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international 




(tribune 


PUBLISHED 


WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


No. 34,504 


Paris, Saturday-SuB day, February 5-6« 1994 



Dow Dives 96 Points 
On U.S. Rate Increase 

Fed Takes Swipe Tightening 
At Inflation Could Delay 


By Lawrence Malkin 

international Herald Tribune 

NEW YORK -The Federal Ra«Boi»d 
ousbed UJS. interest rates up Friday for the first 
Kin five veare, putting Wall Street into a 
taijspm and sending the dollar soaring. 
Theend of the long period of falling or stable 

iattresi mes 




Trade 


' By Paul Bhistein 

. WasMngumPatt Service ■ 

TOKYO -N obody 

easy for Prime Minister Monmro Hostttawa 
when he toot office last August anhehradofa ■ 
fractious seven-party coahoan.; wwnig,\lo 

cracy. ■""■■■*■ ■ ■ - 

Butinthelastcoi^Ari^d^ji^^sdmw 

has suffered n. 


owr ties that is hurting his reputation as a 
b °Ko?^^OT5te , for(»d into a 

jetreatFriday on a tax plan he had advanced 


NEWS -ANALYSIS 


hut one day before, out ms ui««. — 

as a la^ey tf 

S^bosr influence he ba&p|edged ^curb. 

running just a week before 

sen^ meettngin Washington whhPreSitleni 


Bill dbton, the episode is casting a new Aad- 
ow over US.-Japanese relations, tousepr^ 
mss on resolving trade and economy disputes 
is further bekmd than ever — in pari because of 
the tax controversy. ' .. 

• As Mr Hosokawa retreated to ms official 
residence Friday afternoon, 
agreeing with the assessment of tas penw- 
Smce^ by 

end of die opposition Liberal Democratic 
Party. “If this had been a case of deoaon- 
roakang on international relations, Mr. Mon 


said, “it might have brought about a major 
disaster." 

Mr Hosokawa. whose aristocratic tmen and 
crusading rhetoric have earned him highpopu- 
larity, looked inept from the start when he 
proposed a rise in the highly unpopular nation- 
al sales tax at a predawn press conference 
Thursday. , „ 

He said be was “abolishing" the 3 percent 
sales tax and replacing it with a 7 percent 

See JAPAN, Page 4 


From 


in Vietnam 


-By’ R.W. Apple Jr, - . 

V«* Tat*. Ttma Service . . ■ . 

. • WASHINGTON — < It was Lyndon 

““Ssisa , iJ»s-2 fiffisa % 

• Some organizations that re present vetoam w ■ ^ ... 

. NEWS ANALYSE ~ - 

ly last and rianaal drotoro^: r 

see Hisrroimp-g 8 4 r 



from 6.30 percent Thursday. (Page 10) 

The dollar, however, gained as investors tied 
toward the safety of short-tenn bonds and 
deposits, which become more rewarding as in- 
terest rates rise. (Page 9) 

In what was widely seen as a preempu« 
strike to preserve its credibility m the fight 
against inflation, the Federal Reserve nudged 
short-term interest rates upward, placing a bet 
that it would not choke off ^recovery. 

The central bank’s perceived target for the 

federal funds rate, which sets banks wholesale 

cost of money and had stood since Sep 1 ™™ 
1992 at its lowest level in three decades, edged 
up one-quarter of a percentage point to 3-5 
percent Another quarter-percentage point 
Stoning is expected later this year, econo- 
mists saicl with some calling for the nse as early 

as next month. . , 

A lightening had been widely expected, al- 
though its timing was a surprise. The rental 
bank made a flat-out formal announcement, 
which was unprecedented for a change m short- 

!C Ss move was accepted with equanim- 
ity bv the a dminis tration. Treasury Secretary 
Lloyd Bentsen said the move.was “not unf^ 
pecied" and that it had already bon facwr “ 
into the official gross domestic product growth 
forecast of 3 percent for the year. 

But the move took financial markets by sur- 
prise. After the Federal Reserve chairman, 
Alan Greenspan, warned Confess °n Monday 
that a ratemcrease was in the cardsas the 
economy strengthened, the financial communi- 
ty widely assumed he would wait for more 
evidence of economic strength before making a 
move. _ 

Instead, the Federal Open Market Commit- 
tee, which met Thursday and Friday in Wash- 
ington to chart the central banks manetmy 
policy for the year, chose to ignore the eamom- 
tc cross-currents set up by hut months cold 
snap and Friday morning's mgnpon on 
employment, which added only ^OOOnwjobs 
toihe nation’s payrolls, one-third of recent job 

5I ^nie committees decisions usually are di- 
vined in the money markets, but ^Federal 
Reserve said Mr. Greenspan announced the 
move “to avoid any £! 

committee's purposes, whrt* he smdwere to 
sustain and enhance the economic expansion. 

The Fed’s tightening even b^ore irUlalioD 
gave any signs of accderaung should ^assure 
bondholders and help hold d^ jon&^erm 

bank would move gradually to raise interest 
rates sufficiently to combat mflamra. 

“Now the waiting game begins, said Sam 

See RATES, Page 4 


Europe’s Cuts 

By Alan Friedman 

IntemancnjJ Herald Tribune 

PARIS — The tightening of U.S. mone- 
tary policy could delay expected cuts in 
short-tenn interest rams by the Bunder 
bank and other European central banks, 
thus slowing the pace of European eco- 
nomic recovery, economists warned Fri- 
day. 

The U.S. rate increase, although small, 
caused the Deutsche mark to weaken 
against the U.S. dollar to 1.76I0DM. 

Economists said Friday that the Ger- 
man central bank, which left interest rates 
unchanged at its biweekly council meeting 
Thursday because of concern about a 
jump in the M-3 money supply measure in 
December, would probably keep ns mone- 
tary policy on hold if the German currency 
depredates further in response to higher 
U.S. rates. .. . ■ 


The Bundesbank traditionally worries | 
about a weak mark because of the poten- 
tial for expensive raw material imports to 
fuel inflation. 

Inaction bv the Bundesbank could de- 
lav badly needed interest raie cuts m 
France because “the Bank of France ap- 
pears to still want to peg its monetary 
Kcv to the Bundesbank, said Robin 
Marshall, chief economist at Chase Invest- 
ment Bank Limited in London. . 

“The French appear to be following the 
Bundesbank slavishly on interest rales. 

In addition to slowing the economic 
recovery in Germany and France, a delay 
in European rate cuts could have a nega- 
tive impact on European equity markets. 

analysis said. . . 

Marcus Grubb, international eqiuty 
strategist at Salomon Brothers, said Eu- 
rope’s stockmarkets were already a little 
overstretched on hopes of a Bundesbank 

interest rate cut," and the immediate out- ] 

look could be reflected in share prices. 

Mr. Gmbb noted that the German and 
French equity markets were relatively ex- 
pensive anyway, with the average mutapte 
ofshare prices to 1993 earnings at j 1 um« 
on Frankfurt’s DAX 30 index and 2- on 
the Paris bourse’s CAC-40 index. 

George Magnus, chief interMtronal 
economist at the London-based S.G. War- 
burg Securities, even suggested there had 
been coordination between the U.S. and 
German central banks. 

“I think we have to assume that part of 
the reason for the Bundesbank s reluc- 
tance to cut rates at its council meeting on 
Thursday was due to coordination witn 
the Federal Reserve about what was then 
an immine nt tightening of U.S. monetary 
policy." he said. 

Mr Magnus and others said, however, 
that if the U.S. dollar did not sustain its 
surge over the next two or three weeks and 
if Gennan wage negotiations were re* 
solved, the Bundesbank would still be able 
to lower interest rates in March. 


(Lina Frees 3 Dissidents 
Tried After 1989 Protests 

. , Dine Junze, 52, a professor released for medical 

By Daniel Southerland trSunem, had served three and a half years of a 




iriApriWft Americans wwfle^Vietiiaiii in 
•frn^BiwingfoheAPresHl^QipRwS lifting of the _ — 


By Daniel Southerland 

Washington Pan Service 

RFIJING — China has released three men 

imprisoned for alleged crimes 
demonstrations for democracy m 1989, Xinhua 

re ^hepress agency said that two of the prison^ 
^ SrfeSbecause they had shown “pen- 
itence” and good behavior, and that a third was 
freed on bail for medical treatment. 

But the releases appeared 
U S. decision in June on Chma s trading 


on 


... f/. By-Kevin -Muj^y 

V . 'inumalfoui Herald ^ 

ta’s more at hoot. 


ia^ fo he^Fresiom^^iiws^ 1 ^ * Kummi rights before Presirient&u 

■ — g^^can extend trading privileges that grant 

the Bombay Bourse: Investment Rugby 

——BE s^saJSSJaa aa s»at£ssBKSs: 


flying tsdfles' still 
but ragte-lifee sen^ana ujwb 

tharactenze the trading^ jwAs, throats 
,- BKteri grab earn, . • 


tskesirtK* 


wnsas w . ■ 

• q irih day without computers.- 

T<**npted to getinvdLved by ^o wm^ reports 
t* the.' awntrys edonmnic tnmaromm or. the 
.sales ™ichhom lymycat 
bdmg toatod by mvetfmeat hcaiscs? Caveat 

empteff-. • ; 


“When we are trading, we 

tog dse for two hoars.”, shouted a trader ^as 

bloS flowed from a colleagues face and an- 
other market mate coDapsed mderaMtha 
hpmT Vyjc and a iMg huddle of seflcis. “Some- 
tiroes onr aborts gel shredded,” 

Althoi^accidimtanycotbyari^orwit^- 

band in a ihkket of thrnstmg hands that flew 

upin response to an offer for Tata Iran & Steel 


Co. shares, the bleeding brok« 

two of the 2300 traders allowed on 

the seething, circular floor each day. stayed m 
the game to complete their trades. 

Was it war with Pakistan? A Wafl Sm«t 

crash? Or a new wave of 

S^tors who see in India s economic reforms 

See BCWiBAY, Page 4 


although Chma turn neeu 

Sonly six wedcs to go before bring released. 


^Mr. Xiao, from northern China, was anestwl 
after he told American television reports that 
the Chinese Army killed thousands of peopk in 

1989- 

The authorities told John Kamm, an Ameri- 
can human rights advocate, two weeks ago that 
they would release at least three 
political prisoners before the I -unar Year 

celebration, whkh begins 
three just released were not considered promi- 

ne WmgSmtaa ' Shohdpal arrange a dialogue 
betwS Chinese officials and protest leadere m 
May 1989. was later accused of being a 
Sd behind the Tiananmen Square danon- 
surations and was sentenced to 13 Y^rsimp^- 
SS,-. Bao Tong, aide to ihe chief of the 
Communist Party at the time, ZliaoZiwne. 
was^ntenced to seven years for allegedly re- 

■St’S- ^ w« onl, foo. 
soldiers," Mr. Kamm said. China, he J “ 
holding higher-level disndenu —he calh i ^em 
“prisoner war“ - for a future exchange in 
the battle to save China’s trading status. 


Down 

96^4 

-3*821.42 


Down 

1 . 14 % 

117.08 


rr. < . . Bnjn respanss to an onw tor lamuuu- - 

■ ■ — Kiosk 

CoinputerAge Dries Up the Steno Pool SudanReporlg 12 Kffled at Mosque 

^ Martha Groves , , ^ 7., aHd 

•••■ jjs Angeles Tima Savice ... . t“S, work but actually empowered _ IJO 3BQ i n_>_ .« ni/wcVimprc in a mosoiie on Friday, 

SAN FRANCISCO — Dictation? Toss out those nenoj 

. -rk^HaAom thrir own letters or thor 


1,4775_ 

10955” 

~^~536i~ 


Coraerooft..i^»CFA 

Egypt scwtB /SS 

*SL-r*S" 


■ E^S^SSm*i)d«mal emmds for the boss, tte general-purpose 

: to tegdy S«ae dK wy ot 


.havttocGied 

te ^“S 1 ^d ito^^^ aiusbk 10 «^ < ®- iiiiicra “ 

Infonna- bosses. nf offices, secretaries work for three times m 

piopHien . *, Mcnn Lewis, 


ivwyCoast.UaOCFA .J'W .*!.*» ttijj 




for mn M or tee 

k T^oold sq to »“ ^ 


Upa - nd 

Coming 

An occasional series about V 
the leaders of tomorrow. 

She's an upbeat congresswoman from New 
York — who also embodies the 
nation in politics of feminist and Repubh- 
can. SusanMolinari is ndmg a wave cj 
Bpmtitm in Washington. Her profile is in 
Monday’s Herald Tribune. 


Book Review 
Crossword 


Pages. 


KHARTOUM, Sudan (API — Three 
masked men with machine guns sprayed 
bullets at worshipers in a mosque on Friday, 
voting 10 men and 2 children, the pobcc 

S8 Seventeen people were reported wounded 
in the attack. Sudan has been under Mushm 
fundamentalist military rule for almost five 

yC The assailants escaped in a pickup truck 
from the mosque in Qmdurman, the twm 
diy of the Sudanese capitaL 

ChLse art is still available in such ^ vast 
quantities that even modest sales deserve 
scrutiny. ^ ' 







/ 


o- 






Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 5-6, 1994 



Rift Aside, U.S. and France Press Bosnia Pact 


By Roger Cohen 

New Jerk Tima Service 

PARIS — After their sharp dispute over policy in Bosnia, 
France and the United States are quietly trying to convene a 
high-level working group that would coordinate European 
and American peacemaking efforts in the Balkan war and 
take these efforts in a new direction. 

French and U.S. officials said Friday that a first meeting 
of the group could take place next week, just before long- 
stalled peace talks among the three warring factions in 
Bosnia resume in Geneva on TTtarsday. 

The United Stales would be represented by Charles Red- 
man. the U.S. special envoy to the Bosnian talks, and France 
by senior Foreign Ministry officials. 

The officials said an outline agreement to set up the group 
was reached last week by Secretary of State Warren M. 
Christopher and the French foreign minister, Alain Juppfc, 
even as they dashed over French requests that the United 
States pot pressure on the Muslim-led Bosnian government 
to end the war. 

The State Department later accused France of using “a 
strange moral calculus" in its approach to ending the conflict 
by suggesting that the main victims, the Muslims, should be 


persuaded to accept an imperfect peace. France retorted that 
the United States was in no portion to give morality lessons, 
having washed its hands of the conflict. 

“Unfortunately, the meeting ended up as a public sham- 
bles," an official said. “But alongside that, mere was an 
understanding that the United States could get more in- 
volved in the peacemaking process provided the focus of 
those efforts changes somewhat." 

This shift is now expected to be provided by a meeting of 
European Union foreign ministers in Brussels on Monday, 
the sources said. 

The ministers would dear that a proposed map for 
carving up Bosna-Hetzegovina along ethnic fines is open to 
changes tW would substantially improve the quality of the 
i»nH being offered to the Bosnian Muslims, and would civile 
the United ftafwt and Russia to take a more active role in tie 
peace negotiations, they said. 

“It’s dear that the European Union has to propose some- 

thlriir we are prepared to do that," a French offic i al said. 
Specifically, it appears that the Europeans are ready to 

take a tougher stance in insisting that the Serbs return towns 

and villages in eastern Bosnia from which the Muslim 


majority was driven out in a process known as "ethnic 
cleansing,*' the officials said. 

“We want the pressure robe on the Serbs to improve the 
quality of the land being offered to the Muslins, even if the 

S is not increased diet much,'’ a U.S. official said. 

> want to try to get a fairly dear statement from the 
Muslims over die seat Jew weeks of what they could live 
with.” _ - 

A peace initiative started in November by France and 
Germany that offered a gradual easing erf sanctions on 
Serbia in retain for the Serbs giving the Muslims mare land 
has proved futile. 

The Sabs, who bold about 70 peremi of Bosnia, have 
offered a senkmml that would leave the Muslnn-led Bosni- 
an government with about ore-third of the former Yugoslav 
republic, the Groats with 17 percent, and themselves the rest 
But Bosnia's prime minister, Wet** Sflajdw. , has 
the offer as inadequate. 

The impasse has now led the Europeans to (be view that 
U.S. and Russian assistance are essential if any settlement is 

in rwtched t only the Russians have ray) w wtiMiiy 

with the Serbs and only the United Stales is trusted as a 
guarantor of any cvmtual peace by the Bosnian government. 


Shells Hit 
Food line, 
Killings 

InBosnia 


WORLD 


Mandela Says De Klerk Fears Right 

KROONSTAD, Sooth 

elections. . . ' ' , the leader of 

assa^ss? 


by extremists. No suspects have pcgii a pp 
LVe emteA Hamng P. bttt Only tWO lUjunCS. 


Balladur Bows Before Onslaught of Fishermen 


?££&££££. sets ms 

was the deadliest tieffing in tire city of fittest* have caused damage but only two ngunes. 

Bosnian radio said tire shells Ht Bail Granted in Attack on diaries 

BosniffisX AJIo* l ipgyte (fiSW? 

w f^ c , m^reojafitico that Mr. Kang remainin.drelx>^^scareuiitildcaKd 


Compiled by Our Staff From Dispatches 

RENNES, France — Thou- 
sands of angry fishermen battled 
with the police here Friday as 
Prime Minister Edouard Balla- 
dur, his voice nearly drowned out 
by the firing of tear-gas canisters, 
tried to assuage the protesters by 
promising new measures to pro- 
tect the industry from inexpensive 
imports. 

Authorities said 77 people — 
48 policemen, 4 firemen, 22 pro- 
testers and 3 passers-by — were 
injured in daylong clashes in 
Rennes. It is the capital erf Britta- 
ny, the region at the center of a 
violent campaign by French fish- 
ermen. 

A force of more than 600 riot 
and paramilitary policemen re- 
peatedly used tear gas, and occa- 

er^armed with basebalMjats. 
hatchets, cudgels and paving 
stones ripped from the streets. 
About 30 arrests were reported. 

Mr. Balladur, anxious to end 
the violence, promised that his 
conservative government would 
move single-handedly to protect 
the French fishing industry if the 
12-nation European Union did 
not act swiftly to support fish 
prices. 

The EU later announced that at 
France's request it was setting 
minimum prices for Atlantic 
salmon and certain types of im- 
ported white fish, meeting one of 
the protesters' demands. The Eu- 
ropean Commission said the 
prices, in effect at least until 
March 15, were set “so one mem- 
ber state can tackle a serious 
problem.'* 

Agriculture and F ishing Minis- 
ter Jean Pooch, who joined Mr. 
ftiiladur [n lallrs with a delega- 
tion of fishermen, said the gov- 
ernment would cot by half the 
fishermen’s required contribu- 
tions for health care, retirement 
and other soda! programs. 

On Thursday, the government 


AMSTERDAM 






on Jan. 26. Mr. ICntfs nett court appearance 00 
1 is scheduled far Feb. 25, 



respoMftJe te the attack Friday, ^ Axastnifia »h«i be find the banks at the prince during an outdoor 
Umted Nations peac&eepen; sam caansny in Sydney on Jan. 26. Mr.Xang’s nett orant appearance 00 
to^Seimn_ ateDin|JaDed sne ling criminal charges is acfaeduledfor Fdx3Sl- ~ 
people m toe cuy on inmsaay. . -.--.t 

mIBSS&K Progress on a Somali Government 

siege. A disp r oportionate numbs MOGADISHU, Somalia {Reuters) — A Somali warlord, Mohammed 

erf die 10,000 killed and 55,000 AH MAil^ i^ PndaythmrivriSoiTaHteadmweredoaetoagremiait^ 
wounded in Sarajevo have been in im' aod that even a. weak |ju*M nwit ¥»as better. 


stege. A disproportionate number MOGADISHU, Soma! 
erf die 10,000 killed and 55,000 AG Mab£,said Fridaytl: 
wounded in Sarajevo have been in flit* farming a ywyj mm # jt 
D obnnja, which faces Serbian ar- titannone. 
tilleiy around die UN-conttcfled It wouldbe“abody wit 

airport and on s ur ro undi ng moon- solution," he said. “Onfy 
tains. • • one,ran Impose ir.” 

In the attack Friday, shells ' -Mr.AKMahdL wiioco 


^iridiout a bead" but ^we have to opt f or the easiett* 

ily d» Somalis can decide the fate of Somalia. No. 


In the etutnlr Friday, shells "-Mr.AKMahdt who considers himself iiUcampresidmtji 
<brnimi»4 into * mnrty u ti endoaed after telksin whktiticU.S. special envoy, Robert Oakley, a 
battered five-story apartment between among factions me fodin g Mr. AfiMahd fs m am rival, 
is and' a parking garage fit- Mrifmmme d FanahAidid, the regjon'g d omni a n t wantgd. 





i- & 




Weeks later, mortars tare into a 
crowd lined up at & wdl, killing and 
wo em fing 

More than 1,500 children have 
been lolled by gunfire in the dly of 
300,000 people, indndmg six by a 
mortar blast l*«t m onth near Do- 


fiapb MaVTIi WmrfMrt ftai 

French fishermen, some whh flags of Brittany, facing riot paficemea Friday m the city of Romes before fightin g broke otrf. 


promised 300 million francs ($50 
milti oo) in new aid to fishermen 
and ordered tighter customs 
checks of foreign fish to make 
sure they met quality standards. 

Following the latest conces- 
sions, protest leaders urged their 
followers in Rennes to disperse 
but indicated they would still 
press for formal restrictions on 
fish imports. 

Mr. Balladur warned against 
further violence, saying the con- 
cessions should be sufficient. 

This was the third time that Mr. 
Balladur , a favorite to win the 
presidency next year, has scram- 
bled defensively to calm angry 
protest movements. 

When Air France enmlqyces 
blocked Paris airports in October 
to protest a jobs-cut plan, the gov- 


ernment scrapped the plan and 
fired the state-run airline’s chair- 
man. The government also 
backed off a plan to fund private, 
mainly Catholic, schools with 
public funds, offering extra funds 
to public schools after a huge pro- 
test march in Paris. 

Mr. Balladur, standing a few 
hundred meters from the dashes, 
vowed that the government would 
give fishing the same financial 
support it gave to farmos hit by 
production limits and pice cuts. 

“1 can assure you the govern- 
ment will do evoything in its 
power to solve the problem," he 
said. “But there most be respect 
for freedom and pabbe order. Vi- 
olence has never made anything 
better." 

Protesters, many masking their 


faces with scarves, pelted the po- 
lice with eggs, empty beer cans 
and paving stones. One protest- 
er’s hand was partly severed when 
he tried to pick up a tear-gas gre- 
nade: Two riot policemen were 
wounded in the legs by shots from 
flare pistols. 

The mayor of Rennes, Edmo nd 
Hervfc, and a member of the Na- 
tional Assembly, Jean-Michd 
Boucheron, were beaten by pro- 
testers and escorted by policemen 
to Qty Hall, where they were 
trapped for several hoars. Fisher- 
men overturned cars and smashed 
windows. 

The protesters arrived in 
Rennes by train and bus, some 
from distant ports. The crowd 
was estimated at 4.000 to 5,000, 


indoding fishermen, their wives 
and other sup porters. 

About 50 fiohgrmgn nided a 
Rennes supermarket, throwing 
imported fish to the ground. Two 
sup e r m a rkets were raided in Ar- 
cachon, outride Bordeaux, where 
protesters blocked a highway wrtB 
burning tires. 

Normandy fisher men formed a 
blockade near the mouth of the 
Seine , preventing ocean traffic 
from reaching the port at Rouen. 
The port in Le Havre also was 
blocked, and fishermoi in Medi- 
terranean ports stopped work. 

On Thursday, 26 policemen 
were injured trying to control the. 
protesters, who blocked prats, 
broke into yije i n wrlfe n and ran- 
sacked the central fish market 
near Paris. (AFP, Reuters, AP) 


Mocks and a parking garage fit- Mohammed FanahAidkk. tie regktts dommantwanaru. 
tcredwi± bombed-out vdiides. . -4 • * w-i - ’ t C — T 

In June, marten landed on a 'Plot M fant to Spread ileaf, ITflll oRVS * 

SSS J™ (Rentas) - 

scores erf players and spectates*. rp&Qrtfa?* * ptot.to assassinate Imy intended to qflead fear and 
Weeks hte>L tSSTi hfihcixMiA: dnrimr * 

tffldrta hxvt 

Finnish Candidates Neck and Neck 

c am pa i gn to drive Muslims and HELSINKI (Ratters) —Hons, concerned about abom economic and 

Croats from the Banja Luka area, foreign pobey issues, will choose betwee n a defense minister and * 
said Kris Janowrid, a UN relief in « p m^dentia l dwAw onSunday. 

agency ^okesman in Sai^cvo. Oromon show the race fra the prerideocy bnooming increasingly; 

Mr. Janowski said the situation doseTwffli Defease ifimster Efisabcth Refan, of ^ti» Swedirii PetxHtSj 
had become “very bad, very torse a junior manber of die center-right rovebnnenl, and Marti.- 

and hostile" fra the 18 UN relief Ahtisaaxi of the o n pn« i y i nw Social T Vmnt-tnii s i mming neck and neck. ; 
workers in that area, a stronghold Mi« Rrfm and Ur Ahttori ted nine other candidatesm ftedecticm's, 

of Bosnian Serbs in nathw eatetn first round on Jan. 16, but failed to win the 50 percent needed to avoid a 
Bosnia. He said that despite death secandrotmdof roting/The Warner wffl socoeedMaxmoKravisto, who ; 

tineats, tiiere were no mnne<fiate steps down on March 1. ■ '■ 


threats, tiiere were no immediate 
plans to withdraw the wrakere. 

Mayan Rebels Ask Mexico for Talks 

population of about 30,000 has SAN C3USTOBAL DE LAS CASA^ Mexico (Renters) — Maya! 
riinmk to less than 15J)00 because Indian rriids have agreed to open peac*rtaBs atmed at enidmg ttaC 
of fonabfe evictions; jaffings and rebdfionm soothemMeooo, bra tiiey accused the guv a nm em of trying, 
kflfings by Satis. to humilia te them and theatened frerii att ad r s, .... J 

■ Sextaan pdice ist the town-df Wanting rf^dioiceheiween“adigmfiedpaK»^ a d«ail&dwm; , 

Mrironiic Grad advised Red Cross the Zapausta Nationri iibwation Amiy^mriled Ae pwerament fra; 
officials that all minorities in the trying to limit the agenda erf peace talks md iefuriu^; to reco gniz e the 
town would “soon be rilled if not rebd. group. ‘The governmcars arrogant attitude w’ amied at putting 
evacuated,” Mr. Janowiki said. an our knees before talking to us," flie Zapatista leader. Commander 
(AP, Reuters) Marcos, sod in a statement dated Jan. 31 and released Friday. ~ 


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GENEVA 

bawni®. church, in, an a a* suv 10 


INTEHNATIONAL COMMLMTY CHURCH, un Eucharist & 2nd & 4lh StfL Momtng 
CotegiQ B Fayanfc Bgn Murito 65. 28003 Pkw. 3 njadeMcrtnux. 1201 Geneva. Sw»- 
Worshto, 1M0 am. Rev. Jamas jHferxlTaL 41)2273200 7a 
Tnomas- igubwxo/. MUNICH 

MILAN THE CHURCH OF 7JC ASCSCION. Sul 

11 * am. Holy Eucharist and Sunday Sdnot 





CEUE/HANNOVER 

INTERNATIONAL BAPTIST CHURCH, 
WMiaJan S&aasa 45, Ob 1300 Wbrehp, 
1400 BUa Study, Parior Wot Carrpbel, m. 
(05141) 4841 ft 

DARMSTADT 


m mmm 


dOssbdorf 

INTERNATIONAL BriPTIST CHURCK Erv 


1 UNHAJOAN UMVBfSAUSVS 


the Zapatista National liberation Army lusaSed die government fri?; 
trym g tofiom^; ^padarf p eace tafa sm d _^ri ng ^ to^ rec ^me^ti ie 

an our knees before talking to ns," tie Zapatista leader. Commander 
Marcos, sad in a statement dated Jan. 31 and released Friday. ~ t 
He said the rebels; who stunned Mexico on Jan. 1 by seomg several 
towns in the southern state of Clnipea and d ee farin g war on the anny^ 
would go to peace negotiations^ and mal they; bad sent a formal proposal' 
to a government peace envoy. 'But Conunmer MapordB not pve a. 
date fratalfa and sakl his rebds feared brtrayri by tiegovomnenL 




IsSavsHpi 


IU p -g -g- rowns in me soumezn sme a unapas ana acnmmg vrat uti ua 

W I nnfipTfi I rmnrp would go tepeacenegotiatioiGandttitttlMyhadaemafaaiial proposal 
• vj« JLj^yCKvJ-VyA 55 * Cjl 1 B 1 " ■ to a government peace envoy. But (>mmanto Marcos: <fidnra give a 

- kD date fra talks and said his rrtxb feared betr^ by tie^ovamneuL 

i Genocide, Aide Says 


jfc-Bnrt, fVm nrrtnriid f tmiu i. I I CIW I AA Wit. DfiriUI WTWl, Qr 

as. torn. Wtwhp 11305- cwdren-s 
(HartatMn «l. Cwmany. Tol.. 5^^ (1l ^.M B eB«»wM t rr« K nd 


Hons welcome. D 
TflL 0211 MO0 157. 


Friorefy fei 
come. Dr. 1 


. « uBxrvH- 

lafay, Pastor. 


FRANKFURT 


MONTE CARLO 

INTL FELLOWSHIP, 9 Rue Low^Notari, 
Sunday Worship 11:00 £ 6 p.m. 
TeL: 92.1 656 na 

PARIS and SUBURBS 

HOPE NTERNATIONW. CHURCH (Evan- 
gaicaQ. Sui 930 am. Hotel Orion. Metre 1 : 
fepteTate da La Mfcnsa TeL 47735354 
or 4775.1427. 

SAINT JOSEPH'S CHURCH (Roman 
Catfwte). Masses Satunlay Evening fc30 
pjn., Sunday, 9:45. 11:00. 12:15 and 
6.30 am. SO, avenue Hoche, Paris BOl 
TcL 42Z72&56. Mtttt CherlM de Goi* - 
Boia 


WATERLOO 

ALL SAINTS' CHURCH, 1st Sin. S & 11:15 
am Holy Eucharist eft Chirirenls Chapel d 
11:15. Al oriier Sintejs 11rl5 am Hchr Eu- 
chBBSt and Smday Schod. SB3 Oeuaafia do 
Louvain, Chan. TeL 332 3B4-355B 

WIESBADEN 

T>E CH URCH OF ST. AU6USRNE OF CAN- 
TERBURY. Sun. 10 am Faniy Eucharist 
ftanMf r Strasse 3. Wiesbaden. Qomeny. 
TeL 4961 13USft74. 

EUROPEAN 

BAPTIST CONVENTION 






STRASBOURG 

ST. ALBAN tpnfcoH A fE^se das DomW- 
m EuchariS 1030 am coiner BM. da la 
Vtdoire & rue de lUravarstt. Strasbourg 
(39 8836034a 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near fidabashi Stn. TeL: 3261- 
3T40. WDrtNpSavte 930 am Sundays. 

TOKYO UMON CrtJRCH, newC>T*3hsa> 
do subwey sta. Tat 34000047, Vtateij aor- 
vtces 9undsy 830 A n flO am, SS d 945 
am 

VIENNA 

VIOWA CWJSTWI CENTER, A CHARIS- 
MATIC FELLOWSHIP FOR VIENNA'S IN- 
TERNATIONAL COMMUNITY, * English 
Language ‘ Tm-denonanefional, metes te 
Kabgasse 17. 1070 Vienna. SflO pm Every 
Sunday, EVERYONE IS WELCtȣ. For 
mere Montiten cat 43-1^18-7410 

THE EPISCOPAL GHUROE5 
OFBiROPE(Angficai) 

PARIS Old SUBURBS 

THE AMERICAN CATHEJRALC3F THE HO- 
LY TRWrTY, Sen. 9 S 11 am 10 am Sun- 
day School for cMdren and Nurawy care. 
Tied Sunday 5 pm Evensong. 23. avenue 
Geoira v. Pars WXA. TeL- 3W 47 20 1792. 
Meta Qaage vor«ma Mamaau. 

FLORENCE 


EUROPEAN HAMBURG 

BAPTIST CONVENTION international baptist church 

nreruai wn»o<irvw OF haKBURG meets ot TABEA FEST- 

SAAL AM ISFELD 19. HanTburtK3stdorl 
BUe Study M VOOSWaalipat fzaoemh 
Smtay.TeL040U2Q61& 

HOLLAND 

TWBTY BAPITST SS. 93J. Wbrshlp 1030, 
nursery, warm feBowshfp. Meets at 
Btofimcampiaan 54 in Was a e naa r. 
TeL 01751-78024. 

BARCELONA MOSCOW 

FAITH FELLOWSrtP INTERNATIONAL “™=^nONAL BAPTIST FELIOWSWP 
metes at moo. Bona Nova Baptist Chuch Maeteg 1 tO tt Kro Oarter a**ng 1 5 Out- 
Carer de ta Cluiat de Btewuv 40 Prekr D M H w imrawtiLflti Hoar. Hteft Mao 
tax»Bc«Jen.Wt4iO-1Wir Bsntetaya Pastor Brad SiemeyPti 

HDini (095) 1503293. 


5128)72109. 
mEKMBMftASQ 7741598. 
HBDELBBtO: (06221) 782001 or (0821) 
sa i 7 ift 

IQMXMfe (081)891-0719. 

MUMCU: (0821) 47-2485. 

KlWUm (071) 14-0908. 
HURNBERa/FRANCONIA: (0911) 
487307. 

MMSk (1)42-77^6-77. 

zwciMWmn T m iM psq 2137333. 

MF0MKT10N> (4Q (521^58-1718. 


ASSOC OP INTL CKUROCS 
Pf EUROPE A MPEAST 

BBtIM 

AMERICAN CHURCH IN BERLIN, cor. of 
Cfay Ales ft Potjdamer Sa, SLS. 930 am, 
Wteteiipll am TeL 0306132021. 
BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CXJRCH OF SRUSSSS, Sunday School 
930 am. and Outh 1Q4S am Ktetenbem, 
19 (at the be. SchooO- TeL: 67345.81. 
Bus 95. Tram 94. 

COPBLHAGEN 

NTBVWnONAL CHURCH of Ccpetewoerv 


By Tim Weiner 

New York Tima Service 

WASHINGTON — A State De- 
partment official has accused the 
United States of deliberately ignor- 
; ing “genocide" by Serbian leaders 
against Bosnian Muslims. 

| “Senior U.S. government offi- 
I rials know that Sab leaden are 
waging genocide in Bosnia but will 
not say so in plain English because 
this would raise the pressure for 
U.S. action.” Richard Johnson, 
head of the State Department's Yu- 
goslavia desk from 1990 to 1992, 
wrote in a papa prepared last 
month at the National War Col- 


survival of the fragile liberal coafi- 


tionrepreseatod by tins preaden- sa ^ 


Mr. Johnson, who is still em- 
ployed by the State Department, is 
the fifth official thae to speak out 
against U.S. policy t owar d the for- 
ma Y ugoskvia.The oth er fco rdis- 
sentos have resigned in protest. 

State bepartznera officials de- 
clined to comment on the paper. 

The United States has signed in- 
ternational treaties calling for the 
recognition, prevention, and pun- 


Abdnl Rahman, was dt 
Malaysia's heredi tar y 


d Friday as tie next ring by a conclave of ; 
Deputy Prime Afinix ter Anwar Ibrahhn- 


The 72^year-dd nikr(rf tiie southern NepiSembilan state will assumei 
office as Malaysia’s 10th king an April i6, whai Raja Azlan Shah, tie- 
saltan of Perak sale, completes his five-year tom. J 

Under Malaysia’s unique lotatixm monarchy, the sultans and rajas< 
serve as the titular heads of nine of the counties 13 states and choose a' 
paramount ntfcr from amcmg themselves to logo for five years. 


For the Record 


The Umted States has signed m- ^ k fa trnfrf-g rr^rr— mTr — 1 — *a— dfrirng f ^ 

teraatiooal treaties ca ffi n g for the Ateeria nett week because of recent MKngy of foreigners by Muslim- 
recognition, prevenoo^ and pun- mmtants, the Fdo^nMtnistiy said Friday in Copenhagen. The embassy' 
ishment^ of geno ode. Srane mem- in Algiers wQl remain open, with Algerian staff and one Danish office! 
bers of Coiigt ess have ctQkd for ay cfeHr without dj ploaalic ilatni (AP) ■ 


1UUUU1 <u un nauinifli nu w , _-y. r ;.T., T» f- . — -> - _ r, * 

!___ s u ixes against Bosnian aeros post- 

lions; the administration has ' 1 

jSSSSSI TRAVEL UPDATE 

State Warren ffS^and Nfr- Christo^a has sad ^ 

senior State Department officials taiy mtervenbrai to step the mng Delta tO Lxtt lrailS-AllanbC Fu£3ltS 
have played down evidence that the m fo e fanner Yt^asiavm wtdd re- YORK /r hi . ti; ■ t tw* i"r , 

so-olled ethnic deansing <rf Mus- tpst several hundred thousand NS W YORK (Comhmed Diyatdies) — Dtha Air lanes pi 




fis' ' 

tc. ^ " 
A - 

C‘- - ■ '■ 
J-V* *■-' 

r t-.r? • 
- 

life.: • 
herr : 

+ pzje P-.7- 

0' ’Stele ax 
few.-. 
i£:r 

fe- --l:.*. 


. - •: .-.v 


v •... !;n - 


O ’ - ’— ' • - 

*5; — 1<£ - . ' r,*s- •* 

.?a?*7‘r-L*f ; > *■ 

_ * ■ 


w ' ‘ -"i 




27 Farreroada Vartov. near RMu. Study 
10154 1130. TeL 31 S24735. 

FRANKFURT 

TRMTY LUTHERAN CHURCH. TAxLrgan 
AteS4(ricmGstari9uitywHoepira.«'i- 
day Sctari 930, miteip 11 am. Tab (069) 


Carer de to Ouuri de Balapuar 40 Pateor 
Lm» Baden, Ph. 410-1681. 

BERUN 

INTERNATIONAL BAPTIST CHURCH. 
BfflLJN. Rarertug 9r. 13, (SsdTO. BBto 


study 1045, wonNp at 12X0 each Surtey. 
Charfes A. Waixd. Pastor. TeL' 030-774- 
467a 

SONN/K&N 

THE NTEHNATIONM. BAPTIST CHURCH 
OF BGWIKOln, Rhteou Stases 9, Kflh. 
Worship I no pm. CaMn Hogue. Pastor. 


MUNICH 

INTERNATIONAL BAPRST CHLfftCH OF 
MUNICH Hstzstr. 9 Endfesft Lsiguege Ser- 
vfces. BHa study iffittmasrip Servtoe 
17X0. Pastors phone 6908534. 

PAWS and SUBURBS 


BRATISLAVA 



Zrin&ahO 2 1630- 


T$T CHURCH (&v 




N1BWATOIM. BAPTIST FBLOWSHR*. 
830pm, 123 av. du Mata. Mo Gofek Near 
fie Tote McrttxrrajGB. The ewm savtaa 
at Emmanuel Baptist Ctwrdi. era 




und toe comer torn 
whip 1790 Emett 
791-12877. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
Snda Fua Ffasu 22. 300 pm Gorfact Bi 
Rkhsdsoa Td. 01091-61. 

BUDAPEST 




ReatendbybiBll. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 


ot Emmanuel Baptist 
47.51 ,29.63 or 47,49.1 529, 

PRAGUE 
HoTBfbnBl BqABt Fteonri 
Czech BepHstChuidiVn 


GENEVA 

EV. LUTHERAN OAIRCH c4 Geneva 20 
lue Vadarie. Sunday woste 930. in Ger- 
men IlfiO r Bn0bh.Yte (022) 3105089. 
JERUSALEM 

LUTHERAN CHURCH of toe Redeemer. Old 
C4y. Murstan RcL Engfisti worship Sun. 9 
am Al as Mtoona TeL’ (Q2)28t-0«9. 
LONDON 

AI4B6CAN CHURCH h landbn te 79 Tot- 
tenham CL Rd. Wl Worth*) « 9.00. SS te 
lUTOam. Sun worato te 11 am. Goodge 
9L Tube: Tte: 071^802791. 

MOSCOW 

MOSCOW PROTESTANT CHAPUUNCV. 
UPON HA UL UUa Ptera ft blda Z Wbh 
*jp9 4- 11 am SS. Tel: 143G5te 
OSLO 

American LteheianOxrto. r ttaneragt 15 
Worslwp & Sunday School 10 em. 
Tel: (02) 443584 

PARIS 

AMERICAN CHURCH IN PARS. Won#*} 
1TroamfiftQuacfOisay.Pte87.3we3 
te door, Meta AkmJtineai or Irrisidw. 
STOCKHOLM 

IMMANUEL CHURCH. Wocsh^j Christ to 
Swedish. Engitsh. or Korean. 1 1-00 am 
Sunday. Sugar Jarfcg. a! Kimgsunsg. 
17. some/ 15 12 2?x 727 for more 


have played down evidence that the mmeforiDa r^os^wukf re- 
so-called ethnic cleansing <rf Mus- t F nrc . sevaal nundred t h ousand 
lims in Boaria constitntes genocide American grcapd mxjps. 

— the systematic kiHing of a people Representative Frank X. Me- 

— under internatio nal law. Closkey, Democrat of Indian a , 

“Senior policymakers have failed who reoaitly employed Mr. Jkrfm- 
to level with the American people sen as a forrign pohey Ktvisex im- 
on the nature of the moral and der a Stale Depart ment feP owsfap, 
security challenge the United saW^pa^underacraedhteown 
States faces in the Balkans," Ml belief that the Ltaued States should 




ic b y 12 percent and route more- 
■rankfnrt, company offieiak said. 


m etateto* 
taste f 68, 


Johnson wrote. rat an arms emoai 

The papa described a State De- linked Bosnian g 
partmem luncheon in April to hon- strue at Bosnian . 
or Hie Wiesd, the Nobel Peace and supply rentes. 
Prize laureate, and presided ova ^ 
by Undersecretary for Political Af- 
fairs Peter Tarnoff and the State T 

Department counsdor, Timothy E f tflJlf] 

Mr. Johnson said that Mr. Wie- 
sel argued that the Serbs’ conduct 
created "a moral imperative" for ROME — T1 
American intervention. g mnyrf Friday 

Tarnoff took WieseTs point but an opinion poll 

netted that failure in Bosnia would among voters t 
destroy the Clinton presidency” general election 
Mr. Johnson wrote, and hmchecu ^ ^ , 
guests confirmed his account t ^ w l }v >vvv / , 
g Winh agreed with Wiesd that the 
moral states in Bosnia were high, 
but asserted that there were even theriahlstODs 
higher moral stakes at play: The ^ 


hundred ih oMand NEW YORK (Combined Dispatches) — Ddta Air lines idans to! 
mH tro op s . reduce its flights across the Auantic by 12 percent and rou te more- 

ive Frank X. Mo- throngh New York and Frankfort, company officials said. ■ 

nocrat of Indiana, Tig aiiimc plans to drey daily nonstop flights between San Francisco! 
Employed Mr. John- tD ^ r Frankfurt srerting-toril 27, add 10 additional U5. domestic fights’ 
pi pohey adviser nn- ro feed trans-Atlantic fSghts fitan New Ycric, and fly larger jets from* 
partxnent feDowshm, rrankfm t on European routes. The changes are aimed at rednang losses! 
underscored his own on the trms-Atlantic operation. 

United States should Ddm ilrosaiditwoiildscct approval to sdl hhxte of seats on Mafev - 

nbargo on the Mus- R° ng * na a Anfines cm fights between New Yark and Budapest Delta' 
an government and flight atte ndant s wookl also work on the flights. (AP, Raneny 




lift an arms embargo on the Mus- 
lim-led Bosnian government and 
strike at Bosnian Serbian artillery 


from Monday, Fmlancfs FumanOy said in HdankL (Beamy 


Italian Poll Favors Media Magnate 


Raters 

ROME— The media magnate Sfivio Betfaacom 

an opinion poll ihai^dso revealed de^^^^on 
among voters over which party to hatk in the 
general elections. 

The survey by tie Doxa institute provided a 
timely boost for die multimillionaire, who has 
threatened to go it alone in the elections March 27 
and 28 unless potential allies in tie center and on 
the right stop squabbling and join .forces against 
the left _ . - 


VIENNA 

Prague 3. At metro atop Jrtw Podebita VIEMJA COMMUNITY CHURCH Su*v 
Sunday a.m. 11:00 Pastor. Bob Ford wotatip in English liflO A.M.. Sunday 


At tie same time, howeva, cwtrthfrds of those n1[i — 

surveyed said they did not know whkhpartv to . 


Tffiat put tie executive, who entered politics last 
week at the head of tire Focza Italia c on ser vati ve 

movement, far ahead of the field. 

Prime Minister Carlo Azeriio GampL Italy’S * 
fast ramified head of tgoyanmeat, was nat , with, \ 
lu percent. - -j 

Achilfc Ocdietto, hit double fi g ings, and 30 pa- '• 
cent of tie sample said none cftie lO top rJtubT's 
was up to the job of imming Italy. 

The new e lectoral systemhas beat hailed as tic 


(033110033. 

WUPPERTAL 

MteM Bapcia Chuch. EnsAto, Gar- 
man Pterian. tifesHp 1030 am, Stetetr. 
21, tNLppvte - SbarfakL At derurirteona 
mhwiw. Hans-DJeier Fraund. paster. 
TaUQ2Q2M8BB384. 

•ZURICH 

INTERNATIONAL BAPTIST CHURCH of 


ST JAM£SCHlRCHaia9amRteia Scfc.Gf^NBfw^ScbprwSte«ftVta- waare te &te mtand. Rcaptug- 

n^^TvBBcriwtio Ructeia. 9. ship iflgo. Duke. Pastor. wgito _s^» Suatoy 

5012 ft Ftoranca. My. TA 3995 2944 17. TaL 704307. nunr^limTeL 1-700281E. 


S^vd, nusay. rt en tama t al dananha- 
fionBvre»TaOuotwBE8se1fi,Viara1. 
WARSAW 

WARSAW INTERNATIONAL CHURCH 
ftcleMrtl Ertfahfenp a p B c mikm . Su> 
days 11TO am Saot^ifiy). i 0 am (Juw- 

ZURICH 




UNIVERSITY DEGREE 

MCHBJVff * HASTES > D0CTQBA7E 

dahVg&OBi s* 



(310)471-0306 
FAXs (310) 471-6456 

CM V «ttt tor taratoH 


Pacific Western University 

WOK SrateftbM DW 73 
Los Angd&CA 90049 


under a new simple majority system that is otpect- 
ed to redraw I tat/* pditical map. 

“The number ot ‘don't knows* has never been so 
high as tins thru- round,” said En«o Sahnmn, the 
institute's director. He emhoned tint tie uncer- 
tainty wottid affect tire refiaWjty of pdls. 

In the telepbone s urv e y of 306 people, 23 per- 
cent of respondents saw Mr, Berlusconi as tie 
person most aide to tackle Italy’s problems. 


ano is intended to creaiea bipoJarpotftical system. 1 

cent of the discredited manareerjing <rf old. ■ - 

Evoi an esgbt-^arty leftist affiance; led by tie ' 
farmer Gmummias. Mr. OcaSoTdS^S ) 


re c n i mnafions; 


Imprime per Offprint. 73 rue de I ’Eiv/igi/c, 7301K Paris. 














EVTERNATXONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 5 -6, 1994- 

.‘PR AA R H If if 

IT life %gfc & iwl BWE i^k £ S?- ^5Z? il' ;;sr. 


Page 3 


2 §p £ <(pfe ^ F^:: /£ 5 r.:- £ /i =«p f %y : 5 

i M i L^Uk ^V'L Q -!i ;< u £ i v *t#' £ '%? 


- z 


"" **•'< 
:-W§ 
r.;'^ 




arm 


By Ann Devroy 

WathinffOi p„t Service 



in tfae budgtt he sends to Col^rcs cm Mrai^a 


• r__ ->nn f r j.Z T- — r“*“ xwuwa spcna- 

tS programs, mdudmg the 115--in 

, ®* ,9*. frogrammaac Terminations’’ — that 
would be ebntinated as part of the SL5 trillion budget, 
Mr. Clinton has said this budget, is oneof the 
to*^nest fiver because of the spending caps put in 
gaalast year that require tlK^SieS^Seve 
spoiQing-reducDon commitments made rnthc S500 


prwed last ajnmw.Jhisycai's budget Uaboui $ 
bilhofl less than Mr. Clinton’s budgetreqocst of a year, 

To meetthe .caps as well as increase spending in' 
jraat Mr. Ointoo calls his ‘investment" agenda, the 
white House has been forced to sharply reduce discre- 
spoiding in many areas and dfnunate what 
omcials thee, call “good but maremaT federal 
programs. - - _ ■..*’ ? . . 

Among programs on the Brtmctkm list are aid for 
local schools serving militaiy A^jendeots, oilseed ex- 
port subsidies, 40 separate smaD National Oceanic 
and Atmospheric Admmistratkm. projects, in stales 
across the country, the Defense Departmenfs heavy 
cargo helicopter procurement program and its. ship- 
based anti-submarine warfare helicopter, a search and 
rescue helicopter and F-16 fighter aircraft NASA 
would lose its advanced solid rocket motor program 
k that was in jeopardy last year. 

The Bureau of Indian Affairs would lose three grant 
programs and payments to law schools that set up 
legal-assistance programs, Uranium-enrichmait re- 
^^^oqg with state student incentive grants would 

Wipingout federal programs has become one of the 
biggest straggles in Congress, even when overall 


spending is being reduced because virtually every 
, program has a pohtkaUy powerful sponsor and an 
active public constituency, 

Oneof the few programs Mr. Climon proposed to 
dnmnate during the presidential campaign, the feder- 
al honey-bcc industry subsidies, turned into a virtual 
yearlong battle after Mr. Climon tried to carry out. 
that pledge last year. 

Congressional appropriatore said Mr. Clinton’s 
proposals w dash spending to make way for his 
investment init iatives will touch off bhter squabbling 
on Capitol H3L where members are beginning to focus 
on how tight next year's budget will be. 

“You have so many members who think domestic 
programs have been cut too mnch already," said 
Representative John P. Murtha, Democrat of Pennsyl- 
vania, a sou or member of. the House Appropriations 
Committee. “The fight will begetting enough vows to 
pass the president’s budget. It’s going to be very 



Although not chmroated, other programs will suffer 
spending cuts after the figures are adjusted for infla- 
tion. NASA would experience its first actual budge* 
\reductiop,, a cut of S250anlfioii from (his year. Rural 
Bectrification Administration loan subsidies would 
be cut, the program that helps poor Americans pay for 
borne heating oil would-be reduced 70 percent, and 
operating subsidies for urban mass-transit would be 
cm by 25 percent 

Many of the programs proposed for elimination 
were targeted by Presidents Ronald Reagan and 
George Bush, but survived nonetheless. Mr. Clinton 
proposed last year to kill a handful of the same 
programs, such as the F-16, but failed 

The difference this year, an administration official 
said, is that with mun longer time to work on the 
budget plan, the administration “could really scrape 
the bottom" for cuts. Mr. Clinton’s first budget was 
sent to Congress less than a month after his 
inauguration. 

The budget also cany out the first phase of Mr. 
Qinton's pledge to reduce 252,000 federal workers 
over five years, proposing that 118,000 positions be 
cut during tiie first two years. 




Ronald and Nancy Reagan playing with balloons at a Republican fund-raiser. Tbe former president turns 83 


Jewish Groups Question Nominee’s Writings on Israel 


By Elaine Sddino 

New York Tima Service 

WASHINGTON — Some 
American Jewish organizations 
have raised questions about the 
writings tf StxobeTalbott, the dep- 
uty secretary of state-deagnate, on 
Israel, which some say reflect at 
best ignorance, at wont hostility. 
-Two Jewish groups have gone on 
the offensive, sending excerpts 
around town from two columns 
that Mr. Talbott wrote for Time 
magazine and' q»lHng on President 
Bill Clinton to withdraw Ins norm- 
nation. Mr. Talbott, who has beat 
a close friend of Mr. Clinton’s since 
they were roommates at Oxford 
Uiisycraw. \& .now. the Stftte-De- 
pstttmeatfs axnbassad6t^-&t^ for 1 
the fonher^fcwfe* Union; " 

1 By contrast, otberJewish organi- 
zations have cbosqx.to engagpm a 
discossioa with the nonnooe, al- 
though they contend that he has a 


lot of explaining to do. Lester Pd- 
■ twt4r t the of the Confer- 

enceof Presidents of Major Jewish 
Organizations, . and Malcolm 
Hoenlem, the director, met with 
Mr. Talbott for 90 minutes on 
Thursday. 

Senate Foreign Relations Com- 
mittee members said that for tbe 
moment, Mr. Talbott is expected to 
win approval when he comes be- 
fore toe committee on Tuesday. 

Mr. Talbott made his reputation 
as a medalist cm the Soviet Union 
as a correspondent and columnist 
far Time magazine. He has written 
little about the Middle East, and 
what he has written is open to.rome 
tritwpretation. Nowhere is -there 
tray .written. Or mat recoai.oC.an 
ammos toward IsracL ;. :* . 

• ~ii l a column titled “Howlsrad Is 
Like Iraq” in October 1990, mem 
than two months after Iraq’s inva- 
sion of KnwmvMr.Talbon wrote 


that the Likud party’s dahn, rooted 
in history, to the occupied territo- 
ries “does indeed have something 
in common" with Iraq’s territorial 
claim to Kuwait 

He added that Prime Minister 
Yitzhak Shantiris “talk of ‘greater 
Israel* is as ominous for the pros- 
pects of there ever bring real and 
lasting peace in tbe region as Sad- 
dam’s militant nostalgia for Nebu- 
chadnezzar’s Babylonian em p i r e,** 

The Zionist Organization of 
America and tbe National Jewish 
Coalition distributed e xc erpts of 
Mr. Talbott’s writings.. And the 
Jewish Institute for National Secu- 
rity Affairs said anyone who advo- 
cates such views “should be dis- 
qpafiged” Jram. occupying such a 

post r . 

But some leaders of other Jewish 


Reagan Plaint: 

By Roxanne Roberts 

Washington Pox Service 

WASHINGTON — Ronald Reagan re- 
turned to Washington for a Republican Na- 
tional Committee fund-raiser, and he accused 
President Bill Clinton of stealing his Jim-c 
“After watching toe State of toe Union 
Address the other night Tm reminded of the 
old adage that imitation is the sincerest form 
of flattery " Mr. Reagan told the crowd. 
“Only in this case, it’s not flattery, but grand 
larceny — toe intellectual theft of ideas you 
and I recognize as our own.** 

The Republicans called the rfinnw a birth- 
day party far Ronald Reagan, who turns 83 


Stealing My Lint 


on Sunday, which sounds a lot more festive 
than a fund-raiser, but raise funds it did. 
About 2JSO0 donors paid S 1,000 each and 
packed into the Nations] Building Museum 
u> hear Mr. Reagan and his wife. Siancy. and 
Margaret Thatcher say wonderful things 
about each other and terrible things about 
those other guys. 

It has been five years since Mr. Reagan left 
town, but be is still the same: charming, 
funny and not a gray hair in sight. .And he 
found some things in Washington un- 
changed, too. 

“As our plane headed toward the airport, f 
looked down on toe White House and it was 


just like toe good oid days.” Mr. Reagan said. 
“The Rose Garden, the South Lawn. David 
Gergen.’* 

Mr. Reagan has been playing this pan so 
long that he can deliver his lines flawlessly, 
and silently compose a grocery list at die 
same time. 

Even when his speech seemed halting, one 
got toe sense that he did it deliberately .just to 
improve the punch lines. “Now, as most of 
you know. I'm not one for looking back.’* he 
told the audience, which included viewers of 
CNN, C-SPAN and GOP-TV. the new cable 
channel. “I figure there will be plenty of time 
for that when I get old." 


Stolen Car Biz Goes Wholesale on Long Island 


By John T. McQuiston 

New York Tima Service 

ROSLYN HEIGHTS, New York — David 
Newman knew something was wrong when he 
left a restaurant here one night this week and 
saw no sign of toe attendant who had parked 
his car. 

But he only realized how wrong when he and 
his dinner companions noticed a car at the curb 
with its engine running and a thumping sound 
coming from toe trank. 

“I popped toetnmk idea* and there was the 
valri,” lie said, rWe polled the tape off his 
mouth, and he told us what had happened, and 
we realized right away we were in trouble.” 

Tbe valet had been locked in the trunk by a 
member of a team of car thieves who stole six 


luxury foreign cars from toe lot of II Sapore 
Ristoranie Itatiano. 

Mr. Newman, 60, a retired sweater manufac- 
turer, found his Acura in toe lot, but two of his 
friends were not so lucky. One lost his Porsche 
and the other his Mercedes-Benz. The thieves 
took another Mercedes, two Jaguars and an 
InfinitL Police speculated that the thieves were 
professionals who had taken the cars for export 

“They grabbed toe most expensive cars," 
Natale Petrone, toe restaurant owner, said. 
“We’re still in a state of shock. It happened so 
fast Thank God the young kid who parked the 
cars was not injured. 

The theft took less than 10 minutes and 
marked a new twist in auto thefts on Long 


Island. Nassau County police said. While gangs 
of car thieves inteimittently prey on shopping 
malls, this is the first time so many cars have 
been stolen at the same time by the same 
people, the police said. 

The theft began around 9 P.M. Tuesday as 
about 30 customers were eating dinner. The 18- 
year-old valet who had parked their cars was 
relaxing in his own car. 

A man appeared at his car window with a gun 
and ordered him to get out and open the trunk. 
Tbe gunman then bound toe valet with tape and 
forced him into toe trunk. Detective Thomas 
Howell said. 

The gunman, along with several accomplices, 
then seized toe valet's key board, took the 
ignition keys for six cars and drove them off. 


POLITICAL NOTES 


TtwMo.2P<cam— ttwMft. 1 «tttf pufapon 

WASHINGTON J. Petty has beat sworn mas KXMtary 

of defense, ending a effort of seven and a half weeks by the Clinton 
administration to replace Les Aspin, who was forced to 3tep down. 

Tbe former Stanford University eugmeeringprofessor, 66, took file 
oath erf office in a private ceremony at ttePHuagqri 'after the Senate 
voted, 97 toO. to confirm his nomination. Eaifier, toe Senate Armed 
Services CammfttBe endeared the appointment unaaiznon^. 

Tbe vote Tharsdav- followed a hearing before the Armed Services 


The vote Thursday, fallowed a hearing before the Armed bonces 
panel dozing which Mr. Fcny, who has served as Mr. Aspm’s deputy 

for the past 11 months, wan jdaudhs from senators. (LAT) 

AIUtoMff*<fliPmln»*toO*tWhR»lteTOPo»t 

WASHINGTON — Morton H. Ha^erin, the candidate forcedJG 
withdraw last month as President Bill Obrion’s choice to supervise 
Pentagon ^ ^peacdkeeoii® pcBct, is finding a home on tbe National 
Security Council, Where he waljprobably do ranch the same work but 
will not need Senate confirmation. . . . * 

Officials said Thursday that Mr. Hafaenn, 55, former dnectar of 
the Washington office tif Hie American C3vfl Liberties Unkm, will be 


shortly become a special assistant to the president in charge pf 
promoting democracy and human rights overseas. (NYT) 

Wanted: 1,000 Agantato Bar IB»jilWwlc«ii 

WASHINGTON — Tbe United Slates nnvefled a new border 
control program to hdd down illegal immigration from Mexico by 
adding mote than 1,000 agents and electronic equipment on toe 
southwest frontier. 

The S368 million for the 6ystem in fiscal 1995 will be requested in 
President BiB Qinton's proposed budget Monday and wu require 
congressional approval It could get toe support of delegations from 
five large states with immigration concerns; California, Texas, New 
York, Florida and DHnou. (W?) 

Quot»/Unqwat» 

Piisident Bill Clinton: “Whatever the Vie tnam War may have done 
in dividing our country in the past, today our nation is one in 
honoring those who served and pressing for answers about all those 
who did no t return. This decision today, I believe, renews that 
commitment and our constant, constant effort never to forget those 
until our job is done.” (NYT) 


No Inspections Yet, North Korea Says 


Remm 

VIENNA — North Korea said 
Friday that there was “no immedi- 
ate prospect” of letting the Interna- 
tional Atomic Energy Agency con- 
duct unconditional inspections of 
its tiudewr sites. 

The North Korean envoy to the 
agency, Yon Ho Jin, said here that 
toe conflicting positions of toe UN 
agency and Pyongyang “cannot be 
merged at toe moment " 

Without inspections, the agency 
will be unable to give North Korea 
a dean bill of nuclear health by the 
end of this month, and the United 

making atomic boml^t^^de- 
mand punitive sanctions. 

North Korea has warned that it 
would regard this an an act of war, 


] i disclaims nuclear weapons ambi- 
tions. 

The United States has offered to 
end North Korea's economic and 
political isolation in return for ac- 
cess to the atomic energy agency to 
seven declared nuclear sites. 

On Jazz. 20, toe agency said that 
North Norea was seeking to place 
unacceptable limits on toe pro- 
posed examination of the facilities, 
and warned there would be no in- 
spections at all unless these condi- 
tions were dropped. 

With less than three weeks to go 
before toe agency must issue a re- 
port to its board of governors, 
meeting the week of Feo. 21, toe 
agency's talks with North Korea 
appeared at a dead end 


■ U.S. Briers 4 on Council 

The United States held a closed 
briefing on Friday for toe other 
four nations who are permanent 
members of toe UN Security Coun- 
cil on toe standoff with North Ko- 
rea over nuclear inspections. Tbe 
Washington Post reported from 
New York. 

The meeting with Britain, China, 
France and Russia was tbe first 
time the United Slates has raised 
the issue of North Korea at toe 
United Nations since talks between 
Washington and Pyongyang began 
last year. 

U was a U.S. warning sign to the 
Security Council powers toat they 
may soon have to deal with the 
matter. U.S. officials said 


Away From Politics 

• Hie Labrador retriever is stffl top dog. "Die 
American Kennel Club says the lovabler’ 
breed retained its spot as tbs national favor-' 

. .« IL1 .J.U. mMuC 9 DnH. 


IKdm iSricvcr fifth. T&poodte. beagle, 
dachshund, Dalmatian and Shetland sheep 
dog rounded out lhe «st of fi» top 10. 

badly underestimated toe number of resi- 
dents left homeless and overwhelmed by 
tens: of thousands of non-Engh^h-^pwkmg 
victims seeking htfy, it was disclosed Tbnrs- 
day at a Senate subcommittee bearmg. 


• Widely expanded akohol and drag-testing 
requirements for truck drivers, pilots, rail- 
roaders and other “safety-senatzve*’ trails- 
portotion workers have bam announced by 
Transportation SecretaryFederico Pena. 

• Louis FurakhanV decision to snspend a 
senior aide for an inflammatory speech made 
at Kean College in Union, New Jersey, in 
November was hailed by .the chairman of the 
college's board of trustees. *T applaud the 
many dtizens, legislators and officials, ap- 
pointed and elected, who have came forward 
to denounce the comments by Muhammad,” 
said the ohainnan, Larry Lockhart, He was 
referring to a speech hy'Khalid Abdul Mo- 
hammad that sought to justify toe Holocaust 

•Exfrarioas of anti-SemitiSBa % African 
Amencans are a growing concern for Ameri- 


can Jews, many of whom remember the early 
1960s when, prominent members of both 
groups worked together on such projects as 
voting rights and fair housing laws. “I 
emerged from the civil rights movement and 

of p««^*tween iheblack and J^mn- 
monities,” said Rabbi Avi Weiss, national 
president erf the Coalition for Jewish Con- 
cerns. “And I struggle as lo why it’s gone sour 
in some segments* of toe communities. 

• The Pentagon wffl be a few weeks late in 
finalizing regulations to ban homosexual 
conduct m tocmffitaiy. Hie Defense Depart- 
ment chalked up the delay to paperwork. The 
new regulations, which were to g p into effect 
Saturday, were supposed to be given to com- 
manders in the Add so they would have 
precise definitions of homosexual conduct. 

AP, LAT. WP, NYT 


Advocate of Chernobyl Reactor Dies 


The Associated Press 
MOSCOW — AnaioH P. Alex- 
androv, 90, an academician, who 
led the Soviet effort to develop 
Chernobyl-type nuclear reactors, 
died of cardiac arrest Thursday. 

Mr. Alexandrov advocated the 
use of graphite-moderated reactors 
like the one that exploded at toe 
Chernobyl nuclear power plant in 
Ukraine in 1986. Western scientists 
say such reactors do not meet inter- 
national safety standards. 

Described by colleagues as a 
brilliant scientist and organizer, he 
was deeply affected by toe disaster. 

toe world's worst nuclear aeddem. 

It killed at least 32 people and 
caused widespread radioactive con- 


tamination. Tens of thousands of 
people were evacuated. 

■Thai was Alexandrov’s greatest 
tragedy, for which he largely ac- 
cepted responsibility and blame,’* 
said a colleague, Yevgeni Velikhov. 

But like many other Soviet offi- 
cials at the time, Mr. Alexandrov 
initially played down toe scope of 
toe disaster and toe fact that Soviet 
reactor designs were faulty. 

Mr. Alexandrov became promi- 
nent during World Y/ar IL when be 
devised a method of demagnetizing 
ships to protea them from mines, 
Mr. Velikhov said. 

He was also instrumental in de- 
veloping the Soviet nuclear- 


powered fleet, both surface vessels 
and submarines, Mr. Velikhov said, i 

Mr. Alexandrov headed toe Kur- 
chatov Institute, Russia’s prime 
nuclear research center, since 1959, 
and served as president of toe Sovi- 
et Academy of Sciences 12 years. 

Peter Tolstoy, 86, 

Grandson of Author 

GAUTIER, Mississippi (AP) — 
Peter Tolstoy. 86. whose grandfa- 
ther wrote “War and Peace,' 1 died 
here Thursday. 

Mr. Tolstoy, who fled Russia as 
child, had lived in Gautier for toe 
past year with his son. Serge, be- 
cause of ill health. 


1 Foster Case 
! Is Marked 
| By Delays 
j In Inquiry 

! By Pierre Thomas 

H'aJwi%ion Ftttl Service 

WASHINGTON — U.S. Park 
Police waited until two days after 
they had ruled toe death of Vincent 
Foster a suicide to ask federal fire- 
arms experts to conduct forensic 
'tests to confirm their conclusion. 

Documents obtained by The 
Washington Post show that toe 
Park Police wailed neajlv a month 
after toe July 20 death of toe depu- 
ty White House counsel before 
turning over toe firearm, a bullet 
that remained in toe w'eapon, and 
Mr. Foster’s clothing for examina- 
tion by toe Bureau of Alcohol To- 
bacco and Firearms. 

Bureau officials, who marked 
their findings “sensitive,” quickly 
conducted toe tests and concurred 
with the Park Police conclusion 
that Mr. Foster shot himself with a 
single .38 caliber bullet to toe bead, 
toe documents show. 

But they offer the first glimpse 
| into toe procedures used by toe 
> Park Police in the shooting, an in- 
J quiry that has come under conrinu- 
: mg criticism and whose results 
j have been kept secret. 

: Nearly five months after the 

| body was discovered in a park out- 
I side Washington, the special coun- 
I sei, Robert B Fiske Jr., has begun 
reexamining Mr. Foster's death as 
pan of a broad probe of President 
Bill Clinton's Whitewater real es- 
tate investment and connections to 
Madison Guaranty Savings and 
Loan, a failed .Arkansas thrift. 

After Mr. Fiske began work, toe 
Justice Department indefinitely 
withheld toe final report on Mr. 
Foster's death toat had been sched- 
uled for public release weeks ago. 

Officials said Mr. Fiske would 
review- toe repon before it is re- 
leased. 

Mr. Foster was tbe Clintons’ le- 
gal counsel on Whitewater and 
filed three years of back corporate 
taxes for the venture several 
months before his death. 

Speculation that his suicide was 
linked to a federal investigation of 
Madison grew after disclosures 
that the FBI had raided toe Little 
Rock offices of David Hale, a for- 
mer municipal judge linked to 
Madison, shortly before Mr. Fos- 
ter's death. Mr. Hale has publicly 
accused Mr. Clinton of pressuring 
him to make an improper loan 
backed by the Small Business Ad- 
ministration. 

On Aug. 10. Deputy Attorney 
Genera] Philip B. Heymann hdd a 
press conference to “announce toe 
results of the inquiiy*' into Mr. 
Foster’s death. Park Police Chief 
Robert E Langston said the agency 
had completed its inquiry, and had 
concluded “that Mr. Foster was 
anxious about his work and he was 
distressed to the degree that be 
rook his own life.” 

But iwo days laier, on Aug. 32, 
Major Benjamin J. Holmes Jr., toe 
commander of toe Park Police's 
criminal division, wrote a letter to 
the Bureau erf Alcohol, Tobacco 
and Firearms asking for toe agen- 

S ir's assistance in examining evi- 
enoe recovered at the scene. 

Major Holmes told toe bureau 
toat an army Colt .38 special re- 
voh-er was recovered from Mr. Fos- 
ter’s right hand. 

“The palm and fingers of toe 
right hand were laying over toe 
cylinder area of toe weapon and toe 
victim's right thumb was trapped 
between toe trigger guard and toe 
from edge of toe trigger.” Tbe bul- 
let that killed Mr. Foster was never 
recovered. 

Bureau officials concluded that 
the empty cartridge had been fired 
by the revolver, with residue pat- 
terns consistent with those on pho- 
tographs of Mr. Foster’s hand. The 
residue pattern on toe shin was 
consistent with toe “discharge of a 
'revolver in close proximity to toe 
upper front of toe shirt." 


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Page 4 


Generals 
Press Sabin 
On Security 
InPLOPact 

The Associated Press 

JERUSALEM — Prime Minis- 
ter Yitzhak Rabia met wiib his gea- 
erais Friday to discuss a split be- 
tween army chiefs and Foreign 
Minister Shim on Peres over negoti- 
ations on security issues with the 
Palestinians. 

The chief of staff. Lieutenant 
General Efaud Barak, has insisted 
rai army control of Jewish settle- 
ments and their immediaie envi- 
rons under the proposed Palestin- 
ian autonomy agreement for the 
Gaza Strip and Jericho. 

**0117 role is to ensure that any 
agreement allows our commanders 
to know what is permitted, and 
what is forbidden," General Barak 
said on Israeli radio. “It is very 
important to be precise, detailed 
and dear." 

The daily Yedioth Ahronoth re- 
ported that the general, in a meet- 
ing with the prime minister, ac- 
cused theforeign minister of 
eroding Israel's positions on securi- 
ty matters in talks with the Pales- 
tine Liberation Organization lead- 
er, Yasser Arafat. 

Mr. Peres, in turn, said the army 
was "almost obsessive" on details, 
the paper reported. 

Mr. Rabin played down (he dif- 
ferences: “We’re not discussing is- 
sues of principles, but their transla- 
tion into the everyday." 

The prime minis ter seemed more 
optimistic than he did after the 
talks between the foreign minister 
and Mr. Arafat in Davos, Switzer- 
land, last weekend, when he said an 
agreement could take weeks. 

Mr. Rabin told Israeli radio that 
hie meeting with the army chiefs 
was “to consolidate what was ad- 
vanced significantly in the Davos 
talks when Feres meets Arafat 
Monday in Cairo 

“But the heart of the security 
issue has been dealt with in Davos 
and I hope will be concluded in 
Cairo," he said. 

The radio said Mr. Rabin had 
rejected the ideas of joint patrols 
with Palestinian police, Palestinian 
outposts on the roads leading to the 
Gush Katif bloc of settlements in 
the Gaza Strip and did not want 
any Palestinian customs agents. 

The newspaper quoted NabQ 
Shaath, the chief Palestinian nego- 
tiator, as saying of the Davos talks: 
"Almost everything was ready and 
suddenly Peres said: ‘I have to 
make a final call 10 Rabin.’ His face 
was radiant, he went to make the 
call When he returned his face was 
crestfallen.” The newspaper said 
Mr. Rabin's reaction was in defer- 
ence to his generals. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, FEBRUARY 5-6, 1994 



AbaedladAMlcBui 


Palestinians rWmg a (tonkey cart Friday as Gaza Strip observed a general stir&e to proiest tbedaytng of a gooifflaleado- by the Israefis. 

Russia Seeks Nearby Focus for Its Peacekeepers 


MOSCOW — Defense Minister Pavel S. 
Grachev appealed Friday for a strong United 
Nations mandate for Russia to carry out peace- 
keeping missions in the former Soviet republics. 

Speaking to the French defense minister, 
Francois Lfolard, who is on a two-day visit to 
Moscow, General Grachev made it dear that 
Russia hoped to concentrate on (his task rather 
than send more peacekeeping troops elsewhere 
in the world. 

“Some Western countries reproach us for 


sending too few peacekeepers to Bosnia,” he 
told Mr. Leotard. "But we have already allocat- 
ed more than 16,000 servicemen to carry out 
peacekeeping missons in the former Soviet 


“We cany out an important task and deserve 
a stronger UN mandate to accomplish it," Gen- 
eral Grachev said. 

Russia, which inherited most of the Soviet 
Army, has found itself in the cross fire of 
regional conflicts that have struck former Sovi- 
et republics snee the Soviet Union collapsed in 
late 1991. 


BOMBAY: The Wild New Game on Indians Bourse ? Investment Rugby 


Continued from Page 1 

the making s of Asia's next hot mar- 
ket? 

"Actually, sir. it’s a very quiet 
day,” said a broker, bored enough 
to guide a visitor through the aro- 
matic maelstrom and introduce a 
97-year-old broker making a mar- 
ket in Sindia Shipping. “Yon 
should see them when they work 
themselves into a frenzy.” 

Outside, on Dalai Street and in 
neighboring lanes, the situation 
was calmer, but no less intense. 
Tens of thousands of would-be in- 
vestors shuffled in orderly lines to- 
ward a chance to join in a fray that 
would have seemed unimaginable 
when, in June 1991, India mounted 


a reform program to correct its 
deep economic crisis. 

Now, with infla tion falling, ex- 
ports rising and foreign investors 
looking covetously at India's surg- 
ing middle-class spending power, 
bullishness has spread throughout 
Bombay and 21 other stock ex- 
changes around the country. 

Lines to register applications for 
new shares in such companies as 
Tfllin n Fharmacfcem and O.K. Play 
India Ltd. blocked traffic and 
snaked past stands selling invest- 
ment tip sheets entitled Rupee 
Gains and Midweek Financial 
Wizard. Taxis, their roof racks 
loaded with still more application 
forms, ground to a halt 

“It's like this every day and it's 


horrible," said Sunil Varma, 
branch munagw of the Bank of 
Baroda, who spends much or his 
time chasing would-be investors 
who missed application deadlines. 
“We must be the busiest bank in 
the world.” 

In the past 12 months, more than 
500 companies went public,] anting 
7,000 other concerns in India’s 590 
billion market This year, judging 
from one month alone, there will be 
more. Amid the constant thumps of 
form stamping, Mr. Varma* s 
branch is accepting 100,000 new 
share listing applications a day. 
The banks, while crowded, are cop- 
ing. 

But a cumbersome clearing sys- 
tem for stock transactions is not 


llits* 4 i — 

m 

mT\ borOPa Second. Prize 


Foreign investors pumped 51 bfl- 
lion into Indian fisted stocks in 
1993, most of it in November and 
December. Analysts agree that the 
total could climb to at least $4 
billion this year. 

At the same time, they say that 
major changes are required to a 


$600 


$300 




$120 


Classified Valentine Message Contest 

Every year on February 14th, more and more people 
use the Trib’s classified section to send a greeting to the Valentine 
of their choice and some of them get pretty creative. 


This inspired us to have some fun with our 
readers by launching a contest for the most original 
classified Valentine. Here's how it works. 

Print your classified message on the form 
below — minimum 3 lines — and mail it to your 
nearest IHT office together with your remittance 
or your credit card reference. Your ad will run on 


Valentine’s day Monday, February 14th and that 
evening the jury will meet to select the winners. 
Tim results will be published in the OTPS edition 
of Monday, February 2 1st 

So Have some fun with us, wherever you 
may be. Get your creative juices flowing and send 
in your entry today. 


redolent of the bygone British Rqj 
era. 

A transaction involving $2 mil- 
lion worth of stocks might reouirc 
40,000 to 50,000 transfer deeds to 
be processed. Until a few days ago, 
each required new tax stamps, three 
sets of identification numbers and 
two signatures. 

Although the regulatory Securi- 
ties and Exchange Board of India 
has thrown its weight behind the 
introduction of ‘jumbo" transfer 
deeds for batches of shares and 
automated stamp and signature 
franking machines. Mr. Page said 
the backlog could not be cleared 
for “a couple of months." 

Creating much larger blocks of 
shares Tor institutional investors is 
just one move in an ambitious re- 
form effort by the securities board 
that has charted a collision course 
with Bombay’s powerful brokers 
and even led to a 10-day strike in 
December. 

A fully computerized National 
Stock Exchange has been backed 
by regulators searching for a way to 
protect investors from a host of 
questionable practices that thrive 
in the trading turbulence. 

“For many years the system has 
worked beautifully,” Raj end ra 
Mehta said. "We don't like to ad- 
mit it, but SEB1 will have its way 
eventually. I don’t think there will 
be any more strikes.” 


IV INTERNATIONA!. • 4 

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YUGARAJ 

Hafed os In bn# Ireton r wlai rort « fiaaot 


Kohl Aide 
Calls a Cut 
In Troops 


In Britain, 
Remains R 


erous 


Rental 1 

BONN — Foreign Minister- 
Klaus Kinkd of- Gennauy criti- 
cized a Defense Ministry dotation 
to cut troop- levels, saying in an 

interview published Friday that it 
could endanger constitutional mOi- 


Russian forces became a decisive peacekeep- 
ing factor in the South Ossetia region of Geor- 
gia, Tajikistan and the Dmestr region of Mol- 
dova. 

Last year Russia asked the United Nations to 
provide it with a formal mandate to run peace- 
keeping operations throughout the former Sovi- 
et Umon. 

But the move drew criticism from some other 
former Soviet republics, who have accused Rus- 
sia of imperialist ambitions. 


Defense Minister Volker Rflbe 
has said that troop strength win be 
cut to below 350,000 this year, 
2QJXX) fewer than the level agreed 
withlhe World Warn victory pow- 
ers — the United States, the Soviet 
Union, Britain and France. ••• 

- The government decided - to < 
make the mQitaiy bear, the brunt of 
public spending to rein in the .defi- 
dt, and slashed its budget by over 5 
percent for 1994. 

“I can see the defense minister’s 
problems,” Mr. Kinkd told the Co- 
logne daily Express. “But I befieve 
we should definitely keep a troop 
strength of 370,000. If we shrink 
the army further, sooner or later it 
will become hard to fulfill our can- 
stitntional defense obligation. 

“We most decide which troops 
we need for which tads, and then 
talk money. Not the other way 
round — on die hues of ‘how modi 
money have we got and bow many 
soldiers can we afford?.’ " 

The armed forces commander in 
chief has already said the cots 
would affect Germany’s security 
and mflftaiy options. 

Mr. Kinkd wants Germany to be 
able to expand its mllltaxy rote un- 
der UN mandates, with a view to 
getting a permanent Security 
Council seat. 


By flany James 

IraematlofalHavld Tribute . . 

Hie British government, angered by what it se es as a poraic 
tel&tians coup in New York, by Gerry Adams, th e pt^iti cal spoken 

mwn^thM^wedl^ReoiibficanAriiiy.wincqntninetobanthe 

broadcasting of his voice. ; 

' Ireland ufted a similar gag last month, i»oping to. coax MT. 
AdnnW * Sfmt Fan party into endorsing a grinm-Inga peace plan 
for Northern Ireland. 

Hat ftter Brook* the govemmeot-secwtmY m chaige of nwu 
poEcy, saMLinawritten answer in the House tfCtommqns on Friday - 
rhnt die administration “will keep the matter: under review. _Gfn- 
they were determined to keep Mr. Adams’s voice off the air 
lmtiThe formally forswears violence; : 4 " 

Prime Minister Margaret Thatcher imposed the gag mw 
Kft ybW she wished to deny Irish terrorism the "oxygen M pub nciiy. 
The ban applies equally to spdoesraen for ‘ftttestaat terrorist <*ga^ 
naatiOBSybut does not extend to written material 
British teteviskm. gets around the ban. by having arao re wim 
Northern Irish acoeafe speak in synchronization with videotaped . 

recordings of Mr. Adans and others. 4 -.-- 

Many viewers complain that tfafe is hypocritte^ andjo uraaH tt 
say that it prevents mem from putting tough questions m recny to ■ 
Mr. Adams. Bui one official told Renters that thegag^s.^ce^oy 
Waiw. “jt ranewi anger and distress in. Nartbem Ireland. to hear 
Mr. Adams’s statements after terrorist atrocities.” 

. Prime Minister John Major — whose government has been badly 
hurt in the eyes of .the public by sex aim oonupnon scandals, and 
because it has just introduced one of the biggest tax increases smee 
World War ff —needs the support of Ulster Vmaast members of 
Farfiament. They oppose letting Mr. Adams haveany more pubnczly 
than he already has: - - - ' - 

TTm- B ritish hand- w fi itgi ngwHii; markedly different from the atti- 
tude in Ireland, which macteno dgectiim. to Mr. Adams’s New^ Yodt 
visit. The Irish gove rn ment last month lifted a X>-year ban on 
broadiscRuK the voices oflRAaprikeanen. The Dubfin government 
hopes that mis will increase dtetegrre snaoun^ 
ish-tri&h agreement to end li yeare of sectarian conffictin tiie six 
counties of Northern Irdand. 


JAPAN: Hosokawa 9 s Tax Debacle 


Contkoed from Page 1 
pie’s welfare tax," bt 


Mr. Rflbe has already da^had when repertos 
with him over the value of UN planation erf the 
missions, and he -«»rid Germany the two levies, 
may have to Hunt such ambitious is Even though 
the light of the cuts. not take {dace u 


keeping up, generating mountains 
of paper and almost as much con- 
troversy as foreign institutional in- 
vestors pour into the market. The 
Sense* index rose 50 percent in 
three months. 

Hongkong & Shanghai BmImn 
Corp., which handles more than TO 
percent of the custodial business 
for foreign institutional investors 
in Indian securities, now refuses 
new business and warns its custom- 
ers that they face increased risk doe 
to the backlog of paperwork. 

“We’re saying they must recog- 
nize India is not like other regional 
markets,” said Steve Page, senior 
manag er for securities services for 
the Hongkong Bank in Bombay. 
“Essentially, mstinttional investors 
: arc putting wholesale money into a 


“If the UN asked ns this year to raougn ii was uragneu u> unancc 
take part in a mission like throne animme<fi^S55hiffiontaxcxit to 
in Somalia, we shouldn't have to stimulate Japans slumping ccotk>- 


“people’s welfare tax," but he 
coda barely keep a straight face 
when reportos demanded an. ex- 
planation of the difference between 
thetwotevies. . 

Even Iboogh the inmease would 
not take place until 1997, sbA even 
though It was designed .to finance 
an immediate S55 hilfion tax cut to 


^ the move sddffa 

.grounds,” Mr. Kinkd said. 

■ Contacts With Iran had not been properly consulted 

Ambassador Richard C Hoi- about the enonmxi^iMHtxoyeoial 


order to keep. Japan’s hard-won 
budget balance intact, any bill to 
cot taxes now umstmctoae a spe- 
cific provision to raise enough tax- 
es later to cover the shortfall. 

Accordingly, Mr. Hosokawa 
came in for taunts from criijcg Kim 
ShuuOfahte,a tiroSbcrafistt^ficial, 
\riw demanded: ^Whycfid he have 

- Soverimkht affirials^^^med 
assuonmes that a compromise on 
taxes would be readied Monday so 
that a stimulus package — which 


s ™ L 1 ?? fSS r !h p y^ S L ' that a stimulus package — which 
was supposed toEmSteaiterar 


Ambassador Richard C 'Hoi- abototheenOTmou^coHtxoyexsial Iia J ilIgta x 0 
brodre said the United States was mcawe - “vw^&beSl 

continuing to caution Germany Faced with a walkout by the So- Prince of Do 
about contacts with Iran, rare of cud Democratic Party and anger Tanaka, det 
very few areas where the two allies among other dose allies, the prime Economic H 
“have some significant differ- minister gave in to a decisioa Fri- But the. i 
enoes,” The Associated Press re- day by the party leaders to ahdve nisod doubt 
ported fiom WashizigtoiL the proposal — both die tax in- . ^ 

He srid the United States was crease and die tax ait —at least for Mr rtmtnn 


enoes,” The Associated Press re- 
ported from Washington. 

He said the United States was 
“very concerned” about contacts 
with supporters of terrorism. 


P ^ day , — could be compteted. Not 

out the enOTmtxisly couUavw&ial tax cuts Jm sodna package 

■ ■■ • -■ “woSl be^ fike Hamlet without fie 

Faced with a walkout by the So- Prince (^I>mnaik,” said Tsutamn 
d Democratic Par^r and anger TamUn, deputy minferu of the 
song other dpseallies, the prime Economic Hanning Agency, 
mister gave in to a derision Fri- But the intracoufiSm rift has 
y by the party leaders to shelve whetho: Mr. 

e proposal — both die tax m- Horokiwawiflrbe abteto present 
sase and the tax cut — atleastfor Mr. Clin ton with a stimulus plan 
w - that die president eu" get entmuo- 

Perhaps most disheartening astx; about. Washington has-been 


The United States and Germany from the standpoint of those in presringTotyp to gaits economy 
have been woriring quietly on die Washington and elsewhere who out of recession to more, foreign 
issue since October, when both have been hoping to see Mr. Hb- . goods can be sold m Jmnn. 
foitam and the United States pub- sokawa seriously chaflcnge tfae bo- A seawr Foram Nmnstiy offi- 

lidy criticized meetings betyeen^ reaqc p q y , hk potitgr ^enntri al-- di^actn(nriedgpf lhattfe 
the Iranian and German intdfi- most senptef the.kfimstxy. oC adiievemema'drlhe summit mcet- 
gence chiefs, he said. Finance, whose mandarins are re- mg may be far from satisfactory. 

Without any pubfic accusations, garded as Tokyo’s most powoM “Imt we Ix^e that the general i- 
a we are working at the problem, and prestigious, . •• recricH Mr. Hosokawa is taking 

exchanging views and inf carnation The mmistiy has masted that in will, be accepted by Mr. Gintan_” 


issue since October, when both have been 
Britain and the United States pub- sokawa so 
lidy criticized meetings between, reapcjaqy, 
the Iranian and German intdfi- most serif! 
gence drids, he said. Finance, \ 

Without any pubfic accusations, 

“we are woriang at the probiem, andprestij 
exchanging views and information U 1 * 111111 

and dim inaring miamdend^p drngy ^ ^ 
and disagreements,” he said. 

The United States does not ob- T? AH 
ject to the European Union’s hav- 


mg “a critical dialogue" with Iran, 
Mr. Holbrooke said. He used 


RATES: 5-Year Throp Is Reversed 


Contteued from Page 1 


Bonn's desca^ptkm of contact with Knhan, of Fi^i Securities in Ones- . 
the Ir anian secret police, which ga “If Greenspan shows he’s ready 
Germany said helped gain freedom to stay the course and tighten a bit 


sakl his firin’ toff, expected lower 

^^fd^Reserve's timfog^^s it 
will take longer because investors 


Germany said helped gain freedom to stay the course and t^itea a bd ““tonger because ^m^tors 
for nationals from fnoidly coun- mare, the bond boys vwH come over wm a« now nmch more tighte n ing 
tries. and ki» him oa botii chctis." ttaFfedhto to do to contain inftar 

"Essentially we believe that the. Although rismginterestxatesde- tio g- | ’ ' ; . _ . 

recent American ejqperience sug- press band prices, the long-term But some ecrmmimis sad that 
gests there is very little value and goal of containing inflation would 1? moving early, toe red will have 
considerable risk in taflriug to peo- • eventually improve the value of to move te rn ovtf .me long run. ^ 
pie who support terrorism, and fixed-income securities. To Wall Street, Mr. Greenspan's 


tries. and kiss him on both cheeks. 

"Essentially we bdieve that the. Although rismginterestmtesde- 
recent American experience sug- press band prices, the long-term 
gests there is very little value and goal of containing i nfl a tion would 


To Wall Street, Mr. Greenspan's 


what is done most be done very 
carefully if at all,” he said. 


Edward McKdvey, an econo- motives te moving soqukklywere 
mint with Goldman, Sachs A Co., still uncertain. Consumer price in- 
flation test year was only Z7 per- 
1 i ' N ■^■"^— cenL andfewnpwardpnssaresare 
• - seen now. . __ . 

d of a Sad Ordeal 

Democrat who won the Silver Star avec ?8 e bl hours worked per week 


HISTORY: End of a Sad (Meal 

Cadnmed from Page 1 Democrat who wot the Silver Star avacagie of hours wa ked per wee k 

ho«> far the as a patroHxMt c ornman de r in the towardits npperhmits. 

have pushed rdenUcssty for the Mekong Delta, and John S. from 343 to 34.8, and ma m ifactur- 

tnnt than ihat- i. McCain 3d, an Arizona Repubfi- mg overtime boim iitoally at war- 


iv nS! rah, who baited out his naval Qationary pressures on wages, 
attack ptene after it was Mt over ... 

HrtC.-dvBta.Bd crwtw?Tar\ 

S .ho pemjaded Hanoi u. y«n » an enemy pn*m STF.IVOi 
provide enough answers to the c ” np * . ’ 

vexed question (rf prisoners of war “I fed we are finally putting this f^Jnrmrrrnfr Rnloe 
and servicemen still missing to en- war behind us, as we have put every vannigwig iu/i>eo 
able Mr. Qinton to vdn the support war behind us,” Senator McCain . a - 

of impoctant public figures who said by telephone from Ins home in . . Hiun i MM ktei.fly 1 
had the credibility an Vietnam that Phoenix. “A nation must do that. Association of Woikma Won 


of impoctant public figures who 
had the credibility on Vietnam that 


STENO: 


Cootnmed framPafe 1 


he did not. 


had the credibility an Vietnam that Phoenix. A nation must do that. Association of Working Women, 
he did not. and 1 am grateftd to have s nrrived Ton don’t see Miss Gotten trot- 

Among those, by far the most £ ®? j wfam _sommiy of my ting into an of fi ce with her stsno 

important were a pair of senators r ”” 8 . . . noL J . j* 15 m P*” 1 pad taking a letter. Those days are 

-Min F. Kerry, aMassachiosetts mt ^ 1 . t0 ^ ^ strcmg gone." 

weight to Chma, the growing niili- YeL inst as . these saner akU*t«u 

tary and economic power m the tify to the opportunities aeatedbv 
region, and 1 fecl this wffl hdp ns a technology^ represent only tbe 
lot ecoooiracally. bri^.si&TIredazkErptetuiriin- 

Another who served in Vtetaam dudes all die secretaries who could 


weigm to uma, me growing mm- ^ Yet, just as these super a^es tes- 
tary and economic power m the tify to the opportunities created bv 

lot economically. bri^tt sioL T3 m d^km i picture in- 

Another who served in Vietnam, dndes all the secretaries who could 
e mpha s i z e d the geopolitical aspect not adapt or Were not needed any 
“We really need to have a pels- louger. The higher^ skill require- 
tionship with these people, not for meats and narrowed opportunities 
the past but for the future,” said toed what was once a traifi- 


“We really need to have a rcla- 


THOUMHEUX 




MIS ISA 


UTOITDE PARIS 


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KERVANSARAY 

TwtiA 4 WI lpwidha, Igfatfer bar, 
Hafeod radowoM. ta> Boer. Me^ferdr.V. 
W 5128M3 AvenhowLSOMOpm 
rfcoM pm & 6 pm-lom, wup Stnday. 


Frank Wisner, & career diplemat 
now a senior Defmse Department 
official, who was a provincial adr 
visq- in the H^htesdk “Visnamij 
a key actor the Pacific Run as 

we; they, the Chinese and others in 
the area head into the next osuto- 
iy" 

A scholar who studied U.S. 


ttonal job dioice for high school 
gra d ua t es, especially wotibi. 

These days college degrees are 
becoming noon. Aspiimg office 

assistants mnsi master an array of 
datxi^se, woiri-procesriiig and 


iy," The deep recession ^ ^tiwt drove 

A scholar who Studied Si 

gjtoa race tonsm mother ncojab mailat 


saklCharics 


ofNortiriRSt- 


ndoikj pm & 

OpmfeUoys. 


Americans, and how many 

ported the Aih#,;wi v ’ 1 w ' • ' ’ : ' ~ ~ 

Thai will redound to the oediiriC? . //> „ ■. • 

the Vietnam veterans arid of tfri X - ^ 

serving mflitaiy feiV: - SJSBS* 

If so. the presidou’a actioay^L '• V 

truly i^jtesott- die. dosing cC* v ®-437;43ir !■ 

chapter m US. hsstocy. — • .- -wr> v. . ... 


• To nhurijw in. Prianoa 

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^..^.. HEILUr. TOBTOB, SAlTOPAMlM. FEB»l»»Y «• -g 


Page 5 


Britain Isn’t 


■ ^ Reutm 

, BELTING — A floating China 

* said Friday , that Bmainwas on a 
’ long-term political and economic 
. decline rand faced a crisis with its 

■ most important diplomatic part- 

* tiers — the United States, Europe 
! and the Commonwealth. ■ 

In a signed essay on its miema- 
1 tional page,' the Communist Farcy 

* newsrianer Penck’s -DaSv called 


• John Major’s govcmmenL - 

Accompanying the essay was a . 

- cartoon of a skinny old nearsighted - 

■ lion with greying mane, spectacles - 
, and walking stick staring at a por- 

■ trait of himself inaneaiber age as a 

■ ferocious, roaring lion with sharp 
teeth and foil blati mane. 

“To remember is unbearable,” 

' the caption read. 

Diplomats said the essay reflect- 
ed Beijing's 'anger at London's to-. 

; fusal to drop efforts to widen do- 
mocracy m Hong Kong before the .. 

■ British colony is han&d over to 
Chinese rulein 1997. , 

“The glorious days of Britain are- 
in the 1 past,” the essay said. “Eco- 
! nooric figures show that its indus- 

- try is fast dedming, and its share of 
; world manufacturing output, trade 

- and gross national product is drop- . 
, ■ ping rapidly .** 

4 *in recent years this eoonwnK 
decline has become serious,” it 
. said, “so that now it is very hard to 
reverse.” . 

, Britain’s decline has been has- 
by the end of the Cold 'War, 
** the essay said, because the mfin- 
ence of economic power, is growing 
rapidly while that of mffitary power 
. wanes. ’ . . 



Japan Comes of Age in Space 

Made-at-Home Rocket Launches 2 SatelUtes 

_ . nMeimehronous itself from reliance on U.S. i 


By Andrew Pollack 

'Sn York Tima Serricc _ 

TOKYO — In a declaration of 
independence from the U.S. space 
program. Japan on Friday 
launched its first large rocket mult 
soldv with its own technology. 

The H-2 rocket blasted off at 
7:20 A.M. from Tanega^nma, an 
island in southern Japan. The pow- 
erful but complex firfl-siage en- 
gine. which was dogged during its 
devdaoment bv explosions, tires 
and faiiliv welds, appeared to per- 
form flawlessly, although complete 
data was not yet available. 

Within half an boor of lift-off. 


mocracy in Hong Kong before the -. Mmrafid Janata Party dashing Friday witt 

gss.sayrr.T*- 

“The glorious days of Britain are- id ubucu — 

in the 1 past,” the essay said. “Eco- l^-: ' ■ — — ” 

normc figures show that its Indus- ■ m mT ITjl _ 

SSSSS Hanoi Welcomes 'a New Page 

IESsM?* Fianom Fledge, FuUBdpon Mixing W. 

that nowit is very hard to ___ j ^ r«n ctwt m hdmne he said .Friday. , “1 tmnK 


Sana Mafcooa 1 Rcwoi 

Delhi poficesnen as they tried 

rice increases on basic goods. 


wiuun non **“ ^ 
ihe H-2 released its cargo of two 

test spacecraft- * 

One of them, known as the Or- 
bital Re-entry Ex penmen t. or 
OREX. is designed to test ceramic 

riles and other items that will be 
u sed to prevent Japan’s space shut- 
tle from burning up » U re-enuw 
the atmosphere. The OREX is to 
circle the Earth once and then re- 
enter the atmosphere, splashing 
down in the Pacific. 

The other craft is a rest s huUiw 
that will operate For only about IUU 
hours, basically to confirm that the 
H-2 is capable of putting a satellite 
into orbiL The Vehicle Evaluation 
Payload, as it is called, entered into 
an elliptical “transfer" orbit that is 
used to move satellites from low 


Earth orbit into geosynchronous it 

orbit 35.900 kilometers (22,300 tu 
miles) above the Earth. 

japan now boasts one of the n 
worlus 111051 modern and powerful g 
latmchiDg vdiides, albal one of the a 

^AftCT^ycars of development. S 
we see the launch has been safely 
completed," Takashi g 

oresldent of the National Space 

gSU Apncy o | 

said at the agency's headq^rt^ , 

here. “At last, we have reached 1 
W °Tte5oSi«er il64-foot! I roetoa 

the first one made by; Japan that 

can lift large communicanons and 
Earth-observing satellites into or- 

bl Moreover, freed from 
uons that came from reiving oojhe 
United States for rocket tcchmj- 

oev japan will be able to compete 

l ing business. It wiU also be able to 

orbit its own miliiary recounais- 
g sance satellites, an idea it has begun 
E considering again recently » lhat it 

ie does not have lo rdy soldy on ihe 
n United States Tor infwMUon on 
® crises like the threat from North 
S Korea’s nuclear program- 
W Devdopmeni or the H-2, which 

S cost about $14 b^om repots 

10 the culmination of years of effort 
“ by Japan’s space agency to wean 


itself from reliance on U.S. tech- 
nology- _ . 

“If we have no vehicle, it is like a 
navy without ships," said DnSto- 
gebumi Saito, a professor emratus 
it the University of T °kyo andfor- 
mer high commissioner of Japan s 
Space Activities Commission. 

The H-2 can deliver a 2,000-kBo- 
gnun (4,400-pound) «dfi» mio 
P^syncbrcnious orbit, 36.152 bio- 
ieuis above the «luaipr, or a 
10,000-kilogram pa^oad raw low 
Earth orbit, 250 kilometers from 
the surface. 

But the prospects for launching 
commercial satellites is very much 
in doubt Launching costs for the 
H-2 are as much as twice lhat of tne 
Arianc-4 rocket of the 
, consortium Arianespace. The con- 
sortium launches about half of the 
’ 20 commercial satellites sent up 
each year. 


Minis ters Unhurt in Crash 

Rnnen 

MOSCOW — A Russian govern- 
mem limousine earning Defense 
Minister Pavel S. Grachev and his 
French counterpart. Frames Leo- 
tard, was involved in a collision 
near Moscow on Friday but neither 
man W3S hurl, ltBT-TaSS said. 


BOOKS 


. wanes. - cs 

h is this unshakable reality that ^ 
has sparked Britain’s foreign, af- 
fairs crisis, according to the essay* - B 
■ which was sigted by a Peoples Q 
, Daily writer, Chen Team n 

- Since World War a be wrote, 

" Britain has neva been n^etaa ( 
* reluctant member erf Enropetma t 
r emains hesitant and uncomnmtea : 
• to European unity despite the nse . 
l r of. Germany as a unified and in- ( 
creasingly influential power. % 3 

And there is strain in Logons 

..vaunted -sp^retoti^h^wi& 

the Unitea Stales as Washington i 
, has been cultivating doser ' 

with Gmnany and Asia. Lanaon. 
and Washington have growmK ™- 
I ferences on economic and pwitnai - 
, policy, it; said, diviagmg^J^ - 
/forowr Yugodava and Northern 

■ ^Sewy doted 
* . Baying o* 5 to countra^US. enbes 

of Ushuman-righis ‘ 

wsh 

' wing, Smn Fan, has also angsw 

.Sc Ckimmotweahh, atogAnstra- 
. tia’s plans taberomc^repi*!^- . 

It said that the f esterag auto- 
matic rift over B ong K ong 
. l_Mwegmni.WDO 


By w miarri Branigm | 

= ' WasMngumPaaStr** j 

HANOI — Vietnam promised 
Friday to “continue fo cooperate 
Jolly” with the United States m 
solving the issne of missing Amen- i 
can servicemen after the lifting of a 
US. trade embargo.They agrert to 
the establishment of liaison offices 
in Washington and Hanoi as a 
transitional step toward full diplo- 
matic, relations.” . . 

In a statement an President Bw 
Ointon’s derision Thursday to oft 
the embargo, Vietnam’s Foreign 
Ministry haled the move as“a pos- 
itive and agnificant decision that 
opens “anew page in U.S.-Vifimam 
rdations." ' 

But in a mws confaence after 
- reading the statement. Deputy For- 

Si0kte-u iMlw* 

edMr. Ointan’s remarks that tire 
■ decision was not “irrevera&le and 
. that the embargo could wwifr 


JL 

nosed if Hanoi fell short in hdjsng 

^account for Americans missing 
from the Vietnam War. 

“The embargo is a backward pol- 
icy" he said. “It is a policy of 
power. The embargo snot wnas- 

teit with international tow. No na- 
tion in the world has the right to 
impose a trade embargo on any 
nation and doesn’t have any ngbt 
to reimpose an embargo on any 
nati on.” . 

- He said he did not see any mqor 
obstacles to setting up diplomatic 
fiaisan offices or settling mutual 
Amo* worth hundreds of millions 
of dollais. But he said progress m 
’ normalizmg relations was essen- 
1 trolly np to the United States. 

“Wehope the United States^ wffl 
: jegjp^ Vietnam as a fnend, he 

■ Hanm, public reaction to the 
: news was subdued. People ap- 

I « n.. ka konnv fthflUt 


iTOUDiIDX /. -x 


. worse, » ------ 

. nomx: ties. 


VnUedAirUnes 

Fbuuungtofly 

L.A.-Vielnam 

The Associated Pres 

CHICAGO — United Air- 
vice to Ho On Minn City, ] 

pending government approv- 

^Uhited has UA operating 
authority for 
throudi rights acquired &om 
now-ddfunct Pun 
World Airways 

line (rffirials say they wfflsedr 

thority from the Vietnamese 
®°U^Ssakl it plans to 

. ffirfns between EpsAng^ 

^Ho Cbi Minh Gty. the 

fanner Saigpn. 


pearcu gpucjauj " — » 

ftTbut not demonstrative. In mter- > 

v^ews, Vietnamese expressed hope t 
that the end of the embargo wouia - 
mean more jots, more Amencan ( 
imported gbods, greater competi- 
tion and tower prwes. ■ ] 

Two decades after the Vietnam ( 
-War ended mihe Connnnxnst taix- , 
OTofU^-backedSputiiVi^MJ 
and in American defeat, withflie 
loss of 58,000 fives, Vietnam is a 
different place. Most of ’tspopula- 
tton now is ^ young to remw^ 
the war, and there is little animos- 
ity toward Amajcans. 

Although snh |P VBn *, a 

Party Sat tolerates no 

name carcass » beoomeone ^ 
Asufs potential “tiger 

Endmg the embargo “wdl help 
the S at band,” saKlUeolen- 
ant Colond Jota Cray, the rom- 
masder of a US reataiy de^h- 
ment in Hanoi chargedmth 

accounting for the 

men. “We beheve Vimanwse »; 

_ operation is at a peak nght now, 


he said Friday. “1 think the embar- Sj 
SdST kl eohan* >tal * % 

He said that in the last month, ^ 
Vietnamese cooperation had hero 
amply demonstrated by the larger 
o( 27 joint searches so far, m whki rt 
more than 100 U.S. personnel eon- j 
ducted 88 investigations, J« 

14 excavations of crash or^a 1 J 
Colonel Cray said Vietxmm- d; 
ese soldiers assigned to the rffwt H 
led Americans through nnne fields d 
along the Cambodian border, n 

woik^ with U.S. teams m matornl fi 

jungles and helped l pufl 1 tl 
ploded 100-pound bombs from an n 

airplane crash site- s 

the 28th joint srarch is Mhed- j 

uled to start toter this month. 

t gome 2038 Americans are sou 

• officially Ihited as maccountrf I® 

l since the war, 1,647 of them m 
- ^Siam. But US ,*«««» ! 

! Imvedetermmed^faieof alltat 

1 73 of those tost m Vietnam, ofn 
1 rials said. 

In his press conference Friday, 
Mr. Mai sought to alto Amaican 
“ concerns that, with the 
y lifted, Hanoi would no longer t«t 
n compdUxi to maintain its efforts m 
“ SeSflA search. 
a “We will continue to cooperate | 
^ fully with the United States imdcr 
Z any political arcumstances, he 
** said. He said Vietnam shared 
a American families’ “sorrow and 
“ Brier and would continue to r^ 
5^ ^td the MIA issue as a “humam- 
jL tarian one.” 


SPLENDORS AND MISER- 
IES: A Life of SachevereU 

Sitwell 

By Sarah Bradford 486 pages. 
$35. Farrar Straus Giroux. 
Reviewed by 
Michael Shelden 


T HE saga of the Sitwell family 
would make an excellent sub- 
ject for a film bv Monty Python. The 
itory begins with the <Hn- 

dv Sir Swell SitweD of Renisha* 
HaR who fritters away a fortune 
derived from the iron-nail trade. His 
main interests are horse racing, cock 
fighting and fox hunting. His spend- 
Kt ways darken the lives of the 
next generation until a massive cot! 
mam b discovered under the famfly 
«aaie. The new mine rains down 
wealth on the Victorian Stwefls and 
coal dust on the HA j 0ovenng » 
exterior with grime and Wackening 
, tlw trees and grass. . 

But from tins bh^ited landscape. 

i a mo of yoimg po^ mu^udy 

1 emeraps in the early years of om 
! ^ny. The oldest, fib* SWjjU 
looks like an El Greco Madonna 
and organizes toaW cventi M 
vdridi die stands brinnd a curtain 

’• and recites poetry through a mega- 

n 


phone. She has an unfortunate ten- ^ 
Sear-- to plagiarize in her nonfiction sp 

butter early P«£ S 

^ards all models, evoi at the risk of ti 
being completely uninielligible. 

Edith’s broiher Osbea whom she u 
calls Dagobert in her poem Colo- j 
nial Faniock.” discovers tos PJ?® 00 * 
■filing during a childhood hototoy c 
at ihe seaside and later conclude c 
that the salamander is the symbol of t 
all art. His pronrising hieraiy carw « 

ismierruptedbyiteGreaiWar.and 

he is sent off to the trenches, where i 

behasahardumea^ustmgmmh- : 

tarv life. “Do you like horarar a 
friendly officer asks. “No. but l 
adore giraffes." Osbert replies. 

And then there is Edith’s youn- 
eest brother whose full name and 
tide in later years will couture 
one of the better tongue-twisters m 
liierarvhistoD" Sb SadievereU Sit- 
welL Sachie, as his friends call him, 
is a friendly chap who will equ- 
ally write 70 books but who will 
never escape from the enormous 
I shadow cast by his brother and 
r sister, and by his unstable parents. 
Writing to his future wife — Geor- 

[ oa — the young man reveals some 

t trepidation about a m^tmg te- 
I San her and hto parents 
h race. “My mother is talL dark. & 


thin, always with a black cocker & 
soanieL & my father has. as you b< 

K. a red bLrd. Be careful with te 
them, won’t your * 

Sachie’s anxiety is justified. His 
mother. Lady Ida, is a cxmviaed ^ 
felon. She is also the daughter of the 
first Eari of Londesbraciugh U - 
crtckei enthusiast who dies mysten- ^ 
ously of psinacosis, a “rare disrase £ 
transnrined by parrots ). but ber 
noble breeding cannot save her Dorn ^ 
the humiliation of spending three 
momte in Holloway Pnsonl for am- j 
spiracy to defraud a Miss Dobbs of s 
Streatham Common. It is all a big 
mistake, according to the chfldren, ( 
but eccentric Sir Geo rge Sitwril_ 

Lady Ida’s husband and the faito 

of ter three poets — refuses to hdp 

1 his wife avoid a jail senteace. 

! Although the marriage survives 
. this unpleasant episode, it remains a 
, troubled union. Lady Ida begins 
- spiking ter lemonade with gin. and 
[1 Sr George derides to dose off one 

s wine of the house because he consd- 

d ers U haunted. Asked for 
s. of his employers. Moat me butler 
r- observes, “Sir George is ite strangr 
ie esl old bugger you 

e- for poor old Ida, she doesn t know 

r- whether she’s coming or going. 

& Sarah Bradford’s biography ot 


Sachie is a hugely mte ™f£ s 
book, but it would be an even tret- 

ter one if she did not 

„ seriously. W0« of S to ta 


sons ol tne aiiwcua. ^ r- 
NoS Coward, had great fun moefc- 
jjQo them in his revue London 
Calling,” which features the poet- 
ess Hernia and her brothere Gob 
and Sago in “the Swiss Family 
WhittleboL" 

All the same, Bradford deserves 
high praise for ha asaduous re- 
search. which has brought together 
arich fund of Sitwell anecdotes. 
Great writers they were not, hot as 
great comic figures they are wefl 
worth remembering. 

Michael Shelden. who has written 
books on Cyril Connolly and Georgfi 
Orwell, wrote this for The Washtng- 
| ton Port- 

; |NEW AUTHORS 

i [ PUBLISH YOUR WORK 

. 1 ALL SUBJECTS CONSIDERED 

’ U Authore Wortd-wnde invited 

* 0 write or send your manuscript to 

” It MINERVA PRESS 

l|gqoBfO«PT^^ ia ^ 


/' /!•' * ,U 'A ' - 

■fMm 


Casablanca Mosque Opens 

Rentas 

CASABLANCA, Morocco - 
The Hassan Grand Mosque, which 
has the world’s tallest mmarrt, can 
accommodate 25,000 wMshroere 

and cost more than $500 
was opened to ihe pubbe for the 
first time on Friday. 


Q ^THFBTWCS ttv Arthur S. Verdesca 






:y^\ 

%i " ■’ .. r? pj ■ 

. r l.\r- s : 


. ■f.' ' ' -i' c /•' 

. r ^■ p ' 

j -'A *” ■£ 

- .oi' 

• V:' ' 

-4 j 


ACROSS -J 

.1 Scrooge’s rign? 

5 Some roiniseries 
10 polcnuus’s 
hidmgpUee 

15 Pearl Mosque 

site 

19 “City of the 
Kings" . 

20 Lack of 
harmony 

21 Flirt . . . ■ ■ 

22 Monokinis lack 
them 

23 Appropriate 
gathering *1 

27 Waybill names 
L 28 Brough: *rigar 

" back to life . 

. 29 All gone . . 

■.rssu*- 

- Clty • ’■ L 
► 31 \Palkmgrock 

32 Beaver Cleaver 

-portrayer - * 

- 34 Amiens’s 

. . department 

«' 37 Smelting dross 
38 Goal of many 

i, travelers 

- 3? Appropriate 

* . gathering 

i 44 Gawam’sririe 

♦7 Comfortable 

- - dress 
^48 Bigot 
r-49 Person «aw a 
whistle ■ 


5J Word with ware 
or winder 

53 “Stride Toward 

Fi«dom" 
author . 

54 Pal of laughter 

55 Bookcase rite 
58 Minister 

60-Gotoff 

* 51 Ihfsunqus 
mosquito 

« :Appr°pria«. 

... pibenng#? 

89 Kapellmeister's 
'■••'.group 
. 70 Billy of show • 
b«a 

71 Home . 

71 Photographed 


74 Jpiads 

75 Irhasahead 
and hops - 

78 iokUhwna!* 

prop . . . 

80 UJK- avhud ^ 

gl -Mam —' • 

(1941 hit) • 

• 83 Turkish palace 
,g4 Impresario 
Hurok' 

85 Appropriate 

gathering#’ 

92 -Marriage, e^. 

93 rnutansur 
(all. thing* 
change) 

94 Gone by . 

97. Go do* 8 


99 BroWbeat, in a © New York Torus, 

«y - 
101 Go -r- for. 

.102 Mge . .. . 

103 DeviTs borne 
107 AppropriaM 

. gathering #5. 

111 Becomes • 
definite 

112 Stereotype 

113 Elbow- 
connectors . 

114 “Waiting for 
•* the Robert . 


115 First name «. 

mysteries . 

118 Safe deposit 
box item 

117 Floor erwars,-'- 

in formally 
-118 : Helen of Troy's 
mother 


s:S 35S5' s S:SS' s -iSS55 

SL affagSaya 





-■» ■ -fi 


1WI 


poWTt ' 

1 Storm so u^ 

2 “Lasher* writer 

3 ^ Crosby hit 

4 Soothers 
5” Script 

descrqwion ■ 

6 Road, w 
Fairbanks 

7 Mountain pass 

8 Lwas 

saying- 1 ; 7 . 

9 Deficit . 

lOl^gOdnlo^f 

tl Make ready for 
useagam 
12 Absorbed 
.13 Hebrew for • 

: , “healer- . . 

-14 like zinfarttiel 
15.0scarwnm« w 
. ior “Amadeus 
lb Dapgpr for high 
: heels. • . 

17 Judge ‘ . 

18 Orgs. - - 

24 Deposits • 
25’,DobWswtc? 
2b Forehand-aft . 

■ riggpd.vW)... 
.31 Cast 
. 32 Slight r ^ 
J3 0^tal«aridf 
^ ... Abidjan . . . 

34 Teen uBt?. - 1 
jsGind*?. 


SSBBBa nS’JsTxd 

ISbb'Ibbbs aass SB! 


38 Dream, in 

• -combos - 

37 Uterally.^wy 
■ - of the gods 

.38 Trombone 
/. , device •_ 

40 Hard, m > why 

41 Spirited dance 
'42 Two-wheeled 

. . carriage 

43 Stops 
.■44' Lose support 
45 1985 hit by 
..Heart 

; - » Actor Parker 

. 52-N.H.L.** 
.Lemieu*. - ■ 

54 SaHngcr family 

• 36 “This Gun for 

Hire” star 


57 People Weekly 


59 Copter kin 

60 Away from the 
... mouth 

62 Kind of phobia 

63 Inge puppy 

64 Clan symbol 

65 Balhpark dinner 

66 Dcnmarit’* 

_ — Islands - 

67 Skyscraper 
support , 

68“And«ai— 

. 73 City on the 
- Asnudot 

74 FaEnR . 

75 1981 Higbam 

. film biography 


77 Slippery 

eel 

78 Point* 

. 79 “Lohengrin" 

heroine 

82 Burden 

83 Vindictive 

86 Pull nop 

87 Tree houses 

88 Onebf-Zcus's 
daughters 

89 Bellini opera 

. 90 Form a jury 

94 French story 

95 Homebody, 
perhaps 

9fc Have 

(frolic) 


97 VanGogh'* 
“Bedroom at 

98 Stendhal’s real 
name 

99 Chocolate ] 
source 

100 Some fertilizer 

102 Israel’s Eban 

103 N-C. neighbor 

104 Christie murder 
locale 

105 Froze 

106 Drifting 

108 Old doth 

measure 

109 Fannie 

110 CDXU1 + 
DC1X 


There are toxic chemicals in cur water. Such as oil. 

A!!d Co^S'th;nk ip.dustiy is so toe. Put moy'ro oriy^ 
nan cf the problem. You ana 1 . in our everyday mts, a,t . ^ 
?±n Si bie for a tremendous amount ot tvarer polluucc 
" however, we. can all help protect our water. Foc can^e. 
qqe toxic household cleaners and practice naid.a] Ja ■ 

nV bv conmostins; nnd using lower cicimcals. nud m..tcao 
rf pYdsS mx <& m to gnnnl or mto 
s llv take it id a gasoline sarion where ir can K n\> ull. 
Ik way we can turn ihis remble tide arouno. And 

restore the beauty to our water. 


CLEAN WATER. 

IF WE ALL DO A LITTLE, 
WE CAN DO A LOT. 


\ : iituru! /uCVi.Jto'- 


AC 

Ad C A.u i ici i 


oEPA 





*-». r , 


*>» 



S ATURDAY-SUNPAY. FEBRUARY 5-6, 1994 

OPINION 


Heralh 


INTERNATIONAL 



Srtbune 


PUBLISHES WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Clinton’s Korean Tightrope 


President BiH Clinton has to walk a tight- 
rope to conduct nuclear diplomacy in Korea. 
In considering military deployments to it as- 
sure South Korea, Mr. CUnton must take care 
not to rattle a suspicious and unpredictable 
North Korea. His pending derision to dis- 
patch Patriot missiles to the South has 
alarmed the North- True, the Patriots, which 
defend against missile attack, pose no threat 
to Pyongyang. But given their hit-and-miss 
record in the Gulf, they may do more to guard 
Mr. Gin ton from assaults by hawks at home 
than to protect air bases m South Korea. 
So why rush their delivery? 

South Korea's military also wants to shore 
up its defenses with Apache helicopters and 
other capabilities that could be used to attack 
the North. Such deployments are unduly pro- 
vocative. Why give hard-liners in the North 
reason to derail the delicate negotiations 
and keep budding bombs? 

The South Korean military cannot resist 
saber-rattling. The Defense Ministry in Seoul 
now says it intends to bold Team Spirit zmHtary 
exercises this year, conducted jointly with the 
United Stales, if the North does not allow 
international nudear inspections to resume. 
U.S. and South Korean diplomats pref e rre d to 
reassure North Korea by promising suspension 
of Team Spirit as an inducement for the North 
to allow access to its mid ear sites. 

For its part. North Korea is doling out 
access to the nuclear sites in small doses 


because it has little else to barter for U.S. 
diplomatic recognition, increased trade and 
other benefits But further delay and increas- 
ingly vitriolic threats to break off talks are 
only sowing doubts about North Korea's 
intentions; it would be wise to deliver 
the next dose now. 

Pyongyang promised Washington to admit 
international inspectors to all seven of its 
declared sites, as often as necessary, to assure 
that the reactors remain sealed and no nuclear 

material has been diverted since the last in- 
spection. But regular inspections that would 
examine the sites more thoroughly would not 
resume untQ high-level talks are hidd with the 
United States. And inspections of two sus- 
pected nudear waste sites in the North, which 
could shed, further light on whether it has a 
bomb, remain to be negotiated. 

The North has not yet agreed with the 
International Atomic Energy Agency on pro- 
cedures to cany out its pledge. It says the 
agency wants to inspect more than is neces- 
sary to assure continued monitoring. Ameri- 
can officials say it is up to the agency to 
determine what it needs to see. But is checking 
the reactor core really necessary? 

Mr. CUnton must be careful to reassure 
South Korea without threatening North Ko- 
rea. But those in North Korea who want 
nudear diplomacy to succeed cannot expect 
Mr. Clinton to walk the tightrope forever. 

— THE NEW YORK TIMES. 


What Formula lor Russia? 


Ever since the Soviet Union collapsed two 
years ago. the West has been anxiously look- 
ing for a strategy to aid Russia — one that 
would promote rapid reform. Now things are 
going badly, after the unpromising election 
results in December ana the departure of 
most of the reformers from the government. 
Whose fault is that? 

In Washington, fingers are inevitably being 
pointed at the International Monetary Fund, 
which has been designated tbe main conduit of 
aid. In the various packages of aid tfw* the 
Western democracies have promised, the IMF 
was to have provided $14 bSHon in loans to 
Russia. In fact, it has delivered only $25 bQ- 
lion. The accusation is that if IMF bureaucrats 
had not been so cautious and defensive, greater 
help for the reformers might have made a 
crucial difference. Now the IMF's manag in g 
director, Micbd Camdess us, has delivered a 
bristling response, arguing that while his staff 
continues to work closely with tbe Russians, 
the rules of lending have to be enforced. 

If the West had wanted to take greater risks 
— risks of losing serious amounts of money in 
a more forceful effort to lubricate reform in 
Russia — it should have provided grants, not 
loans. But none of tbe rich democracies except 
Germany was prepared to send large grants. 
Because of their budget troubles at home, they 
chose instead to offer loans through a techni- 
cal international agency that, to protect its 


money, lends only under dearly stated condi- 
tions. The chief condition is a more successful 
attack on inflation than the Russians have 
been able to accomplish. 

That is not the only danger in trying to aid 
tbe Russian government amid the present 
turmoil Because of the inflation, there has 
been a great flight of capital out of Russia — 
new wealth being stashed in bank accounts 
abroad. By some calculations, the flight of 
capital outward has been similar in amount to 
the flow of aid inward. The turmoil and lack 
of sophisticated financial controls in the Rus- 
sian government limit the utility of many 
kinds of foreign aid. All this also suggests the 
constraints on aid in the form of loans that 
presumably have to be paid back. 

The find verdict on the Western aid effort 
over the past two yean is likely to focus less 
on the IMF than on the hesitancies and (unit- 
ed generosity of its leading sponsors, tbe 
Western democracies, and their anxiety to 
convey most of the aid in forms that would 
not appear on their own budgets. That atti- 
tude has not fit well with the chaotic and 
inflationary conditions in a newly indepen- 
dent country moving toward a market econo- 
my that its politicians only half understand. 
For the United States, the question now is 
whether to persist with more of the same or to 
consider trying other approaches. 

— THE WASHINGTON POST. 


He Still Hedges on Terror 


President Bill Clinton changed his mind 
and bent the no-visas-for-terrorists law in 
finally admitting Gerry Adams, a man he had 
described only two months earlier as being, by 
"credible evidence," “involved at the highest 
level in devising IRA strategy”; the Irish Re- 
publican Army is the terrorist side of Mr. 
Adams's Sum Fein political party in Northern 
Ireland. It was daring ana right that Mr. 
Clinton took tins step, since it allowed Ameri- 
cans to take their own measure of a key figure 
in a bitter struggle that matters deeply 
to many Americans. 

What they saw was Mr. Adams putting on a 
terrible show. He may have woo sympathy in 
some quarters for the IRA/Sinn Fein pro- 
gram of uniting the sovereign Irish state of 
Ireland with the sovereign British territory of 
Northern Ireland. Bui he fudged and equivo- 
cated on the two crndal considerations. 

Professing peace, Mr. Adams kept calling 
for a British “clarification” of the joint decla- 
ration of December, by which the British and 
Irish prime ministers bravely undertook to 
launch a new peace initiative. But the whole 
thrust of his comments indicated that he seeks 
not a clarification but a fundamental alter- 
ation of the declaration in order to impose a 


united Ireland, with no further British pres- 
ence, on the resistant Protestant majority in 
Northern Ireland. This the British and Irish 
have pledged not to do. 

Thai Mr. Adams time and aga in declined to 
unambiguously renounce terrorism, which is 
the dear and necessary condition that the Brit- 
ish and Irish governments set fra Sirm Fein's 
participation in talks on the furore of Northern 
Ireland. In other words, Mr. Adams is talking 
peace but preserving tbe option of violence in 
order to serve the IRA/Snn Fein formula for 
peace. It is interesting to speculate on why he 
hedges, but that he does hedge is something 
Americans have now heard fra themselves. 

Sinn Fein is supported by a substantial 
minority, perhaps 40 percent, of the Catholic 
minority in Northern Ireland. In addition, it 
has to be granted that tbe IRA, for all its 
disabilities, retains a capacity to inflict a terri- 
ble punishment — on top of the 3.000 dead 
already recorded on both sides in tbe past 25 
years. So there remains a pressing need to 
keep trying to bring Sinn Fan into talks in a 
context not sullied by IRA terrorism. It is a 
pity Mr. Adams abused his signal opportunity 
to contribute to this goal 

— THE WASHINGTON POST. 


Other Comment 


Clinton’s Wager on Adams 

Whether Pres dent Bill Clinton was right [in 
admitting Gerry Adams] to reverse 19 years of 
U.S. policy, infuriate the country’s most 
steadfast ally and overrule the CIA and State 
Department depends entirely on whether the 
IRA calls a permanent cease-fire soon. If it 
does, Mr. Clinton can claim to have been 
rigfaL If it doesn't, he blew it. 

Mr. Clinton is entitled to dislike Prime Min- 
ister John Major, whose Conservative Party 
intervened scandalously in American politics to 
sharpen the Republican Party’s negative cam- 
paigning in 1 992. But Mr. Major overcame that 
to became Mr. Clinton’s most dependable ally 
in weald politics, and now be is alienated. 


Mr. Adams, president of the political arm of 
tbe Irish Republican movement, said nothing 
of consequence in the United States. His visit 
was fundamentally unimportant What is im- 
portant is the Anglo-Irish a gr e em ent negotiat- 
ed by Mr. Major and the Irish {Rime minister, 
Albert Reynolds. It is tbe only hope fra Irish 
reconcdiarioo. Ulster Unionists and the IRA 
have refrained from signing an, without refus- 
ing to do so. Mr. Adams's game is to demand 
British “clarifications" in hopes of showing 
that Britain negotiated with him before the 
IRA agreed to a cease-fire (if it does). 

Mr. Gin ton's contribution to Irish history 
wfl] be judged on whether he helped or hin- 
dered that agree m ent. 

— The Baltimore Sun 



International Herald Tribune 

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Mny. Dir. Asia. RNfD. Krartepuhl. 50 Gloomier Rd . Hong Kong- Tel. 8614616. Fax: 861-3073 
Hue Dir UR Garr - Thame 63 LmgAcft. London WG. Tel 107 / 1 8364102. Fax : (07/1 US— Sf 

15.60323 FwrifoNM. Td ffl»i 7267 55. MM £0 
Prei.U±- MkM Cm w. 850 Thud Ait Nr* Yak. S.T. I0U2L Td (212/ 7J2- UNO Fax: (212) 

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£ IWj. UenxdandHnddTiiwK ASngfft rtvnud ISSN: f&NJQSl 




Seeking a Fair Solution Based on Bosnian Analysis 


W ASHINGTON — Out in the country, where 
he goes to speak monthly. Secretary of State 
Warren Christopher finds that no one asks about 
Bosnia anymore. Nor is it or any other regional 
dispute among his own “strategic priorities” — 
economic security, Russia, Europe and NATO, 
Asia, tbe Middle East and nonproliferation. 

Yet be is conducting in Bosnia a salient test of 
the new diplomacy of high gesture and low com- 
mitment that global change and dmtiiring re- 
sources now force upon the American approach 
to much world disorder. 

Fra some Him*, the drift of American iHinKnghiw 
been to regard the Muslim-led government of Bos- 
nia as the war's chief victim and to resist by diplo- 
matic means the forced imposition of a settlement 
on it. 'With international negotiators now 
such a settlement, Washington has 
creating a -small pocket of political space in which 
the militarfly revived Muslims can fighton. This has 
produced a sharp dispute with the Europeans. They 
wish to stop the fightmg with minima] further costs 
(refugees, casualties, budget, commerce, nerves, es- 
calation) to themselves. 

Is it not strange to form a separate American 
policy toward what the United States has termeda 
“European problem”? Bosnia is not “European” in 
a h umani tarian sense, notes Mr. Christopher in an 
interview, dting the huge American aid contribu- 
tion. Nor in the importance of containing the 
conflict. Nor do Europeans claim the problem is 
strictly theirs: They are desperate for an American 
role, and they are getting one, though it is not to 
put the screws on the Muslims. 


By Stephen S. Rosenfeld 

So me Americans believe that W ashing ton should 
give the Muslims the boost of lifting on its own the 
United Nations arms embargo. The embargo keeps 
Muslims, despite recent acquisitions, inferior to 
Croats and especially to Serbs in battlefield arms. 
But here Mr. Christopher acknowledges a teffing 
check on American flexibility: The embargo oper- 
ates very unfairly; but lost of all on a resolution 
the United Stales voted fra does it wish to set an 
example of pdring and choosing among UN reso- 
lutions — an example others might apply to, 
say, Iraq or Haiti. 

if things go wefl for the M uslims an the battle- 
field, then a complicated U.S. calculus opens. Tbe 
American govenunem does not want to take on the 
responsibility of instructing Muslims how far to go 
or when to stop. But the secretary hopes they will 
come to a steady view of their territorial require- 
ments and not move the goalposts — nor bile off 
more than they can chew. 

Things could also go badly for the Muslims on 
the battlefield if the latest reported incursions by 
Serbia’s and Croatia's regular forces meet success. 
Then another calculus of American diplomacy 
takes hold. One part of it is to convey credible 
warnings of economic and political penalty to 
Serbia and Croatia. A second is to hdp the Bosni- 
ans to an understanding that this struggle must 
finall y end at the conference table. 

Mr. Christopher is aware that any political set- 
tlement in Bosnia must reflect the power balance 


When Everyone Is a Victim and No One Must Pay 


W ASHINGTON — When 
Tonya Harding publicly 
confessed to hiding knowledge of 
the attack on Nancy Kerrigan, she 
said, “Many of yon will be unable 
to forgive me for that. It will be 
difficult to forgive myself.” And “I 
know I have lei you down, but I 
have also let myself down.” 

As a longtime student of the 
American way of confession. 1 find 
this one fascinating. The themes are 
self- betrayal and self-forgiveness. 
They reflect perfectly a culture in 
which one no longer sins against 
God, natural law, the moral order, 
society or even one's fellow man, 
but against oneself. 

In a Zeitgeist that worships self 
above afl, you may have let other 
pie down but tbe ultimate sin is to 
ave let yourself down. It follows that 
the ultimate virtue is to make peace 
not with your victims bat with your- 
sdf. Thus Jane Alpen. a ’60s radical 
jafied far several bombings, reflects on 
her years in prison: “Ultimately, I 
spent many years in therapy, karnfng 
to understand, to tolerate and forgive 
both others and myself.” 

This from a woman who partici- 
pated in bombings that injured 21 
people. And why not? In a culture of 
grotesque self-absorption, the crimi- 
nal’s psychic restoration is at least as 


By Charles Krauthammer 


important as the victim's — and far 
more interesting. 

When Lorena Bobbitt was ac- 
quitted for the admitted sexual mu- 
tilation of her husband, her lawyer 
came before the microphones and 
called the verdict “a giant step for- 
ward fra Lorena in the healing pro- 
cess. She really needs healing.” She? 

Four days later, Michael Jack- 
son’s lawyer announced a multi- 
million dollar settlement for alleged 
child molestation with: “Michael 
wants to get on with his life and let 
the healing process begin." Mi- 
chad’s beating. And tbc cd’s? 

When everyone is a victim — in 
need of “healing" — no one is a 
victim. We have come to the reductio 
ad absnrdum of tbe “root cause” 
explanation fra crime. Once, root 
causes were said to be poverty, job- 
lessness, discrimination — the ex- 
cuses you hear after a riot. 

But how are the middle classes to 
get away with murder? Easy. Tbe 
“root causes” turn out now to go far 
deeper than the social and the eco- 
nomic. They are psychological And 
since there is not a soul who has not 
suffered some psychological trauma 
it becomes harder and harder to hold 
anyone responsible fra anything, 


This is not to say that there is 
never a psychological derangement 
that merits acquittal, even empathy. 
I thought approp ri ate the acmnttal 
of John HmckJey. He was aeady 
deranged and delusional, and not 
sible for his actions. 

Jut the Menendez brothers? 
These young men, who shot their 
rich parents and then belatedly hot 
tearfully claimed to have done so 
because of child abuse, have won 
two hung juries. If they get away 
with murder, it is time fra ns to 
return to the caves. 

The classic definition of chutzpah 
is a person who murders Ins parents 
and then demands mercy from the 
court on the grounds that he is an 
orphan. This is meant to be a joke. 

Vet the foQowhm occurred at the 
Menendez trial: The pro se cutor, 
cross-examining a psychologist 
brought by tbe defense, pointed out 
that Lyle Menendez bought $15,000 
worth of Rdex watches and money 

torn ware'oneaTtlie RrSnesto his 
parents* funeraL “Was that an act of 
respect?” the prosecutor asked. 

ne had this strong love for Us 
father,” replied tire psychologist 
“And tbe conditions that had been 


produced meant he had lost lm fa- 
ther. He no longer had this petson he 
kwed.” We are meant to fed sorry 
fra Lyle because, after aRbe had just * 
lost his father. How fid be lose Iran? 
Owing to “the conditions that had- 
been produced"— a spectacular eu- 
phemism for patriotic. So we are to 
explain this apparent act of disre- 
spect (flaunting tnhwriteA wealth at 
father's funeral) as the response of 
a despondent chOd who had just 
been orphaned — from parents he 
had just nmrdoed! 


that tire mayor of Dublin was Jew- 
ish, “Only in America.” 

But tins joke is dangerous. Our 
obsession with the psydne welfare cf 
tire victimizer leaves ns philosophi- 
cally defenseless against came. 
Whea the victinrizer is nothing more 


able. Lorena Bobbitt walks. Thel 
nendez brothers prove impassible to 
convict Tonya Harding, I wager, is 
preparing a doable whammy de- 
fense: dud and spouse abuse. ■ 

The president and Congress can 
efimb au over each other to be tough 
on crime. But as long as tire only real 

crimes are crimqi a gainst oneself an# } 
psychic injury turns criminals into 
victims, the tad: is hopeless. 

Washington Post Writers Group. 


It’s No Plot — It’s Simply How Bigotry Is Exposed 


N EW YORK — Time magazine 
has printed a news story’ disclos- 
ing that fighting black anti-Semitism 
by asking black leaders to stand 
against it is a way of “enforcing racial 
correctness" and, “it might be ar- 
gued, is just another kind of bigotry.” 
Yes. that is what Time 


By A. M. Rosenthal 


says. Page 37, issue predated Feb. 

In its news section is a story about 
bow an anti-Semitic speech made by 
a “semi -obscure” spokesman of tire 
Nation of Islam before just a “few 
dozen” college students is made into 
a big deaL It becomes pressure 
against “black leaders across the 
country,” and that “rankles” with 
“some” blacks. It comes al a bad time 
for black- Jewish relations, says Time, 
particularly in New York, always 
“fretting" about race. 

Thm tire “news stray* discloses 
“bow it works” — first tire speech, 
then the columnists A. M. Rosenthal 
of Tbe New York limes and Richard 
Cohen of The Washington Post call 
for black leaders to “repudiate" the 
speech. Then the Anti-Defamation 
League prints tire speech in an ad. 
Then black leaders, “reding the beat,” 
begin the “ritual of condemnation and 
racial correctness.” Got it? Jews whip 
it up and blacks have to bow. 

Jour n ali stic a l ly, enough said of 
Time's staff writer, his assisting re- 
porters and their assorted editors. 
Professionally, the article is wrath 
noting simply as a warning to ether 
magazines, newspapers and TV news 
programs: This is what can come out 


when “news stories” are allowed to 
cross over into editoriabzation by 
choice of words, angling and stack- 
ing. Politicization, distortion, ethical 
junk. So: vigilance, all! 

But tbe story also reflects some- 
thing else: the sickeningly conde- 
scending attitude of so many whizes, 
and some blacks too. toward black 
intelligence, independence, individ- 
ualism and honor. 

Nola word did Time jjtou to indi- 
cate that it ever crossed its coDectiv- 
ized-jonnialism mind that black lead- 
ers who denounced the speech really 
might despise it, (hat maybe they 
stood up because they liked that 
stance in life. 

The Tunc team saw them simply 
surrendering to pressure. Time 
Warner: Could it be that tells more 
about the story's perpetrators than 
about tire black Leaders? 

The speech brought black condem- 
nation after it reacted prim in news 
stories — real ones. Time Warner — 
the opinion columns deariy marked 
as such and in tbe ADL ad 

But that’s no plot. son. It is how 
journalism exposes bigotry. What 
would happen to America if journal- 
ism, other than Time, decided (hat to 
pram to bigotry was itself bigotry? 

And that correctness Hi — cute, 
but come on, team, those of ns who 
insist on fighting bigotry are usually 
lifetime opponents of political cor- 
rectness and its Lifetime targets, as 


surely know Time and staff writer. 

On Thursday, Mr. Farrakhan 
slapped custard all over Time's face. 
He himself showed the importance of 
exposing bigots. After black leaders 
denounced ms aide and Ms virions 
anti-Semitism, Mr. Farrakhan fired 
the fellow and said Ms language was 
“repugnant" But he stood by tbe 
“truths” tire said aide spoke. 

Since those “truths" wore a fool 
mess <rf religious and rarial trash, Mr. 
Farrakhan's weasding moves me no 
more than his earlier announcement 
that he would play a violin, piece 
by Mendelssohn. 

■ I hope that the statements against 
the vidousness of Mr. Farrakhan’s 
man by the Reverend Jesse Jackson, 
members of the Congressional Black 
Caucus and tbe NAACP lead them to 
a public evaluation of tire dangers of 
tire Nation of Mam itself. 

America needs a full African- 
American expose of bow the Nation 
of Islam injects poison into tire coun- 
try by its spewing of se paratism , bate 
of whites, Asians. Judaism. Catholi- 
cism —and its attacks against Afri- 
can-Americans who oppose h. 

Already among some Americans 
and in tbe press, there is a mumble* 
mouthed acceptance of Mr. Farralc- 
han and his organization. It gpcy 
WeR maybe he is an anti-Semite; and 
that's not nice, but think about his 
work among drug addicts and his 
speec h e s about Hack sdf^jcosfeil- 


ity. You have to admire that, don’t you? 

No, we doa't.oot any more than 
we admired Nazism’s economic suc- 
cess or Stalin’s vacations for assem- 
Uy-bne champions. Do we Mill have 
to lcam that hatred stinks, even when 
it perfumes its armpits? 

The New York Tones. 



Soi 

More Than 



By Anthony Lewis 

05 TON — “Like eve 
jut else,” Foreign Minister I 

petes aid, “the economy is a matter 


B 


HttUUV, «**»*»»<»■* *■ J 

bore b at last commg to an caa — l 
set off an Israeli economic boom. 

“Israel is going through one of its 
best periods economically,” Mr. 
Peres told a press breakfast in Bos- 
ton. “It has 7 percent growth, I think 
the best figure in the west. The fra- 
il" of peacemaking with tbe PLG, 


on the battlefield. He accepts that in 
the Balkans, memorie s are long, angels few and 
political deals vulnerable to revision. But he judges 
that there is a better chance a settlement may stick 
if it is based on Bosnia’s own analysis, not in 
tire first instance toe European Union's, of what 
the traffic will bear. 

An active international military role in Bosnia 
r emain* a remote prospect, most people feel even 
if a few token air strikes are eventually marie. So 
the prime internati onal lever remains sanctions. 
Mr. Christopher understands that the neighboring 
countries are sanctioorweaiy. He is open to mea in- 
sures that would lighten their burden but keep 
some leverage available against Serbia and Cro- 
atia. The purpose would be to support tbe Mnsfims 
in Bosnia, to address the Serbian occupa t i on of 
parts of Croatia and to stiffen tbe threat of wair- 
crimes prosecutions all around- 

He is sensitive to the critiraam , notably from the 
French, that acting even indirectly to prolong toe 
war is not “moral” Tbe secretary does not much 
Eke tire word. Ever tire lawyer, his prefers a stan- 
dard of fairness. It is unfair, he says, to impose a 
settlement on Bosnia without trying to take ac- 
count of what is reasonable from its standpoint 

I think he is on the made. Bosmamay not have a 
priority grip oa Mr. Christopher, bat Mr. Christo- 
pher does now have a woikmg grip on Bosnia. His 
diplomacy may look like pushing phantom chips 
around a board where others are risking and taking 
real fives. But this is the hand that the am e nt 
American temper has dealt Him. 

The Washington Post 


_ n very positive.” 

Reports from Israel confirm tbe 
picture of a boom. Busin esspe ople 
there,- and in v estors, had rationed 
that Israel couM never be a real part 
of the new world economy without 
stability in the region around ft. Now 
a stable region seems possible, and 
investors are responding. 

But what are the prospects fra the 
negotiations with tire PLO? reporter 
Mr. Peres. Tbe breakthrough in 
September was supposed to lead to a 
detailed ag reem ent tty December, but 
the talks are still going col 
“Most of toe complicated issues 
are behind us,” Mr. Foes said. But it 

is a difficult negotiation, involving as 
it does “Palestinian, dignity and Is- 
raeli security. And what we call secu- 
rity they call dignity.” 

He ducked a question about wheth- 
er a final a gre e men t could be reached 
by next week. Whenever it was, be 
mid, it could be carried out tnriddy. 
Tbe nri g jnal target was fra jrnpfcmsa- 
tation by April, with tire Palestinians 
then tefcmg over administration of Jer- 
icho ynd the Gaza Strip. 

Mr. Pereas tone was optimistic, 
more upbeat than I have ever heard 


Peres's tone was the most 
optimistic I have ever 
heardfromhim. 

I in tbe 


him. He foresaw] 

Arab world, with countries 
toward more modem economies and 
. mean open societies. 

“Dictatorship is a tremendous 
waste of money, he said. “Only rich 
_ countries can afford it” 

Among tire costs, df autocracy he 
listed censordrip, tire catting dawn of 
individnal enterprise, corruption and 
the maintenance of the aril of person- 
. ahty. He sard people everywhere -nere 
less willing topay toe price, and to five 
in unsay, because they now amid see 
how otfaeis in the wodd live. “What 
hroqght down the Soviet Union was 
notapafit^pa^.qramiEtaiyooap ■ 
bat toe winds of mforinatioD. And ] 
that is ha ppe nin g eyetywhere” 

One reason Preadoil Hafez Assad ' 
has moved, hc said, is that Syria has ‘ 
an emerging middle class and has 
young people who see television and 
compare then lives with others’. 

The other reason is that the Soviet 
Union is jgaoe, and Mr. Assad needs 
new relationships. 

“I wouldn’t say that he’s drawn all 
the necessary conclusions," Mr. Peres 
said; that remains to be tested. 

The problem far Israelis and Arabs 
and everyone, be said, is the psycho- 
logical one of adjusting to a new 
wodd. “People usually prefer to re- 
member than to think." 

He rejected what a questioner said . 
was strenuous opposition from some - 
Orthodox Jews to the idea of peace 
with tire Pales tinians. We are deter- ■ 
mined, he sai<L “not to become a 
dominating nation — something we . 
have never been in history.” 

Readers of the Bible might raise an 
eyebrow at Mr.^ Peres’s history, since 
many passages cddjratenriKtary vic- 
tories. But what matters is the atti- 
tude of tire present Israeli govern- ' 
ment. “We must decide on our 
destiny,” he said, “and toe Palestin- 
ians on theirs." 

He said Israel was trying to “build 
a regional economy, one that will 
hdn Arab countries even more than 
us.” Israelis understand, be said that 
poverty is destabilizing. 

Mr. Peres mentioned one concrete 
example of regional coqperafion'that 
he sod had already bran agreed: a 
plan by Jordan, Israel andE£ypt to 
connect their electrical grids. That 
could save the three countries tnQkms 
of dollars in generating facilities be- 
cause t heir p eak hours of energy use 

arc different. 

The virion of peace may still 
founder on the xodts of memory. Bat 
the import of Mr. Peres's words is 
that peace has something stronger 
than hope going for it now. That is 
expecta tio n. People on all rides will 
: to keep alive the vision 
on which thty have began to build. 

The New York Times. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 

1894: German Slavers em ^mus in Southern Albania and 

Herr Kaysff , tire director of Colonial thff vfo>i __j 

merchants, established at Whydah, _ 

1944 ; NariShipBSnnk 

wards sent to tbe Gameroons or to WASHINGTON — [From our New 


: as nrihfin 
We should tike to know what is the 
nseof Anti-Slavery Congresses, when 
Europeans tear up the engagements 
entered into, and utterly disregard 
the resolutions arrived ax. 

1919: Heflemc Claims 

PARIS — The Greek territorial dainis 
presented to the Peace Conference 
would, if admitted, brim; under the 
Greek flag about 2^00/100 Grades in 
nearby lands and complete' toe last 
step m the restoration of the historic, 
raaal and ec onomi c HeOenic — “ 
To tire north, Greece asks for 


Ybrketfition;] 

ade nnzncrs, heavily ladcnwitovital 

SnsStSe SJfi? 1 ” - a P ^^ s<sbdd : 

tire South Atlan tic, the Navy Depart- • 
mmt announced today (Feb. 4L The ’ 

ships bad crossed lire ParifcOraah. ' 

tip the South Atlantic when ; 
wo® spotted by naval patrol - 

planer When American waishiKa^ ■ 

swatieaH three vessds. mdin this * 

fMMsacsr; 


# 






/ *8 M JT J J 





Jpfjit 


L>* 






ttsttfuNATIONAL HERALD TRIBUTE 


February 5-6 , 1994 
Page 7 


A Few Finds in the V ast World of Chin^sejVrt 

JLJL i C/ YY J- AAiVlU — a* Sizes became S a museum sooner or later. 

— wot a monurrwnul For sheer intrinsic quality, t 

tended to a much twarer . - .iown-mari 


a; 




■inr ■% 

f 1 




s.-d_ 


saM 


a*?* ■■*? 


I rti envoi anal Herald Tribune 

ONDON — Chinese art 
is the last among the 
world’s great cultures 

- ^ am available in SUOI vast 

quaaUdes that even the most mod- 
'«t sales deserve dose sw»w»y. 
Sotheby's hdd one of its four 

A saks (the Colonnade sales) ot 

fltal Alton Wedngdayi 

SOIIREW MEUKIAW 

ed to dispose oHmy^* estimated 
to be worth £250 to . . 

S3JW0). Chma, as usual 

often rive dw impression of navmg 
just emerged from ^faiulesme 
(fig and of decorative cfojets d art 

tsss*-- 

pottay /and bronzes are not the 
Sea^Tbe pieces that might hwe 
Ked from ^eHong Raft*** 

: fcmfflaja the archaedo^cal ^loot 
from China are all that is kft wbra 
evojbody else has 

^refusal, profesaooris i*P<^ * 

offered to a fcw W 10 ** /jffiS 

{yes, they are stiDafivt^dtog 

and Chinese collectors. Then °°®“ 

teditcof w=tm toto, t* 



Mario CavagHeri's portrait of Noemi Boldin, 191 S. 


^riiSoThouse eatperts malMg of Oriental Art. 

prions for the better auctions. Chinese pottery at zoineu\ 

Ffriatty, they scrape the band. 
iJ t Hev didn’t all come 




ERONA, Italy — There are great artistsv^are b«t 

-SSRufri contest «aj *g£ 

•/ artists whose import can only be ^^jSaieEreat 

««a^t5fSa5W» 

Jewish famfly m Rwij»>..j» KSS a n.hfc ini even 

MS^aa sagg^ «-"r 

Sr^Wp and even offensive to his contfflmporar^- . 


mailY, UKY wnpn . 

And ff they didn’t all come from 
Hong Kong (after any number ot 

ft lot abont the current surfen ot 
Han pottery that a rather tautiM 
cylindrical vessd and conical cover, 
tndded with a partem of nang 
. mountains, should have gpne iated 
almost no competition. A few chips 
along the edge of the cover donot 
affect the art, and the deep green 
ii.it ,-miIv one buver m 


iiis — or rather, at £98730, with the 
added 1 5-perceni premium- 
Another Han object, not m gpod 

condiiiom but <rf peat doramoiteiy 

interest sold, only just, for »]AUis 
r™. rsf those ardhntcctnral models 


that keep coming out of Han tombs, 
providing a fascinating three-di- 
E3 record of a vanished ar- 
drirecture that thrived 2,000 yarn 
ago — this was a modd of a miD. 
The art of Tang China that Id- 

£1700, half the low estimate, with- 

splashed color on ivoiy pound may 
Sice have been lovely- With tts gl^e 
now dead because of decay, it was 
ovmndced at £551 
And then came the turn of Song 
porcelain, represented by a fairly 
laree contingent _ . 

In the view of traditional Chi- 
nese connoisseurs, the Song poiod 

is the greatest age of Chmese porce- 


lain. If the talk is about celadon, 
everything hinges on a certain per- 
fection of shape impeccably 
turned; on a quality o gUe 
smooth to the eye and soft to the 
touch; on the quick calligraphic 
flow of the carved patterns, if any. 
and not least, on the exact shade of 
green, from slightly, turquoise to 
grayish olive or quasi-honey. 

^ There is virtually none of that in 
a down-market sale. One Northern 
Song bowl with a carved pattern oi 
a stylized flower spray on the bot- 
tom looked harshly mechanical. It 

went for £1,265. within the expect- 
ed bracket. That kind of Song piece 
requires perfection, and perfection 
m that line costs anything from 

£30000up— asofienasnoumtne 

trade rather than at auction. 

If anything, another small bow i 
that cost only £230 seemed more 


desirable. The pattern of a stage 
stylized plant with trilobate leaves 
U lovelv. ‘•Serious" collectors 
would not consider it — a 
chip dents the very edge of the run. 

To them the most acceptable 
piece would probably be an incense 
burner based on a metallic proto- 
ivpe. It has a monumental vigor 
dear to the Japanese heart, and, 
indeed, as the exceUent aucuonrer 

Henry Howard-Sneyd l brought 
down his hammer on a £300 bid. he 
muttered audibly to the sales clerk, 
-Seibu." The celebrated Japanese 
department store that also sells an 
had just bought it, "flake cm nm 
and chip to foot" notwithstanding. 
Times, indeed, hare changed. 

As the Mongol dynasty of the 
Yuan 1 1279-1368) took over, drastic 
,-h a np« affected Chinese porcelain 
under the impact of Iranian influ- 


ence Sizes became larger, shape 
loot a monumental apP“™“!“f 
polling tended to a much thicker 
X sturdier. Most signifleandy, 
patterns and color schemes 
ms and white became the rage- 
Hardlv anv very early Wue and 
white: whether Yuan or Mmg. 

-SSSS«Sg 

tejsstsesr 

■ne unusual feature was its min- 
iature size, a mere 12.4 cenumeters 
(4.9 inches), in sophisticated con 
irast to the powerful arehtwenw e « M 
shape. This is very much the Japa- 
nese tasie in blue and white. Sure 
enough- as Howard-Sneyd brought 
down his hammer, once again lne 
name “Seibu" was audibly mut- 
tered. “Chips to mouth and foot 
rim" notwiihsianding, the Japa- 
nese department store bad appar- 
ently bought the £672.50 jar. It is a 
delightfuf otgecL Bui in order to 
aei that, it or its agent must have 
lone over the sale with great care, 
which is mind-boggling. Nor were 
they alone in that respect. 

Earlv blue and white was fol- 
lowed by a vast quantity of 17th-. 
18 th- and even 19ih-«»iury blue- 
and -white porcelain. It mcluded 
one of those large dishes i with a 
garden motif quickly dashed off in 
the central area. As the 17ih-centu- 
n- dish slightly exceeded the high 
estimate, costing iis buyer a suU 
affordable £402.50. Howard-Snevd 
casuallv muttered to the sales derk, 
“Vancouver Museum." Nothing is 
too small to be considered m these 
lean times. 


acquisition bound to find its way 
into a museum sooner or later. 

For sheer intrinsic quality, the 
finest, as is usual in down-market 
sales, was to be found in the latest 
periods. These gel short shrift from 
Ssi collectors. An uuismdmg 
pair of Guangxu period <1875- 
1908) bowls with lotus scrolls went 
to the only bidder who got involved 
at a cost of £414. Right nowUhts £ 
not cheap. But it wont be long 
before Chinese collectors from Tai- 
wan start raving about such pieces. 
They represent the last frontier of 
LOMuality Chinese porcelain. 

As the sale switched back to ob- 
jets d’an other than 
too the bier periods offered the best 

opportunities. One or two god 
bronzes could be picked up- Aftera 
brief surge of enthusiasm, interest 
E; subsided - the Held is difficult. 


ID L 1 U 1 U- 

One other piece was at least as 
worthy of museum attention. This 
was an altar piece, its lower part 
like a candlestick of Middle East- 
ern-inspired design and its top re- 
producing the shape of a squat 
Sona-tvpe jar. Ideograms, beauti- 
fully calligraphed in blue on the 
while ground of the jar-like top, 
iransenbe the Chinese pronunm- 
uon of the Sanskrit words “Buddha 
Amitabha" (the Immortal Bud- 
dha). The object as a whole is no 
areat beauty, but it is or exiraortb- 
narv raritv. At £217 it was a clever 


O NE of Lhe better objects 
was an incense burner 
with a broad, low ring 
fool and cyma-shaped 
sides that go back to WestOT Zhou 
types of the fifth century ■ B. C. En- 
tirdv reinterpreted with flowing 
bamboo-like handles, m which the 
memory of a feline figure cannoibe 
detected if one is not ramibar with 
the model, the object was made in 
the early Xing period, perhaps m 
the earlv 1700s. With ns golden 
brown paunatioQ. it was not undu- 
ly expensive at £207. 

' Another incense burner, datable 
to the 17th century, was morem- 
tractive still. The cylindrical body 
is decorated with motifs cast m low 
relief. The eight trigrams are higUy 
annealing to the modem eye with 
theirgeometric stylization. At 
£57*i, it was a fair buy. 

Not that late Chinese bronzes 
are likely to soar sky-high smon. 
The mosi basic groundwork has yet 
to be done. Dating remains hazy. 
Even the broadest geographical at- 
tributions require a little more at- 
tention. The expert may have won- 
dered why the crowd of Chmwe art 
dealers turned a deaf ear when a 
lobed box with a late 19 th-century 
dating and no specified origin rame 
up. The truth of the matter lSuiatit 
looks so obviously Indian. The big 
boom will have to wait until such 
trifling niceties get sorted out. 


one of those ar dritecmrai moo^ — 

Robert Morris’s Lack of Emotion 

.. ™ mniemoorary art movement where nine <£ ' 'BE.** 1 ® ^ 


By Roberta Smith 
. New York Tones Service 

EW YORK=- Raidy does an exhi- 
bition's title pinpoint the oenmu 
J weakness of an 

l x ^Robert Moms: The Mind/ Body 
Problem" at the Guggprtuam Museum just 

several essayists tame w^habout 

HiMBt grit and often ogam 

fefisaasSSS; 


,r< 




• • .rf- •• , i 

-xz, I 

- • • & 
i 

, v • •• •»:• 


r y 5 a^gMVtho nmic^ 3 

contained startBng.txutitt aMmm caamd to utieriy personal 

aesthetic and wA wad [trotb*tr£g ^dinique tiim se^to 

use of las materials and reabsorbed ky 

ejle pntil his death m 1969. ■ •- 

r-, Shimon is mAnricm wriar toal ■« W- 


PERIOD 
HOMES 

^ GARDENS SHOW 

17-20 FEBRUARY - OLYMPIA 2 ■ LONDON 

Enjoy shopping for the 
best of traditional design 

iT bebiSS“ I I> eri ^ ayleeWn,eVer: : 7'r- 

• Hundreds of liigl* pe , ’ 0< l style specialists. 

.^taspirins^of period s^e^n-^ 

. garden furniture- •- 

Talks by garfeoloS experts 6pn> Thenaity 

. Wine and cider tastings- ' - 

, Live demonstrations and practical hands-on ,, 
workshops- . - ; 

EAB1 xgfloy ,olfm 

- . ^ pc cq (sa rir^ CL00 each), a fuU cotour 

For tickets »t J® 1 ^ Sh0 pper’s Cardamd entry into 

Show |?rev'iew;^ 


^fcteoftea*en^be™«^ 

of m rfSc diamdcoo, lifting id«a &p m 
nrtirts and ring in g or M i® 851 adjusting 
» contemporary 

ar ^t^^,imalism to Earthw orks to P rocess 
ArtK^SplaJ Ait to Neo-Espresn°man, 


, here . 5 almosi no tomemponny.art movan™t 
gSiKa-t been a pardcipsnt. omd > 
SagsSfl one. Some of the arn^ w bo sptta» 
rfflty «. mind ia 1 * J 0 ^ 

Yvonne 'Rainer, Jaspw Johns, Jc»qph 
Richard Sena, Bruce Nauman, Robert Long 

Thomas 

of the Guggenheim, asserts taat Momss 
edited, amitm* X? Morr^ 

weak appropriation tbcyTe 

J? Sfes SS 

storm” reliefs from the early ^Os. 


where nine of Morris’s large-scale pieces, most- 
ly from the lOs, are m place. 

In addition, the museum has oouWe 

gg@33H^ 

SvSril wSch the viewer moves through, be- 
coming a kind of performer. 


gallS of the Guggenheim Museum SoHo, 


A LTHOUGH Moms’ 5 defenders 
{id to ike his art seem opaque 
and difficult, one is often struck by 
Se simplicity and obviou^ess of tas 

ideas. His 

briefly tae ^wntoWn muse- 

MZffi MSS? 1 

SStiesTseries of visual conundrums. 

But this only goes so far. Perhaps hs «*» 
& m^ I Sr^tanti h al a^ 

SsSSSasasa* 

be his writings. 

The show wffl be at the KechteihaUen m 

Hamburg, Germany, in February and March 
1995. 


‘ f f f i \< OAilii' f G. 1 u DA 

^ _r “ • — __ •• ■aawffli'- 

... £0203. 

'■ ... y ' . ttmmt 
■ • '^SS3d r 

|. 0B33SB:: 

aa3as3?^ 
i ■' ^TTriypfij 

-.qHsdnSB^ 


r r 



SCHNABEL 
SERRANO 
STARN TWINS 


A -I Route Ncutrcl - 3780 Gstaad 

Galerie Saqqarah 



art EXHIBITIONS 


cDru.irx’ 




LONDON 


NWtOW 


CHRISTIES 


Sapphire and diamond floral 
jpray brooch signed by Bulgari. 

To be sold on 17 February 1994. 
Hstoiuae; SFR 60-80’000 ^ 


CHRISTIE’S IN 
ST. MORITZ 
AT THE 

PALACE HOTEL 
“IMPOKTANT JEWELS 


Auction ' ■ . 1Q (\a 

Wednesday, 16 and Thursday, 17 Febrnaiy 1994 

at 4.00 pm- and 7.00 pm 

Viewing 

From Saturday; 12 to the day of each sale 
3.00 pm. to 8.00 pm. 


Spink 
deal in 

English Paintings and ’Waieicolours 

Oriental, Asian and Islamic An 

Jewellery ■ Textiles ■ Medals 
Coins ■ Bullion • Banknotes 


^Sr S &*e^ CS L | 

■^Ksatffisasr 1 



Christie’S 

8, place de b.Taconnaie 

1204 Geneva 

TeL (22) 311 17 66 • 

Fax (22)311-55 59. 


Palace Hotel 
8500 St Moritz 
Td.211 01 . 
Fax 377 39 


5 tetawiesplan 

8032 Zurich 
TeL (1)262 05 05 
Fax (1)2510471 


_ ore R0Y AND SELL 

"SSSSSBS®® 

StraRDS&FimNOS. 
civimg CRANES ANTIQUES, IIP- . 

PsgSfflSa 

toflI2lZ»4«l 


ART DEALERS ASSOCIATION OF 

The Art Sho 


FEBRUARY 24TH THROUGH 28TH 


It's headline news when sixty-one of 
.America’s most respected galleries come 
together under one roof to sell selections 
of their finest works. It s the 
Dealer’s Choice— from 19th Century 
Masters to die Avant-Garde. Don t miss 
The Art Show, at the Seventh Regiment 
A minpv^p ARK Avenue AT 67 t uSI 1 ML^I^o^- 
Admissions benefit the Henry Street Settlement. 




FOR 


FURTHER INFORMATION CALL THE ADAA 212-940-8925 



*• r > 


































































































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vwj* .■ :*eti , > 

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tatnMSmU Tribune, Sat'urday-Smday, February 5-6, 1994_ 


Page 9 



U.S. Talks 

Of 'Other 


i, , n 


THE TRIB INDEX 1 1 / .uu<v 

Irtematkyrial Herald Tribune Wodd Stock Index ©, composed of 
^Intemafionafly (nvestabie stocks from 25 countries, compiled 
by Bloomberg Business News. Jan.1, 1992 = 100. 

170 : 3T 


Ql 




ite Than Never 

— 

U.S. Business Euphoric Over Vietnam 


and Thomas W. Lippman UAL, Pepsi, Amexco Pile In 

WASHINGTON — Some- Co*P'M h Our Swff From Dcpateha 


Dollar Rockets 

Nearly 2 Pfennig 

After Fed Move 


LWfWtV yj Vi" VTU — ; » 

TOKYO — ■ The United Stales 
trade representative, Mickey jun- 
ior, wanted of ‘‘other options Fn- 

day in dealing with Japan on its 
lopsided trade as the countries re- 
mained deadlocked a week before a 
U.S .-Japan summit meeting. 

■ At the end of a four-day visit to 
Tokyo, Mr. Kanior said the two 
countries were strB woddng for “a 
successful conclusion” of the talks 
under the so-called framework 
agreement reached last July- 
The United States, he said, ex- 

Sid, “Well have to look for other 
options." He refused to elaborate 
but Japanese officials said Mr. 
Knntor had fainted that m the ab- 
sence of agreement the United 
States would consider trade sanc- 
tions. , 

Separately, Tokyo announced a 
plan, effective Marti 31, to open 
procedures for government pur- 
chases. It would require government 
agencies to disclose more mfonna- 
tfonand would allow foreign com- 
panies to fflejjnevances. _ 

Mr. Kantor said Prime Minister 
Morihiro Hosokawa, with whom “ 
-met Thmsday, had prara^jh*i 

« l Wnn Me itffc effortsT 


rr • «” ~ Jt 

WASHINGTON — Some- Qo^ikdtn OvSwffFnmDcpiaelies 

time this summer, an engineer wiNH CITY — PepsiCo Inc. opened a coto warm 

££m Mobil Corp. will be stand- HOOT MINH^ ^ U.S.. embargo^ Wt^but 

mg anxiously on a drilling ng m r yvi, r 0 ft was confident of regaining tu »»* . ; 

S South China Sea off the coast United Airlines ^diaiy- w<^d^ setod- 

of Vietnam. hopmgthat an «- Chi Minh city as soon as it obtamed cleanmee 

ploraiory oil wdl brings rorth a cards wiU be used in Vietnam 

Missouri-based Gannon Co. ex- *^ r etcombanki Vietnam’s biggest suie-owued JCB 

peas to be nmnmg pagrage signed similar agreements with ^ >^^f teirard 

tours to Vietnam s China Beach, . ^ cards are not yet widely ac^^ted. . 3n< t 

abaven For U.S. soldiers a gener- > ^ siCo pitched 

corporate * 

hopes ran high over busm« op- aSSSB^SaSS 

SsBSSs S sbsss* 

inner-term nrosoects. , . 


presmeni mu — — 

a 19-year US. trade embargo. 

“There is a tremendous 
amount of euphoria about the 
prospects there," said Frank 
Martin, president of the Ameri- 
can Chamber of Commerce m 
Hong Kong, which has sent five 
delegations to Vietnam since 
1991 in anticipation of restored 
economic ties. 

But the outlook for Cateroillar 
Inc. Coca-Cola Co. Gtfank, 
General Electric Co. and a flock 
of other companies is tempered 
by the fact that U5. businesses 
will be late arrivals in the rede- 
velop men t of Vietnam. 


concentrated syrup could be brought in. ne sara « — 

^e^a'tSSffXdrmk" beCore the «d of to 

l^S-T^^uuuu^rmemhCTJur." Htoun.AP.AFX) 


-There is no question that oth- Meanwhile, Hots KonR. Gef 

era a ^foothold'; 


Mr. Martin said. “We will be 
late, but not too late." 

While U5. companies have 
been permitted to set up offices 
and explore deals in Vietnam, 
they could not do business there. 


Ausiralia and other countries 
have earmarked more than S3 
billion for projects m \ letnam. 
Tbe rest of the world's head 
See VIETNAM, Page 13 


Mr. Kantor said rnmc — 

r p flV Talks Scheduled 

-sSMBfiSH German ray lauife buk** 

M-Sa*as. , 25. , s _ failure, paving the way for a full strike in ihe recess 


ipWocWtndw ... 

" m. «*.»* »f \ 

fSS!a ni -i jjjj 

offiaowsfl 9» m 


Industrial Sectors 


Fit 

daw 


Put 


Energy 


115,11. U630 -1JB 
126.76 127 -038 


12U2 12336 4JM 
■12721 ' 12B38 ' 


11432 116.16- -1-6° 
122J2 123.47 -033 
-••10135 10235 -* M 
■ 14136 .141.78 -437 


seme w n l auao . — - -L. — 

; — . , — otSnSoMltWnW'MMW 

^ t - v - /• _ ;• : -j •/ • 


Hosokawa ana '"7 faflun . paving ihe way for a full strike in the recession- 

sssasss 

&SSHb»aaw 

dSSSaSSSB SSasfflKM 


marite ts. 

- Mr Kantor said the countries 
would' resume talks in Washington 
on Monday. 

“We fully expect to see substan- 
tial progress consistent with the 
bam^oric l eading to a succesrful 
' condnsion," be said. The frame- 

- wade r»it« are meant to devise a 
method fw overcoming the large 
Japanese trade advantage with the 

United States. _ 

(AFP, AT, Raders. NTT) 


Compiled h ■ Our Staff Fran Dupaiche 

NEW YORK - The dollar 
soared Friday aguui Mta»K 
currencies after the Federal Ke- 
sejve Board indicated an increase 

in shon-tenn interest rales. 

Against the Deutsche mark, *e 
Li S currency was nearly 2 pfennig 
higher. Dealers said uadmg was 
hSc after the Fed move, with 
many interbank traders short dol- 
lars trying to cover their posioons 
as the doflar climbed, further fuel- 

lQ lnTate trading, the U.S. unit rose 
io 1.7610 Deutsche marks, from 
l 741 5 at the close on Thursday, u 
was the highest close since August 

1991. . f „ 

Amv Smith, a senior foreign ex- 
change analyst at IDEA. .Mid the 
dollar had tested highs l-7t>40 DM 
but there had been some P^ 11 ^ 
ing at slightly lower levels, winch 
was acting to cap ihe currency s rise. 

Another trader, in New York, 
said the Fed move was “great for 
the dollar, especially since dealers 
had been expecting the Fed to sim- 
ply add reserves on Friday, signal- 
ing a neutral stance. 

But Eric Nickerson, senior o»n- 
omist at Bank of America in San 
Francisco, said: “The Fed s move 
will keep the dollar strong, but 
we’re not off the races. The rally 
should peter out soon.” 

Earlier, the dollar had dropped 
on the January jobs report, which 
said that payrolls rose by only 
at 000 in the month, compared 
with forecasts of 193.000. 

But the selling trailed off when 
ihe market began to perceive the 
Labor Department report as ^show- 
ing brisker economic growth than 
til data suggested. Ar^mavg 
agp weekly hours to 34.8 from .343 
and in hourly earnings to S 11-03 
from SI 0.95 was seen as «pecian> 
encouraging. And Tony Horfidd. 
treasury economist at ABN Amro 
in London, noted thai compon«m« 
of the report indicated UB. growth 
was still strong. 

The dollar then cut through ma- 
jor resistance after the announce- 
ment by the Fed chairman, Alan 
Greenspan, who said tbe decision 


to announce ihe central bank s ac- 
uot immediately after a closely 
watched meeting had been done to 

avoid market confusion. 

“Jt looked like selling the dollar 
was a sure bet before Greenspan 
SUin."said John Hardy, man- 
rSgdirecwr of Intercap Invtst- 
rS, which runs a cumaej^ 
ing fund. Tm sure a lot of people 

^Tbedoha? also advanced strong- 
ly against the Japanee currency. 
risiSTio 10935 yen from 108.15. 
But die outlook for the : yen ww i less 
dear, trader said, with U-S.-Japar 

See DOLLAR, Page 10 


Paramount 
Seen Preferring 
Viacom 9 s Bid 


Reuters 

PHILADELPHIA — Para- 
mount Communications me. 
was expected to recommend at 
a board meeting Friday accep- 
tance or the Viacom Inc. bid 
for the company and to am- 
sider ways to ensure the bid- 
ding process ends Feb. 14, 
when shareholders are sched- 
uled to decide. 

Analysts and arbitragers 
said the protections built into 
the securities portion or Via- 
com’s offer and a higher cash 
component are primary rea- 
sons for Paramount to prefer 
Viacom's bid over that of the 
rival QVC Network Inc. 

“No question the nod gpes 
to Viacom," an arbitrager 
said. “They were already c*o- 

sen, and they only made their 
bid better. QVC didn’t make n 

a whole lot better." 

The bidders made what were 

cash per share for 50.1 pen * 01 
of Paramount and secunnes tor 
the rest. Viacom bid $107 cash 
per share for 50.1 percent- 





U.S. Plans 


Expansion 

Of NAFTA 


jmjjoan happiness, 
s the grow n* 6 °ml 

incre as. housework, we 

ffiTfeassMS 


r at weaixn auu 

■ver hated as capital investm ent. 

iassaW'srff.tffiS 

m production ot 



JSt 

otaily tatatafcnmon of ike 

account that has ^crSrional Monetary 
ropc&ii Union. ... * — «.ui i iiu iH« 

tLmm rwofvnr 


k/JUW" . _et, 
u Re tlw rH-W HUltriX. . ... .. him 



gUTOU JI— 

to fit the new ha« be® 

Tbe former Comnmmst ^ 

* tath 

l ignored pru*- 


■^ , 5S£ , t2£Ssass 

System of National ^^^sons .between, rich 

xl—timA -«inoimc .compansous 


‘SJTS'SSSS-j.s®! 

countnes wiin »» adivitv now .off the coots. 


■tfgsSssrasaa: 

C *^ re x»nplc, there otHdcs Tor 

inSSe it into the national accounts to 

long run. 


^^"csmenditiires <m edncaW 
dCT^^rMTanrilar speadmg with a long- 


toCWP.P^eU 


Sew To* Tunes Service 
WASHINGTON — The VS. 
government is drafting a phm » 
expand the North Amman Hwj 
Trade Agreement to inctade muen 
of the Western Hemisphere m 10 to 
15 yews, gj d^ng ChDe fls & first step. 

The plan not only responds to 
clamoring by La im American 
countries to jom the North Ama> 
can pact, but also recognizes duu 
those countries represent a fast 
growing market fra: U.S- exports, 
officials said Thursday. 

president Bill Clinton is likely to 
unveil tbe free-trade plan at a mc<J- 
ing of 34 of the hemisphere s lead- 
ers, which is planned for spnng. 

UJ5. peheymakers said many de- 
tails remam bp in the air. For exam- 

ftaK'SKfi’S 

dusters of countries, sudi as he 
Andean group ofCotomhoajVoe- 
zoda. Pan, Ecoador and Bohvia. 

Whatever is ultimately deaded, 
the important tiring, offioals said, 
was to provide 

Caribbean countnes with details « 
the steps they must take to qualify 
for the free-trade zone. 

US, officials said it was certain 
Chile would be ihe snort «*muy 
allowed to join NAFTA. Nqtotra- 
tiems to that end are opected to 
bean this spring, with Chue jonung 
the group 15 to 18 months later. 


global fund management 

WhichWay are the Markets Moving ? 

- ... - . v n tJ DTI' I 


TU| TRIADS at THE 1)01.1)0 GRAND HOTEL 
THE EXPERTS DEBATE THE T R L N D S _ 

iv 71 RICH ON MARCH - - 





MARCH 24 


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CHAIRMEN'S OPENING REMARKS 

“cL, pm***cw e™**. muM 

THE BOND AND CURRENCY SES s ION ^ 

Monetary Union of Europe. Pam DebartmmL, DWS 

Howard Flighi, pnU Managing DnrcW L*umnen 

Fund, Aw.. Singapore 

luncheon address^ n;mBr _ £u ^ FMity 


the emerging MARKET session 

Robert R.P. Mlchaelson. Global Chief Investment Officer. 

Citibank Global Asset Management, London 

Paul Barker, Dxrrrto. JUfhM Oirel *n«S. 

Chartered Equitor Group. Singapore 

“e^ Carrion. Wire President and Head. !*« 
American Investment Team, Bankers Trust. New York 
Garv Kreps. Chief Investment Office* Global Fixed Income. G.T. 
Capital Management. Inc.. San Francisco 

Stephen Swift. H«d cl Octal £*■*«. S “““ A> * 

Management Ltd., London 

Henn’ D C. Thomion, Investment Director; - rnizI P™™ 15 
M^^.hsset Managed IH.K1 Ltd.. ^ 

Philip L. Tose. Chairman. Peregrine Investments Holdings 
L 2 aL. Hong Kong 

luncheon address 


ao» Pre*- 

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330 W 

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Buchanan Partners ^ ^ Management. 

Lawrence Sraden, Trading .Adinse u 

London 


LUNCHEON 

Roger Nightingale, ihnhsftl. S™" 1 * 

Ltd.. London 

THE EQUITY SESSION 

Nicholas Knight. Head of Stmt*#. Nomum Research Institute- 
Europe UA.. London 

Alan I .Albert, Senior Managing Director. MemU Lynch Asset 

Management U.K. Ltd.. Ijmdon 

Heiko H. Thienie, President Thieme Abates. Inc., arui 
Chairman, American Heritage Fund. New York 
Beat Wittmann. Head of European Equities, LBS Ass 
Management, Zurich 

Speaker to be announced, FMin Beam 


(ONfFKESCt SPONSORS 


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bnmstjments 


To repsicr f..r the cunfmncc. P^^ ,e ** ^ 
and send U »: Brenda Hafir nv 


Imcniabonal Herald Tribunr. 63 Long Acre. 5 . 2.94 
London WTCOJH. Enfitand. 

Tel: (44 71 ) R3« 4««. Fax: (*i 71 1 S 36 0717 

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pu,ahU: tolhr InirnwuoiMl llcrakt Tnbvnr 


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Page 10 

MARKET DIARY 


INTERNATIONAL FTF.BA IJl TRIBUNE, SATURBAT-SUNDAY, FEBRUARY 5-6, 1994 


U.S./WTHECtOSE 


U.S. Rate Increase 
Slams Stock Market 


I Vio AMceetod P»«« 


Dow Jones Averages 


EUROPEAN FUTURES 


Opal) HMl LM 


oasy do® pgs of tw j ' r; 

Dow Jones 


IndUS 395094 39*001 307001 £71.42— M3* 
Trans 1 BALA I 106030 IDO) I WB - »g 
U13 230.77 224.U JI9J2 22021 -402 

Cams U3U0 I 442J9 141IJ3 1412J6— 290* 


Ctsse Hbb Lew Prev.Ooee 




COCOA UXE] ^ 

StarUne per metric toa-M* of ID tan* 


Compiled by Our Staff From Dapaieka 

NEW YORK —The Federal Re- 
serve Board’s surprise move to raise 
short-term interest rates sent a 
shock through financial markets 
Friday, pushing the Dow Jones in- 
dustrial average to the biggest one- 
day loss since November 1991 and 
depressing Treasury bond prices. 

The Dow plunged 9624 points, 
to 3,871.42, a 2.43 percent loss, 
while losers outnumbered gainers 


I.Y. Stocks 


on the New York Stock Exchange 
by a 4-to-l ratio in extremely heavy 
trading of more than 377 million 
shares. The Nasdaq over-the- 
counter index fell 20.50 points, to 
77729, a 2-56 percent loss. 

The decline triggered the New 
York Stock Exchange's uptick rule 
for the first time since Nov. 3. The 
rule curbs computer-generated in- 
dex-arbitrage trading in an effort to 
stabilize the market. 

“Everybody has been predicting 
higher rates, but the Fed’s an- 
nouncement still caught people off 
guard,” said Edward Laux, head 
trader at Kidder, Peabody & Co. 

For the first time in five years, 
the Fed raised its perceived target 
for federal funds, the rate on over- 
night interbank loans, by one quar- 


ter of a percentage point. 

The move undercut bonds, with 
the benchmark 30-year Treasury is- 
sue down 19/32, at 98 22/32 in late 
trading. The yield moved up to 6.35 
percent from 620 percent Thursday. 

Rising interest rates tend to de- 
press stock prices because they 
raise concern about growth in the 
economy and corporate profits and 
b ecause they make fixed-income 
investments, such as certificates of 
deposit more attractive. But some 


analysts were reluctant to say the 
stock market's bull run had ended. 

“It’s not the end of the world. 
But it’s tough to say we're going to 
bounce right back.” said William 

Dodge, chief investment strategist 
at Dean Witter Reynolds. 

“The rule is it usually takes 
about three rate increases for the 
stock market to have a meaningful 
decline,” said Richard McCabe, an 
analysts with Merrill Lynch & Co. 

Stone Container Corp. topped 
the New York Stock Exchange’s 
most-active list, falling to 15% 

after the company reported that its 
fourth-quarter loss widened to 
J123 a share. The company also 
raised S962 milli on in a sale of 
stocks and bonds. 

Rank stocks were active, reacting 
to the Fed decision, with Citicorp, 
losing 2 to 40& 

In the over-the-counter market. 
Information Resources fell 8ft to 
2814 after it released a fourth-quar- 
ter earning ! projection that was be- 
low analysts’ expectations. Inves- 
tors also were displeased with the 
company’s plan to buy Connecti- 
cut-rased Neo Inc., a management 
consulting firm in the consumer 
packaged goods industry. 

KLM Royal Dutch Airlines' 
American depositary receipts, each 
of which represent one common 
share, rose 1% to to 26 as the airline 
announced the sale of 20 million 
new shares to raise S900 million in 
fresh equity and said its percentage 
of seats filled in January rose to 
702 percent from 682 percent a 
year ago. 

Ralston- Purina Group, the mak- 
er of pet food, Beech-Nut baby 
food, cereal, and batteries, lost % to 
43ft, hit by weaker-ihan-expected 
Hist- quarter earnings. 

(AlP, Knight- Ridder, Bloomberg) 


Standard & Poor’s Indexes 


..asoov- 




industrials 

Troraja, 

uttutm 

Finance 

SP500 

SP1Q0 


Htgti Law Ctoe Of9t 
56004 547 a 5*756—1244 
4503? 44)43 4430* -AJ* 
17004 16575 166.11 —340 
4525 4dJS 4443—131 
48137 469.9 46951— 1050 
44651 43431 43557—1042 


Mb r 

87* 

m 

877 

to 

360 

U1 

Mot 

BM 

B5 

•87 

873 

B85 

•M 

Jet 

•97 

898 

900 

m 

876 

877 

See 

♦12 

9U 

H3 

902 

M.T. 

IM 


i NYSE Indexes 


\ -<- V. 


Conuxnils 

industrials 

Tronic. 

UTWTV 

Finance 


36736 26031 26131 —537 
32752 32032 32050 —732 
20432 27742 27737 —SJ9 
22743 2223B 22253 —546 
22256 716JB 51633 —544 


NASDAQ Indexes 


A SO* b 


Eat. volume: <241 
COFFEE (LCE) 

PoUora per metric t an Wn Uhwi 
Mar 1,190 1,199 1300 1,104 1,144 1.149 

May 1304 1305 U10 1,190 1.T75 1,175 

M 1.198 1.197 1300 1,114 1,1M 1,167 

Sea 1,198 1300 1,195 1.119 1,157 1,160 

MOV 1.193 1,190 1.195 1.109 1,164 1,167 

Jn 1,139 1360 MT. N.T. 1,164 1,167 

Mar 1.195 1300 N.T. N.T. 1.164 1,1*7 

Est. volume: 44123 

High Low CI0M Oi*e 
WHITE SUGAR (Mattfl 
Ooflon per metric sansots of 50 ton 
Alar 30730 30550 30430 20630 4- 630 

MOY 30460 30250 30330 20330 + 530 

ABO X730 3054M 39430 20630 + 430 

OH 294J0 29330 29150 25150 + 559 

Dec 14.T. N.T. 599 JO 29130 + 5J0 

MV N.T. N.T. 39030 29230 + 430 

Eat. volume: 1339. Open hit: 1X499. 


H*ih Low Lot Sente «rge 
GASOIL (IPBi 

Ui daUon per nettle ten-iati of NO (era 
Fab 15030 M6JB 14730 14475 —535 

Mar 15B38 14735 14030 14030 — 4J5 

APT 147 JS 14030 146JS 14475 —125 

MOV 1*480 MATS 14550 14550 —125 

Joa MAJ0 14450 14450 14525 —250 

Jot 14473.14633 14450 14425 -125 

Alia 14833 1*835 14875 14835 —100 

Sep N.T. N-T. N.T. 15130 —230 

Otf N.T. N.T. K.T. 15*30 —225 


15650 15451 15450 15650 —250 , 
WO N.T. HT. N.T. 15835 — US 

OB N.T. N.T. N.T. 15835 —235 

EsL volume: 14556. Open Int. 123344 


■RENT CJHIDE Oik (IPE1 

IU. doBars per fcarreMots al 1A46 barrels 


Nissan to Buy Back 33, (MW a«uhans 

DETROIT (Combinsd Dfapudra). - yjoaf nS- * 

ing to spend an estimated S231 W 

plagued mmivaiis manufactured man iwjw- owners 

3 

also will be offered a SSOO ootqwn thatcan P 3 ” NatioDa j 

gg£ whid.it 

vans. None has resulted in a serious ngury- 


£ - C 

0 M 


1471 14J7 1442 H41 -027 

APT 1452 M3S 1435 1427 —020 

MOT 1453 1430 MJB 1431 —014 

Jan 1460 14JS l*as K36 —034 

Jal 1*32 1*59 1459 1459 — 037 

Aui 1466 1445 1*65 1465 — 0.13 

See 1499 1499 1499 1*35 —8.13 

Ocf N.T. N.T. N.T. US? —0.13 

Nev N_T. N.T. N.T. 15.10 —0.13 

Ext votwma: 31562. OpenbiLUIjtt 


Conwmita 

Industrials 

Banks 


NYSE Most Actives 


79733 77830 778J0— 1969 
835.13 B12J7 01257—2230 
70*61 *9259 <9259—1066 
9*136 92368 92068— 1038 
901.73 88862 888X1—1153 
79418 76131 78138—1155 
182.99 17765 17765 —569 


Stock Indexes 


Metals 


FTSE 188 CLIFFS! 

OS per Index petit 

Mar 35063 34553 3*753 —193 

Joe 34964 34900 34900 —190 


VOL 

Mtah 

Law 

Lata 

On. 




15ft 

15ft 

—ft 




73 

73 

—2ft 

GnMoTr 

7436 


Sift 

61ft 

—I ft 


0050 

8 

7ft 

7ft 

—ft 


•i 


3 

3ft 

—1ft 


is 


40V, 

40ft 

-1 




25ft 

25ft 

—1ft 


*7**, 


27ft 

27ft 

—ft 

miMr 



59ft 

59ft 

—ft 


<17, 



14ft 


IBM 


XSft 

SM* 

52ft 

—3ft 

OvnBrUc 


Bft 

36ft 

37ft 


FOrdM i 

70ft 

68 

*8ft 


Owysir 


63ft 

61ft 

61ft 

— Ift 



4tft 

40ft 

41 

—ft 


AMEX Stock Index 


Mata Low Lnxt O*o- 

488.00 47756 47859 —839 


Dew Jones Bend Averages 


20 Bonds 
IB Utilities 
10 industrials 


Close arte 

10534 — &17 

1EL21 —038 

10630 — 026 


ALUMINUM (HMl Grade) 

Domra ear ipafrlc ton 
Soot 127650 127750 128*30 128*50 

Fonronl T29S30 129630 13(050 130380 

COPPER CATHODES (HMl Grade) 

Dollars per metric tas 
Spot 18*730 186830 189430 189630 

Forward 188830 T 00930 191 75S 191830 

LEAD 

Denar* per metric lea 
5001 51030 51130 S0750 58050 

Forward 523.00 52*30 31950 32L30 

NICKEL 


Sea 35093 35093 15KJ3 —173 

Ext volume: 1930*. Open hit: 7234*. 


Sources: Reuters. Atom, Asso ci ated Press, 
Lond on In fi Fbt anpol F utures Erctxmee, 

tins AwVRWn AVCO0VA 


are 1990 models. About i»i engine pro + fAP jpp) 

vans. None has resulted in a serious injury, 

Chrysler Recalls All of Its New Neons 

TtKnntc plant that builds the cam for at least a week while « centos a 
problem that could cause the engine to stall- , , - 

Hmrecan, announced a day after the com^^tluKri ^ 
Neon to capture up to 15 percent of the subcon^m^ket m its first 
year, involves approximately 1,300 units sold sm« - ^ 

Obiysler sa£h found tbit a sealing^u^d 
water to leak into the central component of the C0 ^ l “^ Tt q,5lem *“* 
controls the engine, possibly causing it to stall or rail to start. 

__ • , . .1 TTO 


Spok Commodities 


Market Soles 


AMEX Most Actives 



VeL 

Hftb 

Low 

Last 

dtp. 

EchaBay 

15)97 

14 

12ft 

13 

—ft 

SPUN 

13532 48ft 

4«*fe 

4gv„ 

— 1*« 

IvaxCp 

9052 

34ft 

32 V, 

31ft 

‘ft 

RaytXOe 

8)08 

4ft 


4V> 

—ft 

OwySfts 

*957 37ft 

3*ft 

3&Vl 

+ ft 

Han wIB 

6826 

■Vto 

"fn 

hhl 

-da 

InforDtg 

4579 

4ft 

3ft 

3Vu 

— »u 

PeaGW 

37 a 

»1ft 

taft 

21 

—ft 

Lifflds 

3746 25ft 

20 

21ft 

-4ft 

aiOes 

3709 

5Vl 

5ft 

5ft 

—ft 

EXSl-A 

36*5 

ft 

’V« 

ft 

-V* 

Amoal wi 

3541 

2ft 

2ft 

2ft 

— U 

CUFst 

3281 

8ft 

7ft 

7ft 

—ft 

Intetcm 

3051 

12 

19ft 

20 

—2*6 

TapSrce 

3044 

6ft 

5ft 

5ft 

—ft 




Spot 590030 591000 598030 599030 

Forward 596530 597030 604130 tttfflB 

TIN 

Dalian par metric loo 

snot 5*0030 541030 549030 549S30 

Forward 5*4530 543030 554Q30 554530 

ZINC (SpedBi HU Grade) 

Doll era per metric lea 

Seat 1DU50 HJUJ0 101230 10U30 

Ferw w d 103330 103430 103230 103330 


Cae n modify Today 

Aluminum. B> 05B 

Ceraw, Bra*, lb 066 

Copper vJvctrotyttc. Rj 1313 

Iron FOB, tea 21100 

Leod.lt> 034 

5 liver, frar « 531 

Steel (scrap), ton 73333 

Tlrvto 26*95 

ZtoC.lt> 04002 


Dividends 


Rnsnda! 


Fuji Moving Film-Making to the U.S. 

GREENWOOD; South Cardisa (Bloomberg) — Ftgi WtotoFito Co^ 
Japan’s bieeest maker of photography products, respond* 1 ^ m part to 
Rntwt nmpmg mmp iarnts, announced plans to bu3d a $250 mflHon color 

paper plant here by next year. . . . „ - - „ 

^Eastman Kodak Corp^ which controls about 65 peremt of the S3 
bflhon North American coIot paper market, has i 

rfwmpfng iviWpiipfy Tnanufam ped in Japan and the Nctne Tl a nns .seumg 

it for 40 percent fess than Kodak products. ^ arid Osamu Inoue. 

prSScrfF^ Rw^SmuSlaitbe admoiriedged the dedaonto 
move Drodcction had been made in part due to the ^possible nnpacr ra a 
miing by the UA International Trade Commission and the Commerce 
DepamuenL A ruling on the complainl is expected this month. 


HMl Lew CtoM OMoee 
3-MONTH STERLING (LIFFE1 
89X1300- pixel 188 pet 


I.Y.S.E. Odd-Lot Trading 


NYSE Diary 


Buy Sales Short* 

l Fed. 3 938.146 1667532 41509 

Fed. 2 132410) 1565724 3*44* 

f=€t>. 1 9SZKB 1692301 3037* 

Jan. 31 1371416 1589657 «653 

Jan. 28 1335307 1663387 40861 

‘included In the eeles figures. 


Mar 

9*64 

9*J0 

9*61 

Undu 

JKB 

9402 

9L70 

MJ6 

— 002 

Sop 

9402 

9*73 

9470 

— 002 

Dec 

9*77 

9470 

94J4 

— 00* 

MOT 

9467 

9*01 

9*63 

— tux 

Jan 

9*52 

946* 

9*69 

—006 

See 

90* 

902 

905 

— 005 

Dec 

9425 

9420 

9423 

— 04)6 

Mar 

94.12 

9400 

94.12 

— OB* 

Jee 

9*02 

9X96 

9X99 

-OSS 


Quasi FrVcd DlPur - 3693 

INCREASED 

United SvSk MT Q .175 

INITIAL 


BellSouth Sells Mexico Cellular Stake 


American LMn 
Partner R* HoW 


2-25 3-17 
2-15 >1 


DOLLAR: Mark and Yen Plunge 


Told lisues 
Now Highs 
New Lews 


314 918 

7037 1190 

402 651 

2753 2759 

97 135 

42 20 


SAP lOO Index Options 


Ext. volume: 76JBT. Open Int.: 433514 
3-MONTH EURODOLLARS (UFFE) 
si ailllioa-Ptxof IOOpcI 


Pulnm DtversHledA _ 39 

Putm InrmtfOvliK . 35 

Raritan Bancorp _ .115 

Third Financial - .10 


2-10 222 

2-22 3-1 

2-15 3-1 

M6 US 


ante CHvLod 
PilaM Mar Aw Mar 

380 — — — — 

B5 - - - - 

50 — — — — 


Mar 

9*69 

9*68 

9864 

Jen 

98.19 

96.11 

94 24 

Sep 

9508 

•SJC 

ossa 

Dec 

9S56 

95J0 

9X56 

Mar 

9X35 

95J* 

9X39 

Jea 

N.T. 

N.T. 

9X16 

See 

N.T. 

N.T. 

94.9* 


OMITTED 
Centfnental Baktoe 

REGULAR 


ATLANTA (Reuters) — BellSouth Corp.’s BeflSoath International unit , 
said Tlnusday it had sdd its interest in the Mexican cellular company 7? 
Cann^ MnincB Cdulares de Ocadca t e SA to Gnqpo Insacdl SA. 

BellSouth did not disdose the details of die transaction, but it said the 
sale would be recorded as a $67 milli on gam on ea r ni n gs. . 

Communica dc n es Cehilares began providing cdlnlar telephone ser- 
vice throughout western Mexico, including die city of Guadalajara, in 
August 1990. 




r.ii 


r tdcrihone sex- ' ^ 

Guadalajara, in 


Coatinoed from Page 9 
trade tails and a Tokyo economic 
stimulus package in the wings. 

Prime Minister Morihiro Ho- 
sokawa postponed until Monday at 
the earnest the unveiling of the 


Foreign Exchange 


package of economic stimulus mea- 
sures after governing coalition 
partners threatened to quit 

Analysts noted that bilateral 
trade talk* were going badly, a fac- 
tor that would undermine the dol- 
lar and fortify the yen. 

David Cocker, treasury adviser 
at Chemical Bank in London, not- 


ed that the longer negotiations 
went on the more the market would 


see potential for U.S. pressure on 


Japan by talking the yen up. 
The British pound, mean’ 


The British pound, meanwhile, 
M to $1.4775 from $1.4874. 

The U.S. currency moved up to 
5.9610 French francs from 5.9065, 
and to 1.4725 Swiss francs from 
1.4515. 


The dollar soared earlier in simi- 
larly strong European trading in 
response to the first Fed tightening 
of credit in five years. 

’’People weren't expecting this 
today,” said David de Rosa, direc- 
tor of foreign-exchange trading at 
Swiss Bank Corp. “This was a holt 
from the top of the mountain.” 
Nick Parsons, head of the trea- 
smy advisory group at Canadian 
Imperial Bank of Canada in Lon- 
don, said: ‘The dollar is just bid, 
bid, bid. It won’t be long before it 
takes om its old high on the ddlar- 
mark rate.” 

In late London trading, the dol- 
lar stood at 1.7505 DM; in early 
January, it reached a two-and-a- 
half year high of 1.7580. Mr. Par- 
sons said the U.S. unit could break 
through this level early next week 
“This puts the dollar bull phase 
firmly bade on track,” he said. “I 
think we’re going to move toward 
1.80 by the end of the first quarter.” 
(AFX, Reuters, Bloomberg) 


Amex Diary 


*!•--- — 

415 — — — — 


Advanced 

DecKnad 


Total tsaues 
New Mohs 
New Lows 


15* 289 

524 136 

174 216 

8S2 851 

28 30 

9 J 


CS K - 77-1 - 

OS II 13 14V.- 

W HI K BN 12*» 

<8 M ill It - 

4SB 1 2 ** 

GMk mm wi nun; total 
Me total vei 1MU0: Mol i 


* — — 
*. *» 1» 
« A ft. 
II 1 2 

'.1 IAN 
1 A, 

n a h 
r. a 7% 
n a in 


Ext volume: lJ57.0pen UiU UA92. 
9-MONTH EUROMARKS (UFFE) 
DM1 BMHea - pis OM88 90 


aomlnl. UUP 
OTOttflUG 


Mar 

9*36 

9439 

9*32 

Unch. 

Jan 

9*01 

9*31 

9(78 

+BJ02 

Sen 

ms 

9X01 

9X07 

—OBI 

Dec 

9539 

9X19 

9X25 

— om 

Mar 

9S62 

9X32 

9X39 

n m 

Jun 

9X67 

9X37 

9X61 

— 007 

Sep 

9X64 

9X35 

9538 

— 06* 

Dec 

9X30 

9533 

9X25 

007 

Mar 

9X22 

9X13 

9X14 

— 00* 

JOB 

9X11 

9X02 

9103 

— 007 


NASDAQ Diary 


Toh* issues 
NewNpis 
New Lows 


007 1437 

2443 1596 

1527 1739 

4777 4772 

101 142 

62 4V 


Prise OKN DkK DccM DccN Dec 95 Dec 9* 

S - — - N — - 

its* ite — — ft in — 

41 5ft — — ft — — 

42ft — - iH 1 ft 2ft — 

45 1% - 4ft 2h - - 

Cft - - — * — — 


ColK: Mol veL 2311; Mol seen fed. I&M 
M: total voL 16ft; toM spot W. 1*41 


Pols: uu voL Uft; MM epm W. ' 

Source : CBOE 


Ext. volume: 186£17. Osen tot.: 921^69. 
LONG GILT (UFFE) 

(SOieM - on A 82ndl 04 HI 90 
Mar 118-00 116-27 11709 -0-12 

JIM 116-26 11644 114-23 — 0-11 

ESL volume: 137,166. Open int.: 114174 
GERMAN GOVERNMENT BUND (UFFE1 
DM 2S83oe - pts el ioe per 
Mar 9932 99.25 9950 —027 

Jua 9961 9958 9964 — 027 

Ext. volume: 231341. Open Int.: 10768a. 


Q .175 
Q 25 

Q J2S 

§ & 
M 373 

a jus 
M .10 
a jn 

Q 24 
M34B75 
M 3656 
M MTS 
M 3775 
M 36675 
M 3625 
O 37 
1; ■ p aiiMe M Cmb— 


511 2-25 
2-10 2-25 
2-16 3-1 

2-23 3-1 

2-15 2-28 
3-1 3-15 

2- 34 HI 

3-1 4-1 

3- 10 3-39 
2-15 3-ID 
MS 3-1 

M >18 
2-16 >1 
M3 M 
>15 4-1 

2- 15 >1 
Ml 2-25 

3- 10 3-31 
>15 >28 

2-9 >5 

ATI 50 
Ml 2-23 
>11 2-23 
>11 >23 
Ml >23 
Ml 2-23 
2-T1 >23 

>11 M> 


Ralston Purina’s Baking Unit Lags 


ST. LOUIS (Bloomberg) — Ralston Purina Co. said first-quarter 
earnings rose 4.7 percent in its batteries, pet foods, and cereals business 
during the first quar t e r , led by hi gher operating profit at Eveready. 

The company s Continental Baking Group unit, which was spun off 
and is separately listed on the New York Stock Exchange, did not fare as 
wdL That unit, maker of Wander bread and Hostess snack ca k es, saw 
first-quarter earning s fail to near break-even, from 8 cents a share, 
because erf Towa- vohrme and an unfavorable product mix,” Ralston said. 

Owens-Illinois Catting 2,000 Jobs 

TOLEDO, Ohio (Bloomberg) — Owens-Illinois Inc. said Thursday it 
planned to cut 2,000 jobs, or about lOperoentof its U.S. work force, over 
the next three years and txkr. J355 miffing in charges to cover the layoffs 
and future mrinsnred asbestos-related daima. 

The charges will reduce 1993 fourth-quarter earrings by $2JJ8 a share, 
the company predicted. Owens-TOmois shares rose 375 cents, to S1Z2S, 
an the New York Stock Exdtange. 






Polish Finance Minister Quits in Clash 


WARSAW — Polish Finance Minister Marek 
Borowski resigned Friday after clashing with 
Prime Minister Waldemar Pawiak over the. power- 
sharing between (he two. 

Mr. Borowski said his pro-market economic 
policies had been undermined by Mr. Pawiak. 


Mr. Borowski is a member of the Democratic 
Left alliance of former communists. Mr. Pawiak is 
the leader of the Polish Peasant Party. 

Mr. Borowski has often been a target of veiled 
attacks from Mr. Pawlak’s party for his liberal 
economic views and his refusal to divert from a 
stria pro-market course since the left-wing coali- 
tion took power three months ago. 


Credit Lyonnais Review 

Bloomberg Business News 

PARIS — Moody’s Investors 
Service announced Friday that it 
was putting Crtdit Lyonnais and 
its subsidiaries on its review list for 
a possible downgrading. It said the 
bad debfe of thfe goVrameuf-conr 
trolled bank, whose senior debt is 
rated Al, would be assessed, along 
with the possible rescue options for 
France. 


U.S. Lets 2d Bank Cross State Lines 


WASHINGTON (AP) — Federal regulators have for the second time 
permitted a bank to operate across state lines. 

Under the action taken by the Office of the Comptroller of the 
Currency, NationsBank Corp., the nation’s fiftb-largest bank hokfing 
company, wiD be able to operate its offices in Washington and its 
Mar>iand subnrbs as a single branch network.^; ... .. 

1 On lan.' Fidelity Dank of Salem, Nov Jersey/ was allowed to 

operate in Pennsylvania and New Jeraey. Both decisions were taken under a 
legal provision that allows a bank to move its man office to another 
location wthin 30 nriks.Bef(xe this year, r^ulatora had never approved a 
move that resulted in a bank with offices in more than one state 




WORLD STOCK MARKETS 


U.S. FUTURES 


Open HMi Le» Ocas dig On** HgA Low 


open . HMl. Low . Qose Ox OpJnt 


fttSay • Cte». 

*«■.. * 

35*" fm ■>» . 


Vfa A Bo ckit Rd frwa 


Agmahumtaa Wl 4 


Amsterdam 


Helsinki 


ABN Amro Hid 
ACF Ha Id Ins 
Aegon 

Ahold 
Akzg 
AMEV 
Amst Rubber 
Bote-Wessanen 
CSM 
DSM 
Elsevier 
Fekher 

GW- Brocade-; 

HBG 
Heineken 
Hoogovens 
Hunter Oouakn 
IHC Co land 
I nter Mueller 
Inn Nederland 
KLM 
KNPBT 
Nedllavd 
OeeGrlnten 
Pakhoed 
Philips 
Polraram 
Robeco 
Roaemce 
Rollnca 
Rorenta 
Ravai Dutch 
Stark 
Unilever 

Van Ommeren *730 47je 
VNU I92J0 TV0 

Woltera/KJuwer 12460 126JD 
A EX trend Index : 437.10 
Previous : 43U3 


Amer-Yhtyme 

EmM-Gutzsit 

Hutifatnakl 

K-g p, 

Kymmene 

Metro 

Nokia 

Pohlala 

Repo la 

Slockmann 


1JJ 129 
44 4150 
211 221 
17 JO 16.90 
122 124 

247 22C 

341 343 

101 10 * 
116 116 
310 380 


Lada rake 
Land Sec 

Lnporto 

Lasme 

Legal Gen Ora 
Ltovtb Bank 
Marks Sp 
ME PC 
Natl Power 
Nctwesr 
HlhWst Water 




Hong Kong 

SLID 5*50 



’TTT 

■vs-. 

if* il.i 

\ iV.i 

r- 1 *^ 1 

ll' 1 !.' 

Klic 

r*v 


yC 


Brussels 


ACOC-UM 2795 

AG Fin 3030 

Artwd *290 

Barca 240 0 

Beknert 22900 

CackerUI 181 

Cobcaa 5800 

.DeUmlze 14*6 

Etectrabel 6370 

GIB 1500 

gbl «m> 

Gevacrl 9800 

KnKnettxxik 7700 

Petraflna iros 

Powertln 3400 

Ravel Belee 5850 

Sac Gen Bonut 6820 
See Gen Beigiaue 2055 
Satina 1550 

Sofvov 149M 

Troctebet 1 1450 

UCB 24900 

Current Heat Index : 7768JD 
Ptwloux : 7773.11 



1190 1*10 
50 49 

47 47 JO 
1*20 1* 
19.10 1*90 
79.50 78 

55 55 

50 47 JO 
2260 22.10 
32 3125 
3D50 2950 
2*30 25.90 
130 126 

1460 1*70 
16J0 16 

13J0 1320 
42 41J0 
31J0 32 

B2 79 
3675 36 

1770 1760 
1240 1220 
2520 2*20 
39 3775 
68 6*50 
560 5J5 
66 *4 

14J0 1*80 
365 370 
37J0 37 

1470 1*00 

1*10 1*10 


PIO 
Pllklngton 
PowerGen 
Prudential 
Rank Ore 
RecklMCol 
Red rand 
Bred Inti 
Reuters 
RMCGrouc 
Rail* Rovce 
Rotttmn lunltl 
Ravai Sent 
RTZ 

SalnsOurv 
Sco) Newcas 
Scot Power 
Sears Holds 
Severn Trent 
Shell 
SleCe 

Sinltt) Neatiew 
Smith Kline B 
Smith (WH) 
Sun Alliance 
Tate 8, Lvle 
Tesca 
Thom EMI 
Tomkins 
TSBGroun 
Unilever 
UW Bha/IM 
Vodafone 
War Loan 3ft 
Wellcome 
Whimreod 

Williams Hdes 
Willis Corraan 


Accor 760 

Air Lkrutde 061 

Alcatel Atathom 760 

Axa 1570 

Banco I re (Clel 672 
BIC 1340 

BNP 224 

Bouygues 72* 

BSN-CD 951 

ComHotir 4310 

C.C.F. 286 

Cerus 1*9 

Chargrurs 1457 

Clmmfi Franc 380 

Qub Med 38*50 

EH-Aauttaine 43170 
Elt-Sanofl 1070 

EuruOkSney 3470 
Gea Eau« 2830 

Havas *4*70 

Imetal 617 

Lataroe Cflopee 479 JD 
Leorand 6000 

LvoaEoux 595 

Oreal {L') 1352 

L.VJVLH. 3960 

Atotra-Hoctwlte Suso. 
Michel In B 26270 
Moallne* 126 

Paribas 5*0 

Pcrtilnev Inti 228.50 

Pernod- Rtamf *2320 
PeuBBOl 860 

Prlnlemos lAul 1035 
Radlorechniaue 500 
Rh-Peulenc A 15210 
Raff. 51. Louis 1675 
Redoufe ILoJ '050 
Salnl Gobaln 699 
S.E.B. 509 

SleGenerale 7*5 
Suez 37050 


Sydney 


Amcor 

ANZ 

BHP 

Bonsl 

Bausa tortile 
Coles Mver 

Coma Ico 
CRA 
CSR 
Ounicp 
Fosters Brew 


1076 11 

563 155 
19 JO 19J0 

454 *54 
170 121 

572 577 

564 555 
19.10 1886 

573 578 

579 U! 
173 172 


Goodman Field 1.70 170 


IC1 Australia 

Moaellan 

MIM 


11 1146 
235 215 
JJJ7 211 


I Mat Aust Balk 1228 1293 


News Core 1050 1055 

Nbw Network CJX, *0* 

N Broken Hill 4.12 *JP> 

Pioneer inn ioe jjf 

Nmndy Pasekion 257 265 

OCt Resources 154 163 

Santa* *07 *53 

TNT 266 236 

Westam Minina 0.13 073 

WestpOC Banking 163 565 

woodslde *65 *51 


Can Pockets 
Can Tire A 
Cantac 
Cora 

CCL tad B 
CTrwoftTr 

Com Into 

ConwesJ Eia>l 
Dentson Min B 
Dickenson Min A 
□atasco 
Dylex A 
Echo Bov Mines 
Eauftv Silver A 
FCA Inti 
Fed IndA 
Flelcher Chall A 
FPI 
Gentra 
GaidCorp 
Gull Cdo Res 
Hees Inti 
Hem us Gid Mines 

Halitnoer 
Hsranam 
Huds on's Bar 
imasco 


Close Prev. 
12ft. 

raw 

44ft 
5 

itm 

350 


Season Seam 
Men Law 


Low does Che OpJnt 


9630(394 1IJ4 1175 H.U 
9.1 7 Mar 95 11.13 II 77 11.11 

107MCV9S 11.18 1170 11.10 
10577895 

1BJ70CJ9S IU8 11.18 ItU 
*S4W Thu's.**** 62647 
nhl 11*770 UP 9641 


HUB 1*973 
♦AW 1713 

+0.11 sn 

+A14 270 

♦AM 195 




ThotrawvCSF 20760 


Tokyo 

Akoi Electr 443 445 

Asahl Oiem-cai 703 705 

Asahl Glass 1190 1160 

Bane at Tokyo 1610 1620 

Bridgestone 1440 J*5C 

Canon 1*G0 1600 

Coslo 1143 1 ICQ 

Del Nioaon Print I960 1*W 

Dalwd House 1660 1670 

Dalwo Securities 1710 1740 


Rsass*?l^,i” ,57j 


F.T. 30 Index : 366U 
PrevMWf : 2693 69 
F.T5.E. 109 man : l 
Previous : 349150 


CAC 40 lodes : 2329.17 
Previous : 2321.99 


Fanuc 
Full Bank 
Full Photo 
Fulltsu 
KIIOCM 
HI toehl Coble 


Johannesburg 


Madrid 


Sao Paulo 


Banco do Brasil 1189 1130 


4390 *249 
KM 2Z2J 
:«70 2530 
I0M 1020 
875 861 
8*7 841 

IS70 1S3Q 
56iQ 5673 
679 679 

665 6*4 

967 974 


Interpravaloe 
jannock 
Lctctt 
LoCIcw Co 
Weckenne 
Maanc inn A 
Maritime 
Mar* Res 
MocLean Hunter 
.Wilson a 
N cRia IndA 
Norands me 
Neranda Forest 
N g r een Energy 
Ntnem Telecom 
Nova Corp 
Oshawa 
PcBurm A 
Plocer Come 
Poeo Petroleum 
PWACorp 
Ravrack 
Renaissance 
Heoers B 


TPtt 
0J7 

7 
25 
0.95 

171* ia« 
UB 1 JJ9 
4.10 *10 
Bft 9ft 
2ffft 21ft 
5ft 5ft 
064 051 
Bft 8ft 
455 *65 
15ft I6ft 
13ft 13ft 

T«ft 14ft 
19ft 19ft 
30ft 30ft 
41ft 43 
36 36ft 










(NCSE) NmprictaB-SaralD 









1495 

952 MotH 

1071 

K>2 

WHEAT 

CCBUrj UPOP dfT*nujfl.t 

Mon Pw 



13» 

97BMOV04 

1105 

1116 

3.0*9, 


Mot 9* 

L71 

173 

30*ft 

373ft +OSI 

19601 

1365 

999 Jal to 

1130 

114* 




XJCft 

151ft 

3J6ft*aeiHi 






X5& 

276 

JUto 

3X1 

367 

141 ’4 

366'* + 002ft 18J4S 

T3*9 

10*1 CMC to 

lira 


L57V. 

307 

SOTto 

J6J 

147 

362ft 

366ft + 001ft 

1452 

1302 

1077 Mot 71 



365 

309 

Dec 94 

3J0 

3J4 

350 

153ft +60OV, 

302 

1409 

1111 May 95 



127 

111 

Jm»5 

3J8 

330 

130 

131 +002 

5 

1407 

122SJo19S 



Est. sole 

, 10000 TTs/XSOTes 1954 




1350 

1320 SepTS 



Thu’S OOOT W 

SUI2 

up 

1(02 




Est. sola 

L7H flirt sales 

T0 192 


WHEAT OCBOT1 saw bv 1 1**1 mi i i»— u j— 
1ft 2ft Mo-94 140ft 162ft 350 

179V, 2ft May 94 U9ft 152ft 149ft 

165 297 AX 94 339 1X2 138 

J-HV, 202ft Sep 94 339ft 1*3 339 

140 112ft Dec 9* 367 l*7ft 147 

I5ZV, 36TAMar95 369 35D 

EsJ.sdte NA Tiki's, seta *121 
Thu-sop oilnt 3SJ4* Off 164 
CORN (Own n II II IT - Ill 


362 — ILOOft 1*231 
152ft *0X1 7.748 

361ft *OO0ft 1005* 
362ft *«L00ft 2339 
367ft +0JBft 1JJT5 
Sftft *0J0ft 5 


mW B96U UP 1191 

:**£ CNCTN) UMft-CM>Mrl 


72 22ft 
22ft 2Tft 
22ft Oft 
11 '■ lift 
6*ft 68 ft 
24ft 24 ft 


Frankfurt 


AEG 

Allianz Hold 

Altana 

Aske 

BASF 

Bayer 

Bay. Hyae bank 
Bay Veretasbk 
BBC 

BHF Bank 
BMW 

Commerzbank 
Continental 
Daimler Bern 
Ofsussa 
D! Babcock 
Deutsche Bonk 

Douglas 
Oresdner Bank 
FeUmuehle 
F Xrwap Haesch 


AECI 

Altech 

Anglo Amer 

Barlows 

Blwoor 

Buttels 

De B eers 

Drletonteln 

Gencor 

GFSA 

Harmony 

Htehveld Sleet 

Kloof 

Nedbank Gro 

fl,,w6lnntel ■ 
lUJTRUUwlEUI 

Rusplot 
5A Brews 
St Helena 
Sesol 

Welltom 

Western Deea 


1*75 18.75 
95 95 

70S 208 

NJL — 
150 9 

50 2 

I 10 10*75 
S*S0 5*25 
*50 *35 
97 JO 99 

26 26 
17 17 

5135 5135 
2725 7735 
4U0 *135 
7*25 74 

92 91 JO 
42 42 

J1 30JO 
41.75 4225 
172 168 


BBV 34*0 3385 

Boo Central HbO. 20*5 3080 
Banco Santande r 7320 7250 


Buneslu 

Bradesco 

Brahma 


730 7700 
H3D 8 100 
14000 1*00 


CEPSA 3275 3250 

Draoados 2440 2615 

Endesa 7640 7650 

Ercros 145 1*8 

Iberdrola I 1135 1150 

PtdSOt *845 *795 

Tabacalera 4280 4230 

TeWanloa 2160 2159 


Paronapanema 1070 9600 


^ voieRieDoce am ymo 


j varta 970 C 

Bevespo lay, : S7128 
I Previous : 7M3S 


KSfg&lS&i 1 


Henkel 

HotJiMet 

Haechst 

Hotzmenn 

Horten 

IWKA 

Kali Saa 

KarsToai 

Kauflwl 

KHD 

Kteeckner Werke 
U ndt 
Lufthansa 
MAN 

Mannesman} 

Metaligesell 

Muenrti Ruecfc 

Porache 

Prmssos 

PWA 

RWE 

Rhntnmetgil 

sow mg 

SEL 

Siemens 

Thvssen 

Verio 

Veba 

VEW 

vmo 

VolUwooen 

Welle 



London 

Abbev Nat'l 
Allied Lyons 
ArtaWfeaim 
Armll Group 
Assent Feeds 
BAA 
BA* 

Bank Scotland 

Barclays 

BAT 
BET 

BiueClrcJe 
BOCGrauo 
Beefs 
Bowafer 
BP 

BrH Airways 
Bril Gas 
BrH Steel 
BrH Telecom 
BTR 

Cable Wire 
CaeDunrSai 
Caredan 
Coots v iveiia 
Comm Union 
Courfaulds 
ECC Group 
Enterprise Oil 
Eurotunnel 
F Isons 
Forte 
GEC 

Genl Aoc 
Gkna 
Grand Met 
GRE 
Guinness 
GUS 
Hanson 
Hllbdewn 
HSBC hubs 
ICI 

indicape 
Kbnllsier 


Banco Comm 
Bos too I 

Benetton group 

CIR 

Craa itai 

Enlchem 

Fortin 
Fsrfln Rise 
Flat 5PA 
Flnmec a pilcn 
Generali 
IFI 

Italcem 

I taigas 

HBjmeMljore 

NWdtaaanea 

Montedison 

OUvefll 

Pirelli 

RAS 

Rto os c e nte 

Seioem 

San Paolo Torino 

SIP 

SME 

SMa 

Stands 

Stet 

Taro Assl Rlw 
MIB index : 1874 
Prey Hus : iB74 


Cerebos 
atr Dev. 
DBS 


Singapore 

» *20 *55 

ev. 7.«) 7.10 

■210 1220 


Fraser Heave 1950 18.70 

Gentine 1*70 1920 


Golden HaoePl 1*7 Z9» 
Haw Per 3J4 140 

Hume Industries *.« S 


mchcaae 
Keaael 
KL Kapene 
LumChcna 


6 *10 
11JD IU0 
122 3.10 
ia3 1X5 


ita Yokado 5610 5673 1 

■lOOMJ 679 679 

JOPan Airlines 665 46* 

Kajima 9*7 974 

Kamel Pu we r 2790 7820 

Kpwasokl Sleet 352 341 

Kirin Brewery 1220 12X 

Komaisu 889 891 

KubOtd 63* 438 

Kvocera 4*50 4770 

Matsu Elec tads 1670 1690 

Matsu Elec Wks 1120 1133 

MJtsuWshJ Bfc 2920 !9*c 

MltaubWH KaseH *84 43* 

Mitsubishi Elec 575 575 

Mitsubishi Hev 709 704 

Mitsubishi Corp 1130 I1» 

Mitsui and Co 739 750 

Mitautoshl 918 910 

Mlrsuml imo >873 

NEC 1050 IC4S 

NGK Insulators 1U0 liio 

N * ko Securities 1310 13X 

Nfesoan KssotU 950 929 

Human Oil 740 740 

rliooon steel 346 34e 

Nippon Yvsen 43 7 429 

N IS sun J* SSS 

Nomura Sec 2ZJ0 2270 

NTT 9S70d 9670o 

Oivmaus Oadasi 1060 iom 


Ravel Bank Can 
Sceofre Res 
ScatTSHOSb 
Seonram 
Seer* Cai 
sneircon 
Sfterr.n Gordcn 
Shl S/stermse 
Sou mam 
5ecr oerosooce 

sreiceA 

Tciismcn Enera 


17ft 
26 26ft 

7 7ft 
25ft 26ft 
12ft 12ft 

15 15ft 
41 Cft 
9ft 9ft 
2 3ft 23ft 
140 170 
34ft 35ft 
10ft 10ft 
1.28 113 
17ft 17ft 
29ft 38ft 
30ft 
100 98 

39ft 38ft 
14ft 14ft 
9ft 9ft 
30ft 40ft 

8 ■ 
a 40ft 

10ft lift 
7ft 8ft 
18ft 19ft 
17ft 19ft 


3.11ft 13»>tott 190 UQVi Utft 
114% ZJIftMuyN 2.94 IN 193ft 
XlCft 261 JulH 2J6 3J6ft ZfMft 
2-97% ZMftSepM 179% UD 2J8I5 
173ft 2J6ftDec94 263V, 264ft 263 
179ft 2.£JV> Mar 95 269ft 2J0'A 269 

2J2 173 MdVft 173ft 17* 173ft 

263 ft 274% JU95 275 175ft 179 

2JSft 2JlftDec95 2J3 153 153 

Ettaw <5600 TWiida 3176* 
Thu-iwwilrt U26B0 UP 282 
SOYBEANS town UO0 By m itm u m daP» > 
7J4 SJ&XHaU 677 *79 *7216 

7J1 S.77V, Wav ft £61 663% *71 

T.5B 57*9,64 94 6X3 60S A79ft 

7JS 638 Awe 94 674ft *76 671ft 

46»ft *17 Seat* *56 *56 *51 

7 -57ft SJSftNovM *39 668ft *36% 

470 4.18ft Jai 93 66*ft 46*ft 663ft 

*73ft 4 JB Parts *«ft 669V, *«ft 

673 462ft Jut 95 669ft *4?ft L49ft 

4J0ft SXIftNavtS 4.15ft *16 *14 

E0.SIP6S 45J00 TTu**«t«S 39,710 
Thu's open ire 17UJ91 up 1759 
SOYBEAN MEAL SCBCT) Hn-Mniv 
237JD 1E57BMO-94 19*90 195X0 BOJO 

232.00 «5J0Mov94 19*70 19568 19*00 

23*00 I93J0AA94 19*70 T95J0 19*00 

22100 19150 Aug 94 17240 19140 19260 

210.00 189 J0 58P9* 19010 19TJ0 19QJ0 

36-00 UMDOdM 188.00 18970 MU0 
20900 *40 Dee 94 1M70 1X9.10 1X7 JO 

300JM 18450 JOT 73 190JH 190.10 18*00 

Est. sates 2QJ00 Thu's, softs UJM 
Thu-jouenrt n.lB up 921 


24*% -O02ft 91821 
294 —O02ft 936194 
27514— *02% 10600 
277ft-O01 17673 

244 — OOOft 44771 
270 -OOOft 1843 
273ft — 0.00% 241 
273 -000ft 5*3 

253 —0X1 78 


B*5DMarM W173 KMX0 IB279 
8900 May 94 W75U 10770 10545 
KDJOAdfl T09J 18978 18900 
KHJOSniW 11153 11140 11 LSI 
HUBtaivTi 11170 11178 11130 
WL5DJOT95 11500 11500 1U0B 
10600 Dior 93 
May 95 
JUI95 

S NA. Thrs.scles 1601 
wiH 17 JOB UP 118 


-aa 1*701 
—050 3497 
—020 1649 

-020 up 


Metals 


474ft -0.06 41J15 

679ft— 004 <2665 


6JJ%-OM% 4655 
64*ft— *03 3734 
*38 —002% 18630 


E COPPER (K3U] BMft-ai 
7100 Mar M 4970 8?J0 8750 

7*30 Aar 9* 8760 1768 *760 

7360Mov94 UD B63 8*05 
?*tQAxi9i <700 1850 8700 

7*206X98 8860 8860 I4J0 

7*70 Sea 9* 8840 8860 87J0 

7375 Dec 94 8850 BUB 8*09 
7*90 Jot « 


-0*5 Mil 
—050 1584 
-0.15 36S« 


66Ift — 202 ft 297 
669ft— OiCft 713 
*16 * 000ft |74 


4270 Mar 93 HJD 
NJSMayfS 
7800 JulH 
TUOAueH 
79-W5ep95 


7773MW95 8705 8705 

8950 Dec 93 


17*30 — 0JDZL939 
19*40 —060 20529 
19*80 —410 17,327 
19240 —CJ0 *944 

naxa -001 3793 

18900 2137 

IKK 5034 

18830 — OJO 540 


<7649 xtt 156 


918 910 

IHC >873 
1050 IC4C 


Tec* B 

T hc/ns m wlxws 
Toronto Damn 
T asiui B 
Transaifo Util 
TransCda Pipe 
Trltoo FUll A 
Trirnoc 
Trisec A 
Urn cars Energy 
TSE 300 444779 
Previous : «S49L39 


29ft 33ft 
26ft 27% 
T7 1 - 1779 
31ft 22% 
283* 27 

155% 15ft 
19ft 19ft 
4 4ft 
164. 17 

007 1 

BID 078 


SOYBEAN OIL KBOH 

1 am 

Ift-PI 

tartov 




3075 

71.13 Mar to 


2032 

2un 




3065 

21 J0 Mov to 

2020 

2832 

sot 

2on 


2970 

Z1J5JUIM 

3017 

2020 

2/45 

27.92 

—83* 

HUM* 

2930 

2165 AOOH 

2770 

2770 

2768 




3860 

2260 Seat* 

2730 

2739 

2*50 

2701 



2765 

22100(2 to 

2826 

2X25 




1651 


090 Dee to 

2X70 

2575 





3855 

2265 Jot 95 

ZX53 

2355 

2530 




2X70 

2X10 MOT 95 




2XU 

— 02 

19 


■730 

mu 

—665 

as 

8860 

0909 

♦ 005 

1,129 


09.15 

+005 



0935 

+ 005 

225 


8830 

—OS5 

300 


V35 

+605 


■770 

IMS 

-030 


07 JO 

8160 

-030 


3 

•965 

+001 

2 

MT tWQS. 




5*13 

—40 

2 

50*0 

5427 

—40 72.190 


JO! 

-41 


5390 

5*63 

—47 193*4 

5440 

5*96 

—47 

9330 

rain 

5530 

—47 

2687 

590 

5583 

—46 

7302 


5593 

— *6 


5*10 

5635 

—46 

2393 

56X0 

500 

—02 


5710 

5726 

—17 

T13 


5770 

—63 


582.9 

SL7 

-as 



9*75 9048 JunM MJ< 9*32 9802 9*M 

9*34 906656P9I 9505 9*11 9570 9171 

9*41 9071 DSC W 9551 9500 9S3B 95JS 

9180 902*AAcr95 9353 9353 95J4 95.15 

9540 H71 Jun9S 95.T1 9539 9401 9*92 

9543 9L31Sep« 9*92 95.10 8*72 8*73 

9561 9218 Dec 85- 9*4* 9*85 9*64 9*47 

&ts*8 NA. Thu's. scXa 77*532 
Thu's op en W 2675539 up 821 
•araSrpOJMD KMBO lviM-leoUud.il 
1538* 16000 MOT 9* 16838 16980 16490 24722 

L 5158 10A>JunM 10800 10« 164W 16443 

16950 T 6440 Sep 96 16680 16888 16508 166)2 

16958 16520 Dec 91 16578 

®499 Thu's, sons 34718 
WsipenW 4*331 off 8574 

CANADUMDQUAR 10*30 SnrdT- 1 pokVMXM 
00712 D73MMO’84 87320 87329 07432 87454 

07885 073*5 JUn 94 0JS18 07518 07425 07*49 

07740 87345 SIP 94 0700 87490 07425 07447 

87S78 0731 5 Dec 94 07470 07470 07CB 07*46 

07405 0.7374 Mar 95 07*47 

0^22 OTSOOJunH 07985 07505 87430 07449 

EsL sties 1X378 Thu's. «Xes *785 
Hurt open W 38625 ip 279 
GERMANMARK (CMBU iHrnft-lxMmPH 
0X203 CL54£7Mcr9* 05721 05770 BJ450 I Wt 

06133 BJ607Jun94 0-5497 «5725 05820 0007 

JSS 1504 "L^IB 0-5417 

■ a -g”P*C»« AM3P A588S.OJ40O 0010* 

10*748 Thu'S, softs 82682 
TftTscsnlnl 147688 up 2219 
^AMg EYBi IQ MW leery— i pftnreeptaieoi 
M ” 93B UI88IOa MOT9<a 8Gtga ag208a0O9l3ajll9182 
O»994«0OM7lJftnM 8009275000931000891820609195 
WnNm00M«Bft>94 0007237 

g<.siki MJ84 Thu's. sales 19J74 
Tha'SQ PSnW 8*152 p 104. 

SPRSPRANC (CMBQ Star tone IraWmiunBii 
Mm 06920 0X770 aim 
Q7W mom lUHS 80778 

ESL softs 45633 ThUft.s*H 36088 
Thu's open tor 46378 ip 29*1 


—*13415673 
—01531808* 
-01*227649 
-0.17199622 
— O1715B0B7 
—017129604 
-0)7 99015 


— 118 426M 
—112 1641 
—118 14 

—JOS 12 


... 

■ 5ft ,. _ 


: Sjp- - 

J® 1 


— *1 13X148 
— 88 1031 
—89 319 

-9 33 


-89 44623 
— 93 7T1 

—93 48 


Industrials 

anroN2_oiciio » ■ * nu prn 

7034 5562 Mar W 7708 77X5 7*60 

S£W5YM 77.15 7705. 7705 

77J2 7708 77.12 

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7763 +081 9654 

7X25 +005 1093 

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7095 +0.90 72 

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Thu's OTfT. int 97 jog up ISIS 


Livestock 


Zurich 


mo ia van Banks 9J5 960 


865 86S 
7JS 7.90 

14 1*30 

60S 60S 
402 on 
7.70 7 JO 
70S 7.78 

15 y 


Pioneer 
Ricah 
Sanya Elec 
Stara 
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3150 2990 
797 730 

447 446 

162 1620 

673 457 


AdlC I n»l B 288 

Alusutm B new 637 
BBC Bran Bov B 1187 


Shangrlla 

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5 ‘pore Land 
Spore Press 


SMnetsu Chon 193) 1690 


Sing SframsWo 4J0 4 JD 


SVere Telecomm 1M 108 

Sirairs Trading 128 1)8 

1)06 10.90 11 

DOL 204 IS 

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Montreal 


Alcan Aluminum 31ft 31ft Atlas Cops 
B ank Montreal 28ft 29ft Electro) u« 
Bell Canada «3ft 4M% Ertcaon 
B w n t ord k rB 20 38ft 6»elle-A 
Combter 23ft 23ft Hanaetstw 

Cascades 8 Bft invesior B 

Dominion Tent A 7ft 7ft Norsk Hvfl 


AGA 
AseoA 
Astra A 
Atlas Caeca 
E led roll* S 
Erteaon 
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Sony iSBO 6190 

Sumitomo Bk 2160 7190 

Sumitomo Chem *3* 42a 

Sutnl Marine 901 928 

Sumitomo Wejal 294 29» 

Tal!<H Corp 712 717 

Tahho Marine 065 866 

To* eda Own 1310 ISO 

TDK 4488 4338 

Tallin 468 468 

Tekye Marine >300 looo | 

Tokyo Elec Pw 349C 3519 

Tooocn Printing 1340 1330 

Tgrar Ind. 660 bio 

TOMHBO 725 72C 

Toyota 1950 1978 

YomalcM Sec 389 G8Z 

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Tapta tadea : 1615 
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Fischer B 


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La-tsis Grr p 970 

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RoCfeMdBPC 7225 

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Sulrer pc 933 

Surra 1 Hence B 2170 

iwis*Bi*Cora8 525 

Mss Petaur R 714 

Swinalr R 873 

UBS B 1513 

AAmertlwr B 835 

Zurich A» B 1575 


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7*9 7areF«fi94 7105 71.95 71 JJ 

SUS 7iaAor** 7*25 7*53 7*03 

7*K 71J5Jun9* 73.15 7X35 7105 

7187 70L28AUO W 7263 7260 7130 

TIC 710700 94 7135 72X5 7235 

700 7MSD6C94 TIB 7130 7100 

7*25 7XO0F4O9S 7100 7U0 7100 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY S*- 1994 


Page 11 

EUROPE 



v- •* 


Of £250 Million 



VW Chief: Also to Blame? 

Audi Head’s Departure Shifts Spotlight 

1-. /w C.-W Fmm Duoadta He is to be replaced by Hcrben Demel Audi 


^ * 


* 


LONDON — Briti sh Aerospace 
PLC said Friday it would take a 
£250 miDion (S374.25 million) 
charge against hs 1993 results to 
compensate for costs in leasing its 

regional turboprop fleet. 

“This is. the Final piece in our 
plan to change the way we manage 

our second-land aircraft fleets ami 

their associated leasing exposures,” 

gM Richard Lap thorns, finance 
director of the-British defense and 
aerospace group. 

In the first half of 1993, the com- 
pany had a pretax profit of 20 m3- ■ 
H on pounds after apretax toss of 12 
bQBon pounds in 1992. BAe wifi 
■ release rail-year results on Feb. 23. 
The financial charge relates to 
monthly payments that British 
‘ Aerospace will owe to financial in- 
stitutions for its Jetstream turbo- 
- prop planes. Although the group 
made a s^nAar provision for its 
regional jets in 1992, it said the 
charge against 1993 results should 
t be the lastsuch provision. 

The move was grated entbnsas- 
ticafiy by. analysts, who said it pm 
■- the group in a much stronger posi- 
tion to seek partners. 


'It clears up the balance sheet 
and enables British. Aerospace to 
I'Hmlr about joint -ventures,” said 
Tatar Khan, with Societe General 
Strauss Turnbull Securities. 

While there arc only a few manu- 
facturers of large commercial air- 
craft, there are more than a dozen 
builders of smaller turboprops and 
regional jets, the market needs 

to consolidate, analysts and indus- 
try executives said. 

That means manufacturers will be 
{yramhlmg in find the best partners. 

British Aerospace said late last 
year that h had talked with Avions 
de Transpeat Regional, the joint 
vent u re between France’s Aerospa- 
- bale and AJenia SpA of Italy, about 
t iming up to make planes. 

Investors applauded .the charge, 
bidding British Aerospace shares 
up 21 pence, to 5.73. 

' BAe said the charge was “com- 
patible both with running the busi- 
ness more effectively and with in- 
dustry restructuring discussions 
which will continue. 


Compiled by Our Suff Fi tm Readies 
BONN — The standing of Volkswagen AG’s 
channan, Ferdinand Pi&ch, has been thrown into 
doubt by a wave of problems ]bat 1m culnmiai^ 
with the departure of the Audi AG chief. Franz- 
Josef Kortflm, analysts said Friday. 

Mr. KortQm’s resignation was confinncdfol- 
lowing an extraordinary Audi superrisc^boara 
rruriinp a day after media report said he was 
in the wake of Audi’s sharp sales 

YRmtStM'iV wh^«* Mr. Kortom 

been forced to out, only that be ^ 

mutual consent." But the ^ddmdeparm^ Nh. 
Kartlhn after only a year on the job turned ihe 

SP A B ^«iSwBank Research car analyst, Hans- 
J^Eer, said: “The earnings was 

certainly one of the mam reasoos Konum was 
kSrtoL” He added that Mr. Pifich “shwW 
certainly also shoulder the blame for Audi s cur- 

rC A I B^^ 1 analyst said: “There 
questions about what is going on in group- 

PiSch should take some of the heat, bui is trying to 
distance himself.” 


He is to be replaced by Hcrben Demci, Audi's 
development chief , who will be 

^' M S32 

°*A Goman analyst said Mr. Picch had 

wav for the luxury carmaker’s problems when he 

wS ^Cgebyboostmg production strongly* 

1992 to3eve a record, dm 
demand was about to tumble. Mr. Pi6± was chair- 
man of Audi before Mr. Koitilm. 

But despite poor performances tbroughcul the 
VW group, with the notable exception of its Czech 
unit Scoda, analysts said Mr. PiSch was unlikely to 

fed pressured to resign. . . . .. 

Investors apparently are pleased .with ^whai Mr 
Piach and his embattled production chief. Jose 
Ignacio Ldpez de Arrionila. have b^ ^omg io 
tnmeosts and force price cuts from pans suppli- 
ers, analysts said. 


(Reuters, Bloomberg) 1 percent in 1 


“For the time being things wDl tick along, and 
shares will do well,” the 

. „„ said. “Piach and L6pez are good salesmen and 

< **He > ad^^Die company could not cope with &d to good news coming out 

m ^ sssSSSMiWSg 

al bW to VW last year, he and probably 
Mr. PiSch would have to go. 

“Pitch’s position would become almost untena- 
ble," an expert said. (Rnam m Bloomberg) 


And that cannot oe mamea 

must take some of the t^ponaMity. 

A car analyst m Frankfurt said. Pitcn does not 
like to admit mistakes. But he is partly responaoie 

loss in 15 years. Saks dropped more than 25 




Passenger Flaw 
BackintheAir 

Renters 

GENEVA— The 22 1-mem- 
ber Interiuttionsd Air Tran!^^ 
Association said Frida y tha t 

passenger traffic grew 6 percent 
last year and freight 10 percent, 
continuing the upward trend 
smee the disastrous Gulf crisis 

drop of 1990-91. 

Bat the IATA director-gen- 
eral, Pierre Jearmiot, said the 
association still expected “to 
report a net loss for our mem- 
bers on their international 
scheduled sendees for 1993 ” 
In November, he predicted a 
loss of $2.4 bfflkm for the in- 
dustry for the year. Final fig- 
ures are expected in March. 

IATA said the traffic rise 
had outstripped growth In ca- 
pacity — the number of seals 
and freight volume provided 
by new aircraft omungon hne 

— by i. 6 percent, well above 

the forecast last November of 
only 04 percent. 


. 1 — 

Caller Faces Rising Turkish Inflation 

n«nd with 3wrcent He Mottatand fto to SL 4 ***,* 


JamBy , cohered wi* Jpe^eot He Mo^d.Pany. to 
Raam . and 4.6 percent in Cfflefs mam ^ this week saying he 

ANKARA — Consumer rnfla- “ her to call a general etou^al- ESgerwoik withher. 

tion in Turkey jumped 4,4 percent January iw- . . though one is not due until 1996. coma uy *>“6“ 

in lannni-v i w v u nTftfaF r-aflig for Evidence that Mrs. Cffler is “The government has lost its , 

sSSBss aeayssS assereiat jaessista? 

Pnnuiifit Paitv. in the nationwide . . /Til .iMt/Uno I 


March. 

The Institute of Statistics said 
Friday the January consumer price 
increase followed a 5.6 percent in- 
crease in December. 

' Ul/dklar *#Y 


non paruira, u» ~—r~z~^ Aa new administration.* 

5^tedlto5a to Olta-s suadbg d. K 


OS iUkCAj IAJ wa v 

growth rate, expected to have 
reached 7 percent last year. 


EU Vn€Jnpl€yrnent Hits AU-Tinw High 

xiili w a waw — — ; — _ ^ ^ f %/ „ . j • _ 

a 12 ‘Descent lira devaluation on * nncniDlovcd has increased pubbe drat. 

riSss=ssf ta bruss^-^Ssss 


„ of unemployed has increased public debt. Bdgjurrc 

Bloomberg Business New ^ Italy, the union’s most heavily indebted 

hm^-dependmt eronQmy. BRUSSELS — Season^M^ustcd unempl^™^ countries, owe the equivalent of 120 pe 

SnquoBruxeteU ^ rtra 

The private-sector manuf actor- one of toe man 

*"*■ ^ DUmben 


U1 uturcjuu — 

MgBtlSWSMR 


O’Reilly 
Boys 25% of 
Shares in 

Independent 

Compiled h Ov Sxff From Dispatches 

LONDON — The Irish media 
tvcoon Tonv O’Reilly, underdog in 
the bank for control of Bniaui s 
ailing Independent newspaper, on 
Fridav scored a surprising coup by 
buying nearly 25 penrcm of the 
Independent's publisher in the 
open market. 

A spokesman for Independent 
Newspapers PLC Mr. O'Reflh s 
Dublin-based press company, said 
it had purchased an £18.4 m2bon 

(S27 4 million) stake in Newspaper 
Publishing PLC ai 350 pence 
(S5J20) a share, 100 pence more 
than a cash offer to shareholders 
from a consortium led by Minor 
Group Newspapers PLC. 

Mr. O’Reilly also is chairman ol 
HJ. Heinz Co. , ^, Q . 

Analvsts said Mr. O Reilly s 
move, which made him the largest 
single shareholder in Newspaper 
Publishing with a 24.99 percent 
stake, had greatly reduced the 
chances of the Mirror consortium 
which had unveiled its long-awaited 
offer for Newspaper Publishing ear- 
lier Fridav, only to see it rqecied. 

The Mirror consortium holds 
just over 47 percent of Newspaper 
Publishing, but Mr. O Reilly s 
24.99 percent stake now makes him 
the biggest single sharholder. 

Mr O’Reillv’s move took Lon- 
don and Dublin by surprise. At the 
start of trade on Friday his compa- 
ny withdrew its offer for a 24.99 
percent share in Newspaper Pub- 
lishing. saving the company s 
board had rejected its bid. 

That appeared to have cleared 
ihe way for the Mirror consortium, 
which offered cash and new com- 
mon Minor shares in a deal valuing 
each Newspaper Publishing share ^ 
at 261.6 pence. The consortium [ 
also offered a full-cash alternative; 
at 250 pence per common share. 

But the board of Newspaper Pub- 
■ ticking rejected the Mirror offer as; 
wett. saying it was bolding out for 
better terms and stiD in talks with 
Independent Newspapers. 

Mr. O'Reilly then made his move 

in the market. 

“We have bought all that we 
want at the moment," said the- 
spokesman for Independent News-' 
papers afterward- . 

Mr. O'Reilly’s next step was un- 
clear. 

“He can just sit there now and 
wait," said one London share ana-. 

of Mr. O’Reffly. It really 
does make it difficult for the Mir- 
ror because now their oner isto 
fon, " (Reuters. Bloomberg)) 


Investor’s Europe 


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Contfamed from Page 9 . ^ tk«» ctnricticians 


. Kuntnbiyke 


Reuters. Atx. *rr. /ir, 

Air Canada Eyes French Slake 

PARIS — Air Canada said Fn- P . _ in marketing 

day it would like to buy an equity ^ trans-Atlanuc 

stic in Air France to smengthen- facilities. 

^^X^n^Sosophy is 
“Ifih^^rivatizationofAir that without a 

Franc^S^dTwillbeandeni- there is always ^ rude of breaking 

ablytnieresied in taking a slake," off links. Mr. Monn said. 

Claude Morin. Air Canada's gener- He ^ Air Canada had not 

al manager for France, told the with the French gpvemmajt 

French financial newspaper La Tn- OT ^ Air France about a stake. 

(AF.Blccmiert.AFX, 

NEWS EVENTS WHICH COULD AFFECT 

YOUBUFE: 

EO fc/ V r 


l 


cided that the payoff could not be clients' deposts, wtucD 

calculated with sufficient precision wcre 00t counted at all m the oia 
to justify fisting both as capital accounts, should be counted asa 
spending. service. Luxembourg’s shift from 

industries are much mining coal to managing secret 
less fcuo process and more into ser- bank accounts means lts na^OTal 
Si so P wenecd a new way to output will increase by -5 percent 

MaffiSKK 

figures have been distort^ ^ the addition to a nation’s 

rise of multinationals. On paper, co because it involves I 

Canada is America’s JZZds. But cooking, UT 

ing partner, but no one bwwj hew tr p ^ J ^d.mmdmg will re- 1 =■ - ■ ' — 1 5=5= ^ 

much of that is ncdlyiu«tag ±e . market economy, 

of parts across the Deuni '.Kna ^ economists ruled it was 

between General Motors Corp. in Decausc 
the United Slates and GM Canada, notfonn > 


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INTERNATIONAL 


TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 5-6, 1994 


NASDAQ 


__ 5b 

HBhLmtHa* Dtv YU PE 1006 W* LowUMOi'M 


Friday’s Prices 

NASDAQ prices as of 4 p.m. New Yorti Ume. 


This its: compiled by me AP. consists of the 1.000 
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updated twice a year. 


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i 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-5UNDAY, FEBRUARY 5-6, 1994 


Page 13 


ASIA/PACIFIC 


Surcharge Has 

'inns 




The Associated Press 

BEIJING — “Blackmail ’* 
“Small-time profiteering.” “Voo- 
doo ecOTomks.” 

Brajin^s foreign business com- 
munity vs- using strong language 
Hke .lhis to pioiest 50 percent sur- 
charges on fortdgners' phone bills, 
plane tickets and payrolls follow- 
ing currency reforms last month. 

Business associations represent- 
ing hundreds of U.S., British, 
French, German and Hong Kong 
companies sent an angry letter Fri- 
day 1© Deputy Prime 


sales or attracts, look the rare 
of making their price bottle 


the 


mg what they called price i 
nation against foreigners. 

Nancy Lee of the American 
Chamber of COmmeroe in Beijing 
said the companies contend the 
price surcharges are not legal, at 
least according to published regula- 
tions. “If China truly wants to enter 
GATT, ii can't have a two-tier price 
system," she said. China has been 

mention ’/■stiffs and Tradefti* 
world’s main forum for trade policy. 

The foreign companies, which 
usually fear that harsh words against 
China could cost them lucrative 


protest Inter. “Domestic entities 
and institutions have turned the cur- 
rency reform into a kind of voodoo 
economics,” said a statement that 
acco mpanie d the letter ' : - 

For 13 years, China issued one 
currency, renminbi, for use by its 
own citizens and a second curren- 
cy, Foreign Exchange Certificates, 
for foreigners. 

The two were officially equal jn 
value, but the fact that cerurifatts 
could be used to buy imports soon 
pushed them far higher. 

Under pressure from GATT, 
China beam phasing out the certif- 
icates an Jan. 1. Chinese state com- 
panies such as airtines and tele- 
phone bureaus, which previously 
required foreigners to pay in certif- 
icates, promptly ordered foreigners 
. to pay 50 percent more if they nsed 
renminbi. They argued that the for- 
eigners stiD pay the same amount in 
dollar terms. 

China has previously said it 
would rebate increased taxes for five 
years to companies that suffered un- 
der the revised cunxeacy rules. 


New Grist for the Chinese Feed Mill 

Agribusiness Giant Tries to Transform the Fanner 


Bloomberg Business News 

SHENYANG, China — Lin Chien-Hsing 
shivered in the bone-piercing chill of Man- 
churia, bouncing from toe to toe as he guided 
a viator on a tour of the agro-industrial 
amgfomerate C P. Pokphand Co.’s latest 
baby, a computer-controlled feed mili in the 
outskirts of Shenyang. 

Mr. Lin had the nervous look of someone 
who hopes he has read the tea leaves right He 
and his bosses at the Hong Kong-based Pok- 
phand are hoping China will do for its farm- 
ers wbfil it has done for its urban population: 

. increase wages and dramatically improve liv- 
ing standards. 

' “WeTl have a hundred of these top-of-ihe- 
tine mills in China in another five years," said 
Mr. Lin, financial controller at Pokphan<Ts 
Shenyang Qua Tai Co. “This wiB help 
dungs the way Chinese fanners farm." 

rokpband has people tike Mr. Lin sprin- 
kled across China- The company is hoping to 
ride the crest of China’s agricultural reform 
program and transform its traditional farm- 
ers into modem ones. The first step was 


Pokphand is banking on. Last month, the 
company became the largest foreign agro- 
industrial concern in China after it bought 16 
agribusinesses there for $37 million. " 

That brings the total number of Pokphand 
ibusinesses in China to 50, one in every 
inese province. Huey will start with the 
feed tnflis and (hen, as they educate farm as 
about the advantages better feed, teach them 


to 


>rovide chicks and feed 
to chosen farmers. They teach them how to 
grow top-quality chickens. .After 42 days, the 
fanners sell the chicks bark 10 Pokphand for 


2 to 3 yuan each. Under a comparable pro- 
ibom 30,000 baht 


gram, Thai fanners made about 
(SI, 178) a month. Pokphand said it expected 
farmers in China to make close to that 


Pokphand hopes to ride 
the crest of agricultural 
reform. 


Co. of the United States. 

so eB^ent theyonly nw^i^a^to ran ft. 
The rest of the company’s 60-odd staff there 
concentrate an sales. 

“We spend a lot of time endahring to farm- 
ers why they should buy our feed," said Jenny 
Wang assistant to the general manager. “We 
give them healthy tastier pigs and chickens." 
“It’s a tough sell," she conceded, but one 


how to grow better chickens and pigs. “Farm- 
ers can get rich working for us,” said Mr. Lin. 

It has worked before. Twenty years ago, 
the company bought huge tracts of land in 
northern Thailand with local banks and 
trained fanners in modern agricultural tech- 
niques. The gamble paid off. Pokphand 
gained a battalion of contract worker, and 
the fanners paid off mortgages to own their 
own plots of land. 

“We can do the same thing in Quna," said 
Tony Asvaintra, the Pokphand executive vice 
president in Hong Kong. “Our contract farm- 
ers in Qiina make much more money than 
others. China hasn’t opened this up com- 
pletely jvt — they stQl want control — but 
they will open up." 

Pokphand is starting slow. Executives talk 


The company could be coming to China at 
(be perfect moment, or it could be walking 
into a mine field. The situation unfolding in 
the countryside now is volatile. The standard 
of living in the cities is improving rapidly, 
while in (he countryside there are intermit- 
tent reports of peasants rioting for economic 
rights. In addition, the average per capita net 
income in 1993 for Chinese fanners totaled 
880 yuan (5100), up only 2 percent from same 
period Iasi year. Urban wages rose aboui 10 
percent last year, to 5220 yuan a year. 

“C. P. Pokphand is in good with the peas- 
antry and Beijing because they are teaching 
them modem far ming and are helping close 
the income gap," said Steve MacN axru y, a 
director at the Marlin Partners brokerage in 
Hong Kong. 

Investors are dubious. Last year. Pokphand 
shares feQ 3.6 percent in Hong Kong. Still Mr. 
Asvaintra raid investors were overestimating 
the impact of f alling , chicken prices in China 
and a temporary slide in the value of the yuan. 

Company executives hope the acquiarioas 
will help Pokphand stock move in line with 
other "China plays" that have rocketed in 
vahie along with the Chinese economy 


Investor’s Asia 


Hpng Kong 
Hang Seng 

Singapore • r tt^cyo r - : 

StraBs Tunes ‘ ; NJwei 225 

12900- : — 

y 2400—^ 

irr - — ia^L.: 

119®'“' ■ i 

e — “ 


19009 . . . f 

™-r- 250 ~ 

vJL 

ias — J**— 


• i if ... 





■m^r-rr 

— — - • ’. ,VMV • , . .... 

1993 ... 1W4 1B83 . •- W9« •; J993 . -1994 . 

Exchange index Friday ' . 

Giose '• Ctose.. Change 

Hong Kons Hang Seng 12,15?SO +2S? 

Singapore 

Stmife Tunaa- 

2W Z360.S3 *0 JOZ 

Sydney 

;-AH Onhnaries - 

a^iixaQ; - 0 . 2 a 

Tbkyb 

NBtkeS 225 ..... 

20,301^3; . 20.174.82 . -40.63 ' 

Kuitis Lumpur Composite 

i,i4rj3a i.isoii : ,-o^s 

Bangkok 

SET 

1^43.81 ; . 1;4fia90 -;-L37 ' 

Seoul-.. 

Con^QSfte.^ock,. 

984.42 9S&02- - V ^4198 

Taipei 

VVeigtaed Pttae . 

6^58^3 6,362108 >156- 

Mani la t 

Comprises 

2.96^38 ..2,922.99, +1.45 . 

Jakarta 

Stock index ■ 

60LH3 ' 594.35 . +1-2(3 

New Zealand 

NtSE-40 

2,41324 2,439.64 

Bombay 

National index 

1^1243 . -1.93087 - -0.96 

Sources: Reuters, AFP 

Lmcmaucnml Herald Tribune 

Very briefly: 


Taiwan Eases Up on Bids 
By Foreign Contractors 


. The Associated Press 

TAIPEI — Taiwan, eager to 
enter the General Agreement 
on Tariffs and Trade, is offering 
to ease restrictions on foreign 
companies bidding for public 
projects, officials said Friday. 

“It is inevitable that the mar- 
ket will have to be opened up to 
smooth our entry to GATT," 
said Chang Tehdfoo, an official 
of the Interior Ministry's Con- 
struction Administration, “but 
it wiB be done gradually " 

The ministry's proposal, sub- 
ject to approval by the cabinet 
and legislature, would let foreign 
concerns bid on construction , 
contracts worth about 300 bu- 


tton Taiwan dollars (about $11 
btDion) a year, officials said. 

Currently, only US. and Eu- 
ropean companies may bid and 
only for pubBc projects where 


local concerns lack the technol- 
ogy. Japanese and other foreign 

companies bypass die rule by 
setting up jomi ventures with 
Taiwanese contractors, which 
make the bids. 

An Interior Ministry official 
requesting anonymity, said for- 
eign companies usually have bet- 
ter skills, technology and man- 
agement, arid ‘local firms can 
hardly be their co m pe ti tors." 

Taiwan applied for GAIT 
membership in 1990. 


VIETNAM: With Embargo Ended, U.S. Executives Have High Hopes 


Coatinaed from Page 9 

start stoked the lobbying effort by 
US. businesses to get the embargo 
lifted. They fotmd a receptive audi- 
ence in Mr. Qin ton’s administra- 
tion, which has busied itself trying 
U.S. companies compete 


to 


The reality in Vietnam may not 
quite match the overheated exrite- 
meat, at least at first. 

“We're talking about a very un- 
developed country,” said Greg 
Fager, an economist with the 
Washington-based Institute for In- 
ternational Finance. Annual in- 
come for the 71 miOioa Vietnamese 
averages $200. 

But it is Vietnam’s potential that 
brought business agents, lawyers, 
promoters and . consultants swarm- 
ing its way. 

Beginning in 1989, Vietnam 
committed itself to economic re- 
forms that would make it a model 


citizen in the eyes of the World 
Bank and foreign investors. 

It opened doors to foreign bank- 
ing and business services; cut the 
size of its military and bureaucracy, 
even though that pushed unem- 
ployment sharply higher, and be- 
gan changing f aim-pricing polices 
so that Vie tnam could sell ns prod- 
ucts abroad. 

In just a year, Vietnam switched 
from bong a rice importer to the 
world's third-largcsi rice exporter. 

“Vietnam sees China as some- 
thing of a model” Mr. Martin said. 
Investors see in Vietnam something 
similar to what southeastern Qiina 
looked like 15 years ago. at the 
beginning of its economic boom. 
Vietnam, too, has a huge, literate, 
hard-working population with an 
entrepreneurial spirit. 

‘You have a handful of compa- 
nies that have done their home- 
work and are ready to go,” said 
Eric Rehmnrt, managing director of 


the Washington-based Vietnam 
America Trade & Investment Con- 
sulting Co. 

Resort companies have plans 
drawn, set to break ground imme- 
diately. Moments after Mr. Clin- 
ton's announcement on Thursday. 
United Airlines said it would seek 
i to begin flights between 
les and Ho Chi Mmb 


City. Delta Air Lines and North- 
west Airtines also are interested in 


Hying to Vietnam. 

Seme U.S. engineering compa- 
nies, bank and credit cud firms, 
accounting and law firms have po- 
sitioned themselves to move quick- 
ly — although the shortage of of- 
fice space in Hanoi and Ho Chi 


Minh City will force many to be 
based in Hong Kong or Singapore, 


said Virginia Foote, director of the 
U.S -Vie tnam Trade Council in 

W ashing ton _ 

“There are significant negatives 
still,” said Stephen D. Hayes, a 


senior rice president of Gannon 
Co. “Vietnam remains a commu- 
nist country with a rather encrusted 
bureaucratic system. It takes time 
to work through arrangements." 

Thai has not dimmed Mr. 
Hayes's enthusiasm for returning 
to Vietnam, a country he saw under 
different rircomstanoes as a VS. 
Navy lieutenant on a patrol boar in 
the Mekong Delta in 1968 and 
1969. 

He and his partners have spent 
the past year testing the waters for 
future business projects, some in 
construction services, some in tour- 
ism. 

“We’re fortunate to be there 
now,” he said. 

(Richard M. Weiruraub contribut- 
ed to this report i 


• Mabauagar Telephone Nigam Ltd. of India deferred plans to sell global 
depository receipts worth SI billion; a financial adviser to the domestic 
telephone company offered no explanation for the move. 

• Hoag Kong's Proviaoaal Airport Authority awarded a 309 fluB/ qa do llar 
l$40 million) contract to a group led by Sumitomo Corp. and Mitsubishi 
Heavy Industries Ltd to build a people-mover for the new airport 

• Fujitsu LuL’s Business Communications Systems unit signed a deal to 
explore computer-ielqihone- integration technology with Intel Corp. 

• Asiaweek's editor in chief and co-founder, Michael O'Neill said he was 
stepping down from all positions after majority owner Time-Waraer Inc. 
concluded it would be in the newsweekJys “long-term interests." 


« Aim Co. will boost output of audiovisual products in Britain by up to 
50 percent, to 15 billion yen (S139 million), a year by the end of 1994. 


Bloomberg, AFP, AP, Reuters, AFX 


More U.S. Car Sales for Japan 


To subscribe In 5wttxwfand 
lint calf, toll froo# 

155 57 57 


Reuters 

TOKYO — More cars from US. 
makers are likely to come onto the 
Japanese market this year than in 
1993. the Japan Automobile Im- 
porters Association said Friday, 
adding that sales of foreign cars are 
up so far in 1994. 

Foreign-made vehicle sales in 
January rose 33.8 percent from a 
year earlier, to 12,156, the associa- 
tion said. This included 1 1 ,359 pas- 
senger cars, up 27.1 percent 

Sales of Chrysler Corp. cars in- 


creased by nearly 1,550 percent to 
659 in January against only 40 a 
year ago. General Motors Corp- by 
27.8 percent, to 529. and Ford by 
194J percent, to 465 cars. 

Lower prices for 1994 models 
because of the strong yen and low 
interest loans offered by foreign car 
dealers helped to push up January 
sales, an association official said. 

Analysts earlier said the overall 
Japanese sales of imported cars 
were likely to rise to 250,000 cars in 
1994 from 195,090 in 1993. 


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FIRST COLUMN 


Timely Bet _ By Conrad de AenOe 


Foreign Cash Inflow Nourishes Japanese Funds 


i ' 




On Europe’s 
Big Sell-Off 

A GOLDEN opportunity missed. 

Comments such as that are usually 
made by those with the perlucid 
vision of hindsight. Identifying 


A GOLDEN opportunity missed. 

Comments such as that are usually 
made by those with the perlucid 
vision of hindsight. Identifying 
opportunities in the present and acting to 
mire advantage of them is a different matter 
It normally requires a considerable measure 
of analytical insight, the courage to act on 
the analysis, and a reasonable amount of 
simple luck. 

That said, there appears to be a good, if 
not necessarily a golden, opportunity on the 
market right now. Two UJC. fund managers, 
Kleinwort Benson and Mercury, are offering 
investors mutual funds that invest in Euro- 
pean privatizations. They are shortly to be 
followed by a third manager, Guinness 
Flight, which is scrambling to get the wraps 
off its product as quickly as it can. 

It is the established view of this column 
that privatizations come as close as it is 


mat privatizations come as close as u is 
possible to come to a risk-free equity invest- 
ment What underpins the equity value is the 


desire of governments for power. There is a 
political guarantee that the assets will be 
priced low enough to ensure a finan cial suc- 
cess. 

The idea is not new, unless you take a long 
view of things and argue that the bread and 
circuses for the Roman masses belong to 
modern history. But whatever its antiquity, 
the policy has had a measure of success. The 
political efficacy of giving thing s away is 
questionable: It seems that gratitude is alien 
to modern electorates, who on the whole 
prefer a sullen acceptance of what is on offer. 

The financial success, however, has been 
r emarkab le. Although some of the Portu- 
guese privatizations had a sticky start the 
Fr ench, Italian, and U.K. issues have been 
almost universally successful from first trad- 
ing. 

Investors need to consider the charging 
structures of mutual funds (U.K. vehicles 
typically have higher fees than their U.S. 
counterparts). But the charges may seem 
bearable, given the difficulty that French 
investors had trying to buy shares direct this 
week when the French petroleum giant. Elf. 
was floated. Convenient, if not inexpensive, 
these funds are a buy for international inves- 
tors who want equity exposure. 


J UST bow good was the good news 
from Japan this week? Individual in- 
vestors with an interest in Japanese- 
invested mutual funds found that they 
i had done well, but not so well as you might 
expect. In fact, of nine open-end investment 
funds for which net asset values were avail- 
able, only one — DFA Japan Smaller Com- 
panies — beat the 8.8 percent gain of the 
benchmark Nikkei 225 index on Monday 
and Tuesday. 

Of three closed-end funds, which reflect 
investor demand as well as management acu- 
men, two beat the Nikkei. As would be 
expected, the best performers were funds 
that offer leveraged plays on Japan by in- 
vesting in warrants. Shares in Banque Lndo- 
suez’s Japan Guaranteed Fund that trade in 
warrants rose a whopping 56 percent in 
January, with nearly half of that coming in 
the last six trading days. (Daily net asset 
values were not available.) 

Why did almost all the other funds do 
such a mediocre job? Bill McBride, of Upper 
Analytical Services, thinks it is because the 
Nikkei is heavily weighted with companies 
that “the funds typically will be light in, like 
banks and exporters. A lot of those are the 
beaten-down ones that win have the biggest 
bounce.*' For that reason, he thinks that 
when all the results are in, the market will 
have driven index funds higher than more 
actively managed ones. 

Maybe it's the funds that are doing the 
driving. Many who follow the Asian markets 
credit the gain in Tokyo to a sudden influx of 
institutional money mat had recently been 
pulled out of other, hotter markets in the 
region — the financial equivalent of rats 
deserting a buoyant ship for a foundering 
one they hope is on the verge of righting 
itself. 

Even though the Nikkei is closer to the 
bottom than the top of its four-year bear 
market, it still sports a gain this year of about 
16 percent in yen terms, or 20 percent for 
investors who think in dollars. All other key 
markets in Asia, meanwhile, except Hong 
Kong, have lost ground for the year in dollar 



f. ’* , 

..v* - ;V\— : - . • 7 . 

ai t , »:< S : : 5 M * . .. \ i . 7 

>>'- 4 .. V. - 


Page: 15 

How U.S. expatriates fare 
The international market 
Fund investment prospects 


& 


| v .. * . 

! - T> 


[fete. -* 


^ - ‘ rf - 


Page 17 . 

Healthcare on the move 
UJC in decline. 


Mtsbiyama. executive director of 
I dMcinii. “Today, mdrvsd- 


Nikkei 225 Index 


daiiv closes 


or Friday, tbai they jomed theb^adtL 
That’s why the move m Tokyo makes 
some people uneasy. Such una nim ity of 
opinion about financial maikets is seldom 




*»>*<* A. 


Source: Bloomberg 


were so hot. In 1993, they thought U.S. 
market valuations were getting too high, 
that the performance of the Southeast Asian 
markets was too good and they started to 
worry about valuations in those markets. 


Then they looked at Tokyo, saw that it 
hadn’t done much, so they shifted money to 
Japan." 

Americans have not been the only buyers. 
“Last week, 1 called a broker in Hong Kong; 
he told me everyone there is looking for 
Japanese stocks to buy," said Stephen Bron- 
te, managing director of Alpine Eagle Invest- 
ments, a hedge fund that specializes in Ja- 
pan. “The feeling is markets in Southeast 


Asia have shot their wad for the time being 
and Japan represents the best value.** 

What pointed investors to Japan was, cu- 
riously enough, the failure the firsts time 
around of Prime Minister Morihiro Ho- 
sokawa’s doctoral reform package one week 
before Monday’s 8 percent jump, Mr. 
McBride said. When that happened, the 
Nikkei fell nearly 5 percent in a day. (A 
co m pro mi se that salvaged the reform effort 
was died by some as the cause of Monday's 
rise.) 

“Far American investors, especially insti- 
tutions. the failure of reform measures was 
like waving a sign that said “buy,* ” he said. 


“When you took at a three- or four-year Misbiyamarapects 


The fact that foreigners have been the 
most willing buyers is especially disconcert- 
in g, for they generally know less about a 
market thaa foe people who live in it Mr. 
Mistrivama expects locals to xemam aloof. 


chart, that sefloff for contrarians was a buy- 
ing opportunity. [They derided] that the 


downside was substantially less risky now. 
When a market’s fallen as far as Tokyo has 
in die last few months, that rixpocent fall 
was what a lot of people were looking for." 

A lot of foreign people, anyway. Hie fond- 
ness that outsiders have shown for Japanese 
stories has not been shared by domestic in- 
vestors; indeed, they seemed downright dis- 
dainful of them — until Monday. 

“From the beginning of the year, foreign- 
ers were major buyers and domestic institu- 
tions in Japan were net sellers,* said Shnji 


wife struggling corporations continuum to. 
sell shares to dress up fee books far the.fiscal 

year that ends in March. 


Good News, Bad News for Yen During the Week 


It is this tug-of-war between foreign and 
domestic traders feat will determine the 
course of Japanese slocks, people who follow 
them say, 

- ‘The balance between foreign, and Japa- 
nese money is very, very dedica t e,* Morgan 
Stanley’s Mr. Nakagawa advised. “If foreign 
nymq t Hin pnsTi up fee Tokyo tO 21, 

22, 23.000, domestic institutional money 
won't be able to stay away.” Should that 
level be attained, he asserted, the Nikkei 
could reach 28,000. 

That’s the bullish scouBin, of which Mr. 
Bronte is an adherent *Tt looks like the 
market is going to take out its *93 high [of 
21,281] famy shortly he said. “Now that 


International Herald Tribune 


terms. Losses range from a slight Iperoent 
or so in Singapore, to 12 percent in Thailand 


or so in Singapore, to 12 percent in Thailan d 
and Malaysia and an agonizing 38 percent in 
China. 

The cash that spurted across the Sea of 
Japan is mainly owned by Americans, ob- 
served Shiroshi Nakagawa. director of re- 
search in Tokyo for Morgan Stanley. 

“In the last two years, U.S. fund managers 
increased their exposure in international 
markets," he noted. “The first money went 
to Europe, then they increased their weight- 
ing in Southeast Aria because Asian markets 


F OR doSar-orientated investors, the 
upsurge in the Japanese equity 
market was compounded over the 
week by the strength of the yen. 
Until Friday's rise in U.S interest rates, all 
news was good news for the yen, which start- 
ed out the week at a mid-price of just over 109 
to the dollar, and added almost 2 percent 
before falling back against a resurgent green- 
back late in the week. 

Even the failure of Japan’s coalition gov- 
ernment's tax-cutting proposals was deemed 
to be advantageous for the yen. The thinking 
behind traders’ buying the currency on the 
news was that the Japanese government's 


disagreement over tax policy would delay 
■e trade talks wife fee Umted States. This, in 


turn, would allow the Japanese to continue to 
run their enormous trade surplus. 

The stronger yen flies in fee face of the 
consensus of currency analysts’ views at fee 
beginning of the year, when it was widely 
assumed that 1994 would see a sharp rise in 
the value of the greenback against most major 
including the yen. 

“Last year, the dollar was blighted by a 
number of factors," said one Frankfurt-based 
foreign exchange dealer. “One of them was 
President Omton saying that a strong yen 
would improve trade relations between Japan 
and theUmted States fay making Japanese 


imports into the United States more expen- 
stve, 

“But the US rate rise might stop him 
getting his. wife.” 

Dollar-orientated bidders of Japanese 
stock and bonds saw their investments rise 
more than 20 percent last year on currency 
movements alone. • 

Foreign exchange dealers remain confi- 
dent, however, that fee dollar win now con- 
tinue rise against the yen this year. A broadly 
bullish longer view also prevails for its pros- 
pects against fee German mark. 

The bog-term turning point is seen by 
many dealers as having come in August erf 
last year, when the doflar bottomed.. 




- 


■ •••<5:* *• ' 

e>. ... 


f.. ' .• 

.S f >T 


1 1 >* ... . 

• -• 


!| st-r 1 -' 


another 20 to 30 percent from this level” 

Or not. Mr. Nakagawa warned that “the 

into the to 17,’ 

18,000.” - 

; He doesn’t see much fundamentally to b$ 
cheerful about, either “Hogcfotwa’s [eco. 
noose] reform package is discounted in tbtf 
price [of> shares], earnings are gettin g worse 
and worse. They say we eould see a recovery- 
this year, but feeaefriDO coucrete-reasou for 
fek. It’s a very tough situation for the Japa- 
nese market - ... 






tiffed 'A i: 


The Money Report is edited by 
Mt&im£aker 


\ « .i. w a Ip 


INVESCO 


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CSTEBNATTONAL 




LF.I. is a quarterly magazine published by the International Herald Tribune. 

Return your order to: International Herald Tribune. Smon Osborn, ’ 

181 Avenue Charles^ieCauHe, 92521 NeuBy Cedex, France. & tax to: (33-1.46 37 21 33) 4 

□ Please send me fee next 4 quarterly issues of l.F.1. for ; 

US$120 (FF.700) .. ... IwVw Wrier: FR74732021125) 

Name . Payment is by check or credit card. _ □ Check .enclosed 

Company ‘ Please ch arge by credit card □ Amex. □ v isa □ Access 

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O* 


11 SP 


-- 


international HERALD 


Page 15 


the money report 


For U.S. 

By Michael D.McNidkle 

OUR heart’s stopped. Now — 
bow good is that overseas medical . 
policy? A mistake here can cost 
dearly. Busy international execu- 
tives, experts say, tend to overtook nuances 
to their health coverage until something hap- 
pens. Then, of course, it’s too late to shore up 
gaps in Overseas medical -insurance. 

.^tfce epical expat » not detail-oriented on 
tbopekinds of issues and doesn't normally 
take the time to read a formal policy on the 
rnetSdal j^an,’ 1 said ifk&xik k4c(^ol(hicx, a cod— 
sultantwitb A. Foster Higgins & Co. m New 



the Right Medical Policy Can 

9 k. sun. of money .0 pay 



Yak and foancriyan intematiotial benefits 
medalist for nndtinACk^oorporaocH^- 
- A survey of Fortune 500 compamesby 
Kvmha Upton, tbebmefos 
found that 88 percent kept tr^non^espa- 
triates (those directly em^oyc^^bytlw 
headquarters) ‘On the home-based pohey. 
while third-country nationals, who may also 
be US. expats, were 46 percent enrollea m 

ImI Wealth nmoiSTIK. 


rations “have caps (limits] 

for a medical catastrophe overseas. ™}[y 

enough for major surgery and a lengthy 



independent agpt 
for Mutual of Omaha in New Y orics pociahfr- 
ing-in imenunional. medical insurance^ s»n 
that when it conies to selecting a plan, a*” 

„ of people draft ad: the right quesuons. we 

in New noted, for instance, dial some major corpo- 


Mr. romroD j«uu uum, _ 

for their corporate plan, or huyingaprwge 

ttESS&g* ■.■■****' 

said, iS.whcthcr there is any •jWWJ**® 

baefiis* spdled out m the pohey. VsuW, 
teSfl, iberc is “no assignmem, wh»* 
means that in the event or a major probteo, 
SrSpat, or the employer, is going to have 


to come up with a large sum of money to pay 
for treatment. Expats with smaller firms, 
which may fmd it difficult to come up with 
S50.QQ0 or more, or with a firm that n»y™i 
want to pay the money, can find themsehes 

in trouble. . _ . . 

Mr. Polifron said that execuuves ^ho 
want a little added level of protocuoashojM 
check with thdr company and current! J- 
ance carrier to sec if a supplementary plan 
will be compatible with the easting policy. 
The ccstvarics, but Mr. Pohfron said that 
one plan, which requires no physical exam, 
costs Sll 2 a month and goes into force after 
550,000 has been spent in the pnnary P^. 

The additional coverage is up to SI million. 


Britain, there is the lmeraauonal As^ 
don for Medical Assistance to Travellers 
(IAMAT) in Lewiston. N.Y. 

If all else fails, and the care 

Coverage tnrougn a nonpium , not available overseas, .t s tune 0 ^ oat - 

WashtaEton bSed Federated L«gj? ° f Companies like International S.O.S. As- 
.Americans Around the Globe , nms jS»W » based in Philadelphia, offer* wide 

■ - p "«™- the Far East or and emergency assistance 

toocpatriaies. They wdldoev^S^ 
notify and liaison with family m to 1 United 
Staua. to having one of their U.S. ptyjjoro 
consult with local medical penonneL wwj 
viding a medical escort for evaimalaon tack 
£uE United States. It ? 

year for an individual to obtain coverage. 


For those who are overseas independent 

br “r*-.— w-a F*rf«aiea League ol 
e, runs S960 an- 

South America (ages 40 to^l « Sl~* ® “f 
Middle East and .Africa for the same age 

*” oF’course. all the insurance m |bc w orid 
ftill not help if the expat is unable to una 
adequate medical care. For help in fining 
^TSglish-spMking physin^JJ^Uj 
trained m the United States, Canada o 


imbers, Prices 
tor Global Policies 

Listed bdow are medical health and expatriate hdp Idephone 
janmbers, 

_.iy available. , 

• Federated League of Americans Around the Globe. ■ 

m 202628-5488. Age 40 to 69 individual: I960 toS1^54ay^r,with 
Unix, xidhiomilSoS lo K 22 , <Md <? 

KsTdtmns who are members of FLAAG. Menroaship tee is 
nominal. 


UMith insurance Premiums and Benefits 
Healtn insurmi^^ ^ toca/ arnbu , ance services. 

AM plans cover hospital services , spe ^ ,isi !^’ „ veraae M maternity, R: rapatriatton/local 

KeyuOft out patient, HN: home «™J*£**, SSSSm routine dental, GP: general pr«^« 
bStaL EE; emergency evacuation, ED: emergency aen™._ t — , or., stress counselling 

PD: preserved drugs, CB: cash benefit. 

Benefits 



?lf^?S^'OT?Age 18 to 64 individual: $169, per nxmtR WPS* 
dffi.P to 21 is SSL -mis poKcy IS renewable ; 

- emergency medical evacuation 

■ arwi repatriation- Individual: $340 ayean 

01^6^754-4883. Assists expatsfind U^.-. UX- or Caoadian- 
" framed ohyadan overseas. No charge. 


Amex: 

Basic 
Executive 
Premier 


Worldwide Worldwide 
( Bed. N. America 
and Caribbean) 


Maximum Age range 
coverage 


EE, HN, fl 

no’ PH OA 2 


NA 


S761 
■$SJ& 


$t.8m 


All 



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OP 1 


$750,00D 30/39 


-$604. $2,094 

■ *S484 $1,675 

*n c iO 

ft^tes: 1: SI. 500 2 $1*00. 3: $500. * S600. 5: S900. 


$308,000 

S 77 D.OOO 


30/44 


Bupa*: 

Lifeline 

^ nBal OP 2 . GP. PD 3 , ED^.HN 5 

-British Union Provident Association. 

NB: Bnerpoxy evacuation end tacm 

Expacare: ^88 SI .681 

Essential OA\ EE. R $2,815 

sws- p, “ ! 08 ‘ s® ■ L® 

id: $13.500. 11: $187. 

PPP: «t*T73 : IMA $18,000® 40/44 

Seto EE. P, , SS ’ $1,772 $375,^0 

’ 7 qa b cb® SS 5 ^°°° 


$150-000 All 



Need Not Cost a Fortune 

. i CIS IV 



Please send n,y FREE personae, Recovery W and your ToU ^.ep^ 
*Name 


between $15,000 and S1.8 nnUion. 
Premium levels automati^lly 
shoot up if cover is needed for me 
United States, Canada and the Car 


-City. 

Telephone ( 


.Brokerage Firm:. 
,My/Oar account size. 



. / ] Mv/uur accuuiii 

I *Y<m moat attach a copy o your Kon Rom6i Singapore, Sydney I 


[lCBUIj . - . i 

ssSrSss wsrSSs iaSs» 

“-■S-SaS^* =s»SHEss 

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hospitals in developed Fmacare. “And if you have recent- caljranspoit costs^^ ^ anc nffef nmnd travel insurance m its pns- 

mMm afBSbrt 


WARNfiF’r: 


sands of uuu«»- : ^ aAet 

■ Health insurance, on w ou^i 
hand, need not cost a 
donand for 1 

what local facfiities are avmlaW^- 

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you require 

tb Ttome severalpoUdra mi ^ 

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extra, vyucu juu — I 
stand-alone travd msmancc can 

prescribed dregfc dUaougn » * s ^ 1 g , ^pp 5 j£d , £St. at 
h7low°SS^S. wound $50, would appear to offer 

■’SEEM- . or 

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ing health carebffls, has put down- Kkmid in- 

SmSsnreon costs. t .- tewtaotwra— Semnity health plans.” 

^|mtjpe,vho«w*, there has Hk areaa ttot .were favored mid Biotechnology stocks are 

*rnds Krrn reffolotio'”. In Germany, foT' ^ gjjji tho o^i t to be best placed . in.j v to do well because 

EALTH CARE -wnrrmle. hedlh care cost controls f ^ the fotme are U.S- bioiocimolo- !^^^.„ 1Tin3n : es ojg working on 

™££tes'3£ ssii.'sss• ,, !:® 

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yuan pc bw * 2 "— 

petoenl in 1993- _ .; 

Globally, the situation is xeflect- 
_j hv the Ai«wial pdformance of 
tod,. 


indtaK were Mvra sUjdffl 


that can eaaiy dc sui»luuw^ w 3 
dieaper generic drugs have contin- 
ued toperformbadly. 

“We tfid verjrwdl in the last two 
years in the biotechnology fund, 
add Mr. Gomofl. “The reason be- 
iog thnt we concentrated on mo- 
teduiolbgy stodcs with product 
tevemies amd earnings and we shift- 
ed a lot of our poitofo* mm the 
twnnagpd care area [tg. nMusj, 

HMOs are ^ to do well in to 
era erf conlamment -because y 

» • ’tv_i bmt itnpinn 


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SPECIALISTS 


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the Jimd petfonnaDce 

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pattern (frean now iaae ^. ^ ^ average rue of more than doctors’ mtff- 

. -Dano ^ pb S,h oeopte Evhig JOpercenL ‘ . \ ests to make sure palienis stay wdl 

■My favoi^J^^Vest md ^ investment man^^? and out of expeoSe hospitals. .-. 

.^an-startedb^ccy 

" m ASA ®e^®,3S niewereredup^lhMh^th 

at demands dectfii. compared «iebillsgomgnpby30pw»ita 

Sth care. Bui I do investment - ^ ^ saSlIfr. Mflford. “First of 

s**** will hav^a Mr _ ^ qrf rrS^Sbas£d^£ ^toy did deals widi the drag 
rime hi the 1990 s meat’s San PSSSSf&Bnfr- Si^es and “frtod 5 * 1 ^ 

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ceutical madcel * ^ value) ^ j, an oghore 

fe^ lhl 7rar '^^, 

. JacUnsMT 10 Mr hfflford says that ^tot has' 

4*U5 percent m toe . JLTajiwiig.U-S. healthcare 


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international 


W hat would happen if you or 
your family needed medical 

treatment whilst living abroad i 

Are the local health care facilities 

accessible and adequate? 

If not, is private medical 
treatment affordable - probably not! 

Membership of the International 
Health Plan from Private Patients 
Plan (PPP), the UK’s second largest 
medical insurer is the solution. 

It ensures financial peace of mind 
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There is a wide range ot options 
from which to choose, so you’ll be 
able to select a scheme that’s just 
right for your needs and budget. 

For full details return the coupon 
by fax to (44) 892 515167 or by 
post to: 

PPP International, 

PPP House, Tunbridge Wells, 
Kent, TNI 1BJ United Kingdom 
Alternatively, and if you require 
immediate cover, telephone any time. 


heal 


TH P LAN 




( 44 ) 81 667 9988 


TITLE; Mr □ Mis □MiauMsuDr.uOtherD 


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TEL NO: 


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n nmENT SCHEMfc. 


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international 


TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 5-6, 1994 


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For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 


World News. World Views. 


Every day, the International Herald Tribune provides dear and concise coverage of world events 

with a scrupulous separation of reporting and opinion. 

For objective and informative reading, mak e sure you get your copy every day. 

For subscription information, please call; 

Europe/Africa/Middle East (33-1 ) 46 37 93 61, Asia (852) 9222-1 188, The Americas (212) 752 3890 

CSTEiUMATIOm 


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^^^WMONEYREPODT - - 


Page 17 


Credit Card Companies lure CUente With Varied Heallh and Accident Coverage 


By Conrad feAeaDe 


T HERE is one. source, of 
health and accident in- 
surance that people tend 
. to 'overlook, even though 
they canryit around in then wallets. 
Credit cards can provide benefits 
payable when a cardholder or a 
family member gets side dr, more 

often, is injured whfleon a voyage 
, in yririch the tickets were purchased 
with the card. 

1 ' The benefits vary widely from 


card to card, and even among cards . 
of the same brand issued by differ- 
ent banks' or in different parts of 
toworkL 

“Ifs mostly health and accident 
insurance, not life, and often travel 
insurance, as well,** said Richard 
Martin, who writes for the Cards 
International newsletter. “The 
beaefi ts get greater the more presti- 
gious thie card you hold. If you’ve 
gpt a gold card, you’ll get mare 
th*n if you. had the standard card. 
It'S a way . of enticing cardholders 
toward their cards.” 


gfl yn* offer more enticements 
than others. Visa gold cards issued 
by some banks offer to pay out-of- 
town medical expenses, minus a 
deductible,, for instance, while 


tition, and many offer m uch gr cai- 
cr benefits in trawl msramiw. 
Likewise, she said that «r 



-menses, annus a # 

rStwce, while to [standard] j L 

sb^a*-*' Visa £ 

ties. Afl of than, though. p«™e The ronrimnrn coverage on V^a ^ 
the T "ini mmn coverage required by cards is 5150,000 m travel ac- 

Visa's parent (Xgarrization. _ t Qdest insurance. And the trip m 

• “On cards there are rnuu- question does not have w be to 
mum standards of insurance that papua New Guinea and back. Mrs. _ 
member banks mast ' offer, " said Hrail aid that a cardholder who 
dare Hunt, a Visa spokeswoman, - m pans and buys a monthly 
“Wctmrse, members are in wmpe- Mfctn) pass with a gold card is cov- • 

ered should he faB cm the trades 
and break his neck. She adds that JV 
the coverage is in addition to any : 
other medical insurance the card- 
holder may have. 

Visa's mandated mmimams do boi 
not inchide medical insurance un- wo 
related to accidents. All that mem- car 
ber ba nks are required to do is cal 
provide a referral service to cant- mi 
holders who may crane down with 
something in a strange place. hu 
Holders of American Express wl 
dd cards in Britain are entitled to to 
lenefits as high as £250,000 
($375,00), depending on the mjury, ™ 

under its travel accident insurance m 
ooticy. Hospitalization insurance i 
b offered to cardholders and Si 
members of their immediate fam- ai 

BRIEFCASE 

U.S. Market Values 
Debt-Ridden Firms 

Corporations may be trying to s 
wipe off the debt they took, on in 
the 1980s. but shareholders don t 
seem to mind it; actually, they sort 
of tike it. 

A study of 2,000 American com- 
panies done by the editors of the 
newsletter Personal Finance found 
that share prices of the businesses 
with the most debt as a percentage 
of equity outperformed those with 
dear balance sheets over the last 

year. . . 

The c omp anies were split mto 
seven groups, the highest-debt 
group having, on average. 234 
times as much debt as corporate 
equity and the Ioweswtebl group 
having no debt at alL The first 
group gained 24.9 percent in pnee, 
on average, and the second gained 
a mere 8.7 percent Those m the 
five groups in the middle gamed 
between 11.8 and 16.9 percent 

Long-Bond Yields: 

A Tale of Two Graph* 

If s rare that two graphs provide 
a perfect mirror image of ope an- 

other. But the chart provided by 

hjtenarioadHeaW Tribune U.S. fund manager Scudder, Sic- 


ilies at an extra fee that varies with 
the age of the insured. 

A MEX cardholders in Ja- 
pan and their depen- 
dents are entitled to free 
nodical insurance when 
traveling abroad, but only up to 2 
million yen (518,000), the same 
amount of coverage in accidents. 
Death or disability insurance pays 

benefits up to 50 million yea 

There is another curious benefit 
for Amex cardholders in Japan: 
Anyone who pries them from 
wreckage, plucks them from the sea 
or otherwise rescues them from 
barm can Haim up to 3 rmDion yen. 

One of the most attractive insur- 
ance packages is offered by Diners 
Chib, at least to its Bntisb card- 
holders. In addition to £100,000 
worth of accident insurance, the 
cards come with £250,000 of maii- 
i cal coverage, said a Diners spokes- 
■ Kevin Lewis, 
i As with other payment cards, the 
insurance provision is activated 

s when a Diners bolder uses the card 

> to buy travel tickets- 5 
) Diners Club cards issued else- 
r where generally do not offer fiee 
- mfdj rfll insurance, Mr. Lewis said, 
c Thai’s the case in tire United 
d States, where the accident insnr- 
i- ance benefit, at up to $350,000, is 



V * 



slightly smaller than the British 

^The reason for the geographic 
variation in benefits is that Diners 
is actually an umbrella group that 
hand* out franchises to financial 
service firms in different regions, 
much as the large credit card com- 
panies do, explained Angela Sum- 
inerT another spokeswoman fra 
Diners Club International Ciu- 
corp, for instance, holds the fran- 
chise for Britain, Ireland, Germany 
and the Benelux countries. 

“Other franchises in [Europe] are 


nm by other banks or independent 
owners.” Miss Summers said. 
■^V/hite they aim to offer the same 
core services and products, tore 
will be variations in different mar- 
kets as members decide what is to 
best deal or most appropriate tor 
their market to give them a compet- 
itive advantage." . .. . ct 

Even the best deal doesn t last 
forever, though. Mr. Lewis added 
that the insurance runs out iw 
days after a trip has begun, so any- 
one who buys a one-way ucket to 
move for good to a place with ex- 


iVcb/WT 

pensive doctors win have to make 

other insurance arrangements six 

months latex. . , 

-Travel insurance, particularly 
the healthcare aspects, just seems 
to be one factor that people ttou t 
consider when deciding what land 
of plastic toy want in then wal- 
lets," said a Brussels-based con- 
sumer group lobbyist 
“The choice of card can be cnti 
cal in determining consumer nghuj 
but most often it is to provider or 
goods or services who determines 
what card is used. 


In Britain, the Perk ol Private Care 

l.uui ivun«> extxci private ca 


30 year tmaswy yield, 
i Ai new** 10 


Source: Saidder ^ ^ 

vens & Clark shows an impressive 
contra-cyclical relationship be- 
tween the mortgage refinancing in- 
dex and U.S. government long- 
bond yields. Scudder’s argument is 
that after more than four months ol 
steady fall, the refinancing index is 
ready to turn up- 


i. 

Bv AB ne Snflftan F 

P RIVATE health insurance is fast becoming c 
fe ^attractive pak on offer to j 

ates working in Bntam, as to country that ] 
boasts to oldest public health service in to i 
world struggles to spread the cost of health care. 

John Major’s government has forged ahead with 

Ss 

1 a^MSSSS 

era the chance to jump the long lmes for NHS treat 
meat —have never had it so good. 

free KCBSio ary oneof 
Britain's 12.000 consuhant doctors asd leava com- 
DleSr^on on treatment to to consultant 
fu£o opens the doors to Britain’s growing number of 
private hospitals. 

About 1 1 percent of British residents rf 

; 0 rivate medical insurance, according to Mr. Bryant- 
figure should reach 16.5 percent by to end of to 
Corporate members account for 
' Snob percent of total policyholders and that figure 


is rising as employees come to expect private care as 

Sm&EotS camples ere boosung 
il is an essential part* 

* s 

also British employees. AT. Kearney , 
BUPA benefits?) all its (unpl^ees, many oj w ^ 
elect to pay a premium for their spouses to ha 

“^i-ts--! SMSKS*! 


That trend loots sei uj ■ "si, \ 

SSRTh STp“Spptenen. pnblic 

Pr TS™ g ^ SMESm of msurers^t 
dominate die bealth-care market- The biggest of th«e, 

■ i j;.. Ri Ida are orovident associations, or non- 
bav 5 sought to « a 

share of this fast-growing marked h 

5mLl Sun Alliance and Cigna Employee Benefits. 

The only downside risk for these “ . 

cost of pnvale health care might soar to the pmnt 
Xrc it Ss to be an attractive brnnfit to corapa- 

nies to offer. 



can protect your wealth 


m 


\Rthti)ds^s lower inlerest rates ANZGrindl^PriratEfe^in 

Ierseyt^^recomnientlsthatd>fii 1 tsirawe a P nj P9 rt ' ono ^^^^ 

J ^^, nnt of^ ^cash into investments to enhance the longer term 

* return on their capital. 

1 Thatfe wfay the Bank offers a Unit Trust 

Service. With a minimum investment of £20,000 it 
provides a very efficient way to spread risk aiKi 

a pOTtfiaKo covering world stxxkmarkets tailored to 
individualneeds. 

As ANZ Grindlays in Jersey manages no Unit 
Trusts of its own, our advice is totally impartial 

and independent. Our Investment Managers, 

■ inline with the Banks investment strategy, 

S select unit trusts from over 1600 available 

based on their long term performance record. 





mm 


50 

10 


'gmm.: This strategy reflects the Private Bank’s 

^traditiond values of preserving wealth for its 

* Seats in afl market conditions. 

To find notmore please complete the coupon and 
, send frto Alan Onward, ANZ Griiidlays Bank (Jers^f) 
limited, EO. Box 377 , StHeliei; Jersey, ChanndMands 
or call 44-534 74248. Fax: 44-534 77695. Copies of the 
most leocnt audited accounts are available on request 


^UmOidi«d,ANZGr«n^H B ^0*^^ l ^^ BOT377 
ChanodMandt, • -• 


TekpboocNo 


, St HeKeG Jewry, 


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The world's centre of economic gravity is shifting towards Asia. A fact underlined by 

“ssri* £' — 

for Asian currency and bond markets have yet to be appreuate^^^^^^^ 

benefits of economic success. mBBSBm 

Economic success ultimately results m currency 
appreciation. An example of this is the Yen s || 
spectacular rise of over 300% against Sterhng and 

over 150% against the US Dollar over the ast two imtcdmATIONAL MANAGED fe 
decades. Economic success also leads to CURRENCY FUND | 

soohistication, evidenced m boutn cast 

Araa by the emergence of regional bond markets, *N0. 1 over 4, 6-10 years 

greatly increasing the range of investment and since launch ; 

opportunities. GLOBAL BOND FUND [ 

G^^ s R Fhght's innovative Asian Currency and t J 0 p QuaitHe 0»er 1-7 yeMS | 

Ld Fund ll been specifically designed to offer and Since launch | 

you a lower risk way to benefit from this dynamism 

in the Asia Pacific region. The Fund aims to provide So don’t wait to explore this 

you with a high total return consisting of income promis ing new route into Asia, 
[with an estimated initial gross yield of 6% p-a.) and Reserve your copy of our 

capital growth. It will invest in monetary new Fund brochure now. Simply 

instruments and bonds denominated in US Dollars ^ Jamk Kii pa trick or Andre Le 


INTERNATIONAL MANAGED 
CURRENCY FUND 

*N0. lover 4, 6-10 years 
and since launch 1 

GLOBAL BOND FUND 
Top Qiiaitile over 1-7 years 
and since launch 


new runu ui Ln.nm v. 1- - 

call Jamie Kilpatrick or Andre Le 


instruments and bonds denominate — 7 , call Jamie tuipai™.* u. — 

and Asian currencies such as Malaysian Ringgits an p rev ost on (44) 4S1 712176 
-- rx-n — ■ return the coupon below. 


ASIAN CURRENCY 
AND BOND FUND 


Private Banking 

j £ R SB Y '• G.ENVyA; - . GUERNSEY ■ LONDON 


- 

0 


Singapore Dollais. return the coupon below. 

LAUNCH DISCOUNT. 00 ,wi w rLIO> l£ 

A discount of IK. {off the Fund's normal imual 
charge of 5%) will be offered on all investments 
received on or before 28 February 1994. 

a an JM MB SB « IS!£ * s f s 883 



Tale Initials—. N»=* 

18 ^ 

nacessulW . g*. » Hi. 











r-*r 


*>-*- 






Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 5-6, 1994 


SPORTS 

Cavs Clamp Down 
On Robinson, So 
Spurs Turn to Ellis 


The Associated Press 

Pay loo little attention to David 
Robinson and be wifi destroy you. 
Pay too much attention to Robin' 
son and Dale Ellis will destroy you. 

While Cleveland's defense ha- 
rassed Robinson into 6-for-22 
shooting Thursday night, Ellis 
scored 31 points and made [he win- 
ning three-point play with 4 2 sec- 

NBA BJGHLIGHTS 

ends left as the San Antonio Spurs 
beat the Cavaliers, 98-97, in Rich- 
field, Ohio. 

“The guys found me for some 
nice looks on the perimeter." Ellis 
said. “1 had some shots that were 
pretty much uncon tested." 

Ellis sank all four of his 3-point 
attempts, adding a free throw after 
one or them for a rare 4-point play 
midway through the fourth quarter. 

But his biggest basket came at 
the end, when he took a pass from 
Robinson and sank a layup while 
getting fouled by John W illiams . 
With the free throw, the Spars hud 
their fifth consecutive victory and 
their 16tfa in 19 games. 

“We were trying to get the ball 
inside to David for an easy basket." 
Ellis said. “They were so aware of 
me coming off picks to take the 
jump shot, 1 was able to slip back 
door for the easy look and David 
found me wide open underneath 
the basket” 

Ellis, who made 10 of 13 shots, 
has averaged 30.6 points over the 
last three games. 

Mark Price led the Cavaliers 
with a season-high 29 points. 
Cleveland played most of the game 
without Brad Daugherty, who had 
the flu and left after playing eight 
scoreless minutes in the first quar- 
ter. But Larry Nance and Williams 
filled in expertly, teaming to hold 
Robinson nine points below his av- 
erage. Nance scored 19 points. Wil- 
liams 12. 


“We were trying to make him 
shoot outside shots, because lately 
he has been trying to drive to the 
basket and maKe layups,” Williams 
said. 

The Spurs started quickly, going 
up 16-4 in the first five minutes ana 
stretching the lead to as many as 13 
points late in the first quarter. But 
Cleveland dosed to 48-46 at the 
half. 

The Cavaliers took their first 
lead at 63-62 on Price’s driving 
Layup with 4:15 left in the third 
quarter, and neither team led by 
more than three after that. 

Rockets 99, Lakers 88: In Hous- 
ton. Hakeem Olajuwon scored 10 
of his 28 points in the third quarter 
and the Rockets hefd off a late rally 
to beat the Lakers. 

Olajuwon also had IS rebounds 
for the Rockets, who have beaten 
the Lakers five straight times. Otis 
Thorpe added 20 points and 13 
rebounds. 

Elden Campbell scored a career- 
high 29 points and had 13 rebounds 
to lead the Lakers. 

Bulls H Jazz 85: In Salt Lake 
City. BJ. Armstrong scored 20 
points for Chicago. Scottie Pippen 
added 19 and reserve center Bill 
Wennington had eight points in the 
final 6:51 

Kart Malone scored 24 points, 
but was held scoreless over the final 
4:27 as Utah was held to its lowest 
point total of the season and lost at 
home for only the fifth time. 

Trail Blazers 126, Suns 105: In 
Portland, Oregon, Harvey Grant 
scored a season-high 29 points and 
six other Portland players scored in 
double figures. 

The Blazers built a 23-point lead 
with four minutes left in the second 
period and were never seriously 
threatened thereafter. 

Grant connected on 13 of 19 
shots, and Clifford Robinson and 
Clyde Drexler added 17 points 
apiece. 







Duke, in Turn, Finds 
It’s Tough Being No. 1 


1*1 Soiih/TVe AmadMtd baa 

Hie Suns’ Effiot Peny driving the Trail Blazers 7 Giff Robinson dtamg Portland’s 126-105 victory. 


The Associated Press 

It’s tough being No. 1. 

Duke became the latest team to 
find that oat on Thursday night, 
when second-ranked North Caroli- 
na beat (he cop-ranked Bine Devils 
by a handy score of 89-78, at Cha- 
pel Hill. North Carolina. 

The Blue Devils are the fifth con- 
secutive No. 1 team to be knocked: 
off tins season. Duke was the last 
top-ranked team to visit North Car- 
olina’s tome court, the Snath Cen- 
to, and Duke lost that game too. - 

Thursday’s game marked the 
first time the two schools had 
played each other whQe holding the 
top two spots in the ranking, and it 
was the fnst.l vs. 2 matchup mice 
top-ranked University of Nevada- 
Las Vegas beat Arkansas. 1 12-105. 
on Feb. 10, 1991. 

The game was dose until the Tar 
Heels <18-3, 6-2 Atlantic Coast 
Conference) broke it open with a 
15-3 run in the second half to take a 
59-48 lead with 12:35 to play. Duke 
(15-2, 6-2) never got doser than sir 
points the rest of the way as North 
Carolina played a near flawless 
floor game led by point guards 
Derrick Phelps and Jeff M cfnnis 

Phelps, the senior starter, had 18 
points, w hile Mclhnis. bis fresh- 
man had ni p had right fforii had 
six assists and neither was charged 
with a turnover. 

“Phelps was just sensational and - 
Mclnnis did a very good job,” 
North Carolina coacnDean South 
said. “I thought our defense was 
very sharp at the beginning of the 
second half, which was the taming 
paint far us." 

Phelps also was responsible for 
covering Duke's Grant EGD, who 
finish with 20 points and five 
assists. 

“It was tough assignment for me. 
Fm not used to playing against 
anybody that tall," said the 6-foot- 
4 (1. 94-meter) Phdpx, who gave 
away four inches. “He’s str onger 
than me I just try to keep him hi 
front of me.” 


HiD scored h«lf of Ins points in 
the final' three monies.. . . 

*1 thought Grant Hill had a tre- 
mendous last -three minutes,’’ 
Smith said- “We couldn’t stop him. 
We started PhehK on him at the 
banning of the second half and he 
did as good ajob as possible.” . 

HiD wasn’t down after the game: 
“We were in the fraUgame when 

COilECE BASKETBALL 

most - teams would have folded," 
HiD said. “It seemedhke they had 
about 20 guys out there. They just 
kept craning in and exarting in. I 
wanted to come out and rest but I 
cooidn’L” 

The Blue. Devils led .40-38 at 
halftime after shooting 64 percent 
(16-for-25). They couldn’t keep 
thtt pace dp and finished at 47 
percent (29-for-62), mrinding 5- 
i6r-21from 3-pomt range. 

"It’s kind of disappointing when 
.you’re getting good shots and 
they’re not going down,” said 
Duke? s Chris Collins, who fiiwthwl 
with. 15 points, on 4-for-l2 shoot- 


just wouldn't j>o in." 

If North Carolina, which played 
its fourth strai ght game without in- 
jured leading scorer Donald WD- 
fiams, can brat North CarofinaState 
on Saturday die Tar Heels will 16 - 
tnmtoNo. l.Tbey were the presea- 
son No.1 and are one of the record 
sot teams to bold the root dnring the 
season along with Duke, Kentucky, 
UCLA, Arkansas and Kansas. 

“Tm not sure anybody wants to 
be No.' 1 right now,” raid North- 
Carolina center Eric Mentross,. 
who bad 16 pranls and eight re- 
bounds. “It’s kind of a curse.” 

Nix 4 UOA 101, Southern Cat 
72: fit Los Angeles, Ed O’Bannon 
tied his season nigh with 24 points 
as UCLA routed Southern Cal ia 
the most lopsided g 8 ™ between 
the crofistowo rivals since 1974. 
Coming off a 15-point kws atCali- 


fornia ^ .* 

fcisssftaasssoi : 

8, 3-6) from the opening tip- 
Na 9 LowsriHe 76, Char- ; 

lotteSS: In LooisviBe, Tick Rogovs . 

ignited a 13-4 sport at the dose pf • 

Kfint fair wthw°b^“.°“ . 

steals as the Cardinals (17-4 *■' r 
. Metro Conference) won thar sev- 
enth-straight game. 

I 

51: In Philadelphia, Eddie Jones ■ 
scored 23 points and had six steals _ 
for Temple (15r2, 8-1 Atlantic 10), . 
which used a full-court p ress to ■ 
break open a tight game and stretch , 
its winning streak to nine. 

No. 11 Massachusetts 62,Ffarida 
St 58: In Amherst, Massachusetts, - 
Xcn Roe scored 15 points and Mas- - 
sachnsetts held Flonda State to one . 
huArt in the final nine min ut e s . 
Roe’s jumper with 4:53 left gave ' 
Massachusetts (17-3) its firarTead . 
of the second half, 57-56. Bob Sura, 
who had 18 points for Florida State 
(9-8), hit a layup before Marcus 
Camby made a free throw for 
UMass to tie it at 58 with three • 
minutes remaining. Roe then 
blocked a shot by Sura, Camby 1 
grabbed the deflection and Dana 
Dingle hit a layup with 2:07 left to 
pm Massachusetts ahead to stay. 

No, 12 Arizona 88, Washington 
St 68: In Pullman, Washington, 
amon Stoodanrire scored eight 
points in a late 164 scoring run as 
Arizona (17-3, 6-2 Pac-IQy put ' 
away Washington State. The home . 
team had tied the garnet 5 9-59, with 
6:56 remaimng on Eddie Hilfs two 
free throws on a technical that had 
been called on Joseph Blair fra 

banging nn the rim 

‘ No. 19 CaWoroia ff7,Oregon St. 
61: In Corvallis, Oregon, Jason 
Kidd scored 27 plants, including 10 
of Cal’s last 13. The Bears (134, 6- 
2 Pac-10) also got 15 pants and 1 1 
rebounds ftom I^mond Murray- - 
Kareem Anderson scored 20 points 
fra Oregon State (5-12, 1-7). 


Buddy Ryan Will Coach Phoenix Amie, Army in Tow, Calls Up the Past With a 69 


Compiled by Qw Staff From Dispatches 

PHOENIX, Arizona — Buddy Ryan, the con- 
troversial Houston Oilers' defensive coordinator, 
has been named head coach and general manager 
of the Phoenix Cardinals, the NFL team an- 
nounced. 

Ryan signed a four-year contract Thursday to 
take over the Cardinals’ operation. 


He promised to bring his trademark attacking 
defense to Phoenix. “We’ll be playing ‘Buddy 
Ball,’ ” Ryan said. “That’s smart, physical football. 


the kind people like to see." 

Cardinals’ owner Bill BidwiU fired head coach 
Joe Bugel on Jan. 24 after the team finished 7-9. 
Larry Wilson was fired as general manager on Dec. 
14. 

Ryan, who will be 60 next week, is regarded as 
one of football’s most innovative and effective 
defensive coaches. He made the Oilers the top- 
ranked defense in the American Football Confer- 
ence with 238 points allowed last season. 

Houston registered a club record 52 sacks in 
Ryan’s first year as defensive coordinator and the 
Oilers led the league with 26 interceptions. 

Despite his success with the Oilers, Ryan was at 
the center of controversy in Houston because of his 
rift with offensive coordinator Kevin Gilbride that 
came to a bead when be threw a punch at Gilbride 


on national television during the final game of the 
regular season. 

Ryan, rather than apologize for his actions, later 
further insulted Gilbride in newspaper interviews, 
saying the offensive coordinator had no business 
coaching in the pros. 

There had been speculation that the incident 
may have cost Ryan any chance at another head 
coaching position but BidwHl felchc was the man 
to turn the Cardinals into contenders. 

Ryan was a defensive assistant with the Jets 
(1968-75) and the Minnesota Vikings (1976-77) 
before becoming the defensive coordinator erf the 
Chicago Bears (1978-85). There, he devised the 46 
defense, which places great pressure on a quarter- 
back by putting eight defenders on or just behind 
the line of scrimmage. 

That defense helped the Bears win Super Bowl 
XX after the 1985 season. 

Then Ryan became the head coach of the Phila- 
delphia Eagles (1986-90) and led them to the 
playoffs three straight years, but each time they 
were knocked out in the first round. He frequently 
criticized the Eagles' owner, Norman Br a man. 
When Ryan made one snide remark too many, 
Braman did not renew his contract, and never 
mind that Ryan won 10, 11 and 10 games in his last 
three seasons. (Reuters, NYT) 


By Larry Dorman 

New York Times Senritx 

PEBBLE BEACH, California — He 
strode the fairways as of old, grinning, wav- 
ing and carrying his putter like a jeweled 
scepter. Out of the forests and into the lime- 
light. some dreamlike flashback of what he 
once was, Arnold Palmer retained to the 
leader board. 

In the first round of the AT&T Pebble 
Beach National Pro-Am, playing on Spy- 
glass Hill the most difficult of the three 
tournament courses. Palmer, 64, was only 
five shots from shooting his age. 

His 3 -under-par 69 on Thursday put him 
four shots behind the tournament's leader, 
Dudley Hart, and three shots behind Jay 
Ddsiag, who shot 66 at Pebble Beach, and 
the surprising Jerry Pate, whose 66 at Pebble 
Beach was ins lowest round since he began 


Palmer hasn’t shot a round this low here 
since 1971, when tins tournament was the 
Crosby and Richard Nixon —one of the five 
presidents with whom Palmer has played 
golf — was in the White House. Thursday, 
playing in a group that included a former 
president, G e org e Bush, Palmer once a g ai n 


became the King . He bit 14 greens, missed 
just 2 fairways and took only 29 putts. 

“It was a good round,” Pahner said. “Not 
a spectacular round, but a good round. It was 
the kind of round I’d like to play a whole lot 
more of in the days to come.” 

The raucous throngs that traipsed after 
Palmer summoned memories of Anne's 
Army, whooping, ho noring and cheering 
their man on. And Palmer's play summoned 
memories of the days of Amie, when he 
hitched his pants, tossed his cigarette aside 
and willed putts into the hole. 

“It was great to see Amie play like that,” 
said Hale Irwin, who was paired with Bush 
and was in Palmer’s foursome. “We must 
have given him the incentive. He wanted to 
kick our butts — and be did. There’s a lot erf 
game left in that old body.” 

The game that Palmer somehow rediscov- 
ered was a bold re-enactment of the way 
things were. He actually putted wefl, charg- 
ing the hole and making comeback parts of 
four and five feet. 

“Fra those of you who are too young to 
remember,” be said with a smile, “I used to 
do that all the time.” 

It has been a long time since Palmer had 


the putting stroke to mak e his way around 
the demanding Spyglass layout in 29 putts. 
He saved par twice with 5-footers and made 
birdie putts of 15, 5, 4 and 15 feet. On the 
front nine, be missed one makable putt and 
had a 1 0-footer cruise toe edge of the hole 
and stay out«-the : L5tto 

Palma’s confidence got a substantial 
boost when be played wol last week in toe 
Senior Skins Game in Hawaii He finished 
second in the four-man field with SI 15,000m 
touts, and was encouraged by the way he was 
striking toe bafl. 

Of ooarse, he has had this feeling before. 
Many times. Low first rounds have a way of 
slipping into high second rounds. Palmer’s , 
last victory of any kind was the 1988 Crestar 
Classic on the Smior PGA Tear, and ins last 
victory cm the regular PGA Tourwas the 
1973 Bob Hope Desert Clastic. 

He labors under no illusions abbot the rest 
of this tournament. lathe first three rounds, 
each golf ernlays one round at Pebble Beach, 
Spyglass Hill and Poppy ifills. Those who 
survive the 54-hole cut finish the tournament 
on Sunday at Pebble Beach. 


StQl Pahner was enjoying his return to the 
top of the page, reveling m the knowledge 


that he was the low ramra in a fidd-that 

inrhMte« NirlrfaH^ Raymond Flnyd and ■ 

Dave Stockton. ' . 

“Of course Fm. charged up ” he said. 
“When I can’t get charged and don’t do ' 
something reasonaUe wito my game, when I . 
start cluttering the area, that I won't be 
.playing.” 

■ Faldo Misses Cut in die Walker 

World No. I and defending champion , 
Nick Faldo missed the cal in the Johnnie' 
Walker Qasoc on Friday^ Reuters reported 
from Phuket, Thailand. ' ; 

Fred Couples, the first round leader, and 
Bernhard linger woe tied in first place at 
the halfway stag* 

Faldo, feeling toe effects of a six-week 
midwinter break, mined toe 4-ovcr-par 148 
cot after adding a second round 4-over 76 to • 
bis opening round 73. “Every part of ray 
game is nuty.at toe moment/’ he raid. 

Langer fired a 70 fra a six-under par total 
of 138* - - . 

Fifth-ranked Couples found the water, 
with a seven-iron rat toe tricky par-3 1 4th for* 
a doable bogey and finished witoapar 72, to 
add to his tost day’s 66. 


DENNIS THE MENACE 






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INTERNATIONAL HERALD TRIBUNE, SATURDAV-SIINDAY, FEBRUARY 5-6, 1994 


Page 19 




Harding' 


By. Robert Lipsyte 

Vw York Tima Service 



gwu, 

perfectly pctf armed d 
nmjerfeci imt told triple aid. . 

— Thi^ is about as good a metaphor asyou wiflfind 
abouttbe traditional status of women in speorts.. 
Tins is beyo«i winning .or losing; tins' is about 
: rieasmgmaL > 

- NancyKeniganandTonya Harding both please 
men, in' different • • . 

; and' traditional Vantage .^JLr. 
ways.. That's, why Point • . -1 


But ttee was a crud diversion to all this. One 
subicttnal rtason this swty has 
then are not so many ways i for an atWenc yo^ 
woman to find theftmts at her energy and talents. 
■T\nd even there who do so often have w figrn 
: through men, he they exploitive coach.or abusive 
huritandarlaflieri • -• . 

- Nowadays we call the issue geaidereqnitv. urn 

tfs still about fair play. The greatest _ - 
female idilcte of thefesthalf of fins cony.' Babe 
Didrikson, baseball player, basketball playa-. 


UKintiwn, . o^scoau puijw* ^ 

Olympic. track star, golfer, bear^d br^waS 
ffiSsed as a failed **man^natcto." If ** 
. - j-*- nmUn't Have bad to 


(beir 'story is so I_ — II — ; — 1 — " 

^vmprTKng r wfay it follows so smoothly. Jf s a basic- 
plot: the good girl, the victim who 'needs to be 
protectcd, tbe giri that boys many, versus the bad. - 
ahl the fetal attractor, the girt that bwsjust skate 

around with. And we thought it was 1994 already! 

• This is "all image, of course. Looki ng fto od, - 
especially, in.- skating, requires enormous work and . 
sacrifice- Ilmeans giving up a drank of childhood 
and often -dragging a whole family aims that 
sUppeiynadE cEUyrinks, vacations deferred, lives 
rearranged tofottdw a dream with a dicey payoff. 

v. ******** aw i *. ilrvnm fiantT _1 — “ * 


ffismissed as a failed ~man-snaccncr. u «uy 
coidd base gotten. a date, she wt«ldn>havcliad to 
actUkeaman. 


st like a man. 

It had Jessto do with Babe than with nemras 

makspwtswritcmi he^ to_Pr^ womm &om 
running and vaulting and sh^mng tbar way mto 
n luMihnnM nrut IpnfiutQXtS. 


and various coeraanans buuiu™.™. 
involving walks and runs and seminars. 

t dd nattmfatod whal that’s all about 


Ai 


lerns wnn oom; ns noi as u wb u* 
vromcn that many athletic possibflitks. 

figure skatings problem is the overt — 
subjeedve natore of its judging. Sur^weTbc^ 
abotd the standards and catena that officials follow, 
but so do baring officials, and who trusts them? 

Ihe'survival of the sport is uppennost m every 
-p yW c tmrtd; grravictorv. however wcfl-camed.to 
.■ some barer dr diver or gymnast or figure slater of 
jHPffrt Amder or bad hair and the whole game 
cSdbe off TV and back mdrafly armories. • • 

■ A lot erf peopk who didn’t Irnowimich abamtte 

tcdmiol aspects of figure dialing woe staken with 

TonvaHanWSiehadarealwranaii’sbody and : 

a real woman’s face and the kindof hnns S^ 

; gmvive and succeed that dnves si^mom wait- 
Ttesses to push two kids through college. . • 

That she was involved in an unhealthy relation- 

. drip with Ae onty^yyrimsednedtobche^mhff ;• 

was also real, «»P«^ v 

and never seemed to give or ff* hop those ^ 
“classy" goody two-afcates and their paren ts and 
coaches and seanwttesises and press agents. 


ddjrants understand what tnars an sdoul 
A tablokl headline Thursday was 
ns on Tonya," and its suggestion of ajy»*mg 
■ -n~.' mhim 9 fa c e fawmimnCBl OUl 


eus Cm lonya, aw* 

was apt. There seems a fierce detenmnation out 
there to punish this woman for not knowing Wsc 

finesse, for smearing ber low-rent, dysfunctional 
entourage over this crystalline floor. 

She became the medii(kmfd^tflcinOTlfi« and 

a fat f ake whose “crinnnal recorf" 

^ * — trams to t»ct to a 


wvu'a 

adhance — -r — . - 



U.S. Panel Sits 


In Judgment on 

Harding’s Condi 


mpuea ay Mat ouajj • -"t- 

COLORADO SPRINGS. 
Colorado — A spcaal panel 
met Friday lo consider vraciher 
Tonya Harding violated the 
Olympic code of ethics, while 
FBI investigators study new ev- 
idence that could link her to a 
plot to attack her rival, Nancy 
Kerrigan. 

A five-member panel ap- 
pointed by the U.S. Figure 
Skating Association convened 
here to decide whether a formal 
disciplinary bearing is warrant- 
ed for Harding 23. She would 
have 30 days to respond if there 
were a hearing. 

The panel's conclusions, ex- 
pected Saturday, could clear 
Harding of one hunfle going 
into the Winter Games next 
week in Norway. Or, they could 
lead to a decision by the U.S. 
Olympic Committee to bar 
Harding from competing at the 
games along with Kerrigan, 24. 

The USOC has until Feb. 21. 
two days before the women's 
figure skating competitions 
starts, to make changes in the 

n-am roster. 

Even the USOC however, 
may be constrained by law from 
blocking Harding’s participa- 
tion in the Olympics because of 
the USFSA's 30-day response 
period, experts say. 

n l. .L.T..»., n 


penod, expens say. _ 

Only the International Olym- 
pic Committee, which could ar- 
<*,.* that it i«t exemnl from US. 


gue that it is exempt from US. 
law because it is based in Swit- 
zerland, is likely to be in a posi- 
tion to stop Handing from skal^ 
ing in Norway. But IOC 
officials said Friday in Lule- 
hammer that they would be re- 


luctant to overrule the USOC if 
it clears Harding to compete. 

Although the USFSA invited 
Harding to appear Friday, she 
was not at tne session. She 
a gain worked out at an ice nnk 
in Portland, Oregon. 

There, law-enforcement offi- 
cials are poring over evidence 
discovered by oiancc this week 
in a restaurant garbage can — 
inducting a handwritten note 
with the name of the arena 
where Kerrigan practices on 
Cape Cod. Massachusetts. 

The note, if authenticated, 
could corroborate an account 
of Harding's prior involvement 
in the plot against Kerrigan 
provided by Harding’s former 
husband, Jeff Gillooly. who has 
pleaded guilty to helping or- 
chestrate the attack. 

Harding, who has not been 
charged with any crime, has 
maintained she had no pnor 
knowledge of the Jan. 6 assault. 

But Sunday, Portland restau- 
rant owner Kathy Peterson 
found a strange bag of trash 
had bean tossed into her gar- 
bage bin illegally and opened it 
to track down tie owner. 

On top of the facial tissues 
and other garbage she found a 
letter addressed to Gillooly, a 
check stub from the U.S. Figure 
Skating Association, and the 
address of the Tony Kent Are- 
na in Dennis, Massachusetts. 

The Portland Oregonian took 
photocopies of the notes lo a 

court-qualified handwriting ex- 
pert, Dorothy Lehman, who 
said they appear to have been 
written by Harding. 

(AP. Reuters ) 


Organize] 

..O *• • 


r V.: 


..V* T 7 


Austrian doer 

Abo Friday, * 


willprobabty p*te af 

aagsa^t^e'- 

SSSSssis^s 


rty Deeds Are Nothing N> 


By Jere I-ongman. 

^ York Tima Service 
NEW^ YORK^ — Depending^ on^ dm riew- 
point, Fritzi Barger 
Somme of being the waMJ 
best figure skater m the late 1920s ana 

^^cfinidied second to Soqja Heme at 

the 1928 

• jettk for arilvta- medal again ml932. Fora 

Tnore rinies, BurgCT-xompeted 

hS ta^riou* Bwipean md vredd 
Hymipio ndiros. AH fera tunes, Ae settled 

Antes andptays tennis, and ** 

takes a ski trip ro hff u*fw®Anstaa. 

like morteveryoM else, she is ap^n^- 

Nothing so drilling happened m her day. 


Russell said in a recent BWiew. ^bnt evm 
60 years ago, her supposedly genteel span 
found its* roiled in controversy, games- 
manship, temper tantrums, E^d^, biared 
judging and mischievous attenrots by one 
skater to gain an edge over another. 

Henna Hanck-&abo was a tod gf 
countrywoman of Ru^ell s. In 19. 
Ptendt&abo wot a gdd medal m^ure 
skating at the Winter OlympKSi mgmno- 
- tu. lact^ninre fiifSher that 


^Rance. The last^are tenter l^t 

year was an 11 -year-old Norwegian giri 


thought she saw a member erf the Norwe- 
gian delegation in the corndor as she re- 
turned toher hotel room the night before 
the competition -7 but nothing was ever 
moved, Russell said. 

P Planck-Szabo defeated Heme at those 
1926 world diampionships, bat Heme ivwm 
the next year on her home ice m Oslo, 

wb«e three of the five judges were Norwe- 
gian. All three Norwegians voted for 
Henier outpointing the other two judges, 
an Austrian and a German, who voted for 

Flanck-Szabo. . , 

The public outcry led to a rule change 
t hat permitted only one judge per country 

at international competitions. 

Piicarii said the stones about nenies 
wealthy father have been exaggffatal 
through the yearn. Undeniably, Aongh, the 

father was skilled at trying to influence the 
outcome of his daughter’s skaimg competi- 
tions, Russell said. 


yew 

named Sorya Heme. , 

Two years later, at the world 
ships in Stockholm, someone appmra^r 
SSd to sabotage Planck-Srabos perfor- 
mpee by slicing her skating boots. Rnssdl 

^^he was putting on b» skates and she 
noticed that someone had cat sound iff* 

tod^sh^at the 1929 world champi- 


doing a sit spin. But her father began 
dapping his walking stick so that people 
would start dapping for her. 

At the 1936 Winter Olympics mGar- 
nnsch-Partenkircheii, Gammy. Hl ™f. 
rived with the hopes of winning a third 

10 "Tta C«nP' ct 'S«* 0 J 

the Olympics,” after she managedonlya 

slim lead in the ccawfoow 

Cecdia CoDedge, an English skater, Heme 

grabbed a sheet of paper the 

judges' maits and ripped it to 

Russdl was staying in the same how as 

a:ju. mn m Flpvntnr. ricnic 


Henie. Riding up m thc ekvatorjleme 
' ctoT spreadmg advertisements 
v. nauMm- clrarino m til 




accused her \n ,1,-. 

about CoDedge’s superior skating m the 
compulsory figures, Russell saui^ 

“We ahnosi got into a fight,” Russell 
said. 

WdL not really, she added. “It was just a 
Buie argumenL Hold her I could say what- 
ever I Bred.” 

Skating with technical expertise, em- 
ploying balletic moves that revolutionized 


the soort Henie won an unprecedented 
ZfSUc title. A wed: bur. she wot 
her 10th world championship, another 
bauble among the 1,473 trophies, cops and 
medals collected during her career. 

“Technically, she was not much better 
than we were,” Rnadl sad * 
more showmanship. She had the b«t 
showmanship I've ever seen. More than 
Katarina Witt.” 

For the Olympics next month. Russell 
plans to watch the figure skating 00 telew- 
aon. She thinks Harding has a better 
chance to win than Kerrigan. 

“It’s an awful terrible thing,” Russdl 
said of the assault on Kerrigan. 

“If Harding had something to do vnth it. 
she should be kicked off the team. If she 
didn’t have anything to do with it, or u rney 
can’t prove it, she should be » 

skate. The skaters I talk to, we all tinnk 


SKfliC. IU6 ” Z* - CU* 

she’s a better skater than Kerngan. She 
jumps so well, she’s more fluid, she has 
more speed. Wouldn’t it be funny if she 
sVaiwri and won?” 


basketball 


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worn— r» stores 
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laods.Ort.Pam 

Onri 11), cwmow. Oct Jano Keioaiv. 

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Mon Stetles 

Qaartarflortk 

Dtooa Mamba Italy 

Spain. 6-1 74 (9-7); More Kaant *?». Svrtftor- 

2to.Ort.DavU RJW.C*eeh 
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4L06.02; Soml Bniauero m.Siwn.ort.Ma™ 
Geeflner, Germany. 64. «L 


M-aml Krtly Stlnneit catcher. on l-yeoreon- 
PHILADELPHIA— Aoreed to ter ms wllti 

Mike UefterttiaL cotetier, on l-yeoreontroa 
and Norm ChorltoartWior^m^-lew« 
controct. Aomed » 

IkaTvIerGreonoMlJotfPattowo^Wwnj, 

and Gene SeftolL Aral bowmaa on Hrear 

“?1?«BURGH-Named W-je StomOBH- 
tant oeneral manager and Reid MlKfcell <B- 
rector at martwrtna 

SAN FRANCISCO— Aamed to 

J ST. LOmS^sSed RWi' SoSffe, rttctier, 

vtoato Vlnoe Moore, outfleto—e; Brton Jan 
son. catcher: and Douo BocWlor. PHthy .joj; 
year contraels. Agmedto wna wm Swffl 

Sander pusher: StovePeouefceeffl^inwd 

Ttm HYere. U* Basoman. or l-war cwitracn 


BodMW conch. Named Joe Weiwl drteralve 

line coach. _ — niirn 

DALLAS— Named Ernie Zomneee onen- 

slvo cnonllnator. ,, i„ 1Ttlrn 

DENVER— Named Rex Norrb dehmuve 

,l GR < E«l'BAY-«omed Fr«T Shurmur ito- 

"ESX SSSl^N»med Evemtl Wimw 

.S^anf^N.mrt Chto «v 

U RHOEmx—«omed Buddy Ryon coach and 
^p^TTSBURGH— Named John Mitchell de- 

•ETSfiSL- Falks MM 

end coach. 


Bangers’ Gonzalez Gets $ 31 M® 1 ®” 



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6-1, 64. 60: Mohammad KhaJto, 


BASEBALL 
American liow 

BALTIMORE— Aarced totenr«^thM«^ 

WUIlamsoR, Pflcnor; RmOniaiM. WWd- 
er. ml Hewy 

ImueeontroclB. Stoned Rlek Fomev.Pttcn- 

“CHICAGO WHITE SOX-^»d totwrw 

wlllvl^o6^nVtntu^ailWrdDase^lon.on6^f•ar 

'"I^BAS-Stotod u»» Hendersm, <**- 

"yMjjSuK EE— Aamed 1^ 

Reed, tofloMar, on o mlnor4W9« 

MINNESOTA— ABreed to 

1 mb. pltdtor, on a mlnor-lcoaw 
N.Y. YAHKEES-Skm«» Gene W Chgc!. 
nenera) mamBOi*, to 5*oar contract. 
^AIOAND— StoaedSKve Ontiveros, pitch- 
er, to Vveor axil rad. 

- SEATTLE-Wedl 

tomlnoiMtoooi*contrtirt.^ae^*“™®'“^ 

TORONTO-Aareed lo tonns ™ /T 
oieniCL first booonwn, on 3>vov axitnw. 
MBBonal um 

ATLANTA— Aoreed to wot wW* 
Mercker. Pitctw, ana Joe Olivo, third 0«e- 
man, on 1-veor comrads. 

trad with indtonooollsoIthoA«ertajn asbo- 

(Mien. 

Florida— A preed to terms whtt Rlo> RJ - 
drisuez. plWlfr.- 
susTavarez. ooMWdw; ondJrtl 
’ Mvn Jovler tie Ld HWWrtto WP Yoonhn. 
• pdchora. on Uyoor artirec**. • 

N.Y. METS — Aoreed to torme 

VBkn,Poto woBcor ondTomWeomann.oIWi' 


basketball 
N ational BasKetooJ 1 AaoOatbn 
NBA— Suspended Clyde Drexler, Portlond 
oubrL lor 1 oame whhout poy and fined him 
S25M tor bumping official In iwn« Jbtl »- 

SuependodShawnBroiaev.PWtodelphtaeim- 

tor. tor 1 game end fined hlm*J»0tor puiWnfl 

<( Qh7caGO— A cthmtod Scott WUItomA cm 

tor, from btlured Rst Pur Dove Johnson, for- 

word- bo Injured llsf. 

LA, CLIPPERS— Waived Mart Aguirre. 

^ORLANDO— Stoned Tree RoHIns. cwrter. 
lor rest of season. 

PHOENIX— Stoned EUlott Perry, guard, to 

a 2d today contract. _ 

UTAH — Stoned Chad Gallagher, center, to 

today contract 

SEATTLE — Pul Steve Schofhor, forward, 
on tolured list. Activated Chris King, forward, 
from miured ibL 

FOOTBALL 

NBttoad Football LW« 

NFl ^_Added Grw Bay quarto^ 

Favm Son Fronctaen rwwb »^' 
Watters mto * Blh 

jayner to ihe NFC Pro Bowt toom. 
ATLANTA-Named Mill Jttduen recelv- 

*7 1 nONNAT I —Named Joe Pascal* "»»■ 


exercises the options, the deal would surpass amryou ^ basebaJL 

SX agrSriS 27 rotsS mfflonjwe- 
• Atlanta outfielder Ron Gant, jeg in a motorbike 

Maradona Can’t Leave Argentina 
lwarauuna te, bamd from 

dcSnmc «h«ta he is guilr, ot Ermg 

I^Ssarae!»SK-.-r 

* - — _ a 1 * • M AAWaW 


assistant coach. 

HOCKEY 

National Hockey Litouve 

ANAHEIM — Assured MYiesOTJxHW,dr- 

lOTSKnon,te 500 ^ g^S^Skhl! 

__u inntfhfc cgfiNffi lo G* BOtiuOm, ci-nu> 

BUFFALO— Recalled Grant Fahr. weB* 

J unto*- 

«»|— ,.-r 

tor. to Sprlnofte^UltofflDed loor CM- 

“SS'N?SSiS SSSSSwot. 

AHL. Recalled Los Kuntar. 

^ ''iSLA^D^^Aashined TOtomuttol 
Pcdfty. forward, from Salt 

Slovak National teurn-Som °! rl * !^ l SSS 

iMHMnon, to son Lake. Trcded Wayn* 
McBaan. detenseman. to WtonlPOO tor Van 

Tv^^Xcdltd^ Lacroix. 

^lSssjstss^*;- 

Butsavrv, center, to San Ja»e tor RobZatfer, 

d ^SGH-Rrtvr«d 

and Ed Patterson, right wings, ham CJ«v*- 
tanU 


®Si5a?aKai-to— 

WBC diampioa, for the undisputed true. 


For the Record 


tion and the Chinese government announced. 



BELGRAVIA 

ORCHIDS 

UK 071 589 5237 


FERRARI 

071 823 4456 


■mtcpmaTIQNAL classified 


(Continued From Page 13) 


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\ 









DAVE BARRY 


Oh, My Aching Mouse 


M IAMI —People often say to 
me: “Dave, as a professional 
columnist you have a job that re* 
quires you to process large quanti- 
ties of information on a timely bass. 
Why don't you get a real haircut?” 
What these people are REALLY 
asking, of course, ts: How am I able 
to produce columns with such a 
high degree of accuracy, day in and 
dayout, 54 weeks per year7 
The answer is: I me a computer. 
This enables me to be highly effi- 
cient. Suppose, for example, that I 
need to rill up space by writing 
BOOGER BOOGER BOOGER 
BOOGER BOOGER. To accom- 
plish this in the old pre-computer 
days, I would have had to type 
“BOOGER" five times. But now all 
I have to do is type it once, then 
simply hold the left-band “mouse” 
button down while “dragging" the 
“mouse" so that the "cursor” moves 
over the text that I wish to “select”; 
then release the left-hand "mouse" 
button and position the “cursor" 
over the “Edit” heading on the 
“menu bar”; then dick the left-hand 
“mouse" button to reveal the “edit 
menu”; then position the “cursor" 
ova the “Copy” command; then 
dick the left-hand “mouse” button; 
then move the “cursor" to the point 
where 1 wish to insert the "selected" 
text, then click the left-hand 
“mouse” button; then position the 
“cursor" over the “Edir beading on 
the “menu bar" ag ain; then dick the 
left-hand “moose" button to reveal 
the “edit menu": then position the 
“cursor” over the “Paste” com- 
mand; then click the left-hand 
“mouse" button four times: and 
then, as the French say, “VcilM" 
(Literally, “My hand hurts!") 

□ 

If you need this kind of efficiency 
in your life, you should get a com- 
puter. I recommend the land I have, 
which is a “DOS" computer 
(“DOS" is an acronym, meaning 
“ROM," which means “way beyond 
n or mal h uman comprehension"). 

It was invented by BQl Gates. He 
is now one of the wealthiest indi- 
vi duals on earth — wealthier than 
Queen Elizabeth; wealthier even 
than some people who fix car trans- 
missions — and do you want to 
know why? Because he’s the only 
person in the world who under- 
stands “DOS.” Every day he gets 
frantic phone calls: 

BUSINESS EXECUTIVE: Our 
entire worldwide corporate account- 


ing 5y5tan is paralyzed, and no mat- 
ter what we type into the computer, 
it replies. “WHO WANTS TO 
KNOW? (signed) ‘DOS.’ " 

BILL GATES: Ha-ba! I mean, 
sounds pretty serious. 

BUSINESS EXECUTIVE: 
We’ll give you $17 million to tdl us 
how to fix iL 

BILL GATES: 0. K. Press the 
“NUM LOCK" key. 

BUSINESS EXECUTIVE: So 
THAT'S what that thing does! 
Thanks! The check is on the way! 

□ 

My current computer, in addition 
to “DOS," has “Windows,” which is 
another invention of BQl Gates’s. 
You have to be a real stud h ombre 
cyberm tiffin to handle “Windows." 
I have spent countless hours trying 
to get my computer to perform even 
the most basic daia-processing func- 
tions, such as letting me play “F- 
1 17A Stealth Fighter” on it. I have 
personally, with my bare bands,' 
changed my “WIN. INI" and 
“CONFIG.SYS” settings. This may 
not mean much to you, Bui trust me. 
it is a major data-processing accom- 
plishment Albert Einstein died 
without ever doing iL 

I am not the only person who 
uses his computer mainly for the 
purpose of diddling with his com- 
puter. There are milli ons of others. 

I know (his, because I encounter 
them on the Internet which is a 
giant international network of in- 
telligent informed computer en- 
thusiasts, by which 1 mean “people 
without lives." We don't care. We 
have each other, on the Internet 
“Geek pride,” that is our motto. 

You would not believe how 1 
wrought up we get about this type 
of thing , on the Internet I regularly! 
connect with a computer group 
that has a beared debate going on 
about — I am not making this issue 
up — the timing of Hewlett-Pack- 
ard's decision to upgrade from a 
386 to a 486 microprocessor in its 
Omnibook computer. This has 
aroused enormous passion. People 
— some from other continents — 
are sending snide, angry messages 
to each other. I tune in every day to 
see what the leading characters are 
saying. You probably think this is 
weird, but 1 don't care. I am a 
happy nerd in cyberspace, where 
nobody can see my haircuL 
Knighi-Ridder Newspi yrers 


CNTERIVATIONAL HERALD TRIBUNE, SATOBPAY-SUWPAY > FEBRUAJRY 5-6, 1994 : . 

Promoting Music With a French Accent 


people 


International Herald Tribune 

P ARIS — Music may be the universal tongue, but 
Fiance's minister of culture would like h to have a 
Preach accent 

The ministry has named the week aiding Feb. 7 La 
Semaine de la Chanson: 1,500 events to promote franco- 

MARY BLUME 

phone popular music through posters, concerts and a blitz 
of radio and television programs featuring musicians 
whose work, outside France, falls on deaf ears: 

Not coincidentally. Song Week opened Jan. 30 with the 
annual record Industry trade show, MIDEM, at Cannes, 
at which it was hoped that Culture Minister Jacques 
Toubon would announce a reduction in the value-added 
tax on record and cassette sales. Instead, he introduced the 
53 milli on franc ($900,000) Semaine de la Chanson. It mil 
close with an award for the best-seQing album of 1993 to 
Jonty whose ndx, or big hit, said to have sold more than 1 1 
min in n copies worldwide, concerned the trials of being a 
baby. Jordy was 6 years old last month. 

As a PR effort. Song Week flanks an iron-fisted attempt 
to make the French buy local product: the obligation for 
radio stations to play at least 40 percent of French songs in 
music programs. The ruling goes into effect in 1996 but is 
already followed by many stations. MC6, a television 
station, recently put out an ad featuring a cock crowing 
“Cocorico" (the French symbol of chauvinism) and pro- 
claiming that it exceeds the quota by playing music that is 
70 percent French in origin. 

Tire quota has been greeted with embarrassment in 
some quarters and with doubt that forcing French muse 
down listeners’ throats will make them buy French re- 
cords. Says Philippe Manoeuvre, a television and radio 
producer and editor of Rock and Folk magazine, “I don’t 
like it whoi you make it into a duty, like voting. You hny a 
disk because you want to.” 

Le Monde has questioned the very meaning of the 
quota. What, it asks, happens to local stations aimed at 
Portuguese, Arab or Armenian listeners, and to young 
Frendi groups from the provinces who happen to sing in 
English? And instead of promoting less-known groups* 
won't the quota encourage the big labels to concentrate on 1 
confirmed best-sellers? 

“It’s too bad that we have readied this point,” says 
Bernard Zekri, who made a program on the quota for the 
television station Arte. “In the 60 percent that is left the 
stations wiD continue to play the htavy American arnHeiy 
and so the 40 percent will be the French music that tries to 
be most American. 

The major contribution of Frendi to current popular 
music is world Music, which draws on many strains from 
ethnic cnhnres. Zekri feels that protectionism is by defini- 
tion narrowing: “In the 60 percent that remains, I would 
hike to hear German musk, or That But I know I won' t It 
wQl be Michael Jackson and Madonna.” 

Why has the country that gave the world Piaf and 
Montand and Aznavour sank to such lords? France seems 
to have lost its way in the 1960s when the Beatles were 
only given second b filin g at the Olympia music hall, when 
the new star was a Piaf done named Mireille Mathieu, and 
when a singer called Antoine caused a scandal because be 
sang his song (he had only one) in a flowered shirt 
With the heavily rhythmic new music, it has been 
suggested, French songs, in which the lyric is of prune 
importance, were lost The new stars were prefabricated 





Patricia Kaas, left, a current favorite; Edith Piaf, a voice from the past, and French rapper MC Sohar. 


pseudo American rockers such as Johnny HaDyday, a joke 
outside France but still big here 
Today, while the French-based Gipsy Kings have had 
an international success, they are not (ttoriderod French. 
A Pekingese-faced blonde with a fluty voice named 
Vanessa Paradis, bum France, has failed to make an 


Vanessa Paradis, lag in France, has failed to make an 
internati onal breakthrough despite her collaboration with 
Lenny Kravitz. Right now, Sony is going all out to 
promote Patricia Kaas, described in Paris-Match as a 
combination of Dietrich and Piaf, in the international 
market Sony thinks she will outsell Jonty in 1994. 

Lament Vigm4, a Cambridge-educated producer, pub- 
lisher and manager, is less sure “Every town m America has 
1,400 singers who sing better than Kaas,” be claims. That 
die has English-language material will not hdp, he says. 

'll they are going to compete — and this is me paradox 
— they have to give the music a Gallic flavor. There is no 
point in doing what the Americans do better.” 

People in die Grid say there is plenty of good French 
mnsir: now, even if foreigners are unaware of it Much of h, 
ironically, comes from people whose skin color would 
make than subject to pence checks under recent Frendi 
i mmigra tion restrictions. “North Africans and blacks 
from working-class suburbs have given French rock new 
blood," says Olivia Delhaye, a graphic designer and 
passionate rock fan. 

Ddhaye praises MC Sdaar whose rap lyrics, he says, are 
as good as Sage Gainsboarg’s, and also the more tradition- 
al lyrics of Les Rita Mitsouka His emphasis on lyrics 
suggests a return, in new form, to the Frendi tradition of the 
word, with rhythms based on World Music. 

Outside of official circles, chauvinism does not seem to 
exist “I am making a record now in F-ngfish with a girl 
who is half African and half Frendi and a guitarist who is 


half German and half French. Hopefully, they come 

from anywhere,” Lament Vigmi says. “Nationality - 
should be tnumpoTtantin music, m culture with a small ‘c . . 
As soon as governments get involved, it cremes hassles.” 

“I think the problem should have been handled differ- ' 
cully — that is to support creation, improve the distribti- 
tion system and mAe fife easier for people starting off in 
music,” says Bernard Zekri. . 

French chauvinism, says Lannait VIgini,' en c omp asses 
Parisian rejection of the provinces where there is a lot of 
gyvl twm mnalp- “ Tn Fnpbmrf tfyon are from Manchester or ~ 
Glasgow or Liverpool irs an advantage. Hoe, the situation •. 
is changing but it used to be that if a Pans A&R man 
actually got on the train and went to Bordeaux it was 
because he wanted a decent lunch.” . 

Smaller groups and record companies and rdaflera are 

definitely being squeezed oot erf the market m France where 
54 percent of record saks are in s up am aik cts and hypo-, 
markets. This is perhaps rare dangerous for the futurc af 
Frendi variety rmnac than lyrics sung in lanpiagcr other 
th«n French. 

Big record conmany complaints that they face falling 
profits are unjustified according to Phi&ppe Manoeuvre, 
who cites an artide in the American trade magazine Bill- 
board to tire effert that sal« woe up Tty 6 percent in 1993. 
“Hie French dam otherwise,” he says, adding that they 
base there figures an die boom years when people were 
changing from vinyl dido. All right, they’re no longer seeing 
sales increase by 3CT percent, but 6 percent isn’t bad in times 
of heavy nnoopqynidit They -live well and ay a lot” 

Moaning and. protectionism are bad far business, he 
says. Take the rinema.The more they ay, the less people 
go. It makes sense — so one wants to go to a fuherat” 


the light? 

Britain » tiying-to stop 
wdl: The Musical Review ” about 
Robot Maxwefl, fiwn opqring in 
London next 1 week. The office of 
Attorney Gen®*' Nhhobs 
said he was asking for a High Court 
ban on the play to hdp ensue da* 

• m mm IMii an/4 Itn m A 


f our other men got a fare Inal on 
frand^rfated charges Meed to the 
^apse of the late medatycootfs 
corporate empire Kerin Maxwell 
had asked that the show be barred, 
saying it would prqwfire.the case.. 
The producer of Ac ansgaLEran 
Steadman, a former dvauiam of 
one of MaKwdFspiwatocompaiies, 
has described his nua ggaM “do- 
paction of a ch arlatan; swmtBeraod 
sham.” Ticket sellers -sad Friday 
that previews woe afage&toid out 

A bookby Boris Ydfcdn, tenta- 
tively tided “ThePreridenf s Jour- 
nal” winch provides, a day-to-day 
account of two years =a$: Russia s 
president, wHl be jMbEshed in at 
feast a dozen countries in May, 
According to Randan House, the 

AtiMwaro p nMtshg - 

: D . - ... * '. 

The Oscar- winning . composer 
Maorice Jarre was hemmed with- a 
star on the Hollywood Walk of 
Fame. The Frendi composer has 
wm three Oscars for best socre; for 
“Lawrence of Arabia,” -“Doctor 
Zhivago" and “A Passage to India.” 

Lady EefeaTaytor, a 29-year-dd 
cousin of Queen BSbabdb whose 
marriage in 1992 relieved the gloom 




nqunred Biday tmtriwwaadqMXS- 

ing ha first baby. Taylor, once 
known as a wM chad for partying 
and toptess sonbathing, is married 
to an art dealer, TteTaytar. 

' David Lettwnaa will return to 


iw 


Jrac’tH-' 



WEATHER 


POSTCARD 


Europe 




Traona 


Wgh 

Urn 

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Low W 


OF 

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OF 

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12/53 

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tth 

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Aontanton 

7 AM 

4709 

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SM 3 

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Anton 

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0/48 

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AKtons 

1 B/B 1 

D /48 

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15/59 

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Baioctana 

10/50 

6 M 3 

uh 

12/53 

6/43 pc 

SHgnda 

13/55 

4/39 

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7*44 

0/32 an 


IMG 

104 

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6/43 

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7/44 

3137 

c 

7 /« 

1/34 C 

Swtapaat 

7 M 4 

■ 1/31 


4/39 

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Ctxaonhsgpn 

3/37 

■MS 


3/37 

■209 M 

CoJj DntSct 

11*2 

BMfl 


14/57 

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Dubki 

9/46 

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9/48 

0/32 ah 

EcMugh 

S /43 

3/37 

ah 

7/44 

3/37 1 * 

Florancs 

12/53 

6/43 

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10/50 

3/37 pc 

FmnMurt 

4/33 

2/35 

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4/39 

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Qoimvb 

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9/45 

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HoWnU 

- 7/20 

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htartxi 

12/53 

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11/52 

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2 i.ro 

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16 /BI > 

Urban 

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11 W 

«h 

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0 / 4 B 

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- 10/15 

- 14/7 


-9116 

- 13/9 pc 


7/44 

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1144 

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11/52 

5/41 


12/53 

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Oslo 

- 4/25 

- 11/13 


- 4/25 

■ 6/22 pc 


0/48 

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11*52 

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Pans 

B /46 

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8/48 

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6 M 3 

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307 

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Venn 

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Wanna 

7/44 

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Sydney 271*0 21/70 pc ZTIBO 19*6 pc 


Forecast for Sunday through Tuesday, as provided by Accu-Weather. 






i UnMamabiy 
CM 


North America 

Snow wiP tap from Chicago 
to DetroP Tuesday. The East 
win be mainly dry and cold 
Sunday Info Tuesday. Bitter- 
ly cold air will remain In 
Canada for the most part, 
but some ol It will spread Wo 
Maine Monday and Tuesday. 
Rain will move Into Los 
Angeles and San Francisco 
eady next week. 


Europe 

Two areas ol stormy weather 
will arrive In Europe early 
next week. Heavy rains and 
strong winds wfl batter much 
.of southeastern Europe. 
Including Athens and 
Bucharest early next week. 
A second atonp wfl be found 
over Ireland. Cold weather 
will continue north of Oslo 
and Moscow. 


Asia 

Bafltag wil turn colder early 
next week. Seoul will 
become unsealed with snow 
or rain turning to snow Mon- 
day Mo Tuesday. Tokyo wit 
have a chUy rain talar Mon- 
day Into Tuesday. The 
eroWher wffl begin to Improve 
at Shanghai Monday Into 
Tuesday as rata and clouds 
give way to sunshlna. 


Today Tamm* 

Hah law w Mrfi Law W 
OF Of OF OF 
asjot as/re pa asm am pa 
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ISA* 15J59 I IBAB ISAS e 
3309 23/70 pc SSiBB 23/73 pc 

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Caps Tam 34/75 15*9 » M /75 15*9 s 

Casablanca 13*5 9 MS pa TEAS 8*2 pa 

Hm 34/75 1/34 • 27*0 7*4 s 

Upn 3106 26/79 pc 3108 2009 ah 

Nasebi 36*3 SMB » 29*4 I 3 A 9 a 

TWt 13*5 6*3 pc 14*7 6*1 pc 


The New Las Vegas: Forget the Slots, Bring the Kids 


Middle East 


Today Tlmohwi 

Wflh la W Wp lw W 

OF OF OF OF 

17*3 11 AZ pa 20*6 13*5 ■ 
22/71 6*6 a 34 /75 I 3 A 5 • 

14/37 307 i 17*3 BM 6 a 

14*7 7*4 s 17*3 11 /S ■ 

SB/eZ 7/44 a 33*4 13/53 ■ 

33/73 13/55 a 36/77 13*3 a 


Latin America 

Today To m orrow 

Mph Low W Mgll Urn W 
OF CJF CiF OF 

Bueno* Mm 3 S *3 11*2 l 37*0 17*3 pc 

oneai 28 /B 2 23/73 pc 39*4 23/73 pc 

Lima 26/79 30*6 pc 26/79 31/70 pc 

UodooCW 34/75 11*3 a 23/73 9/48 pc 

Rtadatamoo 39*4 23/73 pc 39/64 23/73 pc 

Smdaga 30*6 10/60 a 31*6 14*7 a 


Legend; s-oamy. pc-perfy cloudy. cKtaupy. shehowo*, Hhuncwstonra, r-nln, st-ona* fluitaa, 
sn-snow. Mob. W-Watatw. JUT map#, kxccaata and data proaktad by Aro»-Wa#lh 8 r, Inc. C 1994 


North America 

ancfaoaga - 3*7 * 1 ‘ 

Mra 14/57 I 

BoMon 4/39 -i 

Chkmga - 2/29 -V 

Danmr 7*4 4 

Me* 0*2 -V 

HmMu sem « 

Honasn 21/70 1 

Loa Anpaiaa 19*6 II 

MU 27*0 11 

Mntmvdb - 11/13 -31 

ItaM - 4/35 4 

Nassau 27 /so 31 

NawYort 4*9 -i 

P hn mto 18/64 ! 

Son Fran. 13*6 1 

Tamms - 3/27 -i 

W wl diB fcn SM3 1 


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' 2/36 8 
I 41/18 pa 
I -13/9 ai 
I -7/30 a 

i -ions ■> 
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I 0/48 pe 
! 18/64 pc 
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I - 17 * pc 
I 20*8 pc 
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I 9/46 a 
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> - 1/31 pe 
I- 16 M d 
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By Calvin Sims 

New York Times Service 

L AS VEGAS — Spencer and James Betz of 
San Diego have been coming to this gaudy 
gambling mecca for years, but their most recent . 
trip was different from all die rest 

This time they brought their newborn daugh- 
ter, Jantie; they brought their nanny, Yada 
Lopez, and they left their bankroll at home. 
Because, wHe the Betzes did find time to play 
the riots, they woe heading to the MGM 
Grand Hotel and its “Wizard of Qz" theme 
park, erne of three newly opened mega-holds 
that are bringing a famfly touch re the gambling 
Strip. 

“Yada’s eyes were like saucers when we 
walked into the Emerald City at MGM,” Mrs. 
Betz said. “She even sang the words to ‘We’re 
Off to See the Wizard* as we walked down the 
Yellow Brick Road. That’s why we came." 

Asked why they are spending billions of 
dollars to build theme park attractions that 
have nothing to do with the slot machines and 
craps tables that are the foundation of Las 
■Vegas's success, developers of the three new 
hotels just point to families Eke the Betzes. 


Early results indicate that die bais paying off. '. 
The number of viators to Las Y«as increased., 
73 percent, to 233 miTTit n in 1!^ compared 
with 213 ntiDiaa in I9$2, accrediiigtodie Las 
Vegas Convention and^isitors Authority. That 
tops the 23 pexcdbl growth bom 1992, to. an 
estimated 133 mSKon people, M Odandn, Horir . 
da, home of Walt Dteiey World, or the 23. _ 
percent decline in.vishots, to an estimated 30 
millioni at Atiaatic CSty, New Jaxey. 

The new hotels -that opened on the Strip 
daring die fourth quarter are: Circus Chois 
Enterprises’ Luxor, a Wack glass ECTptian 
pyramid; bfira^ Resort’s Treasure laand,- 
styted as an 18th-century pirate village, and the 
MGM Grand, the woriers largest hold, with 
5,005 rooms. ' 

The three projects added a combined 10,500 - 
rooms to the^ Las Vegas market, now the lamest 
in tire world with 87,000 zooms, surpassing 
Orlando, whkh has 81,000. ' 

AH three resorts, and most of Las Vegas for 
that mailer, have been booked solid once tire * 
first of tire three, tire Luxor, opened Oct 15. ' 
Room reservations at tire three hotels are run- 
ning 65 percent of capacity for the rest of 1994. 


> ■ ‘XJaning has become mainstram in Ameri- 
ca with tbepn^enoibn.af state lotteries and 
other gambhng outlets; JOtis Irafimcasmos and 
riytaboais” Tecrence Jirinrity, research. coordi- 
natorfor the conveHiion. and yisiiois authority, 
said:. •••. •- : ' ‘ 

, Gaming indnstryanatyris agree and say that 
Las Ve^as has ooty.scratared.the surface of an 
expanding maxket'They estimate that only 15 

pw gwit ff all wdHhjc tti flu- i lmfwft S tates has 

evavishcdLas Vqa*-. . 

Some travel agents s^y that more families arc 
beading to Las Vegas. “In. the past year, we 
have, received a" lot of inquiries from famOrea 
who say they are. interested in Las .Vegas be- 
came there's so much for tire kids to do there 
now” Raacfcnma Findhty, an agent'.for Travel 
Store Inc. in Beveriy Hills. Cahfomut, said. 

“This town seems ltd foBpw its own roles df 
eoonofmes, namely: tiiat demand follows sup: 
ply," Robert Maxcy, president and chief execu- 
tive of MGM Grand loo, said. “Nomatla how 
many roams and how much casino footage is 
added, visitors: seem to just keep coating, 1 
believe we will rim oat of infrastnxhxre and 
resdorces long before we run out of enstomers. 7 


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Rus^a.'^Moscow) 

Saipan* 

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EUROPE 

Armenia** 

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Belgium* 

Bulgaria 

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Fran ce 


10811 Ireland 

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800-1111 Liechtenstein* 
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1W-504Z Romanis ' 
235-2872 Skwslda 
MOIMHIl-Ul Spain 
430-430 Sweden* 
0080-10288-0 S wi t ze r lan d* 
0019-99J-111I UK. 


00^-600-0 1111 rhn> 

999-001 Colondda 

1-800-550-000 JCostaHca-a 

172-1011 iatadd? 

g ™ 0 - 1 * a^tadorti 

^*^96 'Guatemala* 

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9600-10010 /agenda 
19*41011 Bdfae* 
01300010 aoByh* 

00-800-1311 Bawil 


■ 850001 ^rtoreiaatt 

ro) 510-0200 " . Grenada* 

177-100-2727 ^0* . 

800-288 ■ - 
kdrnQ 426«1 Nah.Amfl ' 

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■V 00-800-12277 

AMERICAS G4W 

001-800^00-1111 

S55 ' .Kenya* 

- 0600-1111 uberia : 

• OOtKOlO Malawt** ~ 


00^0332- - 

1 980-11-0010 

■ ' ■ 114 

" 119 

5 190 

_ - 190 

_ 169 

! ■ 123 

' 9$-8(XM62^240 
• 174- ' 

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— 00-0410 

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omiww AN 

Z 1W72-2881 

1-800872-2881 

1-800-672-2881 


1-800-672-2881 
_ 001-800-972-2883 ^ 

_ 0800872^881 '. • 

■ 001-600-872-28KL v 
1-800872-2881 [ 
AFRICA 

L- 00*-0Cg ^ 

flMll 1 

- 0800-10: 

L : 797-797* *' 

— H51-1992, 


O 1994 ABET 


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