSSS 0 *^ 6^^ 

Lvon-Eaux 4BU0 487 
Draal IL'I 1125 1121 

L.VJWJL 875 866 

Matra-Hochette 11980 121 

MtCMrtln 8 19420 19130 

Moulinex 10450 100 

Paribas 375 377 JO 

Pocnlnev inti 16180 1MJ0 
Pernod-RIconl 323 31830 
Peugeot 747 7S3 

Plnaull Print n* 941 
Rodtotechniaue m 


Renault 


1798018030 


Rh-Poulenc A 12530 ,124 
Raft. St. Louis 7435 1448 


Sanofl 
Saint Gobahi 
LE.B. 

SteGenende 

fSSraonCSF 

Total 

UAP. 

Valeo 


25080 24930 
613 613 

539 540 

583 SP4 
25130 256 

1611S6.W 
32230 322.90 
1478014630 
257 2S2 


fwumr 


Sao Paulo 


Banco do Brash 1880 1830 


Banesoa 
Bradesco 
Brahmo 
Cemig 
Eletrabras 
Itaubanco 
Light 


Sauza Cruz 
Teiebna 

UsSrSws 
Vale Rio Doce 
Vartg 


12 TZ30 
780 735 
206028730 
»59 M 
348 380 

24480 244 

345 359 

1585 1459 
12530 125 

7M 780 
4230 4420 
395 428 
183 185 
156 158 

280 280 




Singapore 

Asia Pac Brew 16 U 
Cerates 730 780 

City Devflopmnt 730 785 
Cycle 8. Carriage ,_13 JW0 

DBS 1080 W-® 

DBS Land 488 484 

F6 LevhXWon 6Jg .680 
Fraser BiNeave 1490 1430 
Gt Eastn Ut* 2630 2630 
Hong Leona Fin 4 jOB L94 
Incheope 5.70 482 

Juraas stkovard 1130 li.io 

Kav Hlan J Capel 187 138 

Keoeel 12 1180 

Ho Wee I 231 286 

N«*une Orient 2 1.80 
OCBC foreign 1480 1458 
Oleas Union Bk 680 635 
ffseos Union Cnt 8.10 785 
SembovrtJrtg 930 935 
SlmeSfogapen 132 un 
smo Aerospace 280 2.19 


282 282 
482 468 
330 330 
482 476 
184 184 


AGA _ 
Asm AF 
Astro AF 
Atlas Copco 
E lectrolux B 


Stockholm 

69 69 

520 529 

195 199 

94 93 
371 SO 

4733041030 
96 94 

95 94 

18730 186 

2S930 259 

117 in 
121 122 
TJM 118 
4X60 4380 
1 29 JD 72730 
17230 170 

123 125 


. Ite-A , 

Handelstenk BF 
Investor SF 
Norsk Hydro 
Ph ar macia AF 


AfaltiU Price 
Ah- Canada 
Alberto Energy 


SandvlkB 
SCA-A 
5-C Ban ten AF 
skontfla F 
SkanskaBP 
SKF BF 
SforaAF 
TreHeteroBF 
Volvo BF 


Alcan Aluminum 34* 33* 


10010730 
13&30 137 




Sydney 

8.90 885 
409 ,485 
19 1E4B 
334 336 
080 041 
436 433 
419 475 
17JQ 1735 
444 488 
1.14 189 
1.13 1.11 
11.14 NLM 
180 180 
2.10 287 
1182 1080 
497 494 
384 117 
334 332 
386 113 

. . 180 136 

Publlsho Brdcsfg 333 157 
OCT Resources 1JS 1J5 
Santas 332 351 

TNT 2.11 XU* 

Western Mining 783 &m 
Wesfooc Banking 451 430 
weodsUe 485 480 

manar 1 " 


Amcor 
ANZ 
■HP 

Serai 

Bougainville 
Coles Myer 
Comal co 
CRA 
CSR 

Fosters Brew 
Goodman Field 
■Cl Australia 
Magellan 
MIM 

Nat Aust Bank 
News Carp 
N Broken HIH 
Pac Dunlop. 
Pioneer Inti 


Tokyo 


Akal Electr 
Astel Chemical 
AsaM Glass 
Bar* of Tokyo 
Bridgestone 
Canon 
Casio 

Doi Nippon Print 
Dalwo House 
DuNm Securities 
Faxic . 

Full Bank 
Rill Photo 
Pulitsu 
Hitachi 
Hitachi Cable 


itoYofcada 

Itochu 

Japan AM toes 
Kallma 
KanSBl PowW 
Kawasaki Steel 

Klriii Brewery 

Komatsu 
Kubota 
Kyocera 
Matsu Elec Inds 
Matsu Elec ms 
MitsuttsNBfc 
MttsubChemiail 
MltsuMM Elec 
Mitsubishi Hev 
Mitsubishi Corp 
Mitsui and co 
Mitsui Marine 
Mitsubishi 
Mitsumi 
NEC 

NGK Insulator* 
NMw Securities 
toppan Koaaku 
Nippon Oil 
Nippon Steel 
Nippon Yusen 
Nissan „ 
Nomura Sae 
ITTT 

Olympus OPHcsl 

Pioneer 

Ricoh 

Soma Elec 
Sharp 


367 368 

714 710 

1280 11W 
IMS 1470 
1570 ISO 
7710 1700 
1230 1250 

1710 1690 

1380 1390 
1330 1320 
4490 4460 
2090 2050 

2298 2270 

915 973 

965 90 
002 795 

1710 16M 
5200 5160 
690 691 

692 692 
030 (30 

2360 2350 
405 397 
1090 1070 
901 888 

70S 698 
7300 7250 
1570 1580 

1000 1010 

2390 2350 

541 50 
700 609 
723 714 

1300 1200 
827 — 
742 727 

995 987 
1370 1360 

1130 1130 

1000 1010 
1040 1030 
934 908 
664 661 
363 357 
642 640 
010 005 
2000 1990 
$480a S300o 
1090 1090 
2440 2400 
937 934 
572 564 
1710 1700 


SMmani 
Shlnetsu Own 
Sony, 

Sumitomo Bk 
Sumitomo awm 
Suml Marine, , 
Sumitomo Metal 
Tatsel Carp 
TatedaChem 
TDK 
Tallin 

Tokyo Marine 
Tokyo Elec Pw 
Toppan Printing 
t Ind. 
ba 
Toyota , , 
YamalchJScc 
a: x 100 . 

19121 


Cfose Prev. 
682 680 
1910 1910 
5380 5360 

1830 1790 

556 558 

830 018 

315 308 
509 580 

7190 1180 
4620 4650 
528 521 

1170 1160 
2770 Z770 
1380 1390 
703 (K0 

700 692 

2070 2060 
690 691 


Toronto 


18* 10* 
8* 8* 
18* 10* 


Amer Garrick 
Avenor 

Bk Nava Scotia 
BCE 

BC Telecomm 

Bomb a r di er B 

Bramalea 

BraSConA 

Camera 

CISC 

Cdn Natural Res 
CdnOccMPaf 
can Pacific 
Cascades Puper 
Com Into 
Consumers Gas 
Dotaeco. . 
Demon Ind B 
Du Pont Cda A 


Echo. Bo y M ines 


Empire i . . 
Fal confer Idge 
Fletcher Chall A 
Franco Nevada 
GuardtaiCaPA 
H ondo Go ld 
Horsham^ 

Inca 


30 30* 
27* 27* 
26* 26* 
44* 44* 
23* 23* 
24* 24 

128 7j0S 
2D* 20* 
30* 30 

33* 33* 
15* 75 

32 31* 
20 * 20 * 
5* 5* 
24* 24* 
16* 16* 
18* 17* 
11* II* 
17* 17 

14* 15 

13* 11* 
23* 23* 
17 17* 
7DW 7D* 
B B 
13* 13 

17* U 
44* 44* 
39* 39 

27* 27* 
11 10 * 
11* 10* 
33* 33* 


La Id law A 
Laldlaw B 

Loewen Group .. . 

London Ineur Go 23* 23* 
Macmlll Blood#) 17* 18* 
Maona Inti A 
Maple Leaf Fds 
Moore 


47* 45* 
11 * 11 * 
24* 24* 


Newbridge Netw 45* 43* 
Norandolnc 24* 24* 


Norcen Energy 

NThera Telecom 


ll n 
U* 16* 
45* 45* 

13* 13* 

12* 12* 
11 * 11 * 

21* 28* 


Petra Canada 

Placer Dame 

Potash Corp Saak 47* 47* 
Proviso 5* 5* 

PWA 030 039 

Quebecor Print 14* 74 

RomdsNXice Env 38* 28* 


RloAJpom 

SeaoramCo 


Env 

Teleglobe 

Telus 

Thomson 

TorPom flank 

Trcmsalta 

TransCdaPIpe 

Utd Dominion 

Utd Westti u me 

Westcocat Eny 
Weston 

Xerox Canada B 


»* 24* 

«* 40* 
16* 15* 
24* 25* 
10* 10* 
1614 16* 
16* 16* 
20* 20* 

13* 13* 

17* 17* 
25 25* 
11 * 11 * 
23 22* 
39* 39* 
43* 44 


TM 380 Index: enuo 


Zurich 


529 S33 
342 341 

1500 1459 
1400 1480 
739 725 
795 760 
470 460 
1258 1254 


Mo Inti B 316 218 

Alusuisse B ntw 636 634 
BBC Brwn Bow B 1101 1100 
aboGefoyB 772 764 

CS Heidi ng*B ‘ 

EleidrawB 
Fischer A 
1 n*ra NcauntB 
jNrimoll B 
LvxtfaGvrR 
MoevcnpIckB 
Nestle R 
Oerilk. Buehrle R 1263012530 
Pargasa HldB 1435 1425 
RoaieHdgPC 
Safra Republic 
SmtozB 
Schindler B 
Sutter PC 

Surveillance B 

Swiss Bnk Corp B 363 364 

Swiss Relraur R 794 783 

Swissair R 
UBS B 

Winterthur B 
Zurich Ass B 

. .. ; 914J0 

leas : fllil 


6075 woo 
101 101 
609 690 
7500 7400 
861 856 
1790 1780 


800 BOO 
1091 1084 
662 667 
1275 1272 


U.S. FUTURES 


Vfo Ap odo l ed Plow 


Doe. 15 


Season Season 

Hoh Low 


Open H&h Low CteB Cne Orcke 


Grains 


426* 

XMVJ 

333* 

336 

US 

334M 


WHEAT (CBOT) i^BOvrrwWnwn- OlStar, iWBiatwl 
"fl* 109 Dec W 3-68* 172* 338* 171 -034* m 

- 127 Mores 332 187* in *?£* 0,940 

114W MOV9S 164 170* 164 339* -IUM 7X83 

ill Mrs 138 141* 137* 140* .003* 14.11} 

139 SopVS 144 146* 144 146* .003* 731 

149 Dec 75 154* 336* 334* 3J4* -031* 261 

US JUI96 138* .193* 13 

Elt.saito 15JH0 Wed'S. SOte 11616 
wetrsooenw amt up 52 
WHEAT OCBOT) SJOauuiiiteiwi' MlOnn nwnuPwl 
23* i^*Dic94 195* 19W 1M-4 198* 13® 

MJTh 12S Mores 182* 188 182 IW -084* 23J13 

4J|] 121* May 93 3168* U4 168* 173*4103* 3.172 

iS* lii* JAM XU MW 1+1 LJ* : OjB* 4.778 

177 129 Sepes ISO 152* ISO 151. -034. 

use* 3J2 Dec 95 336 3JB 3-M 

Est. sates IJA VWc K«s L4« 

Wad’s ooen Int 31094 of! 477 
CORN (CBOT) VMWtiMmuin. ggpnnrKimj 
2J7 2.10* Dec 94 2.16* 2.17 2.16 2.14* LJ46 

282* 220* Mar 93 227* 2 JB 127 227*— 080*116389 

T3t Moves 23» 2JS 283* 214* , 44382 

222*8495 23B* 2J9* 238 2J9 .080* 45373 

2JB Sep 95 281* 283 281* 282* .0.00* 3.714 

235* Dec TS 28S* 286* 243* 386* .000% 28323 

289* Mcr 96 232 253* 232, 232* -030* 1 JO 

LBMJulfo 239* 280* 239* 230* 4 0.00* 1330 

ESL SOWS 24300 wad's. KP» 41.927 
Wed's open M 247306 up 2431 


_ _ 115 

157* HUM V 


MS 

233* 

270* 

233 

230* 

237 


734 
7.0S 
735* 
736* 
6.12 
6.1 S 
630* 
6.16 
A17 
628 
437 


537* Jen 95 530 S33* iS> 582* -D31* 42868 

S87<4Mcr95 5.70* SJ4 539* 5.73* *032 31318 

536 May 95 577* 182* 577* 5.82 -Bg* 18313 

S33*Jul95 SJO* 537* 5JQ 537* 4 OK* 2S.9M 

534* Aug 95 534 190* 536 190* *032* 2.293 

191* 536 5.90* .082* 1J37 

538* 533* 198*. 033 11150 

ACS 634 635 *0.03 123 

6.12* -033* 28 

117 -032* 62 

104 631 634 ,032 128 


571 Sep 95 538 

STB* Nov 93 1«4 

195 Jan 94 634 

632*Mv94 
199* Jill 96 
£*4 Nov 96 101 

Esl sate ola. Wed's, sales 25735 
Wed'S Open Inl 137 355 up 575 
SOYBEAN MEAL (CBOT) H0lv»-dB4anmr«in 
20930 miaoecw 15430 15160 ISS.90 154.20 -0.10 1103 

15530 Jan 95 15780 15730 15730 15730 -110 27877 

159 JO Mar 95 16130 16130 14080 16030 -0.10 29886 

16150 MOV 95 14530 1413) 14480 144.90 *020 14726 

I4080JU19S 169 JO 169.80 14930 169 JO -110 12830 

17080 Aug 95 17130 171.70 171 JO 171 JO — 0.10 3,114 

17280 SOP 95 17380 17370 17130 17130 -0.10 1^9 

174.50 Oct 95 17S00 17530 17490 174.90 -070 5888 

17430 Dec 95 17730 17880 17770 17730 -OJfl 1394 

ISO. 00 Jon 96 17930 ID 

Est. Mies 23300 wed's, sates 15310 
wed’s open int 100.167 off 973 
SOYBEAN OIL «ZOT) HUB P^doears eer loop. 


207 JD 
20730 
20730 
20430 
10230 
I182T0 
181 30 
165JD 
IB1J0 


2230 Dec 94 2B85 

2285 Jan 95 27 JO 

22.91 Mar9S 2485 

2235 May 95 2530 
22J4JUI9S 25J1 
ZL73AW9S 25.15 
22.75 Sep 95 2530 

227500 95 3*30 

3180 Dec 95 2435 

23J5JCU194 2*30 

Est. sates 13700 Wed's, sales 14JI0 
Wtefsapenlnl 113.272 ad 1453 


3973 
2035 
2630 1 
2835 
2735 
930 
2535 
2435 
3435 
24.15 


29.12 

2775 

2434 
7* ns 
2530 
2U0 
2530 

2435 
2435 
2430 


2880 
77 JO 
2485 

2175 

2SJ1 

23.10 

2435 

2435 

2436 
2415 


29.11 

27.73 

2433 

2632 

2587 

25.15 

2490 

2471 

2485 

2415 


♦127 7808 
♦0.19 33376 
-0.11 28 JIB 
-Ml 14560 
♦036 10.967 
-835 2356 
♦AM 2376 
*0.03 4361 
.035 4232 
64 


Livestock 


7425 
75.10 
49 JB 
60.101 
6735 
6435 


70.75 7432 

7445 2415 

749! 7450 

65J0 63J7 

43.97 6333 

4430 6407 

6525 6490 


CATTLE (CMER) 

7430 467 5 Dec 9* 7457 

6687 Fob 95 7436 
6727 Apr 95 7445 
44903X1 95 6582 

4230 Aug 95 6380 
63. mod 95 6410 

6335 Dec 95 6530 

Est. sales 12.716 WMTs. safes 15311 

FEEDeScATTLE (CMER) S0800 

8495 

0425 
74.90 
7430 
7335 
7410 
8030 
7180 


7037 

7450 

7072 

6577 

4337 

6450 

65.15 


3.9(4 
*433 sn j AS* 

♦ 417 19.970 

♦ 448 6350 

*437 2.965 
.088 1864 
*435 2S5 


71 80 Jan 95 7480 
7415MOT9S 7435 
89.95 Aor 93 71 JO 
69 JO May 95 7440 
69.55 Aug 93 7485 
64750095 7405 
6930 Nov 95 
6930 Sep H 70J0 


7 SJO 7447 
7275 7425 

71.90 71 JS 
7485 7080 
71.15 7485 
7425 7405 


70.45 7430 


Est. 1J1I Wed’s, sites 1.274 


inera. 

75.12 

TLTO 

71.77 
7486 
7135 
70 JD 
7450 
7085 


♦ 085 3.7S3 

♦ 088 3395 

♦ 440 1,166 

♦ 430 960 

‘035 234 

.410 47 

♦ 415 0 

.411 59 


weirs open ir* ?322 im ioe 
HOGS KMEM 


5450 

5080 


4730 

4100 

4380 

4137 

8330 

43.93 


344! 37.17 
3490 37 JO 
its ne 
4425 OJS 
44J0 43.16 
42.50 41 JS 
4405 4100 
4455 «*J0 


«J»te-CerilP4rfo 
3080 Dec 94 3480 3546 3330 

3432 Feb 95 37 JO 
3405 Apr 95 VJS 

40J85Jun9S «.« 

4465JUI9S 4U) 

4460 Aug 95 4110 

38J0CO9S 4180 

39.00 Dec 95 4330 

41 30 Feb 9* 4420 _ 

St saw 12396 wed's, soles 6.113 
SifsSenlnt 32.741 off 480 
PORK BELLIES (CM ER) amnb-nmn' 
p MF«I! 38J0 4415 WB 

S33 3SJ0Mor9S 3480 408! »87 

61.15 36.90 Mar 95 39.90 418! 39.70 

5108 37J0JU<95 41.10 4220 4470 

3670 AuD 95 39J5 
jejOFebfc 4920 
».™ 39J0Mer94 5412 — 

Est.sakB 3871 Wad's sales 3820 
Wed's DoonW 10849 up IB 


3373 

3410 

3412 

4185 

4385 

4376 

42.07 

4US 

44.0 


-080 1.677 
*1.18 14834 
‘460 8849 
♦40 4.523 
*020 950 

■145 1,281 
♦477 1.100 
*445 306 

♦ 0.62 67 


4885 

59.90 


4180 3970 
SAW 4980 
541? 49 JO 


39 JB 
3980 
4435 
4185 
4083 
5417 
*»J0 


*1.15 7833 
•1.10 1834 
•475 515 


480 

450 

•057 

-605 


Food 


iy y 

8580 Jui95 15280 15125 15180 
16150Sep95 15480 >5480 15130 
Sl®S-c95 15675 15475 15180 
IdUoSSeO 15480 1S4JI0 151 JS 

uw 17A60MOV96 

Est sales AW WMTsjaw 9810 


24480 

24480 

745.10 

738XBJ 

moo 

znsol 

17400 


142.75 
ISO 40 

1S2J0 

15215 

153.90 

15115 

152.25 

1J1JI 


‘3 56 4f 
•3 JO 14.W 
-4 M 6.654 
—4 35 2,239 
-4 90 34B3 
— 170 1.658 
'75 3*2 


-78S 


» 


Season Season 
Mob Low 


1525 

1418 

1475 

1386 

1328 

1X00 

1272 

12J6 


1583 1487 

1585 14-53 

1475 1421 
083 1329 

1110 1276 


1456 Mar 95 1453 

10,5? Mcv 95 1487 

1457 Jul 95 1421 

1 0-57 Oct 95 13J9 
1088 Mar 96 1276 
11.18 May 96 
1170 JUM 
- n - 12J0OO96 

E*t. sales 24151 wetrt. soles 21 .121 
Wed'sapsnH 193846 up 513 
COCOA R6CSE] lOmetocww-SDerwi 
1605 1 077 Mar 95 » 1315 1M4 

1612 1078 MOV 95 1295 1371 129S 

1600 1 225 JUl 95 1310 1333 1310 

1560 120 Sep 95 1350 USD 1348 

167* USOMorto 

1642 1225 MOV 96 

ISOS 1410 Jul 96 

E*! sales , Saa P »wTi-S«tes 17819 







II ii-| 

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Wed's open fed 77775 up 236 
CXlANSaJUKE INCTN} IMBte-ertHr 
13280 89.00JIF195 1T195 11400 11175 


9U0Mir 95 11780 117» I15J0 
9780 MOV 95 1 1980 12080 11825 
JfflLS0iul95 _ 

10725 Sep 95 12575 12680 125.00 

1D980NOV95 12375 12175 123JD 

105J0Jon96 

12425 Mar 96 12450 12680 126-50 
183.110 May 96 

Esl. sries NA. Wed's, sates 1002 
Wed's open fed 2S8S9 up 177 


1)24251 
12465 
127 JO 
13425 
12980. 
12980 
13080 
12680 


11125 

117.15 

12400 

12275 

12400 

12525 

12675 

12SJ5 

12925 


-440 14174 
—415 8854 
1846 
♦ 085 939 

.430 1226 
' 1.560 
546 
so 
2 


Metals 


HI GRADE COPPER (NCMXJ M 
139-4D 7575DecM 137J0 13970 13880 
76.90 Jon 95 137 JO 139J3 137 JO 
7X80Frij9S 13470 13670 13670 
73.00 Mar 95 135.90 13720 13585 

91.10 Aor 95 

7485 May 95 13400 131 JO 12970 
10410 Jun95 

7100 JlH9S 12450 12450 12480 
111 JD Aug 95 

79 .10 Sep 95 117.70 IltLW 11770 
11180 Oct 

8880 Dec 95 113-50 I13JU 112.00 
B8JDJon96 

6270 Mar 96 109 JO TD9J0 IO9J0 


13490 
13580 
13480 
13180 
12480 
12680 
12470 
12400 
121.00 
11450 
11S7S 
11170 
11130 
109 JO 
10720 
10425 
113.95 


107.00 May 96 
DJulM 


105.50 Jul . . 

10575 Sea 96 
.... 11375 Nov 96 

Est. tries 14800 Wed's, sales 11,950 
WM’sapen felt 54516 UP 524 

BLVCR 

5978 
5745 
4778 
6040 
6045 
4100 
603-5 
6240 
6128 
-77 n 

5998 


oerte. 

13490 

13485 
137 JO 
13415 
132.65 
12970 

127.00 

12170 

12420 

11770 

11425 

111J0 

11025 

10400 

10450 

10450 

10585 

11320 


*280 4,146 
*290 1,774 
*215 764 

*1J0 38814 
*180 759 

*495 3894 
*0-65 

*435 3J60 
— 1.15 

— 025 1,777 
—1.15 

—185 1277 

—125 

—185 

—185 136 

—185 
-185 
-1.1S 





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S34d ... . 

Est. tries 16800 Wed's, sates 14821 
WCd'iapenhd 134054 Off 973 
PLATMUM (NMER1 ntwe^iriontevt 
1535-00 39880 Dec 94 

435JB 37440 Jtei 95 409 JO 41480 409.10 

43980 390X0 ACT 95 41J8D 41780 41250 

0980 409 JO Jul 95 41780 417 JO 417.00 

Est. sales SAO* Wed's, sates 4,780 
Wed open fed 24246 Off 205 
GOLD (NOW MnyH-4Mnsrnrts 
426J0 34380 DOC 94 379.90 3B0J0 37490 

teijjo 379J0 Janes 

41180 363-50 Feb 95 38180 38280 38120 

41780 344JDAnr9S 3B5J0 3UJ0 385J0 

424® 36120 Jlto93 319 JO 39180 389 JO 

414J0 38L50Auo9S 39480 39480 39480 

41920 401800095 

42980 399J0DOC 95 40320 
42450 40460 Feb 96 

43020 41430 Apr 96 

431 JO 41180 JuVI 96 
AUD 96 
00*6 

Est. sales 20800 Wad's, sates 29J34 
Wafi open fro 100,167 up 821 


4I1J0 

41170 

41240 

41780 


*210 11,912 
.290 I3J31 
2063 


18020 

38180 

38270 

38670 

31490 

395J0 

3*980 


163 


40980 

41380 

41880 

423.10 

427.90 


*120 
-170 
.120 92832 
*120 13830 
.120 31J76 
tlJO 12806 

-120 4J39 
*120 9845 
.120 2141 
.120 

-120 S.SfeS 
*120 

-120 5 


Financial 


»J82 

9285 

9255 


412 17,972 
415 3.739 
412 954 


31893 

1PU6I 


US T. BILLS (CMER) iimMan-indieoKL 
*585 93.13MOT9S 93J1 9381 9JJI 

*424 72JS JunVS 9271 9286 9270 

93J7 92-25 5ep *5 9251 9255 9251 

Esi.nites 1.704 Wed’s.sates 2J23 
Wed's ooen fed 22665 off 264 

SYR. TREASURY (CBOT) *100800 omw uttl raws of in od 

104- 20 100-02 Dec 94 100-22 101-03 100-22 100-27 - 04 
103-09 *9-15 Mar 95100-08 101+34 100475100-135 . 04 

100- ob 99-06 Junes lotwn iflo-04 ioma 100-04 
99-07 99-07 Seats 
Est.50kK 64500 Wed's, sates 7465! 

Wed’s ooen Inf 212716 uo 1992 

10YH. TREASURY (CBOT) simewpa 

114-2) 99-02 Dec«H»-23 100-30 100-19 100-25 
111-07 98-11 Mar 95 99-29 100-10 99-27 100-0 

105- 2! 97-27 Junto 99-14 99-22 9M3 99-17 

101- 06 97-11 SB) 95 

■ 10-11 to-30 Dec 95 
Est. srieii 100.004 Wed's sries 119-430 
Wed's teen fed 2*5829 UP 3908 
US TREASURY BOWK (CBOT] itee-tlHUOS-tetllMlsaf ramctl 


100-W ♦ 

04 

281 

9P-27 * 

04 

2 

■ snntariioaact 


100-25 ♦ 

04 

79.731 

100-02 . 

03 

231.911 

99-17 * 

a 

2854 

9*-0* ‘ 

03 

11 

98-27 . 

03 

22 


94-14 


VI-19 

Dec 94 99-27 

100-as 

99-21 

99-29 

4X3(3 

95-13 

Mar 95 *9-10 

99-!0 

9*-03 

99-11 

357.183 

96-27 

Jun95 98-2* 

994B 

98-21 

98-29 

17813 

*4-10 

Sep *5 98-22 

90.28 

98-17 

98-21 

887 

VJ-27 

D« 95 



98-14 

263 

93-13 

MtaM 



98417 

*9 

93-04 




9M6 

27 

*3-05 

Sep 96 



97-25 

18 


Wed's MBirt 414544 up 6074 
MUNICIPAL BONDS IC80T) sl664*feidaM«6»«hiiH««t 
n-17 80-11 CUc 94 85-10 *5-10 B4-M 84-31 — 0» 7J97 

WWW »*-H Mce 9584-30 04-31 84-13 14-15 — 13 27845 

Evades 5800 , wars, sacs IJW 

Wedsppenirt 1«7«7 off 225 
^*«MLLA« (CMER) slnriSan-MrilNpO 

2 pec 94 93650 93690 91630 936M ‘g 7978} I 

HnS ”- no V7 - M0 run 92638 ' »«9.91B 

94 730 V0 710 Junto 92600 92.240 92660 9MM -160352804 


Season Season 

Hteh Low- 


Open. Hgh Low dose Cha OpJnt 


94JS0 

94280 

94220 

93.180 

92-570 


*150277802 
t 130194345 
.100176,186 
.70137898 
*50114625 


OtJIOSepto 91820 91.990 91JD0 91J60 
91.180 Dec 95 91870 91610 91860 91788 
90750 Mar 96 91770 91660 91750 91640 
9U»Jun96 91640 91610 91 621 91880 

97 .620 Sup 96 916*0 917*0 *1680 91.950 

ESL sites 593836 WtfS Mtal M4J27 
Wed's o pen tot 2 7058*4 off 1527 
BRITISH POUND (CM1IRJ iw s^lrinleMblUllll 
18436 18500 Dec 94 1J610 1J638 1J590 J628 *U »8» 

18*40 18640MOT9J 1J620 1J640 16586 1J626 *12 43745 

18380 1J34«Jun95 1J61B 1-5*40 1J61B 18624 

16620 IJffiOSepto 1J52D 

Ed. sates 88*5 Wed’s. Sato 10670 
Wed's open fed 73618 up 3*5 
CANADIAN DOLLAR (CMER) iprOf I Btetfeauai 
07*70 0703* Dec 94 07212 07218 0719* 07204 

07020 Mar 95 07190 07210 07189 07191 

08990 Junto 07184 07184 07171 07171 

08965 Sep 95 07155 07151 07155 07154 

07040 Dec 95 07150 07150 07140 07137 

071 40 Mor94 07121 

Eli. KteS 6630 WefLlta T2J82 
wed's open fen 66J0D alt BM 

GERMAN MARK (CMER) iprnwfe- 1 ppwp e w te iOOBOl 


♦ 12 
+ 12 


07605 

07522 

07438 

074001 

073V 


—a 21709. 
-13 41644 
—11 1686 
—7 1772 
—3 261 

+1 28 


08731 0.5590 Dec 94 08363 08373 08352 08366 

08745 0JB10MOT95 16385 08389 08362 08376 
08747 OJHOJunto 08396 08*10 08392 08402 
HUMS 08347 Sep 95 08432 

Est. sales 24649 wed's, sates 29670 
wars open fed 11*716 up 1359 


-6 52630 
62889 
1 T665 
I 136 


■HT 


Writ's opened 11*716 up 1359 
JAPANESE YEN (CM RB) t pe r yen- 1 eefee, 

OJ)U)4901IM952SDeC 94 ILI»99BnUD998AUn*9i3(U»m5 

ojn 05600 JB*eaoMar 95 ojji OO 66OJJ1 npfflxr miKT nn m 0057 
0610i700609776Jun9SIUnm90IUna200ajnin!m010183 —7 2756 

aonwmJiajoosepM 0.010312 —11 319 

061 0760061 0420Dec to 061CM42 —14 III. 

lumran-oiosasKtare* tunosn — u a 

Ext. sates NA. Wed's. sales 21620 “ •’ 

Wed's open fed 104692 Off 456 

5WT5S FRANC (CMER) f per Itane- 1 nMigunium ' 

061 OB 08885 Dec *4 07533 07546 07521 07536 *1 TUB* 

06136 07287 Mar VJ 07573 07381 07S55 0756* .33814 


06165 0.7193 Jlin9S 07611 076H 07610 07620 


06155 0761 B SeP 95 

Est. soles 11,119 Wecrs. sales 
Wed's open fed 67J97 up 928 


172600 


07474 


Industrials 

COTTON I (NCTN3 SLOOP teL-aees per b 


0564 
84.97 
7560 
72.80 
173601 
74. DO 


- — 7270 May 96 

Ed- so les NA wed's, sales 7,7*8 
WetfscDanhd 57,269 up 778 
HEATING OIL, (NMER) «JXJDo».o. 


5875 
57 JO 
55.15 
5460 
5150 
5460 
5580 
SMO 
53.95 
54.40 
5780 
58JO 


4760 MOV 95 41.15 


4845 Sep » 


5060 Nov 95 


5030 Jon 96 


wed's op en inl 146,962 Off 123 


B3J3 

8488 

8165 

85.13 

8110 

84J5 

7470 

7L0B 

72JD 

7133 

7100 

7115 

7155 

WkMTOri 

4870 

4878 

4960 

49JJ7 

49.00 

49J» 

4865 

48.55 

48.15 

*8.10 

47.95 

4765 

46J» 

4BJ» 

4870 

4865 
49 JO 

5060 

5070 

51.10 

5L25 

a 

fiLOO 

52.90 


♦185 vm 

♦ L90IU76 
+1J2 6JB ■. 
+0J3 

-.043. .8648, 
♦088 - ' 

♦ 063 3 


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3 






m 




UCHT SWEET CRUDE (NMBt) 

1*62 li*? lfc43 ' 


15.15 Jm 93 

1578 Feb 95 1673 1765 1675 

£42Mcrto 1764 1763 1*70 

15JSAIV-9S 17.16 17.18 1764 

JgMovW 1773 1778 1775 
1173 Jun93 1768 1764 I7js 

14JHJW9S 1769 1781 1761 

I6.16AU0M 1769 17J0 1769 

17.l4Sepf5 17 J2 17J0 1788 

188! Od9$ I7J8 1780 17^ 
S-Mfortl 1782 \7M 1781 

HJOOK9S 178a 1770 1783 

SSfiLS 1 7JB 
K5» \li o* 11% 1% 

lva IIUB » M 

1780 D« to 

V 862 

Wed's open in 406.15a nh 2B95 
UfUUUiraGASOUNE (NMER) euxnpd- 
47 JO Jon 9S 53.10 qji 

«.i5Fte95 SS nio Imo 
S-SS y^J? f1.*0 5270 51.10 

2^0A»r*S 5475 5*75 5185 

MMoyW 5475 5475 MS 
53.90 Junto 54J0 54J0 njo 
5170 SjO SL20 
-- - 5100 Aug M 5180 S380 53-4 

, Sy*- ^ 21825 
wetfs ooen ud 67682 up 585 


1985 

1980 

2086 

1988 

19.24 

2060 

1*67 

1967 

1680 

19.17 
1966 
2060 
21.15 
1864 
I860 

18.17 
1BJ3 
2060 
1887 
2060 


1673 —078 Sm. 

1663 —0.23 flffg 

16.96 —0.17 53+^ ' 

1768 —0.14 20JW 

1775 -U4.12^g 

1777 — ILOB 3L® 

1763 -06* 1LW1 

r/AB -067 low 
17.47 — 066 1*>J- 

I7J4 -0M Wg ■ 

n ss -aas loss 

1784 -062 3196 

1771 ■ BJN., 

1777 +B6f ■■ 
1762 4062 

1767 fOJO -7f® • 

1772 .063 .. 

I7J8 +061 
18.14 +065.- j. 

18J2 +066 15JB 


5865 
56.95 
6030 1 
5070 
5020 
,57.94, 
5779 


5180 

5060 

ST.H 

5365 

SL40 

5375 

suo 

5 X 40 


'ON " ■ ■ i— ? 

—163 206*7 
—168 178*9 ; 

—161.- »8g. 

-173 B.W 

-U» -f* . 
-4U5-WO- 
-0S3 'JW 
—aw ¥* . 


Stock Indexes 

S*P COMP.MDEX (CMBtl 
2a in 431110 

KS SSSKffiiSgsi 

iSfep 

11 

SmSSn 4 ' ,H 

wacrsapcnint SJ19 off 628 


45580 
401 *C 

66360 

66770 


♦n«i«^ 

’“IS 


+075 


249.15 
230 JS 
ww 
25165 


+070 ia£ . 


rUF&jtt: 


+170 
*075 -’ 


Moody’s 
Reuters 
D J. Futures 
Cam. Research 


Commodity InMxe* ^ 

as . i® 

UW5 : Mfjp* . 

23079 22MI 


thrift 




tm i 

i! 
































INTERNATIONAL HERALD TRIBUNE, FRIDAY. DECEMBER 16, 1994 


Page 13 


V.„ vr-c; , 

' . ’ ‘^“s! -^7 t t 1 

r - ! : rt ir <kS 

r -‘*ur«S 

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ii \*«i«taS( 


Siemens Sticks to Its Diet 

Outlook 

:; sS ^^ te -"BS3 

' WOTld n S*. CO K n,lm l °P er ations sains nafLr ^ 1?*^*!? f ° r l ,‘ 99 biUion DM * but lbal 
wwld nse about 20 percent in ended at ft?? !*? 1 Thursday, »i eluded a 344 million DM gain 

f^fS 0 ®* n S financial year ($3961 ud fos i^ l ? h V n i! fks froin lbe 01 its pacemaker 
nc^ed by 12,000 job cut£ t p 20 5 DM for «*» day. activities. 

SL^ tI , d K >nics - b as«i con- ils “come Heinrich von Pierer, the chief 

S^nerate back to where it was would ri»S^ nU 7 l ?ir >pe ^ lloos exccutivc ' said sales would rise 
, ^^yfJSfeo. the v^r ,K° 2 b !? 10 S DM “ to aboul 87-5 billion DM in the 

‘ i^PSl h^'lban-expected out- r «"?■ ^P 1 30. current year, up from 84.6 bil- 

t 5?. bu °yed the entire German »mw 2? blUk ! n DM Uon last year. *‘We have the 

Stock market, where the DAX i o»^5fr ^d about equal to the ambition in the next three to 

■ j m,Uon of the previous year, five years to raise the return on 

", ^ ^**w*,*« shareholders* equity to around 

*. Soles Rise and flnst Aiic 1 said, compared with the 9.4 per- 


Help Porsche Slash Loss 

Reuten 

Porsche AG^saL Ge T man toauny sports car maker 
fh£££i halted its loss in the 

imMKMl year ended on July 31 and hoped io make a small 

^Sfcer *des and lower cStf 
nJeoE?”S . eddring, who became chairman in 1993 and 
^s^aijed wth reviving the automaker’s fortunes, said that 
\ ^ ost ? d a loss of 1502 million Deutsche marks (S95 J 

Simon “P 1 *"* 1 with a record loss of 238.8 

million DM in the previous year. 

^Sales jumped 22 percent, to 2.34 billion DM, and Mr. 
W^dong said that current sales were above expectations, 
especially m the U.S. market. 

Mr. Wiedekmg said Porsche was back on track after three 
yearsof leases and would post a profit both in the current year 
and the following year before the new Boxster model due out 
m 1990, powered it to strong profit be ginnin g in 1996 . 

■ VW Chief Sounds Grim Note Despite Sales Rise 
Thechief executive of Volkswagen AG, Ferdinand PiSch, 
5? Uxanaty that a recent pickup in demand for VW cars 
did not alter the fact that “a sustainable recovery of overall 
markets is not yet in view,” according to a Bloomberg Busi- 
ness News dispatch from Wolfsburg, Germany. 

He reminded workers that the 7.4 percent increase in global 
dehvenes m the first 1 1 months of 1994 had been spurred by 
U-S. and Asian sales while demand in Germany was weak. 


lion last year. “We have the 
ambition in the next three to 
five years to raise the return on 
shareholders* equity to around 
IS percent,” Mr. von Pierer 
said, compared with the 9.4 per- 
cent of last year. The company 
said it would maumin its 13 
DM dividend. 

The company said the num- 
ber of employees declined by 

9.000 to 382.000 in its 1994 
year. But not counting gains to 
the staff that resulted from the 
consolidation of subsidiaries in 
the company's accounts, Sie- 
mens actually cut 21,000 jobs, 
including 17,000 in Germany. 

Mr. von Pierer said that Sie- 
mens would shed “at least” 

12.000 jobs throughout the 
world, of which three quarters 
would be cut in Germany be- 
cause production costs there 
were much higher than abroad. 
The cuts would fall on the com- 
puter subsidiary Siemens-Nix- 
dorf and on the telecommunica- 
tions division, as had been the 
case last year. 

Analysis said they thought 
the slimming would help. 

Heinz WeyerhaOser, a DG 
Bank analyst, predicted Sie- 
mens stock would rise to 800 
DM next year. 

(Bloomberg, AFP. AFX) 


Surfeit of News in English 


By Erik Ipsen 

Jniernauuat Herald 7 nbvnt 

LONDON — By early next year, Europe- 
ans with a hunger for international news in 
English will have a choice of six channels. The 
problem is that by virtually ail accounts, that 
represents a multiple of what most experts 
define as “too many.” 

Even the optimists foresee a bloodbath. 

“Yes, there are a lot of competitors but not 
all of them will survive,” said Wayne Duo- 
ford. European manager for BBC World tele- 
virion, the joint venture between the BBC and 
Pearson PLC. “We believe that there is room 
for two international news channels in Eng- 
lish.” Few disagree. 

So great is the surfeit of news programming 
in the offing that the battle for advertisers has 
already taken a back seat to the struggle 
merely to get and hold onto precious cable TV 
riots. In Europe, many systems are already 
fulL 

The four existing channels still trying to 
expand their distribution now face threats 
from two new players, which in countries 
such as Germany and the Netherlands can get 
on the air only if someone else is booted off. 

For the established channels like Super 
Channel CNN, Sky and Euro News, the 
channel jointly owned and run by several 
Continental television companies, the battle 
will be to keep the distribution they have. For 
BBC World and for Dow Jones’ European 
Business News, both of which are to begin 
broadcasting early next year, the scramble is 
already on to persuade cable companies to 
cany their service. 

“The big challenge for the new channe ls is 
to be seen at all” said Paul McGhee, director 
of business development at NBC Super Chan- 
nel which offers a mix of daytime news and 
nighttime entertainment. “Competition for 
advertising comes a long way down the 
track.” 

Without exception, the owners of these six 
channels insist that theirs is a unique and 
superior service. Most deluge cable operators 
with voluminous and pricey research to back 
Up their claims 


The BBC cites its study showing that 87 
percent of European business people would 
rather watch the BBC than CNN. 

Nick Carugatl international sales manager 
with IP Network-TSMS, the agency charged 
with selling space for BBC World, concedes a 
certain predictability to such research. “I 
would fully expect CNN in the next month to 
come out with research saying that our re- 
search is a load of rubbish," be said. 

While everyone talks about the quality of 
their programming, many executives quietly 

MEDIA MARKETS 

concede that the battle may ultimately be won 
or lost on sheer financial muscle. 

Like his rivals, for instance, Michael Con- 
nor. managing director of European Business 
News, is quick to disparage the competition. 
“Are Europeans going to turn to the people 
who bring them the Tonight Show for busi- 
ness news or are they going to turn to the 
people who bring them the Wall Street Jour- 
nal?" he Mitt 

Those questions aside, however, Mr. Con- 
nor concedes that the battle for European 
viewers may be won on what he calls “staying 
power” — the ability of half a dozen opera- 
tors simply to survive financially what looks, 
to be several years of major outlays and 
meager income. 

Some specialists predict that many tens of 
millions of dollars will be lost before any 
shakeout in the market comes about. NBC, 
for instance, is reported to have lavished $75 
million on getting its Super Channel up and 
running with a distribution that it now claims 
extends to 60 million potential viewers. 

Adding to the forecast misery is the plain 
and simple fact that beyond the battle for 
cable slots lies a no less daunting one for 
advertisers. 

So far. advertisers have been painfully slow 
to accept the idea that they can or should sefl 
their products in English across Europe’s still 
largely in-namc-oniy single market 


AEG: Industrial Group Is Headed Into a Second Wind, Its Chief Maintains IG Metall Curbs Pay Claim 


Cootiined from Page 11 
some of AEG’s main markets. 

While refusing to rule out in- 
dividual divestitures, Mr. 
. Stcidd, in an interview, said 
AEG was poised to benefit 
from its ongoing reorganization 
and would — really — return to 
profitability in 1996. 

“Most of what we’re doing is 
- not an ongoing repair job, but 
changing the company to fit a 
■ strategic focus,” he said, con- 
1 tradicting public opinion. 

“We want to be a leader in 
terms of technology and prod- 
uct, we want to have a competi- 
tive cost position and we want 
to be able to influence the rele- 


vant markets," he said. “We 
have divested from operations 
where we cannot meet these tar- 
gets and, in ihe other areas, we 
either have achieved it or they 
face this challenge.” 

Indeed, over the last year, 
AEG has sold its huge appli- 
ances division, two meter mak- 
ers, its traction technology busi- 
ness, its li ghtin g unit and its 
Olympia office machinery unit, 
among others. 

It has also announced joint 
ventures in automation technol- 
ogy, drive systems and diesel 
drive systems and is trying to 
find a rail technology partner. 

In September, meanwhile, it 


spent 450 million Deutsche 
marks ($286 million) — its big- 
gest investment in three years 
— to buy EtectroCom Automa- 
tion Inc., a U.S. mail sorting 
company that was previously a 
joint venture partner. AEG is 
the world’s leading manufactur- 
er of mail and parcel sorting 
systems. 


changes” in the company’s op- 
erating environment: Rail 
product prices have fallen 30 
percent ova - the past 18 months 
and electric motor prices 50 
percent, too fast to compensate 


with cost cutting, he noted. 

He said the company’s return 
an sales currently ranged from 
“minus 8 percent to plus 20 
percent,” depending on the 
unit- AEG’s immediate goal is 
an average 3 percent return 
overalL 

Of its current performance, 
Mr. Stdckl said AEG’s sales 
performance in its key semicon- 
ductors, automotive electronics 
and rail systems technology this 
year had been better than the 
competition’s. 

AEG is also the world’s sec- 
ond-biggest supplier of gas gen- 
erators for airbags, another 
booming market. 


Blo omb erg Business News 

FRANKFURT — The leader of Germany’s largest trade 
union, IG Metall said the union would end up settling for less 
than the 6 percent pay rise that it was demanding in 1995 
collective-bargaining talks. 

“These demands aren’t an ultimatum.” Klaus Zwickel 
head of IG Metall said Wednesday night. “If so, we wouldn't 
have to conduct negotiations. We noil conduct our wage 
negotiations and then, in the end, it is clear that our demands 
won’t fully be met.” 

IG Metall the first big union to start wage talks for next year, 
serves as a bellwether for other German unions. So Mr. Zwick- 
d’s comments could set the tone for next year's pay claims. 

IG Metall which represents 3.6 million workers in the 
machinery, steel auto and metalworking industries, is calling 
for a “real wage increase” to offset two years of wage 
reductions. 

Mr. Zwickel did not indicate bow fax he ought be prepared 
to back down from the 6 percent. 


Investor’s Europe 


Frankfurt 

DAX 


London Farts 

FTSE 100 index CAC40 

3300 ■ 2200- ■ 


2900 


®JA 8 dH 0 ^JAS 



1 J ASOND 


Exchange 

Amsterdam 

Bruweb 

Frankfurt 

Frankfurt 

Helsinki 

London 

London 

Madrid 

Milan 

Paris 

Stockholm 

Vienna 

Zurich 

Sources: Reuters, 


AEX 

Stock index 

DAX 

FA2 

HEX 

Financial Timas 30 
~FTSE 100 
General Index 
MIBTEL 
CAC40 

Alfaerstfaeiiden 
ATX index 
SOS 
AFP 


Thursday 

Close 

407.69 

7.206.88 
2£52-59 

768.88 
1,818.58 
2^91.40 
2,973.40 
297.43 
9^20,00 
LS31.10 
1,848.13 
1,027-53 
916.80 


1994 

Prev. 

Close 

407.19 

7.177.98 


% 

Change 

-( 0.12 

♦0.40 


2.024.77 +1.37 

763.08 +0.76 

1.805.59 +0.72 

2^293.40 -0-09 

2.980.60 -0.24 

299.76 -0.78 

9,270.00 +2.70 

1930.02 +0.06 

1,839.70 +0.46 

1.026.83 +0.07 

911.98 +0.63 

ImcmJuad Herald Tfibune 


Very briefly: 

• Peugeot SA is expected to pay a dividend for 1 994 as a result of a 
recovery in earnings in the second half of the year. 

• Renault SA said it would shed 1 ,735 jobs in 1995 as part of a plan 
to improve productivity by 6 percent to 7 percent a year. 

• Automobiles Gtroen SA said it expected its share of the French 
car market to expand to more than 13 percent in 1995 from 12.6 
percent this year. 

• Soctttt Srisse Mkro^ctronique et dTHoriogerie SA, ihe 
world’s biggest watchmaker, said that it expected 1994 net profit 
to fall but that income was expected to exceed 10 percent of sales. 

• British Gas PLC, whose chief executive got a 75 percent pay rise 
last month, confirmed published reports that it had approached 
staff in its gas showroom division about planned pay cuts. 

• Be lg acom, the Belgian state telephone monopoly, said AirTouch 
Communications Inc. of San Francisco would take a 25 percent 
stake in Belgacom Mobile, the country’s only cellular telephone 
carrier. Terms of the deal were not disclosed. 

• Cr&fit Lyonnais, which owns 94 percent of the French airline 
AOM, confirmed that it would give the carrier a 300 milK rvti-franc 
(S55 million) cash injection. 

• The European Union approved a decision by Spam’s central 
hank to rescue the Spanish banking group Banco Espanol de 
Cr&fito SA from the brink of bankruptcy late last year, saying that 
the rescue deal did not fall within EU rules on illegal subsidies 
because private banks had provided the bulk of capitaL 

• Wotters Khiwer NV, a Dutch publisher, said it had bought the 
Hungarian publisher Novorg and taken a 40 percent stake in two 
others, Moeszaki Koaryttiado and lnreado. 

• Rabobank’s Dutch work force is expected to decline by an 
average of 1,000 people annually in the next few years from the 
current 35,000. 

• DSM NV, the Dutch chemical company, is expecting 1994 profit 
to “clearly exceed 400 million guilders," or about $228 million, 
according to Simon de Bree, the chairman. AFX Reuters. Bloomberg, A p 


NYSE 

Thursday’s Closing 

Tables Indude the nationwide prices up to 
the dosing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


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INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 16, 1994 



■ Manfl a Stocks Rise 
As Strong Economy 
Beats Rate Fears 


Page 15 

ASIA/PACIFIC 


mor^iha^ T Slod “ ““8“* 

'■£S2S te °“ 

Monetary Fuad wJSddl^to 

w ^SS^£¥ Ppines *»“ 

jy Supply to support its acceler- 
all Jlg eccmomic growth. 

He and a visiting IMF team 
SJJnlS” un P ressc d with the 

affiSBr-—- 

S 5 nsson said money sup- 
Dexl year would be 

.?S&, t ° J sup P° rl growth that 
“expected to top the 5J per- 

^jajmual expansion rate reg- 

* e ““ months to 
September. Analysts said that a 

rates. 

Analysts also said investors 
by signs that 
Jne U S. Federal Reserve was 
through with raising interest 
rates this year. That removed a 
threat to the market and put the 
spotlight back on the domestic 
front. 


For investment in fo rma tion 
Read THE MONEY REPORT 

every Saturday in the MT 


“Bets are still on the Philip- 
pics. said Arid Halili, a port- 
Joiio manager with AU Asia 
C *P I **I & Trust Co. “We're 
nnJ V Marline our growth." 

The Philippine Stock Ex- 
^S c composite index rase 
61.95 points, to 2.679.85. Near- 
ly eight stocks rose Tor each one 
that fell. 

Another vote of confidence 
ui the Philippine economy was 
cast by the American Chamber 
of Commerce of the Philip- 
pines. The chamber announced 
that U.S. companies would in- 
vest at least 25 billion pesos (SI 
buhon) to expand their Philip- 
pine operations during the next 
three years. 

“You’re winning the battle 
for investors’ dollars." said Wil- 
liam Tiffany, the organization's 
president. He is also chief exec- 
utive of Caitex Philippines Inc., 
an o3 company. 

U.S. businesses, Mr. Tiffany 
said, believe that under the ad- 
ministration of President Fidel 
V. Ramos, “progress is being 
made." 

Wednesday’s ratification of 
the Uruguay Round of the Gen- 
eral Agreement on Tariffs and 
Trade also fueled the rise in 
stocks. 

Most analysis said they 
thought the Philippine econo- 
my had not yet hit full stride. 

The Asian Development 
Bank has forecast that gross do- 
mestic product, which excludes 
income from abroad, will ex- 
pand 6.2 percent in 1995, com- 
pared with 4.6 percent this year. 


f Robin Hood 5 Steps Down 


Return 

TOKYO— Yasushi Mieno 
ends his stint as Japan’s chief 
central banker on Friday, but 
he says he is not abandoning 
another important vocation 
— helping pick the nation's 
sumo champions. 

“I want to slay on ihe Yo- 
kozuna Promotion Council 
until I*m 80," the 70-year-old 
governor of the Bank of Ja- 
pan said, referring to bis post 
on the panel that decides 
which of Japan's sumo wres- 
tlers are worthy of becoming 
grand champions. 

Sumo aside, he ends a gru- 
eling five-year term with Ja- 
pan's economy in for differ- 
ent shape from when be took 
over and with mostly high 
marks for his role in prompt- 
ing painful changes. 

One commentator dubbed 
Mr. Mieno a financial market 
“Robin Hood” for bursting 
Japan's so-called bubble 
economy, and he was ranked 
as the world's best central 
banker by a U.S. magazine. 
Bui he was also attacked by 
politicians for prolonging the 
recession. 

“His major accomplish- 
mcn t was bursting Japan's as- 
set bubble," said James Ves- 
tal, economist at Barclays de 
Zoete Wedd Securities in Ja- 
pan. 

He added that there was 
“just reason" for the criticism 
that the Bank of Japan under 
Mr. Mieno did not ease inter- 
est rates quickly enough dur- 
ing the recession, but he said 
the bank might have wanted 
to force Japan to confront 
“the pain ahead" and not de- 
lay necessary structural 
changes. 

Few would deny Mr. 


Mieno kudos for his dedica- 
tion to bringing Japan's late- 
1980s economy of sky-high 
land and stock prices back to 
reality, a struggle some say 
was aimed at preventing soci- 
ety from splitting into haves 
and disgruntled have-nots. 

When Mr. Mieno assumed 
his post in December 1989. 
the Tokyo stock market's 
Nikkei 225-share average was 
just shy of its record 

Alter bursting 
the bobble 
economy and 
riding out the 
recession, 

Mieno is leaving a 

transformed 

economy. 


38,915.87, and urban land 
prices had spiraled beyond 
the reach of most people. 

Mr. Mieno argued that in- 
flated asset prices would dis- 
tort the income equality that 
underpinned Japan's postwar 
social stability. Budding on 
an increase in the official dis- 
count rate by his predecessor, 
he doggedly raised the central 
bank's key lending rate to an 
August 1990 peak of 6 per- 
cent. 

The result: Share prices 
slid, the myth of ever-rising 
property prices crumbled, 
and financial institutions 
were left with mountains of 
bad debt. 

While Mr. Mieno's fight 
against asset inflation woo 


praise, the subsequent sharp 
slowdown in the real econo- 
my brought charges that he 
was too cautious in easing 
credit and was thus unneces- 
sarily prolonging the pain. 

In early 1993, a ruling par- 
ty baron called for a discount 
rate cut even If it meant Tiring 
Mr. Mieno. A year later, 
some politicians were again 
muttering that he should go. 

By September 1993. how- 
ever, the central bonk had 
brought its discount rate to a 
record low of 1.75 percent. 

Mr. Mieno recently came 
under fire from business lead- 
ers who said be had exagger- 
ated the strength of Japan's 
fragile recovery from a three- 
year recession, failed to halt 
relentless appreciation of the 
yen and toleraLed rises in 
market interest rates. 

But economists agree that 
the Bank of Japan under Mr. 
Mieno has been on target 
with calls for greater deregu- 
lation of Japan's financial 
markets and more competi- 
tion among financial institu- 
tions. 

Many economists say the 
artificial wealth of the bubble 
era hid structural problems in 
Japan's economy and re- 
duced pressure for the vital 
reforms outlined by Mr. 
Mieno's predecessor. 

Mr. Mieno will be succeed- 
ed by Yosuo Matsushita, a 
former vice finance minis ter 
and an adviser at Sakura 
Bank Ltd. 

Economists say Mr. Mat- 
sushita’s hands-on experience 
in private banking may help 
him cope with the problem of 
banks' huge problem loans, 
but they expect no sudden 
shift in monetary policy. 


Bad Start for China Issue 

CompHetlbj Our Staff Front Dttpatdta 

HONG KONG — Shares in Oriental Metals (Holdings), a 
metals trader controlled by the Chinese government, fell 
about 25 percent in their first day of trading Thursday. 

The initial offering of the snares was only 59 percent 
Sibscribed at 130 Hong Kong dollars (19 UJS. cents), indicat- 
ing a lack of interest on the part of investors. The stock closed 
Thursday at 1.13 dollars. 

“Investors are reluctant to accumulate shares in newly 
listed companies in the wake of the poor performance of 
debuting companies recently," said Kittson Au, an analyst at 
PW Asia Brokerage. 

Weak demand and a flood of issues by Chinese companies 
have led to cool receptions of new offerings recently. On 
Tuesday, shares of Giengdu Telecommunications Cable Co. 
fell 13 percent on their first day of trading. 

“There's alack of understanding of meials-rdated compa- 
nies by Hong Kong investors," said Steve McNamee, a 
directin' at Marlin Partners. 

Oriental Metals is a subsidiary erf ONFEM Holdings, an 
investment company controlled by the state-owned China 
National Noofcrrous Metals Industry Corp. Both companies 
are chaired by Wu Jianchang, son-in-law of Deng Xiaoping, 
China’s senior leader. ( Bloomberg, Reusers) 


China ' A’ Shares Soar: Less Is More 


Bloomberg Business News 

SHANGHAI — China ‘A’ 
shares, which are reserved for 
domestic buyers, singed Thurs- 
day amid speculation that the 
government has decided to 
slash the number of new share 
offerings next year to ease con- 
cerns about a share glut, traders 
said. 

Shanghai ‘B’ shares, mean- 
while, which are reserved for 
foreign buyers, fell to their low- 
est level in more than a year as 
investors appeared to turn to 
Hong Kong as the best way to 
invest in China. 

Credit Lyonnais Securities 
(Asia) LttL's Shanghai A Index 
jumped 239.80 points, or 7.01 
percent, to 3,660.97 points, and 
the stock exchange index added 
45 points, to 68936. 

Credit Lyonnais's Shanghai 
B Index fell 1.6 percent, to 


674.04, The slock exchange B 
index fell 0.98 points to 59.99. 

The market in A shares 
surged “on unconfirmed news 
that the total A share issue quo- 
ta in 1995 will be reduced from 
53 billion yuan to 2 bQlion 
yuan." said Ann Shih. a China 
analyst at Credit Lyonnais. 

A flood of new share offer- 
ings was blamed for a 70 per- 
cent slump in China share 
prices earlier this year that 
prompted issuers to announce 
market-lifting measures, in- 
cluding a postponement of new 
share sales until 1995. 

The official newspaper China 
Securities reported Thursday 
that China’s administrators of 
stale assets has issued a circular 
announcing lighter controls of 
rights issues. The circular said 
all rights issues would require 
administration approval and 


that it would only be given if the 
company really needed capital 

Speculation that China's cen- 
tral bank is poised to publish 
regulations on supervising in- 
vestment funds also boosted 
share prices, said Joyce Leung, 
a trader at Sun Hung Kai Secu- 
rities. 

Regarding the weakness in B 
shares on Thursday, traders 
said that economic and political 
concerns about China contin- 
ued to dog the market, fed by 
recent media reports. 


Hong Kong 
Lets STAR 
Broadcast 
In Cantonese 


Return 

HONG KONG — Hong 
Kong on Thursday gave STAR 
TV, the pan-Asian broadcaster 
owned by News Corp.. permis- 
sion to transmit in the dialect 
used in southern China. 

The government also paved 
the way for TVB, a local sta- 
tion, to become a regional 
broadcasting power. 

The broadcasting changes 
announced by the government 
give the Hong Kong-based ri- 
vals equal access to the region's 
increasingly wealthy television 
audience and the same footing 
on home turf. 

Previously, STAR had been 
prevented from broadcasting in 
the Cantonese dialect, which is 
spoken in Hong Kong, southern 
China and pockets of Asia. This 
was to protea Hong Kong's lo- 
cal TV stations: TVB and ATV. 

TVB had previously been re- 
stricted to broadcasting locally 
and in Taiwan. 

Government officials said 
the changes reflect the govern- 
ment’s drive to create a regional 
broadcasting hub. 

“They have probably acceler- 
ated the process of deregulation 
because Singapore is also keen 
to attract the investment." said 
Charles Whitworth, a media an- 
alyst al James Capel Asia Ltd. 

TVB, was granted, in princi- 
ple, a second license it needed 
to tr ansmi t a regional service 
rivaling that of STAR 

Its Galaxy Uplink Ltd. unit, 
which wiD carry drama, sports 
and general entertainment 
channels, was granted a 12-year 
license to establish facilities in 
Hong Kong to transmit and re- 
ceive signals. 

James So, Hong Kong's sec- 
retary for recreation and cul- 
ture, said Galaxy would widen 
the choice of programs in the 
region, bring in overseas broad- 
casting expertise and create 
new local jobs. 

China, which must approve 
all agreements that extend into 
the colony’s transfer in 1997, 
will be consulted about the li- 
cense, Mr. So said. 

Both STAR TV and TVB Still 
have to wait until 1996 to begin 
pay television operations in 
Hong Kong. 


1 Investor’s Asia 


■ 

Hong Kong 

Singapore 

Tokyo 


Hang Seng 

Straits Times Niwceizza 


113X1 

» , j 



,CSB pJ\k> 

2300 M 

L "V. 



\ 

\ 


9000 

V 2100 

I 19000 

V 

®J*SOtlO ®JA8'OHD 1Bfl ® j A BOND 

1994 

1994 

1994 


Exchange 

index 

Thursday Prev. 
Close Ctosa 

% 

Change 

Hong Kong 

Hang Seng 

8^59^6 7,997.35 

+3J28 

Sing^ore 

Straits rimes 

2,18023 2,114.00 

+3.13 

Sydney 

AO Ordinaries 

1^95.00 1^63-80 

+1.67 

Tokyo 

Nikkei 225 

19,121.12 18,931,49 

+1.00 

Kuala Lumpur Composite 

95077 937.15 

+1.45 

Bangkok 

SET 

1^1000 1,280.07 

+2.34 

Seoul 

Composite Stock 

1,027.99 1,026.61 

+0.13 

Taipei 

Weighted Price 

6,823.13 6,681 50 

+aii 

Manila 

PSE 

2,67085 a617.90 

+8.37 

Jakarta 

Stock Index 

458.93 453.37 

+1^3 

New Zealand 

NZSE-40 

1,906^2 1,895.66 

+0.56 

Bombay 

National index 

1,844.18 1,83129 

+0.70 


Sources. Reuters. AFP 


[nKTnjtk«al HciaU Tnhunr 


Very briefly: 


• Hongkong & Shanghai Banking Corp. economists forecast that 
stronger foreign trade would help Hong Kong's economy grow by 

5.8 percent in real terms in 1995, compared with this year's 5.6 
percent; the bank pegged 1995 inflation at S3 percent. 

■ Mitsubishi Bank Ltd. said consolidated pretax profit fell by 48 
percent, to 36.2 billion yen ($360 million), in me first half to 
September from the year-ago period. The bank cut its profit 
forecast for the full year to 65 billion yen from 75 billion yen. 

• Pahang Iron & Steel Co, South Korea’s biggest steelmaker, said 
it would sell three subsidiaries in 1995: Posco Cbem Co., Jungwoo 
Coal & Chemical Co. and Keqyang Shipping Co. 

• Sanyo Electric Co. said it would increase capital spending in its 
next financial year by about 50 percent, to 58 billion yen. The 
company plans to step up production of flash memory chips. 

• Fuji Photo Fflm Co. said sales fell 2 percent, to 1.07 billion yen, 
for its latest financial year consolidated pretax profit dropped to 

134.8 billion yen from 1353 billion yen. 

• Bayer AG got approval from the Taiwan government to invest 
about $340 milli on to form Bayer Far East Polyurethane Co. 

AFP. AFX. Kmght-RuUer. Bloomberg 


China Rejects U.S. Copyright Threat 

Agence France- P ness e 

BEUING — The Chinese government hit back Thursday at 
U.S. threats to impose sanctions if Sino-U.S. talks on intellectual 
copyright protection collapse. 

A Foreign Ministry spokesman said such threats were “unjusti- 
fied" and “unacceptable. " 

A new series of talks mi copyrights ended in Beijing on 
Wednesday. The UJ>. Embassy would not comment on the 
meetings. 

China has been pressing to be readmitted to the General 
Agreement on Tariffs and Trade before the end of the year. But 
progress in this sector is among the conditions for such a move. 


CHINA: Beijing’s Pleat to Widen Foreign Access to Markets Set for 1995 


Continued from Page 11 

nance hardly appears neces- 
sary. 

But when first vaguely sug- 
gested in August in a package of 

measures designed to boost lo- 
cal-investor confidence in 
fledgling markets, which had 
slid to perilous lows, the move 
helped drive up markets in 
shanghai and Shenzhen. 

While local investors as- 
sumed more new cash would 
soon lift their shares out of the 
doldrums, foreign securities 
firms quickly lined up potential 
local partners and sent propos- 
als to Beijing, where signs of 
action are scant 

In the interim, the A-share 
market has lost about 40 per- 
cent of its value since aching 
highs in September. The o- 
\ share market has fallen l by 
■ about 25 percent over the same 

* 5e ^Sofar, China has done a lot 
to develop the market, butwe 

need more industnesand 
companies to chose from, sam 
Paujvibert, head of research at 

Baring Securities in Shan^- 

“Even if there are only 20 or 
30 jewels among hundreds of . a- 
share companies* 
there may be, the exercise 
worth it,” he added. 

Many analysts said they oe- 
lieved mat in the short-tom A- 
sbare companies w°uldm 2 


nies on a more sophisticated, 
foreign investor-influenced ba- 
sis. 

But the price of such change 
may be less direct control over 
such enterprises by Beijing or 
by provincial governments and 
state agencies, which dominate 
their share registries. 

Local seam ties houses, keen 
to develop their fund-manage- 
ment experience, also believe 
that the first joint-venture 
funds approved will be ap- 
proved in 1995, although few 
<-3arm to know the status of the 
deliberations in Beijing. 

“We are talking with many 


foreign groups now to pursue 
this business,” said Cory Hong, 
deputy general manager of 
Shanghai International Securi- 
ties Co., one of China’s largest, 
of the joint-venture A-share 
fund plan under consideration. 

Shanghai Securities is aiming 
to set up a $100 million fund in 
tandem with a major foreign- 


fund management group, but 
has not yet settled on a partner. 

“The fund industry in China 
is at an early stage, there are not 
a lot of regulations," said Mr. 
Hong. “I think after we get new 
regulations from the PBOC for 
the domestic market, then next 
year, we will see approval grant- 
ed for the joint venture funds." 


Japan Raises Growth Forecast and Baths Tax Reform 


Agence France-Presse 

TOKYO — Japan’s Economic Plan- 
ning Agency on Thursday forecast 2.8 
percent growth in gross domestic prod- 
uct for the new fiscal year starting in 
April and downgraded its forecast for 
the current year to 1.7 percent 

The forecasts were endorsed by Prime 
Minister Tomiichi Murayama as the gov- 
erning coalition parties adopted a tax 
reform platform for the new year, calling 
for cuts in land-related taxes and the 
abolition of some corporate taxes. 

The agency had initially forecast 2.4 
percent growth for the current year. The 
revised GDP projection, which was 


widely expected, mainly reflects a contri- 
bution from domestic demand that was 
smaller than expected, officials said. 

Japan's current account surplus was 
forecast to fall to 1 1.9 trillion yen ($1 19 
billion) in the coming year, down from 
this year’s initial estimate of 13.8 trillion 
yen and a revised forecast of 12.7 trillion 
yen. 

As a result, the agency said that the 
surplus — measuring trade in both goods 
and services — would fall to 2.4 percent 
of GDP, down from 2.8 percent under 
the original forecast and 2.7 percent un- 
der the revised estimate. 

The agency also forecast that wholesale 


prices would climb 03 percent in the 
coming year, up from its initial estimate of 
02 percent and rompared with a revised 
projection for a decline of 13 percent 

Consumer prices are expected to rise 
0.9 percent down from the initial fore- 
cast of 13 percent but up from the re- 
vised estimate of 0.6 percent 

Mr. Murayama endorsed the agency’s 
latest economic forecasts before their 
formal adoption by the cabinet Monday. 

The tax reform outline adopted on 
Thursday by the coalition partners is to 
be finalized by Jan. 10 when the govern- 
ment is to start drafting legislation. 


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For further details on bow to place your listing contact WILL NICHOLSON in London 
TeL: ( 44 ) 71 836 48 02 -Fax: ( 44 ) 712402254 


llrralb^^&Sribunc 


COUNTRIES 


ACCESS NUMBERS COUNTRIES 


ACCESS NUMBERS COUNTRIES 


ACCESS NUMBffiS COUNTRIES 


ACCESS NUMBERS COUN7RE5 


ACCESS NUMBERS 


[ctoffcmd phanas) 
Anllgva (ppjr phonwl 
Arpgmho 
AfMnto 

AatMfta (OphnJ * 
AurtraOq n*Mca) + 
Andris ■ 



MM Virgin HL A 
MoarisA 

Canada - 
CUia 

CMm (EogRih) +/ 
China (Moariaria) +/ 
GabmUfl (Ehglhli) 
CoImiWb (SponUU) 
Cam Bcq + 

Cn«1la+ 


633-1000 

Ml 

1400-366-4663 

00.1^00-777-1 ITT 

•>10-133 

008-5511-10 

M0Q491-177 

023-603-014 

l-BOtKV’Mlll 

1-100477-8000 

0800-10014 

556 

*4 

1-300-623 -08 77 

0800-3333 

000-8016 

1-800-877-80N 

00-800-1010 

1-000-877.8000 

00+0317 

108-13 

108-16 

MO-1 80+10 

980-130-110 

163 

99-3400-13 


CypnaSS 
Czach RapuMk *J 
Danmark + 

Damlakan fespahllc A 
Ecwdtr/ 

Egypt (Ci ha) + 

Egypt [aB afliar} + 

BSuhndor* 

Rfl Wundt 
FMaad + 
honea + 

Oir nw ay + 

Orate* + 

Gobbi 

GuaMMfa*- 


Hang Kang 

HsagKaog A 
Hungary +/ 


India + 
I nde w t ri a 
Mnad + 
hrnalt 

M + 


080-900-01 
0041487-187 
tOO- 1 -007 
1-80O73I-7877 
171 

3564777 

00+564777 

191 

004-890-100-3 

9800.141984 

19+0087 

0130-0013 

008+01-411 

930-1356 

195 

001-800-1212000 

■00-1877 

Oil 

00+800-01-877 

999-003 

000- 137 

001- 801-15 

1-80635-2001 
177.10*2727 
172.1877 
l -800-877-8000 


Japan (EngB*J + 
Japan [HDD) (EagWi) + 
Japan Lfapanoia) + 
Kanyo/ 

Karas (Dococa] + 
Kanta (KIT +♦ 

Kuwait 

» + 

• / 
Lu m m b cu f g 
Macao a 
Mahryiia + 

Monica t- 


NadvAnaatn 

(Curacao Almira) + 


Da- taw dry mile) 

Now Zaeltmd 

Wearag wi (Ms — ., hg ll di) a 


0066-55-877 

0039-131 

0066-55-B88 

0800-12 

0039-13 

009-16 

800 -777 

155*777 

8+197 

08004)115 

0800-131 

80041014 

954100-877-8000 

19+0087 

001 -800-745- III I 
06+022+119 

T-T nuiili pn 

000-999 

171 

161 

n+EngbfawSparWir 

800-19877 

115 

008-13-800 


feraS 

niBpphwiiem. 
HuBppino* (FtiUCan) A 
TNSpptaM (P1DT) 
Poland + 
hjftagol 6 
hurts Rka~ 
Rnanla+B 

Amain (Maacw) + 
RnuJa (ofl athar) +■ 
Sripai 

Union and tala +• 
Sob Marino + 

Sau<G Arabia 
ShgDpore-r- 
kwh Africa* 

SpoM 
St Lucia C* 

SI- Una A 
5wadan + 

Soribtriond + 

Syria* 

T aiwan a 

Iftnldod A Xobogo 
[pern of amry orty) 


196 

only) 0105-01 
103-611 
105-16 

00104-800-115 

05017-1-877 

1-800877-8000 

014000877 

155-6133 

8095-1554133 

1-23X3333 

172-1877 

1800-15 

8000-177-177 

0800494M01 

900-994)013 

1-800-777-7468 

187 

020799-011 

1558777 

0888 

0080-1441877 

001-999-13-B77 

33 


Turicoy + 

UA. Virgin hJand* — 


Urihed Arab EndroM + 
Uaftad Kingdom (BT) 
UnM Kingdom (Marcury) 
Uruguay ■» 

Vatican Ory * 

Vanauunter (Engfidi) 
Vnntwata (Sponldi) 


00800-1-4477 

14008774000 

14004774000 

8-100-15 

800-131 

080O894H77 

0500494)877 

000417 

172-1877 

800-11114) 

800-1111-1 



Sprint. 


Tv uH, jus tee tbit 
tbeetvnlrv vu’rr vr 


&l iMttWf * V>nV bt nnnatfi to 


ftrwffmyA [pern of amry only) 23 

‘ 0 I it* „ .a, UA 8^ dcraan couny tacnuarrraMw uVimilw 


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'J' i ° ^ (Jt* fjSk> 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 16, 1994 


Page 17 


Buyout Boss Aims to Refill Coffers Trafalgar ^ ou l Ta P Shareholders for Bid 

NEW York" 4 ^w ques art f ers wil1 ^ve &°' lm a ' this; If I sun out to raise money. I’ll ..- L ? N °S N . ~ Tr , afalg “ I ^ bS frfSS nariS^in'to todc 

— _ — It will be riiff;—.!. «■— l*? 5 . 1 .™ ^ billion from an investment of finish- 1 House PLC, ihc conglomerate Thursday, Trafalgar said, In it had to leave Hnno ICnn* he- world has exceeded cxdcc 


y S^ajfairiquB 

Forstaann* Ltitle~& S ^Wul, for 

spent fall bifiSUf t£° ncern ,* w*!! have 
chase of the Zif^rw? ■ C ^ 2 ?? leie lhe pur- 


l««’i!rS l S!.P arlnert have gouen at 
b . ,lllon from an invcsimcnt of 
41 bUlum between I960 and 1992 
The successes include Dr Pepper Co.. 
P^PPctfSeven-Up <£j£ and 
i opps Co., the maker of bubble gum and 
jading cards, both in 1984, and the 1990 
acal to buy General Instrument Coip.. a 


nXLT™ Products. Earlier d5T«„ •" 1 "^Profits are certain even if all 

cashed m on two previous buvouLs^r! 1 Si 0f Mr : Fors:rn ^n's uncompleted 
^a^pronts fo? m^KE 316 Wntten on*"** fc». «*** 

’i£2SSSyS!S-^^ After a g litterin g year, 

rumo^ putiSSSwI’th* ays ~ a Forstmaiul Li *de must 
least one supermarket tabloid^ ° f 31 return *0 a prosaic but 

crucial j° b: raising money. 

OaTif more prosaic, taski'raLSemroieli" s »?* d .?*? ^fihly unlikely. More realis- 


r ? vuwu ucdTiY cmntv Mr - ' wui ii4 tuibi 

rorstmann will try to find ruuraTv s*> s m °dest return on iis last troubled invest- 
punon m fresh capital in January acctvri me 5i s *, could recover as much 

mg to investors familiar with the oomna" 35 56 bl,hon oa d»ir SI billion outlay. 
=ys plans. To succeed. he JSf ac “ rdln S >° Wall Slice! esiimates. 

ranvmce Wall Street he is still himerv .h?“ l M -' Fors L lmann watehers never- 
enough — at age 54 and with a formS ^? ndcr weedier the big pension 

estimated at $250 million to $500 mEn 1“^ 10 S™* die firm the same 

— to continue fighting for the best deals 3X5(1 P r uh'ts as its earlier investors. 

. Mr. Forstmann, in a four-hour inter* £? 1 “ lCTCSled in hagglmg over 

view at his Manhattan office^ dod-tS £ . Mr ‘ Forsunj ? n «« d - “* 'e never 

question of whether and whm ^ , ,5 changed a comma of these agreements 
approach 01 investors !?l woul , d »** If *>™: guy wants to 

J^ged that his firm,' Jith j£t fiooSt 

transacttoiT" closes " ne^^S^Sf™ fP* 4 ™? quietly bu t firmly, he added: 

would be unable in dn 1 know the kind of relationship I wanted 

sia un^T ^ n^^, 51 ^ i° *■"* w investors, abd I have 
When the books a «» o done ever ytLng I can to keep my prom- 

deals in Fiwemann r OD ® 15681 10 them. If that's not good enough, 

deals in Forstmann Lade’s current port- then fine. I don't need it. But I'll tcUybu 


this; If I start out to raise money. Ill 
finish. I think it would be virtually fraudu- 
lent for me to go raise money and not plan 
to be here for its investment.” 

That is the essence of Mr. Forstmann: 
intense, proud, competitive and, yes, a 
bit sanctimonious. Thai essenence is 
likely to make his new money-raising 
exercise fascinating to Wall Street. 

It has been nearly a decade since be 
delivered his first sermons to Wall Street. 
Warning of the evils of using junk bonds, 
he argued that the only virtuous way to 
finance buyouts was the way he did them. 
His firm often put up as much as two* 
thirds of the purchase price, with the 
coming from its equity fund, augmented 
by money borrowed on easy terms from 
the firm’s debt-in vestment fund. 

Sure enough, when the junk-bond mar- 
ket faltered in the 1990s, a host of buyouts 
arranged by rivals limped into bankruptcy 


JT 1 viauiirtlUl uuu Ibto 

failed: Pullman Co., ihe only deal that 
had junk bonds outstanding before the 
buyout. Pullman filed a prep ackaged reor- 
ganization plan last month. 

“Pullman is a company we shouldn’t 
have bought,” Mr. Forstmann acknowl- 
edged. “We got a good price, but price is 
about fourth on my list of priorities — a 
very distant fourth. It had no significant 
core business, no dominant market 
share, no serious growth potential and it 
was too hooked to the economy.” 

Beyond Wall Street, Mr. Forstmann is 
committed to political and philanthropic 
concerns. It was his commitment to help- 
ing Bosnian refugees that helped gener- 
ate those rumors about the Princess of 
Woles. He said he had talked with her 
about Bosnia at two dinner parties, and 
that romance was on neither menu. 


Cd^piM bf Oir Sieff From D/spxcho 

LONDON — Trafalgar 
House PLC, the conglomerate 
that was rejuvenated by the Jar- 
dine Matheson group, said 
Thursday it returned to profit- 
ability in its latest financial year 
and would not need to sell stock 
for a potential takeover. 

Trafalgar said it Existed a 
profit before tax of £45.6 mil- 
lion (S71 -23 million) in the year 
ended on Sept. 30 after it suf- 
fered a loss of £347 million the 
previous year. 

Swiss Bank Corp., Trafal- 
gar’s financial adviser, revealed 
Wednesday that the conglomer- 
ate was thinking of mating a 


takeover bid for Northern Elec- 
tric PLC, the British udfin. On 
Thursday, Trafalgar said! “In 
the event of such a bid, the 
transaction would be financed 
without a rights issue.” 

The company tapped its 
shareholders through eights is- 
sues in 199] and 1993, the first 
of which was used to finance its 
ill-fated acquisition of Davy 
Corp. That takeover brought 
with it a problem with a North 
Sea oQ rig contract. 

That and other financial 
woes led to Trafalgar coming 
under the control of HongKong 
Land Holdings Co M part of the 
Jardinc group. Analysts have 
said Jardinc was investing in 


Trafalgar to give itself a signifi- 
cant presence in Britain in case 
it had to leave Hong Kong be- 
cause of its troubles with China. 

With its 1993 rights issue, 
supported by HongKong Land, 
Trafalgar sought to restore its 
finances and concentrate on its 
diverse businesses, including 
the Ricz hotel in London ana 
the Cunard shopping line. 

“It’s fair to say there are signs 
of recovery in some areas,” said 
one analyst, forecasting that 
profit in the current financial 
year would rise to £75 million. 

But Trafalgar said its mar- 
kets remained competitive and 
it warned profit in its metal- 
working division might fall 


“During the past year eco- 
nomic growth in the developed 
world has exceeded expectati- 
ons, yet confidence has rem- 
ained fragile,” the company said. 
“Spending on fixed investment, 
a sugar source of work for our 
construction and engineering 
businesses, has been patchy.” 

The company said it sold 
£38.6 milli on worth of business- 
es and assets daring the year. 

Sales feO 15 percent, to £3.76 
billion, while the company cut 
its dividend to a penny this year 
from 325 pence a year ago. Net 
borrowing at the end of the fi- 
nancial year sto od at £20.4 mil- 
lion, down from £273.9 million a 
year earlier. (Reuters, AFP) 


Saturday 


Art expert Sourcn Melikian covers both art and auctions 
throughout the world in this well-read weekly column. From 
major exhibitions to small galleries, from impressionism to 
ancient potter}-, this feature brings new' insight for the viewer 
and the collector in the popular and often lucrative art 
world. 

Every Saturday in the International Herald Tribune. 


INTERN VnOMU 



REAL ESTATE MARKETPLACE 


HEAL ESTATE 
SERVICES 



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129-131 BdKammcm 
75006 PARS 

M jl| S3L774J7J7. Fdxfl] 451634644 
M t&M ow spoad nduoem 
tor Herald Trim naden. 


Embassy Service 
YOUR REAL ESTATE 
AGENT if PARS 
Teh (1) 47.20.30.05 


PARE 

74 CHAMPS RY5K5 
“OAHDGF* 

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AT HOME N PARS 


I • 1. >1 


apartmwii la rent bmaheder not 

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DEAL ACCOMMODATION 

READY TO MOVS-M 

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Tel 1-47 53 M 13 Fn 45 51 7S 77 


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dC iian_ Pore and aiburfai. 

Tel 1-4*14 8211. Fax 1-4772 3096 


MARAS. Oumirxr 1 bedre 
place, beans. 1^89675 net 
tod heating). Tab owner 1-30 


LAKE ESTATE - ITALY 
Border Mb IhnbnoMarcta (nr Gubbia) 
SPLENDID PANC4WMA 
3 fan* with w&**&gs fxduing an 
10* C Abbey, 40 Ha iqrialura! 130 
Ha wood aad oast land 
Asking price: DM 1.200X0) 
Mobile Phone: Swadm 070 732 0555 
or please reply to Ban 3534, LHX. 
Acre, London, WOE 9JH 



PORTUGAL 


. JJNKU MOD SQM. LAND, 
360° view of Aim and Cocas, 
wttxn Storo Natanf Pork. 25 nenotes 
from Lisbon and xxnutes from beodwt. 
go#, shofpng. 4- bedroom estate op- 
proved lor oaa t iuc hj ii Irefcobte buten 
awfablej. Priced to sol by owner. 

Fax 351.1485-1427 


REAL ESTATE 
TO RENT/SHARE 


BELGIUM 


OWB LIVING IN SWITZERLAND 
RENTS FOR LONG PBOOOS ONLY 
vniA composu) of 
nvo MfiQBSiT HATS 
Fenno hoeb toe Urxwniiy far hofan 
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Ihe Mtop vfc h® on cinumiy pan- 
ororaic view over the coirtiynde. 

Ifaper Act is con^aeed of large 
rwwig, U»e lenacrs, ma s lw b e d mat- 
to tfaow, 2 w rfrooan, both. newMdwq, 
2 freplrxtt- 

&rx«i flat is canpcnod of large fcvmg, 
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Vifa a in beaum par(, m nalert 
uvromdrngs. Boto flats faly tegh dan 
fanxshed nd fuly equipped 
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Rats can be rented mp ornte ly or ioinMy. 
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Agents wefcame. 

far 39 14&2I 29 49 00 ITALY. 


Far Bmfc tySe dor. eweelc or mar& 

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Tfc ALMA - BHB. TOWB. dwiwng 
34oan eportmem. Uy Re- 

fined decoration. Tel (!) 45S 20 77 


SOTHEBYS 

ErrcnuuoMitutnr 

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ABOVE VUHRAIKHE ACM* 
FBNAT, 15 MMS ROM MONACO 


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MMND NEW STUWa 63 jg* 
iwYi krssty terroon dr ttmtSeonod, 

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urge oanxtao batoDom 
Reduced Notory tees. jlilStf. 

AAGEDI 

7/9, Bd du M»fi» MCW00D Monaco 
Til 33-92 1659 59 far 3^93501942 




ESTATE on 2,600 ha 

Exaptktod locoiion. Sale pottfaie 

7 T^’&” a "srsr 


with ua i umic tea wewi, iwmmmB 
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KAJS QPPOK7IMJY. R9 Mifcxv 

OA Mean Bww 93 38 00 «6 
or fax, 93 39 13 65 


O WH B I SBIS BEAUTORVjUA 





JSSJJSBS- 


SSSm 


Askina S265UJOOO ' 
Phone USA 914-967-4600 
Fax: 914-967-9105 

JULIA B. FEE 


NYC/Gramercy Part 

2 bedraoini, 2 beta 


Aflbrdebie c a adonw y w m dtatMe 
area 2 btdroooB, 2 beta. Common 
durges i tata W5tt 

Most stwnw'fl Goad 1 

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tiW3£ BiANCO 

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Upper-claw pcaihtiuxe apartment*, 
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Building itttncr Fa. Pndav <.r,d„ 
Praha Management by v. Fcrcita/y A 
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Tel: tin 49. 69 n4 b« BOW. 

Fax: tKlM-hh-ndtiRIW 76 


f m ROM ST BOTH 

HIGH CLASS ESTATE . 
cn. 13JK0%m pmh, -nh 
pad. «rito.op*n ww. 

• ff7j -a- AML 

M { 33) M4B 7089 te «« «■* 






A RARITY 


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in an idyllic park with old trees, top loation in Frankfurt 

Romantic designer villa, 327 sq.m, floor space; high quality 
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Purchase price: 3,6 million DM 

Only for srritKU pr ospec t ive Inryrra. 

Box numtvr 37 86 - IHT, Frkdrkhstr. IS. 60323 FmkfuH/Mm - German/ 


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Tab (1) 43 59 6672 


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- 1 20 45 



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-XW * 

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Page 18 


SPONSOR*.!) M HO\ 


INTERNATIONAL 


TRIBUNE, FRIDAY, DECEMBER 16, 1994 


l> SECTION 




WMImSM 


H 




m& m 



- ■■{? * ~ ’ 

e-$& y v 

■ p 

r-cj, *. ■. ^ 




I^'.r * 

»-**> • ' r 

^ • . . 




A Package That Attracts Investors 

Emphasis of new drive for industrial and manufacturing development is on the private sector. 



. ry>-. 

>v >-• • f A— _> C • .■•f*l 

" , ■ -v*vrr-> 


IVliliions of dollars are 
being invested in Bahrain as 
it prepares for a decade of 
industrial and manufactur- 
ing development that will 
carry it into the next century 
as the business and commu- 
nications gateway to the 
Middle East. 

Total investment is esti- 
mated at more than $1.6 bil- 
lion. This will go toward a 
new port, expansion of 
petrochemical industries and 
a refinery, power genera- 
tion, a coke calcining plant 
for the island’s aluminum 



[tig' Si 




S^a. £g‘P fM 
i* w-£l- at 

:»..r f fe 


Bahrain shows its skills: (Above) the Bahrain International Exhibition Center, and (top) high-tech weld- 
ing at the newly opened Shaw-Ness plant 


smelter and further facilities 
at the international airport. 
There are also plans to de- 
velop more tourism. 

More than $1 billion is go- 
ing into the iron and steel 
sector, where six or seven 
major projects are likely to 
go ahead shortly. Sager Sha- 
heen, director of industrial 
development at the Ministry 
of Development and Indus- 
try, says that one of these 
projects, a factory to pro- 
duce steel and seamless 
tubes from iron pellets pro- 
duced by Gulf Industrial In- 
vestment Co.'s pelletizing 
plant, will employ 1,000 
persons. Another 2,000 jobs 
will be created by the other 
steel projects. 

Mr. Shaheen says the 
government invested heavi- 
ly in infrastructure projects 
during the late 1970s and 
the early 1980s. “Now the 
emphasis is on persuading 
the private sector to play a 
bigger role by starting more 
smaller and medium-sized 
businesses," says Mr. Sha- 
heen. 

Modern communications 
Bahrain island, now linked 
to Saudi Arabia by a 26- 
kilometer causeway, be- 
came the leading offshore 
banking center during the 
heady oil boom days of the 
late ’1970s. This happened 
partly because of its proxim- 
ity' to Saudi Arabia, but also 
because its state-of-the-art 
telecommunications en- 
abled bankers to have in- 
stant contact with their 
counterparts around the 








I 






Mlftafe 










Branches: 

Bahrain, Grand Cayman, London, Milan, New York, Singapore, Tunis. 

Representative Offices: 

Cairo, Casablanca (Morocco), Hong Kong, Houston, Los A ligates, Roms. Tehran, Tokyo, Tripoli (Libya). 

Subsidiaries: 

ABC Banque Internationale de Monaco SAM. - Monts Carlo, ABC Firwmtejia S.pA. - Rome, 

ABC International Bank pic. - London (Head Office), Paris (Branch), Mayfair. London (Private Banking Branch). 

ABC Investment & Services Co. (EC.) - Bahrain, ABC (London) Services Co. Ud.- London, ABC Securities W.L.L - Bahrain, 
Arab Banking Corporation (ABC) - Jordan - Amman, Arab Banking Corporation - Daus & Co. GmbH - Frankfurt, 

Banco AUantico, SA. - Spain, International Bank of Asia Ltd. - Hong Kong. 

Affiliates: 

Arab Ruanda! Services Company (EC.) - Bahrain, Arlabank International (EC.) - Bahrain, 

Banco ABC - Roma S.A. - Rio de Janeiro/Sao Paulo, I BA Finance Corporation - Manila, OHI (Thailand) Ltd. - Bangkok. 



(y*f*u^) * a -l | 1 1 

Arab Banking Corporation (B.5.C.) 

The ABC Town. OptamalieArea. PO. Bo* 5698. Manama, Bahrain. 

Tol- (Q7!l) tarns . T«Upk; QJ33 ART. BAH BN. Telefax: 18731 533163/533062. C ft No. 10299. 


world. The island is also 
conveniently located be- 
tween two time zones - Eu- 
rope to the west and Japan to 
the east 

At the end of 1993, total 
assets of the 47 offshore 
banking units reached over 
$60 billion. By the end of 
last June they had climbed 
to $63.4 billion. In addition 
to the overseas banking 
units, there are 19 full com- 
mercial banks, two special- 
ized banks, 22 investment 
banks and 38 representative 
offices. 

Bahrain has never been 
one of the oil-rich emirates, 
but oil and gas do account 
for 64 percent of govern- 
ment revenues, and oil and 
related products make up 80 
percent of all exports. Be- 
cause of the weak oil mar- 
ket, this is expected to fall 
next year to 283 million 
Bahraini dinars ( S750.7 mil- 
lion). which is 54 percent of 
the 520 million Bahraini di- 
nars expected next year. 

Al uminum smelter 
The Bahrain Petroleum Co. 
refinery and the aluminum 
smelter ( ALBA) are the two 
most important revenue- 
earning installations on the 
island. The refinery, origi- 
nally established in 1932 
and owned by Bahrain Na- 
tional Oil Company (60 per- 
cent) and U.S. Caltex (40 
percent), has been the sub- 
ject of a much-delayed SS00 
million expansion' and up- 
grade. which was to have 
been carried out in several 
phases. 

Last June, it was decided 
to go ahead with a scaled- 
down modernization plan, 
which would probably cost 
only half the scheduled in- 
vestment. The financing of 
this has still not been final- 
ized. During 1993, the refin- 
ery was processing 247.302 
barrels a day of erode; of 
this, 216.000 barrels a day 
were from Saudi Arabia, im- 
ported via a pipeline from 
die Eastern Province. 


Relatively low- energy- 
costs (Bahrain produces 948 
million cubic feet of gas a 
day - all for domestic use. 
except for some small ex- 
ports of liquefied gas and 
gas-derived petrochemicals) 
have enabled Bahrain to de- 
velop one of the most ad- 
vanced aluminum smelters 
in the Middle East Follow- 
ing a recent S13 billion dol- 
lar expansion, the smelter’s 
production has been doubled 
to 460,000 tons. 

The smelter has spawned 
a host of local dow nstream 
industries, and the govern- 
ment expects a number of 
new projects to start soon. 
Existing companies manu- 
facture a v ariety of products, 
including electrical cables 
and automotive wheels. 

Incentives offered 
In the last two years, the 
government has created a 
package of investment in- 
centives to attract more for- 
eign joint ventures and di- 
rect investment. Compared 
to some other Gulf states, 
Bahrain has an unusually 
liberal attitude toward new 
investors. It provides a “fast 
track” registration service 
for new companies and will 
allow 100 percent foreign 
ownership in most industrial 
and distribution projects. It 
has set up a special market- 
ing and promotions office to 
help coordinate efforts be- 
tween foreign and local in- 
vestors. 

"We are getting about 30 
inquiries a month." says Mr. 
Shaheen. 

Habib Ahmed Kassim. 
minister of commerce and 
agriculture, who is also 
chairman of the Bahrain 
Marketing and Promotions 
Office, says: "Bahrain has 
always been an attractive 
venue for business - it is 
cosmopolitan, centrally lo- 
cated and easily accessible. 
Its service sector is mature, 
and the incentives package 
for new investors is unique 
in the Arabian Gulf." 


c* V : ' 

v&CvJJ I 



w>V-v '• 



Aluminum Is Industrial Driving Force 

One of the world's largest smelters supports more than a dozen companies, generating thousands of jobs. 


^Bahrain’s industrial back- production capacity to 23 years ago, it has general- 
bone is Aluminium Bahrain 460,000 metric tons a year, ed a dozen or more down- 
(ALBA). Its smelter had a making it one of the largest stream industries that have 
$1.5 billion expansion two in the world produced revenue from do- 

years ago that doubled its Since ALBA was started mestic and export sales, and 


stream industries that have 
produced revenue from do- 
mestic and export sales, and 


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Canmorc is one of the UK's leading fund 
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Both the Al-Ahli Funds offer you rhe benefit of 


both fund-, at whatever percentage you wish. .Ml you 
need i% j minimum amount of US5 10,000 and there 
L. nu final period for investment. 

tic* in touch with Al-Ahli. We've got rhe right 
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AL-AHLI Vgflf .» 

BANK JBSSF -frl-frfMI ' 

M- UHJCUit MFflTMl l: t.iA Ar,y c. 

Heed CjpSur floi/ws Cur Peri BuhSaf, baemmeni \-.enae, I: (f. ,7,« iwrtj. kj&ieh Tr.'-i\97.~) Ftaal-97S) JJISt'l. 


thousands of jobs for 
Bahrainis. 

“Our production costs are 
among the lowest in the 
world, which means our cost 
per ton compares favorably 
with the best smelters in the 
West,” says Gudvin Tofte, 
ALBA’s general manager. 
‘There are at least five ma- 
jor companies employing a 
total of 1 .400 mostly Bahrai- 
ni workers who manufacture 
a range of value-added prod- 
ucts. including alloy wheels 
for BMW cars and electrici- 
ty transmission cables. As a 
local source of primary alu- 
minum in its various forms, 
ALBA remains the driving 
force for developing this 
non-oil sector of the econo- 
my.” adds Mr. Tofte. 

Takeoff point 
About 127,000 tons of the 
metal is used locally. Sager 
Shaheen, director of indus- 
trial development at the 
Ministry of Development 
and Industry, says that the 
availability of aluminum for 
fabrication as well as semi- 
manufactures is beginning to 
take off. "We have a joint 
venture between a Bahraini 
and German company, 
AluwheeL, which is making 
500,000 auto wheels a year; 
The Bahrain Industrial In- 
vestment Co. is making non- 
stick kitchen utensils and 
various auto spares. And an- 
other company is making 
rivets.” 

Other joint venture com- 
panies are making such 
items as bottle-top closures, 
waterproof membranes, cor- 
rugated cardboard, plastic 
cups and containers. A re- 
cent investment between a 
Saudi group, Olayan, and 

fcmberiy-CIarke is for a $60 

million tissue plant that is 
now coming into full pro- 
duction. 




iiRpON' 




Communicating with the world: part of Bahrain’s earth station for 
sateBite communication. 

Ringing the Globe 

A digital system is planned for mobile phones. 

Bahrain’s telecommunications network “is. among the 
most advanced and leads the way for other countries in the 
Middle East,” according to Stephen Rotheram, technical di- 
rector of Cable & Wireless's Regional Business, who was 
speaking at a recent technical forum in Bahrain. 

Bahrain Telecommunications Co. has always been at- the' 
forefront of developments in the industry. Its services have 
also been instrumental in helping to develop the islaruFs 
economy through the growth of the banking and financial 
sector. Bahrain has become a vital regional transit point for 
all business telecommunications because of quality services 
and competitive rates, in addition to the advantage of the is- 
land’s location. 

A remarkable fact: In 1993, Bahrainis spent 136 million 
minutes on international telephone calls - - 

Sweden's input 

Earlier this year, the company announced it was introducing 
a global system for mobile telephones. Sweden's Ericsson 
Radio System Ab is supplying a network, that will have an 
initial capacity of 15,000 lines. The service should start next 
January and will enable subscribers to use the system from 
anywhere in the Gulf Cooperation Council area - Kuwait 
Saudi Arabia, the UAE, Oman and Qatar. \ , .. 

As operational facilities spread to rifcoe; and. more coun- 
tries, the system is gradually becoming worldwide. Because 
it is “digital.” it offers more privacy than the analogue sys- 
tems. 

Last month, a contract was signed for a $1.7 million ad- 
vanced computer-billing system for mobile telephone users. 
The British-based American group. Computer Sciences 
Corp.. is to install the system. 

“It will initially serve the digital mobile network but will 
be extended to ail current mobile usere.” says a Bahrain 
Telecommunications sjpokesman. At the end of last year, 
there were 20.000 mobile analogue lines. 


Banks 


V 










SPONSORED SECTION 

Help for Investors 








Airport Aims at 10 Million Passengers 

Growth of transit traffic confirms Bahrain's role as a hub for the Middle East and the Asian subcontinent. 

A 

xTLn accident of geography passenger and freight traffic, over 3 million. This has con- movements. Twelve Midd 
ana a tarsighted decision to Last summer, a transit hotel firmed Bahrain’s role as the East Airlines, including tl 
k ■ ai/Pon af- opened in the airport. leading hub for the Middle Bahrain-based Gulf Ai 

ter the Bahraini Emirate be- Bahrain now has the capa- East and the Asian sub-con- serve about two dozen n 
came independent 23 years bilily to handle peak-hour tinenl. “The extensive port- gional destinations, 
ago has paid off handsomely passenger traffic (usually folio of regional services A second expansion phai 
■ ¥ i!? ° eVe °P m0nt °f lhe ,aIe a* night), which has and destinations and casting $18 million is ge 
island s economy. risen from 400 persons an Bahrain's proximity to bey ting under way. This wi 

Today, after a recently hour to more than 2.000. By markets and population cen- improve cargo handling f! 
completed S 100 million de- the end of the millennium, ters combine to make cilities as Bahrain sets oum 
velopment program, the in- the combined terminals will Bahrain an airport of choice become a major freight hu 
temabonaJ airport has one of be able to handle 10 million to an increasing number of for the Gulf. By 1996, tfc 
the most modem and effi- passengers a year, which air- airlines,” says Ibrahim Ab- airport expects to hand) 
cient terminals in the Middle port planners believe will be dulla Al-Hamncr, assistant 100,000 tons of cargo a yea 
“- st - sufficient to meet anticipat- undersecretary for civil avia- more than double its 198 

A terminal was built adja- ed traffic levels. tion. In the last three years, total. Bahrain Airport Sei 

cent to the existing one so as more than 20 airlines have vices can currently hand! 

to cause minimum disrup- More airlines started operating in Bahrain, 60,000 tons of freight a yea 

non during construction. There has been a steady bringing the total to over 37 of which 36.000 tons is ft 
The two have now been growth in transit passengers, scheduled airlines flying to transshipment. The expat 
joined together, with in- who numbered 1.2 million 70 destinations. Last year, sion plan will double its a 
creased facilities for both last year out of a total of just there were 51.529 aircraft pacitv. 



over 3 million. This has con- 
firmed Bahrain’s role as the 
leading hub for the Middle 
East and the Asian sub-con- 
tinent. “The extensive port- 
folio of regional services 
and destinations and 
Bahrain's proximity to key 
markets and population cen- 
ters combine to make 
Bahrain an airport of choice 
to an increasing number of 
airlines,” says Ibrahim Ab- 
dulla Al-Harancr, assistant 
undersecretary for civil avia- 
tion. In the last three years, 
more than 20 airlines have 
started operating in Bahrain, 
bringing the total to over 37 
scheduled airlines flying to 
70 destinations. Last year, 
there were 51.529 aircraft 


movements. Twelve Middle 
East Airlines, including the 
Bahrain-based Gulf Air, 
serve about two dozen re- 
gional destinations. 

A second expansion phase 
costing $18 million is get- 
ting under way. This will 
improve cargo handling fa- 
cilities as Bahrain sets out to 
become a major freight hub 
for the Gulf. By 1996, the 
airport expects to handle 

1 00.000 tons of cargo a year, 
more than double its 1989 
total. Bahrain Airport Ser- 
vices can currently handle 

60.000 tons of freight a year, 
of which 36.000 tons is for 
transshipment The expan- 
sion plan will double its ca- 
pacity’. 


to# y&0#* ** 


Banks Offer Customers New Deals 

New sorts of umbrella funds are part of increased activity - and profits - of commercial banks. 


)3ince the start of the year 
there has been a steady rise 
in the consolidated assets of 
the commercial banks in 
Bahrain. This stood at 3.9 
billion Bahraini dinars 
($10.3 billion) at the end of 
last June, compared with 3.1 
billion dinars in January, ac- 
cording to the Bahrain Mon- 
etary Agency. The growth 
reflects the increased activi- 
ty of the 21 commercial and 
investment banks. 

The commercial banks 
have been adopting a more 
aggressive policy in chasing 1 
new customers by offering a 
greater choice of savings 
and investment plans. At die 
beginning of December, Al- 
Ahli Commercial Bank, 
which is wholly owned by 
Bahrainis, launched a new 
investment scheme in con- 
junction with Gartmore 
Fund Internal Ltd. of 
Britain. 

Global rewards 
Michael Fuller, chief execu- 
tive officer of Al-Ahli, said 
at the launch: “We feel local 
investors are ready for an in- 
vestment scheme that offers 
the opportunity to gain re- 
wards from worldwide bond 
and equity markets with the 
convenience of dealing with 
trusted banks.” 

Tim Jackson, of Gart- 
more, said that local in- 
vestors with a minimum of 
$10,000 would now have ac- 
cess to Gartmore’ s Capital 
Strategy Fund, one of the 
world’s First multiasset- 
based umbrella funds. 

Last year, Al-Ahli suc- 
cessfully opened a $20 mil- 
lion Guaranteed Fund in 
conjunction with E.D. & F. 
Man, of the United States, 
which was fully subscribed 
within the launch period. 

Al-Ahli’s preliminary 
half-yearly Figures have 
shown a rise in net profit 
from 1-5 million Bahraini di- 
nars to 2 million dinars. Net 
profit for 1993 was 9.6 mil- 
lion dinars, compared with 
5.4 million dinars in 1992. 

Western links 

Major changes have been 
taking place at the Arab 
Banking Corp. Last month. 
Sheikh Khalid Ah Alturici 
was confirmed as chamnan 
of ABC International Bank, 
which is now registered as a 
bank in London. This fol- 
lows the resignation of Ab- 
dulla Ammar Saudi, who 
had helped to build ABC 

into one of die largest banks 


in the Arab world. Sheikh 
Khalid, who was managing 
director of Riyad Bank, has 
been a main board director 
of ABC since 1992. He rep- 
resents a group of new Gulf 
shareholders who subscribed 
a $250-million capital in- 
crease, bringing ABCs total 
to $1 billion in 1990. 

The changes were brought 
about to appease the U.S. 


Treasury over what it saw as 
Libyan connections because 
of the nationality of the out- 
going chairman of ABC In- 
ternational Bank. 

Abdulmagid A.Breish. 

f eneral manager, says 
heikh Khalid’s appoint- 
ment reaffirms the bank’s 
international position. 

He adds: "Our objectives 
include closer links with the 


ABC group's natural client 
base in Saudi Arabia and the 
Arab World generally." 

ABCTB hopes to play an 
important role in the devel- 
opment of Arab economies 
by acting as a financing 
bridge between its European 
client base and Arab govern- 
ments planning infrastruc- 
ture projects or the privatiza- 
tion of certain sectors. 


If you're thinking of 
investing in Bahrain 
we've got some 
extraordinary 
business connections 



“Bahrain" 

was produced in its entirety 
bv the Advertising Department of 
the haematiatial Herald Tribune. 
Writer: Michael Frenchman, 
a [jpndnn-htised specialist in 

Middle East uffmrs. 
Program director: 

Bill Mahder. 


If you're looking to set up business in 
the Middle East's premier investment 
location you couldn't ask for a better 
business ally than BATELCO. Our 
telecommunications system is one of 
the most advanced in the worid and 
has always played a vital role in 
establishing Bahrain as the hub of 
trade and commercial activities in the 
region. BATE-CO's fuKy digitized 
network provides direct dial links 
around the globe. 

We play host to a range of modern 


telecommunication systems and 
services at prices that win please the 
most cost-conscious manager. In fact 
BATELCO can offer you the best value 
packaged rates in the whole of the 
Middle East, as wen as individually 
tailored ones to meet your company's 
particular requirements. 

To find out what BATELCO can do for 
your business, contact: international 
Sales, BATELCO, P.O. Box 14, 
Manama, Bahrain. Tel: (+973) 885151, 
Fax: (+973) 536999. 


Batelco 



A wefcome mat for new investors is 
befagroled out ty.ttjsQahrain Market- 
ing and Promotions Office. After a cam- 
paign lost year targeting the United 
.States, Bffope, Southwest Asia- and the 
.Pad to ftkn, ft received 'nun' than 4,600 
inquiries. In the last one and a half ■ 
years; mom than 138 foreign companies 
have chosen Bahrain as their Middle 
East corporate base. 

- ‘Our strategic location, with easy ac- 
cess to nearly IOO million resourceful 
and economically strong consumers in a 
virtaafty recession-free market, is oneof 
the most-often-dted reasons why com- 
panies have moved to Bahrain," says 
Habib Ahmed Kassim, minister of com- 
merce and agriculture and chairman of 
the Bahrain Marketing and Promotions 
Office.- . 

Foreign successes - 
Among 8» foreign companies that have 
come to Bahrain are AT&T, Morrison in- 
ternational, Digital Equipment Kimber- 
tey-Ciarke, Silicon Graphics and DHL. 

“We have a very balanced p ac kage of 
Incentives,’ says Sager Shahean, indus- 
trial development director of the Ministry 
of Development and Industry. *We Tty to 
help people right away. We can grant a 
license within a maximum of one week, 
and we w® help companies all fae way - 
from construction to production. We are 
like a family doctor to them.” 

Among (he incentives for foreign com- 
panies are: 

* No personal at corporation tax. 

* No exchange controls. 


tG^e<x»nvr>ut#^cmsi. 




.ifiree'years,; 




* Ser vicsd factpfy ahri warehouse 
tes. . 


•- ISO pei«- ! re^^^wr:wH^e 
for twtf years. . .\\.\-.\ ■■.=»• - 
•Up to mSWUnfM 
subsidy per Bahrakti emptoyee ; .: . ; ... ./ .V 
‘ 1 V- 
■ * -Extensive free-zonMacfttioQ'. . > ■ .. *. '> 
• Mature ^ 

♦GudJtyBfe^wtefcw’eaqiaft^toa. ■ 

Asked whet kfad 

investments toskfef for, -Mr./ 

Shaheen says: "Wq arer reafly tobkfag 
across -the board#* noW Investments--, 
in almost av^ry se«4^ Bu( , we wan t to 
concentrate on tire ertestowfiich we can/ 
be competitive*" ; yj ■'* . ; ' > ■' ;■ 

New projects ! 

He gives asroxampfes 'efumfotssri down-; , 
stream and secondary industries, 'Iieetth * 
cam services; pb®u?«Ma^cais,'dl.lands- : - 
of food processing, petrochemteafe and 
plastics, consumer, pfodtids, engineer- . 
fag, information techrratogy, <5stritHitipn 

and tourism. ' / /.*• 

“New industrial projectsare poGtiWf , 


if, . ? * 'if-- ! . 


Duty Free Becomes Trouble-Free 

In a modernized complex, air passengers can choose from 35.000 items on display. 


X ransit passengers visiting the newly 
reopened duty free complex at the 
Bahrain international airport are in for 
a pleasant surprise. As part of the air- 
port modernization, the duty-free com- 
plex has been remodeled and extended, 
making it one of the most stylish out- 
lets of its kind in the Middle East. 

Passengers can choose among 
35,000 items on show at counters and 
in display units along the central walk- 
way through the complex. “We are en- 
couraging passengers to 'walk the 
shop,'" says John Sutcliffe, general 
manager, who has revolutionized duty- 
free shopping at the airport since his ar- 
rival from Moscow more than two 
years ago. 

The duty-free area on the mezzanine 
floor is long and narrow, with escala- 


tors at one end and the refurbished 
restaurant at the other. The basic design 
is open-plan, and the layout exposes 
passengers to a range of products - 
beverages, tobacco, perfumes, gold and 
electronics - as they pass along the 
walkway. 

Stock of CDs 

New products include toys, fashion, 
sporting goods, lug g age and leather 
goods, crystal and china. At the music 
center, which stocks over 5,000 CDs, 
customers can listen to the CDs or 
tapes before purchasing. The disco-tike 
lighting gives it atmosphere and makes 
it a unique facility in the Gulf. The 
decor in other parts of the complex has 
been changed to create a restful envi- 
ronment for shoppers. 


Last year, customers spent more than 
$28 million, and Mr. Sutcliffe expects 
sales to pass the $35 million marie by 
the end of this year. 

A new arrivals shop was also built 
this year. “It was officially opened last 
September and now accounts for 9 per- 
cent of all our sales,'* says Mr. Sut- 
cliffe. 

One innovation is a preorder system 
for both departing and arriving passen- 
gers. Customers can telephone and pay 
for orders in advance. “This enables us 
to offer a wide range of bulky products, 
such as suitcases and sports goods, 
which can be collected either on depar- 
ture or arrival,” says Mr Sutcliffe. “It 
saves carrying the goods on board, and 
when collected on arrival, they can be 
carried straight to the car or taxi.” 


Bahrain Duty Free. Another festive wonder. 






96 


9 


I* 





BAH8A1M DUTY FREE 


Highly commended at this year's Thx Free World 
Awards In Cannes and the recipient of the 1994 
Gulf-Africa Merit of Distinction Award for the most 
distinctive ietatier in the Middle East what else can we 
say about the newly expanded Bahrain Duty Free. 
Except that you can choose from over 35,000 top 


quality items, all at amongst the lowest prices in the 
world with the friendliest of service. And thafs not to 
mention our Arrivals Shop, pre-order service, car draw 
or our new shopping voucher scheme. 

Don't miss out Visit the wonder called Rahxair. 
Dutyfree. 


For Customer Services and Pre-order please call (+973) 321330. 










Go-Karting: A Serious Sport for Serious Drivers . 


By Brad Spurgeon 

IrdcmaicnaJ Herald Tribune 

PARIS — Go-karting may be 
a pastime for kids on summer 
holidays, but many of the 
world's best automobile racers, 
including a few in retirement, 
think it's a serious sport for 
men. 

The second annual Elf Mas- 
ter Karting Indoor, to be held 
this weekend in the Palais Om- 
nisports de Paris Bercy, will in- 
volve two days of racing that 
will separate the men from the 
boys and pit many of the 
world's best drivers against one 
another in karts. 

Four-time Formula One 
world champion Alain Prost, 
having come out of retirement 
to defend the title he won in 
1993, will be racing 74 other 
drivers from 15 countries. 

Among the 25 drivers from 
Formula One mil be Rubens 
Barrichello and Christian Fitti- 
paldi of Brazil, Johnny Herbert 
and David Gouilhard of Brit- 
ain, JJ. Lehto of Finland, Da- 
vid Brabham of Australia, 
Gianni MorbideQi and Pier- 
Luigi Martini of Italy, and Hi- 
deJoNoda of Japan. 

The oldest man on the grid 
will be France’s Philippe AHiot, 
40, who has raced in Formula 
One and the 24 Hours of Le 
Mans. Also from Le Mans are 
the two-time champion Yan- 


nick Dalmas and the 1993 vic- 
tor Eric Hilary, both of France. 

There wffl be a few Indy rar 
drivers, including the 1994 
rookie of the year, Jacques 
Vllleneuve of Canada, whose 
father Gilles, raced against 
Prost in Formula One nearly a 
generation ago. 

While last year’s high point 
was the Prost-Ayrton Senna 
dual, this year Prost will have to 
defend his title against Michael 
Schumacher, the reigning For- 
mula One world champion, 
who is 14 years Prosfs junior. 

Billed as a battle of the gener- 
ations, the weekend will put the 
more established drivers on the 
track against the 16- to 20-year- 
old upstarts from the interna- 
tional karting world, such as the 
1993 world champion David 
Terrien of France, and the 1994 
international Formula 3000 
champion Jean -Chris top he 
“Jules” Boullion of France. 

Do the old guys take it seri- 
ously? 

Prost, 39, who was this week 
made an Officer of the Order of 
the British Empire, has been 


spotted in recent months, with 
Alliot, makbig surprise visits to 
tracks around Pans to drive in 
kart races. 

“I want to be up to the level 
of the younger drivers who 
practice karting regularly, like 
Schumacher,” said Frost “And 
I would hate to go to this for 
nothing.” 

Prost might be wary of Schu- 
macher, but Schumacher has 
his own generational worries. 
His younger brother, Ralf, a 
driver in German Formula 3, 
has been invited to Bercy, too. 

Many drivers, Including the 
Schumachers, have an advan- 
tage over the others: Their par- 
ents all operate public karting 
tracks and they grew up with 
(he Sport 

Karting is the recognized 
training ground for future 
champions. In today's Formula 
One, the number of drivers who 
did not come up by way of 
karting are in the minority. Sen- 
na had his own track, and 10 
karts, at home on his estate in 
Brazil even while he was at the 
top of Formula One. Schu- 


Races to Be Televised and on Radio 

The races will be televised live on Eurosport International for 
2Vi hours Saturday, starting at 1930 GMT, and for two hourson 
Sunday, starting at 1400 GMT. They will also be telecast on TF1, 
France Television and Paris Premiere, and broadcast on radio by 
R.T.L., France Inter and Europe 1. 


macher started driving karts at 
age 4. 

The races take place on a 
600-meter track. Unlike For- 
mula One cars, the karts are all. 
equal, each having a lOOcc mo- 
tor that can push it to speeds of 
about 130 kilometers per hour 
(80 miles per hour). 

One driver who must hav_ 
decided that Schumacher’s ad- 
vantage would be too great, or 
who didn't care to categorized 
as a boy or a man, is Damon 
HilL • 

The runner-up for this year’s 
controversial Formula One ti-- 
tie, he had been practicing for 
months on a kart given to him 
by Philippe StretffT the former 
Formula One driver who con- 
ceived and organized the Bercy 
event. Strciff was paralyzed 
from the waist down % an acci- 
dent during practice for the 
1989 Brazilian Grand Prix, but 
his passion for racing remained. 

Hill is one of the few Formu- 
la One drivers who did not cut 
his teeth on karting, and he did 
not do well at Bercy last year. 

Furtheimore, practice had not 
made him perfect, so at the last 
minute Hul pulled oat of this 
weekend's races. That removed 
one opponent from Schu- 
macher's path toward proving 
that he is reaDy the king of the 

start, may prove otherwise. Alain Prost with Aiyton Senna m the frits in 




P' 


Faldo Discounts Prospects 
For Planned World Golf Tour 


Compiled by Our Staff From Dispatches 

MONTEGO BAY, Jamaica 
— The question didn’t catch 
Nick Faldo by surprise, but his 
reply will certainly shake up a 
few people in the headquarters 
of the World Golf Tour. 

Faldo, asked what he thought 
of the upstart tour that is trying 
to lure the top 30 players in the 
world for a S2S million series 
that would begin play in 1995, 
shrugged his shoulders and tart- 
lv replied: “What Worid Tour? 
It isn’t going to happen." 

Faldo, the No. 3 player in the 
Sony World Rankin gs, said 
Wednesday that he received his 
first correspondence from the 
World Golf Tour on Monday 
when he arrived at the Tryall 
Resort for this week's Johnnie 
Walker Worid Championship. 
He said someone slid a contract 
under the door of his villa, and 
he added that he has yet to 
speak face-to-face to any of the 
principals. 

“The organizers haven’t spo- 
ken to me at alL" Faldo said. "I 
think it would have made a big- 
ger impact if they had been able 
to turn around and say, ‘We’ve 
got the support of 20 players,’ 
but they never really spoke to 
anybody that I know of. 

“At the moment, I don’t 
think it will happen. Not (he 
way it’s been proposed.” 

Greg Norman, who is the 


point man for the World Golf 
Tour, is back home in Hobe 
Sound, Florida, having de- 
clined — for the second straight 
year — to accept an invitation 
to this S2.5 milli on year-end bo- 
nanza. 

While Nick Price and some 
of the other top players have 
embraced the concept, only 
Norman has openly committed 
to it The PGA Tour commis- 
sioner, Tim Finchem, has 
threatened to suspend any play- 
er who chooses to play in a 
World Tour that conflicts with 
the American tour._ 

“It looks very good,” said 
Scve Ballesteros, winner of 
three British Opens, two U.S. 
Masters and more than 60 tour- 
naments around the worid. “It's 
one of the things most of the 
top players have been waiting 
for. The problem now is how it 
can adjust to the other tours. 
That’s going to be a little diffi- 
cult. Let’s wait and see what 
happens.” 

Price, who reached the No. 1 
ranking by winning the British 
Open, the U.S. PGA Champi- 
onship and four U.S. PGA Tour 
events, said, he'd like to see it 
happen. 

“There’s room for it,” said 
Price, Norman’s close friend. 
“It's just a question of both 
tours trying to woric together 
and get something done here. I 


didn't think someone would put 
$25 milli on into an right-tour- 
nament tour. 

“If the money is out there, 
we’ve really gpt to try to accom- 
modate it somehow without 
sacrificing the tour either way,” 
he said. “There's got to be com- 
mon ground somewhere." 

John Montgomery Jr., the ex- 
ecutive director of the Worid 
Golf Tour, has been working 
the practice range and hotel 
lobby at Tryall, trying to enlist 
player support But he won't get 
any from Faldo, who decided in 
September to play full-time on 
the PGA Tour in 1995. 

It isn't that Faldo, 37, has 
anything against the concept of 
the best players in the worid 
playing one another more often. 
It is simply that it doesn’t fit 
into his plans. 

To Faldo, the most impor- 
tant thing in golf has always 
been major titles, and he lacks 
two essential entries on his it- 
sum6: the U.S. Open and the 
PGA Championship. It is part- 
ly a desire to rectify that that 
will bring him to the United 
Suites to play full-time begin- 
ning next month. 

“I haven’t got tune to go 
rushing around the world next 
year,” Faldo said. “My whole 
idea for going to America was 
to travel less,” 

(NYT, AP, Reuters) 


SIDELINES 


SCOREBOARD 


10 AS Roma Supporters Arrested 

ROME (AP) — Ten supporters of AS Roma, five of them 
members of a right-wing extremist group, were arrested Thursday 
in connection with Italy’s most violent soccer riots this season. 

TWo police officers, including the deputy police chief, were 
seriously injured and another 15 policemen and fans were hurt 
during fights in and around the stadium in Brescia on Nov. 20. 
Eight persons were arrested earlier. 

• Maurizio Gaudino, a member of Germany’s World Cup team, 
was arrested in Munich on suspicion of dealing in stolen goods, 
authorities said. Ulrich Dietz, the Mannheim prosecutor in charge 
of combating organized crime, said he could “neither deny nor 
confirm” that Gaudino was suspected erf dealing in stolen cars. 

The 28-year-old midfielder and two other players were suspend- 
ed last week by Eintracht Frankfurt following a dispute with the 
dub’s coach, Jupp Heynckes. 

FENA Suspends Head of Medical Unit 

LOS ANGELES (LAT) — Alan Richardson, chairman of its 
medical commission, has been suspended by FINA for giving 
reporters information about the results of the drug tests involving 
Chinese swimmers. 

Gunnar Werner, FDMA’s secretary general, rebuked Richard- 
son last month for confirming reports that world champion Yang 
Aihua had tested positive for the male hormone testosterone. 

For the Record 

Two slaloms will be run at Lech am Arlberg, Austria, on Dec. 20 
and 21 and a giant slalom at Alta Badia, Italy, on Dec. 23 to make 
up for postponed races, FIS said. (Reuters) 

The Aga Khan said he was ending four years of self-imposed 
exile from British horse racing after the Jockey Club announced it 
was changing its drug testing procedures. (IHT) 

Don Nelson, coach of the Golden State Warriors, was hospital- 
ized with viral pneumonia; it was not known when he could return 
to the team. (A Pi 

Diego Maradona, who last week quit as coach of Mandiyu with 
a 1-11 record, said he had agreed to become coach of the 
Argentine team Racing Club. (Reuters} 

Brace McNafl, who as owner of the Kings lured Wayne Gretzky 
to Los Angeles, pleaded guilty in U.S. District Court to four 
criminal counts stemming from a federal bank fraud investiga- 
tion; July 6 was tentatively set as the sentencing date. (LA T) 




NBA Standings 


EASTERN CONFERENCE 
Aflanfle Division 



W L 

Pd 

GB 

Crlsndo 

14 4 

JOO 

— 

New York 

11 7 

All 

4 

Boston 

7 12 

A27 

Tfi 

Phitadetpftta 

B 12 

M 

s 

New Jersey 

9 14 

J91 

8W 

Wtahirrston 

4 11 

J53 

8W 

Miami 

5 13 

J78 

10 


Central Dfvlstaa 



Indtanc 

13 4 

484 

— 

Qeveland 

13 8 

419 

1 

Chcriotte 

11 7 


2V* 

OiIcobo 

10 7 

J26 

3 

Atlanta 

9 12 

JtB 

5 

Detroit 

8 12 

JOO 

5Vj 

Milwaukee 

7 13 

J» 

Aik 


WESTERN CONFERENCE 
Midwest Division 



W L 

Pd 

GB 

Houston 

13 4 

JJ0A 

— 

Utah 

13 8 

A17 

1 

Denver 

10 3 

J54 

2W 

Dallas 

7 8 

SB 

3 

SanArlanta 

TO 7 

524 

3 

Minnesota 

3 17 

.150 

10W 


Pacific DMstan 



Phoenix 

IS 5 

jsa 

— 

LJL Lexers 

12 7 

632 

To 

Seattle 

12 7 

632 

Tn 

Socrcmenlo 

ii a 

ST9 

3 

Portland 

10 a 

35b 

4 

Gclden Stale 

8 12 

JOO 

7 

LA. Clippers 

2 78 

.100 

U 

WEDNESDAY’S RESULTS 


ClevelmMl 

31 13 33 20 

8 

11— M 

New Jersey 

15 » 24 17 

a 

4-80 


C: Hill 7-M 3-3 l7.Jo.WimomsM72.53B; N: 
Coleman 8-17 Ml 36. Anderson S-U 3-2 14, 
Rebounds— aevotand S7 IHin. Jawimams 
III. New Jersey 55 (Coleman 15). Assists— 
Cleveland 20 (Brandon 10). New Jersey 28 
(Anderson 12). 

Denver B M IS JB— 74 

Orlando 34 31 24 27—120 

D: Poe* MH 12. Staler *-W H0 Ml O: 
O'Neal 10-17 u 24, Bowie 10-15 1-1 21. Re- 
bound*— Denver 53 [Wl morns 0), Orlando 52 
(Averrt ID. Assists— Denver IP (Rose 0). Or- 
(undo 35 (Shew P). 

Charlotte 32 a 21 24— W* 

Detroit IS 20 32 22 — 93 

C: Hawkins 7-133-4 1& Beeves B-17M 18; D: 
HIM MS 3-4 21, Addison fi-io aa Ti Reboun ds 
Charlotte 57 (Mournlno 13), Detroit 40 (West 
17). Assists-Chartotte 23 (BoeuesO). Detroit 
22 lOumars P). 

Atlanta 23 27 14 31— tf 

Indiana 15 27 22 M— SI 


A: Bhty lode 8-143-4 23, Norman 6-10 0-0 13; I : 
Matey 4-10 4-4 12. Miller «M 12. Rebounds— 
Atlanta 37 ( Blaylock. Corbin 5), Indiana 54 
(OLDavts. Jackson 10). AesHtt— Atlanta 15 
(Naytode 5), Indiana IT LMCkson 3). 

UM 23 21 31 IS— 113 

Mbaemta 24 n 22 is- n 

U: Malone 15-221-231. Haraacek Ml 1-210; 
M: Rider 7-14 M0 24, Loettner 5-12 5-5 14. 
Redounds — Utah 43 (Seencar W)» Minnesota 
38 (Roots 7). Assists— Utah 30 (Stadcnn 14). 
Minnesota 25 (Garland ». 

PUtodeMta 20 n 34 2 %-H 

Milwaukee 25 23 N 20-77 

P: Burton 8-14 7-13 28, WrtoM 8-1234 19; M: 
Robinson 12-23 M 32, Mayberry 6-13 1-2 IE 
ffeh m mdi- PMtodetanfa 57 (Waattierwaan 
151. Milwaukee 42 (Lister 13). AHMe— PINto- 
detoMa 20 (Bara Ik Milwaukee 23 (May- 
berry 4). 

Bashes 22 U 27 25-110 

San Antoato - 41 23 25 33— m, 

B: WWdraltP224427,Stramrw-11542S; 5: r 
Robinson tl-14 10-1232, Del Negib 10-12 5425. 
RtbAeads— Boston 40 (Mantras 7). San Ante- 
Mo 54 (Rodman Robinson ll). Assists— Bas- 
tan31 (Wesley 8),San Antonio 2t r Johnson 3). 
Seattle 15 3t 25 21— 93 

Phoenix 27 27 Sf 2P-1I1 

5: Kemp 5-12 5-4 1& Payton 3-17 0-0 14; P: 
Barkley 4-)2 44 2b Person M5 1-2 24. Re- 
bounds— Seattle M (Kemp 14), Phoenix 42 
(Green 12). Asslsls-Seattle 27 (Payton 4), 
Phoenix 38 (Perry 13). 

LJL Clippers 18 14 It 2P- 73 

Portland 30 28 34 37-121 

L: Deber*4-T21-t 17. LMurray 4-1408 7;P: 
J.Rcblnson 8-12 0-0 21. CRuWiwon 6-13 M Ut 
RtiKHmdi — L~A.Cnppar3 39 (VOusht 8), Port- 
land 77 (Dudley 28). Assists — 1— A. Clippers 17 
(Richardson 7, Portland 27 (Kntoht I). 


Top 25 College Results 

How ton 25 trams UTbe Associated Press' 
man's couew basketball soli fared Wednes- 
day: 

S, Massachusetts (4-1 > beat Princeton met/. 
Next: vs- Western Kentucky. Saturday. 

14. Osorula Tech tfrO) beat Georgia 84-78. 
Next: vs. Loutovlile at the Gsmsta Dome, 
Saturday. 

Wisconsin (5-11 beat Wisconsfn-MIlMu- 
kee 90-44. Next: vs. Loyola Morymourrt, Fri- 
day. Dec. 23. 


Other Major College Scores 


SOUTHWEST 
McNeese St. St Lamar «- 
5W Texas St. 74, Phillips 44 
PAR WEST 

Montana P9, S. Oregon 75 
Wyosnlna Ml. W es t er n StXoto. 78. 


SOCCER 


" EUROPEAN CHAMPIONSHIP 
QUALIFY! HO .. 
Wednesday’s Rosetta- 
Israel l, Romania l 

Scorers: Israel — Ramie Rose n thal (83d 
minute); Romania— Marius Loadus MTfli). 
Aibtade teeWgta l 
Scorer: Chota Arvetadze (171ti). 

Montana A Oern xu r 2. 

Scorers: tilt Kirsten (4th), Juraon KHns- 
manh (38th), Lamar Matthaus DM). 

Pietaqd 4, San Marino 1 . : 
Scorers: Rntand — Mlko-Mattt Paate- 
labwn U4ifa, 30A, nth. TOMi); San Marino— 
Domenico Della vaUo (Mth). 

Turkey 1, Switzerland 2 . 
Scorers; Turkey. — Recap Cel hi (40th>; 
Sw H mrimd— Marcel Krtler (7tt), Thomas 
Bfcftef (istb). 

Meta A Norway I 
Scorer; Jon Aage Fioertaa (lMtd.. 

NeftMriamfc 5, Lunwhom I A, 
Saxon: Yourt Muhtar (6th). Bryan Rov 
(14th). Wlm Jot* (3Pth). Ronald 4e Baer 
(Slit), aarance Seedarf noth). tf : 

. Wales AMporta 3 
Sauers: TrHon' Ivam (5R0. Emir Kusta- 

dmov nan). Hr«o smcMov tsnn. 

ITALIAN CUP 
Quarterfinal, Second Lea. 

Napoli 1# Lazio 2 

(Unto win 3-1 on apgrepataj 

Roma X JiiyenhB 1 • 

(juventus win 4=3 an amrepotaJ . 


CRICKET 


WORLD SERIES CUP ONE DAY MATCH 
Bflstadw. Zimbabwe 
Tkerator, te Sydney 

Zimbabwe liwiFnas: 209 (all out, 473 avers) 
. England fmrinw; 1P2 (all put- 47.1 overs) 
Result; Zimbabwe wan by W runs, 
MANDELA TROPHY ONE DAY MATCH 
Sri Lnako vs. South Attica 
Thursday, In Btaa mf onta ln , South Africa 
5f1 Lanka ImlntBi 2244 (58 overs) 


EAST 

DePflul Tt, Maine 43 

SOUTH 

Auburn TX Troy St. 71 
SW LouNtow 77, Louisiana ColL 72 
MIDWEST 

EvoasvIHo 11X South Alabama 44 



FOOTBALL 

National FnettaM Leone 
BUFFALO— Stoned Alex Van Pett,auori*f- 
bock, to their practice eauad. 


1 YOMEN 

L-, 

it - 

tn 

ONNkhwEdlliMl 


ROBOK 

L_ 

niDi 

~n 



GURTED 


ZLZ C 

Lu 




L - u — t,— vl ■ 1 mm mnoi n efeitad Mm a 
1(1/ Men 0m eiptae e w w et tt py- 
—4 — 1 giaoabyeiMmanoan. 

■ ehd»ciiix] 

(Xi uM fimmcoow) 

Juraor CEASE TRYST UNLAE WISDOM 
bwone Bw — A 

For 

investment 
information 

Read 

the MONEY REPORT 

every Saturday 
in the IHT 






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Pinelnveil« 


SPORTS 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, DECEMBER 16, 1994 


Page 21 


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U.S. Agency 
Backs Players 

By Claire Smith 

. RYE m 

owners have y«w 

£?" a setback at the bargaining table 
for the second uccl? , 

3* JJETT™ 1 1135 «ded 

55“ s C Jdn S Payers as the four-month- 
old labor war escalated. 

whS 6 th^S Ve T n P 1 !. aclion came 

BttSl Sms 01 ?? 1 Labor Relations 
«»rd informed the 28 clubs and the 

=- Jtt-ftr «•«. -b«m 

S SI 1 ” “ a complaint 
IgbOT comfied the players' strike, en- 

rSS!,^. C .“5? 1 lo request that the 
Pganment of Immigration and Natu- 
rateauon deny visas to any non-citizen 
who would come into the United States 
to work as a replacement player. 

asJw?* 1 '*® a f tion ’ initiated by the 
general counsel, Fred Fein- 
Swui, resulted from the agency’s investi- 
82“™° char « es of unfair labor prac- 

fi£5 fiSi.*?? 5 x>n . lained “ a complaint 
ffled by the Major League Baseball Play- 
ers Association on Sept. 7. 

The players filed the comp lain t after 
the owners decided not to make a S7 8 
mfflion payment to the players' health 
an d benefit fund. The contribution, ex- 
pected Aug. 1, did not come even though 
the players had participated three weeks 
earner m the All-Star Game, an event 
that traditionally generates funds for the 
pension plan. 

According to Dan Silve rman^ the 
New York regional director of the 
NLRB, the complaint alleges violation 
of two different sections of labor law: 
first, whether the employer hnrgainwrt 
improperly by failure to make payment; 
and second, whether the employer with- 
held the payment because employees 
were engaged in a strike. The players 
had announced their strike date of Aug. 

12 before the owners’ decision not to 
make the fund contribution. 

Asked if the NLRB decision would 
affect collective bargaining, or what 
there is of it, Charles O’Connor, the 


Baseball Owners Expected to Vote to Impose Salary Cap 




Dm Enrarrt/Agmce Fnw-Pitw 

John Harrington of the Boston Red Sox, left, and Jerry McMorris of the Colorado Rockies, with the mediator 
Wnfiam Usery between them, after talks with the players’ negotiators were broken off in Rye Brook, New York- 


general counsel for the owners' Player 
Relations Committee, said: “1 believe it 
should have none. The central purpose 
of our negotiating committee is to arrive 
at a collective bargaining agreement.'* 

Union officials, naturally, disagreed 
with O’Connof s assessment. 

“It’s an accusation lodged by the 
United States government, by the agen- 
cy charged with policing our country’s 
labor laws, that the dubs violated feder- 
al law during the course of this bargain- 


ing,*’ said Lauren Rich, a lawyer with 
the union who used to work for Lhe 
NLRB. “If they have not been bargain- 
ing in good faith during this negotiation, 
the implementation will be illegal. And 
there mil be consequences, inclu ding, 
perhaps, very serious damages. So 
Chuck can minimize it, but 1 wouldn't.” 

Feinstein, recognizing that his agency 
is marching into a larger conflagration, 
said in a statement: U I recognize that the 
parties are engaged in negotiations in an 


effort to conclude a new collective bar- 
gaining agreement and bring an end to 
the strike. Their contractual dispute will 
not be settled by the National Labor 
Relations Board, but must be settled by 
the parties themselves. I encourage them 
to use every effort to do so.” 

The agency will give the owners a few 
days to deride how to respond to the 
complaint. The owners can reach a set- 
tlement with (he players, or opt for a 
bearing on the matter. 


By Mark Maske 
Wahwgu* Post Se**sce 

RYE BROOK, New York — 
With major league baseball's la- 
bor talks broken down again, 
the way has been paved for the 
game’s doomsday scenario to 
be played out: The team owners 
were to begin meeting at 2 PJd. 
Thursday in Chicago with plans 
to declare an impasse in negoti- 
ations and impose a salary cap. 

The players have vowed to 
continue what is now a four- 
month -old strike if a salary cap 
is put in place. Management 
representatives reiterated 
Wednesday that they plan to 
begin the 1995 season with 
teams of replacement players if 
the strike is continuing. 

The two rides’ attentions be- 
gan turning from negotiation to 
litigation, with the National La- 
bor Relations Board informing 
the 28 dubs and the union earli- 
er Wednesday that, absent a 
settlement, it intended to issue a 
complaint against the owners 
for what it said was improperly 
withholding a S7.8 milb on pay- 
ment to the players’ pension 
fund in August. 

After five days of discus- 
sions, the talks were broken off 
Wednesday evening when a se- 
ries of suggestions made by the 
players were followed by man- 
agement’s declaration that a 
new proposal had bees expect- 
ed from the union but had not 
been received. 

“The union has refused to 
make any proposal on (he criti- 
cal issue of linking player costs 
to gross revenue,” said John 
Harrington of the Boston Red 
Sox, who is chairman of the 
owners* six-member bargaining 
committee. 

The committee flew to Chica- 
go on Wednesday night, leaving 
little doubt its members would 
urge the rest of the owners to 
declare an impasse and impose 
a salary cap. 


“We will be making a recom- 
mendation along that line,” 
Harrington said. 

The implementation of a sal- 
ary cap will require a “yes” vote 
from 21 of the 28 major league 
owners. 

The Baltimore Orioles’ ma- 
jority owner, Peter Angelos, has 
told associates that he will vote 
against implementation of the 
salary cap, but he almost cer- 
tainly won’t be able to enlist 
enough support to keep the 
measure from passing. 

The union would challenge 
such a move as early as Friday, 
asking the National Labor Re- 
lations Board to seek an injunc- 
tion in federal court on grounds 
that there is no impasse and 
that owners haven’t bargained 
in good faith. 

Referring in part to next 
Tuesday, the deadline for major 
league teams to tender con- 
tracts to players for the 1995 
season, tne Atlanta Braves’ 
president, Stan Kasten, said. 
“The calendar is what it is. and 
there’s nothing we can do. We 
have to get on with our busi- 
ness. We need to prepare for 
1995. 

“My goodness, it's Dec. 14. 
We need to sell tickets. We need 
to sell advertising. We need 
players.” 

Said the union chief, Donald 
Fehr. “Try as we might, it be- 
comes apparent that, at least for 
now, there’s no agreement to be 
found. The thing s the players 
were willing to do did not add 
up to enough, I guess, because 
they did not add up lo a cap ” 

At the meetings here, the 
union presented a “partner- 
ship” proposal on Saturday that 
included a 5 percent flat tax on 
dubs' player payrolls. The own- 
ers responded with a counter- 
proposal Sunday that incorpo- 
rated many of the players’ 
cooperative-venture sugges- 


tions, but included a complex 
taxation system that union offi- 
cials considered a dressed -up 
salary cap. On Tuesday, the two 
sides discussed possible modifi- 
cations to the owners’ tax plan, 
and the players came up with a 
series of suggestions Wednes- 
day. 

According to Fehr, the own- 
ers had indicated in meetings 
that the salary arbitration sys- 
tem is unacceptable. So, Fehr 
said, the union offered to elimi- 
nate arbitration in exchange for 
the players being given earlier 
unrestricted free agency. 

But Kasten disputed that 
contention, saying: “That was 
not any meeting I was a part 
of.” 

William J. Usery, the former 
labor secretary enlisted by the 
White House to mediate the 
dispute, said he would not bow 
out of the process if the owners 
impose a salary cap. 

“That is a derision for the 
ownership to do.” Usery said. 
“Even if they implement, they 
still have to reach an agree- 
ment.” 

The players went on strike 
Aug. 12 to attempt to force the 
owners to negotiate a new col- 
lective bargaining agreement 
before they could reach the 
point of imposing a salary cap, 
but neither side has budged 
much on the issues. 

The system the owners plan 
to implement would limit the 
players to receiving 50 percent 
of the industiys total revenues 
as compensation. 

The arbitration system that 
has existed since 1974 would be 
eliminated, and players would 
become restricted free agents 
after four seasons of major 
league service. As with the cur- 
rent system, players would be- 
come unrestricted free agents 
after six seasons. 


The Best Remedy Would Be a Repeal 


INTERNATIONAL CLASSIFIED 


By Dave Anderson 

New Yofk Tines Service 

N EW YORK — The newest advice in 
baseball is the oldest advice in poh- 
7* tics: Write your senators and reprreenta- 
' lives. 

If you’re interested in seeing major 
league baseball the way it ought be instead 
of picket lines and replacement players, 
then you the: people should inform Con- 
gress that 

come’tor’lx 

to repeal the P 01 " 1 

antitrust ex- 
emption that this sport, and this sport 
alone, has enjoyed for most of the century. 

Throughout the labor dispute that has 
evolved into the likelihood that the club 
owners will impose a salary cap Thursday, 
the union has indicated that if the anti- 
trust exemption is repealed, it would end 
the strike and litigate its problems. 

But only Congress can end baseball's 
exemption from the antitrust laws. 

When the Supreme Court rqected Curt 
Flood’s bid for free agency in 1972, Justice 
Harry Blackmun described the exemption 
granted in 1922 by the Supreme Court as 
an “anomaly” and an “aberration.” 

“If there is any inconsistency or iBogic 
in all this,” Blackmon wrote in his opinion, 
“it is an inconsistency and illogic of long 
standing that is to be remedied by the 
Congress and not by this court” 

If ever a remedy were needed, it is now. 
On behalf of Florida’s sumptuous spring 
training economy, that state's two sena- 
tors, Connie Made, a Republican, and Bob 
Graham, a Democrat, have asked Senator 
Orrirt Hatch, Republican of Utah, for 
“speedy action on legislation applying the 
same laws of fair competition to baseball” 


that apply to pro football, pro basketball 
and pro hockey. 

“It’s not a level playing field, when own- 
ers have a remedy and the players do not 
have a comparable remedy enjoyed by 
other similarly situated athletes,” Mack 
and Graham wrote in their letter to Hatch, 
who is expected to be chairman of the 
Senate Judiciary Committee when Con- 
gress reconvenes early next month. 

But much more than Florida's economy 
is at stake now. Major league baseball as 
we know it is at stake. If the impasse 
continues into the season, if some players 
cross a picket Kne and others don’L if the 
proposed United League becomes a reali- 
ty, major league baseball might never be 
the same again. 

And if the L T mted League materializes, 
will it also inherit an antitrust exemption? 
If not, why not? 

How the new Congress wiB react is hard 
to say. Some members surely will equate a 


Informal’ Talks in NHL 

Washington Post Service 

WASHINGTON — National Hockey 
League management and players held an 
“informal” collective bargaining session 
Wednesday, a source familiar with the ne- 
gotiations said. It was so informal that 
neither NHL Commissioner Gary Bett- 
man nor NHL Flayers* Association Execu- 
tive Director Bob Goodenow was there. 

The source would not say what was 
discussed, where it was discussed or who 
discussed it. But, the source said, the same 
negotiators likely would meet again Thurs- 
day. Again, Goodenow and Bettman were 
not slated to attend, “but that could 
change,” according to the source. 


CROSSWORD 


repeal with an end lo the strike. Others 
surely will not want to interfere in base- 
ball's labor problems. Others will sneer, 
and rightly so, that Congress has many 
mare important issues to consider than 
how baseball should be governed. 

“Baseball's antitrust exemption should 
be done away with no matter what: base- 
ball should be under the same laws as any, 
other business,” said Bin B mining, a Re- 
publican from Kentucky who is Congress’ 
only right-hander with a career 224-184 
record. “At least its labor negotiations 
should be non-exempt from antitrust law.” 

T IME IS a FACTOR. When the anti- 
trust exemption was argued in Wash- 
ington during the early weeks of the strike, 
there wasn’t enough tune to do much. And 
with spring naming scheduled to open in 
the final week of Februaiy and the season 
to open on April 2, time is still short. 

Baseball lobbyists have argued that a 
repeal would damage the minor leagues, 
that if a major league club's control over a 
player were to be limited to four years 
instead of six years, it would lose its incen- 
tive to subsidize the minors. It’s an argu- 
ment that would charm legislators from 
almost every state. 

“Major league teams spend a total of 
$130 million on their minor league opera- 
tions,” said Stanley Brand, the vice presi- 
dent of the minor leagues' governing body. 
“Without that investment, the economic 
forecast for the minor leagues would be ' 
dire. It would eliminate 120 teams in the 
Class A and Rookie leagues.” 

But decades ago there were dozens of 
Class B, C and D leagues. The minors have 
survived without them. And whatever the 
future of the minors, the future of the big 
leagues is what’s at stake now. Write your 
senators and representatives. 


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Page 22 


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OBSERVER 


Let’s Go Shopping 


By Russell Baker 

N EW YORK — Don’t de- 
spair if your shopping list 
is infested with friends who care 
about politics. Just check out 
the Newt & Bill catalogue. 

What Harry and Dawd are to 
pear fanciers, what J- Peter man 

is to people who gorge on haber- 
dashery satire, what Bean and 
Bauer are to people crazy for the 
great slush/ outdoors — thats 
what Newt & Bill are to _ the 
political types on your gift list. 

For instance, ladies, there's 
that certain somebody — right? 
— who goes ail stany-eyed ev- 
ery time somebody says “spin 
doctor” or “Tippecanoe and 
Tyler too.” Loves politics, obvi- 
ously. But you don’t know if 
he's Democrat or Republican. 

Thanks to the bipartisan 
Newt-or-Biil wig, you don’t have 
to know. It looks exactly like the 
hair Newt and Bill both wear. 
You don’t have to know yam- 
guy’s politics when you give him 
his own personalized Newt-or- 
Bfll wig ($295.99) made of the 
miracle compound created by 
Du Pont especially for Newt’s 
and Bill’s own pate covers. (State 
hat size when ordering.) 

□ 

For Democratic friends who 
can't believe President Clinton 
is just another Republican 
moderate — and I have plenty 
of those — I recommend the 
new “Clinton Morpher.” Here’s 
how it will save suffering Dem- 
ocrats two years of misery: 

Remember the "morphing” 
technology that mean Republi- 
can advertising sharpies used in 
the campaign to make good-guy 
Democratic congressmen turn 
into Bad Guy Clinton on your a 
TV set? The “Clin ton Morpher" ' 
uses the same principle. 

Attach it to your TV set and 
— Abracadabra! — whenever 
Clinton appears on the screen 
he will slowly turn into Frank- 
lin D. Roosevelt right before 
your eyes. 

The Clinton Morpher costs 
$3,500, including the services of 


three electronics engineers with 
recent MIT degrees to install it 
Without this service: $29.95. 

For the kiddies, here's a real 
thrill from Political Toyland. A 
genuine styrene Capital Punish- 
ment Kit! Does anything de- 
light the adult heart quite as 


of seeing more capital punish- 
ment? Hey, grown-ups, how 
about sharing with the kids7 
Put a little grisly in their lives — 
give them this exciting toy. 

With minia ture electric chair, 
gallows, gas chamber and in- 
jectable lethal drugs, children 
not only leant which methods 
cost fewer taxpayer dollars, but 
also get real practice by execut- 
ing small insects found around 
the house. They’ll have a head 
start toward what promises to 
become a booming business. 

□ 

Speaking of crime and pun- 
ishment, how about this for that 
fun couple who have every- 
thing. They’ve had the Hawai- 
ian vacation. They’ve cruised all 
seven seas. Their feet killed 
them at the Parthenon and the 
Vatican. What to give them? 

The Newt & Bill catalogue 
has the answer: a 13-prison 
tour! With everybody just dy- 
ing to spend money to build 
more prisons, interest in these 
fascinating institutions has nev- 
er been higher. Yet how many 
of the Newt & Bill clientele 
know what they’re really like? 

Here’s your chance to make a 
prison-loving couple happy this 
Christmas: a custom-designed 
13 -prison tour. Available tours 
range from DeLuxe (three 
weeks, $14,000 a couple, two 
nights in solitary confinement at 
Leavenworth, an afternoon in an 
exercise yard for lifers, all meals 
in prison mess halls) to the El 
Cheapo (four days by bus, $119 
a person, outside-tho-walls-only 
views of 13 prisons within a 50- 
mile radius of bus station). 

New York Times Service 


Virtuoso: The Eclectic Dr. Billy Taylor 



By Mike Zwerin 

International Herald Tribune 

P ARIS — Billy Taylor is a fine 
muskaan with a doctorate who 
shows up on time. To those who crank 
out funding for the arts, he represents 
the best of all possible worlds — reli- 
able, respected by his pe 
“worthy” by the establis 
has been both bane and bit 

abaitytoswingcameiobcj 

sort of peripheral. 

Few jazzmen know how to function 
an ccjiqomir, political and verbal levels 
with so much virtuosity. Dr. Taylor’s 
CV is outrageously eclectic. Between 
those who play the power game period 
and all the creative souls struggling 
with day-to-day reality, music’s world- 
ly interests have been well defended by 
an Organization Man who was once 
the house pianist in Bir dl a n d. 

The 72-year-old good doctor was in 
Paris earlier this month IQ interview the 
ringer Dee Dee Bridgewater about her 
life here for the network television pro- 
gram “CBS Sunday Morning.” He has 
been a mnefcal journalist for this 90- 
minute TV for 14 years. He 

interviews, sometimes he plays. IBs re- 



Coruuar Kmb 


port cm Tony Bennett included a dis- 
cussion about painting; Taylor thinks 
Bennett paints as well as be sings. 

They had met more than 40 years 
ago between sets while working in 
neighboring Greenwich Village dabs. 
At the tune, neither was important 
enough to have a dressing room. They 
ordered coffee or went to bars togeth- 
er. Bennett was on the same bill as 
Pearl Bailey at the Greenwich 
fnn, Taylor accompanying for 
man Ha wkins at Caf& Society. Fabled 
downtown joints and names. New 
York was boogying uptown (Minton's 
Playhouse) and mid town (52d Street) 
as well These were mythic times in 
retrospect, our heros walking between 
dubs between sets. Taylor’s name was 
on marquees with Ben Webster, Stuff 
Smith, Machito and Slim Gaillard. 
Dizzy Gillespie’s big band at the 
Three Deuces. Billie Holiday and Les- 
ter Young toasting each other in the 
White Rose bar on Sixth Avenue. 

In 1951, Taylor received a long dis- 
tance phone call from the pianist AI 
Haig asking him to cover a rehearsal 
with Charlie Parker and Strings that 
afternoon. Afterwards, Taylor hung 


Journalist-jazzman Taylor: He interviews, sometimes he plays. 


. jat Bird- 
land with Bird *h«t night. This was 
Bebop Mean Hme. He played the rest 
of the week too. When Bud Powell did 
not appear as scheduled a few weeks 
later, the club’s manager called Taylor 
again and it led to what was basically 
an 18-month Broadway run. On slow 
nights, Taylor played friendly poker 
with owner Morris Levy, later to be 
accused of underworld connections, 
who liked jazz musicians. 

Taylor’s doctorate is in education 
from the University of Massachusetts, 
Amherst, where he still teaches. In 
addition to performing and compos- 
ing, he is an author, teacher, lecturer, 
actor, and radio and television person- 
ality. His compositions have been per- 
formed by vocal ensembles, jazz 
bands, string quartets, brass and 
woodwind ensembles and symphony 
orchestras. In May of this year he 
received honorary doctorates from Il- 
linois, Temple and Rutgers universi- 
ties. Once he formed a group with 
Charles Mingus. Nina Simone and 
Tito Puente recorded his songs. He 


traveled to Tokyo with New York City 
Mayor Ed Koch as part of a “sister 
city” cultural exchange. 

Down Beat magazine voted him 
into their Hall Of Fame. His “Jazz 
Alive!" series, carried bv 210 out of 
225 National Public Radio outlets for 
five years, was one of NPR’s most 
listened-to show's. Taylor was the 
founder and for 25 years the president 
of a subsidized outreach organization 
called “Jazzmobile” which produced 
free concerts and duties in deprived 
neighborhoods of New York City. 
The Atlanta Symphony Orchestra 
commissioned him to write a piece he 
titled “His Name Was Martin,” dedi- 
cated to the memory of Martin Luther 
King Jr. He will perform it next 
month with the Philadelphia Sympho- 
ny Orchestra. “Homage," his next al- 
bum. includes a piece commissioned 
by the Julliard String Quartet 

Wearing his journalist’s bat at a 
jaunty angle, he outlined the hook for 
his interview here: “We’ve lost Sarah 
Vaughan and Carmen McRae, so Dee 


Dee Bridgewater represents .the best of 
that tradition s till active. It struck me 
that she has had a special opportunity 
in France, partly because she’s taken 
her career in ber own hands but also 
because American record companies 

try to steCT someone who has had some 

success to do more or less the same 
*lting next time, around. Here she’s 
been aUowed to grow. With the kind of 
drive she has she could probably have 
done it m the States too, bu t for a 
variety of reasons the European audi- 
ence is more focused. It is still easier to 
develop artistically over here.”' 

Taylor estimates that . there are 
something like 36,000 student jazz en- 
sembles in the United States; from 
junior high school to postgraduate lev- 
els. They all owe him. But he has cut ' 
down on his organizational responsi- 
bilities and is pessnristie about arts 
funding over there: “I never really had 
enough patience to get through all of 
those meetings anyway. X did what 1 
could. During the six years that I was 
on the National Council for the Arts, 
subsidies allotted to jazz increased 
frtim $50,000 a year to over $1 million. 
The reason I’ve stopped ...” 

He slowed down, weighing his 
words: “I looked at the way Jesse 
Helms was able to disrupt the entire 
NEA [National Endowment for the 
Arts] try criticizing the federal govern- 
ment for riving so much money to 
‘pornographic’ art. When an individ- 
ual gets an NEA grant; that translates 
into future private and local grants. 
The NEA is a stamp of approval 
That’s the way the system works. So 
that when Helms made it seem that 
Washington was s u pporti n g ‘deca- 
dence,’ he threw a monkey wrench 
into tiie entire funding eyrie. Some 
people on the council agreed with 
Helms, many did not take the trouble 
to think it through, and a lot of them 
disagreed. The problem was, nobody 
seemed willing to take a stand. 

“Most of all, though, I just derided 
that I want to play more. I recently 
changed the personnel in my trio after 
29 years. The old guys are friends of 
mine but for me it was a kind a neces- 
sary process of renewal I want to 
grow, to keep doing what I’ve been 
doing but better and in new ways. Fm 
in a state of t ransi tion.” 


PEOPLE 



Retumei Acting Career 

After surviving a. bo ut with 
breast cancer, Olivia Newton- 
John, 4*. resumes her acting ca- 
reer Sunday, starring m a televi- 
sion movie with Gregory 
Harrison. “I really believe, that 
the experience of breast cancer,: 
or the life experience, because 
everybody has something that 
has happened to therm it s not 
what happens to you, if s how 
you deal with it and what you 
; gain out of it,” she said. . 

y.’. • □ ’ ’ • y. 

• J)r. WfflfomH. Masters, butt 
of die Masters and Johnson sot 
research re*" 1 ) is retiring. Mas- 
ters, who turns 79 on Dec. 27, ' 
plans to close the institute he 
confounded with his former 
wife, Vurima Johnson. “At my 
age, if s time to smell the roses a : 
little bit,” he said in St Louis.. 

■ □ / y. y_. 

Daimler-Benz may btty . the 
home where Margaret MftcbeB 

wrote “Gone Wifti' Ihfi' Wind?* 
in Atlanta and restore it before, 
the 1996 Olympics, the Atlanta 
Constitution reports. The home 
would be used to . entertain 
guests of the German company 
during the Olympics. j: 

□ ,y vvjV 

Milan, home of La Scala, has 
named a city square after the:, 
soprano Maria Caflaa. 

□ v 7 yy- 

Lady Jean Horde, 74, dpentY 
care that she's no longer die 
Countess of Arran. She sold her 
hereditary title to a mystoy 
buyer for £450,000 (5702,800^ 
She will use the money to repair 
her house. “It needs a lot of 
work ind uding_ central J»at» : 
ing,” she says* 

d • yy. 

Sir Andrew Lloyd Wetter, 
will team up with the songwrit- 
er Jim Stafnman to rateifDm 
about three children who nas- 
take an escaped convict for Je- 
sus Christ The musical-will be 
based on the 1962 Hayky MHfe 
film “Whistle Down the wind.” 


WEATHER 


WEEKEND SKI REPORT 


Europe 


Taday 


Tomorrow 



High 

Low 

W 

Mon 

L am 

W 


OF 

OF 


OF 

CTF 


A/gaive 

15 81 

13-50 

S'* 

14 ST 

10-50 

in 


5 41 

1-34 

PC 

r u 

4-33 

D 

Arisn 

3-jT 

3 77 

3T 

2.35 

■524 

cn 

Aim** 

n.52 

3/37 


13-35 

40 9 

■ 


15-58 

e-jc 


15-C1 

9>IB 

B 

EWitbSo 


327 

& 

3-35 

■4 25 

ST 

Ber.-i 

5<37 

■3M 

SC 

3.37 

032 

9 

Btjsu* 

0«3 

3 35 pc 

349 

4 20 

s 


S'41 

!TS 

PC 

A.7B 

1.-34 

ah 

CsMf-’ajpi 

CcjttCwSci 

337 

■ini 

ill 

4(33 

2(35 

8 

18 H 

w. -90 


10(61 

9-4fl 

P- 


7 M 

2 35 


B-M 

3-37 

t 


:.A4 

4-33 


0-48 

a -43 

V 


3'40 

3.37 


9-40 

4,23 


=rarw^j- 

• T3 

032 


4(33 

V34 



iVJ 

1,34 


6-43 

2/35 


Heirrk. 

3-32 

-9(16 PS 

104 

■7/20 

B 

>e» r sJ 


2/25 

K 

9.48 

2(35 

a 

Laa Pi'nias 

2475 

18« 

c 

78-70 

10(U« 

s 

i/.vr 

1355 

8/48 

tr 

•3*5 

J.ms «f 

lens- 

3«8 

2-35 


11(52 

8*43 3 


13.55 

3 37 

1 

’2/53 

4-39 

D 

•JU- 

5-43 

2.2S 


5 43 

205 

s 

ifr:5c:n 

•'T-0 


vn 

-e -a 

-9(16 

sn 


J.T? 

•2-23 

17 

1K>7 

•1/31 

PC 

Nca 

’2te3 

5.45 


1365 

7-44 

pc 


.131 

■3(27 

cn 

104 

■229 



14(57 

316 

B 

14.57 

0(48 

a 


7 -W 

1.34 


P-4B 

4/33 

s 


2-30 

-22B 


iOS 

■2C9 si 


2 K 

1 V. 

.j. 

3-27 

1,31 

cn 

Bc->b 

1* 52 

3C3 

1 

IC-W 

4(38 

IX 

51 PoHwtii-3 

422 

■V/15 

K 

•4.25 

41/10 

PC 

SuxiJioim 

134 

-a.23 

an 

1/34 

•2/29 •* 

SiruMicwg 

4(39 

•wai 


8-43 

104 

0 

0/32 

■3‘1fi 


1.34 

-7/20 

s 

VOUCB 

3*44 

3.27 

a 

8/40 

4.00 

I 

V^nna 

era 

3-3S 

0 

307 

-*(31 

«n 

Warae* 

i.W 



’.<34 

■1127 

in 

Zundi 

3.37 

-t.lt 

* 

307 

on; 

s 

Oceania 

AutitUlM 

2373 

1407 

a 

23/73 

15/59 

pe 

ayoney 

24/78 

•8(84 

PO 

28/82 

19/88 

* 


Forecast for Saturday through Monday, as provided by Accu-Weather. Asia 



North America 

Rain is nicely Saturday in 
New York and Washington 
O.C.. then Sunday and Mon- 
day will te odder with per- 
haps Humus or snow. Toron- 
to and Chicago wiil havo a 
M ol grow or (lurries over 
the weekend, then dry. cold 
weather Monday. Los Angu- 
los will to dry and mW. 


Europe 

London will have soma 
showers Saturday, than wtt 
turn cooler Sunday and Man- 
day with perhaps lingering 
showers. Porta will bo dry 
Saturday, than a few show- 
era are possible Sunday Into 
Monday. Spain will remain 
dry and mild through Mon- 
day. Showers am passfele W 
Rome Saturday. 


I 5?3 Horny 

&5iil Snn» 

Asia 

Tokyo will hove generally dry 
and chilly weather over the 
weekend, then some ram 
may mova in on Monday 
Haiti Is poesibio in Hong 
Kong Sunday and Monday, 
after dry weather Saturday. 
Southeast Asia and Malaysia 
will be aeasonabie with 
clouds, and hi some areas. 

shown rn. 


Middle East 


Latin America 


Barnc 

Cairn 

Damuois 

JwuraKtm 

Urn 

Riyadh 


Todq> 

High Low » 
of ar 
1 7<M 13(55 e 
IB/W 8(45 c 
13*55 EMI c 
1345 B/4fl 


T«jwhtbw 
wgti Low W 
OP OF 

ir, ea i2<sa *n 
1415V 7, 'AS 5tl 

10* 337 sh 
i2ita 7M4 an 


21/70 4 09 PC 17* 107 PC 
23(73 14/57 l 25-77 15/50 a 


Todey Tomorrow 

High Low W Wuh Law W 
OF OP OP OF 

Buonoa AIM 31 (80 24/75 pc 32* 32/71 pc 

Caracas 29(84 21/70 pc 26/82 2170 ah 

Uma 22(71 IB (84 pc 29/73 13/64 pc 

Marta ClY 23.73 8*46 pc 24/75 7M4 po 

NosManelrg 33191 23/73 pc 33/91 23/73 6/1 

6emga 2H«2 ia/50 S 28/82 12/33 pc 


Legsntf: s-ourriy. pc-porty doocty. c^kxidy. •fethowara. HhumJerasorms, r-rnm. m-mtni ftumsa. 

«. wea, W-WoMher. M maps, hveeast* and data provided by Acsu-Weather, Inc. e 1894 


Asia 


Today 


Tomocrow 


won 

Low 


Htgh 

Law 

W 


OF 

OF 


C/F 

OF 


Sonakak 

32/83 

2271 

C 

29 V 

22(71 

sn 

Bffimg 

-1(31 

•ana 

t 

1/34 


FC 

HcnoKcni 

2170 

• 7-82 

c 

21-70 

16.64 

cn 

Mama 

31,88 

23-73 

PC 

32-09 

23.73 

» 

NOmDWTi 

2882 

7-44 

» 

26,79 

7.'44 

5 

Seoul 

0,22 

•11/11 

a 

1/34 

-6 '8 

» 

Snm*3nu' 

B.-4A 

3 37 

pc 

B-46 

4.39 



31(38 

24/75 

pc 

29.84 

24 75 

S>1 

T»30, 

20.88 

17.82 

e 

20.56 

17-62 

- 

Tc*r> 

1050 

134 

PC 

9148 

-IOI 

3 

Africa 

AH fact 

18(61 

11(52 

PC 

15 55 

12153 

•.n 

Capo Town 

27/80 

14/57 

I 

25/77 

1BTI1 

e 

CdMOLmca 

10-64 

10(50 

c 

1BIW 

9-48 

PC 

Hanni 

18«4 

a. -46 

pc 

22/71 

0.4£ 

sc 

L450* 

32.80 

23/73 

9 

32-89 

24/75 

1 

NOEPti 

1956 

12-53 

1 

21-70 

13'56 

I 

Tuno 

1457 

6*1 

c 

12(5.7 

8 46 


North America 

Ancnoiaflo 

■7(20 

■14/7 

PC 

■8,22 

-130 

5C 

ABaraa 

11/52 

6.A) 

r 

1559 

307 

DC 

Boston 

3(37 

-1/31 

a 

rt«:t 

1.04 

1 

Ctupo 

3(37 

•1/31 

c 

307 

■5(24 

C 

Donwor 

9-48 

■0/22 

3 

BMC 

-7 20 

3 

DetiW 

4-30 

0/32 

r 

4/3P 

-t.-a;. c 

Honolulu 

27(80 

20/69 

pc 

28/82 

21-70 

dr 

Hounton 

21/70 

laras 

fill 

*702 

0M3 

e 

LMAneafes 

20« 

7A14 

ff 

23/73 

fl/40 

a 

MftBUK 

28/82 

20.88 

DC 

29/94 

10/64 

PC 

Mnxnixrt 

002 

-7/20 

c 

•1/31 

■8,18 

DC 

tfonwsal 

2C3 

■9/16 

£ 

1/3* 

■3d6 

an 

Naomni 

27/EO 

21(70 

1 

28/32 

21.70 

sc 

NowYOA 

8.43 

2/35 

? 

6(43 

2 36 

r 

Ptneirt 

21/70 

7/44 

& 

22.71 

0-40 

a 

San Fran. 

1355 

7/44 

C 

13(56 

7.-44 

c 

aooiw 

9/48 

8/43 

r 

10/60 

4-3? ah 

Tocono 

307 

■aras 

c 

307 

■8(22 

sn 

Wnstimpton 

7/44 

2/35 

C 

8(46 

205 

r 



Resort 

Austria 

lachgi 

Lech 

Obergurgi 
Soldon 
St An ton 
St. Johann 


Depth IBn. Has. Snow Las! 
L U Ptstas Pittas SUta Snow 


C ommu t e 


0 so Good Cisa va r Cpe* cotes emr? 

20 SC Gccc Own Pwsr ” 1 2 i • rev cjw*: after fresn srowHt'/ 

5 30 Fair C/sd Pwd: ’4 12 8-:i i^cponeeert.’esncae.errg 
0 ISC Good Cisd Pwd» 14. •12 0.‘v facers stasia or present 

10 70 Fair Qsd Pynis 14/12 $'32 -te open fresh snow 

0 10 Cted Ctefl Vcr n-12 Mom snewneadea tor sking 


Resort 
it ait 

Qormio 

Cervinia 

Courmayeur 

Madeshno 

Selva 

Va! Senates 


DapA Mtn. RM. Snow Lett 
L U Ptstas Pistes State Snow 


Consents 


0 SO FMr Cted Var 10/12 Skkng SmflwJ to at pitta . 

0100 Good Cted Var 9/12 Suable dam foSSSOm. 

30 to Good Clad vsr 9/12 11/Z3 Mts open, mumbk' 

a SO Fair Ctet ver 9 *13 3/19 ttts open, aMy .' ' 

0 10 Cted Cted Var IB/it Laa tMcpan soon 

0 SO Fair Cted Var 10/11 T/U Steepen , gtecwriMngiwil '■ . 


Canada 

Lake Louise 
Whistler 


70 S5 Good Good Var 14.12 e*rc'<-: skon; eKsr/wf»«: 
50 150 Goca Good W,;;: i;- 27 ZS'-i&c&r grpa/sumg 


W ai wy 

Gfltto 


30 30 fait Open Hard 10/12 GenvaKigood 2/IB mope" 


Franoe 

Alped'Huez 0 90 Far Cbd Var 9 12 WirayaietoiijOo sAwgstrh anted 

LesArcs 0 SO Fa a Cted var 9-'2 Jtkm ct snow 20Xer, 

Avorloz 5 29 Thin Cted Var 9 '12 Seocur-g sew. .-w«te anew 

Courchevel 0 BO Far Cted var S- i2 Met*# !** tumaiiv osen 

LesDeuxfilpes otao Good CJsd Ver 5*: 2 -iCcn jt stow ol 260Cn. vwrjy 

Mflrlbel Q SO far Ost Var 9 >2 -'castes ; uneven aoavemanarer 

LaPlagne 10150 Fair Cisa Var 9'»2 r ofts open on gfactor. coeter 

TTgnno 25 95 Good For Var 9d2 Ucper runs gesrt. lower wom.-icy 

Vald'IsOre 20 120 Good Worn Var 9- 12 Gxti sxttf% an upper twins 

VafThorsns ID 50 Far B ai/ Var 3-:2 10 Mts open, open psies good 


0100 Fair a cd vw 14-iZ wm. snwigcniy on sugspea 


SwHsaafand 

Crons Montana 

Davos 

Klosters 

St. Moritz 

Verbrer 

Zermatt 


0 30 FAr Osd Var 9/12 &ving only cm ptano marie glacier 

0 « Hatd Cted Var 14/12 12/XRtsopan. treat) snow 

0 40 Hart Cted Var 9/12 Saang at nearby <uno»_ 

0 50 Fair Cted Pckd 9/12 B/2*mopan, Mtetibutlun 

0 80 Good CM var 9/12 SurprVngty good etonp - 

5 95 Good Cted Var 9/12 Good siting atmo 2000m 


U.S. 

Aspen 

Brecfcenridge 

Mammoth 

Steamboat 

Tetturide 

Vail 


80 00 Good Fair Pckd 14/12 6/8 Ufa open lowly skftig 
65 80 Good Good PM 8712 12/17 Weapon, goad pOta^mg 
195240 Pwdr Good Pwdr T4/12 iS.'SOlUUapan. awasBsnrpowdBr 
90100 Good Good Pckd 9/12 Very good sMng, M SO tots open 
90110 Good Good Pwdr 14/12 9/10 tots open, good siting 
70 90 Good Good Pwdr 14M2 19/25 tils open, enoOent titling 


»» 

Oormtsch 


Key UU Deptn In cm on lower arid upper stapes, Mtn. Platee Mountainstda pistes. Res. 
PtsttorHuns leadtag to rasort vdtoge, ArtArtfflcW snow. 

Reports suppeed by the SH Out) at Qmm Britain 









•. •• •«' •; • 



• . -. 

... 


A 747 crosses- it; in six hours. 



' 


■ ; ’-'r.: ■ ■ . -*• 

' •• .^-^v ■ , .• 



e Concorde does it inlhree, 


.*s. . s. 

. y -K. ‘ ^ 

• -> 

With an opera tor. you can do it in seconds. 

X- - ■ T '*■- 






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